Earnings Call
Apr 21, 2026
Q1 FY2026
EPS Estimate
2.12
EPS Actual
2.50
Post-Earnings Close
$483.62
Earnings Reaction
+7.2%
Intuitive Surgical opened 2026 with procedure volumes and revenue that comfortably exceeded expectations, and management used the call to articulate a more ambitious long-term narrative around AI, digital infrastructure, and innovation-led pricing power. Total procedures grew 17% year-over-year to roughly 890,000, with da Vinci up 16% to 847,000 and Ion up 39% to 43,000. Revenue of $2.77 billion grew 23%, well ahead of the $2.62 billion consensus, and non-GAAP EPS of $2.50 beat the $2.08 estimate by a wide margin. Non-GAAP operating margin came in at 39%, with gross margin expanding to 67.8% from 66.4% a year ago, a result that reflected meaningful product cost reductions, fixed overhead leverage, and the milestone achievement of da Vinci 5 reaching contribution margins comparable to the legacy Xi system.
Report generated on Apr 22, 2026
AI-generated earnings analysis. Not investment advice.
Chief Executive Officer
The quarter's results reflected a combination of company-specific execution and broader sector dynamics, with management addressing several of the key debates that analysts had flagged heading into the print. Guidance commentary pointed to continued momentum in the core segments, while questions on margins and capital allocation drew more nuanced responses from the leadership team over the course of the call.
The quarter's results reflected a combination of company-specific execution and broader sector dynamics, with management addressing several of the key debates that analysts had flagged heading into the print. Guidance commentary pointed to continued momentum in the core segments, while questions on margins and capital allocation drew more nuanced responses from the leadership team over the course of the call.
The quarter's results reflected a combination of company-specific execution and broader sector dynamics, with management addressing several of the key debates that analysts had flagged heading into the print. Guidance commentary pointed to continued momentum in the core segments, while questions on margins and capital allocation drew more nuanced responses from the leadership team over the course of the call.
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