All Q2 FY26 results →

IS

Intuitive Surgical, Inc.

Q2 FY26Health Care Equipment and Supplies

Intuitive Surgical, Inc. Q2 FY26 Results — Earnings Call Analysis

Q2 FY26 earnings call: what management said on revenue, margins and capex.

Price₹424

Market cap₹1.5L Cr

P/E53.2

Updated29 May 2026

Read4 min read

What the Q2 FY26 call signalled

2 of 3 strong

RevenueModerate growth

MarginMargins slightly up

CapexCapex planned

The short version

- Da Vinci Procedure Growth: Updated 2026 forecast expects 13.5% to 15.5% growth in da Vinci procedures, slightly higher than the previous 13%-15% range. - Intuitive updated 2026 da Vinci procedure growth forecast to 13.5%-15.5% (up from prior 13%-15%).

From Intuitive Surgical, Inc.'s Q2 FY26 earnings-call transcript · updated 29 May 2026.

Revenue & Sales Performance

Moderate growth

Da Vinci Procedure Growth: Updated 2026 forecast expects 13.5% to 15.5% growth in da Vinci procedures, slightly higher than the previous 13%-15% range.
Primary Growth Drivers: General surgery in the U.S. and procedures outside urology internationally remain key drivers.
Global Expansion: Continuing to grow outside the U.S., with strong performance in markets like India, Canada, U.K., Korea, and Taiwan; China remains challenging.
SP Platform Growth: Robust procedure growth at 68% globally in Q1, expanding in Korea, Europe, Japan, and Taiwan; new SP stapler launch expected to support further growth.
Innovation-led Revenue Growth: Revenue growth outpaces procedure growth due to accretive pricing and new products like da Vinci 5, SP stapler, and AI/digital capabilities.

2 more points from Intuitive Surgical, Inc.'s call on revenue

Create a free account to keep reading this call

Profitability & Margins

Intuitive updated 2026 da Vinci procedure growth forecast to 13.5%-15.5% (up from prior 13%-15%).
Non-GAAP gross profit margin for 2026 expected between 67.5% and 68.5%, reflecting 100 basis points impact from tariffs and higher input costs.
Non-GAAP operating expense growth forecasted between 11% and 14%.
Non-GAAP other income expected between $315M and $335M, primarily from interest income.
Non-GAAP income tax rate expected between 22% and 23%.
Q1 non-GAAP net income was $901M ($2.50 EPS), up from $662M ($1.81 EPS) year-over-year.
Operational leverage and product cost reductions contributed to margin improvement.

2 more points from Intuitive Surgical, Inc.'s call on margins

Create a free account to keep reading this call

See what Intuitive Surgical, Inc. said on profitability & margins — free account, 30 seconds.

Capital Expenditure Plans

Capex planned

Intuitive continues investments in organizational capabilities, clinical trials, and research to support international strategy and market access efforts.
Investment in supply chain and manufacturing to support broader availability of Force Feedback instrumentation, expected to increase over 2026 and beyond.
Ongoing development and investment in digital infrastructure and AI road map, including telesurgery, decision support, augmented dexterity, and automation.
Focused investment in new product and procedure launches, particularly Single Port (SP) platform, expanding customer base, and securing geographic clearances.
Select localized manufacturing initiatives are being considered in large international markets to enhance competitiveness.

2 more points from Intuitive Surgical, Inc.'s call on capex

Create a free account to keep reading this call

Fundraising & Capital Structure

Key points related to finance include: - Cash and investments totaled $8 billion at quarter-end, down from $9 billion last quarter due to stock repurchases, acquisitions, and capital expenditures. - Stock repurchases of $1.1 billion occurred in the quarter. - Capital expenditures were $103 million.

2 more points from Intuitive Surgical, Inc.'s call on fundraising

Create a free account to keep reading this call

See what Intuitive Surgical, Inc. said on fundraising & capital structure — free account, 30 seconds.

Order Book & Pipeline

Relevant insights include: - Strong procedure growth and system placements indicate a healthy demand environment. - Distributor acquisitions in Europe and joint ventures (e.g., in China) suggest expanding order channels internationally. - Customer ordering patterns for international distributors can be lumpy, with some placing orders for several quarters in advance, indicating some backlog or pending orders. - Capital placement strong in Q1, benefiting partly from stocking orders. - The company maintains a localized market approach with investments calibrated to market potential.

2 more points from Intuitive Surgical, Inc.'s call on order book

Create a free account to keep reading this call

What Intuitive Surgical, Inc.'s management said in earlier quarters

Others in Health Care Equipment and Supplies this season

Insulet Corporation (Q2 FY26)
Insulet Corporation Q2 FY26 quarterly results analysis. Full year 2026 total company revenue growth guidance raised to 21%-23%; Omnipod revenue growth of 22%-24
Globus Medical, Inc. (Q2 FY26)
Globus Medical, Inc. Q2 FY26 quarterly results analysis. U.S. Market Cap $11,192, P/E 19.9. AI-powered earnings insights.
Align Technology, Inc. (Q2 FY26)
Align Technology, Inc. Q2 FY26 quarterly results analysis. Worldwide revenue growth for full-year 2026 is expected to be up 3% to 4% year-over-year. Market Cap
Solventum Corporation (Q2 FY26)
Solventum Corporation Q2 FY26 quarterly results analysis. Expectation of improved growth in 2026 compared to 2025, supporting trajectory toward LRP targets (Pag

Compare:vs Stryker Corporation vs Medtronic plc vs Boston Scientific Corporation

🔎 Who's planning the most growth?

Companies ranked by management's own guidance — revenue, margins, capex and order book, from every earnings call in India.

See rankings →

Arthneeti Pro · Annual

Intuitive Surgical, Inc. and 15K+ more earnings calls,
for less than your morning chai

a day

Every earnings call, ranking and concall Q&A across all four results seasons.

Secure Razorpay payment · instant access

Frequently Asked Questions

What were Intuitive Surgical, Inc. Q2 FY26 results?

- Da Vinci Procedure Growth: Updated 2026 forecast expects 13.5% to 15.5% growth in da Vinci procedures, slightly higher than the previous 13%-15% range. - Intuitive updated 2026 da Vinci procedure growth forecast to 13.5%-15.5% (up from prior 13%-15%).

What is Intuitive Surgical, Inc. share price analysis?

Intuitive Surgical, Inc. currently shows a below-average growth signal. The stock trades at a P/E of 53.2 with a market cap of $150,034. Investors should review the full earnings analysis for detailed insights.

Is Intuitive Surgical, Inc. planning capital expenditure?

- Intuitive continues investments in organizational capabilities, clinical trials, and research to support international strategy and market access efforts.

Keep Intuitive Surgical, Inc. on your radar — track it to get its next earnings analysis in your feed.

This analysis is AI-generated based on publicly available earnings data and the company's earnings call transcript. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.