Intuitive Surgical, Inc. · ISRG · FY2026 Q1 · Calendar Q2 2026

Intuitive Surgical Q1: procedures +17%, revenue +23%, guidance raised

Reported results and management commentary support continued earnings growth. Q1 beat estimates on both top and bottom line, procedure volume grew 17% with single-port up 68%, and full-year guidance was raised, pointing to durable demand for the da Vinci 5 and SP platforms into next year. Counterweights are a roughly -7% post-earnings drift, China tender and pricing pressure, and Japan hospital financing constraints, so the bull case leans on sustained international and specialty expansion rather than near-term re-rating.

Reported After market closeNASDAQHealthcare $141.14B market cap
100quality score

Earnings scorecard

Reported versus consensus
Reported EPS $2.80 Consensus $2.51
EPS surprise +11.6% Reported versus consensus
Reported revenue $2.77B Consensus $2.62B
Revenue surprise +5.8% Reported versus consensus

Market reaction

event-close to next-session close
Stock move +7.2% Event window
SPY move +1.0% Same window
Abnormal move +6.2% Stock minus SPY
Volume 2.3× Versus trailing sessions
Subsequent drift -7.2% Up to 20 sessions
ISRGSPY benchmark

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Why did ISRG rise 7.2% after beating EPS estimates in FY2026 Q1?What changed in ISRG's guidance and outlook in FY2026 Q1?Give me the bull and bear case for ISRG after FY2026 Q1 earnings.

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What changed

Intuitive Surgical's Q1 2026 report beat consensus on EPS ($2.80 vs $2.51) and revenue ($2.77B vs $2.62B), and management upgraded full-year da Vinci procedure growth and gross margin guidance. The event drove a roughly +7% market move versus about +1% for SPY.

Guidance delta

Raised: full-year da Vinci procedure growth raised to 13.5-15.5% and non-GAAP gross margin guidance increased to 67.5-68.5%, even with macro input-cost headwinds.

Key takeaways

  • Q1 procedure volume grew 17% YoY with revenue up 23% to $2.77B, outpacing procedure growth on mix and pricing
  • Single-port SP platform surged 68%; 431 da Vinci and 52 Ion systems placed
  • EPS of $2.80 beat consensus $2.51; revenue beat estimates by 5.8%
  • Full-year guidance raised for da Vinci procedure growth and non-GAAP gross margin
  • OUS procedures now 38% of total volume; a cyber-security incident was contained with no material impact

Management priorities

  • Broad launch of the SP stapler in the U.S. with measured launches in Korea and Europe from Q2
  • Scale up availability of Force Feedback instruments beginning in Q2
  • Integrate AI-based ROSE technology into the Ion workflow
  • Expand Intuitive+ telepresence capabilities and future telesurgery offerings
  • Navigate China tender activity and Japan hospital financing constraints

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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

$405.18Current
$270Low
$479.89Average
$750High

Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Sep 25, 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 $405.18. FMP does not supply a rating on these named-analyst rows.

FirmAnalyst52W targetPrice when postedUpsideDate
HSBCAnalyst unavailable$391$353.1 -3.5%Jul 30, 2026
UBSPriya Sachdeva$500$356.83 +23.4%Jul 28, 2026
Piper SandlerAnalyst unavailable$357.44$358.34 -11.8%Jul 27, 2026
Raymond JamesJayson Bedford$483$356.77 +19.2%Jul 17, 2026
Mizuho SecuritiesAnalyst unavailable$400$402.33 -1.3%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

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

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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 · 2026-09-25T20:51:04.844326+00:00
  4. Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-09-25T20:51:04.841565+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 2026-09-25. For educational purposes only; not investment advice.