Intuitive (ISRG) Q3 2026 earnings summary

Executive summary

• Worldwide procedures across da Vinci and Ion grew ~15% YoY; da Vinci procedures rose 14% and Ion procedures 31%.

• Revenue rose 22% to $3,048.7M; da Vinci placements increased 28% to 546, and installed bases reached 12,094 da Vinci and 1,152 Ion systems.

• GAAP operating income fell to $592.6M from $759.7M, including a $450M antitrust settlement charge.

Financial highlights

• Revenue was $3,048.7M, up 22%; recurring revenue was $2,554.6M, or 84% of total revenue.

• Systems revenue rose 30% to $769.1M; instruments and accessories revenue increased 18% to $1,797.4M, and services revenue grew 22% to $482.2M.

• Non-GAAP EPS was $3.00, up from $2.40; non-GAAP operating income was $1.27B, up from $976M.

• GAAP net income was $522.8M and diluted EPS was $1.49, versus $704.4M and $1.95 a year earlier.

Outlook and guidance

• FY2026 da Vinci procedure growth forecast is 14%–15%, with results expected closer to the midpoint.

• FY2026 non-GAAP gross margin forecast is 68.7%–69.3%; the outlook includes an estimated 0.9% tariff impact, excluding recognized refunds.

• FY2026 non-GAAP operating expense growth is forecast at 11%–13%; non-cash stock compensation is estimated at $860M–$870M.

• Pricing actions are expected to reduce da Vinci instruments and accessories revenue per procedure 3%–5% at constant mix when fully implemented; China reductions start in Q4 2026, with other actions beginning in H1 2027.

• 2026 priorities include global expansion of da Vinci 5, SP, and Ion, digital feature releases, manufacturing scale and efficiency, and early-stage R&D.