Intuitive Surgical Inc.
ISRGFinancial Analysis · Updated May 12, 2026 · Coverage 2026-Q2
Latest Q Revenue
$2.8B
Q1 2026 · +23% YoY
TTM ROIC
27.5%
FY2025 · NOPAT / Invested Capital (ex-goodwill/intangibles, ex. ~$6B net cash not needed for operations); Adjusted ROIC · WACC ~7.5% · Moat spread +19.5pp
Financial Snapshot
ticker: ISRG step: 04 generated: 2026-05-12 source: quick-research
Intuitive Surgical, Inc. (ISRG) — Financial Snapshot
Income Statement Summary
| Metric | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|
| Revenue | $7.12B | $8.35B | $10.07B | +21% |
| Procedure Volume Growth | +21% | +17% | +18% | |
| Non-GAAP Gross Margin | 69.5% | 69.1% | 67-67.5% | -150bps (tariff impact) |
| Non-GAAP Operating Margin | 31% | 35% | 38% | +300bps |
| Non-GAAP Net Income | $1.96B | $2.50B | $3.40B | +36% |
| Non-GAAP EPS (diluted) | $5.45 | $7.05 | $9.50 | +35% |
Q1 2026 Highlights
| Metric | Q1 2026 | YoY |
|---|---|---|
| Revenue | $2.77B | +23% |
| Procedures | 847K | +16% YoY |
| Ion Procedures | 43K | +39% YoY |
| da Vinci 5 placements (Q1) | 232 systems | +58% vs 147 prior year |
| EBIT growth | +40% YoY |
Installed Base & Placements
| Metric | Value |
|---|---|
| da Vinci installed base (Q1 2026) | 11,395 (+12% YoY) |
| da Vinci installed base (YE 2025) | 11,106 |
| da Vinci 5 placements (FY2025) | 870 (vs 362 FY24) |
| Total da Vinci placements FY25 | 1,721 |
| Procedures FY2025 | 3.15M (+18%) |
| Ion installed base | ~1,000 systems |
| Ion procedures cumulative | 325K+ |
2026 Guidance (raised in Q1)
| Metric | 2026 Guide |
|---|---|
| da Vinci Procedure Growth | 13.5-15.5% (raised from earlier guide) |
| Tariff Revenue Impact | ~1% headwind |
| Non-GAAP Gross Margin | 67-67.5% (vs 69.1% FY24) |
Cash Flow & Balance Sheet (FY2025)
| Metric | Value |
|---|---|
| Operating Cash Flow | ~$3.5B |
| Capital Expenditures | ~$0.8B |
| Free Cash Flow | ~$2.7B |
| Cash & Investments | ~$9B |
| Total Debt | ~$0B (debt-free) |
| Net Cash Position | ~$9B |
Key Ratios (approximate, May 2026)
- P/E (forward): ~43x | EV/Sales: ~22x | FCF Yield: ~1.2%
- Net Cash: ~$9B
- Recurring Revenue %: ~74% (Instruments + Services)
Growth Profile
ISRG is in a multi-year sustained growth phase: FY25 revenue +21%, procedures +18%. da Vinci 5 adoption accelerating (870 placements 2025 vs 362 2024 — 2.4x). Q1 2026 EBIT +40%. Force Feedback haptics rolling out. Cardiac procedures newly FDA-cleared on da Vinci 5. Tariff drag (-100bps gross margin) is the main near-term headwind.
Forward Estimates
- FY2026E Revenue: ~$11.5-11.8B (+15-17%)
- FY2026E EPS: ~$10.50 (+11%)
- FY2027E Revenue: ~$13.5B (+17%)
- FY2027E EPS: ~$12.50 (+20%)
Capital Return
- No dividend
- Buybacks: ~$0.5-1B annual modest pace
- Net cash $9B provides flexibility for M&A or accelerated buybacks
- TIKR / Citi: $700+ price targets imply ~$220B+ market cap on continued growth
Deeper Financial Analysis
The fundamental tier adds 9 additional research dimensions for $ISRG.
Revenue Breakdown
Segment revenue, geographic mix, product-line contribution margins, and cohort dynamics.
Financial Trends
Quarter-over-quarter momentum, leading indicators, and inflection point analysis.
Balance Sheet
Debt structure, liquidity runway, dilution risk, and working capital dynamics.
Capital Allocation
Buyback cadence, M&A appetite, dividend policy, and reinvestment priorities.
Returns on Capital (ROIC)
Multi-year ROIC vs. WACC, marginal returns on reinvestment, sales-to-invested-capital efficiency, and moat spread.
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