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Pre-Earnings Brief
Reporting soon: earnings call Tuesday, Oct 20
A pre-earnings brief is ready for ISRG: the setup, what peers and partners said this season, and which analysts to watch.Reading it is a Tellvest Pro feature.
All analyzed callsNot limited to the selected quarter · analysts and firms with 2 or more questions
What does “challenging” mean?
Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
Most active analysts
Analyst
Firm
Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
Filed after the FY2026 Q1 call day (Apr 21, 2026) through the next call day (Jul 16, 2026)From SEC 8-K filings
No 8-K events recorded for this window.
Quarter in detail
· FY2026 Q1
Macro Signals
→Trade & Tariffs↑AI & Tech↑Regulation Policy
Intuitive Surgical delivered robust Q1 2026 results with revenue up 23% to $2.77 billion and GAAP EPS of $2.28, up from $1.92 in the prior year, as total procedures grew 17% across all platforms. Management raised FY2026 da Vinci procedure growth guidance to 13.5-15.5% and non-GAAP gross margin to 67.5-68.5%, reflecting innovation-led revenue premiums above procedure growth. Force Feedback instrumentation broadened availability, and SP platform expansion continued with stapler and new procedure additions. China market headwinds persisted but strong operating margin leverage and cost execution supported earnings growth.
Key Themes7
positive📊 company
Robust Procedure Growth Across All Platforms
Total procedures grew 17%, with da Vinci procedures up 16% to 847,000 and Ion procedures up 39% to 43,000. SP procedures grew 68% year-over-year.
Revenue GrowthDemand
positive📊 company
Da Vinci 5 Driving Utilization And Throughput Gains
da Vinci 5 utilization is approximately 11% higher than Xi, driving U.S. utilization growth to 4%. Installed base of da Vinci 5 is now almost 1,500 systems used by almost 13,000 surgeons since launch.
Revenue grew 23% versus 17% procedure growth, driven by accretive da Vinci 5 pricing, higher SP and dV5 mix, and I&A revenue per procedure rising to approximately $1,880 from $1,780 last year.
Revenue GrowthPricing
positive📊 company
Force Feedback Instrumentation Broadening Availability
FDA 510(k) clearance received for additional uses, with 5 of 6 instruments now cleared for 15 uses. Broader availability in Q2 will increase over the rest of the year.
Innovation & R&DProduct Launch
negative🌍 macro
China Market Headwinds Persist
China procedure growth was below the corporate average, reflecting lower tenders, competitive and pricing pressures. Clarity on charge code and reimbursement policies not expected until 2027.
Competitive DynamicsMacroeconomic
positive📊 company
SP Platform Expanding With Stapler And New Procedures
SP procedures grew 68% with strength in Korea. SP stapler moved into broad launch in the U.S. with use in almost 40% of cases where a stapler would be expected. First non-IDE nipple sparing mastectomy cases performed.
Product LaunchDemand
positive📊 company
Strong Operating Margin Leverage And Cost Execution
Non-GAAP operating margin was strong at 39%. da Vinci 5 system achieved contribution margins comparable with Xi system. Ion platform achieved contribution margins close to the corporate average.
Intuitive Surgical delivered robust Q1 2026 results with revenue up 23% to $2.77 billion and GAAP EPS of $2.28, up from $1.92 in the prior year, as total procedures grew 17% across all platforms.
PositiveRobust Procedure Growth Across All Platforms
PositiveDa Vinci 5 Driving Utilization And Throughput Gains
Analyst challenge ratePercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. · all analyzed quarters
4%
Share price · trailing year
daily closes, last 12 months — not scoped to the selected quarter · dots mark earnings calls, colored by that quarter’s score
Sources.Tellvest earnings-call sentiment score for Intuitive Surgical (ISRG), FY2026 Q1: 9/10. Scores: Intuitive Surgical’s public earnings-call transcripts and SEC-reported results — the base band is anchored to reported GAAP revenue growth; transcript, EPS and guidance adjustments are applied separately (documented exceptions apply to a few issuers). Price: ISRG daily closing prices for the trailing year; dots mark earnings calls, colored by that quarter’s score; the newest quarter’s score is part of Tellvest Pro. How to read a company earnings-call score.
