The combination of strong top-line growth, margin expansion, and raised guidance suggests robust demand for robotic surgery systems. Traders should monitor the company's ability to sustain high-margin instrument sales and execution on international direct sales transition.
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Executive Summary
Intuitive Surgical reported strong Q1 2026 results with revenue of $2.77 billion (23% YoY growth) and GAAP EPS of $2.28, beating consensus of $2.11. The company raised full-year 2026 guidance for procedure growth to 13.5%-15.5% and gross margin to 67.5%-68.5%, signaling sustained momentum in robotic surgery adoption.
Key Financial Metrics
Key Facts
- Q1 2026 revenue: $2.77 billion (23% YoY growth vs $2.25 billion in Q1 2025)
- GAAP EPS: $2.28 (vs $1.92 in Q1 2025), beating consensus of $2.11
- Non-GAAP EPS: $2.50 (vs $1.81 in Q1 2025)
- Raised full-year 2026 guidance: procedure growth to 13.5%-15.5% (from prior 13%-15%), gross margin to 67.5%-68.5% (from 67%-68%)
- Repurchased $1.1 billion in stock during the quarter
Financial Impact
Revenue increased by $517 million YoY, net income by $124 million. Non-GAAP gross margin improved to 67.8% from 66.4% in Q1 2025.
Risk Factors
- Increased tariffs could impact margins, with company estimating 1.0% revenue impact in 2026
- Dependence on hospital capital spending, which may be affected by macroeconomic conditions
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001035267-26-000029 |
| Document: isrg-20260421.htm | 0001035267-26-000029 |
| Document: 0001035267-26-000029-index-headers.html | 0001035267-26-000029 |
| Document: 0001035267-26-000029-index.html | 0001035267-26-000029 |
| Document: 0001035267-26-000029.txt | 0001035267-26-000029 |
| 8-K Data (Synthetic) | 0001035267-26-000029 |
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Oct 7, 2026 11d ago | ANALYST-UPGRADE | $414.52 $422.06 | ▲ +1.82% | ▲ +1.72% | $426.70 (+2.94%) |
Sep 16, 2026 4w ago | Insider Cluster | $382.29 $398.30 | ▲ +4.19% | ▲ +1.62% | $426.70 (+11.62%) |
Aug 19, 2026 8w ago | Insider Cluster | $374.48 $367.07 | ▼ −1.98% | ▼ −3.09% | $426.70 (+13.94%) |
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Aug 12, 2026 9w ago | ANALYST-UPGRADE | $401.27 $397.72 | ▼ −0.88% | ▼ −0.44% | $426.70 (+6.34%) |
Aug 12, 2026 9w ago | Insider Cluster | $401.27 $397.72 | ▼ −0.88% | ▼ −0.44% | $426.70 (+6.34%) |
Aug 11, 2026 9w ago | Insider Cluster | $401.27 $397.72 | ▼ −0.88% | ▼ −0.44% | $426.70 (+6.34%) |
Jul 30, 2026 11w ago | ANALYST-DOWNGRADE | $352.97 $373.71 | ▲ +5.88% | ▲ +2.25% | $426.70 (+20.89%) |
Jul 16, 2026 13w ago | Press Release | $345.42 $332.02 | ▼ −3.88% | ▼ −3.19% | $426.70 (+23.53%) |
Jul 9, 2026 14w ago | ANALYST-UPGRADE | $411.55 $402.33 | ▼ −2.24% | ▼ −2.11% | $426.70 (+3.68%) |
US Market Status
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