Intuitive Surgical : Q1 2026 Financial Data Tables
ISRG
Published on 04/21/2026 at 04:52 pm EDT
Trended Unaudited Quarterly and Annual Condensed Consolidated Statements of Income (GAAP) and Other 2
Metrics
Trended Unaudited Quarterly and Annual Non-GAAP Financial Measures 3
Trended Unaudited Quarterly and Annual Procedures, Revenue, and Related Metrics - Worldwide 4
Trended Unaudited Quarterly and Annual Procedures, Revenue, and Related Metrics - By Geography 5
Trended Unaudited Quarterly and Annual Procedures, Revenue, and Related Metrics - Da Vinci Worldwide 6
Trended Unaudited Quarterly and Annual Procedures, Revenue, and Related Metrics - Da Vinci by 7
Geography
Trended Unaudited Quarterly and Annual Procedures, Revenue, and Related Metrics - Ion Worldwide 8
Reconciliation of Unaudited GAAP to Non-GAAP Financial Measures 9
FY26
Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26
FY24
FY25 YTD
Condensed Consolidated Statements of Income
Revenue
$1,890.6 $2,009.9 $2,038.1 $2,413.5 $2,253.4 $2,440.0 $2,505.1 $2,866.2 $2,770.8
$ 8,352.1
$10,064.7 $ 2,770.8
Gross Profit
1,245.4
1,372.7
1,373.9
1,642.2
1,457.7
1,617.9
1,662.4
1,904.3
1,830.5
5,634.2
6,642.3
1,830.5
Gross Profit Margin
65.9%
68.3%
67.4%
68.0%
64.7%
66.3%
66.4%
66.4%
66.1%
67.5%
66.0%
66.1%
Selling, General, and Administrative ("SG&A") Expenses
491.5
525.3
510.6
612.6
563.4
561.2
573.3
687.1
613.3
2,140.0
2,385.0
613.3
Research and Development ("R&D") Expenses
284.5
280.1
286.0
294.7
316.2
313.3
329.4
352.9
361.9
1,145.3
1,311.8
361.9
Total Operating Expenses
776.0
805.4
796.6
907.3
879.6
874.5
902.7
1,040.0
975.2
3,285.3
3,696.8
975.2
Income from Operations
469.4
567.3
577.3
734.9
578.1
743.4
759.7
864.3
855.3
2,348.9
2,945.5
855.3
Operating Margin
24.8%
28.2%
28.3%
30.4%
25.7%
30.5%
30.3%
30.2%
30.9%
28.1%
29.3%
30.9%
Interest and Other Income, Net
69.1
87.2
93.7
74.9
90.4
88.7
95.5
91.3
85.1
324.9
365.9
85.1
Income Before Taxes
538.5
654.5
671.0
809.8
668.5
832.1
855.2
955.6
940.4
2,673.8
3,311.4
940.4
Income Tax Expense (Benefit)
(8.9)
123.0
100.4
121.8
(35.2)
167.9
146.0
156.1
114.4
336.3
434.8
114.4
Effective Tax Rate
(1.7)%
18.8%
15.0%
15.0%
(5.3)%
20.2%
17.1%
16.3%
12.2%
12.6%
13.1%
12.2%
Net Income
547.4
531.5
570.6
688.0
703.7
664.2
709.2
799.5
826.0
2,337.5
2,876.6
826.0
Less: Net Income Attributable to Noncontrolling Interest in Joint Venture
2.5
4.6
5.5
2.3
5.3
5.8
4.8
4.7
4.5
14.9
20.6
4.5
Net Income Attributable to Intuitive Surgical, Inc.
$ 544.9
$ 526.9
$ 565.1
$ 685.7
$ 698.4
$ 658.4
$ 704.4
$ 794.8
$ 821.5
$ 2,322.6
$ 2,856.0
$ 821.5
Net Income Per Share Attributable to Intuitive Surgical, Inc.
$ 1.51
$ 1.46
$ 1.56
$ 1.88
$ 1.92
$ 1.81
$ 1.95
$ 2.21
$ 2.28
$ 6.42
$ 7.87
$ 2.28
Diluted Shares Outstanding
360.5
361.0
362.7
363.9
364.6
364.1
361.8
360.4
359.8
362.0
362.7
359.8
Other Metrics
Cash and Investments
$ 7,323
$ 7,683
$ 8,312
$ 8,832
$ 9,101
$ 9,533
$ 8,433
$ 9,034
$ 7,979
$ 8,832
$ 9,034
$ 7,979
Capital Expenditures and Acquisitions
$ 243.6
$ 310.3
$ 248.3
$ 313.0
$ 116.6
$ 156.5
$ 105.4
$ 175.2
$ 631.5
$ 1,115.2
$ 553.7
$ 631.5
Share Repurchases $ - $ - $ - $ - $ - $ 181.0 $1,919.6 $ 200.3 $1,127.5 $ - $ 2,301.0 $ 1,127.5
Headcount 14,118 14,668 15,333 15,638 16,173 16,475 16,813 17,021 17,446 15,638 17,021 17,446
Q1'24
Q2'24
Q3'24
Q4'24
Q1'25
Q2'25
Q3'25
Q4'25
Q1'26
FY24
FY25
YTD
Non-GAAP Gross Profit Margin
67.6%
70.0%
69.1%
69.5%
66.4%
67.9%
68.0%
67.8%
67.8%
69.1%
67.6%
67.8%
Non-GAAP SG&A Expenses
$ 422.2
$ 438.1
$ 432.7
$ 522.2
$ 482.2
$ 472.4
$ 476.7
$ 599.3
$ 522.5
$ 1,815.2
$ 2,030.6
$ 522.5
Non-GAAP R&D Expenses
$ 226.4
$ 214.0
$ 220.2
$ 228.5
$ 246.9
$ 238.1
$ 251.2
$ 272.4
$ 279.8
$ 889.1
$ 1,008.6
$ 279.8
Non-GAAP Operating Margin
33.3%
37.5%
37.0%
38.4%
34.1%
38.8%
39.0%
37.3%
38.9%
36.7%
37.4%
38.9%
Non-GAAP Income Before Taxes
$ 702.5
$ 833.5
$ 849.5
$1,015.3
$ 858.5
$1,039.7
$1,068.4
$1,156.8
$1,161.3
$ 3,400.8
$ 4,123.4
$ 1,161.3
Non-GAAP Net Income Attributable to Intuitive Surgical, Inc.