Key financials
FY2026 Q1 selectedReported GAAP figures from SEC filings
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Quarter
Revenue
Rev YoY
EPS
EPS YoY
Gross margin
Op margin
Net margin
FCF
FY2024 Q4
$2.41B
+25.2%
$1.88
+11.2%
68.0%
30.4%
28.4%
$511M
FY2025 Q1
$2.25B
+19.2%
$1.92
+27.2%
64.7%
25.7%
31.0%
$465M
FY2025 Q2
$2.44B
+21.4%
$1.81
+24.0%
66.3%
30.5%
27.0%
$560M
FY2025 Q3
$2.51B
+22.9%
$1.95
+25.0%
66.4%
30.3%
28.1%
$736M
FY2025 Q4
$2.87B
+18.8%
$2.21
+17.6%
66.4%
30.2%
27.7%
$730M
FY2026 Q1Selected
$2.77B
+23.0%
$2.28
+18.8%
66.1%
30.9%
29.6%
$809M
FY2026 Q2
$2.89B
+18.5%
$2.35
+29.8%
67.8%
33.6%
28.3%
$948M
As stated by management
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
EPS
“GAAP net income for the quarter was $822 million or $2.28 per share compared to $698 million or $1.92 per share in Q1 of last year”
Revenue
Quarter
company-level, not the selected quarter
GAAP revenue YoY +23.0% → base 8. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.
▸How this score was built
Base8Base 8GAAP revenue YoY +23.0% → base 8. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.+Transcript0Transcript 0GAAP revenue is clean, no distortion. Medical devices sector, no structural GAAP mismatch.+EPS+1EPS +1GAAP EPS YoY 18.75% vs revenue YoY 22.96%, spread -4.21 percentage points (inside +/-5 percentage points). Operating income cross-check: operating income YoY 47.95% vs revenue 22.96%, operating income spread +24.99 percentage points (outside +5 percentage points). GAAP EPS inside, operating income outside -> OI wins. operating income spread +24.99 percentage points > +5 percentage points -> +1. Divergence driven by stock-based compensation and other non-operating items (non-GAAP EPS grew 38.1% vs GAAP 18.75%).+Guidance+2Guidance +2Raised FY2026 da Vinci procedure growth from 13-15% (mid 14.0%) to 13.5-15.5% (mid 14.5%). Change: (14.5-14.0)/14.0 = +3.57%, >= 3% -> +2. Also raised non-GAAP gross margin from 67-68% to 67.5-68.5%. ISRG does not guide on revenue or EPS directly; procedure growth is the primary guided metric.=Final9Hard cap9Hard cap 9Calculated total was 11; capped at 9. See the Hard caps section on the About page for the full rules.
How this score was built
Base8Base 8GAAP revenue YoY +23.0% → base 8. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.+Transcript0Transcript 0GAAP revenue is clean, no distortion. Medical devices sector, no structural GAAP mismatch.+
592.85
332.02
9
9
9
Oct 25Oct 26
“Quarter 1 revenue increased 23% to $2.77 billion”
Guidance
“increasing our forecast and now expect full year da Vinci procedure growth within a range of 13.5% to 15.5%”
Key metric
“total procedures grew 17%, reflecting 16% growth in da Vinci procedures and 39% growth in Ion procedures”
EPS
+1
EPS +1GAAP EPS YoY 18.75% vs revenue YoY 22.96%, spread -4.21 percentage points (inside +/-5 percentage points). Operating income cross-check: operating income YoY 47.95% vs revenue 22.96%, operating income spread +24.99 percentage points (outside +5 percentage points). GAAP EPS inside, operating income outside -> OI wins. operating income spread +24.99 percentage points > +5 percentage points -> +1. Divergence driven by stock-based compensation and other non-operating items (non-GAAP EPS grew 38.1% vs GAAP 18.75%).
+
Guidance+2Guidance +2Raised FY2026 da Vinci procedure growth from 13-15% (mid 14.0%) to 13.5-15.5% (mid 14.5%). Change: (14.5-14.0)/14.0 = +3.57%, >= 3% -> +2. Also raised non-GAAP gross margin from 67-68% to 67.5-68.5%. ISRG does not guide on revenue or EPS directly; procedure growth is the primary guided metric.
=
Final9
Hard cap9Hard cap 9Calculated total was 11; capped at 9. See the Hard caps section on the About page for the full rules.
Industry Peersas of Q1 2026 · 1 peer not yet reported
Baxter's FY2026-Q1 was the expected trough quarter, with organic sales declining 1% and adjusted EPS dropping 35% to $0.36, though results met management expectations and guidance was reiterated
New BD's Q2 FY2026 showed broad-based growth with 90%+ of the portfolio at mid-single digits, though GAAP revenue declined 10.6% reflecting the post-separation entity structure rather than underlying demand