Filing Flows › Intuitive Surgical (ISRG) › Q2 2026 › vs Q1 2026
Intuitive Surgical (ISRG) Q2 2026 vs Q1 2026 (quarter over quarter)
Intuitive Surgical's revenue rose $122M (+4%) from $2.8B in Q1 2026 to $2.9B in Q2 2026. The biggest changes: Product +$82.8M (+4%); Service +$38.7M (+9%). Gross margin 67.8% against 66.1% (+1.7 pts).
Intuitive Surgical, Q2 2026: revenue $2.9B (+18% year over year), operating margin 33.6%, net earnings $818M, operating cash flow $1.1B. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Gross margin | 67.8% | 66.1% | +1.7 pts |
| Operating margin | 33.6% | 30.9% | +2.7 pts |
| Net margin | 28.3% | 29.6% | -1.4 pts |
| Free cash flow margin | 32.8% | 29.2% | +3.6 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| Instruments and accessories | $1.7B | $1.7B | $48.5M | +3% |
| Systems | $685M | $651M | $34.3M | +5% |
| Product | $2.4B | $2.3B | $82.8M | +4% |
| Service | $472M | $434M | $38.7M | +9% |
| Revenue | $2.9B | $2.8B | $122M | +4% |
| Gross profit | $2.0B | $1.8B | $130M | +7% |
| Cost of revenue | $932M | $940M | −$8.4M | -0.9% |
| Other income, net | $82.7M | $85.1M | −$2.4M | -3% |
| Operating profit | $972M | $855M | $117M | +14% |
| Operating expenses | $988M | $975M | $13.3M | +1% |
| Pre-tax earnings | $1.1B | $940M | $114M | +12% |
| Research & development | $371M | $362M | $8.7M | +2% |
| SG&A | $618M | $613M | $4.6M | +0.8% |
| Net earnings | $818M | $822M | −$3.4M | -0.4% |
| Minority interests | $5.1M | $4.5M | $600K | +13% |
| Income tax | $231M | $114M | $117M | +102% |
| Share-based compensation | $210M | $210M | $400K | +0.2% |
| Working capital & other | $33.0M | −$119M | $152M | — |
| Operating cash flow | $1.1B | $912M | $149M | +16% |
| Free cash flow (OCF − capex) | $948M | $809M | $140M | +17% |
| Capital expenditures | $113M | $103M | $9.3M | +9% |
Questions
How much did Intuitive Surgical's revenue grow quarter over quarter in Q2 2026?
Intuitive Surgical's revenue rose $122M (+4%) from $2.8B in Q1 2026 to $2.9B in Q2 2026.
What drove Intuitive Surgical's revenue change in Q2 2026?
Product +$82.8M (+4%); Service +$38.7M (+9%).