$ISRG · INTUITIVE SURGICAL INC
Intuitive Surgical filed its Q3 FY2026 10-Q, reporting revenue of $3.049B (+21.7% YoY) and GAAP diluted EPS of $1.49, down from $1.95 a year ago. The EPS decline reflects a $450M antitrust class action litigation settlement charge recorded in operating expenses. Gross margin was 68.4% and operating margin was 19.4%. The company repurchased 7.8M shares for $2.94B during the quarter, and cash/investments fell to $6.80B from $9.03B at year-end 2025.
- Q3 revenue of $3.049B grew 21.7% YoY, driven by procedure volume and system placements.
- GAAP diluted EPS fell to $1.49 from $1.95 a year ago, weighed down by a $450M antitrust class action litigation settlement.
- Gross margin was 68.4% and operating margin was 19.4%, with the latter compressed by the settlement charge.
- The company repurchased 7.8M shares for $2.94B in Q3 at an average price of $377.01.
- Cash and investments declined to $6.80B from $9.03B at year-end 2025, largely due to aggressive buybacks and an acquisition.
Extended-hours trading shows ISRG at $427.06, down 0.25% from the regular close of $428.12. The modest after-hours dip suggests the $450M settlement charge was largely anticipated, while the 21.7% revenue growth and strong procedure trends are offsetting EPS weakness.
A 21.7% revenue surge paired with a 23.6% EPS drop captures the tension between Intuitive's dominant procedure-growth story and a material legal overhang that cost shareholders $450M in a single
Intuitive's 21.7% revenue growth and procedure-volume momentum reinforce its dominance in robotic-assisted surgery, though the $450M antitrust settlement signals intensifying legal scrutiny that peers in med-tech should note.
Tariffs and trade restrictions could raise costs on imported raw materials and finished goods; some suppliers may pass through incremental tariff-related or inflationary costs. Third-party unauthorized instruments, accessories, and service providers pose competitive and patient-safety risks that may
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