Intuitive's third-quarter revenue jumps 22% to $3.05 billion as a $450 million antitrust settlement cuts GAAP profit

Intuitive's revenue climbed 22% in the third quarter as surgeons did more procedures on its robots, but a $450 million antitrust settlement pushed its reported profit lower.

The da Vinci maker said revenue rose to $3.05 billion from $2.51 billion, according to its earnings release filed with an 8-K on Tuesday. GAAP net income fell to $523 million, or $1.49 a diluted share, from $704 million, or $1.95, a year earlier.

That figure includes a $450 million pre-tax charge, or 99 cents a share after tax, tied to settling previously disclosed antitrust class action litigation. Excluding that and other items, non-GAAP earnings rose to $3.00 a share from $2.40.

The settlement

Intuitive said it reached a written agreement in October, following mediation, to settle the "In re: da Vinci Surgical Robot Antitrust Litigation" class action for a one-time payment of $450 million plus mutually agreed injunctive relief, without admitting liability or wrongdoing. The settlement still needs preliminary and final court approval.

Procedures and placements

Worldwide procedures across da Vinci and Ion grew about 15%. Da Vinci procedures rose about 14% and Ion procedures about 31%.

The company placed 546 da Vinci systems, up from 427, including 315 da Vinci 5 systems. The da Vinci installed base grew 12% to 12,094 systems. Instruments and accessories revenue rose 18% to $1.80 billion, and systems revenue rose to $769 million from $590 million.

Buybacks and outlook

Intuitive repurchased 7.8 million shares for $2.94 billion in the quarter. Cash, cash equivalents and investments fell by $1.83 billion to $6.80 billion, mainly because of the buybacks and capital spending.

For 2026, the company expects worldwide da Vinci procedure growth of about 14% to 15%, closer to the midpoint. It expects a non-GAAP gross margin of 68.7% to 69.3% of revenue, including an estimated tariff impact of 0.9% of revenue, and non-GAAP operating expense growth of 11% to 13%.

By the numbers

• Revenue: $3.05 billion, up 22%
• GAAP diluted EPS: $1.49, vs. $1.95
• Non-GAAP diluted EPS: $3.00, vs. $2.40
• Da Vinci systems placed: 546, vs. 427
• Antitrust settlement charge: $450 million pre-tax
• Q3 buybacks: 7.8 million shares for $2.94 billion

Sources

1. Intuitive Surgical, Inc., Form 8-K (Item 2.02) with Exhibit 99.1 earnings release, filed Oct. 20, 2026, accession 0001035267-26-000067

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