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Intuitive Surgical (ISRG) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Oct 21, 2026 · Intuitive Surgical (ISRG) Q3 2026 earnings results →

Q3 2026 Revenue up 22% year over year to $3.0B · 17¢ of every $1 of revenue kept as net profit · operating margin 19.4%

Intuitive Surgical made $3.0B in Q3 2026 (+22% Y/Y): Product $2.6B, Service $482M. Operating margin 19.4%, net earnings $523M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 21, 2026.

Revenue$3.0B
Year over year+22%
Operating margin19.4%
Net earnings$523M
Operating cash flow$1.2B

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Intuitive Surgical Q3 2026 revenue breakdown: Sankey diagram of revenue (Product, Service), costs, profit and cash flow
Intuitive Surgical Q3 2026 revenue breakdown — free to use with credit and a link (terms). Share on X
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What changed this quarter

Revenue was $3.0B in Q3 2026, up 22% year over year and up 5% from the previous quarter. Instruments and accessories was the largest line at 59% of revenue. Instruments and accessories added $0.28B year over year (up 18%), 51% of the total change.

Gross margin was 68.4%, up 2.0 points from Q3 2025. Operating profit was $0.59B, a 19.4% margin (down 10.9 points year over year). Operating profit fell $0.17B even though revenue rose $0.54B versus Q3 2025, so costs grew faster than sales. Operating expenses grew 65% against revenue growth of 22%. The fastest-growing cost line was Research & development (+24%). Net earnings were $0.52B, down 26% year over year. The effective tax rate was 21.5%.

Operating cash flow was $1.2B (up 46% year over year), 233% of net earnings. Non-cash charges added back $0.21B of share-based compensation. Working capital and other items added $0.49B. Capital expenditures of $0.11B left free cash flow of $1.1B.

Quarterly history

Intuitive Surgical revenue by quarterIntuitive Surgical revenue by quarter$2.3BQ1 2025$2.4BQ2 2025$2.5BQ3 2025$2.9BQ4 2025$2.8BQ1 2026$2.9BQ2 2026$3.0BQ3 2026
Intuitive Surgical net earnings by quarterIntuitive Surgical net earnings by quarter$698MQ1 2025$658MQ2 2025$704MQ3 2025$795MQ4 2025$822MQ1 2026$818MQ2 2026$523MQ3 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 202610-QOct 21, 2026$3.0B+22%19.4%$523M$1.2B
Q2 202610-QJul 21, 2026$2.9B+18%33.6%$818M$1.1B
Q1 202610-QApr 22, 2026$2.8B+23%30.9%$822M$912M
Q4 202510-KFeb 3, 2026$2.9B+19%30.2%$795M$892M
Q3 202510-QOct 22, 2025$2.5B+23%30.3%$704M$841M
Q2 202510-QJul 23, 2025$2.4B+21%30.5%$658M$715M
Q1 202510-QApr 23, 2025$2.3B+19%25.7%$698M$582M