$ 541.1
$ 641.0
$ 669.1
$ 804.7
$ 661.5
$ 797.9
$ 867.2
$ 913.6
$ 901.1
$ 2,655.9
$ 3,240.2
$
901.1
Non-GAAP Net Income Per Share Attributable to Intuitive Surgical, Inc.
$ 1.50
$ 1.78
$ 1.84
$ 2.21
$ 1.81
$ 2.19
$ 2.40
$ 2.53
$ 2.50
$ 7.34
$ 8.93
$
2.50
Diluted Shares Outstanding
360.5
361.0
362.7
363.9
364.6
364.1
361.8
360.4
359.8
362.0
362.7
359.8
Q1'24
Q2'24
Q3'24
Q4'24
Q1'25
Q2'25
Q3'25
Q4'25
Q1'26
FY24
FY25
FY26 YTD
Revenue and Related Metrics
Instruments and Accessories Revenue (millions)
$ 1,158.9
$ 1,244.4
$ 1,264.2
$ 1,411.5
$ 1,367.7
$ 1,474.1
$ 1,518.8
$ 1,658.3
$ 1,686.4
$ 5,079.0
$ 6,018.9
$ 1,686.4
Year-over-year growth
18%
16%
18%
23%
18%
18%
20%
17%
23%
19%
19%
23%
Quarter-over-quarter growth (decline)
1%
7%
2%
12%
(3)%
8%
3%
9%
2%
Year-over-year da Vinci procedure growth
16%
17%
18%
18%
17%
17%
19%
17%
16%
17%
18%
16%
Quarter-over-quarter da Vinci procedure growth
2%
6%
1%
8%
1%
6%
3%
7%
-%
Service Revenue (millions)
$ 313.5
$ 317.3
$ 328.9
$ 347.4
$ 363.0
$ 391.2
$ 395.9
$ 422.0
$ 433.7
$ 1,307.1
$ 1,572.1
$ 433.7
Year-over-year growth
11%
10%
12%
14%
16%
23%
20%
21%
19%
12%
20%
19%
Quarter-over-quarter growth
3%
1%
4%
6%
4%
8%
1%
7%
3%
Operating Lease Revenue (millions)
$ 148.0
$ 156.9
$ 167.8
$ 181.5
$ 195.2
$ 213.8
$ 223.0
$ 242.3
$ 250.2
$ 654.2
$ 874.3
$ 250.2
Year-over-year growth
32%
28%
32%
31%
32%
36%
33%
33%
28%
31%
34%
28%
Quarter-over-quarter growth
7%
6%
7%
8%
8%
10%
4%
9%
3%
Total Recurring Revenue (millions) (1)
$ 1,620.4
$ 1,718.6
$ 1,760.9
$ 1,940.4
$ 1,925.9
$ 2,079.1
$ 2,137.7
$ 2,322.6
$ 2,370.3
$ 7,040.3
$ 8,465.3
$ 2,370.3
Year-over-year growth
17%
16%
18%
22%
19%
21%
21%
20%
23%
18%
20%
23%
Quarter-over-quarter growth (decline)
2%
6%
2%
10%
(1)%
8%
3%
9%
2%
% Recurring Revenue
86%
86%
86%
80%
85%
85%
85%
81%
86%
84%
84%
86%
Systems Revenue (millions)
$ 418.2
$ 448.2
$ 445.0
$ 654.6
$ 522.7
$ 574.7
$ 590.4
$ 785.9
$ 650.7
$ 1,966.0
$ 2,473.7
$ 650.7
Year-over-year growth (decline)
(2)%
14%
17%
36%
25%
28%
33%
20%
24%
17%
26%
24%
Quarter-over-quarter growth (decline)
(13)%
7%
(1)%
47%
(20)%
10%
3%
33%
(17)%
Total Revenue (millions) (2)
$ 1,890.6
$ 2,009.9
$ 2,038.1
$ 2,413.5
$ 2,253.4
$ 2,440.0
$ 2,505.1
$ 2,866.2
$ 2,770.8
$ 8,352.1
$10,064.7
$ 2,770.8
Year-over-year growth
11%
14%
17%
25%
19%
21%
23%
19%
23%
17%
21%
23%
Quarter-over-quarter growth (decline)
(2)%
6%
1%
18%
(7)%
8%
3%
14%
(3)%
(1) We present operating lease revenue, which is classified as systems revenue, as a component of total recurring revenue.
