EarningsQ2 2026 Earnings Report
MX:ISRG Q2 2026 EPS Results
Actual EPS$50.85
Consensus EPS$45.60
Beat/MissBeat by +$5.25
One Year Ago EPS$39.77
MX:ISRG Q2 2026 Revenue Results
Actual Revenue$52.53B
Expected Revenue$51.31B
Beat/MissBeat by +$1.22B
YoY Revenue Growth+18.54%
Earnings Announcement Details
QuarterQ2 2026
Date07/16/2026
TimeAfter Close
Conference CallThursday, July 16, 2026
MX:ISRG Upcoming Earnings
Intuitive Surgical's next earnings date is estimated for October 20, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:ISRG Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call presented a predominantly positive operational and financial picture: robust revenue (+19%), strong profitability (42% non-GAAP operating margin), healthy procedure growth (total +16%) and capital placements (468 da Vinci systems), plus strong cash flow. The company also highlighted meaningful product progress (da Vinci 5 updates, SP and XiR momentum, ION adoption) and clinical evidence supporting adoption. Key risks were noted but were mostly market- and policy-driven (U.S. patient coverage dynamics, China tender and pricing pressure), some procedure-mix headwinds (bariatrics) and an unquantified impact from the extended-use instrument program. Overall, the positive metrics and growth drivers materially outweigh the challenges discussed.Company Guidance
Procedure Growth
Total procedures increased 16% year-over-year in Q2 (15% da Vinci, 36% ION), with ION procedures up 36% to ~48k in the quarter and now >400k cumulatively.
Installed Base Expansion
Global installed base grew to almost 13,000 systems, with da Vinci installed base up 12% and ION installed base up 21% year-over-year; da Vinci SP global base reached 445 systems.
System Placements and Capital Momentum
Placed 468 da Vinci systems (an 18% increase vs. prior year) and 55 ION systems in Q2; 246 of the da Vinci placements were da Vinci 5 (including 114 dual consoles).
Revenue and Recurring Revenue Strength
Q2 revenue rose 19% to $2.89 billion; recurring revenue grew 19% to $2.47 billion and represented 85% of total revenue. Constant currency revenue growth was 18%.
Profitability and Earnings Growth
Non-GAAP operating margin was 42%; non-GAAP net income was $1.0 billion (vs. $798M prior year) and non-GAAP EPS rose 28% to $2.80.
Strong Cash Generation
Ended the quarter with $8.6 billion in cash and investments; free cash flow for the first half of 2026 was $1.8 billion, up 71% year-over-year.
Service and Systems Revenue Performance
Systems revenue grew 19% to $685 million; service revenue increased 21% to $472 million, with service revenue per da Vinci system up 8% year-over-year.
SP and XiR Momentum
SP procedures grew 61% and 38 SP systems were placed in Q2; XiR adoption is accelerating (installed base ~130 XiR globally, ~50 in the U.S.), with strong traction in ASCs (27 placements in Q2, 20 were XiR).
Product and R&D Progress
Rolled out first phase of >100 planned da Vinci 5 updates focused on telepresence, simulation training and workflow; submitted multiple 510(k)s and filed a noncommercial next-generation flexible robotic endoscope for GI—demonstrating ongoing product innovation and pipeline expansion.
Clinical Evidence and New Indications
Notable study results highlighted: robotic appendectomy associated with 66% lower adjusted risk of complications versus laparoscopy; force feedback associated with faster return of bowel function; specialty procedure growth: cardiac +39% and nipple-sparing mastectomy +43%.
MX:ISRG Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed