# Intuitive Surgical (ISRG) Q2 2026 earnings

Results filed 2026-07-16 for the quarter ended 2026-06-30. Source page: https://earnings.opennash.com/companies/isrg/2026-q2/
Press release and exhibits: https://www.sec.gov/Archives/edgar/data/1035267/000103526726000047/0001035267-26-000047-index.htm
> 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

| Metric | Value | Change | Basis |
| --- | --- | --- | --- |
| Revenue | $2.89 billion | up 19% from $2.44 billion in the second quarter of 2025 | GAAP |
| Net income attributable to Intuitive Surgical, Inc. | $818 million | compared with $658 million in the second quarter of 2025 | GAAP |
| Diluted EPS | $2.29 | compared with $1.81 in the second quarter of 2025 | GAAP |
| Non-GAAP diluted EPS | $2.80 | compared with $2.19 in the second quarter of 2025 | non-GAAP |
| Non-GAAP gross profit margin | 70.0% | compared with 67.9% in the second quarter of 2025 | non-GAAP |
| GAAP income from operations | $972 million | compared with $743 million in the second quarter of 2025 | GAAP |
| Non-GAAP income from operations | $1.22 billion | compared with $0.95 billion in the second quarter of 2025 | non-GAAP |

## Segments and operating metrics

| Name | 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 | $472.4 | 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 |

## 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

1. **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%.
2. **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.
3. **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.
4. **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.
5. **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.

## 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.