Intuitive Surgical (ISRG) · Medical Devices
Intuitive Surgical Q2 2026 earnings: summary, key numbers & outlook
Results filed 16 Jul 2026 · Quarter ended 30 Jun 2026
Press release ↗Investor relations ↗
Summaries and transcripts are machine-generated and can contain errors.
In brief
Second quarter 2026 revenue of $2.89 billion increased 19%, compared with $2.44 billion in the second quarter of 2025, with GAAP net income of $818 million, or $2.29 per diluted share.
Intuitive's second quarter revenue rose 19% to $2.89 billion, driven by procedure growth of approximately 16% worldwide, higher da Vinci leasing revenue and a larger installed base. It placed 468 da Vinci systems, 246 of them da Vinci 5, and 55 Ion systems. GAAP net income was $818 million, or $2.29 per diluted share, including a $0.08 benefit from refunds of prior tariffs.
For full-year 2026, management expects da Vinci procedure growth of approximately 13.5% to 15.5%, closer to the midpoint, and non-GAAP gross margin of 68.0% to 69.0%. Non-GAAP operating expenses are expected to grow 11% to 13%. The main risk is tariffs: the margin range assumes current tariffs stay in place, and additional tariffs could have a material impact.
Key numbers
- Revenue · GAAP
- $2.89 billion
- Net income attributable to Intuitive Surgical, Inc. · GAAP
- $818 million
- Diluted EPS · GAAP
- $2.29
- Non-GAAP diluted EPS · non-GAAP
- $2.80
- Non-GAAP gross profit margin · non-GAAP
- 70.0%
- GAAP income from operations · GAAP
- $972 million
- Non-GAAP income from operations · non-GAAP
- $1.22 billion
up 19% from $2.44 billion in the second quarter of 2025
compared with $658 million in the second quarter of 2025
compared with $1.81 in the second quarter of 2025
compared with $2.19 in the second quarter of 2025
compared with 67.9% in the second quarter of 2025
compared with $743 million in the second quarter of 2025
compared with $0.95 billion in the second quarter of 2025
| Segment or metric | Value | Change |
|---|---|---|
| Instruments and accessories revenue | $1.73 billion | increased by 18% |
| Systems revenue | $685 million | compared with $575 million in the second quarter of 2025 |
| Services revenue | $472.4M | compared with $391.2 in the second quarter of 2025 |
| Worldwide procedure growth (da Vinci and Ion) | approximately 16% | compared with the second quarter of 2025 |
| da Vinci system placements | 468 | compared with 395 in the second quarter of 2025 |
| da Vinci 5 system placements | 246 | compared with 180 in the second quarter of 2025 |
| Ion system placements | 55 | compared with 54 in the second quarter of 2025 |
| da Vinci installed base | 11,710 systems | an increase of 12% compared with 10,488 as of June 30, 2025 |
Where each number comes from
- Revenue: “Second quarter 2026 revenue of $2.89 billion increased 19%, compared with $2.44 billion in the second quarter of 2025.”
- Net income attributable to Intuitive Surgical, Inc.: “Second quarter 2026 GAAP net income attributable to Intuitive Surgical, Inc. was $818 million, or $2.29 per diluted share, compared with $658 million”
- Diluted EPS: “Second quarter 2026 GAAP net income attributable to Intuitive Surgical, Inc. was $818 million, or $2.29 per diluted share, compared with $658 million”
- Non-GAAP diluted EPS: “Second quarter 2026 non-GAAP* net income attributable to Intuitive Surgical, Inc. was $1.00 billion, or $2.80 per diluted share, compared with $0.80 billion, or $2.19 per diluted share”
- Non-GAAP gross profit margin: “Non-GAAP gross profit | $2,023.9 | $1,879.1 | $1,657.1 | $3,903.0 | $3,153.7 Non-GAAP gross profit margin (1) | 70.0% | 67.8% | 67.9% | 68.9% | 67.2%”
- GAAP income from operations: “Second quarter 2026 GAAP income from operations increased to $972 million, compared with $743 million in the second quarter of 2025.”
- Non-GAAP income from operations: “Second quarter 2026 non-GAAP* income from operations increased to $1.22 billion, compared with $0.95 billion in the second quarter of 2025.”
- Instruments and accessories revenue: “Second quarter 2026 instruments and accessories revenue increased by 18% to $1.73 billion, compared with $1.47 billion in the second quarter of 2025.”
- Systems revenue: “Second quarter 2026 systems revenue was $685 million, compared with $575 million in the second quarter of 2025.”
