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Intuitive Surgical (ISRG) stock

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NASDAQ: ISRG Nasdaq Health Care Equipment Next results ~January 21, 2027

B+ Fundamentals grade

Intuitive Surgical is a US-listed company in the health care equipment industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$210

Cash-flow model

Base case. Range ~$160–$270 across our lower- and higher-growth cases (14.8%–24.8% a year).

Price vs value

Overvalued

The price is above our entire value range; our base value is 53% below it.

Price used: $441.74, November 3, 2026

Intuitive Surgical valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Intuitive Surgical files

10-Q filed October 21: Intuitive Surgical

Revenue for the twelve months to September 2026 reached $11.6bn, up 20.5% on a year earlier and broadly matching the pace of a quarter ago. That growth ranks 2 of 15 among the health care equipment companies we cover. Free-cash-flow margin improved to 31.1% from 23.6%. On the back of this, the fundamentals grade moves from B to B+. Our model value is little changed at $171 a share, well below the $444 share price, and the rating stays Sell. At that price, our model implies the market is pricing in about 37.7% a year of cash-flow growth for five years. That is far ahead of the 15.2% a year revenue growth the company has actually delivered.

Source: 10-Q filed October 21, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where Intuitive Surgical stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $11.0bn, up 20.7% on a year earlier, slower than 21.4% a quarter earlier. That growth ranks 2 of 15 among the health care equipment companies we cover. Free-cash-flow margin rose to 29.2% from 21.8% a year earlier. Operating margin widened to 31.3% from 28.8%. Against its peers on growth, profitability, cash generation and balance sheet, it grades B. It passes 2 of our 2 financial-health checks. Our cash-flow model value is $176 a share, against a share price of $437. At that price, our model says the market is pricing in about 37.7% a year of cash-flow growth for five years, faster than the 14.1% a year revenue growth it has delivered.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 21, 2027 (estimated)

Intuitive Surgical's trailing-twelve-month revenue grew 20.5% year on year, with a free-cash-flow margin of 31.1%. Where it stands out: free-cash-flow margin of 31.1% ranks 3 of 128 health care equipment companies we cover.

Our discounted-cash-flow model values the business at ~$210 per share in the base case (~$160–$270 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 58.4% while net income grew 7.7%: a 51pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 20.5% over the last 12 months, against a median of 9.1% for health care equipment companies we cover.
  • High operating margin. 28.4% of revenue is left as operating profit, against a median of -8.3% for health care equipment companies we cover.
  • Strong cash generation. 31.1% of revenue turned into free cash flow, against a median of -3.4% for health care equipment companies we cover.
  • Shrinking share count. Diluted shares fell 1.7% in a year, so each share owns more of the business.
  • Net cash. Cash exceeds long-term debt by $3.0bn.

Things to watch

  • Priced above our value. The share price of $436.87 is 52% above our value per share of $210.
  • High earnings multiple. The shares trade at 53 times the last 12 months' earnings, so expectations are demanding.
  • Insiders selling. 11 insiders sold $72M of stock over the past 365 days and none bought (100% under pre-set trading plans).

Latest results: FY2026 Q3

Filed October 21, 2026
Earnings per share
$3.00 against an average estimate of $2.64: beat by 13.6%
Revenue
$3.05bn, up 21.7% on a year earlier
Share reaction
-1.2% in the first session after the results on October 20, 2026, against +0.9% for the S&P 500
Guidance given
worldwide da Vinci procedure growth growth 14% to 15% (2026); non-GAAP gross profit margin 68.7% to 69.3% (2026)
Next report
January 21, 2027; average EPS estimate $2.95

Intuitive Surgical's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+1.1%
  • 1 week-0.9%
  • 1 month+12.7%
  • This year-22.9%
  • 1 year-18.8%
  • 5 years+21.6%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$11.6B
Operating margin
28.4%
Net margin
25.5%
EPS (TTM, diluted)
$8.28

Growth

Revenue growth
+20.5%
Change in growth rate
−0.2 pts
Share count change
−1.7%

Cash

Free cash flow (TTM)
$3.6B
FCF margin
31.1%
Stock pay % of revenue
7.3%

Earnings

Last results
October 20, 2026
Next results (est.)
January 21, 2027

News & updates

Updated November 3, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Leadership
  2. Insider trade
  3. Insider trade
  4. Insider trade
  5. Our research
  6. Results
  7. Guidance
  8. Governance
  9. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Intuitive Surgical valuation models and calculator

What the price is pricing in

The share price implies about 33.0% a year of cash-flow growth for five years.That is faster than the 15.2% a year revenue growth Intuitive Surgical has delivered.