(2) Total revenue consists of instruments and accessories revenue, service revenue, and systems revenue.
Q1'24
Q2'24
Q3'24
Q4'24
Q1'25
Q2'25
Q3'25
Q4'25
Q1'26
FY24
FY25
YTD
U.S. Revenue and Related Metrics
Instruments and Accessories Revenue (millions)
$ 822.4
$ 891.4
$ 904.8
$1,007.8
$ 963.8
$1,017.3
$1,062.0
$1,160.3
$1,121.8
$3,626.4
$4,203.4
$1,121.8
Year-over-year growth
17%
17%
17%
23%
17%
14%
17%
15%
16%
19%
16%
16%
Quarter-over-quarter growth (decline)
-%
8%
2%
11%
(4)%
6%
4%
9%
(3)%
Year-over-year da Vinci procedure growth
14%
14%
16%
15%
13%
14%
16%
15%
14%
15%
15%
14%
Quarter-over-quarter da Vinci procedure growth (decline)
-%
5%
1%
8%
(2)%
6%
2%
7%
(3)%
Service Revenue (millions)
$
203.6
$ 203.5
$ 209.2
$ 224.1
$ 238.5
$ 258.1
$ 258.1
$ 275.9
$ 281.7
$ 840.4
$1,030.6
$ 281.7
Year-over-year growth
9%
7%
11%
13%
17%
27%
23%
23%
18%
10%
23%
18%
Quarter-over-quarter growth
2%
-%
3%
7%
6%
8%
-%
7%
2%
Systems Revenue (millions)
$
212.5
$ 224.3
$ 265.4
$ 420.4
$ 335.9
$ 354.0
$ 397.5
$ 494.4
$ 379.8
$1,122.6
$1,581.8
$ 379.8
Year-over-year growth (decline)
(4)%
18%
23%
77%
58%
58%
50%
18%
13%
30%
41%
13%
Quarter-over-quarter growth (decline)
(11)%
6%
18%
58%
(20)%
5%
12%
24%
(23)%
Total Revenue (millions)
$1,238.5
$1,319.2
$1,379.4
$1,652.3
$1,538.2
$1,629.4
$1,717.6
$1,930.6
$1,783.3
$5,589.4
$6,815.8
$1,783.3
Year-over-year growth
12%
15%
17%
32%
24%
24%
25%
17%
16%
19%
22%
16%
Quarter-over-quarter growth (decline)
(1)%
7%
5%
20%
(7)%
6%
5%
12%
(8)%
OUS Revenue and Related Metrics
Instruments and Accessories Revenue (millions)
$ 336.5
$ 353.0
$ 359.4
$ 403.7
$ 403.9
$ 456.8
$ 456.8
$ 498.0
$ 564.6
$ 336.5
$ 403.9
$ 564.6
Year-over-year growth
18%
13%
22%
24%
20%
29%
27%
23%
40%
19%
20%
40%
Quarter-over-quarter growth
4%
5%
2%
12%
-%
13%
-%
9%
13%
Year-over-year da Vinci procedure growth
20%
22%
24%
25%
24%
23%
24%
21%
19%
23%
23%
19%
Quarter-over-quarter da Vinci procedure growth
7%
6%
2%
8%
6%
5%
3%
5%
5%
Service Revenue (millions)
$ 109.9
$ 113.8
$ 119.7
$ 123.3
$ 124.5
$ 133.1
$ 137.8
$ 146.1
$ 152.0
$ 109.9
$ 124.5
$ 152.0
Year-over-year growth
14%
16%
15%
17%
13%
17%
15%
18%
22%
15%
16%
22%
Quarter-over-quarter growth
4%
4%
5%
3%
1%
7%
4%
6%
4%
Systems Revenue (millions)
$ 205.7
$ 223.9
$ 179.6
$ 234.2
$ 186.8
$ 220.7
$ 192.9
$ 291.5
$ 270.9
$
205.7
$
186.8
$ 270.9
Year-over-year growth (decline)
-%
10%
10%
(3)%
(9)%
(1)%
7%
24%
45%
4%
6%
45%
Quarter-over-quarter growth (decline)
(15)%
9%
(20)%
30%
(20)%
18%
(13)%
51%
(7)%
Total Revenue (millions)
$ 652.1
$ 690.7
$ 658.7
$ 761.2
$ 715.2
$ 810.6
$ 787.5
$ 935.6
$ 987.5
$
652.1
$
715.2
$ 987.5
Year-over-year growth
11%
13%
17%
13%
10%
17%
20%
23%
38%
13%
18%
38%
Quarter-over-quarter growth (decline)
(3)%
6%
(5)%
16%
(6)%
13%
(3)%
19%
6%
Q1'24
Q2'24
Q3'24
Q4'24
Q1'25
Q2'25
Q3'25
Q4'25
Q1'26
FY24
FY25
YTD
Da Vinci System Installed Base Rollforward
Beginning da Vinci System Installed Base
8,606
8,887
9,203
9,539
9,902
10,189
10,488
10,763
11,106
8,606
9,902
11,106
Systems Placed:
Dual Console da Vinci X Systems
-
3
-
2
-
2
1
3
3
5
6
3
Single Console da Vinci X Systems
38
38
47
47
38
47
41
35
38
170
161
38
Dual Console da Vinci Xi Systems
58
44
45
76
40
21
34
32
34
223
127
34
Single Console da Vinci Xi Systems
185
165
156
164
123
122
81
124
90
670
450
90
Dual Console da Vinci 5 Systems
-
4
8
46
35
56
77
130
93
58
298
93
Single Console da Vinci 5 Systems
8
66
102
128
112
124
163
173
139
304
572
139
