Key Highlights

  • Intuitive Surgical reported Q2 2026 revenue of $2.89 billion, up 19% year over year.
  • Non-GAAP EPS came in at $2.80, up 28% from the prior year.
  • The company placed 468 da Vinci systems and 55 ion systems during the quarter.
  • Full-year non-GAAP gross profit margin guidance was raised to 68%-69% of revenue.

Intuitive Surgical (NASDAQ: ISRG) reported second-quarter 2026 total revenue of $2.89 billion, up 19% year over year, alongside a non-GAAP operating margin of 42% and non-GAAP earnings per share of $2.80, up 28% from the prior-year period. The results reflect continued strength in the company's core robotic-assisted surgery business, even as one key U.S. procedure category showed signs of moderating growth.

What Happened

The quarter's results included a $36 million pre-tax benefit from a refund of previously paid IEEPA tariffs, according to the disclosed information. Total procedures grew 16% during the quarter, driven by 15% growth in da Vinci procedures and 36% growth in ion procedures. U.S. da Vinci procedure growth of 12% moderated from prior trends, which the company partly attributed to changes in ACA premium subsidies affecting patient behavior in deferrable procedure categories.

The company placed 468 da Vinci systems and 55 ion systems during the quarter. Of the da Vinci placements, 246 were da Vinci 5 systems, including 114 dual-console configurations. The global installed base reached nearly 13,000 systems, with the da Vinci 5 installed base standing at just over 1,700 systems used by more than 15,000 surgeons since launch — a rapid pace of adoption for a platform still relatively early in its rollout.

Intuitive also announced an extended use instrument program planned for the first half of 2027, targeting a subset of instruments with increased useful lives and lower cost per use, focused on high-volume benign procedures. The company said quantification of the financial impact of this program will be provided on its next earnings call, leaving the specific financial contribution of the initiative undisclosed for now.

Market Reaction

The disclosed information does not include specific stock price or trading data for Intuitive Surgical following the Q2 2026 report; the results are presented alongside updated full-year guidance rather than a same-day market reaction figure.

The moderation in U.S. da Vinci procedure growth to 12%, compared with prior growth trends, stands out against the otherwise strong headline procedure and revenue figures, with the company linking part of that moderation to changes in ACA premium subsidies affecting patient decisions around deferrable procedures. At the same time, the rapid adoption of da Vinci 5 — just over 1,700 systems installed and used by more than 15,000 surgeons since launch, with 246 placements in the quarter alone — underscores the pace of the newer platform's rollout relative to the broader installed base of nearly 13,000 systems.

Outlook

Intuitive maintained its full-year 2026 da Vinci procedure growth guidance at 13.5% to 15.5%, with an expectation of results closer to the midpoint of that range. The company raised its non-GAAP gross profit margin guidance to 68% to 69% of revenue, while non-GAAP operating expense growth is now expected to fall between 11% and 13% for the full year.

The planned extended use instrument program, targeting high-volume benign procedures with instruments offering increased useful lives and lower cost per use, is expected to launch in the first half of 2027, with the company committing to quantify its financial impact on the next earnings call. Investors will likely look to that update for more clarity on how the program could affect both revenue and margin trends going forward.

The moderation in U.S. da Vinci procedure growth, alongside the maintained full-year procedure growth guidance range, suggests management continues to expect a similar growth cadence through the remainder of 2026 rather than a further deceleration, even as it flags ACA subsidy changes as a factor affecting deferrable procedure volumes in the near term.

How much did Intuitive Surgical's revenue grow in Q2 2026?

Revenue reached $2.89 billion, up 19% year over year, with non-GAAP EPS of $2.80, up 28% from the prior year.

How many da Vinci 5 systems has Intuitive Surgical placed?

The company placed 246 da Vinci 5 systems in Q2 2026 alone, bringing the da Vinci 5 installed base to just over 1,700 systems used by more than 15,000 surgeons since launch.

What is Intuitive Surgical's updated margin guidance?

The company raised its non-GAAP gross profit margin guidance to 68%-69% of revenue for full-year 2026.