Q1 26 EPS
$2.50
Q1 26 Revenue
$2.77B
BEAT +5.84%
Est. $2.62B
vs S&P Since Q1 26
-3.4%
TRAILING MARKET
ISRG -2.1% vs S&P +1.3%
Market Reaction
Did ISRG Beat Earnings? Q1 2026 Results
Intuitive Surgical delivered a standout first quarter for fiscal 2026, posting non-GAAP earnings of $2.50 per diluted share against a consensus estimate of $2.11, a beat of 18.66% that extends the company's streak of topping EPS expectations to four … Read more Intuitive Surgical delivered a standout first quarter for fiscal 2026, posting non-GAAP earnings of $2.50 per diluted share against a consensus estimate of $2.11, a beat of 18.66% that extends the company's streak of topping EPS expectations to four consecutive quarters. Revenue climbed 23.0% year over year to $2.77 billion, beating the $2.62 billion consensus by 5.84%, with the performance anchored by a 23% surge in instruments and accessories revenue to $1.69 billion as procedure volumes accelerated globally. Worldwide da Vinci procedures grew approximately 16% while Ion procedures expanded roughly 39%, together reflecting the compounding power of Intuitive's installed base, which now stands at 11,395 da Vinci systems and 1,041 Ion systems. The company placed 431 da Vinci systems in the quarter, up from 367 a year ago, and recently completed direct-distribution acquisitions in Italy, Spain, and Portugal. Looking ahead, management guided for full-year da Vinci procedure growth of 13.5% to 15.5%, while flagging an estimated 1.0% of revenue tariff headwind embedded in its non-GAAP gross margin outlook of 67.5% to 68.5%.
Key Takeaways
- • Worldwide da Vinci and Ion procedures combined grew approximately 17% year-over-year
- • Da Vinci procedures grew approximately 16% and Ion procedures grew approximately 39%
- • 431 da Vinci surgical system placements, including 232 da Vinci 5 systems, up from 367 total and 147 da Vinci 5 in Q1 2025
- • Da Vinci installed base grew 12% to 11,395 systems; Ion installed base grew 22% to 1,041 systems
- • Higher da Vinci system average selling prices compared with Q1 2025
- • Higher lease installed base contributed to systems revenue growth
- • Customer buying patterns drove instruments and accessories revenue
ISRG Forward Guidance & Outlook
For full-year 2026, Intuitive expects worldwide da Vinci procedure growth of approximately 13.5% to 15.5%. Non-GAAP gross profit margin is expected to be within a range of 67.5% to 68.5% of revenue, which includes an estimated tariff impact of 1.0% of revenue. Non-GAAP operating expense growth is expected to be 11% to 14%. The tariff outlook assumes tariffs currently in effect remain in place through year-end; additional tariffs beyond current expectations could have a material adverse impact. Key tariff exposure areas include Mexico (instruments and accessories manufacturing), Germany (endoscope manufacturing), and China (certain materials).
ISRG YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
ISRG Revenue by Segment
With YoY comparisons, source: SEC Filings
“We are pleased with company performance this quarter, which was marked by expanded adoption of our da Vinci, Ion, and digital platforms. We remain deeply committed to supporting customers globally in their pursuit of the quintuple aim: achieving better patient outcomes, improving patient and care team experiences, lowering the total cost to treat, and expanding access to high quality, minimally invasive care.”
— Dave Rosa, Q1 2026 Earnings Press Release
ISRG Earnings Trends
ISRG vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
ISRG EPS Trend
Earnings per share: estimate vs actual
ISRG Revenue Trend
Quarterly revenue: estimate vs actual
ISRG Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 | — | $2.50 | — | $2.77B | +5.84% |
| Q4 25 BEAT FY | $2.26 | $2.53 | +11.95% | $2.87B | +4.14% |
| FY Full Year | $8.67 | $8.93 | +3.01% | $10.06B | +1.14% |
| Q3 25 BEAT | $1.99 | $2.40 | +20.65% | $2.51B | +3.85% |
| Q2 25 BEAT | $1.93 | $2.19 | +13.22% | $2.44B | +3.83% |
| Q1 25 BEAT | $1.73 | $1.81 | +4.41% | $2.25B | +3.09% |