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ISRG · Q2 2026

INTUITIVE SURGICAL INC

Reported 2026-07-16
BEAT
40EarnIQ signal
↗

Confidence rising

Mild quarter-over-quarter shift

Strong procedure volume and procedure-driven revenue growth underpin a robust operating performance for ISRG.

  • ✓Guidance was maintained, with high specificity.
  • ✓Management tone registered as confident (85/100).
  • ✓EarnIQ detected 0 potential management deflections.
Headline–confidence gap

Headline confirmed

Management confidence reinforces the reported beat.

EPS: reported vs expected+9.8%$2.80 vs $2.55
Revenue: reported vs expected—— vs —
Guidance specificityHighMaintained
Market expectations supplied by Finnhub · Reported vs consensus estimate

We are pleased with company performance this quarter, which reflects the strength of our portfolio – from da Vinci and Ion to our growing digital solutions

Premium intelligence

The evidence behind the signal

Full report
Management language

Why confidence moved

“We are pleased with company performance this quarter, which reflects the strength of our portfolio – from da Vinci and Ion to our growing digital solutions”
“Our commitment to customers around the world – our north star – remains the same: helping them deliver better patient outcomes, better patient and care team experiences, lower costs, and broader access to minimally invasive care.”
“The Company grew its da Vinci surgical system installed base to 11,710 systems as of June 30, 2026, an increase of 12% compared with 10,488 as of June 30, 2025.”
Guidance specificity
80/100

High specificity

The company expects full-year 2026 worldwide da Vinci procedure growth of 13.5% to 15.5%, non-GAAP gross profit margin of 68.0% to 69.0%, and non-GAAP operating expense growth of 11% to 13%.

Pressure point
!

Potential adverse impact from tariffs

0 potential deflections detected in management communication.

Narrative break

What changed

No material narrative break was detected this quarter.

Q&A evidence

Management responses

No material Q&A deflections were detected.

Key positives
  • Worldwide procedures grew approximately 16% year-over-year, driven by 15% growth in da Vinci procedures and 36% growth in Ion procedures.
  • Second quarter revenue reached $2.89 billion, representing a 19% increase compared to the same period in 2025.
  • Strong balance sheet ending the quarter with $8.63 billion in cash, cash equivalents, and investments.
Key risks
  • Potential adverse impact from tariffs currently estimated at 1.0% of revenue in 2026, with risk of material escalation if additional tariffs are implemented.
  • Macroeconomic environment impacting customer spending, hospital capital budgets, and supply chain costs.
  • Potential disruption or delays in capital spending by hospitals for surgical systems.
Topic velocity

Language versus prior quarter

M&ANew
CostNew
ChinaNew
MarginNew
RecordNew
iPhoneNew
Signal composition

What drove the EarnIQ score

Tone+20
Eps Beat+0
Guidance+12
New Signal+0
Miss Penalty+0
Qoq Improvement+8
Deflection Penalty+0