Da Vinci SP Systems
24
21
21
30
19
23
30
35
34
96
107
34
Total System Units Placed (1)
313
341
379
493
367
395
427
532
431
1,526
1,721
431
Trade-Ins, Lease Upgrades, and Retirements (3)
(32)
(25)
(43)
(130)
(80)
(96)
(152)
(189)
(142)
(230)
(517)
(142)
8,887
9,203
9,539
9,902
10,189
10,488
10,763
11,106
11,395
9,902
11,106
11,395
:
65
83
79
82
91
69
116
100
125
309
376
125
Ending da Vinci System Installed Base (2)
(1) Includes da Vinci systems placed under the following operating leasing arrangements Fixed-Payment
% of Total da Vinci Units Placed
21%
24%
21%
17%
25%
17%
27%
19%
29%
20%
22%
29%
Usage-Based
94
92
141
140
107
124
115
150
118
467
496
118
% of Total da Vinci Units Placed
30%
27%
37%
28%
29%
31%
27%
28%
27%
31%
29%
27%
(2) Includes da Vinci systems under the following operating leasing arrangements:
Fixed-Payment
1,223
1,261
1,289
1,307
1,308
1,301
1,379
1,400
1,477
1,307
1,400
1,477
% of Total da Vinci Installed Base
14%
14%
14%
13%
13%
12%
13%
13%
13%
13%
13%
13%
Usage-Based
1,112
1,208
1,352
1,492
1,598
1,686
1,736
1,810
1,848
1,492
1,810
1,848
% of Total da Vinci Installed Base
13%
13%
14%
15%
16%
16%
16%
16%
16%
15%
16%
16%
(3) During the fourth quarter of 2025 and 2024, we performed a verification audit of our installed base records that identified 22 and 54 systems, respectively, mostly older S and Si models, which had been retired. We removed these systems from our installed base estimate during the fourth quarter of 2025 and 2024.
Other Metrics (in thousands)
Da Vinci Procedures
627
661
670
725
732
775
797
849
847
2,683
3,153
847
U.S.
412
433
438
474
465
495
507
545
528
1,757
2,012
528
OUS
215
228
232
251
267
280
290
304
319
926
1,141
319
Da Vinci Instruments and Accessories Revenue per Procedure
$ 1.78
$ 1.79
$ 1.80
$ 1.86
$ 1.78
$ 1.80
$ 1.80
$ 1.85
$ 1.88
$ 1.81
$ 1.81
$ 1.88
Da Vinci System Average Selling Price
$ 1,380
$ 1,440
$ 1,510
$ 1,590
$ 1,620
$ 1,500
$ 1,600
$ 1,680
$ 1,740
$ 1,500
$ 1,600
$ 1,740
Q1'24
Q2'24
Q3'24
Q4'24
Q1'25
Q2'25
Q3'25
Q4'25
Q1'26
FY24
FY25
YTD
U.S. da Vinci System Installed Base Rollforward Beginning da Vinci System Installed Base
5,111
5,243
5,385
5,582
5,807
5,957
6,087
6,223
6,364
5,111
5,807
6,364
Systems Placed:
Single Console da Vinci X Systems
1
1
4
2
1
1
1
1
-
8
4
-
Dual Console da Vinci Xi Systems
36
17
28
36
18
5
10
11
3
117
44
3
Single Console da Vinci Xi Systems
94
54
71
62
34
26
18
23
19
281
101
19
Dual Console da Vinci 5 Systems
-
4
8
45
35
56
73
116
82
57
280
82
Single Console da Vinci 5 Systems
8
66
102
126
111
122
155
144
110
302
532
110
Da Vinci SP Systems
9
7
6
13
5
6
6
9
12
35
26
12
Total System Units Placed (1)
148
149
219
284
204
216
263
304
226
800
987
226
Trade-Ins, Lease Upgrades, and Retirements (2)
(16)
(7)
(22)
(59)
(54)
(86)
(127)
(163)
(113)
(104)
(430)
(113)
Ending da Vinci System Installed Base
5,243
5,385
5,582
5,807
5,957
6,087
6,223
6,364
6,477
5,807
6,364
6,477
(1) Includes da Vinci system units placed under the following operating leasing arrangements:
Fixed-Payment
25
28
35
37
46
45
82
53
69
125
226
69
Usage-Based
86
86
134
131
94
110
101
131
98
437
436
98
(2) During the fourth quarter of 2025 and 2024, we performed a verification audit of our installed base records that identified 16 and 25 systems, respectively, mostly older S and Si models, which had been retired. We removed these systems from our installed base estimate during the fourth quarters of 2025 and 2024, respectively.