  • Priced in33.0%
  • Last 12 months20.5%
  • 3 years a year19.1%
  • 5 years a year15.2%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($441.74, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Sell12-month view
12-month price target
~$210
Price used
$441.74close November 3, 2026
Implied change
▼ 53%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Intuitive Surgical's free cash flow after stock-based pay with after-tax interest added back ($1.7B, FY2026 Q3 TTM), growing 14.5% and 16.8% in the next two years (forecasts, guidance and its record), then back to 19.8% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$160–~$270 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Intuitive Surgical's free cash flow after stock-based pay ( $1.7B, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Intuitive Surgical as an operating company, with every model that fits that kind of business. Cost of equity 9.5%: the 10-year Treasury yield (4.9%) plus a beta of 1 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$210 ~$160–$270 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$200 ~$180–$320 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$94 ~$64–$140 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$86 ~$75–$100 Left out: out of range vs price (0.20x)
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$180 ~$94–$210 3 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Intuitive Surgical with Health Care Equipment in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −23%
  • Revenue growth 5 points higher ▲ +30%
  • Free-cash-flow margin 1 point lower ▼ −3%
  • Last year's free-cash-flow margin change, if it persists ▲ +31%
  • Discount rate 1 point higher ▼ −16%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $81$106$139$182$239$312
8.5% $65$83$106$137$178$230
10% $55$69$87$111$141$181

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$60.68$70.46$121.65$159.64$197.05$272.70$359.30$265.35$337.36$521.96$566.36$436.87
Market value$20.7bn$24.9bn$42.4bn$56.9bn$70.6bn$98.4bn$131.4bn$96.1bn$120.6bn$188.9bn$205.4bn$156.1bn
+ Net debt (− = net cash)−$715m−$1.0bn−$648m−$858m−$1.2bn−$1.6bn−$1.3bn−$1.6bn−$2.8bn−$2.0bn−$3.4bn−$3.0bn
Enterprise value$20.0bn$23.9bn$41.8bn$56.0bn$69.5bn$96.8bn$130.1bn$94.5bn$117.8bn$186.9bn$202.1bn$153.1bn
Multiples
Price / sales 8.7x9.2x13.5x15.3x15.8x22.6x23.0x15.4x16.9x22.6x20.4x13.5x
Price / earnings 35.2x33.8x63.3x50.4x51.2x92.8x77.1x72.6x67.1x81.4x71.9x52.8x
Price / free cash flow 28.5x24.1x44.5x57.9x60.2x86.1x75.1x100.2x160.8x144.9x82.5x43.4x
EV / EBITDA 24.9x23.4x36.5x42.9x45.4x76.2x61.9x49.6x54.8x67.0x57.0x—

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

89 /100

Strong moat

How hard Intuitive Surgical's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 20 / 20

    Cash operating profit has been a median 17.3% of total assets over 10 years.

  • Pricing power 20 / 20

    Gross margin has been a median 67.5%, moving by 1.4 percentage points (standard deviation) across 10 years.

  • Durability 20 / 20

    Operating margin has been a median 28.8%; its worst year was 24.0%.

  • Cash conversion 20 / 20

    Free cash flow was positive in 10 of 10 years, at a median 24.1% of revenue.

  • Discipline 9 / 20

    The diluted share count fell 0.3% over five years; stock-based pay has been a median 8.0% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: January 21, 2027, after the close. Analysts expect revenue of $3.2bn and EPS of $2.95 (range $2.85 to $3.04) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $11.25 +26% $11.9bn +19%
Next $12.45 +11% $13.3bn +12%

Next year's EPS estimate has moved +3.2% in 90 days, across 27 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +4.3% on 90 days ago. In the last 30 days, 0 analysts raised Intuitive Surgical's forecast and 1 cut it.

