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Intuitive Surgical 8-K Report, Financial Results (Jan 14, 2026)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed January 14, 2026
Period End
January 14, 2026
Security
ISRG
In the 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. Leadership change8-K · May ’22May ’22
  3. Leadership change8-K · Nov ’26Nov ’26

01—Abstract

Summary

Summary of the 8-K filed January 14, 2026. Cited figures are marked; the original filing is the authoritative source.

Intuitive Surgical (ISRG) preliminarily reported strong fourth-quarter and full-year 2025 results ahead of its J.P.

Morgan Healthcare Conference presentation. Q4 2025 revenue was approximately $2.87 billiona, up 19% from $2.41 billion, and full-year 2025 revenue was approximately $10.06 billion, up 21% from $8.35 billion. Growth was broad-based: instruments and accessories (I&A) revenue rose 17% in Q4 to $1.66 billion and 19% for the year to $6.02 billion, systems revenue rose 20% in Q4 to $786 million and 26% for the year to $2.47 billion, and service revenue rose 21% in Q4 to $422 million and 20% for the year to $1.57 billion.

Recurring revenue was 81% of Q4 total revenue. Worldwide da Vinci procedures grew about 17% in Q4 and 18% for 2025 to roughly 3.15 million, led by 18% U.S. general surgery growth and 23% growth outside the U.S. The installed base reached 11,106 systems, up 12%, and the average selling price rose 7% for the year to $1.60 millionb. Placement mix shifted toward da Vinci 5, which drove most of the placement growth.

Q4 placements totaled 532 systems (up 8%), including 303 da Vinci 5 units, and full-year placements reached 1,721 (up 13%), including 870 da Vinci 5 units versus 362 in 2024. Ion placements declined, with 42 units in Q4 (down 39%) and 195 for the year (down 28%), even though Ion procedures grew about 44% in Q4 and 51% for the year. Q4 operating expenses included a $70 millionc contribution to the Intuitive Foundation, up from $45 million a year earlier.

Management guided to worldwide da Vinci procedure growth of 13%d to 15% in 2026. All figures are unaudited and preliminary.

The 2025 Form 10-K has not yet been filed, and the numbers remain subject to final closing procedures and the independent audit. Management will discuss the results in more detail on the January 22, 2026 earnings call.

02—Key points

Key Highlights

  1. Q4 2025 revenue of ~$2.87B (+19% YoY) and FY 2025 revenue of ~$10.06B (+21% YoY), with growth across I&A, systems, and service.
  2. Worldwide da Vinci procedures grew ~17% in Q4 and ~18% for FY 2025 to ~3.15M, with Ion procedures up ~44% in Q4 and ~51% for the year.
  3. da Vinci 5 drove placements: 303 units in Q4 (vs. 174) and 870 for FY 2025 (vs. 362), while total FY placements rose 13% to 1,721.
  4. Ion system placements fell 39% in Q4 and 28% for FY 2025, a notable divergence from strong Ion procedure growth.
  5. Installed base grew 12% to 11,106 systems, and recurring revenue was 81% of Q4 total revenue.
  6. 2026 guidance calls for worldwide da Vinci procedure growth of approximately 13% to 15%.
  7. Figures are preliminary and unaudited; the 2025 10-K is not yet filed, and results are subject to audit adjustments. Full detail is due on the January 22, 2026 earnings call.

03—Questions

Frequently Asked Questions

  1. How strong were Intuitive's 2025 results compared with 2024?

    Preliminary FY 2025 revenue was about $10.06 billion, up 21% from $8.35 billion in 2024. Q4 revenue was about $2.87 billion, up 19%. Growth came from I&A (+19% for the year), systems (+26%), and service (+20%).

  2. What drove procedure growth in 2025?

    Worldwide da Vinci procedures rose about 18% to roughly 3.15 million. U.S. general surgery grew 18%, and procedures outside the U.S. grew 23%. Ion procedures grew about 51% for the year.

  3. Why did Ion placements decline even as Ion procedures grew strongly?

    Ion placements fell 28% for FY 2025 to 195 units and 39% in Q4 to 42 units, while Ion procedures grew about 51% and 44%, respectively. The filing does not explain the placement decline, so investors would need the January 22 call for management's view on whether this reflects capital timing, lease mix, or demand shifts.

  4. What is the outlook for 2026?

    Management expects worldwide da Vinci procedures to grow approximately 13% to 15% in 2026 compared with 2025. This guidance is for procedure volume, not revenue or placements.

  5. How reliable are these preliminary numbers?

    They are unaudited and subject to final closing procedures and the annual audit, so they may change. The company has not yet filed its 2025 Form 10-K. Investors should treat these figures as provisional until the audited results are published.

04—Continue

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