OUS da Vinci System Installed Base Rollforward
Beginning da Vinci System Installed Base
3,495
3,644
3,818
3,957
4,095
4,232
4,401
4,540
4,742
3,495
4,095
4,742
Systems Placed:
Dual Console da Vinci X Systems
-
3
-
2
-
2
1
3
3
5
6
3
Single Console da Vinci X Systems
37
37
43
45
37
46
40
34
38
162
157
38
Dual Console da Vinci Xi Systems
22
27
17
40
22
16
24
21
31
106
83
31
Single Console da Vinci Xi Systems
91
111
85
102
89
96
63
101
71
389
349
71
Dual Console da Vinci 5 Systems
-
-
-
1
-
-
4
14
11
1
18
11
Single Console da Vinci 5 Systems
-
-
-
2
1
2
8
29
29
2
40
29
Da Vinci SP Systems
15
14
15
17
14
17
24
26
22
61
81
22
Total System Units Placed (1)
165
192
160
209
163
179
164
228
205
726
734
205
Trade-Ins, Lease Upgrades, and Retirements (2)
(16)
(18)
(21)
(71)
(26)
(10)
(25)
(26)
(29)
(126)
(87)
(29)
Ending da Vinci System Installed Base
3,644
3,818
3,957
4,095
4,232
4,401
4,540
4,742
4,918
4,095
4,742
4,918
(1) Includes da Vinci system units placed under the following operating leasing arrangements:
Fixed-Payment
40
55
44
45
45
24
34
47
56
184
150
56
Usage-Based
8
6
7
9
13
14
14
19
20
30
60
20
(2) During the fourth quarters of 2025 and 2024, we performed a verification audit of our installed base records that identified 6 and 29 systems, respectively, mostly older S and Si models, which had been retired. We removed these systems from our installed base estimate during the fourth quarters of 2025 and 2024, respectively.
Q1'24
Q2'24
Q3'24
Q4'24
Q1'25
Q2'25
Q3'25
Q4'25
Q1'26
FY24
FY25
YTD
Revenue and Related Metrics
Ion Instruments and Accessories Revenue (millions)
$ 44.5
$ 57.7
$ 58.1
$ 61.9
$ 67.7
$ 77.5
$ 84.0
$ 88.3
$ 95.2
$ 222.2
$ 317.5
$ 95.2
Year-over-year growth
83%
84%
79%
62%
52%
34%
45%
43%
41%
76%
43%
41%
Quarter-over-quarter growth
17%
30%
1%
7%
9%
14%
8%
5%
8%
Year-over-year Ion procedure growth
91%
83%
72%
70%
57%
52%
52%
44%
39%
78%
51%
39%
Quarter-over-quarter Ion procedure growth
19%
19%
7%
12%
10%
15%
7%
6%
6%
Ion Service Revenue (millions)
$
7.2
$
8.5
$ 10.0
$ 10.8
$ 11.2
$ 12.5
$ 13.1
$ 13.8
$ 14.4
$ 36.5
$ 50.6
$ 14.4
Year-over-year growth
64%
70%
79%
69%
56%
47%
31%
28%
29%
71%
39%
29%
Quarter-over-quarter growth
13%
18%
18%
8%
4%
12%
5%
5%
4%
Ion Systems Revenue (millions)
$
26.3
$
29.7
$ 26.4
$ 31.2
$ 27.9
$ 24.1
$ 34.4
$ 33.9
$ 28.3
$ 113.6
$
120.3
$
28.3
Year-over-year growth (decline)
39%
27%
15%
94%
6%
(19)%
30%
9%
1%
40%
6%
1%
Quarter-over-quarter growth (decline)
63%
13%
(11)%
18%
(11)%
(14)%
43%
(1)%
(17)%
Total Ion Revenue (millions)
$
78.0
$
95.9
$ 94.5
$ 103.9
$ 106.8
$ 114.1
$ 131.5
$ 136.0
$ 137.9
$ 372.3
$
488.4
$
137.9
Year-over-year growth
64%
60%
55%
71%
37%
19%
39%
31%
29%
63%
31%
29%
Quarter-over-quarter growth (decline)
29%
23%
(1)%
10%
3%
7%
15%
3%
1%
Ion System Installed Base Rollforward
Beginning Ion System Installed Base
534
604
678
736
805
853
905
954
995
534
805
995
Systems Placed (1)
70
74
58
69
49
54
50
42
52
271
195
52
Trade-Ins and Retirements
-
-
-
-
(1)
(2)
(1)
(1)
(6)
-
(5)
(6)
Ending Ion System Installed Base (2)
604 678 736 805 853 905 954 995 1,041
805 995 1,041
Ending Ion Installed System Base - U.S.
