Filing Flows › Intuitive Surgical (ISRG) › Q2 2026 › vs Q2 2025
Intuitive Surgical (ISRG) Q2 2026 vs Q2 2025 (year over year)
Intuitive Surgical's revenue rose $452M (+19%) from $2.4B in Q2 2025 to $2.9B in Q2 2026. The biggest changes: Product +$371M (+18%); Service +$81.2M (+21%). Gross margin 67.8% against 66.3% (+1.5 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 Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Gross margin | 67.8% | 66.3% | +1.5 pts |
| Operating margin | 33.6% | 30.5% | +3.1 pts |
| Net margin | 28.3% | 27.0% | +1.3 pts |
| Free cash flow margin | 32.8% | 23.0% | +9.8 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Instruments and accessories | $1.7B | $1.5B | $261M | +18% |
| Systems | $685M | $575M | $110M | +19% |
| Product | $2.4B | $2.0B | $371M | +18% |
| Service | $472M | $391M | $81.2M | +21% |
| Revenue | $2.9B | $2.4B | $452M | +19% |
| Gross profit | $2.0B | $1.6B | $342M | +21% |
| Cost of revenue | $932M | $822M | $110M | +13% |
| Other income, net | $82.7M | $88.7M | −$6.0M | -7% |
| Operating profit | $972M | $743M | $228M | +31% |
| Operating expenses | $988M | $874M | $114M | +13% |
| Pre-tax earnings | $1.1B | $832M | $222M | +27% |
| Research & development | $371M | $313M | $57.3M | +18% |
| SG&A | $618M | $561M | $56.7M | +10% |
| Net earnings | $818M | $658M | $160M | +24% |
| Minority interests | $5.1M | $5.8M | −$700K | -12% |
| Income tax | $231M | $168M | $63.5M | +38% |
| Share-based compensation | $210M | $196M | $13.7M | +7% |
| Working capital & other | $33.0M | −$139M | $172M | — |
| Operating cash flow | $1.1B | $715M | $346M | +48% |
| Free cash flow (OCF − capex) | $948M | $560M | $388M | +69% |
| Capital expenditures | $113M | $155M | −$42.7M | -27% |
Questions
How much did Intuitive Surgical's revenue grow year over year in Q2 2026?
Intuitive Surgical's revenue rose $452M (+19%) from $2.4B in Q2 2025 to $2.9B in Q2 2026.
What drove Intuitive Surgical's revenue change in Q2 2026?
Product +$371M (+18%); Service +$81.2M (+21%).