Filing Flows › Intuitive Surgical (ISRG) › Q1 2026
Intuitive Surgical (ISRG) Q1 2026 earnings results (first quarter 2026)
10-Q filed Apr 22, 2026
Intuitive Surgical (ISRG) reported revenue of $2.8B for the first quarter 2026 (Q1 2026), +23% from a year earlier and -3% from the quarter before. Operating margin was 30.9%, net earnings $822M (29.6% of revenue).
Intuitive Surgical, Q1 2026: revenue $2.8B (+23% year over year), operating margin 30.9%, net earnings $822M, operating cash flow $912M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $2.8B | -3% | +23% |
| Gross profit | $1.8B | -4% | +26% |
| Operating profit | $855M | -1% | +48% |
| Net earnings | $822M | +3% | +18% |
| Operating cash flow | $912M | +2% | +57% |
| Free cash flow | $809M | +11% | +74% |
What changed
Revenue was $2.8B in Q1 2026, up 23% year over year and down 3% from the previous quarter. Instruments and accessories was the largest line at 61% of revenue. Instruments and accessories added $0.32B year over year (up 23%), 62% of the total change.
Gross margin was 66.1%, up 1.4 points from Q1 2025. Operating profit was $0.86B, a 30.9% margin (up 5.2 points year over year). Of the extra revenue versus Q1 2025, 54% reached operating profit, above the 26% margin then. Operating expenses grew 11% against revenue growth of 23%. The fastest-growing cost line was Research & development (+14%). Net earnings were $0.82B, up 18% year over year. The effective tax rate was 12.2%.
Operating cash flow was $0.91B (up 57% year over year), 110% of net earnings. Non-cash charges added back $0.21B of share-based compensation. Working capital and other items used $0.12B. Capital expenditures of $0.10B left free cash flow of $0.81B.
Questions
What was Intuitive Surgical's revenue in the first quarter 2026?
Intuitive Surgical (ISRG) reported revenue of $2.8B for the first quarter 2026 (Q1 2026), +23% from a year earlier and -3% from the quarter before.
Was Intuitive Surgical profitable in the first quarter 2026?
Operating profit was $855M (30.9% of revenue) and net earnings $822M.
Source: Intuitive Surgical 10-Q on SEC EDGAR.