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Intuitive Surgical

No base rate yet — ISRG has 2 graded prints on the record, and the bar is 3.Website
Ticker
ISRG
Beat
robotics
Size
Public Company
Revenue
$2.9B
as of Jun 2026
Cash
$2.8B
as of Jun 2026
Researched · Fresh
8 days ago

The best razor-and-blade in medtech, finally facing real razors — an 84%-recurring soft-tissue surgical monopoly compounding mid-teens, but priced at ~37x forward EPS just as Medtronic and J&J arrive and US procedure growth decelerates 19%→14-16%. Quality is not the question; the entry price is.

Orbit · who it trades with and competes with
3 on the rings · 0 trade · 3 rival
6 mentions across our dossiers
Focus · Robotics
Intuitive Surgical
ISRG · public
No published house view
Competes with
Next prints in its web
Links · 3 companies · 0 trade · 3 rival
“- What's newly prominent: tariffs (now an explicit margin headwind in guidance) and competition acknowledged more directly as Medtronic/J&J arrive.”Medtronic · RIVAL · from Intuitive Surgical’s dossier
TholoBbrief←→step through the orbitESCcloseclick a company to open ittap a company to read it, tap again to open it
Price

Weekly closes

ISRG · weekly close
432.01 USD−4.5%
Friday 30 Oct 2026 · last 52 Fridays 337.50–586.24
pick a pin
Every pin is a dated row
Solid: filed with the SEC, settled at FINRA, or a recorded split. Hollow: the scheduled print, past the last close, never a price.
Height is the close · the ribbon is the stored record, a missing week a missing point · a pin stands on its Friday
  1. Insiders sold, 90 days: 21,528 sh · 5 filings, Form 4 · 29 Oct 2026
  2. Short interest: 7,325,463 sh · 4.05 days to cover, FINRA · settled 15 Oct 2026
  3. Insiders bought, 90 days: 2,394 sh · 2 filings, Form 4 · 10 Oct 2026
  4. Next print: in 79 days, Scheduled · 22 Jan 2027, scheduled
432.01USD-4.5%robotics -1.6%ISRG · 112 weekly closes to 2026-10-30

Who is buying

Insiders sold, last 90 daysSEC Form 4 · newest 29 Oct 2026
5 filings · 21,528 shares
Insiders bought, last 90 daysSEC Form 4 · newest 10 Oct 2026
2 filings · 2,394 shares
Shares sold shortFINRA · settled 15 Oct 2026
7,325,463 shares
Days to unwind the shortFINRA · settled 15 Oct 2026
4.05
see the whole series
Financials

The reported figures

Revenue · quarterly
$2.9B
latest, Q2 ’26 · 12 periods stored
Filed · primary
Q2 ’26
$2.9B USD
as of 30 Jun 2026
Source: sec.gov
Solid = filed (primary) · hollow dashed = estimate · a dashed floor tick is a period with no figure held · quarterly and annual never share an axis
Intuitive Surgical, quarterly figures held, Q3 ’23 to Q2 ’26
PeriodAs ofRevenueOperating marginCashShares outstandingGradingSource
Q3 ’2330 Sept 2023$1.7B USD26.7% share of revenue$3.6B USD352.1M sharesFiled · primarysec.gov
Q4 ’2331 Dec 2023$1.9B USD23.3% share of revenue$2.8B USD352.3M sharesFiled · primarysec.gov
Q1 ’2431 Mar 2024$1.9B USD24.8% share of revenue$2.8B USD354.7M sharesFiled · primarysec.gov
Q2 ’2430 Jun 2024$2.0B USD28.2% share of revenue$3.0B USD355.4M sharesFiled · primarysec.gov
Q3 ’2430 Sept 2024$2.0B USD28.3% share of revenue$2.4B USD356.2M sharesFiled · primarysec.gov
Q4 ’2431 Dec 2024$2.4B USD30.4% share of revenue$2.0B USD356.7M sharesFiled · primarysec.gov
Q1 ’2531 Mar 2025$2.3B USD25.7% share of revenue$2.6B USD358.4M sharesFiled · primarysec.gov
Q2 ’2530 Jun 2025$2.4B USD30.5% share of revenue$3.4B USD358.5M sharesFiled · primarysec.gov
Q3 ’2530 Sept 2025$2.5B USD30.3% share of revenue$2.8B USD354.5M sharesFiled · primarysec.gov
Q4 ’2531 Dec 2025$2.9B USD30.2% share of revenue$3.4B USD355.1M sharesFiled · primarysec.gov
Q1 ’2631 Mar 2026$2.8B USD30.9% share of revenue$2.0B USD354.2M sharesFiled · primarysec.gov
Q2 ’2630 Jun 2026$2.9B USD33.6% share of revenue$2.8B USD353.3M sharesFiled · primarysec.gov

Intuitive Surgical’s figures as the company reported them in its filings. Quarters are calendar quarters, so a company whose year ends in January shows each fiscal quarter under the calendar quarter it falls in. An empty slot is a quarter we hold no figure for.