Consensus EPS forecast Intuitive Surgical, last 90 days
$10.50 $11.00 $11.50 $12.00 $12.50 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $10.79 Current fiscal year, 60 days ago: $10.79 Current fiscal year, 30 days ago: $10.79 Current fiscal year, 7 days ago: $10.80 Current fiscal year, Now: $11.25 $11.25 Next fiscal year, 90 days ago: $12.07 Next fiscal year, 60 days ago: $12.07 Next fiscal year, 30 days ago: $12.09 Next fiscal year, 7 days ago: $12.12 Next fiscal year, Now: $12.45 $12.45

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $10.79$12.07
60 days ago $10.79$12.07
30 days ago $10.79$12.09
7 days ago $10.80$12.12
Now $11.25$12.45

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $2.64 $3.00 +13.6%
Jun 2026 $2.50 $2.80 +11.9%
Mar 2026 $2.11 $2.50 +18.7%
Dec 2025 $2.27 $2.53 +11.6%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 20, 2026
  • Non-GAAP gross profit margin 2026 68.7% to 69.3% Non-GAAP
    “Non-GAAP* gross profit margin to be within a range of 68.7% to 69.3% of revenue in 2026.” source
  • Worldwide da Vinci procedure growth 2026 14% growth to 15% growth
    “Worldwide da Vinci procedure growth of approximately 14% to 15% in 2026.” source
  • Non-GAAP operating expense growth 2026 11% growth to 13% growth Non-GAAP
    “Non-GAAP* operating expense growth of 11% to 13% in 2026.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Intuitive Surgical's revenue by +14.5% next year and +16.8% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+12.2%, weight 70%) and the company's own record (+19.8%, weight 30%) . How the weights are set.

Analyst recommendations

34 analysts, Oct 2026
Buy2676%
Hold618%
Sell26%

Monthly trend

  1. Oct 2026719634
  2. Sep 2026717732
  3. Aug 2026717833
  4. Jul 2026716933

Counts of recommendations published by analysts covering Intuitive Surgical, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
2.1%
of tradable shares
Days to cover
3.49
at average volume
Short interest, 1 month
−10%
to October 15, 2026
Held by institutions
91%
of shares
Held by insiders
0.5%
of shares
Employees
17,021
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −18.2%

$534.28 on October 31, 2025 to $436.87

ThenNowEffect
Revenue (last 12 months) $9.1bn $11.0bn +20.7%
Net margin 28.5% 28.4% −0.2%
P/E multiple 74.5x 50.1x −32.8%
Share count 364m 360m +1.1%

Biggest factor: p/e multiple.

Last 3 years +56.9%

$278.52 on November 3, 2023 to $436.87

ThenNowEffect
Revenue (last 12 months) $6.7bn $11.0bn +65.6%
Net margin 21.4% 28.4% +33.0%
P/E multiple 69.9x 50.1x −28.4%
Share count 358m 360m −0.6%

Biggest factor: revenue.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
ISRG+32%−26%+27%+55%+9%−23%
Industry peers (median)−9%−37%−9%−20%−16%−13%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
ISRG58%42%50%67%50%36%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
ISRG−16%−49%−27%−9%−30%−44%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 50% from November 8, 2021 to October 14, 2022. Getting back needed a 100% gain, reached on January 18, 2024, 461 days after the low.

Price behaviour

52-week range
$332.02 – $592.85
From 52-week high
−26.3%
vs 50-day average
+8.5%
vs 200-day average
+1.0%
Volatility (1 year)
34%
Beta vs S&P 500
0.89

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
7 up, 5 down
typical move ±5.9%
After a week
7 up, 5 down
typical move ±7.3%
After a month
6 up, 5 down
typical move ±9.8%
Results releasedNext dayS&P 500 next day5 days21 days
October 20, 2026 −1.2% +0.9% +2.9% —
July 16, 2026 −11.2% −1.5% −14.6% +1.4%
April 21, 2026 +3.9% +0.4% +0.2% −3.6%
January 22, 2026 +0.1% +0.6% −3.1% −6.0%
January 14, 2026 −3.6% −0.2% −6.4% −13.5%
October 21, 2025 +15.0% −0.5% +19.0% +23.2%
July 22, 2025 −2.7% +0.9% −3.7% −6.9%
April 22, 2025 +4.2% +4.2% +9.9% +16.8%
January 23, 2025 −4.3% +0.3% −5.0% −3.2%
January 15, 2025 +8.4% +1.6% +12.9% +10.5%
October 17, 2024 +9.3% +0.4% +7.4% +10.7%
July 18, 2024 +6.8% −1.4% +2.5% +12.4%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Intuitive Surgical’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 3, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Options look fairly priced

Implied volatility is within its normal range against realised. Selling options earns the usual premium, nothing extra.

