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Intuitive SurgicalISRG

Legal name
Intuitive Surgical, Inc.
Sector
Other
Industry
Orthopedic, Prosthetic & Surgical Appliances & Supplies
Exchange
Nasdaq

Stock Price $ISRG

Latest filings

You are here#12 of 52 in Healthcare by market cap

Filing record · 2016–202610-K1110-Q338-K100

ISRG filed 11 annual reports (10-K), 33 quarterly reports (10-Q) and 100 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · Jan ’17Jan ’17
  2. FY2018 annual report10-K · Feb ’19Feb ’19
  3. Leadership change8-K · Oct ’21Oct ’21
  4. Leadership change8-K · Dec ’25Dec ’25

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  19. $10.06B
YoY changeLargest recent move+31.0%in FY21Latest +20.5%

Latest bar from 10-KFY2025Click a bar to open its SEC filing

View full history →
All ISRG Financial Metrics56 metrics

Income Statement14

Balance Sheet25

Cash Flow13

Per Share4

02—Overview

Intuitive Surgical Financial Overview 2021–2025

Updated Nov 3, 2026

In a healthcare sector frequently pressured by capital spending constraints, Intuitive Surgical's robotic platforms completed an unprecedented 3.15 million da Vinci procedures in FY2025. This sheer volume proves its medical hardware has become a non-discretionary clinical utility for hospitals rather than an optional equipment upgrade. The central investment thesis here rests on a compounding razor-and-blade ecosystem, where expanding hardware placements drive a highly predictable stream of recurring consumable sales that insulate the company from broader macroeconomic volatility.

The scale of this recurring revenue engine is clear over the long term, as total revenue grew from $5.7 billion in FY2021 to $10.1 billiona in FY2025. By the end of FY2025, the company’s global installed base surpassed 11,100 da Vinci units, fueling a 19% increase in instruments and accessories revenue to $6.02 billion. Growth is being further accelerated by the newer Ion endoluminal platform, which saw procedure volumes surge 51% in the latest fiscal year.

While rollout costs for the next-generation da Vinci 5 system and new tariffs slightly compressed the product gross profit margin to 66.0% in FY2025, overall operating leverage remains strong, backed by a $9.03 billionb cash fortress. Investors have aggressively priced in this operational predictability; at the close of FY2025, the stock traded at 72.0x earnings and commanded a $201.1 billion market cap.

Recent Developments (Q2 and Q3 2026)

Growth accelerated through Q3 2026. Revenue rose 22% to $3.05 billionc, up from 19% growth and $2.89 billion in Q2 2026. Da Vinci placements hit 546 units, with 315 being da Vinci 5. Product gross margin reached 68.9%, helped by tariff refunds. A $450 million antitrust settlement cut GAAP net income to $523 million, though non-GAAP net income was $1.05 billion. Taylor Patton became Chief Commercial and Marketing Officer on July 1. The buyback authorization rose to $5.0 billion, and Q3 repurchases of $2.94 billion and an acquisition cut cash to $6.80 billion.

Bull case: procedure growth, da Vinci 5 adoption and margin gains support earnings power. Bear case: at 54.4xd earnings as of the Q3 2026 report date (October 20, 2026), the stock still carries a premium, and lower cash reduces the buffer.

What to watch: da Vinci 5 placement mix and gross margin once tariff refunds fade; procedure growth against the 14% to 15% full-year outlook

