Intuitive Surgical (ISRG) Q1 FY2026 earnings: revenue $2.8 billion, up 23.0% on the year

Intuitive Surgical Inc. (ISRG) reported revenue of $2.8 billion for Q1 FY2026, the quarter ended 31 March 2026, up 23.0% on the same quarter a year earlier. Net income was $822 million, up 17.6% on the year, and diluted earnings per share $2.28. The figures are the company's own, from the 10-Q it filed with the SEC on 22 April 2026.

Revenue

$2.8 billion

+23.0% on the year · -3.3% on the quarter

Q2 FY2024Q1 FY2026

Operating margin

30.9%

25.7% a year earlier

Q2 FY2024Q1 FY2026

Net income

$822 million

+17.6% on the year · +3.4% on the quarter

Q2 FY2024Q1 FY2026

Diluted EPS

$2.28

+18.7% on the year · +3.2% on the quarter

Q2 FY2024Q1 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 2 raised, 1 lowered, 1 narrowed.

Revenue rose 23% year over year: Revenue reached $2.77 billion, up from $2.25 billion, driven by procedure volume, higher da Vinci placements and a larger installed base.
Procedures grew about 17% worldwide: Worldwide procedures across da Vinci and Ion grew about 17%; da Vinci procedures rose about 16% and Ion procedures about 39%.
Non-GAAP diluted EPS was $2.50: Non-GAAP net income per diluted share was $2.50, against $1.81 a year earlier, while GAAP diluted EPS was $2.28 against $1.92.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Revenue	2,771	2,866	2,253	-3.3%	+23.0%
Cost of revenue	940	962	796	-2.2%	+18.2%
Gross profit	1,830	1,904	1,458	-3.9%	+25.6%
Gross margin	66.1%	66.4%	64.7%
Research and development	362	353	316	+2.6%	+14.5%
Selling, general and administrative	613	687	563	-10.7%	+8.9%
Operating income	855	864	578	-1.0%	+48.0%
Operating margin	30.9%	30.2%	25.7%
Pre-tax income	940	956	668	-1.6%	+40.7%
Income tax	114	156	-35.2	-26.7%
Effective tax rate	12.2%	16.3%	-5.3%
Net income	822	795	698	+3.4%	+17.6%
Net margin	29.6%	27.7%	31.0%
Diluted EPS	$2.28	$2.21	$1.92	+3.2%	+18.7%

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Operating cash flow	912	892	582	+2.2%	+56.8%
Capital expenditure	103	162	117	-36.4%	-11.4%
Free cash flow	809	730	465	+10.8%	+73.9%
Free cash flow margin	29.2%	25.5%	20.6%
Cash from investing	-914	-209	214
Cash from financing	-1,354	-138	-236
Share-based compensation	210	197	185	+6.3%	+13.1%
Buybacks	1,123	201	0.0	+458.8%
Diluted shares, weighted	360m	360m	365m	-0.2%	-1.3%
Shares outstanding at period end	354m	355m	358m	-0.2%	-1.1%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Shareholders' equity	17,474	17,824	17,106	-2.0%	+2.2%
Non-controlling interest	123	118	101	+4.2%	+21.1%
Debt	0.0	0.0	0.0
Operating lease liabilities	n/a	132	n/a
Other liabilities	2,514	2,385	2,013	+5.4%	+24.9%
Total liabilities and equity	20,111	20,459	19,220	-1.7%	+4.6%
Fixed assets	5,448	5,342	4,799	+2.0%	+13.5%
Goodwill	613	370	348	+65.6%	+76.5%
Intangible assets	174	17.1	19.6	+914.6%	+785.2%
Investments	5,973	5,666	6,527	+5.4%	-8.5%
Cash and equivalents	2,006	3,368	2,574	-40.4%	-22.0%
Receivables	1,596	1,527	1,222	+4.5%	+30.6%
Inventory	1,945	1,840	1,554	+5.7%	+25.2%
Other assets	2,356	2,328	2,178	+1.2%	+8.2%
Total assets	20,111	20,459	19,220	-1.7%	+4.6%

Questions

What was Intuitive Surgical's revenue in Q1 FY2026?