  • Implied is 1.16× the last 60 days’ realised volatility , richer than 48% of the 175 stocks we screen today.
  • Puts and calls are priced at about the same implied volatility.
  • Why: implied is not far enough above realised, or not unusual against our coverage.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: rated Sell.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

ISRG Intuitive Surgical Grade B+ $435.31

Own 100 shares, sell the $480 call expiring December 18, 2026 (45 days) for $8.20 a share — $820 per contract.

Bid $8.20, ask $8.80, quoted Tue 3 Nov, 14:30 New York time with ISRG at $435.31. Option prices move with the shares: check the live chain at your broker before trading.

  • If ISRG ends below $480: you keep your shares and the $820 — 1.9% extra on the position, 15.3% a year at that pace.
  • If it ends above $480: your shares are sold at $480, a total return of 12.1% including the premium — at or above our value of ~$210.
$5.3k $0 −$8.5k Break-even $427.11 Price $435.31 ← Our value ~$210
Profit or loss per contract at expiry, by share price (including the shares bought at today's price).
Premium
$820
Annualised
15.3%
Break-even
$427.11
Max gain
$5,289
Chance of selling
~24%

Collar

Own the shares, buy the $405 put and sell the $480 call, both expiring December 18, 2026 (45 days).

  • Net credit of $1.30 a share ($130 per contract of 100 shares).
  • Worst case at expiry: -6.7%, if the shares fall below $405 (-7.0% from today).
  • Best case at expiry: +10.6%, if the shares rise above $480 (+10.3%); gains beyond that go to the call buyer.

Offered because the shares trade at or above our fair value of $210: a way to hold on with a floor under the price, paid for by giving up upside the model does not expect. Strikes near 25-delta; the put at its ask and the call at its bid. Protection has a cost over time: research on protective puts finds they have usually lowered returns.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Intuitive Surgical in five measures

Fundamentals grade B+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Intuitive Surgical
$6B $8B $10B $12B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $7.1B Revenue (TTM), FY24 Q1: $7.3B Revenue (TTM), FY24 Q2: $7.6B Revenue (TTM), FY24 Q3: $7.9B Revenue (TTM), FY24 Q4: $8.4B Revenue (TTM), FY25 Q1: $8.7B Revenue (TTM), FY25 Q2: $9.1B Revenue (TTM), FY25 Q3: $9.6B Revenue (TTM), FY25 Q4: $10.1B Revenue (TTM), FY26 Q1: $10.6B Revenue (TTM), FY26 Q2: $11B Revenue (TTM), FY26 Q3: $11.6B $11.6B

Source: SEC EDGAR filings. Retrieved October 23, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $7.1B
FY24 Q1 $7.3B
FY24 Q2 $7.6B
FY24 Q3 $7.9B
FY24 Q4 $8.4B
FY25 Q1 $8.7B
FY25 Q2 $9.1B
FY25 Q3 $9.6B
FY25 Q4 $10.1B
FY26 Q1 $10.6B
FY26 Q2 $11B
FY26 Q3 $11.6B
Revenue growth, TTM YoY Intuitive Surgical
10% 15% 20% 25% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 14.5% Revenue growth, TTM YoY, FY24 Q1: 13.8% Revenue growth, TTM YoY, FY24 Q2: 13.6% Revenue growth, TTM YoY, FY24 Q3: 14.8% Revenue growth, TTM YoY, FY24 Q4: 17.2% Revenue growth, TTM YoY, FY25 Q1: 19.1% Revenue growth, TTM YoY, FY25 Q2: 20.8% Revenue growth, TTM YoY, FY25 Q3: 22.2% Revenue growth, TTM YoY, FY25 Q4: 20.5% Revenue growth, TTM YoY, FY26 Q1: 21.4% Revenue growth, TTM YoY, FY26 Q2: 20.7% Revenue growth, TTM YoY, FY26 Q3: 20.5% 20.5%

Source: SEC EDGAR filings. Retrieved October 23, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 14.5%
FY24 Q1 13.8%
FY24 Q2 13.6%
FY24 Q3 14.8%
FY24 Q4 17.2%
FY25 Q1 19.1%
FY25 Q2 20.8%
FY25 Q3 22.2%
FY25 Q4 20.5%
FY26 Q1 21.4%
FY26 Q2 20.7%
FY26 Q3 20.5%
Operating margin (TTM) Intuitive Surgical
24% 26% 28% 30% 32% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 24.8% Operating margin (TTM), FY24 Q1: 25.3% Operating margin (TTM), FY24 Q2: 25.8% Operating margin (TTM), FY24 Q3: 26.2% Operating margin (TTM), FY24 Q4: 28.1% Operating margin (TTM), FY25 Q1: 28.2% Operating margin (TTM), FY25 Q2: 28.8% Operating margin (TTM), FY25 Q3: 29.3% Operating margin (TTM), FY25 Q4: 29.3% Operating margin (TTM), FY26 Q1: 30.5% Operating margin (TTM), FY26 Q2: 31.3% Operating margin (TTM), FY26 Q3: 28.4% 28.4%

