Companies /Healthcare

Intuitive Surgical Inc

NASDAQ: ISRG Medical Instruments & Supplies
$370.74
▼ $1.14 (−0.31%) today
Markets open · 4:07pm ET

Q4 2025 Earnings

Reported Jan 22, 2026, 4:05pm ET · SEC source
$2.53
Beat +11.51%
EPS · est. $2.27
$2.9B
Beat +3.88%
Revenue · est. $2.8B
−4.0%
Trailing market
ISRG vs S&P since report
6 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
−4%−2%0Jan 22Jan 23report 4:05pm ETearnings−0.1%−4.6%
−4%−2%0Jan 22Jan 23earnings−0.1%−4.6%
ISRG −4.6%S&P 500 −0.1%
−4%−2%0Jan 22Jan 23report 4:05pm ETearnings+0.1%−4.6%
−4%−2%0Jan 22Jan 23earnings+0.1%−4.6%
ISRG −4.6%NASDAQ +0.1%
−6%−3%0Jan 21Jan 30report 4:05pm ETearnings+0.4%−6.8%
−6%−3%0Jan 21Jan 30earnings+0.4%−6.8%
ISRG −6.8%S&P 500 +0.4%
−6%−3%0+3%Jan 21Jan 30report 4:05pm ETearnings+0.1%−6.8%
−6%−3%0+3%Jan 21Jan 30earnings+0.1%−6.8%
ISRG −6.8%NASDAQ +0.1%
−0.35%
Day of report
+0.92%
Next session
−3.77%
One week
−3.40%
30 days

S&P 500 over the same 30 days: +0.57%.

Did ISRG Beat Earnings? Q4 2025 Results

Intuitive Surgical capped a landmark year with a standout fourth quarter, posting non-GAAP EPS of $2.53 against a consensus estimate of $2.26, a beat of nearly 12%, while revenue of $2.87 billion topped expectations by 4.14% and climbed 18.8% year-over-year. The primary engine behind the quarter was accelerating adoption of the da Vinci 5 surgical system, with 303 placements of the next-generation platform during the period compared to just 174 a year earlier, helping drive worldwide procedure volumes roughly 18% higher and pushing instruments and accessories revenue, the company's highest-margin recurring stream, up 17% to $1.66 billion. The results also carried the full-year top line past $10 billion for the first time, with 2025 revenue reaching $10.06 billion and non-GAAP EPS finishing at $8.93. Looking ahead, management guided for 2026 da Vinci procedure growth of 13% to 15%, a modest deceleration from 2025's pace, and flagged tariff exposure as a meaningful risk given manufacturing concentrated in Mexico and Germany, estimating roughly 1.2% of revenue in tariff headwinds within its 67% to 68% non-GAAP gross margin outlook.

Key Takeaways
  • Worldwide procedure growth of approximately 18% YoY (da Vinci ~17%, Ion ~44%)
  • 532 da Vinci system placements including 303 da Vinci 5 systems, up from 493 total and 174 da Vinci 5 in Q4 2024
  • 12% growth in da Vinci installed base to 11,106 systems
  • 24% growth in Ion installed base to 995 systems
  • Higher da Vinci system average selling prices
  • Higher lease installed base driving recurring revenue

Forward Guidance & Outlook

For full year 2026, Intuitive expects worldwide da Vinci procedure growth of approximately 13% to 15%, compared to 18% in 2025. Non-GAAP gross profit margin is expected to be within a range of 67% and 68% of revenue, including an estimated tariff impact of 1.2% of revenue (plus or minus 10 basis points). Non-GAAP operating expense growth is expected at 11% to 15%, compared to 12% in 2025. The company cautioned that if additional tariffs are implemented or existing tariffs modified, the impact on financial results could be material, particularly given manufacturing in Mexico (instruments and accessories) and Germany (endoscopes).

ISRG YoY Financials

Q4 2025 vs Q4 2024 · SEC filings Q4 2024 Q4 2025
$0$800.0M$1.6B$2.4B$2.4B$2.9BRevenue$1.6B$1.9BGross Profit$734.9M$864.3MOperating Income$685.7M$794.8MNet Income
$0$800.0M$1.6B$2.4BRevenueGross ProfitOperating IncomeNet Income

ISRG Revenue by Segment

Instruments and Accessories$1.7B+17.0%
Systems$785.9M
Services$422.0M

Figures from SEC filings and company reports. Not investment advice.