Intuitive Surgical tops estimates, sees steady procedure growth into 2026

Revenue reached $3.05 billion in the third quarter, above the $2.96 billion expected

Intuitive Surgical reported third-quarter earnings per share of $2.94, excluding a net tariff refund benefit, beating expectations by $0.24. Revenue came in at $3.05 billion, above the $2.96 billion analysts had expected.

CEO Dave Rosa credited the quarter's growth to broad-based adoption across the company's multi-port, single-port and Ion platforms, with customers now averaging more than 10,000 procedures per day.

Intuitive expects full-year 2026 worldwide da Vinci procedure growth of approximately 14% to 15%, with results likely to land near the midpoint of that range. The company also expects full-year non-GAAP gross profit margin of 68.7% to 69.3% of revenue, reflecting an estimated 0.9 percentage point impact from tariffs, and non-GAAP operating expense growth of 11% to 13%. In the quarter, Intuitive repurchased 7.8 million shares for $2.94 billion.

The beat and the procedure growth outlook suggest robotic surgery adoption is still expanding, even as the company absorbs a tariff drag on margin. A guidance range centered near the midpoint rather than the high end points to steady rather than accelerating demand heading into next year, after several quarters in which procedure volume has been the main swing factor for investors. The pace of operating expense growth signals continued investment in new platforms rather than a pullback, while the scale of the buyback shows management putting cash to work even as tariff costs weigh on margin. With this quarter's results strong but the forward margin outlook more measured, procedure volume trends are set to remain the main thing investors track into 2026.