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Dec 31, 2025
Intuitive Surgical Q4 2025 Earnings Report
Intuitive Surgical reported strong financial results for the fourth quarter of 2025, driven by significant growth in procedure volumes and system placements.
Key Takeaways
Intuitive Surgical announced robust financial results for Q4 2025, with revenue increasing 19% to $2.87 billion and GAAP net income attributable to Intuitive rising to $795 million, or $2.21 per diluted share. The growth was primarily fueled by an 18% increase in worldwide procedures and higher da Vinci system placements, including a significant number of da Vinci 5 systems.
Worldwide procedures (da Vinci and Ion combined) grew approximately 18% compared with Q4 2024, with da Vinci procedures up 17% and Ion procedures up 44%.
The Company placed 532 da Vinci surgical systems in Q4 2025, including 303 da Vinci 5 systems, an increase from 493 systems (174 da Vinci 5) in Q4 2024.
Fourth quarter 2025 revenue increased 19% to $2.87 billion, up from $2.41 billion in Q4 2024.
GAAP net income attributable to Intuitive was $795 million, or $2.21 per diluted share, compared with $686 million, or $1.88 per diluted share, in Q4 2024.
Revenue by Segment
Forward Guidance
For the full year of 2026, Intuitive expects worldwide da Vinci procedure growth of approximately 13% to 15%, non-GAAP gross profit margin between 67% and 68% of revenue, and non-GAAP operating expense growth of 11% to 15%.
Positive Outlook
- Expected worldwide da Vinci procedure growth of approximately 13% to 15% in 2026, compared to 18% in 2025, indicating continued market penetration.
- Non-GAAP gross profit margin is projected to be within a range of 67% and 68% of revenue in 2026, suggesting stable profitability.
- Non-GAAP operating expense growth is expected to be 11% to 15% in 2026, compared to 12% in 2025, reflecting controlled expense management.
- The company's continued focus on innovation and expansion is expected to drive future growth.
- The company's strong cash position provides flexibility for strategic investments and operations.
Challenges Ahead
- The projected da Vinci procedure growth for 2026 (13%-15%) is lower than the 18% growth experienced in 2025, indicating a potential slowdown.
- The non-GAAP gross profit margin range includes an estimated impact from tariffs of 1.2% of revenue, plus or minus 10 basis points, which could negatively affect profitability.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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