Charts

Intuitive Surgical: revenue growth, year over year and quarter over quarterIntuitive Surgical: revenue growth, year over year and quarter over quarterY/YQ/Q+19%Q1 2025+21%+8%Q2 2025+23%+3%Q3 2025+19%+14%Q4 2025+23%-3%Q1 2026+18%+4%Q2 2026+22%+5%Q3 2026
Latest (Q3 2026): Y/Y +22%, Q/Q +5%.
Intuitive Surgical: where the cash came from (+) and went (−), TTM to Q3 2026Intuitive Surgical: where the cash came from (+) and went (−), TTM to Q3 2026Buybacks−$4.6BOperating cash flow$4.1BOther investing$1.8BAcquisitions−$531MCapital spending−$492MTaxes on employees’ shares−$392MShares issued$360MCash drawn (+) / kept (−)−$173MOther financing−$21.3MExchange rates$8.8M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Intuitive Surgical: profit against cash, quarter by quarterIntuitive Surgical: profit against cash, quarter by quarterNet incomeOperating cash flow$688M$823MQ4 2024$704M$582MQ1 2025$664M$715MQ2 2025$709M$841MQ3 2025$800M$892MQ4 2025$826M$912MQ1 2026$823M$1.1BQ2 2026$524M$1.2BQ3 2026
Latest (Q3 2026): Net income $524M, Operating cash flow $1.2B.
Intuitive Surgical: diluted shares by fiscal yearIntuitive Surgical: diluted shares by fiscal year361MFY2020366MFY2021362MFY2022357MFY2023362MFY2024363MFY2025
+0.5% since FY2020: more shares outstanding (issuance, stock pay).
Intuitive Surgical in its industry: growth against margin (21 companies, SIC 3842)Intuitive Surgical in its industry: growth against margin (21 companies, SIC 3842)revenue growth, year over year →↑ operating marginmedian +12%median -4%ZBHEWSTEALGNENOVMSACDREINGNESTALAKESMTIAPTMYOLFWDLGMKMLSSAVRNTRBFEEDCOCHISRG (+22%, 19%)
Orthopedic, Prosthetic & Surgical Appliances & Supplies; dot size is quarterly revenue; dashed lines are the industry's medians.

In supply chains and themes

Robotics & automation money flowRobotics & automation · Surgical robots

Interactive views

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💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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Customers and suppliers named in filings

Buys from

About Intuitive Surgical

In this report, “Intuitive Surgical,” “Intuitive,” the “Company,” “we,” “us,” and “our” refer to Intuitive Surgical, Inc. and its wholly and majority-owned subsidiaries. Product and brand names and logos, including Intuitive, da Vinci, and Ion, are trademarks or registered trademarks of Intuitive Surgical, Inc. or one of its subsidiaries or of their respective owners. Additional information about our trademarks can be found on our website at www.intuitive.com/trademarks. Although we reference our trademarks located on our website, this list of trademarks and any other materials on our corporate website are not incorporated by reference into this Form 10-K or any of our other filings under the Securities Act of 1933, as amended, or the Exchange Act.

In its own words, from its 10-K, filed Feb 3, 2026.

Intuitive Surgical against its Orthopedic, Prosthetic & Surgical Appliances & Supplies peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +22% against the peers' median +9%. Operating margin: 19.4% against the peers' median 16.4%.

CompanyQuarterRevenueY/YOp. margin
ISRG Intuitive SurgicalQ3 2026$3.0B+22%19.4%
ZBH Zimmer Biomet HoldingsQ3 2026$2.1B+3%14.9%
EW Edwards LifesciencesQ3 2026$1.7B+10%17.4%
STE SterisQ2 FY27$1.6B+9%18.5%
ALGN Align TechnologyQ3 2026$1.0B+2%16.7%
ENOV EnovisQ3 2026$559M+2%0.6%
MSA MSA SafetyQ3 2026$536M+14%16.4%
CDRE Cadre HoldingsQ3 2026$203M+30%14.0%
INGN InogenQ2 2026$95.1M+3%-5.4%

Source: Intuitive Surgical 10-Q on SEC EDGAR · CIK 1035267 · Orthopedic, Prosthetic & Surgical Appliances & Supplies

13F: who owns ISRG and who is buying

Largest holders of ISRG (13F)Largest holders of ISRG (13F)Vanguard Group$19.0BBlackRock$11.9BVanguard Capital Management LLC$9.2BState Street$6.4BInvesco$4.7BPrice T Rowe Associates$4.5BGeode Capital Management, LLC$3.4BCapital World Investors$3.1BVanguard Portfolio Management LLC$2.9BMorgan Stanley$2.6B
Funds' net buying of ISRG by quarter (13F)Funds' net buying of ISRG by quarter (13F)−$835M2024-09−$25.0M2024-12$148M2025-03$1.2B2025-06−$1.5B2025-09$6.0B2025-12−$2.2B2026-03$689M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on ISRG

History

Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results

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中文版：直觉外科（ISRG）财报

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