ISRG Q3 FY2026 earnings: results, stock reaction and implied move

Reported results

Q3 2026 revenue of $3.05 billion increased 22% compared with $2.51 billion in Q3 2025
Q3 2026 GAAP net income attributable to Intuitive was $523 million, or $1.49 per diluted share, compared with $704 million, or $1.95 per diluted share, in Q3 2025
Q3 2026 non-GAAP net income attributable to Intuitive was $1.05 billion, or $3.00 per diluted share, compared with $867 million, or $2.40 per diluted share, in Q3 2025
Worldwide procedures (da Vinci and Ion combined) grew approximately 15% compared with Q3 2025; da Vinci procedures grew approximately 14%, and Ion procedures grew approximately 31%
Da Vinci surgical system installed base grew to 12,094 systems as of September 30, 2026, an increase of 12% compared with 10,763 as of September 30, 2025
Q3 2026 GAAP income from operations decreased to $593 million compared with $760 million in Q3 2025; Q3 2026 non-GAAP income from operations increased to $1.27 billion compared with $976 million in Q3 2025

Guidance

Worldwide da Vinci procedure growth of approximately 14% to 15% in 2026, with the Company expecting to be closer to the midpoint of this range
Non-GAAP gross profit margin to be within a range of 68.7% to 69.3% of revenue in 2026, including an estimated impact from tariffs of 0.9% of revenue (excluding recognized tariff refunds)
Non-GAAP operating expense growth of 11% to 13% in 2026

Notes

Q3 2026 GAAP net income was reduced by a $450 million pre-tax charge ($347 million net of tax, or $0.99 per diluted share) related to settlement of antitrust class action litigation, which remains subject to preliminary and final court approval. Q3 2026 GAAP and non-GAAP net income included a $22 million benefit net of tax ($0.06 per diluted share) related to tariff refunds under IEEPA. Company repurchased 7.8 million shares for $2.94 billion in Q3 2026.

Price and volatility reaction

The stock moved -2.3% on the print. No front-expiry chain was on file, so there is no straddle expected move.

Measure	Value	Basis
Close before release	438	2026-10-20
Close after release	428.12	2026-10-21
Realised move	-2.3%	close to close

Price and volatility reaction. Closes either side of the release. No front-expiry chain on file for a straddle expected move. SharpeIQ — listed option chain and price_history

Source

The figures above come from the earnings release the company filed with the SEC on 2026-10-20 (8-K, Item 2.02). Read the original filing on sec.gov.

Intuitive Surgical, Inc. (ISRG) Q3 FY2026 earnings