Jun 2026 (Q2 FY26) — Jul 16, 2026
Intuitive Surgical, Inc. Q2 FY26 — Strong Financials and System Adoption Amidst U.S. Procedure Moderation
Read the full callIntuitive Surgical (ISRG) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Intuitive Surgical earnings: last reported Thu, 16 Jul 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 2,892 | +18.5% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 33.6 | +3.1 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 818 | +24.3% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
15 of 16 judged targets kept · 15 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| da Vinci SP stapler launch in Korea and Europe | measured launch in Korea and Europe in Q2 2026 | Mar 2026 | Internationally, the stapler is now in broad launch across Europe and Korea with positive early adoption | Achieved |
| Full-year non-cash stock compensation expense | $890 million to $920 million | Dec 2025 | We now estimate noncash stock compensation expense between $880 million and $900 million | Revised Up |
| Force Feedback instruments at broad supply | broad supply by the end of 2025 | Dec 2024 | this clearance supports broader availability in Q2 that will increase over the rest of the year | Missed |
1 of INTUITIVE SURGICAL INC's 31 targets was missed. See which ones, and which are quietly gone. The 3 above are the free sample; 28 more targets are in the full ledger.
Claimed
- Total procedures increased 16% year-over-year, driven by 15% growth in da Vinci procedures and 36% growth in Ion procedures.
- Revenue rose 19% to $2.89 billion, with recurring revenue up 19% to $2.47 billion.
- Non-GAAP earnings per share increased 28% to $2.80.
- Da Vinci system placements increased 18% to 468 systems, reflecting strong demand for da Vinci 5 and XiR.
- SP procedures grew 61%, powered by strength in the U.S. and Korea.
Qualified
- U.S. da Vinci procedure growth moderated to 12% (from 14% in Q1), partly due to patient behavior changes related to ACA premium subsidy expiration and deferrable procedures.
- U.S. da Vinci bariatric cases declined high single digits due to rising GLP-1 usage.
- The China environment remains challenging with lower tender activity, increased domestic robotic competition, and policy-driven pricing pressure.
Price
$433.18 +1.52% · +$6.48
Performance −2.9% 1Y
1Y: $446.13 on 17 Oct 2025 → $433.18. High $592.85 (6 Jan 2026), low $332.02 (23 Jul 2026).
- Previous close
- $426.7
- 52-week range
- $332.02 – $592.85
- One year
- −5.52%
Overview
- Symbol
- ISRG
- Sector
- Health Care
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
15 of 16 judged targets kept · 15 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| da Vinci SP stapler launch in Korea and Europe | measured launch in Korea and Europe in Q2 2026 | Mar 2026 | Internationally, the stapler is now in broad launch across Europe and Korea with positive early adoption | Achieved |
| Full-year non-cash stock compensation expense | $890 million to $920 million | Dec 2025 | We now estimate noncash stock compensation expense between $880 million and $900 million | Revised Up |
| Force Feedback instruments at broad supply | broad supply by the end of 2025 | Dec 2024 | this clearance supports broader availability in Q2 that will increase over the rest of the year | Missed |
Claimed
- Total procedures increased 16% year-over-year, driven by 15% growth in da Vinci procedures and 36% growth in Ion procedures.
- Revenue rose 19% to $2.89 billion, with recurring revenue up 19% to $2.47 billion.
- Non-GAAP earnings per share increased 28% to $2.80.
- Da Vinci system placements increased 18% to 468 systems, reflecting strong demand for da Vinci 5 and XiR.
- SP procedures grew 61%, powered by strength in the U.S. and Korea.
Qualified
- U.S. da Vinci procedure growth moderated to 12% (from 14% in Q1), partly due to patient behavior changes related to ACA premium subsidy expiration and deferrable procedures.
- U.S. da Vinci bariatric cases declined high single digits due to rising GLP-1 usage.
- The China environment remains challenging with lower tender activity, increased domestic robotic competition, and policy-driven pricing pressure.