Revenue · quarterlyQ3 ’23 – Q2 ’26
$2.9B+19% vs Q2 ’25

Q2 ’26 · as of Jun 2026

Revenue Q3 ’23: $1.7B, as of Sep 2023Revenue Q4 ’23: $1.9B, as of Dec 2023Revenue Q1 ’24: $1.9B, as of Mar 2024Revenue Q2 ’24: $2.0B, as of Jun 2024Revenue Q3 ’24: $2.0B, as of Sep 2024Revenue Q4 ’24: $2.4B, as of Dec 2024Revenue Q1 ’25: $2.3B, as of Mar 2025Revenue Q2 ’25: $2.4B, as of Jun 2025Revenue Q3 ’25: $2.5B, as of Sep 2025Revenue Q4 ’25: $2.9B, as of Dec 2025Revenue Q1 ’26: $2.8B, as of Mar 2026Revenue Q2 ’26: $2.9B, as of Jun 2026
Operating margin · quarterlyQ3 ’23 – Q2 ’26
33.6%+3.1 pts vs Q2 ’25

Q2 ’26 · as of Jun 2026

Operating margin Q3 ’23: 26.7%, as of Sep 2023Operating margin Q4 ’23: 23.3%, as of Dec 2023Operating margin Q1 ’24: 24.8%, as of Mar 2024Operating margin Q2 ’24: 28.2%, as of Jun 2024Operating margin Q3 ’24: 28.3%, as of Sep 2024Operating margin Q4 ’24: 30.4%, as of Dec 2024Operating margin Q1 ’25: 25.7%, as of Mar 2025Operating margin Q2 ’25: 30.5%, as of Jun 2025Operating margin Q3 ’25: 30.3%, as of Sep 2025Operating margin Q4 ’25: 30.2%, as of Dec 2025Operating margin Q1 ’26: 30.9%, as of Mar 2026Operating margin Q2 ’26: 33.6%, as of Jun 2026
Free cash flow · annualFY21 – FY25
$2.5B

FY25 · as of Dec 2025

Free cash flow FY21: $1.7B, as of Dec 2021Free cash flow FY22: $958M, as of Dec 2022Free cash flow FY23: $750M, as of Dec 2023Free cash flow FY24: $1.3B, as of Dec 2024Free cash flow FY25: $2.5B, as of Dec 2025

Operating cash flow minus capital spending.

Cash · quarterlyQ3 ’23 – Q2 ’26
$2.8B

Q2 ’26 · as of Jun 2026

Cash Q3 ’23: $3.6B, as of Sep 2023Cash Q4 ’23: $2.8B, as of Dec 2023Cash Q1 ’24: $2.8B, as of Mar 2024Cash Q2 ’24: $3.0B, as of Jun 2024Cash Q3 ’24: $2.4B, as of Sep 2024Cash Q4 ’24: $2.0B, as of Dec 2024Cash Q1 ’25: $2.6B, as of Mar 2025Cash Q2 ’25: $3.4B, as of Jun 2025Cash Q3 ’25: $2.8B, as of Sep 2025Cash Q4 ’25: $3.4B, as of Dec 2025Cash Q1 ’26: $2.0B, as of Mar 2026Cash Q2 ’26: $2.8B, as of Jun 2026
Shares outstanding · quarterlyQ3 ’23 – Q2 ’26
353.3M+0.3% since Q3 ’23

Q2 ’26 · as of Jun 2026

Shares outstanding Q3 ’23: 352.1M, as of Sep 2023Shares outstanding Q4 ’23: 352.3M, as of Dec 2023Shares outstanding Q1 ’24: 354.7M, as of Mar 2024Shares outstanding Q2 ’24: 355.4M, as of Jun 2024Shares outstanding Q3 ’24: 356.2M, as of Sep 2024Shares outstanding Q4 ’24: 356.7M, as of Dec 2024Shares outstanding Q1 ’25: 358.4M, as of Mar 2025Shares outstanding Q2 ’25: 358.5M, as of Jun 2025Shares outstanding Q3 ’25: 354.5M, as of Sep 2025Shares outstanding Q4 ’25: 355.1M, as of Dec 2025Shares outstanding Q1 ’26: 354.2M, as of Mar 2026Shares outstanding Q2 ’26: 353.3M, as of Jun 2026

A rising count is dilution: each existing share owns less of the company.