597
669
722
784
828
873
913
948
986
784
948
986
Ending Ion Installed System Base - OUS
7
9
14
21
25
32
41
47
55
21
47
55
(1) Includes Ion Systems Placed under Operating Lease Arrangements
39
40
36
38
29
34
17
16
36
39
29
36
(2) Includes Ion System Installed Base under Operating Lease Arrangements
244
275
296
319
334
358
362
360
380
319
360
380
Other Metrics (in thousands) Ion Procedures
19.5
23.2
24.9
27.9
30.7
35.3
37.9
40.2
42.7
95.5
144.1
42.7
Ion Instruments and Accessories Revenue per Procedure
$ 2.28
$ 2.49
$ 2.33
$ 2.22
$ 2.21
$ 2.20
$ 2.22
$ 2.20
$ 2.23
$ 2.33
$ 2.20
$ 2.23
Ion System Average Selling Price
$ 550
$ 570
$ 590
$ 580
$ 550
$ 610
$ 580
$ 590
$ 630
$ 570
$ 580
$ 630
GAAP gross profit
Q1'24
$1,245.4
Q2'24
$1,372.7
Q3'24
$1,373.9
Q4'24
$1,642.2
Q1'25
$1,457.7
Q2'25
$1,617.9
Q3'25
$1,662.4
Q4'25
$1,904.3
Q1'26
$1,830.5
FY24
$5,634.2
FY25
$6,642.3
YTD
$1,830.5
GAAP gross profit margin (1)
65.9%
68.3%
67.4%
68.0%
64.7%
66.3%
66.4%
66.4%
66.1%
67.5%
66.0%
66.1%
Share-based compensation expense
29.1
29.7
31.3
33.6
36.2
36.6
38.8
35.5
36.0
123.7
147.1
36.0
Long-term incentive plan expense
0.3
0.1
0.2
0.2
0.3
0.1
0.2
(0.1)
0.1
0.8
0.5
0.1
Amortization of intangible assets
3.8
3.7
2.4
2.4
2.4
2.5
2.4
2.4
6.6
12.3
9.7
6.6
Acquisition-related items
-
-
-
-
-
-
-
-
5.9
-
-
5.9
Non-GAAP gross profit
$1,278.6
$1,406.2
$1,407.8
$1,678.4
$1,496.6
$1,657.1
$1,703.8
$1,942.1
$1,879.1
$5,771.0
$6,799.6
$1,879.1
Non-GAAP gross profit margin (2)
67.6%
70.0%
69.1%
69.5%
66.4%
67.9%
68.0%
67.8%
67.8%
69.1%
67.6%
67.8%
GAAP SG&A expenses
$
491.5
$
525.3
$
510.6
$
612.6
$
563.4
$
561.2
$
573.3
$
687.1
$
613.3
$2,140.0
$2,385.0
$
613.3
Share-based compensation expense
(66.6)
(78.3)
(76.3)
(77.7)
(80.2)
(85.0)
(87.3)
(88.1)
(91.7)
(298.9)
(340.6)
(91.7)
Long-term incentive plan expense
(1.9)
(0.9)
(1.0)
(1.0)
(0.5)
(0.2)
(1.1)
1.3
(0.4)
(4.8)
(0.5)
(0.4)
Amortization of intangible assets
(0.8)
(0.8)
(0.6)
(0.2)
(0.5)
(0.1)
(0.1)
-
(0.2)
(2.4)
(0.7)
(0.2)
Litigation charges
-
(7.2)
-
(12.6)
-
(3.5)
(8.1)
(2.0)
(6.3)
(19.8)
(13.6)
(6.3)
Gains on sale of businesses and assets
-
-
-
1.1
-
-
-
1.0
7.9
1.1
1.0
7.9
Acquisition-related items
-
-
-
-
-
-
-
-
(0.1)
-
-
(0.1)
Non-GAAP SG&A expenses
$
422.2
$
438.1
$
432.7
$
522.2
$
482.2
$
472.4
$
476.7
$
599.3
$
522.5
$1,815.2
$2,030.6
$
522.5
GAAP R&D expenses
$
284.5
$
280.1
$
286.0
$
294.7
$
316.2
$
313.3
$
329.4
$
352.9
$
361.9
$1,145.3
$1,311.8
$
361.9
Share-based compensation expense
(57.6)
(65.6)
(65.3)
(65.7)
(68.8)
(74.6)
(77.4)
(79.6)
(81.8)
(254.2)
(300.4)
(81.8)
Amortization of intangible assets
(0.5)
(0.5)
(0.5)
(0.5)
(0.5)
(0.6)
(0.8)
(0.9)
(0.3)
(2.0)
(2.8)
(0.3)
Non-GAAP R&D expenses
$
226.4
$
214.0
$
220.2
$
228.5
$
246.9
$
238.1
$
251.2
$
272.4
$
279.8
$ 889.1
$1,008.6
$
279.8
GAAP income from operations
$
469.4
$
567.3
$
577.3
$
734.9
$
578.1
$
743.4
$
759.7
$
864.3
$
855.3
$2,348.9
$2,945.5
$
855.3
GAAP operating margin (3)
24.8%
28.2%
28.3%
30.4%
25.7%
30.5%
30.3%
30.2%
30.9%
28.1%
29.3%
30.9%
Share-based compensation expense
153.3
173.6
172.9
177.0
185.2
196.2
203.5
203.2
209.5
676.8
788.1
209.5
Long-term incentive plan expense
2.2
1.0
1.2
1.2
0.8
0.3
1.3
(1.4)