Source: SEC EDGAR filings. Retrieved October 23, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 24.8%
FY24 Q1 25.3%
FY24 Q2 25.8%
FY24 Q3 26.2%
FY24 Q4 28.1%
FY25 Q1 28.2%
FY25 Q2 28.8%
FY25 Q3 29.3%
FY25 Q4 29.3%
FY26 Q1 30.5%
FY26 Q2 31.3%
FY26 Q3 28.4%
FCF margin (TTM) Intuitive Surgical
0% 10% 20% 30% 40% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 10.5% FCF margin (TTM), FY24 Q1: 8.1% FCF margin (TTM), FY24 Q2: 5.5% FCF margin (TTM), FY24 Q3: 7.4% FCF margin (TTM), FY24 Q4: 15.6% FCF margin (TTM), FY25 Q1: 20.0% FCF margin (TTM), FY25 Q2: 21.8% FCF margin (TTM), FY25 Q3: 23.6% FCF margin (TTM), FY25 Q4: 24.7% FCF margin (TTM), FY26 Q1: 26.8% FCF margin (TTM), FY26 Q2: 29.2% FCF margin (TTM), FY26 Q3: 31.1% 31.1%

Source: SEC EDGAR filings. Retrieved October 23, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 10.5%
FY24 Q1 8.1%
FY24 Q2 5.5%
FY24 Q3 7.4%
FY24 Q4 15.6%
FY25 Q1 20.0%
FY25 Q2 21.8%
FY25 Q3 23.6%
FY25 Q4 24.7%
FY26 Q1 26.8%
FY26 Q2 29.2%
FY26 Q3 31.1%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Intuitive Surgical took in during FY2025, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $10.1B
  2. Other income $345M · 3.4%
  3. Cost of revenue $3.4B · 34.0%
  4. Gross profit $6.6B · 66.0%
  5. Research and development $1.3B · 13.0%
  6. Selling, general and admin $2.4B · 23.7%
  7. Operating income $2.9B · 29.3%
  8. Income tax $435M · 4.3%
  9. Net income $2.9B · 28.4%

