Intuitive Surgical Q2 FY2026: revenue up 18.5%, EPS tops consensus
Intuitive Surgical's second quarter was strong on every line the company controls: revenue rose 18.5% to $2.89 billion, non-GAAP EPS of $2.80 beat the $2.5503 consensus, and non-GAAP gross margin reached 70.0%, above the full-year guide. Read the beat with one caveat — $0.08 of the $2.80 came from refunds of tariffs paid in prior periods, not from surgery. The operating momentum looks real; tariff policy is the main swing factor.
1 · Expected vs. Actual
Free preview belowGAAP EPS of $2.29 compares with $1.81 a year earlier, and non-GAAP EPS of $2.80 beat the $2.5503 consensus by roughly $0.25, or 9.8%. Both the GAAP and non-GAAP figures include a $0.08 benefit from refunds of tariffs paid in prior periods under IEEPA — real cash, but not repeatable. Note also that the $0.05 of excess share-based-compensation tax benefits that lifted GAAP EPS is stripped out of the non-GAAP number, so the two per-share figures are not measuring the same thing.
Revenue rose 18.5% to $2.89 billion from $2.44 billion a year earlier (the company rounds this to 19% in its release). The engine was procedure volume — approximately 16.0% growth across da Vinci and Ion — plus more systems on lease and a bigger installed base of 11,710 da Vinci systems, up 12.0%. Systems revenue of $685 million was helped by 468 da Vinci placements, including 246 of the newest da Vinci 5 units, versus 395 and 180 a year ago.
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Figures on this page come from the company's original SEC filings. The analysis is generated automatically and checked against validation rules, but may still contain errors or omissions. Not investment advice. · Generated 2026-09-17
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