# Intuitive Surgical Stock Q3 2026: Procedures Up 15% as da Vinci 5 Placements Rise
> Intuitive Surgical stock Q3 2026: revenue rose 22% to $3.05bn, procedures grew 15%, 546 da Vinci systems were placed and a $450m settlement hit profit.

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## Facts
- Ticker: ISRG
- QSILabs fair value: $174.84 USD
- Price: $436.87 (as of 2026-11-02)
- As of: Q3 2026 results (quarter ended 2026-09-30, reported 2026-10-20) and Form 10-Q filed 2026-10-21; price as of 2026-11-02 close
- Fiscal period: Q3 2026 (July-September 2026)
- Published: 2026-11-02
- Updated: 2026-11-02
- Author: QSI Labs Research
- Canonical: https://www.quantitativesuperintelligencelabs.com/research/intuitive-surgical-stock-q3-2026-earnings-da-vinci-procedures/

## Short answer
Intuitive Surgical stock Q3 2026 is a story of strong surgical demand set against a one-off legal charge and coming price cuts. In the three months to 30 September 2026, revenue rose 22% to $3,048.7m as procedures on Intuitive's da Vinci and Ion robots grew about 15% and the company placed 546 da Vinci systems, up from 427. Non-GAAP operating income rose 30% to $1,269.7m, but GAAP operating income fell to $592.6m because Intuitive took a $450m charge to settle an antitrust class action. Intuitive narrowed its 2026 da Vinci procedure growth outlook to 14% to 15% and said price cuts on some instruments and in China will lower revenue per procedure by about 3% to 5% once fully in place. Our discounted cash flow model gives $174.84 a share, against a $436.87 close on 2 November 2026; below we explain why the gap is so wide and how far it moves when you change our assumptions.

## Key takeaways
- Revenue rose 22% to $3.05bn. Instruments and accessories, which are sold for each operation, rose 18.3% to $1,797.4m, systems revenue rose 30.3% to $769.1m and services rose 21.8% to $482.2m.
- Procedures grew about 15%. Da Vinci procedures grew about 14%, 10% in the US and 20% outside it, and Ion lung biopsy procedures grew about 31%.
- Placements rose 28%. Intuitive placed 546 da Vinci systems, including 315 da Vinci 5 systems, and its da Vinci installed base grew 12% to 12,094.
- A $450m settlement cut GAAP profit. GAAP net income fell to $522.8m, or $1.49 a diluted share, from $704.4m; non-GAAP earnings rose 25% to $3.00 a share.
- Prices will fall on some instruments. From November in China and from the first half of 2027 elsewhere, price actions will lower da Vinci instrument revenue per procedure by about 3% to 5% on a constant mix, the company said.
- Our value: $174.84 a share, 40% of the $436.87 close on 2 November 2026. Analysts' average target is $482.63. Our value is low mainly because we use a 10.32% cost of capital and let growth slow to 2.5% by 2035.
- What to watch. US procedure growth, the effect of the 2027 price cuts, the pace of da Vinci 5 upgrades, China, and the 2027 guidance and long-term market estimate Intuitive plans to give in January.

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Publisher: QSI Labs (Quantitative Super Intelligence Labs)
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