Intuitive Surgical

Intuitive Surgical makes the da Vinci robotic surgical systems and the Ion endoluminal system for lung biopsies. Hospitals buy or lease the systems, and they then buy instruments and accessories for each procedure and pay for service. Instruments and accessories gave $1.80 billion of the $3.05 billion of revenue in Q3 2026. The installed base was 12,094 da Vinci systems and 1,152 Ion systems at September 30, 2026, and customers did more than 10,000 procedures a day on average in Q3 2026.

It sells multi-port da Vinci systems, including da Vinci 5, and a single-port system. Revenue was $10.1 billion in 2025. The company is based in Sunnyvale, California.

Intuitive Surgical trades at a premium because investors pay for a leader in robotic surgery with recurring revenue. Each new system adds years of sales of instruments, accessories and service. Worldwide procedures grew about 15% in Q3 2026, the company placed 546 da Vinci systems, and revenue grew 22% to $3.05 billion. Non-GAAP EPS rose to $3.00 from $2.40.

For the premium to be earned, four things must be true. Da Vinci procedures must keep growing in the mid-teens, as the 2026 guidance of 14% to 15% says. Da Vinci 5 and Ion must keep winning placements and use in new types of surgery and in new countries. Margins must hold against tariffs and against new robotic systems from large medical device companies.

The court must approve the $450 million antitrust settlement. The Q4 2026 report with the 2027 outlook, expected in late January 2027, is the next test. The premium can shrink if procedure growth slows, if hospitals cut capital budgets, or if competitors win large customers on price.

1. Jan 20, 2027 · est.Pending

   Q4 2026 results and 2027 outlook2027 guidance for da Vinci procedure growth in the low to mid teens and stable margins pass; guidance for growth near 10% or lower margins fails.
2. 2027 · est.Pending

   Court approval of the antitrust settlementFinal approval on the agreed terms of $450 million and injunctive relief passes; a rejection or a larger payment fails.

Every passed and failed checkpoint across all picks

• November 2, 2026Intuitive appointed Aaron Martin, President of Insurance at Humana, to its board, effective January 1, 2027.
• October 20, 2026Intuitive reported Q3 2026 results. Worldwide procedures grew about 15%, with da Vinci up 14% and Ion up 31%. It placed 546 da Vinci systems, of which 315 were da Vinci 5. Revenue grew 22% to $3.05 billion. In October 2026, Intuitive agreed to settle the da Vinci antitrust class action for a one-time payment of $450 million and agreed injunctive relief, without any admission of liability, and the court must still approve it. GAAP EPS fell to $1.49 because of the $450 million charge, and non-GAAP EPS rose to $3.00 from $2.40. Intuitive bought back 7.8 million shares for $2.94 billion. It expects 2026 da Vinci procedure growth of 14% to 15%.
• July 16, 2026Intuitive reported Q2 2026 results. Worldwide procedures grew about 16%, and revenue grew 19% to $2.89 billion. Non-GAAP EPS was $2.80. Refunds of IEEPA tariffs added $0.08 per share.

Last earnings

October 20, 2026 (8-K on sec.gov)

Next earnings

Expected about January 20, 2027. The company has not confirmed the date.

• 8-KChange of directors or officers and Investor disclosureFiled November 2, 2026 · isrg-20261029
• 10-QQuarterly report for the period ended Sep 30, 2026Filed October 21, 2026 · isrg-20260930
• 8-KEarnings releaseFiled October 20, 2026 · isrg-20261020
• 8-KChange to shareholder rights or bylawsFiled July 27, 2026 · isrg-20260723
• 10-QQuarterly report for the period ended Jun 30, 2026Filed July 21, 2026 · isrg-20260630
• 8-KEarnings releaseFiled July 16, 2026 · isrg-20260716
• 8-KChange of directors or officersFiled May 28, 2026 · isrg-20260528
• 8-KChange of directors or officers and Shareholder vote resultsFiled May 4, 2026 · isrg-20260430
• 10-QQuarterly report for the period ended Mar 31, 2026Filed April 22, 2026 · isrg-20260331
• 8-KEarnings releaseFiled April 21, 2026 · isrg-20260421

Every filing on SEC EDGAR (CIK 1035267)

• New robotic surgery systems from large medical device companies can win hospitals on price. Lower prices for systems or instruments can lower growth and margins.
• Hospitals need capital budgets to buy systems. Lower hospital profits, cuts in public health spending or high interest rates can slow placements.
• Tariffs cost $72.4 million in the first nine months of 2026, and the 2026 margin guidance includes a tariff cost of 0.9% of revenue. New tariffs, or a stop to refunds of IEEPA tariffs, can lower margins.
• The $450 million antitrust settlement needs preliminary and final court approval, and class members can object. If the court does not approve it, the case continues.

Intuitive Surgical has no debt. Cash, cash equivalents and investments were $6.80 billion at September 30, 2026, down from $9.03 billion at December 31, 2025, mainly because it bought back $4.42 billion of shares in the first nine months of 2026. Read more

Intuitive Surgical does not pay a dividend.

Source: company filings and market data, read on November 9, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.