Intuitive Surgical has filed its 10-Q with the SEC, and the resulting figures are now available in our data. Revenue over the twelve months to Q3 2026 stood at $11.58 billion, representing a 20.5% increase on the year before. This growth rate was down 0.2 percentage points compared to the rate recorded a quarter earlier.

Profitability

The trailing gross margin for the period was 67.2%. The trailing operating margin stood at 28.4%, which is down 0.9 percentage points from a year earlier. The trailing net margin was recorded at 25.5%. Net income over the twelve months totaled $2.96 billion, marking a 7.7% rise on the year before.

Cash flow

Operating cash flow over the twelve months was $4.09 billion, up 38.1% on the year before. Capital spending amounted to $491.5 million, or 4.2% of revenue. Free cash flow, calculated as operating cash flow less capital spending, was $3.60 billion, up 58.4% on the year before. The free-cash-flow margin was 31.1% of revenue, up 7.4 percentage points from a year earlier.

Share count

The average diluted share count fell 1.7% over the year.

Against its own history

Today’s free-cash-flow margin of 31.1% is higher than 62% of the company’s own past quarterly readings, which have ranged from 5.5% to 38.8%. Today’s operating margin of 28.4% is higher than 26% of the company’s own past quarterly readings, which have ranged from 24.0% to 40.8%. Today’s twelve-month revenue growth rate of 20.5% is higher than 68% of the company’s own past quarterly readings, which have ranged from −12.2% to 40.2%.

Guidance

The company provided its 2026 guidance for Worldwide da Vinci procedure growth for da Vinci, setting a range of 14% to 15%. For Non-GAAP gross profit margin (adjusted), the company gave its 2026 guidance as 68.7% to 69.3%. The company also provided its 2026 guidance for Non-GAAP operating expense growth (adjusted) at 11% to 13%.

What it means for value

In our model, growth 5 percentage points lower would lower the value by 23.2%, and 5 percentage points higher would raise it by 29.7%. A free-cash-flow margin 1 percentage point lower would lower it by 3.1%.

What to watch

The next filing will provide updated figures for revenue growth and margin trends, allowing for a direct comparison against the current twelve-month performance. It will also reveal how the average diluted share count continues to evolve relative to the recent decline. Additionally, the report will show whether the free-cash-flow margin maintains its position relative to the company’s historical range.