Shares of revenue. Source: Intuitive Surgical's 10-K for FY2025, as filed with the SEC. Other income is income outside operations, such as investment gains.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 1.1 1.4 1.8 2.2 2.3 2.1 2.4 2.7 3.1 3.7 4.5 4.4 5.7 6.2 7.1 8.4 10.1 11.6
Gross profit 0.8 1.0 1.3 1.6 1.6 1.4 1.6 1.9 2.2 2.6 3.1 2.9 4.0 4.2 4.7 5.6 6.6 7.8
EBITDA 0.4 0.6 0.7 0.9 0.9 0.6 0.8 1.0 1.1 1.3 1.5 1.3 2.1 1.9 2.1 2.8 3.5 —
Operating income 0.4 0.6 0.7 0.9 0.9 0.5 0.7 0.9 1.1 1.2 1.4 1.0 1.8 1.6 1.8 2.3 2.9 3.3
Net income 0.2 0.4 0.5 0.7 0.7 0.4 0.6 0.7 0.7 1.1 1.4 1.1 1.7 1.3 1.8 2.3 2.9 3.0
Diluted EPS $0.66 $1.05 $1.37 $1.78 $1.86 $1.23 $1.73 $2.09 $1.92 $3.16 $3.85 $2.94 $4.66 $3.65 $5.03 $6.42 $7.87 $8.28
Growth (year on year)
Revenue +20.3% +34.3% +24.4% +24.0% +4.0% −5.9% +11.9% +13.5% +16.0% +18.7% +20.3% −2.7% +31.0% +9.0% +14.5% +17.2% +20.5% +20.5%
EBITDA +21.8% +46.0% +25.0% +26.2% −1.6% −33.6% +34.2% +27.4% +12.2% +14.0% +17.3% −17.0% +65.3% −9.4% +12.9% +29.7% +27.2% —
Operating income +21.4% +47.1% +25.1% +26.4% −2.9% −36.1% +35.8% +28.3% +11.9% +12.8% +14.6% −23.6% +73.5% −13.4% +12.0% +32.9% +25.4% +16.6%
Net income +13.9% +64.1% +29.7% +32.6% +2.2% −37.6% +40.6% +25.4% −9.1% +68.1% +22.3% −23.1% +60.7% −22.4% +36.0% +29.2% +23.0% +7.7%
Diluted EPS +15.8% +59.7% +30.1% +29.7% +4.7% −33.6% +39.9% +20.8% −7.8% +64.5% +21.7% −23.6% +58.5% −21.7% +37.8% +27.6% +22.6% +9.6%
Margins
Gross margin 71.4% 72.9% 72.5% 72.1% 70.4% 66.3% 66.2% 69.9% 70.2% 69.9% 69.4% 65.6% 69.3% 67.4% 66.4% 67.5% 66.0% 67.2%
EBITDA margin 37.7% 41.0% 41.2% 41.9% 39.7% 28.0% 33.6% 37.7% 36.5% 35.0% 34.2% 29.2% 36.8% 30.6% 30.2% 33.4% 35.2% —
Operating margin 35.9% 39.3% 39.5% 40.3% 37.6% 25.6% 31.0% 35.1% 33.9% 32.2% 30.7% 24.1% 31.9% 25.3% 24.8% 28.1% 29.3% 28.4%
Net margin 22.1% 27.0% 28.2% 30.1% 29.6% 19.6% 24.7% 27.3% 21.4% 30.3% 30.8% 24.3% 29.9% 21.3% 25.2% 27.8% 28.4% 25.5%
Free-cash-flow margin 32.2% 31.8% 33.8% 32.1% 34.2% 26.2% 30.4% 38.2% 30.4% 26.4% 26.2% 26.2% 30.6% 15.4% 10.5% 15.6% 24.7% 31.1%
Cash flow
Cash from operations 0.4 0.5 0.7 0.8 0.9 0.7 0.8 1.1 1.1 1.2 1.6 1.5 2.1 1.5 1.8 2.4 3.0 4.1
Capital spending 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.2 0.2 0.4 0.3 0.3 0.5 1.1 1.1 0.5 0.5
Free cash flow 0.3 0.4 0.6 0.7 0.8 0.6 0.7 1.0 1.0 1.0 1.2 1.1 1.7 1.0 0.7 1.3 2.5 3.6
Stock-based pay 0.1 0.1 0.1 0.2 0.2 0.2 0.2 0.2 0.2 0.3 0.3 0.4 0.4 0.5 0.6 0.7 0.8 0.8
Free cash flow after stock pay 0.2 0.3 0.5 0.5 0.6 0.4 0.6 0.9 0.7 0.7 0.8 0.7 1.3 0.4 0.2 0.6 1.7 2.8
Balance sheet
Cash 0.2 0.3 0.5 0.6 0.8 0.6 0.7 1.0 0.6 0.9 1.2 1.6 1.3 1.6 2.8 2.0 3.4 3.0
Total debt 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Net debt (negative = net cash) −0.2 −0.3 −0.5 −0.6 −0.8 −0.6 −0.7 −1.0 −0.6 −0.9 −1.2 −1.6 −1.3 −1.6 −2.8 −2.0 −3.4 −3.0
Diluted shares 353m 363m 362m 370m 361m 339m 341m 354m 349m 356m 358m 361m 366m 362m 357m 362m 363m 357m
Returned to shareholders
Buybacks 0.2 0.2 0.3 0.2 1.1 1.0 0.2 0.0 2.3 0.0 0.3 0.1 0.0 2.6 0.4 0.0 2.3 4.6
Total returned 0.2 0.2 0.3 0.2 1.1 1.0 0.2 0.0 2.3 0.0 0.3 0.1 0.0 2.6 0.4 0.0 2.3 4.6

