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Call sheet · Q3'26

Intuitive Surgical (ISRG)

Q3'26 earnings call · held October 20, 2026 · compared with the Q2'26 call · management-credibility review
8/12
Disclosure score
2 medium, 2 low flags
Financial quality
Bottom line
Intuitive grew revenue 22% and non-GAAP EPS 25%, while a litigation charge reduced GAAP earnings. US procedure growth slowed to 10%, making utilization, pricing and adoption the useful operating tests. The 25.7% year-over-year net-income decline should not be confused with the approximately 36% sequential decline. Separate settlement effects, tariff refunds and repurchases from recurring operating performance.

The 30-second version

  • Revenue grew while the settlement charge reduced GAAP earnings
  • US procedure growth slowed, while global systems expanded
  • Capital allocation and pricing are the next tests

What changed this quarter

MetricQ2'26Q3'26Change
Revenue$2.89B, +19% YoY~$3.0B, +22% YoYAccelerating despite procedure deceleration
Non-GAAP EPS$2.80, +28% YoY$3.00, +25% YoYGrowth rate decelerating 300bps
GAAP Net Income$818M / $2.29 EPS$523M / $1.49 EPSDown 25.7% YoY versus $704M; approximately 36% decline is sequential versus $818M
Non-GAAP Operating Margin42%42% (41% ex-tariff refund)Flat
US da Vinci procedure growth12%10%Down 2 percentage points versus Q2 growth rate; no historical superlative established
Total procedure growth (DV+ION)16%15%Mild deceleration
ION procedure growth36%31%-500bps deceleration
SP procedure growth61%55%-600bps deceleration
da Vinci INA revenue per procedure~$1,830~$1,860Up modestly ahead of 3-5% pricing cuts landing in 2027
US ASC installs27 systems18 systemsDown 9 systems sequentially; a pipeline can grow while quarterly placements fall

Accountability tracked

6 new promises made1 narrative shift flagged3 prior promises scored
Inside the full report
The complete write-up covers the full promise ledger with kept/missed calls, disclosure-quality scoring, the metrics-vanished check, verification items, and the questions to ask next quarter.
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Scores, kept-promise rates, and flags on this site reflect the author's opinion, applying a stated methodology to statements management made on public earnings calls. Informational and educational purposes only - not investment advice, a recommendation, or an offer to buy or sell any security. Sources believed reliable but not guaranteed; the author may hold positions in the securities discussed.

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