Intuitive Surgical (ISRG) Q3 2026 Earnings Report
MX:ISRG Q3 2026 EPS Results
- Actual EPS
- MXN 55.66
- Consensus EPS
- MXN 49.10
- Beat/Miss
- Beat by +MXN 6.57
- One Year Ago EPS
- MXN 44.53
MX:ISRG Q3 2026 Revenue Results
- Actual Revenue
- MXN 56.57B
- Expected Revenue
- MXN 53.94B
- Beat/Miss
- Beat by +MXN 2.63B
- YoY Revenue Growth
- +21.70%
Earnings Announcement Details
- Quarter
- Q3 2026
- Date
- 10/20/2026
- Time
- After Close
- Conference Call
- Tuesday, October 20, 2026
MX:ISRG Upcoming Earnings
Intuitive Surgical's next earnings date is estimated for January 26, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
MX:ISRG Q3 2026 Earnings Call
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Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was strongly positive overall. Intuitive reported broad-based procedure, revenue, system placement and installed-base growth, improving non-GAAP profitability, strong adoption of da Vinci 5 and SP, international expansion, favorable clinical evidence and a substantial product and technology pipeline. The main negatives were slower U.S. da Vinci procedure growth, challenging conditions in China, planned 3% to 5% revenue-per-procedure pressure from pricing actions, higher operating expenses and development costs, a $450 million litigation settlement charge and lower GAAP net income.
Company Guidance
For 2026, Intuitive forecast da Vinci procedure growth to be within a range of 14% to 15% with an expectation to be closer to the midpoint; non-GAAP gross profit margin to be within a range of 68.7% and 69.3% of revenue, including an estimated 90 basis points impact from tariffs as well as related refunds; non-GAAP operating expense growth of 11% to 13%; noncash stock compensation expense between $860 million and $870 million; non-GAAP other income between $300 million and $310 million; and a non-GAAP effective tax rate in Q4 to be 22%, plus or minus 50 basis points. The pricing actions and China price reduction are expected to lower da Vinci I&A revenue per procedure by approximately 3% to 5% on a mix constant basis once fully implemented, with the China reduction taking effect in the fourth quarter and the extended life instruments rolling out by country beginning in the first half of 2027.
- Strong Overall Procedure GrowthTotal procedures increased 15% in Q3, driven by 14% growth in da Vinci procedures and 31% growth in Ion procedures. U.S. da Vinci procedures increased 10%, while procedures outside the U.S. increased 20%.
- Expanded Installed Base and Customer AdoptionIntuitive exited the quarter with more than 13,200 da Vinci and Ion systems installed worldwide. Nearly 7,000 customers in more than 70 countries performed da Vinci procedures at a rate of over 10,000 procedures per day.
- Broad-Based System Placement GrowthGlobal da Vinci system placements increased 28%, with net da Vinci placements that expand the installed base increasing 40%. Intuitive placed 546 da Vinci systems, compared with 427 in Q3 last year.
- Strong Adoption of da Vinci 5 and SPDa Vinci 5 and SP accounted for 65% of global placements. More than 2,000 da Vinci 5 systems were installed worldwide and had been used by over 18,000 surgeons since launch.
- International Placement MomentumDa Vinci placements outside the U.S. increased 29% to 211 systems from 164 systems a year ago. Europe placements increased 83% to 115 systems, Asia placements increased 30% to 78 systems, and Intuitive placed systems in more than 20 European countries.
- International Procedure ExpansionOutside the U.S., total and da Vinci procedures grew 20%, including 20% growth in Europe, 19% in Asia and 22% in Rest of World geographies. India delivered 42% procedure growth and surpassed 200,000 cumulative da Vinci procedures.
- Accelerating International Benign Procedure AdoptionInternational da Vinci benign procedures grew 41% in Q3, compared with 37% in Q2 and 34% in Q1. Benign procedures represented more than one-quarter of international volume, with the strongest growth in hernia repair and cholecystectomy.
- Strong SP Platform GrowthSP procedure growth was 55%, including 50% growth in the U.S. and 40% growth in Korea. Intuitive placed a record 42 SP systems, and the SP installed base increased 42% year over year to 487 systems across 27 countries.
- Ion Platform ProgressIntuitive placed 56 Ion systems in Q3, compared with 50 systems last year. Ion procedures grew 31% globally and 29% in the U.S., and Intuitive received reimbursement for Ion in Korea.
- Revenue and Recurring Revenue GrowthRevenue grew 22% to just over $3 billion, with 84% of revenue classified as recurring. Total instrument and accessories revenue increased 18% to $1.8 billion, systems revenue increased 30% to $769 million, and service revenue increased 22% to $482 million.
- Improved Non-GAAP ProfitabilityNon-GAAP operating margin was 42% of revenue, or 41% excluding a one-time pretax tariff refund of $28 million. Excluding the refund, non-GAAP gross margin was 68.9%, up 90 basis points year over year, primarily due to product cost reductions and fixed overhead leverage.