The full ledger
Open INTUITIVE SURGICAL INC’s full ledger
A free account opens 5 company ledgers a month. All 31 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — Apr 21, 2026
Intuitive Surgical Q1 FY26 — Strong Procedure and Revenue Growth Driven by da Vinci 5 and SP
Read the full callDec 2025 (Q4 FY25) — Jan 22, 2026
Intuitive Surgical Q4 FY25 — Strong Procedure Growth and da Vinci 5 Expansion
Read the full callEvery analysed call
Intuitive Surgical earnings calls (ISRG)
Financials
What the filings say
Net profit, year on year: +24% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 2,038 | 2,414 | 2,253 | 2,440 | 2,505 | 2,866 | 2,771 | 2,892 |
| Operating profit | 577 | 735 | 578 | 743 | 760 | 864 | 855 | 972 |
| Operating margin | 28.3% | 30.4% | 25.6% | 30.5% | 30.3% | 30.1% | 30.9% | 33.6% |
| Other income | 94 | 75 | 90 | 89 | 96 | 91 | 85 | 83 |
| Profit before tax | 671 | 810 | 669 | 832 | 855 | 956 | 940 | 1,055 |
| Tax rate | 15.0% | 15.0% | −5.3% | 20.2% | 17.1% | 16.3% | 12.2% | 21.9% |
| Net profit | 565 | 686 | 698 | 658 | 704 | 795 | 822 | 818 |
| EPS ($ per share) | 1.59 | — | 1.95 | 1.84 | 1.98 | — | 2.31 | 2.31 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Reserves | 1,522 | 2,495 | 3,261 | 4,761 | 3,500 | 4,743 | 6,803 | 7,012 |
| Total liabilities | 1,159 | 1,449 | 1,410 | 1,604 | 1,861 | 2,044 | 2,214 | 2,517 |
| Fixed assets | 812 | 1,273 | 1,577 | 1,876 | 2,374 | 3,538 | 4,647 | 5,342 |
| Investments | 2,205 | 2,054 | 3,489 | 2,913 | 2,537 | 2,473 | 1,986 | 2,567 |
| Total assets | 7,847 | 9,733 | 11,169 | 13,555 | 12,974 | 15,442 | 18,743 | 20,459 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 1,170 | 1,598 | 1,485 | 2,089 | 1,491 | 1,814 | 2,415 | 3,031 |
| Cash from investing | -1,050 | -1,154 | -941 | -2,461 | 1,371 | -360 | -3,273 | 666 |
| Cash from financing | 126 | -168 | -86 | 43 | -2,572 | -288 | 151 | -2,364 |
| Net cash flow | 246 | 273 | 456 | -332 | 295 | 1,169 | -708 | 1,345 |
| Capital expenditure | -187 | -426 | -341 | -339 | -532 | -1,064 | -1,111 | -540 |
| Free cash flow | 982 | 1,173 | 1,143 | 1,750 | 958 | 750 | 1,304 | 2,491 |
ISRG revenue by segment
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Product | 84% | — | 84% | 84% | 84% | — | 84% | 84% | +18.1% |
| Instruments and Accessories | 62% | 58% | 61% | 60% | 61% | 58% | 61% | 60% | +17.7% |
| Systems | 22% | 27% | 23% | 24% | 24% | 27% | 23% | 24% | +19.2% |
| Services | 16% | — | 16% | 16% | 16% | — | 16% | 16% | +20.8% |
| Service | 16% | 14% | 16% | 16% | 16% | 15% | 16% | 16% | +20.8% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
ISRG operating KPIs by quarter
| KPI | Mar 2025 Q1 FY25 | Jun 2025 Q2 FY25 | Sep 2025 Q3 FY25 | Dec 2025 Q4 FY25 | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|---|---|---|---|
| Installed base da Vinci | — | — | <10.8KFor our da Vinci business, procedures grew 19%, the installed base of da Vinci systems increased by 13% to almost 10,800 systems and average system utilization increased by 4%.Source: earnings call transcript | 11.1K+For our da Vinci business, procedures grew 17%, the installed base of da Vinci systems increased by 12% to just over 11,100 systems and average system utilization increased by 4%.Source: earnings call transcript | — | — | — |