- Services revenue: “Services | 472.4 | 433.7 | 391.2 Total revenue | 2,892.3 | 2,770.8 | 2,440.0 Cost of revenue: Product | 777.0 | 780.0 | 686.2”
- Worldwide procedure growth (da Vinci and Ion): “Worldwide procedures (da Vinci and Ion combined) grew approximately 16% compared with the second quarter of 2025.”
- da Vinci system placements: “The Company placed 468 da Vinci surgical systems, compared with 395 in the second quarter of 2025.”
- da Vinci 5 system placements: “The second quarter 2026 da Vinci surgical system placements included 246 da Vinci 5 systems, compared with 180 in the second quarter of 2025.”
- Ion system placements: “The Company placed 55 Ion endoluminal systems, compared with 54 in the second quarter of 2025.”
- da Vinci installed base: “The Company grew its da Vinci surgical system installed base to 11,710 systems as of June 30, 2026, an increase of 12% compared with 10,488”
Copied from the press release ↗ and other documents in the SEC filing ↗. A figure is published only if its sentence is in the filing.
| From the filing | Q2 2026 | vs year ago | vs last quarter |
|---|---|---|---|
| Revenue | $2.9B | +18.5% | +4.4% |
| Operating income | $971.9M | +30.7% | +13.6% |
| Net income | $818.1M | +24.3% | −0.4% |
| Diluted EPS | $2.29 | +26.5% | +0.4% |
| Free cash flow | $948.4M | +69.3% | +17.3% |
| Gross margin | 67.8% | +1.5 pts | +1.7 pts |
| Operating margin | 33.6% | +3.1 pts | +2.7 pts |
Calculated by code from XBRL, not by the model.
Outlook
| Metric | Period | Outlook |
|---|---|---|
| Worldwide da Vinci procedure growth | full year of 2026 | approximately 13.5% to 15.5% |
| Non-GAAP gross profit margin | full year of 2026 | 68.0% to 69.0% |
| Non-GAAP operating expense growth | full year of 2026 | 11% to 13% |
| Estimated tariff impact on gross margin | full year of 2026 | 1.0% of revenue |
Key takeaways
Revenue grew 19% on procedure strength
Second quarter 2026 revenue of $2.89 billion increased 19%, compared with $2.44 billion in the second quarter of 2025. Worldwide procedures grew approximately 16%.
da Vinci 5 drove placement growth
The Company placed 468 da Vinci surgical systems, compared with 395 a year earlier, including 246 da Vinci 5 systems versus 180.
Non-GAAP gross margin reached 70.0%
Non-GAAP gross profit margin was 70.0%, compared with 67.9% in the second quarter of 2025 and 67.8% in the first quarter of 2026. Tariff refunds of $27.5 million in product and $8.4 million in service cost of revenue helped GAAP results.
Tariff refunds added $0.08 per share
Second quarter 2026 GAAP and non-GAAP net income included a benefit of $28 million, net of tax, or $0.08 per diluted share, related to IEEPA refunds. This one-time item flatters the quarter's EPS.
Full-year outlook keeps tariff risk open
Management expects non-GAAP gross profit margin of 68.0% to 69.0% in 2026, including a 1.0% of revenue tariff impact. Additional tariffs could be material.
Charts
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 |
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.
Data
| Q4 2024 | 30.4% |
| Q1 2025 | 25.7% |
| Q2 2025 | 30.5% |
| Q3 2025 | 30.3% |
| Q4 2025 | 30.2% |
| Q1 2026 | 30.9% |
| Q2 2026 | 33.6% |
| Q3 2026 | 19.4% |
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.
Questions
What were Intuitive's Q2 2026 results?
Revenue was $2.89 billion, up 19% from $2.44 billion a year earlier. GAAP net income attributable to Intuitive Surgical, Inc. was $818 million, or $2.29 per diluted share, and non-GAAP EPS was $2.80.
How many da Vinci systems did Intuitive place in Q2 2026?
It placed 468 da Vinci systems, up from 395 a year earlier, including 246 da Vinci 5 systems. The da Vinci installed base reached 11,710 systems, up 12%.
What is Intuitive's 2026 outlook?
Management expects worldwide da Vinci procedure growth of approximately 13.5% to 15.5%, closer to the midpoint, non-GAAP gross margin of 68.0% to 69.0%, and non-GAAP operating expense growth of 11% to 13%.
How did tariffs affect the quarter and outlook?
Q2 included a $28 million after-tax benefit, or $0.08 per diluted share, from refunds of IEEPA tariffs paid in prior periods. The 2026 margin range includes a 1.0% of revenue tariff impact, and additional tariffs could be material.
How much cash did Intuitive have and what did it repurchase?
Intuitive ended the quarter with $8.63 billion in cash, cash equivalents and investments, up $0.65 billion in the quarter. It repurchased 0.9 million shares for $0.38 billion.
Documents
SEC filing