Intuitive Surgical 8-K
PositiveEarningsNew guidance
Rising procedure volumes and da Vinci 5 placements drove growth; 2026 outlook points to slower procedure growth and tariff pressure on margins.
Filed 2026-01-22 16:05 ET
- 2.02 Results of Operations
- 9.01 Financial Statements and Exhibits
Summary
Q4 and FY2025 results with FY2026 outlook. Q4 revenue grew 19% as procedure volume, da Vinci placements and the installed base increased. For 2026, Intuitive expects da Vinci procedure growth of 13%-15%, non-GAAP gross margin of 67%-68% and non-GAAP operating expense growth of 11%-15%.
Key Figures
| Metric | Q4 2025 | Q4 2024 | Y/Y |
|---|---|---|---|
| Revenue | $2.87B | $2.41B | 19% |
| GAAP income from operations | $864M | $735M | 18% |
| Non-GAAP income from operations | $1.07B | $928M | 15% |
| GAAP net income attributable to Intuitive Surgical, Inc. | $795M | $686M | 16% |
| Non-GAAP net income attributable to Intuitive Surgical, Inc. | $914M | $805M | 14% |
| GAAP diluted EPS | $2.21 | $1.88 | 18% |
| Non-GAAP diluted EPS | $2.53 | $2.21 | 14% |
- Procedure growth was approximately 18% worldwide: da Vinci procedures grew approximately 17% and Ion procedures approximately 44%. Intuitive placed 532 da Vinci systems, including 303 da Vinci 5 systems, versus 493 and 174, respectively, a year earlier; Ion placements were 42 vs 69. Year-end installed bases were 11,106 da Vinci systems (+12%) and 995 Ion systems (+24%).
- FY2025 revenue was $10.1B (+21%); GAAP net income attributable to Intuitive was $2.86B (+23%) and non-GAAP net income attributable to Intuitive was $3.24B (+22%). GAAP diluted EPS was $7.87 (+23%) and non-GAAP diluted EPS was $8.93 (+22%).
- Cash, cash equivalents and investments ended the quarter at $9.03B, up $0.60B during the quarter, primarily from operating cash generation, partly offset by repurchases and capital expenditures. Q4 expenses included a $70M Intuitive Foundation contribution, vs $45M a year earlier.
Guidance
| Metric | Period | Guidance | Prior | Direction |
|---|---|---|---|---|
| Worldwide da Vinci procedure growth | FY2026 | 13%-15% | — | — |
| Non-GAAP gross profit margin | FY2026 | 67%-68% of revenue | — | — |
| Non-GAAP operating expense growth | FY2026 | 11%-15% | — | — |
The procedure-growth outlook compares with 18% growth in 2025; the margin outlook compares with 67.6% in 2025, and operating expense growth with 12%. The margin outlook includes an estimated tariff impact of 1.2% of revenue, plus or minus 10 bp, and assumes current tariffs remain in place; additional or modified tariffs could materially affect 2026 results.
Investor Takeaways
- Track procedure growth against the 13%-15% FY2026 outlook; tariff changes could alter the gross-margin outlook.
The summary is written by an AI model reading the filing.
Model 005 · prompt 01d34d48e3