Intuitive Surgical (ISRG) reported revenue of $2.8 billion for Q1 FY2026, the quarter ended 31 March 2026, up 23.0% on the same quarter a year earlier.

How much did Intuitive Surgical earn in Q1 FY2026?

Net income for Q1 FY2026 was $822 million, up 17.6% on the year, and diluted earnings per share $2.28.

When did Intuitive Surgical report Q1 FY2026 results?

Intuitive Surgical filed its 10-Q for the quarter ended 31 March 2026 with the SEC on 22 April 2026.

Quarterly results, the last 20 quarters

	Q4 FY2021	Q1 FY2022 †	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	1,551	1,488	1,522	1,557	1,655	1,696	1,756	1,744	1,928	1,891	2,010	2,038	2,414	2,253	2,440	2,505	2,866	2,771	2,892	3,049
Cost of revenue	490	478	499	505	544	583	584	576	651	645	637	664	771	796	822	843	962	940	932	964
Gross profit	1,061	1,010	1,023	1,052	1,111	1,113	1,172	1,167	1,277	1,245	1,373	1,374	1,642	1,458	1,618	1,662	1,904	1,830	1,960	2,084
Gross margin	68%	68%	67%	68%	67%	66%	67%	67%	66%	66%	68%	67%	68%	65%	66%	66%	66%	66%	68%	68%
R&D	183	210	207	217	244	245	244	249	260	284	280	286	295	316	313	329	353	362	371	408
SG&A	427	391	418	436	494	480	464	452	567	492	525	511	613	563	561	573	687	613	618	633
Operating income	450	408	398	399	372	388	463	466	450	469	567	577	735	578	743	760	864	855	972	593
Operating margin	29%	27%	26%	26%	23%	23%	26%	27%	23%	25%	28%	28%	30%	26%	30%	30%	30%	31%	34%	19%
Pre-tax income	454	402	407	403	395	422	499	522	516	538	654	671	810	668	832	855	956	940	1,055	668
Tax rate	16%	8%	23%	19%	15%	14%	15%	20%	-18%	-2%	19%	15%	15%	-5%	20%	17%	16%	12%	22%	22%
Net income	381	366	308	324	325	355	421	416	606	545	527	565	686	698	658	704	795	822	818	523
Net margin	25%	25%	20%	21%	20%	21%	24%	24%	31%	29%	26%	28%	28%	31%	27%	28%	28%	30%	28%	17%
Diluted EPS	$1.03	$1.00	$0.85	$0.90	$0.91	$1.00	$1.18	$1.16	$1.69	$1.51	$1.46	$1.56	$1.88	$1.92	$1.81	$1.95	$2.21	$2.28	$2.29	$1.49
Operating cash flow	568	223	447	383	438	371	666	548	228	265	620	706	823	582	715	841	892	912	1,061	1,224
Capital expenditure	151	93.6	130	169	138	194	178	256	436	242	309	248	312	117	155	105	162	103	113	113
Free cash flow	417	129	316	214	300	177	487	292	-207	23.5	311	459	511	465	560	736	730	809	948	1,111
Buybacks	0.0	106	500	1,000	1,001	350	0.0	0.0	66.3	0.0	0.0	0.0	0.0	0.0	181	1,913	201	1,123	320	2,976
Dividends paid	n/a	n/a	n/a	n/a	n/a	n/a	n/a	0.0	n/a	n/a	n/a	0.0	n/a	n/a	n/a	0.0	n/a	n/a	n/a	n/a
Shares outstanding	358m	359m	357m	353m	350m	350m	351m	352m	352m	355m	355m	356m	357m	358m	358m	355m	355m	354m	354m	347m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 31 March 2026, filed 22 April 2026: the filing.