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Intuitive Surgical 8-K Report, Financial Results (Jan 22, 2026)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed January 22, 2026
Period End
January 22, 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 22, 2026. Cited figures are marked; the original filing is the authoritative source.

Intuitive Surgical (ISRG) reported strong fourth-quarter 2025 results, with total revenue of $2.87 billiona, up 19% year over year, and GAAP net income attributable to Intuitive of $795 million, or $2.21 per diluted share (non-GAAP EPS of $2.53, up from $2.21).

Growth was broad-based: worldwide procedures (da Vinci plus Ion) rose about 18%, da Vinci placements reached 532 units (303 da Vinci 5 systems, versus 174 a year earlier), and the installed base grew 12% to 11,106 da Vinci systems. Ion procedures grew about 44% and the Ion installed base reached 995 systems. Instruments and accessories revenue rose 17% to $1.66 billionb, supporting the recurring-revenue model.

Full-year 2025 revenue was $10.06 billionc, up roughly 20%, and GAAP net income attributable to Intuitive was $2.86 billion. The outlook calls for 2026 worldwide da Vinci procedure growth of 13% to 15%, a slowdown from 18% in 2025. Non-GAAP gross margin is guided to 67% to 68%, including an estimated 1.2% of revenue tariff headwind, and non-GAAP operating expense growth is guided to 11% to 15%.

Management cautioned that additional or modified tariffs could have a material effect on 2026 margins. Investors will likely focus on whether procedure growth can hold in the mid-teens and how tariffs and rising operating expenses affect margin expansion. Quality-of-earnings considerations also matter.

GAAP results include large share-based compensation ($207 milliond in Q4), and non-GAAP figures exclude it, along with excess tax benefits that contributed $0.12 per diluted share in the quarter. The quarter also included a $70 million contribution to the Intuitive Foundation, which reduced GAAP EPS by about $0.15. Cash, cash equivalents, and investments ended the year at $9.03 billion.

02—Key points

Key Highlights

  1. Q4 2025 revenue rose 19% to $2.87 billion, with instruments and accessories up 17% to $1.66 billion and systems revenue up 20% to $786 million.
  2. Worldwide procedures grew about 18%, with da Vinci procedures up about 17% and Ion procedures up about 44%.
  3. da Vinci placements rose to 532 from 493, including 303 da Vinci 5 systems (versus 174), while Ion placements fell to 42 from 69.
  4. GAAP diluted EPS was $2.21 (up from $1.88); non-GAAP diluted EPS was $2.53 (up from $2.21), and the GAAP figure absorbed a $70 million Foundation contribution.
  5. 2026 guidance: da Vinci procedure growth of 13% to 15%, non-GAAP gross margin of 67% to 68% (including a 1.2% tariff impact), and non-GAAP operating expense growth of 11% to 15%.
  6. Full-year 2025 revenue reached $10.06 billion, up about 20%, and cash and investments ended the year at $9.03 billion.

03—Questions

Frequently Asked Questions

  1. How did Intuitive perform in Q4 2025 compared with the prior year?

    Revenue increased 19% to $2.87 billion, GAAP net income attributable to Intuitive rose to $795 million ($2.21 per diluted share) from $686 million ($1.88), and non-GAAP EPS rose to $2.53 from $2.21. Growth was driven by procedure volume, higher da Vinci placements, and a larger installed base.

  2. Why is 2026 procedure growth guided lower than 2025?

    The company expects worldwide da Vinci procedure growth of 13% to 15% in 2026, compared with 18% in 2025. The filing does not explain the deceleration in detail, so investors will likely look to the earnings call for management's reasoning, such as the size of the base and the comparison against a strong 2025.

  3. What is the tariff risk to margins?

    The 2026 non-GAAP gross margin guidance of 67% to 68% includes an estimated tariff impact of 1.2% of revenue, plus or minus 10 basis points. Management warned that new or modified tariffs could have a material additional impact, depending on where components are sourced and products are made, including in Mexico and Germany.

  4. Why do GAAP and non-GAAP results differ so much?

    Non-GAAP results exclude share-based compensation ($207 million in Q4 2025 operating expense), amortization of intangibles, litigation charges, and excess tax benefits from share-based compensation (about $0.12 per diluted share in Q4). Management states that share-based compensation is a significant recurring expense, so investors should weigh GAAP results alongside non-GAAP figures.

  5. Did the Q4 Foundation contribution affect results?

    Yes. The company contributed $70 million to the Intuitive Foundation in Q4 2025, versus $45 million in Q4 2024. This reduced GAAP EPS by about $0.15 per diluted share, and it is excluded from non-GAAP EPS.

04—Continue

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