Intuitive Surgical, Inc. · ISRG · FY2025 Q3 · Calendar Q4 2025

Intuitive Surgical: Strong procedure growth, raised guidance, expanding da Vinci V adoption

The latest analysis supports a constructive operating thesis: procedure growth, da Vinci V adoption, ION expansion, and international placements are reinforcing demand. The main test is whether utilization, margins, and capital placements remain resilient as the mix broadens and regional risks persist.

Reported After market closeNASDAQHealthcare $138.47B market cap
100quality score

Earnings scorecard

Reported versus consensus
Reported EPS $2.40 Consensus $1.99
EPS surprise +20.6% Reported versus consensus
Reported revenue $2.51B Consensus $2.41B
Revenue surprise +4.1% Reported versus consensus

Market reaction

event-close to next-session close
Stock move +13.9% Event window
SPY move -0.5% Same window
Abnormal move +14.4% Stock minus SPY
Volume 3.5× Versus trailing sessions
Subsequent drift +7.1% Up to 20 sessions
ISRGSPY benchmark

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Why did ISRG rise 13.9% after beating EPS estimates in FY2025 Q3?What changed in ISRG's guidance and outlook in FY2025 Q3?Give me the bull and bear case for ISRG after FY2025 Q3 earnings.

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Transcript intelligence

What changed

Relative to the prior-quarter analysis, the current analysis shows procedure growth accelerating to 20% year over year, broader da Vinci V deployment, continued ION and SP momentum, and a new refurbished Xi strategy for cost-sensitive sites. Guidance sentiment remains raised, while tariff, utilization, China, and regulatory risks remain.

Guidance delta

Management raised 2025 guidance for da Vinci procedure growth and gross margin; the supplied analysis does not provide a prior-versus-current numerical bridge beyond that direction.

Key takeaways

  • Management reported strong procedure growth led by da Vinci V upgrades, ION adoption, and SP expansion.
  • The supplied analysis says revenue rose 23% and pro forma EPS increased 30%.
  • International da Vinci V placements and the refurbished Xi program broaden the company’s expansion strategy.
  • Management emphasized digital tools, force-feedback technology, and additional regional clearances.

Management priorities

  • Expand da Vinci V globally and add software and hardware features.
  • Increase ION capabilities, including AI navigation and tomosynthesis integration.
  • Build international distribution and direct-market coverage while developing cardiac surgery capabilities.
  • Continue investing in digital tools, force feedback, and new instrumentation.

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Earnings History

Estimate Beat Miss Match
ISRG EPS earnings history estimate and actual scatter chart 8 reported fiscal quarters and 4 future estimate-only quarters. Q4 '23 estimate $1.48 Q4 '23 actual $1.60, beat Q1 '24 estimate $1.41 Q1 '24 actual $1.50, beat Q2 '24 estimate $1.54 Q2 '24 actual $1.78, beat Q2 '25 estimate $1.93 Q2 '25 actual $2.19, beat Q3 '25 estimate $1.99 Q3 '25 actual $2.40, beat Q4 '25 estimate $2.27 Q4 '25 actual $2.53, beat Q1 '26 estimate $2.51 Q1 '26 actual $2.80, beat Q2 '26 estimate $2.48 Q2 '26 actual $2.80, beat Q3 '26 estimate $2.64 Q4 '26 estimate $2.85 Q1 '27 estimate $2.80 Q2 '27 estimate $3.03

Analyst Consensus ?

ConsensusBuy57 ratings
Bullish4070.2%
Neutral1221.0%
Bearish58.8%

Analyst 52W Price Targets

$391.95Current
$270Low
$479.89Average
$750High

Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 4, 2026. Not an FN2 forecast.

Firm-level rating actions

FMP grade actions identify the grading firm, not a named analyst.

FirmRatingPrior ratingActionDate
BTIG Buy BuyMaintainSep 8, 2026
Oppenheimer Outperform PerformUpgradeAug 12, 2026
HSBC Hold BuyDowngradeJul 30, 2026
Wells Fargo Overweight OverweightMaintainJul 17, 2026
TD Cowen Buy BuyMaintainJul 17, 2026
Show 52 more rating actions

Named analyst price targets

Upside is calculated against the persisted current price $391.95. FMP does not supply a rating on these named-analyst rows.

FirmAnalyst52W targetPrice when postedUpsideDate
HSBCAnalyst unavailable$391$353.1 -0.2%Jul 30, 2026
UBSPriya Sachdeva$500$356.83 +27.6%Jul 28, 2026
Piper SandlerAnalyst unavailable$357.44$358.34 -8.8%Jul 27, 2026
Raymond JamesJayson Bedford$483$356.77 +23.2%Jul 17, 2026
Mizuho SecuritiesAnalyst unavailable$400$402.33 +2.1%Jul 17, 2026
See 105 more

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Company context

Snapshot as of publication

Intuitive Surgical, Inc. is a leading medical technology firm dedicated to advancing patient care by developing, producing, and commercializing sophisticated tools. These innovations empower medical professionals to deliver superior, accessible, and less-invasive treatment options to patients both within the United States and across international markets. Its flagship offering, the da Vinci Surgical System, facilitates intricate operations through a minimally disruptive approach.…

Historical context

All ISRG earnings
+3.4%FY2026 Q2 · Calendar Q3 2026+7.2%FY2026 Q1 · Calendar Q2 2026-0.3%FY2025 Q4 · Calendar Q1 2026

Healthcare peers this season

Latest reports in the same sector
CompanyQuarterEPS surpriseMarket moveHeadline
COO The Cooper Companies, Inc. FY2026 Q3 · Calendar Q3 2026 +2.7% -14.7% CooperCompanies beats expectations as inventory reduction weighs on vision revenue
MDT Medtronic plc FY2027 Q1 · Calendar Q3 2026 +4.3% +1.5% Medtronic raises FY27 outlook as growth broadens across platforms

Latest beats and misses

Who reports next

Beat on EPS

Missed on EPS

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Sources

  1. Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
  2. FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
  3. Polygon adjusted daily market bars · 2026-10-04T12:20:43.570218+00:00
  4. Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-04T12:20:43.567402+00:00

Methodology

Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.

Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.

Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.

By FN2 Research · Updated · As of 2026-10-04. For educational purposes only; not investment advice.