Intuitive Surgical Inc

Company facts

Industry

Orthopedic, Prosthetic & Surgical Appliances & Supplies

Headquarters

Sunnyvale, California

Most recent report

8-K, filed Jul 27, 2026

Incorporated

Delaware

Filings on record

1,000+ filings

On EDGAR

CIK 1035267

Fiscal year ends

December

Filer status

Large accelerated filer

What to read: Jun 2026 10-Q

SECSift found 3 of 13 sections worth reading, with 5 positive, 9 notable, and 2 negative flags.

• Financial Statements (Item 1)

  Revenue +19%, net income +24%, buybacks surged 8x, acquisition closed, antitrust class certified.
  Notable

  • Board raised buyback authorization to $5.0B in April 2026, with $4.7B remaining at June 30.

• Management's Discussion (Item 2)

  Dense with company-specific results, tariff impacts, China dynamics, and regulatory progress.
  Positive

  • FDA clearance in March 2026 for extended-life force feedback instruments (15 uses for 5 instruments, 10 for 1).
  • FDA clearance in January 2026 for da Vinci 5 in selected thoracoscopically-assisted cardiac procedures.
  • Total revenue up 19% to $2.89B for Q2 2026 vs $2.44B a year ago.
  • Da Vinci procedures up 15% to 889k in Q2 2026; Ion procedures surged 36% to 47.9k.
  • Operating income rose 31% to $972M in Q2 2026 vs $743M; gross margin improved to 67.8% from 66.3%.
  Notable

  • Da Vinci 5 installed base reached 1,710 systems as of June 30, 2026, up from 1,464 at March 31, 2026.
  • Recognized $35.9M in IEEPA tariff refunds in Q2 2026, reducing cost of revenue. Tariff costs totaled $20.8M.
  • Japan granted reimbursement for 7 additional da Vinci procedures in April 2026; higher reimbursement for certain rectal procedures.
  • Intangible asset amortization jumped to $24.0M in Q2 2026 from $4.8M in Q2 2025 due to business acquisition.
  • Share repurchases slowed to $0.38B in Q2 2026 vs $1.13B in Q1 2026 ($1.44B total in H1 2026).
  • Cash, cash equivalents, and investments fell to $8.63B vs $9.03B at year-end 2025, driven by buybacks and acquisition.
  • U.S. da Vinci bariatric procedures declined high-single-digit in Q2 2026; they're ~2% of total procedures.
  • Inventory increased $515M in H1 2026 to support business growth and mitigate supply chain disruptions.
  Negative

  • In Q2 2026, fewer da Vinci systems placed in China than anticipated due to competition and governance campaign.

• Risk Factors (Item 1A)

  New company-specific risk factor on remanufactured instruments, a real business threat.
  Negative

  • Third-party remanufactured instruments approved by regulators, sold at lower prices, threaten a major revenue source and patient safety.

What changed: Jun 2026 vs. Mar 2026

About 10% of ISRG's Jun 2026 10-Q is new information. 33 paragraphs were added, 172 changed, and 34 removed. Below are the most important lines SECSift identified.

• Item 2 96
• Item 1 48
• Item 1A 5
• Item 5 5
• Item 3 1
• Item 4 1