The EPS beat and strong procedure growth are positive, but the guidance midpoint (~14.5% procedure growth) signals deceleration from Q2's 16% — watch for any commentary on procedure mix or hospital capital spending on the call. Historical T+20 performance on bullish ISRG calls has been poor (22% win rate), suggesting the market may already price in the beat; consider fading the initial move if the stock gaps up >3% pre-market.
Price Chart
Executive Summary
Intuitive Surgical reported Q2 2026 non-GAAP EPS of $2.80, beating consensus of $2.59 by 8.2%, on revenue of $2.89B (in line with $2.89B consensus, +19% YoY). Worldwide procedure growth of ~16% and strong da Vinci 5 placements (246 systems) drove results, but the stock's historical pattern shows poor follow-through on bullish calls, and the guidance midpoint implies decelerating procedure growth to ~14.5% for full-year 2026, tempering the beat's impact.
Key Financial Metrics
Key Facts
- Non-GAAP EPS of $2.80 beat consensus of $2.59 by 8.2%
- Revenue of $2.89B grew 19% YoY, in line with consensus
- Worldwide procedures grew ~16% YoY (da Vinci +15%, Ion +36%)
- Placed 468 da Vinci systems, including 246 da Vinci 5 systems
- Full-year 2026 procedure growth guidance midpoint of ~14.5% implies deceleration from Q2's 16%
- Non-GAAP gross margin guidance of 68.0%-69.0% includes ~1% tariff headwind
- Repurchased 0.9M shares for $0.38B in Q2
Financial Impact
Non-GAAP EPS beat consensus by $0.21 (8.2%); revenue in line at $2.89B
Risk Factors
- Tariff headwinds could pressure gross margins beyond guided 68.0%-69.0% range
- Procedure growth deceleration to ~14.5% in H2 2026 vs 16% in Q2
- Historical pattern shows poor follow-through on bullish ISRG calls (22% T+20 win rate)
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3328793 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 16, 2026 16d ago | Insider Cluster | $382.29 $398.30 | ▲ +4.19% | ▲ +1.62% | $393.23 (+2.86%) |
Aug 19, 2026 6w ago | Insider Cluster | $374.48 $367.07 | ▼ −1.98% | ▼ −3.09% | $393.23 (+5.01%) |
Aug 13, 2026 7w ago | Court Ruling | $401.27 $374.48 | ▲ +6.68% | ▲ +4.71% | $393.23 (+2.00%) |
Aug 12, 2026 7w ago | ANALYST-UPGRADE | $401.27 $397.72 | ▼ −0.88% | ▼ −0.44% | $393.23 (−2.00%) |
Aug 12, 2026 7w ago | Insider Cluster | $401.27 $397.72 | ▼ −0.88% | ▼ −0.44% | $393.23 (−2.00%) |
Aug 11, 2026 7w ago | Insider Cluster | $401.27 $397.72 | ▼ −0.88% | ▼ −0.44% | $393.23 (−2.00%) |
Jul 30, 2026 9w ago | ANALYST-DOWNGRADE | $352.97 $373.71 | ▲ +5.88% | ▲ +2.25% | $393.23 (+11.41%) |
Jul 16, 2026 11w ago | Press Release | $345.42 $332.02 | ▼ −3.88% | ▼ −3.19% | $393.23 (+13.84%) |
Jul 9, 2026 12w ago | ANALYST-UPGRADE | $411.55 $402.33 | ▼ −2.24% | ▼ −2.11% | $393.23 (−4.45%) |
Jun 12, 2026 15w ago | Insider Cluster | $416.55 $402.95 | ▼ −3.26% | ▼ −1.88% | $393.23 (−5.60%) |
US Market Status
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