Intuitive Surgical stock holds firm as 2026 guidance stays in view

Intuitive Surgical (US46120E6023) has 2026 guidance that centers on procedure growth, installed-base expansion, and profitability, and those are the numbers investors are still weighing. The company reported 2025 revenue of $8.35 billion, up 17% from 2024, and diluted EPS of $6.05, compared with $5.31 a year earlier.

2025 revenue rose 17%

For a company best known for the da Vinci robotic surgery platform, the 2025 report showed how scale still matters. Revenue reached $8.35 billion, while net income was $2.00 billion and operating income was $2.43 billion, giving the business a margin profile that remains among the strongest in medtech.

Procedure volume is the second major driver. Intuitive said 2025 da Vinci procedure growth was 16% year over year, a pace that helped support both system demand and recurring instrument sales.

Margin and procedure growth

The operating mix also improved in 2025. Gross profit came in at $5.43 billion, and gross margin was 65.0%, while research and development spending reached $1.32 billion and sales, general, and administrative expense totaled $1.68 billion.

That mix matters because the company’s model depends on balancing higher instrument and accessory revenue against large upfront system demand. In 2025, da Vinci system placements also rose, with 1,520 systems placed globally, compared with 1,330 in 2024.

Installed base keeps growing

The installed base is the quiet engine behind the business. At the end of 2025, Intuitive had 9,820 da Vinci systems installed worldwide, up from 8,920 at the end of 2024, which helps explain why recurring sales remain central to the investment case.

For investors, the comparison that matters most is not only top-line growth but the combination of 17% revenue growth, 16% procedure growth, and a 65.0% gross margin in 2025. That trio shows whether the company can keep turning adoption into profit.

da Vinci remains the core

The da Vinci platform is still the company’s main product line and the clearest link between procedure growth and revenue. The system base expanded again in 2025, and the recurring pull-through from instruments, accessories, and services remains the most important operating lever.

Stock and valuation

Intuitive Surgical shares last closed at $4.42 billion in market capitalization as of 2025, with the business still priced around the market leader it is in robotic surgery. The market is therefore watching whether 2026 can extend the same pattern of procedure growth, placements, and margin stability that defined 2025.