Latest filing: sec.gov

The record

What happened

What happened
DateTypeWhat happenedSource
2026-11-02filing8-K item 5.02: Aaron Martin appointed director effective 1 Jan 2027Board size increased from ten to eleven; Aaron Martin appointed director effective 1 Jan 2027, determined independent, no committee seats. Annual cash retainer $70,000, prorated; initial RSU grant target value $93,333, prorated.agent:company-events · SEC EDGAR 8-K
2026-10-28filingForm 4 filings: 5 Intuitive Surgical insiders, salesBrosius, Barratt, Widman, Wadors and Guthart filed Form 4s 22-28 Oct 2026; sales (code S) total roughly 26,432 shares, several under 10b5-1 plans, some after option exercises.agent:company-events · SEC EDGAR Form 4
2026-10-27editorial noteSources added: 0 → 4The dossier's cited-link count grew from 0 to 4 (deep-dive-2026-06-21.md → deep-dive-2026-10-27.md).dossier
2026-10-27editorial noteMargin figure revised: 66.0% → 68.7%Margin moved from 66.0% (deep-dive-2026-06-21.md) to 68.7% (deep-dive-2026-10-27.md).dossier
2026-10-27editorial noteRevenue figure revised: 84% → $3.05bnRevenue moved from 84% (deep-dive-2026-06-21.md) to $3.05bn (deep-dive-2026-10-27.md).dossier
2026-10-26filingForm 4 cluster: 4 insiders, 23 Oct 2026 share sales4 insiders filed Form 4 on 23 Oct 2026 reporting sales totaling 26,370 shares: Guthart 20,095 at weighted average $451.6117; Widman 4,047; Barratt 1,150; Wadors 1,078.agent:company-events · SEC EDGAR Form 4
2026-10-21filingIntuitive Surgical 10-Q: Q3 2026 revenue $3,048.7M, net income $524.4MQuarter ended 30 Sep 2026: revenue $3,048.7M; net income $524.4M, including a $450.0M antitrust class action settlement charge. Nine months: revenue $8,711.8M; net income $2,173.6M.agent:company-events · SEC EDGAR 10-Q
2026-10-20guidance8-K: Intuitive Surgical Q3 2026 revenue $3.05bn, GAAP net income $523MQ3 2026 revenue $3,048.7M (+22% vs $2,505.1M). GAAP net income $522.8M ($1.49 diluted), including $450M pre-tax antitrust settlement charge. Non-GAAP net income $1.05bn ($3.00 diluted). Repurchased 7.8M shares for $2.94bn.agent:company-events · SEC EDGAR 8-K
dossier age
8 days
researched 27 Oct 2026 · ring fills at 180
pick a section
Each column is a section of the dossier
Its height is how many times the section names a filing: 13 mentions across 2 sections. A dashed foot names none.
Primary sources
0 of 2 sections name no filing · Enter steps through them
  1. The dossier: Refresh delta (since 2026-06-21), 605 words, 9 filing mentions
  2. The dossier: What held, 68 words, 4 filing mentions
Research

The Intuitive Surgical dossier

The verdict

The best razor-and-blade in medtech, finally facing real razors — an 84%-recurring soft-tissue surgical monopoly compounding mid-teens, but priced at ~37x forward EPS just as Medtronic and J&J arrive and US procedure growth decelerates 19%→14-16%. Quality is not the question; the entry price is.

Primary sources

SEC filings

Source documents — open to read in full

Refresh delta (since 2026-06-21)

