# Intuitive Surgical Inc. (ISRG) — Financial Analysis

**Exchange:** NASDAQ  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-12  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/ISRG/thesis · /stocks/ISRG/memo

## 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 ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/ISRG/fundamental

## Navigation

- Overview: /stocks/ISRG
- Financials (this page): /stocks/ISRG/financials
- Thesis: /stocks/ISRG/thesis
- Investment Memo: /stocks/ISRG/memo
- Coverage universe: /stocks