da Vinci 5 System Installed Base Tops 1,700
As of June 30, 2026, the installed base of da Vinci 5 systems reached 1,710, with 136 located outside the U.S., reflecting strong customer adoption since its 2024 launch.
Source: 10-Q Item 2 MD&A
Computed from published fixed rules, not a model's judgement — though one input, the count of high-severity risks, comes from the AI analysis below.
Not investment advice and not a price target: it scores the quarter's fundamentals, not the stock. Full methodology →
AI Takeaway
Intuitive Surgical’s fiscal second quarter of 2026 was defined by accelerating adoption of minimally invasive robotic surgery, led by the continued global rollout of its da Vinci 5 platform, which reached an installed base of 1,710 systems. Management attributed the strong performance to robust procedure volume growth and early customer enthusiasm for next-generation systems, supported by new regulatory clearances across its da Vinci SP and Ion franchises. Gross margin improved to 67.8%, aided by a $35.9 million one-time tariff refund, though the company emphasized that ongoing trade policy shifts, including a new 10% U.S. import tariff, and potential regulatory changes in China represent significant uncertainties for future quarters.
Revenue
$2.89B
+18.54% YoY
EPS (Diluted)
$2.29
+26.52% YoY
Gross Margin
67.8%
+1.5 pts YoY
Operating Income
$971.9M
+30.74% YoY
Source: SEC XBRL
Intuitive Surgical (ISRG) reported Q2 FY2026 revenue of $2.89B, up 18.5% year over year. Operating margin was 33.6%, up 3.1 points from 30.5% a year earlier. ISRG's fiscal Q2 FY2026 corresponds to calendar Q2 2026.
Last 4 quarters: 4 beats
| Quarter | Actual EPS (USD) | Consensus (USD) | Result |
|---|---|---|---|
| Jun 2026This filing | 2.80 | 2.55 | Beat +9.8% |
| Mar 2026 | 2.50 | 2.14 | Beat +16.8% |
| Dec 2025 | 2.53 | 2.30 | Beat +9.9% |
| Sep 2025 | 2.40 | 2.02 | Beat +18.7% |
Adjusted (non-GAAP) EPS of $2.80 versus the $2.55 analyst consensus — a +9.8% beat for Jun 2026. Analyst consensus is quoted on the adjusted (non-GAAP) basis the street uses. GAAP diluted EPS for this quarter was $2.29.
Compiled by AI from 10-Q Item 2 of this filing
As of June 30, 2026, the installed base of da Vinci 5 systems reached 1,710, with 136 located outside the U.S., reflecting strong customer adoption since its 2024 launch.
Source: 10-Q Item 2 MD&A
The Company recognized $35.9 million in refunds for previously paid IEEPA tariffs, which reduced cost of revenue and contributed to the gross margin expansion in the quarter.
Source: 10-Q Item 2 MD&A
Recent FDA approvals included da Vinci 5 for cardiac procedures, extended-use force feedback instruments, and da Vinci SP for multiple general surgery indications, broadening the clinical utility of Intuitive’s platforms.
Source: 10-Q Item 2 MD&A
China’s NHSA issued national guidelines for robotic surgery pricing, which could impose fee limits that affect procedure volumes and instrument pricing in that market, though the near-term impact is limited.
Source: 10-Q Item 2 MD&A
Seven additional da Vinci procedures, including inguinal hernia repair, were granted national reimbursement coverage in Japan effective June 2026, potentially accelerating adoption in that country.
Source: 10-Q Item 2 MD&A
Compiled by AI from this SEC filing · 2 high, 3 medium, 0 low
Regulatory clearances for third-party remanufactured instruments and unauthorized service providers could erode Intuitive’s recurring revenue from instruments and accessories, pose safety risks, and damage its reputation. The company specifically flagged this as a threat to its high-margin consumables business.
Source: 10-Q Item 1A Risk Factors
The imposition of a new 10% U.S. tariff on most imports under Section 122, along with potential retaliatory measures, raises the cost of components and finished goods. Intuitive’s manufacturing in Mexico and reliance on imports from Germany and China expose it to significant cost uncertainty.
Source: 10-Q Item 2 MD&A
China’s NHSA has established a national framework for robotic surgery pricing that may cap procedure charges, potentially reducing the company’s instrument revenue and system demand in one of its key growth markets. Provincial pricing limits have already affected some areas.
Source: 10-Q Item 2 MD&A
Extended lead times for semiconductors and reliance on sole-source suppliers for critical components, including rare earth elements from China, could disrupt production. Trade restrictions and geopolitical tensions exacerbate these vulnerabilities.
Source: 10-Q Item 2 MD&A
The entry of domestic competitors in China and alternative robotic-assisted surgical systems globally threatens Intuitive’s market share. The company faces pricing pressure and the need to continuously innovate to maintain its leadership position.
Source: 10-Q Item 2 MD&A
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Revenue $B | 2.89 $B | 2.44 $B | +18.54% |
Cost of Revenue $M | 931.90 $M | 822.10 $M | +13.36% |
Gross Profit $B | 1.96 $B | 1.62 $B | +21.17% |
Operating Income $M | 971.90 $M | 743.40 $M | +30.74% |
Net Income $M | 818.10 $M | 658.40 $M | +24.26% |
EPS (Basic) $ | 2.31 $ | 1.84 $ | +25.54% |
EPS (Diluted) $ | 2.29 $ | 1.81 $ | +26.52% |
R&D Expense $M | 370.60 $M | 313.30 $M | +18.29% |
SG&A Expense $M | 617.90 $M | 561.20 $M | +10.10% |
Answers draw on this SEC filing and the data on this page
Expected release date, analyst estimates & what to watch
Intuitive Surgical delivered a strong Q1 FY2026 with revenue of $2.77B (+23.0% YoY), operating income surging 48.0% to $855.3M, and operating cash flow jumping 56.8% to $911.9M, reflecting robust procedure volume growth and expanding margins.
Intuitive Surgical delivered a strong FY2025 with revenue surging 20.5% to $10.1B, net income rising 23.0% to $2.86B, and the company initiating a $2.3B share buyback program, reflecting robust demand for its da Vinci surgical systems.
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