  1. Q3 2026 results. Revenue $3.05bn (+22%) vs $2.51bn. Worldwide procedures grew about 15% (da Vinci about 14%, Ion about 31%). 546 da Vinci systems placed (315 da Vinci 5) vs 427 (240); da Vinci installed base 12,094 (+12%); Ion installed base 1,152 (+21%). Instruments and accessories revenue $1.80bn (+18%); systems revenue $769M vs $590M, with 291 of the placements under operating leases (160 usage-based). [sec.gov: Form 8-KA filing for something that happened between reports and matters enough to tell shareholders now. filed 2026-10-20, exhibit 99.1, https://www.sec.gov/Archives/edgar/data/1035267/000103526726000067/q326ex-991earningsrelease.htm; quarter ended 2026-09-30]
  2. Q3 earnings and the antitrust charge. GAAP net income attributable to Intuitive $523M ($1.49 per diluted share) vs $704M ($1.95), after a $450M pre-tax ($347M after tax, $0.99 per share) charge for the settlement of the da Vinci antitrust class action; non-GAAP net income $1.05bn ($3.00 per share) vs $867M ($2.40). Both include a $22M after-tax ($0.06 per share) benefit from IEEPA tariff refunds. The settlement is a one-time $450M payment plus agreed injunctive relief, reached in October 2026 after mediation, and remains subject to preliminary and final court approval. [sec.gov: 8-K filed 2026-10-20, exhibit 99.1, same URL as item 1]
  3. Buyback and cash. 7.8 million shares repurchased for $2.94bn in Q3. Cash, cash equivalents and investments $6.80bn at 2026-09-30, down $1.83bn in the quarter. 346,643,718 shares outstanding at 2026-10-15. [sec.gov: 8-K filed 2026-10-20, exhibit 99.1, same URL as item 1; Form 10-QThe quarterly version of the annual report. Lighter, and not audited. filed 2026-10-21, https://www.sec.gov/Archives/edgar/data/1035267/000103526726000071/isrg-20260930.htm]
  4. 2026 outlook (as of 2026-10-20). Da Vinci procedure growth of about 14% to 15%, closer to the midpoint; non-GAAP gross margin 68.7% to 69.3% including an estimated 0.9% of revenue tariff impact (excluding recognised refunds); non-GAAP operating expense growth 11% to 13%. [sec.gov: 8-K filed 2026-10-20, exhibit 99.1, same URL as item 1]
  5. Q2 2026 results. Revenue $2.89bn (+19%) vs $2.44bn; worldwide procedures about +16% (da Vinci +15%, Ion +36%); 468 da Vinci systems placed (246 da Vinci 5) vs 395; GAAP net income $818M ($2.29 per diluted share) vs $658M ($1.81); non-GAAP $1.00bn ($2.80) vs $0.80bn ($2.19). [sec.gov: 8-K filed 2026-07-16, exhibit 99.1, https://www.sec.gov/Archives/edgar/data/1035267/000103526726000047/q226ex-991earningsrelease.htm; quarter ended 2026-06-30]
  6. Right-to-repair appeal. The Q3 10-Q reports that after oral argument on 2026-06-25 the Ninth Circuit on 2026-08-13 reversed the district court's judgment in the Surgical Instrument Service Company (SIS) case and remanded for further proceedings; Intuitive filed a petition for rehearing en banc on 2026-09-29, and the company says it cannot estimate a loss or range. [sec.gov: 10-Q filed 2026-10-21, same URL as item 3]
  7. Bylaws. On 2026-07-23 the board amended the bylaws, among other things to let the company disregard votes for shareholder nominees that do not comply with the SEC universal proxy rules and to enhance disclosure requirements for shareholder nominations and proposals. [sec.gov: 8-K filed 2026-07-27, https://www.sec.gov/Archives/edgar/data/1035267/000103526726000063/isrg-20260723.htm]
  8. Where the new filings meet the carried view (stated as fact, no line changed). The carried seed catalyst "Q2-2026 print (procedure-growth trajectory vs raised 14-16% guide)" meets items 4 and 5: Q2 da Vinci procedures grew about 15%, Q3 about 14%, and the guide is now about 14% to 15%. The carried catalyst "9th Circuit ruling on SIS right-to-repair antitrust appeal" meets item 6: the Ninth Circuit reversed on 2026-08-13 and the company has petitioned for rehearing en banc. The carried catalyst "da Vinci 5 placement mix + GM recovery, each quarter" meets item 1 (315 of 546 placements were da Vinci 5). The carried bear case cites "37-46x fwd EPS" and decelerating growth from 19% to 14-16%; item 1 reports Q3 revenue growth of 22%. The carried catalyst on J&J Ottava and Medtronic Hugo clearances is not addressed by the passages searched. The carried seed's price figures ($407) and targets rest on market data this delta does not refresh.

What held

  • Procedure growth remained in the mid-teens, with da Vinci procedures about +14% in Q3 (item 1). [sec.gov: 8-K filed 2026-10-20, exhibit 99.1]
  • Antitrust litigation exposure remains live: a settlement awaiting court approval and a right-to-repair appeal reversal under rehearing petition (items 2, 6). [sec.gov: 8-K filed 2026-10-20, exhibit 99.1; 10-Q filed 2026-10-21]
  • The company continues large buybacks (item 3). [sec.gov: 8-K filed 2026-10-20, exhibit 99.1]

How our view changed

2 dossiers

Every dossier we have written on Intuitive Surgical, newest first.

  1. current

    The best razor-and-blade in medtech, finally facing real razors

  2. The best razor-and-blade in medtech, finally facing real razors

Company details

IndustryRobotics
SizePublic Company
WebsiteVisit Intuitive Surgical

Others in robotics

5 names

Where Intuitive Surgical sits against the other names we cover on this beat. Each line is that company’s verdict, not a summary of it.