| Installed base da Vinci 5 | — | 689Following our progression into US broad launch of da Vinci 5 during Q2, we placed 180 da Vinci 5 systems, bringing the installed base to 689 systems.Source: earnings call transcript | 929The installed base of da Vinci 5 is now 929 systems.Source: earnings call transcript | — | <1,500The installed base of da Vinci 5 is now almost 1,500 systems used by almost 13,000 surgeons since launch.Source: earnings call transcript | 1,700+The installed base of da Vinci 5 is just over 1,700 systems used by over 15,000 surgeons since launch.Source: earnings call transcript | — |
| Installed base Ion | — | 9057 of these systems were placed in markets outside the US The installed base of Ion systems expanded to 905 systems and average system utilization increased 8% from the year ago period.Source: earnings call transcript | ~950We continue to see robust growth for our Ion platform with procedures increasing 52%, the installed base up by 30% to approximately 950 systems and average system utilization increasing by 14%.Source: earnings call transcript | <1,000For our Ion platform, we continue to see robust clinical growth with procedures increasing 44%, the installed base up by 24% to just under 1,000 systems and average system utilization increasing by 11%.Source: earnings call transcript | — | — | — |
| Procedures Ion | ~31KProcedures grew 58% to approximately 31,000 in the quarter.Source: earnings call transcript | ~35KWe performed approximately 35,000 Ion procedures in Q2, a 52% increase over the prior year.Source: earnings call transcript | — | — | 43KIn Q1, da Vinci procedures grew 16% to 847,000, and Ion procedures increased 39% to 43,000.Source: earnings call transcript | 48KIon procedures increased 36% to 48,000 and now exceed 400,000 cumulatively.Source: earnings call transcript | +11.6% |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Insider filings
222 filings between Oct 24, 2025 and Oct 10, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$90.96M
82 sales by 12 insiders
100% filed under a 10b5-1 plan — scheduled in advance, not decided on the day
Compensation
not trading decisions- 88
- Option exercise — converted options into shares
- 49
- Tax withheld — shares kept back by the company to cover tax
Also filed: 2 gifts, 1 other.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| GUTHART GARY S | — | $48.79M | Aug 11, 2026 |
| Rosa David J. | — | $13.41M | Oct 24, 2025 |
| Curet Myriam | — | $8.44M | Mar 10, 2026 |
| Charlton Henry L | — | $7.96M | Nov 12, 2025 |
| Brosius Mark | — | $3.46M | Sep 11, 2026 |
| Jeddi Iman | — | $2.37M | Jun 1, 2026 |
| Miller Brian Edward | — | $2.01M | Nov 10, 2025 |
| Widman Fredrik | — | $1.79M | Sep 15, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Oct 10, 2026 | LOEB GARY EVP & Chief Legal and Complian | Tax withheld | 1,296 | $549.5K |
| Oct 10, 2026 | WADORS PATRICIA L SVP Chief Human Resources Offi | Option exercise | 2,140 | $0 |
| Oct 10, 2026 | LOEB GARY EVP & Chief Legal and Complian | Option exercise | 2,612 | $0 |
| Oct 10, 2026 | WADORS PATRICIA L SVP Chief Human Resources Offi | Tax withheld | 1,062 | $450.2K |
| Sep 15, 2026 | Widman Fredrik VP Corporate Controller | Sale 10b5-1 plan | 543 | $203.3K |
| Sep 15, 2026 | Widman Fredrik VP Corporate Controller | Option exercise 10b5-1 plan | 543 | $59.5K |
| Sep 15, 2026 | Widman Fredrik VP Corporate Controller | Option exercise 10b5-1 plan | 546 | $43.5K |
| Sep 15, 2026 | Widman Fredrik VP Corporate Controller | Sale 10b5-1 plan | 546 | $204.4K |
| Sep 11, 2026 | Brosius Mark EVP & Chief Mfg and Supply Cha | Sale 10b5-1 plan | 25 | $9.1K |
| Sep 10, 2026 | Brosius Mark EVP & Chief Mfg and Supply Cha | Sale 10b5-1 plan | 23 | $8.0K |
| Sep 9, 2026 | Brosius Mark EVP & Chief Mfg and Supply Cha | Sale 10b5-1 plan | 23 | $8.1K |
