The core business is accelerating with 15% procedure growth and strong system placements, but the $450M antitrust settlement and tariff headwinds create overhang. Watch for court approval of the settlement and Q4 procedure trends to confirm momentum.
Price Chart
Executive Summary
Intuitive Surgical reported Q3 2026 non-GAAP EPS of $3.00, a 13.6% beat vs. the $2.64 consensus, on revenue of $3.05B (+22% YoY), exceeding the $2.91B estimate. The strong beat was driven by 15% procedure growth (da Vinci +14%, Ion +31%) and 546 system placements, but GAAP EPS was depressed to $1.49 by a $450M antitrust litigation settlement charge ($0.99/share). The company guided to ~14-15% full-year procedure growth (midpoint) and non-GAAP gross margin of 68.7-69.3%, with tariff headwinds of ~0.9% of revenue.
Key Financial Metrics
Key Facts
- Non-GAAP EPS $3.00 vs consensus $2.64 (beat by 13.6%)
- Revenue $3.05B vs consensus $2.91B (beat by 4.8%), +22% YoY
- Worldwide procedures grew ~15% YoY (da Vinci +14%, Ion +31%)
- Placed 546 da Vinci systems (315 da Vinci 5) vs 427 in Q3 2025
- GAAP EPS $1.49 included $0.99/share charge from antitrust litigation settlement
- Repurchased 7.8M shares for $2.94B in Q3
- Full-year 2026 guidance: procedure growth ~14-15% (midpoint), non-GAAP gross margin 68.7-69.3%
Financial Impact
Non-GAAP EPS beat of $0.36 (13.6%) on revenue beat of $140M (4.8%); GAAP EPS depressed by $0.99 litigation charge
Risk Factors
- Antitrust litigation settlement requires court approval and may face objections
- Tariffs could further pressure gross margins if expanded beyond current assumptions
- GAAP net income declined YoY due to one-time charges, masking underlying strength
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3384942 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 26, 2026 today | Insider Cluster | $450.30 | awaiting T+1 | — | $451.63 (+0.30%) |
Oct 23, 2026 3d ago | 144 | $451.84 | awaiting T+1 | — | $451.63 (−0.05%) |
Oct 23, 2026 3d ago | 144 | $451.84 | awaiting T+1 | — | $451.63 (−0.05%) |
Oct 20, 2026 6d ago | 8-K | $428.12 $443.85 | ▲ +3.67% | ▲ +4.86% | $451.63 (+5.49%) |
Oct 20, 2026 6d ago | Press Release | $428.12 $443.85 | ▲ +3.67% | ▲ +4.86% | $451.63 (+5.49%) |
Oct 15, 2026 11d ago | Institutional Cluster | $427.86 $426.70 | ▼ −0.27% | ▲ +0.84% | $451.63 (+5.56%) |
Oct 7, 2026 19d ago | ANALYST-UPGRADE | $414.52 $415.41 | ▲ +0.21% | ▲ +0.64% | $451.63 (+8.95%) |
Sep 29, 2026 27d ago | Court Ruling | $406.63 $401.24 | ▼ −1.33% | ▼ −1.50% | $451.63 (+11.07%) |
Sep 16, 2026 5w ago | Insider Cluster | $382.29 $383.54 | ▲ +0.33% | ▼ −0.81% | $451.63 (+18.14%) |
Aug 19, 2026 9w ago | Insider Cluster | $374.48 $378.81 | ▲ +1.16% | ▲ +0.75% | $451.63 (+20.60%) |
US Market Status
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