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 2 checks passed · September 30, 2026
What it owns · $19.3bn
Short-term assets $8.4bnLonger-term assets $10.9bn
What it owes, and who funded it · $19.2bn
Short-term liabilities $2.5bnLonger-term liabilities $698mShareholders' equity $16.0bn
  • Short-term assets cover short-term liabilities $8.4bn of assets due within a year against $2.5bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $8.4bn short-term assets against $698m of longer-dated liabilities.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Intuitive Surgical's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$4.6B
Returned to shareholders
128%
of free cash flow
Buybacks, last 3 fiscal years
$2.7B
Diluted share count
−1.7%
year over year
Total shareholder yield
3.0%
dividends 0.0% + buybacks 3.0% of market value
R&D spending
12.9%
of revenue
Sales & admin spending
22.0%
of revenue
Days sales outstanding
54 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in health care equipment
Last 12 months unless stated ISRG BAX ALC ZBH PHG EW Median
Revenue, last 12 months $11.6bn $11.6bn $10.4bn $8.5bn $20.2bn $6.5bn $99m
Revenue growth, last 12 months 20.5% 5.3% 4.9% 8.6% 3.4% 14.6% 9.2%
Revenue growth, 3-year average 19.1% 0.7% — 5.7% — 15.3% 13.5%
Revenue growth, latest quarter 21.7% 5.0% — 4.8% — 13.6% 10.2%
Gross margin 67.2% 30.1% 55.2% 69.9% 45.2% 77.8% 61.2%
Operating margin 28.4% −1.9% 13.1% 14.2% 8.0% 22.3% −8.5%
Operating margin, 3-year average 28.0% 1.7% 6.3% 15.6% 6.6% 25.2% −17.9%
Net margin 25.5% −6.2% 9.4% 9.5% 5.0% 15.4% −12.0%
Cash from operations / revenue 35.3% 14.1% 21.8% 20.5% — 26.4% −1.9%
Free-cash-flow margin 31.1% 8.4% 16.6% 17.9% — 22.0% −3.9%
Free-cash-flow margin, 3-year average 20.7% 4.1% 12.1% 17.9% — 14.4% −7.0%
Stock pay / revenue 7.3% 0.9% — 1.2% 0.8% 2.6% 6.1%
Change in share count −1.7% 0.7% −0.3% −1.9% 3.1% −1.6% 4.0%

Median of all 134 companies we cover in health care equipment. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

134 health care equipment companies
Measure Company Peer median Rank
Revenue growth Growth 20.5% 9.1% 39 of 129
Change in growth rate Growth -0.2pp -0.6pp 58 of 129
Gross margin Profitability 67.2% 61.9% 49 of 123
Operating margin Profitability 28.4% -8.3% 7 of 132
Net margin Profitability 25.5% -12.0% 7 of 133
Free-cash-flow margin Cash generation 31.1% -3.4% 3 of 128
Stock pay as % of revenue Cash generation 7.3% 6.1% 68 of 123
Change in share count Balance sheet -1.7% 3.3% 19 of 115
Days sales outstanding Balance sheet 54 days 57 days 54 of 118

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Products $8.5B 84.4% ▲ 20.5%
Instruments and Accessories $6B 70.9% ▲ 18.5%
Systems $2.5B 29.1% ▲ 25.8%
Services $1.6B 15.6% ▲ 20.3%

From Intuitive Surgical's 10-K filed February 3, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$122B
Institutions reporting
2,221
Shares held vs prior quarter
▲ 2.1%
Positions opened / closed
149 / 207

