Intuitive Surgical (ISRG) Q1 2026 earnings summary

Executive summary

• Q1 revenue grew 23% year-over-year to $2.77 billion, driven by 17% total procedure growth, including 847,000 da Vinci procedures (up 16%) and 43,000 Ion procedures (up 39%), with strong U.S. and European performance and mixed results in Asia.

• 431 da Vinci systems and 52 Ion systems were placed, increasing installed bases by 12% and 22% year-over-year, with notable growth in Europe and Asia.

• Non-GAAP net income was $901 million ($2.50/share), up from $662 million ($1.81/share) last year; GAAP net income was $822 million ($2.28/share), up from $698 million ($1.92/share).

• Leadership transition announced: Dr. Myriam Curet retiring as CMO, succeeded by Dr. Jaime Wong.

Financial highlights

• Instruments and accessories revenue increased 23% to $1.69 billion; systems revenue rose 24% to $651 million; service revenue grew 19% to $434 million.

• Recurring revenue accounted for 86% of total revenue.

• Non-GAAP operating margin was 39%; GAAP operating income was $855 million, up 48% year-over-year.

• Ended Q1 with $7.98 billion in cash and investments, down from $9 billion last quarter due to $1.1 billion in stock repurchases and distributor acquisition.

Outlook and guidance

• Full-year 2026 da Vinci procedure growth forecast raised to 13.5%-15.5%.

• Non-GAAP gross profit margin guidance increased to 67.5%-68.5% of revenue, reflecting tariff impact and higher input costs.

• Non-GAAP operating expense growth expected between 11%-14%; non-cash stock compensation expense estimated at $890M-$920M.

• Other income forecasted at $315M-$335M due to lower average cash balances.

• Macroeconomic, geopolitical, and regulatory risks, including tariffs and supply chain, may impact results.