- Non-GAAP EPS GrowthNon-GAAP earnings per share grew 25% to $3.00 per share.
- Growing da Vinci 5 Procedure Mix and UtilizationDa Vinci 5 accounted for more than one-quarter of U.S. procedures in Q3, up from 13% a year ago, and da Vinci 5 systems continued to run at utilization above the Xi base.
- Growth in Future Procedure CategoriesCardiac procedures grew 40% and breast surgery procedures grew 42%. Intuitive estimated a line-of-sight cardiac opportunity of 300,000 to 400,000 procedures annually in regions where it is cleared.
- Benign COMPARE Clinical EvidenceThe benign COMPARE meta-analysis covered 366 studies across 32 countries, including roughly 1.5 million da Vinci patients, 10.7 million laparoscopic patients and 1.7 million open-surgery patients. Compared with laparoscopy, da Vinci procedures were associated with 54% lower odds of conversion to open surgery and 13% lower odds of blood transfusion. Compared with open surgery, da Vinci was associated with 46% lower odds of postoperative complications and hospital stays nearly 2 days shorter.
- Regulatory and Product Development ProgressIntuitive received CE marks for da Vinci 5 cardiac procedures and Force Feedback instrumentation, as well as transvaginal gynecological procedures on SP. It also received FDA 510(k) clearances for surgeon-initiated tool eject, multi-arm targeting and an integrated da Vinci 5 handheld endoscope, and received clearance for a foundational noncommercial next-generation flexible robotic endoscope system for gastrointestinal use.
- Advancing Telepresence, AI and Digital CapabilitiesAdoption of Intuitive Telepresence continued to increase. Telepresence on da Vinci 5 is serving as a foundation for telesurgery, for which Intuitive expects several regulatory clearances in the first half of 2028. The company is also developing voice-activated interfaces, automated fourth-arm control and additional digital and AI capabilities.
- Expansion of Manufacturing and Geographic ReachIntuitive announced plans for a significant new instruments and accessories manufacturing facility in Penang, Malaysia, which is expected to begin operations in 2028. The company also plans to accelerate expansion into additional countries in 2027.
- ASC Opportunity ProgressIntuitive installed 18 systems at U.S. ambulatory surgery centers in Q3, including 15 XiR systems. The company said its pipeline of ASC opportunities continues to build, and the number of systems placed in ASCs over the last two quarters exceeded the number placed in almost the prior three years.
- Pricing Actions Intended to Expand AccessIntuitive finalized pricing actions for selected high-volume benign procedures and plans to extend the useful lives of a subset of core EndoWrist instruments and introduce volume-based pricing beginning in the first half of 2027. Management stated that the actions are intended to lower customer costs, address cost barriers and broaden adoption.
- Pipeline Potential for Additional Revenue per ProcedureIntuitive is progressing Ion development programs for on-site cytology and endobronchial ultrasound, as well as da Vinci vision programs involving hyperspectral imaging, fluorescent molecules and AI features. Management said these programs are expected to bring additional value and could add revenue per procedure.
- Updated 2026 Procedure GuidanceIntuitive narrowed its 2026 full-year da Vinci procedure growth forecast to 14% to 15%, from the prior range of 13.5% to 15%, with expectations to be closer to the midpoint.
- Updated 2026 Gross Margin GuidanceThe company updated its 2026 non-GAAP gross margin outlook to 68.7% to 69.3% of revenue, including an estimated 90 basis point impact from tariffs and related refunds, compared with the prior range of 68% to 69%.
- Strong Capital ReturnIntuitive repurchased $2.9 billion of shares during the quarter at an average price of $377 per share.
MX:ISRG Earnings History
| Report Date | Fiscal Quarter | Forecast / EPS | Last Year's EPS | EPS YoY Change | Press Release |
|---|---|---|---|---|---|
| Jan 26, 2027 | 2026 (Q4) | 54.79- | 46.94 | ― | ― |
| Oct 20, 2026 | 2026 (Q3) | 49.1055.66 | 44.53 | 25.00% (+11.13) | |
| Jul 16, 2026 | 2026 (Q2) | 46.5951.95 | 40.63 | 27.85% (+11.32) | |
| Apr 21, 2026 | 2026 (Q1) | 39.3746.39 | 33.58 | 38.12% (+12.80) | |
| Jan 22, 2026 | 2025 (Q4) | 42.0646.94 | 41.01 | 14.48% (+5.94) | |
| Oct 21, 2025 | 2025 (Q3) | 37.0244.53 | 34.14 | 30.43% (+10.39) | |
| Jul 22, 2025 | 2025 (Q2) | 35.7740.63 | 33.03 | 23.03% (+7.61) | |
| Apr 22, 2025 | 2025 (Q1) | 32.2733.58 | 27.83 | 20.67% (+5.75) | |
| Jan 23, 2025 | 2024 (Q4) | 33.2541.01 | 29.69 | 38.13% (+11.32) | |
| Oct 17, 2024 | 2024 (Q3) | 30.4734.14 | 27.09 | 26.03% (+7.05) |
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