0.5
5.6
1.0
0.5
Amortization of intangible assets
5.1
5.0
3.5
3.1
3.4
3.2
3.3
3.3
7.1
16.7
13.2
7.1
Litigation charges
-
7.2
-
12.6
-
3.5
8.1
2.0
6.3
19.8
13.6
12.2
Gains on sale of businesses and assets
-
-
-
(1.1)
-
-
-
(1.0)
(7.9)
(1.1)
(1.0)
(7.9)
Acquisition-related items
-
-
-
-
-
-
-
-
6.0
-
-
0.1
Non-GAAP income from operations
$ 630.0
$ 754.1
$ 754.9
$ 927.7
$ 767.5
$ 946.6
$ 975.9
$1,070.4
$1,076.8
$3,066.7
$3,760.4
$1,076.8
Non-GAAP operating margin (4)
33.3%
37.5%
37.0%
38.4%
34.1%
38.8%
39.0%
37.3%
38.9%
36.7%
37.4%
38.9%
GAAP income before taxes
Q1'24
$ 538.5
Q2'24
$ 654.5
Q3'24
$ 671.0
Q4'24
$ 809.8
Q1'25
$ 668.5
Q2'25
$ 832.1
Q3'25
$ 855.2
Q4'25
$ 955.6
Q1'26
$ 940.4
FY24
$2,673.8
FY25
$3,311.4
YTD
$ 940.4
Share-based compensation expense
153.3
173.6
172.9
177.0
185.2
196.2
203.5
203.2
209.5
676.8
788.1
209.5
Long-term incentive plan expense
2.2
1.0
1.2
1.2
0.8
0.3
1.3
(1.4)
0.5
5.6
1.0
0.5
Amortization of intangible assets
5.1
5.0
3.5
3.1
3.4
3.2
3.3
3.3
7.1
16.7
13.2
7.1
Litigation charges
-
7.2
-
12.6
-
3.5
8.1
2.0
6.3
19.8
13.6
12.2
Gains on sale of businesses and assets
-
-
-
(1.1)
-
-
-
(1.0)
(7.9)
(1.1)
(1.0)
(7.9)
Acquisition-related items
-
-
-
-
-
-
-
-
6.0
-
-
0.1
(Gains) losses on strategic investments
3.4
(7.8)
0.9
12.7
0.6
4.4
(3.0)
(4.9)
(0.6)
9.2
(2.9)
(0.6)
Non-GAAP income before taxes
$ 702.5
$ 833.5
$ 849.5
$1,015.3
$ 858.5
$1,039.7
$1,068.4
$1,156.8
$1,161.3
$3,400.8
$4,123.4
$1,161.3
GAAP net income attributable to Intuitive
$ 544.9
$ 526.9
$ 565.1
$ 685.7
$ 698.4
$ 658.4
$ 704.4
$ 794.8
$ 821.5
$2,322.6
$2,856.0
$ 821.5
Share-based compensation expense
153.3
173.6
172.9
177.0
185.2
196.2
203.5
203.2
209.5
676.8
788.1
209.5
Long-term incentive plan expense
2.2
1.0
1.2
1.2
0.8
0.3
1.3
(1.4)
0.5
5.6
1.0
0.5
Amortization of intangible assets
5.1
5.0
3.5
3.1
3.4
3.2
3.3
3.3
7.1
16.7
13.2
7.1
Litigation charges
-
7.2
-
12.6
-
3.5
8.1
2.0
6.3
19.8
13.6
12.2
Gains on sale of businesses and assets
-
-
-
(1.1)
-
-
-
(1.0)
(7.9)
(1.1)
(1.0)
(7.9)
Acquisition-related items
-
-
-
-
-
-
-
-
6.0
-
-
0.1
(Gains) losses on strategic investments
3.4
(7.8)
0.9
12.7
0.6
4.4
(3.0)
(4.9)
(0.6)
9.2
(2.9)
(0.6)
Tax adjustments
(167.0)
(64.5)
(74.0)
(86.0)
(226.6)
(67.8)
(49.9)
(82.7)
(141.1)
(391.5)
(427.0)
(141.1)
Adjustments attributable to noncontrolling interest in joint venture
(0.8)
(0.4)
(0.5)
(0.5)
(0.3)
(0.3)
(0.5)
0.3
(0.2)
(2.2)
(0.8)
(0.2)
Non-GAAP net income attributable to Intuitive
$ 541.1
$ 641.0
$ 669.1
$ 804.7
$ 661.5
$ 797.9
$ 867.2
$ 913.6
$ 901.1
$2,655.9
$3,240.2
$ 901.1
Non-GAAP net income per share attributable to Intuitive - diluted
$ 1.50
$ 1.78
$ 1.84
$ 2.21
$ 1.81
$ 2.19
$ 2.40
$ 2.53
$ 2.50
$ 7.34
$ 8.93
$ 2.50
Diluted shares outstanding
360.5
361.0
362.7
363.9
364.6
364.1
361.8
360.4
359.8
362.0
362.7
359.8
(1) GAAP gross profit margin is calculated by dividing GAAP gross profit by revenue.
(2) Non-GAAP gross profit margin is calculated by dividing non-GAAP gross profit by revenue.
(3) GAAP operating margin is calculated by dividing GAAP income from operations by revenue.
(4) Non-GAAP operating margin is calculated by dividing non-GAAP income from operations by revenue.