03—Filings

Recent SEC Filings

  1. 8-KIntuitive Surgical 8-K Report, Executive Changes (Nov 2, 2026)Intuitive Surgical, Inc. (ISRG) announced on November 2, 2026, a significant addition to its Board of Directors with the appointment of Aaron Martin, effective January 1, 2027. Mr. Martin brings a wealth of experience from leadership roles in healthcare technology, insurance, and digital innovation, notably as President of Insurance at Humana and previously as Vice President of Healthcare at Amazon, where he launched Amazon Clinic. His appointment is expected to enhance the Board's strategic perspective on expanding access to minimally invasive care globally, leveraging his deep understanding of payer, provider, and patient dynamics. The company has also increased its Board size from ten to eleven members to accommodate this appointment. Mr. Martin will receive standard compensation for non-employee directors, including an annual cash retainer and restricted stock units, aligning his interests with those of the company and its shareholders. This move signals a continued focus on strategic growth and operational excellence within the evolving healthcare landscape.
  2. 8-KIntuitive Surgical 8-K Report, Financial Results (Oct 20, 2026)Intuitive Surgical, Inc. (ISRG) reported its third-quarter 2026 financial results, showcasing robust top-line growth driven by increased procedure volumes and system placements. Worldwide procedures, combining da Vinci and Ion, grew approximately 15% year-over-year, with da Vinci procedures up 14% and Ion procedures seeing a significant 31% increase. This strong procedural growth translated into a 22% rise in total revenue to $3.05 billion. The company also demonstrated strong system placement growth, with 546 da Vinci systems and 56 Ion systems deployed, contributing to an expanding installed base. While revenue and procedural growth were strong, reported GAAP net income was impacted by a significant pre-tax charge of $450 million related to the settlement of antitrust class action litigation. This charge significantly affected diluted GAAP EPS, reducing it to $1.49. However, on a non-GAAP basis, which excludes this litigation charge and other items, net income grew to $1.05 billion, with non-GAAP diluted EPS reaching $3.00, indicating healthy underlying operational performance. The company also reiterated its full-year 2026 outlook, projecting continued strong da Vinci procedure growth and providing guidance for non-GAAP gross profit margin and operating expense growth.
  3. 8-KIntuitive Surgical 8-K Report, Bylaw Amendment (Jul 27, 2026)Intuitive Surgical, Inc. (ISRG) has filed an 8-K report on July 27, 2026, detailing amendments to its Amended and Restated Bylaws, effective July 23, 2026. These changes are primarily aimed at enhancing corporate governance, clarifying procedures for shareholder actions, and aligning with new SEC universal proxy rules. Key updates include stricter requirements for shareholder nominations of directors and proposals, improved disclosure obligations for shareholders seeking to nominate directors or submit proposals, and provisions related to proxy card colors and shareholder meeting logistics. These amendments are designed to streamline the shareholder engagement process and ensure compliance with evolving regulatory standards. From an investor's perspective, these bylaw amendments signify the Company's proactive approach to corporate governance and its commitment to adapting to regulatory changes. The refined disclosure requirements for shareholder proposals and nominations provide greater transparency and may help the board in evaluating such submissions. The change in the voting standard for corporate actions to a majority of votes cast is a notable shift that could impact the outcome of future non-election-related shareholder votes. Investors should review the full text of the Amended Bylaws to understand the complete scope of these changes and their potential implications on future shareholder rights and corporate decision-making processes.
  4. 8-KIntuitive Surgical 8-K Report, Financial Results (Jul 16, 2026)Intuitive Surgical (ISRG) reported strong second-quarter 2026 results, with revenue of $2.89 billion, up 19% year over year from $2.44 billion. Worldwide procedures (da Vinci and Ion combined) grew approximately 16%, with da Vinci procedures up about 15% and Ion procedures up about 36%. Instruments and accessories revenue rose 18% to $1.73 billion, and systems revenue increased to $685 million from $575 million, supported by 468 da Vinci placements (including 246 da Vinci 5 systems). GAAP operating margin was about 33.6% (income from operations of $972 million), and non-GAAP operating income was $1.22 billion. GAAP diluted EPS was $2.29 and non-GAAP diluted EPS was $2.80, both including a one-time $0.08 benefit from IEEPA tariff refunds. Gross margin improved sequentially, with GAAP gross margin of 67.8% and non-GAAP gross margin of 70.0%, the latter helped by the tariff refund benefit. Management reiterated that 2026 da Vinci procedure growth should be closer to the midpoint of its 13.5% to 15.5% range, while non-GAAP gross margin is guided to 68.0% to 69.0% and non-GAAP operating expense growth to 11% to 13%. The guidance includes an estimated 1.0% of revenue tariff impact, and management warned that any additional tariffs could have a material effect. Cash and investments ended the quarter at $8.63 billion, and the company repurchased $0.38 billion of stock. For investors, the key points are sustained double-digit growth in procedures and systems placements, continued expansion of the installed base to 11,710 da Vinci systems, and the Italy, Spain, and Portugal distributor-to-direct transition, which added goodwill. Some of the quarter's margin and EPS strength reflects one-time tariff refunds, and the company's trajectory depends on tariff developments and continued procedure growth. Note that this 8-K furnishes the earnings release under Item 2.02 and does not describe any new material event beyond the results and outlook.
  5. 8-KIntuitive Surgical 8-K Report, Executive Changes (May 28, 2026)Intuitive Surgical (ISRG) filed an 8-K on May 28, 2026 announcing a senior leadership change in its commercial organization. Effective July 1, 2026, Taylor Patton, currently Global Senior Vice President of the Endoluminal business (Ion platform), will become Chief Commercial and Marketing Officer, succeeding Henry Charlton. Charlton, who has been with the company since 2003, will move to the newly defined role of Senior Vice President of Global Business Operations. From an investor standpoint, this is a planned internal succession rather than a signal of operational distress. Patton has nearly two decades of tenure at Intuitive and a record of launching new platforms and building commercial organizations, most notably the worldwide launch and growth of the Ion endoluminal system. Charlton is remaining with the company in a senior operating role and is expected to work closely with Patton during the handoff, which points to a managed transition. The filing does not disclose any change in compensation, employment agreements, or financial guidance. The main items to monitor are whether the handover affects commercial execution across the da Vinci and Ion franchises, and whether Patton's focus on reducing total cost to treat and expanding customer support translates into placements, procedure volume, and pricing discipline in coming quarters. The filing itself contains no quantitative financial results.
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04—See also

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