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Edge2 May 2025
Intuitive Surgical: Enhancing Surgery with Robotic Precision
Intuitive Surgical has revolutionized surgery with robotics, building its dominant position through decades of innovation, validation, and expansion.
Intuitive Surgical
Intuitive Surgical (ISRG) investor relations material
Intuitive Surgical Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary22 Jan, 2026
Executive summary
2025 saw strong global growth in multi-specialty da Vinci procedures, increased adoption of da Vinci 5, and higher utilization across all platforms, with over 3.1 million patients treated and more than 20 million since inception.
Strategic priorities included full launch of da Vinci 5, increased adoption by country, manufacturing optimization, and digital tool excellence, all showing significant progress.
International procedures grew 23%, with robust growth in Europe, Asia, and rest of world, now accounting for 35% of global procedures.
Worldwide procedures grew 18% year-over-year, with da Vinci up 17% and Ion up 44%.
532 da Vinci systems placed in Q4 2025, up from 493 in Q4 2024; da Vinci 5 placements more than doubled.
Financial highlights
Revenue grew 21% year-over-year to $10.1 billion in 2025.
Q4 2025 revenue was $2.87B, up 19% from $2.41B in Q4 2024.
Pro forma EPS increased 22% year-over-year, with free cash flow rising to $2.5 billion from $1.3 billion in 2024.
Q4 2025 GAAP net income was $795M ($2.21/diluted share), up from $686M ($1.88/diluted share) year-over-year.
Ended the year with $9 billion in cash and investments.
Outlook and guidance
2026 da Vinci procedure growth expected at 13%-15%, with primary drivers similar to 2025.
Pro forma gross profit margin forecasted at 67%-68% of net revenue, with 1.2% impact from tariffs.
Pro forma operating expense growth expected at 11%-15%, reflecting R&D and distributor acquisition costs.
2026 pro forma income tax rate estimated at 22%-23%.
Ion system placement decline drivers?
da Vinci 5 impact on system ASP and future revenue.
Drivers of 2026 da Vinci procedure growth deceleration.
ASC strategy: What is the long-term growth driver?
Cardiac surgery: What is the rollout strategy?
My Intuitive+ renewal: What is the revenue impact?
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Next Intuitive Surgical earnings date
Q1 202621 Apr, 2026
Intuitive Surgical
Next Intuitive Surgical earnings date
Q1 202621 Apr, 2026
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Frequently asked questions
Intuitive Surgical Inc. designs, manufactures, and markets robotic-assisted surgical systems, instruments, and accessories. The company’s flagship product, the da Vinci Surgical System, enables minimally invasive procedures across urology, gynecology, general surgery, and other specialties. Intuitive Surgical also provides training, services, and software solutions to support surgical teams and hospital systems worldwide. The company is headquartered in Sunnyvale, California, and its shares are listed on the NASDAQ.
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