| Sep 8, 2026 | Brosius Mark EVP & Chief Mfg and Supply Cha | Sale 10b5-1 plan | 46 | $16.6K |
| Aug 21, 2026 | Brosius Mark EVP & Chief Mfg and Supply Cha | Sale 10b5-1 plan | 77 | $28.9K |
| Aug 20, 2026 | Brosius Mark EVP & Chief Mfg and Supply Cha | Sale 10b5-1 plan | 77 | $30.5K |
| Aug 19, 2026 | Brosius Mark EVP & Chief Mfg and Supply Cha | Sale 10b5-1 plan | 77 | $30.4K |
| Aug 18, 2026 | Brosius Mark EVP & Chief Mfg and Supply Cha | Sale 10b5-1 plan | 77 | $30.3K |
| Aug 17, 2026 | Brosius Mark EVP & Chief Mfg and Supply Cha | Sale 10b5-1 plan | 77 | $30.1K |
| Aug 11, 2026 | GUTHART GARY S Director | Sale 10b5-1 plan | 10,000 | $4.00M |
| Aug 11, 2026 | Ladd Amy L Director | Sale 10b5-1 plan | 72 | $28.3K |
| Aug 10, 2026 | Ladd Amy L Director | Sale 10b5-1 plan | 400 | $151.6K |
| Aug 10, 2026 | LOEB GARY EVP & Chief Legal and Complian | Sale 10b5-1 plan | 400 | $151.6K |
| Jul 31, 2026 | Brosius Mark EVP & Chief Mfg and Supply Cha | Sale 10b5-1 plan | 28 | $9.8K |
| Jul 30, 2026 | Brosius Mark EVP & Chief Mfg and Supply Cha | Sale 10b5-1 plan | 28 | $9.7K |
| Jul 29, 2026 | Brosius Mark EVP & Chief Mfg and Supply Cha | Sale 10b5-1 plan | 28 | $10.1K |
| Jul 28, 2026 | Brosius Mark EVP & Chief Mfg and Supply Cha | Sale 10b5-1 plan | 28 | $10.2K |
| Jul 27, 2026 | Brosius Mark EVP & Chief Mfg and Supply Cha | Sale 10b5-1 plan | 28 | $9.6K |
| Jul 10, 2026 | Rosa David J. Chief Executive Officer (CEO) | Option exercise | 1,910 | $0 |
| Jul 10, 2026 | Rosa David J. Chief Executive Officer (CEO) | Tax withheld | 947 | $389.7K |
| Jun 12, 2026 | Brosius Mark EVP & Chief Mfg and Supply Cha | Sale 10b5-1 plan | 25 | $10.4K |
| Jun 11, 2026 | Brosius Mark EVP & Chief Mfg and Supply Cha | Sale 10b5-1 plan | 23 | $9.5K |
| Jun 10, 2026 | Rosa David J. Chief Executive Officer (CEO) | Option exercise | 1,358 | $0 |
| Jun 10, 2026 | Brosius Mark EVP & Chief Mfg and Supply Cha | Sale 10b5-1 plan | 23 | $9.8K |
| Jun 10, 2026 | LOEB GARY EVP & Chief Legal and Complian | Sale 10b5-1 plan | 400 | $169.7K |
| Jun 10, 2026 | Rosa David J. Chief Executive Officer (CEO) | Tax withheld | 674 | $287.5K |
| Jun 9, 2026 | Brosius Mark EVP & Chief Mfg and Supply Cha | Sale 10b5-1 plan | 23 | $9.7K |
| Jun 8, 2026 | Brosius Mark EVP & Chief Mfg and Supply Cha | Sale 10b5-1 plan | 23 | $9.7K |
| Jun 1, 2026 | Jeddi Iman SVP & GM da Vinci Platforms & | Sale 10b5-1 plan | 5,625 | $2.37M |
| Jun 1, 2026 | Jeddi Iman SVP & GM da Vinci Platforms & | Option exercise 10b5-1 plan | 5,625 | $433.1K |
| May 22, 2026 | Brosius Mark EVP & Chief Mfg and Supply Cha | Sale 10b5-1 plan | 18 | $7.9K |
| May 21, 2026 | Brosius Mark EVP & Chief Mfg and Supply Cha | Sale 10b5-1 plan | 18 | $8.0K |
| May 20, 2026 | Brosius Mark EVP & Chief Mfg and Supply Cha | Sale 10b5-1 plan | 18 | $7.9K |
| May 19, 2026 | Brosius Mark EVP & Chief Mfg and Supply Cha | Sale 10b5-1 plan | 18 | $7.9K |
| May 18, 2026 | Brosius Mark EVP & Chief Mfg and Supply Cha | Sale 10b5-1 plan | 18 | $7.6K |
| May 11, 2026 | LOEB GARY EVP & Chief Legal and Complian | Sale 10b5-1 plan | 400 | $178.8K |
| Apr 30, 2026 | CHEW LEWIS Director | Option exercise | 531 | $0 |
| Apr 30, 2026 | NACHTSHEIM JAMI K Director | Option exercise | 531 | $0 |
| Apr 30, 2026 | Leonard Keith R Director | Option exercise | 531 | $0 |
| Apr 30, 2026 | Reed Monica P Director | Option exercise | 531 | $0 |
| Apr 30, 2026 | Ladd Amy L Director | Option exercise | 531 | $0 |
| Apr 30, 2026 | Kolli Sreelakshmi Director | Option exercise | 531 | $0 |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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