Q2 26 EPS
$2.80
BEAT +11.83%
Est. $2.50
Q2 26 Revenue
$2.89B
BEAT +2.40%
Est. $2.82B
vs S&P Since Q2 26
-12.7%
TRAILING MARKET
ISRG -13.3% vs S&P -0.6%
Market Reaction
Did ISRG Beat Earnings? Q2 2026 Results
Intuitive Surgical delivered a convincing beat across the board in Q2 2026, with non-GAAP EPS of $2.80 clearing the $2.50 consensus estimate by 11.83% and extending the company's streak to five consecutive quarters of beating expectations. Revenue of… Read more Intuitive Surgical delivered a convincing beat across the board in Q2 2026, with non-GAAP EPS of $2.80 clearing the $2.50 consensus estimate by 11.83% and extending the company's streak to five consecutive quarters of beating expectations. Revenue of $2.89 billion, up 18.5% year over year, edged past the $2.82 billion consensus by 2.40%, driven by robust procedure volume growth and a surge in system placements, with da Vinci unit placements rising to 468 from 395 a year ago, including a meaningful step-up in the newer da Vinci 5 model. For investors who had been watching the stock closely amid a sharp year-to-date decline tied to da Vinci 5 margin concerns and tariff headwinds, the quarter offered tangible reassurance, with non-GAAP gross margin expanding to 70.0% from 67.9%. Looking ahead, management guided full-year da Vinci procedure growth of roughly 13.5% to 15.5%, while flagging that additional tariffs beyond current assumptions could materially weigh on results.
Key Takeaways
- • Worldwide da Vinci and Ion procedure volume grew approximately 16% YoY
- • Da Vinci procedures grew approximately 15% YoY
- • Ion procedures grew approximately 36% YoY
- • 468 da Vinci system placements vs. 395 in Q2 2025
- • 246 da Vinci 5 system placements vs. 180 in Q2 2025
- • Higher lease installed base and higher da Vinci system average selling prices
- • 12% growth in da Vinci installed base to 11,710 systems
- • 21% growth in Ion installed base to 1,096 systems
- • $28 million net-of-tax benefit from IEEPA tariff refunds
ISRG Forward Guidance & Outlook
For full-year 2026, Intuitive expects worldwide da Vinci procedure growth of approximately 13.5% to 15.5%, with results expected near the midpoint. Non-GAAP gross profit margin is expected within 68.0% to 69.0% of revenue, which includes an estimated 1.0% adverse impact from tariffs currently in effect. Non-GAAP operating expense growth is expected at 11% to 13%. Management cautioned that additional tariffs beyond current expectations could have a material impact on financial results.
ISRG YoY Financials
Q2 2026 vs Q2 2025, source: SEC Filings
ISRG Revenue by Segment
With YoY comparisons, source: SEC Filings
“We are pleased with company performance this quarter, which reflects the strength of our portfolio – from da Vinci and Ion to our growing digital solutions. Our commitment to customers around the world – our north star – remains the same: helping them deliver better patient outcomes, better patient and care team experiences, lower costs, and broader access to minimally invasive care.”
— Dave Rosa, Q2 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
6 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 BEAT | $2.50 | $2.80 | +11.83% | $2.89B | +2.40% |
| Q1 26 BEAT | $2.11 | $2.50 | +18.66% | $2.77B | +5.84% |
| Q4 25 BEAT FY | $2.27 | $2.53 | +11.51% | $2.87B | +3.88% |
| 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% |