Intuitive Surgical Inc. (ISRG) Q3 2026 (USD): Adj. EPS 3.00 (exp. 2.65), Revenue 3.05bln (exp. 2.91bln)

• Adj. operating income 1.27bln (exp. 1.14bln).
• Expects worldwide Da Vinci procedure growth of about 14%-15% in 2026.

Beats on both EPS and revenue with operating income also ahead is the cleaner form of upside surprise for this name, since the operating line speaks to procedure-driven leverage rather than below-the-line items. For procedure-volume names of this type, the forward procedure growth guide has historically mattered more than the quarter itself, and the tendency has been for the stock to trade on whether that guide clears, meets, or trims the prior range rather than on the EPS beat alone; a maintained or raised growth band has usually been enough to sustain the move, while the recurring risk is that a strong print is faded when management frames the guide as front-loaded. The distinctions worth drawing are between system placements and recurring instrument revenue, and between domestic and international procedure growth, since the durable multiple rests on the installed base compounding disposables rather than on capital sales. Form for this issuer has been consistent delivery with guidance conservatism, so a guide set at the top of an existing range reads differently than the same numbers from a serial misser. The follow-ons are the call commentary on utilization, hospital capital budgets, and any competitive or pricing disclosure, which have been the swing factors in past reactions.