This information is supplemental to the first quarter 2026 earnings press release issued by Intuitive Surgical, Inc., on April 21, 2026, and should be read in conjunction with that release and the Company's Quarterly Report on Form 10-Q for the period ended March 31, 2026, when filed with the U.S. Securities and Exchange Commission.
(#) About Non-GAAP Financial Measures
To supplement our consolidated financial statements, which are prepared and presented in accordance with accounting principles generally accepted in the United States ("GAAP"), we use the following non-GAAP financial measures: non-GAAP gross profit, non-GAAP gross profit margin, non-GAAP SG&A expenses, non-GAAP research and development ("R&D") expenses, non-GAAP income from operations, non-GAAP operating margin, non-GAAP income before taxes, non-GAAP net income attributable to Intuitive, and non-GAAP net income per diluted share attributable to Intuitive ("EPS"). The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.
We use these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. We believe that these non-GAAP financial measures provide meaningful supplemental information regarding our performance by excluding items such as amortization of intangible assets, share-based compensation ("SBC") and long-term incentive plan ("LTIP") expenses, and other special items. LTIP expense relates to phantom share awards granted in China by our Intuitive-Fosun joint venture, to its employees that vest over four years and can remain outstanding for seven to ten years. These awards are valued based on certain key performance metrics. Accordingly, they are subject to significant volatility based on the performance of these metrics and are not tied to performance of our business within the period. We believe that both management and investors benefit from referring to these non-GAAP financial measures in assessing our performance and when planning, forecasting, and analyzing future periods. These non-GAAP financial measures also facilitate management's internal comparisons to our historical performance. We believe that these non-GAAP financial measures are useful to investors, because (1) they allow for greater transparency with respect to key metrics used by management in its financial and operational decision-making, and (2) they are used by institutional investors and the analyst community to help them analyze the performance of our business.
Non-GAAP gross profit. We define non-GAAP gross profit as gross profit, excluding SBC and LTIP expenses, amortization of intangible assets, and acquisition-related items.
Non-GAAP SG&A expenses. We define non-GAAP SG&A expenses as SG&A expenses, excluding SBC and LTIP expenses, amortization of intangible assets, litigation charges, gains on the sale of businesses and assets, and acquisition-related items.
Non-GAAP R&D expenses. We define non-GAAP R&D expenses as R&D expenses, excluding SBC expenses and amortization of intangible assets.
Non-GAAP income from operations. We define non-GAAP income from operations as income from operations, excluding SBC and LTIP expenses, amortization of intangible assets, litigation charges, gains on the sale of businesses and assets, and acquisition-related items.
Non-GAAP income before taxes. We define non-GAAP income before taxes as income before taxes, excluding SBC and LTIP expenses, amortization of intangible assets, litigation charges, gains on the sale of businesses and assets, acquisition-related items, and gains (losses) on strategic investments.
Non-GAAP net income attributable to Intuitive and EPS. We define non-GAAP net income as net income attributable to Intuitive, excluding SBC and LTIP expenses, amortization of intangible assets, litigation charges, gains on the sale of businesses and assets, acquisition-related items, gains (losses) on strategic investments, tax adjustments, including excess tax benefits associated with SBC arrangements and the net tax effects related to intra-entity transfers of non-inventory assets, and adjustments attributable to noncontrolling interest in joint venture, net of the related tax effects. We exclude the excess tax benefits associated with SBC arrangements as well as the tax effects associated with non-cash amortization of deferred tax assets related to intra-entity non-inventory transfers, because we do not believe these items correlate with the on-going results of our core operations. The tax effects of the non-GAAP items are determined by applying a calculated non-GAAP effective tax rate, which is commonly referred to as the with-and-without method. Without excluding these tax effects, investors would only see the gross effect that these non-GAAP adjustments had on our operating results. Our calculated non-GAAP effective tax rate is generally higher than our GAAP effective tax rate. We define non-GAAP EPS as non-GAAP net income attributable to Intuitive divided by diluted shares outstanding, which are calculated as GAAP weighted-average outstanding shares plus dilutive potential shares outstanding during the period.
There are a number of limitations related to the use of non-GAAP measures versus measures calculated in accordance with GAAP. Non-GAAP gross profit, non-GAAP SG&A expenses, non-GAAP R&D expenses, non-GAAP income from operations, non-GAAP income before taxes, non-GAAP net income attributable to Intuitive, and non-GAAP EPS exclude
items such as amortization of intangible assets, SBC and LTIP expenses, excess tax benefits associated with SBC arrangements, and non-cash amortization of deferred tax assets related to intra-entity transfer of non-inventory assets, which are primarily recurring items. SBC expense has been, and will continue to be for the foreseeable future, a significant recurring expense in our business. In addition, the components of the costs that we exclude in our calculation of non-GAAP net income attributable to Intuitive and non-GAAP EPS may differ from the components that our peer companies exclude when they report their results of operations. Management addresses these limitations by providing specific information regarding the GAAP amounts excluded from non-GAAP net income attributable to Intuitive and non-GAAP EPS and evaluating non-GAAP net income attributable to Intuitive and non-GAAP EPS together with net income attributable to Intuitive and net income per share attributable to Intuitive calculated in accordance with GAAP.
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Intuitive Surgical Inc. published this content on April 21, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 21, 2026 at 20:48 UTC.