OpenNashEarnings

Medical Devices · Nasdaq: ISRG

Intuitive Surgical earnings: results, call transcripts & KPI history

2 quarters · fiscal year ends December · next results expected around 21 Jan 2027

Investor relations ↗SEC filings ↗KPIs as CSV

Latest: Q3 2026

Third quarter 2026 revenue of $3.05 billion increased 22%, with GAAP net income attributable to Intuitive Surgical, Inc. of $523 million, or $1.49 per diluted share, and non-GAAP net income of $1.05 billion, or $3.00 per diluted share.

Intuitive's third quarter revenue rose 22% to $3.05 billion, helped by da Vinci and Ion procedure growth of about 15% and 546 da Vinci system placements, up from 427 a year earlier. Non-GAAP earnings reached $3.00 per share. GAAP earnings fell to $1.49 per share because of a $450 million charge to settle antitrust class action litigation. The company also bought back $2.94 billion of its stock.

Read the Q3 2026 summary →

Quarters

KPI history

Revenue$3.0B+21.7% y/yQ3 2026
Q4 2024: $2.4B (worked out from the annual figure)Q4 ’24$2.4BQ1 2025: $2.3BQ1 ’25$2.3BQ2 2025: $2.4BQ2 ’25$2.4BQ3 2025: $2.5BQ3 ’25$2.5BQ4 2025: $2.9B (worked out from the annual figure)Q4 ’25$2.9BQ1 2026: $2.8BQ1 ’26$2.8BQ2 2026: $2.9BQ2 ’26$2.9BQ3 2026: $3.0BQ3 ’26$3.0B

Fourth quarter worked out from the annual figure.

Data
Q4 2024$2.4B *
Q1 2025$2.3B
Q2 2025$2.4B
Q3 2025$2.5B
Q4 2025$2.9B *
Q1 2026$2.8B
Q2 2026$2.9B
Q3 2026$3.0B
Diluted EPS (GAAP)$1.49−23.6% y/yQ3 2026
Q1 2025: $1.92Q1 ’25$1.92Q2 2025: $1.81Q2 ’25$1.81Q3 2025: $1.95Q3 ’25$1.95Q1 2026: $2.28Q1 ’26$2.28Q2 2026: $2.29Q2 ’26$2.29Q3 2026: $1.49Q3 ’26$1.49
Data
Q1 2025$1.92
Q2 2025$1.81
Q3 2025$1.95
Q1 2026$2.28
Q2 2026$2.29
Q3 2026$1.49

Fourth-quarter EPS appears once the press release is read; filings report it only for the full year.

Operating margin19.4%−10.9 pts y/yQ3 2026
Q4 2024: 30.4%Q4 ’2430.4%Q1 2025: 25.7%Q1 ’2525.7%Q2 2025: 30.5%Q2 ’2530.5%Q3 2025: 30.3%Q3 ’2530.3%Q4 2025: 30.2%Q4 ’2530.2%Q1 2026: 30.9%Q1 ’2630.9%Q2 2026: 33.6%Q2 ’2633.6%Q3 2026: 19.4%Q3 ’2619.4%
Data
Q4 202430.4%
Q1 202525.7%
Q2 202530.5%
Q3 202530.3%
Q4 202530.2%
Q1 202630.9%
Q2 202633.6%
Q3 202619.4%
Free cash flow$1.1B+51.0% y/yQ3 2026
Q4 2024: $510.6MQ4 ’24$510.6MQ1 2025: $465.0MQ1 ’25$465.0MQ2 2025: $560.1MQ2 ’25$560.1MQ3 2025: $735.6MQ3 ’25$735.6MQ4 2025: $730.0MQ4 ’25$730.0MQ1 2026: $808.6MQ1 ’26$808.6MQ2 2026: $948.4MQ2 ’26$948.4MQ3 2026: $1.1BQ3 ’26$1.1B
Data
Q4 2024$510.6M
Q1 2025$465.0M
Q2 2025$560.1M
Q3 2025$735.6M
Q4 2025$730.0M
Q1 2026$808.6M
Q2 2026$948.4M
Q3 2026$1.1B

Operating cash flow minus capital expenditure, from cash flow statements.

Q4 2024Q1 2025Q2 2025Q3 2025Q4 2025Q1 2026Q2 2026Q3 2026
Revenue$2.4Bd$2.3B$2.4B$2.5B$2.9Bd$2.8B$2.9B$3.0B
Gross margin68.0%64.7%66.3%66.4%66.4%66.1%67.8%68.4%
Operating income$734.9Md$578.1M$743.4M$759.7M$864.3Md$855.3M$971.9M$592.6M
Operating margin30.4%25.7%30.5%30.3%30.2%30.9%33.6%19.4%
Net income$685.7Md$698.4M$658.4M$704.4M$794.8Md$821.5M$818.1M$522.8M
Diluted EPS—$1.92$1.81$1.95—$2.28$2.29$1.49
Operating cash flow$822.6Md$581.6M$715.4Md$841.0Md$892.5Md$911.9M$1.1Bd$1.2Bd
Capital expenditure$312.0Md$116.6M$155.3Md$105.4Md$162.5Md$103.3M$112.6Md$113.1Md
Free cash flow$510.6M$465.0M$560.1M$735.6M$730.0M$808.6M$948.4M$1.1B
R&D expense$294.7Md$316.2M$313.3M$329.4M$352.9Md$361.9M$370.6M$408.3M

From XBRL data in 10-Q and 10-K filings. d derived: a fourth quarter is the full year minus the first nine months, and cash flows are year-to-date figures differenced.

10-Q and 10-K filings