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Intuitive Surgical 8-K Report, Financial Results (Jul 16, 2026)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed July 16, 2026
Period End
July 16, 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 July 16, 2026. Cited figures are marked; the original filing is the authoritative source.

Intuitive Surgical (ISRG) reported strong second-quarter 2026 results, with revenue of $2.89 billiona, 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 millionb 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 $2.29c 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 billiond, 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.

02—Key points

Key Highlights

  1. Revenue rose 19% year over year to $2.89 billion, with instruments and accessories up 18% to $1.73 billion and systems up 19% to $685 million.
  2. Worldwide procedures grew about 16% (da Vinci about 15%, Ion about 36%), and da Vinci installed base reached 11,710 systems, up 12%.
  3. Placed 468 da Vinci systems (246 da Vinci 5) versus 395 a year earlier, and 55 Ion systems versus 54.
  4. GAAP diluted EPS was $2.29 (up from $1.81) and non-GAAP diluted EPS was $2.80 (up from $2.19); both include a $0.08 one-time benefit from IEEPA tariff refunds.
  5. GAAP gross margin was 67.8% and non-GAAP gross margin was 70.0%, up from 66.3% and 67.9% a year earlier.
  6. 2026 guidance: da Vinci procedure growth of 13.5% to 15.5% (closer to midpoint), non-GAAP gross margin of 68.0% to 69.0% including a 1.0% tariff impact, and non-GAAP opex growth of 11% to 13%.
  7. Cash, cash equivalents, and investments were $8.63 billion, and the company repurchased 0.9 million shares for $0.38 billion in the quarter.

03—Questions

Frequently Asked Questions

  1. How strong was revenue growth in the quarter?

    Revenue reached $2.89 billion, up 19% from $2.44 billion in Q2 2025. Growth was driven by procedure volume, higher da Vinci system leasing revenue, and a larger installed base. Instruments and accessories grew 18%, and systems revenue grew about 19%.

  2. Did one-time items affect the quarter's earnings?

    Yes. The quarter included a $28 million after-tax benefit ($0.08 per diluted share) from refunds of IEEPA tariffs paid in prior periods. This benefit is included in both GAAP and non-GAAP results, so investors may want to exclude it when assessing underlying earnings power.

  3. What is the outlook for 2026?

    Management expects worldwide da Vinci procedure growth of 13.5% to 15.5%, aiming for the midpoint. Non-GAAP gross margin is guided to 68.0% to 69.0% of revenue, and non-GAAP operating expense growth is expected at 11% to 13%. The margin guidance includes a roughly 1.0% of revenue tariff impact, and additional tariffs could have a material effect.

  4. What are the main risks flagged in the release?

    The release highlights tariff exposure (manufacturing in Mexico and Germany and materials imported from China), supply chain disruption, hospital capital spending, FDA regulatory timing, competition including domestic Chinese competitors, and legal proceedings. Management also notes that share-based compensation is a significant recurring expense that is excluded from non-GAAP results.

  5. How did the company use its cash?

    Cash, cash equivalents, and investments rose by $0.65 billion in the quarter to $8.63 billion, driven by operating cash generation and partially offset by $0.38 billion of share repurchases. The balance sheet also showed higher goodwill, which rose to $580.6 million from $370.3 million, related to the acquisition of the Italian, Spanish, and Portuguese distribution businesses.

04—Continue

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