Intuitive Surgical Inc (ISRG) · Oct 20, 2026 · Earnings

Intuitive Surgical earnings beat as da Vinci 5 placements accelerate

Beat — Non-GAAP EPS $3.00 vs roughly $2.70 consensus

Intuitive Surgical’s Q3 earnings beat expectations, with revenue and adjusted EPS ahead as da Vinci 5 placements and procedure growth strengthened.

Intuitive Surgical is scaling a recurring-revenue robotic surgery ecosystem: da Vinci 5 is moving through hospitals while Ion expands lung-procedure adoption and the installed base feeds future instruments, accessories, and service revenue. That backdrop was already visible in the second-quarter outlook and prior growth trend.

MetricQ3 2026Q3 2025 / consensusRead
Revenue$3.05B$2.51B / roughly $2.9–3.0B consensus+22%; ahead
Non-GAAP diluted EPS$3.00$2.40 / roughly $2.70 consensusBeat
Instruments and accessories revenue$1.80B$1.52B+18%
da Vinci placements546427+28%
da Vinci 5 placements315240+31%
GAAP gross margin68.4%66.4%+200 bps
Non-GAAP operating income$1.27B$976M+30%

The core operating result beat a high bar. Revenue reached $3.05 billion, up 22% year over year, while non-GAAP diluted EPS rose to $3.00 from $2.40. The revenue and adjusted-profit outcome was better than the roughly $2.9–3.0 billion revenue and $2.70 EPS expectations available before the release.

The most important business signal is stronger platform adoption, not just accounting upside. Intuitive placed 546 da Vinci systems, including 315 da Vinci 5 units, while the da Vinci installed base grew 12% and Ion’s grew 21%. Instruments and accessories revenue grew 18%, supported by approximately 14% da Vinci procedure growth and approximately 31% Ion procedure growth. 〔0〕 〔1〕

The GAAP earnings decline is largely a litigation distortion, not a deterioration in the operating engine. GAAP EPS fell to $1.49 from $1.95 because Intuitive recorded a $450 million antitrust settlement charge, or $0.99 per diluted share after tax. Excluding that charge and other adjustments, operating income and EPS both improved materially.

The settlement reduces one legal uncertainty but is not fully final. The agreement still requires preliminary and final court approval, and class-member objections or an appeal remain possible. The cash balance also fell by $1.83 billion during the quarter, primarily because of share repurchases and capital spending, so the strong earnings beat came alongside heavier capital deployment and a pending legal resolution.

Bottom line: This was a genuine earnings beat, supported by accelerating da Vinci 5 placements, expanding installed bases, and solid procedure-driven recurring revenue. The headline GAAP decline is mostly the litigation charge; the underlying business story strengthened, although the settlement still awaits court approval and the filing does not eliminate tariff or capital-spending pressures.

Original filing on SEC EDGAR

More Intuitive Surgical Inc news

Intuitive Surgical earnings beat as da Vinci 5 placements accelerate | ISRG Stock News
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