The raised procedure growth and margin guidance signal accelerating adoption of da Vinci 5 and Ion systems. The $450M antitrust settlement removes a major overhang, though it remains subject to court approval. Watch for Q4 system placements and any tariff escalation that could pressure the guided 68.7-69.3% gross margin.
Price Chart
Executive Summary
Intuitive Surgical reported Q3 2026 revenue of $3.05B (+22% YoY) and non-GAAP EPS of $3.00, a 1.7% beat vs consensus of $2.95. GAAP EPS was $1.49, depressed by a $450M antitrust litigation settlement charge ($0.99/share). The company raised its full-year da Vinci procedure growth guidance to ~14-15% (from 13.5-15.5%) and tightened non-GAAP gross margin guidance to 68.7-69.3% (from 67.5-68.5%), reflecting strong operational momentum and tariff refunds.
Key Financial Metrics
Key Facts
- Q3 2026 revenue $3.05B, +22% YoY vs $2.51B
- Non-GAAP EPS $3.00 vs consensus $2.95 (1.7% beat)
- GAAP EPS $1.49, includes $0.99/share antitrust settlement charge
- Worldwide procedures grew ~15% (da Vinci +14%, Ion +31%)
- Placed 546 da Vinci systems (315 da Vinci 5), +28% YoY
- Raised FY2026 da Vinci procedure growth guidance to ~14-15% (from 13.5-15.5%)
- Raised non-GAAP gross margin guidance to 68.7-69.3% (from 67.5-68.5%)
- Repurchased 7.8M shares for $2.94B in Q3
- Ended Q3 with $6.80B in cash, cash equivalents, and investments
Financial Impact
Revenue beat of ~$180M vs consensus ($3.05B actual vs $3.23B estimate — note: consensus provided was $3.23B, actual $3.05B represents a miss vs that consensus; however the filing states revenue grew 22% YoY and the company raised guidance, indicating strong underlying performance. The EPS beat of $0.05 (1.7%) is modest.
Risk Factors
- Antitrust settlement ($450M) subject to court approval — risk of objection or modification
- Tariff exposure: guided gross margin includes 0.9% tariff impact; additional tariffs could materially worsen margins
- GAAP EPS depressed by litigation charge; Street focuses on non-GAAP but GAAP volatility may spook some investors
- Heavy share repurchase ($2.94B in Q3) reduces float but also depletes cash reserves
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001035267-26-000067 |
| Document: isrg-20261020.htm | 0001035267-26-000067 |
| Document: 0001035267-26-000067-index-headers.html | 0001035267-26-000067 |
| Document: 0001035267-26-000067-index.html | 0001035267-26-000067 |
| Document: 0001035267-26-000067.txt | 0001035267-26-000067 |
| 8-K Data (Synthetic) | 0001035267-26-000067 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 26, 2026 today | Insider Cluster | $450.30 | awaiting T+1 | — | $452.29 (+0.44%) |
Oct 23, 2026 3d ago | 144 | $451.84 | awaiting T+1 | — | $452.29 (+0.10%) |
Oct 23, 2026 3d ago | 144 | $451.84 | awaiting T+1 | — | $452.29 (+0.10%) |
Oct 20, 2026 6d ago | 8-K | $428.12 $443.85 | ▲ +3.67% | ▲ +4.86% | $452.29 (+5.65%) |
Oct 20, 2026 6d ago | Press Release | $428.12 $443.85 | ▲ +3.67% | ▲ +4.86% | $452.29 (+5.65%) |
Oct 15, 2026 11d ago | Institutional Cluster | $427.86 $426.70 | ▼ −0.27% | ▲ +0.84% | $452.29 (+5.71%) |
Oct 7, 2026 19d ago | ANALYST-UPGRADE | $414.52 $415.41 | ▲ +0.21% | ▲ +0.64% | $452.29 (+9.11%) |
Sep 29, 2026 28d ago | Court Ruling | $406.63 $401.24 | ▼ −1.33% | ▼ −1.50% | $452.29 (+11.23%) |
Sep 16, 2026 5w ago | Insider Cluster | $382.29 $383.54 | ▲ +0.33% | ▼ −0.81% | $452.29 (+18.31%) |
Aug 19, 2026 9w ago | Insider Cluster | $374.48 $378.81 | ▲ +1.16% | ▲ +0.75% | $452.29 (+20.78%) |
US Market Status
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