Intuitive Surgical
Builds robotic surgical and lung-biopsy platforms with procedure-linked instruments and service.
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Profile
Sells and leases da Vinci robotic surgical systems and the Ion robotic bronchoscopy platform, then earns most revenue from limited-use instruments, accessories, service, and operating leases. Its installed-base model ties recurring revenue to procedure volumes, while adoption depends on medical-device clearances and hospital economics.
Designs and commercializes robotic-assisted platforms for minimally invasive care. The da Vinci 5, Xi, X, and SP systems support soft-tissue surgery across general surgery, urology, gynecology, cardiothoracic, and head-and-neck specialties. Ion extends the portfolio into robotic bronchoscopy for minimally invasive lung biopsies. Instruments, staplers, energy devices, and sterile accessories surround the platforms.
Systems are sold or leased to hospitals; limited-use instruments and accessories are replaced as procedures are performed, while maintenance and operating leases add recurring revenue. Together these streams account for most revenue. The U.S. produces most revenue; field-service teams span North America, Europe, and Asia, with distributors elsewhere. Training and digital analytics help care teams use and manage the platforms.
Product availability and adoption depend on medical-device clearances and hospital economics; payors generally reimburse the underlying procedure without a separate payment for robotic assistance.
Company facts
Categories
Key statistics
Year to date −33.7% · Average volume (30d) 3.1M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 12, 2026 | Oppenheimer | Downgrade | Outperform | Perform | ||
| Aug 12, 2026 | Daiwa | Upgrade | Outperform | |||
| Aug 12, 2026 | Deutsche Bank | Upgrade | Sell | Buy | ||
| Aug 12, 2026 | Piper Sandler | Initiate | Overweight | |||
| Aug 12, 2026 | Citigroup | Upgrade | Buy | Outperform |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 16, 2026Q2 FY26 | $2.48 | $2.80 | +12.9% | $2.83B | $2.89B | +2.4% | −14.15% |
| Apr 21, 2026Q1 FY26 | $2.51 | $2.80 | +11.6% | $2.62B | $2.77B | +5.8% | +7.16% |
| Jan 22, 2026Q4 FY25 | $2.27 | $2.53 | +11.5% | $2.76B | $2.87B | +3.7% | −0.35% |
| Oct 21, 2025Q3 FY25 | $1.99 | $2.40 | +20.6% | $2.41B | $2.51B | +4.1% | +13.89% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $2.25B | $2.44B | $2.51B | $2.87B | $2.77B | $2.89B | |
| Gross profit | $1.46B | $1.62B | $1.66B | $1.90B | $1.83B | $1.96B | |
| Operating income | $578.1M | $743.4M | $759.7M | $864.3M | $855.3M | $971.9M | |
| Net income | $698.4M | $658.4M | $704.4M | $794.8M | $821.5M | $818.1M | |
| Diluted EPS | $1.92 | $1.81 | $1.95 | $2.21 | $2.28 | $2.35 | |
| Gross margin | 64.7% | 66.3% | 66.4% | 66.4% | 66.1% | 67.8% | |
| Operating margin | 25.7% | 30.5% | 30.3% | 30.2% | 30.9% | 33.6% |
Fiscal years (4-quarter sums)FY21 $5.71B · FY22 $6.22B · FY23 $7.12B · FY24 $8.35B · FY25 $10.06B
Revenue by product · Q2 FY26
Revenue by geography · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $5.22B · Total debt $0 · Total assets $20.88B · Shareholders' equity $18.17B
Dividends
No dividends on record.
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 353.28M · Float 351.21M · 99.4% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 30.02M | 8.50% | 13F | Aug 7, 2026 |
| Vanguard Capital Management LLC | 23.13M | 6.55% | 13F | Aug 13, 2026 |
| State Street Corp | 16.06M | 4.55% | 13F | Aug 7, 2026 |
| Invesco Ltd. | 11.84M | 3.35% | 13F | Aug 14, 2026 |
| Price T Rowe Associates Inc /MD/ | 11.26M | 3.19% | 13F | Aug 14, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 21, 2026 | Mark Brosius | officer: EVP & Chief Mfg and Supply Cha | −77 | $375.57 |
| Aug 20, 2026 | Mark Brosius | officer: EVP & Chief Mfg and Supply Cha | −77 | $396.37 |
| Aug 19, 2026 | Mark Brosius | officer: EVP & Chief Mfg and Supply Cha | −77 | $394.26 |
| Aug 18, 2026 | Mark Brosius | officer: EVP & Chief Mfg and Supply Cha | −77 | $394.00 |
| Aug 17, 2026 | Mark Brosius | officer: EVP & Chief Mfg and Supply Cha | −77 | $390.67 |
Peers
- Johnson & Johnson
Multi-platform challenger: Ottava (soft tissue), Monarch (bronchoscopy), Velys.
- Medtronic
Hugo RAS (FDA-cleared Dec 2025) directly contests da Vinci; Mazor targets spine.
- Stryker
Mako dominates orthopedic robotics; competes for the same hospital capex budget.
- Zimmer Biomet
ROSA orthopedic robotics and Monogram autonomous platform contest hospital capex.
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Intuitive Surgical | $373.80 | +0.36% | $131.63B | 42.4 | 33.0 | 11.9 | +18.5% |
| Johnson & Johnson | $268.40 | +0.13% | $645.95B | 31.1 | 22.4 | 6.6 | +6.6% |
| Medtronic | $91.58 | +0.42% | $116.78B | 24.5 | 15.3 | 3.2 | +9.9% |
| Stryker | $334.18 | +1.06% | $126.77B | 34.3 | 20.6 | 4.9 | +9.4% |
| Zimmer Biomet | $100.91 | −0.00% | $19.52B | 24.6 | 11.5 | 2.3 | +4.8% |
| Median | 27.8 | 17.9 | 4.1 | +8.0% |