Intuitive Surgical Reports Q3 2026 Earnings: Revenue Up 22% to $3.05B, Non-GAAP EPS of $3.00

Intuitive Surgical, Inc. (ISRG) – Q3 2026 Earnings Release Summary

1. Overview & Key Metrics

On October 20, 2026, Intuitive Surgical reported its financial results for the third quarter ended September 30, 2026:

• Revenue: $3.05 billion, up 22% YoY compared to $2.51 billion in Q3 2025.
  • Instruments & Accessories: $1.80 billion (+18% YoY).
  • Systems: $769.1 million (+30% YoY).
  • Services: $482.2 million (+22% YoY).
• GAAP Net Income: $523 million, or $1.49 per diluted share, compared to $704 million ($1.95 per share) in Q3 2025.
• Non-GAAP Net Income: $1.05 billion, or $3.00 per diluted share, compared to $867 million ($2.40 per share) in Q3 2025.

2. Notable Items & Special Charges

• Litigation Settlement: The quarter included a pre-tax charge of $450 million ($347 million net of tax, or $0.99 per diluted share) recorded in SG&A to settle the antitrust class action litigation In re: da Vinci Surgical Robot Antitrust Litigation.
• Tariff Refund: Included a benefit of $22 million net of tax ($0.06 per diluted share) related to refunds for prior-period tariffs paid under the International Emergency Economic Powers Act (IEEPA).
• Share Repurchases: The company repurchased 7.8 million shares for $2.94 billion during the quarter.
• Cash Position: Ended Q3 2026 with $6.80 billion in cash, cash equivalents, and investments.

3. Operational Highlights

• Procedure Growth: Overall procedures rose ~15% YoY (da Vinci procedures up ~14%; Ion procedures up ~31%).
• System Placements: Placed 546 da Vinci surgical systems (including 315 da Vinci 5 systems), up from 427 total systems in Q3 2025.
• Installed Base: da Vinci installed base reached 12,094 systems (+12% YoY); Ion installed base grew to 1,152 systems (+21% YoY).

4. Full-Year 2026 Guidance

• da Vinci Procedure Growth: Expected between 14% and 15% (tracking near the midpoint).
• Non-GAAP Gross Margin: Anticipated in the range of 68.7% to 69.3% (includes an estimated 0.9% tariff headwind, excluding refunds).
• Non-GAAP Operating Expense Growth: Forecasted at 11% to 13%.