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Intuitive Surgical 8-K Report, Financial Results (Apr 21, 2026)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed April 21, 2026
Period End
April 21, 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 · Apr ’21Apr ’21
  3. Leadership change8-K · May ’25May ’25

01—Abstract

Summary

Summary of the 8-K filed April 21, 2026. Cited figures are marked; the original filing is the authoritative source.

Intuitive Surgical (ISRG) reported strong first-quarter 2026 results, with revenue of $2.77 billiona, up 23% year over year, driven by about 17% growth in worldwide procedures (da Vinci about 16%, Ion about 39%).

GAAP income from operations rose to $855 millionb from $578 million, and GAAP diluted EPS was $2.28 versus $1.92. Non-GAAP diluted EPS was $2.50 versus $1.81. Systems revenue grew to $651 million on 431 da Vinci placements (232 da Vinci 5), up from 367 placements a year earlier, and the installed base reached 11,395 da Vinci systems, up 12%.

The quarter also showed some balance sheet and capital allocation movement. Cash, cash equivalents, and investments fell by $1.05 billion to $7.98 billionc, reflecting $1.1 billion of share repurchases (2.3 million shares) and an acquisition, which the filing links to the purchase of da Vinci and Ion distribution businesses in Italy, Spain, and Portugal. Goodwill rose from $370 million to $613 million, consistent with that acquisition.

Sequentially, revenue declined from $2.87 billiond in Q4 2025, which included a $70 million contribution to the Intuitive Foundation, and GAAP gross margin improved to 66.1%. Management reiterated 2026 guidance for worldwide da Vinci procedure growth of 13.5% to 15.5%, non-GAAP gross margin of 67.5% to 68.5% (including about a 1.0% tariff impact), and non-GAAP operating expense growth of 11% to 14%.

The company flagged that additional tariffs beyond current expectations could materially affect results. Investors should note that non-GAAP EPS benefits from excluding share-based compensation (about $210 million per quarter) and excess tax benefits (about $73 million this quarter), which contributed meaningfully to the gap between GAAP and non-GAAP earnings.

02—Key points

Key Highlights

  1. Revenue of $2.77B, up 23% YoY; instruments and accessories up 23% to $1.69B, systems up 25% to $651M, services up 19% to $434M.
  2. Worldwide procedures up ~17% (da Vinci ~16%, Ion ~39%), supported by a 12% increase in the da Vinci installed base to 11,395 systems.
  3. da Vinci 5 placements rose to 232 from 147 a year earlier, out of 431 total da Vinci placements (vs. 367).
  4. GAAP diluted EPS of $2.28 (vs. $1.92) and non-GAAP diluted EPS of $2.50 (vs. $1.81); GAAP operating income rose 48% to $855M.
  5. Share repurchases of $1.1B (2.3M shares) and an acquisition of da Vinci/Ion distribution businesses in Italy, Spain, and Portugal drove cash, cash equivalents, and investments down $1.05B to $7.98B.
  6. 2026 guidance reaffirmed: da Vinci procedure growth of 13.5%-15.5%, non-GAAP gross margin of 67.5%-68.5%, and non-GAAP operating expense growth of 11%-14%, with tariffs flagged as a material risk if they expand.

03—Questions

Frequently Asked Questions

  1. How strong was Intuitive's revenue growth in Q1 2026?

    Revenue was $2.77 billion, up 23% from $2.25 billion in Q1 2025. Growth was broad-based, with instruments and accessories up 23%, systems up 25%, and services up 19%. Procedure volume growth of about 16% for da Vinci and 39% for Ion was the main driver.

  2. What is the difference between GAAP and non-GAAP earnings for Q1 2026?

    GAAP diluted EPS was $2.28, while non-GAAP diluted EPS was $2.50. The gap mainly reflects share-based compensation of about $210 million in operating expenses and cost of revenue, partly offset by excess tax benefits of $73 million that management excludes from non-GAAP results. Investors should weigh the recurring nature of SBC when comparing the two measures.

  3. Why did cash decline in the quarter, and is it a concern?

    Cash, cash equivalents, and investments fell to $7.98 billion from $9.03 billion. The decline was driven by $1.1 billion of share buybacks and cash used for an acquisition of distribution businesses in Italy, Spain, and Portugal, partly offset by operating cash flow. The company still holds a large liquidity position, and the filing does not indicate any balance sheet stress.

  4. What are the key risks to the 2026 outlook?

    Tariffs are the main flagged risk. The non-GAAP gross margin guidance already includes a roughly 1.0% revenue impact from current tariffs, and management warned that additional tariffs could have a material effect. Other risks cited include macroeconomic conditions, hospital capital spending, supply chain disruptions, regulatory approvals, and geopolitical conflicts.

  5. Does the acquisition change Intuitive's revenue model?

    Yes. The company acquired the da Vinci and Ion distribution businesses in Italy, Spain, and Portugal and is transitioning those markets from a distributor model to direct sales. This should increase the company's direct revenue capture in these markets but also adds integration and execution risk, as noted in the filing's forward-looking statements.

04—Continue

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