Top buyers and sellers, Q2 2026: 1,040 institutions bought and 1,079 sold ; the biggest buyer was Arrowstreet Capital, Limited Partnership (+1.6M shares) and the biggest seller Price T Rowe Associates Inc (−1.3M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $11.9B 30.0M 9.8% ▼ 0.2%
Vanguard Capital Management LLC $9.2B 23.1M 7.5% ▲ 0.2%
State Street Corp $6.4B 16.1M 5.2% ▲ 1.4%
Invesco Ltd. $4.7B 11.8M 3.9% ▲ 5.8%
Price T Rowe Associates Inc $4.5B 11.3M 3.7% ▼ 10.1%
Geode Capital Management, LLC $3.4B 8.5M 2.8% ▲ 0.8%
Capital World Investors $3.1B 7.7M 2.5% ▼ 3.8%
Vanguard Portfolio Management LLC $2.9B 7.2M 2.4% ▲ 0.1%
Morgan Stanley $2.6B 6.6M 2.1% ▲ 8.3%
Norges Bank $2B 5.0M 1.6% —
Jpmorgan Chase & Co $1.7B 4.2M 1.4% ▼ 7.9%
FMR LLC $1.7B 4.3M 1.4% ▼ 22.4%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Intuitive Surgical's complete shareholder register. Values are as reported by the filers ; 6 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $71.7M 84 trades by 11 insiders · 100% under pre-set plans
Net ▼ $71.7M net selling
Insider Date Trade Shares Price Value
Widman Fredrik VP Corporate Controller October 30, 2026 Sell pre-set plan 5,448 $436.06 $2.4M
Brosius Mark EVP & Chief Mfg and Supply Cha October 30, 2026 Sell pre-set plan 63 $453.60 $28,577
Brosius Mark EVP & Chief Mfg and Supply Cha October 29, 2026 Sell pre-set plan 61 $447.85 $27,319
Brosius Mark EVP & Chief Mfg and Supply Cha October 28, 2026 Sell pre-set plan 61 $441.60 $26,938
Brosius Mark EVP & Chief Mfg and Supply Cha October 27, 2026 Sell pre-set plan 61 $451.63 $27,549
Brosius Mark EVP & Chief Mfg and Supply Cha October 26, 2026 Sell pre-set plan 61 $451.75 $27,557
Guthart Gary S Director October 23, 2026 Sell pre-set plan 20,095 $451.61 $9.1M
Wadors Patricia L SVP Chief Human Resources Offi October 23, 2026 Sell pre-set plan 1,078 $443.80 $478,416
Widman Fredrik VP Corporate Controller October 23, 2026 Sell pre-set plan 4,047 $453.21 $1.8M
Barratt Craig H Director October 23, 2026 Sell pre-set plan 1,150 $443.80 $510,370
Widman Fredrik VP Corporate Controller September 15, 2026 Sell pre-set plan 543 $374.44 $203,321
Widman Fredrik VP Corporate Controller September 15, 2026 Sell pre-set plan 546 $374.44 $204,444

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 71 trades and filings

In the last 12 months, 1 member of Congress disclosed 3 purchases and 0 sales of Intuitive Surgical shares.

  • Gilbert Ray Cisneros, Jr.(D-CA 31):Purchase, $1,001 - $15,000, traded January 30, 2026, filed February 13, 2026
  • Gilbert Ray Cisneros, Jr.(D-CA 31):Purchase, $1,001 - $15,000, traded December 10, 2025, filed January 12, 2026
  • Gilbert Ray Cisneros, Jr.(D-CA 31):Purchase, $1,001 - $15,000, traded November 18, 2025, filed December 15, 2025

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around January 21, 2027 estimated from the company's past filing pattern, not announced

  • October 20, 2026
  • July 16, 2026
  • April 21, 2026
  • January 22, 2026
  • January 14, 2026
  • October 21, 2025

Recent SEC filings

Data status

When each part of this page on Intuitive Surgical was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Intuitive Surgical in brief

What does Intuitive Surgical do?
Intuitive Surgical is a US-listed company in the health care equipment industry. Its financial year ends in December.
What is Intuitive Surgical's stock ticker?
Intuitive Surgical trades under the ticker ISRG on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Intuitive Surgical's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Intuitive Surgical reported revenue of $11.6B, 20.5% higher than a year earlier, according to its SEC filings.
What is Intuitive Surgical's free cash flow?
Intuitive Surgical's free-cash-flow margin is 31.1% of revenue over the trailing twelve months, ranking 3 of the 128 health care equipment companies we cover.
What is Intuitive Surgical's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Intuitive Surgical's free cash flow after stock-based pay gives ~$210 per share in the base case, and ~$160–$270 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Intuitive Surgical's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Capital Management LLC and State Street Corp. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Intuitive Surgical buying back stock, and does it pay a dividend?
Intuitive Surgical spent $4.6B on share repurchases over the trailing twelve months, and its diluted share count fell 1.7% over the year.
What is Intuitive Surgical's market cap?
On November 2, 2026, Intuitive Surgical's market capitalisation was about $156B, with a price-to-earnings ratio of 52.8 and net debt of -$3B. Market figures come from third-party market data and may be delayed.
Who are Intuitive Surgical's competitors?
In our Health Care Equipment peer group, the companies closest to Intuitive Surgical are Baxter International, Alcon Inc, Zimmer Biomet, Koninklijke Philips NV and Edwards Lifesciences. The side-by-side comparison below sets their revenue, margins and growth against Intuitive Surgical's.
Are insiders buying or selling Intuitive Surgical stock?
Over the last 12 months, Intuitive Surgical's directors and officers reported 0 open-market purchases and 84 sales on Form 4. The insider trading page charts every trade.
When is Intuitive Surgical's next earnings date?
Around January 21, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Intuitive Surgical announces its own schedule.