Intuitive Surgical reported preliminary fourth-quarter revenue of $2.55 billion, representing 19% year-over-year growth, driven by double-digit gains in system placements and recurring instrument sales. For the full year 2025, total revenue reached approximately $9.8 billion, up 17% from 2024, reflecting robust demand for the da Vinci® surgical platform. The company installed 415 new surgical systems in Q4, bringing the total installed base to more than 9,000 units globally. Recurring revenue from instruments and accessories accounted for 59% of total sales in the quarter, underscoring the business’s high-margin annuity stream.

Procedure volume increased 18% year-over-year in Q4 as broader adoption of the da Vinci® Xi and the new da Vinci® 5 platform continued across general surgery, urology and gynecology. Intuitive’s adjusted operating margin expanded to 36% in Q4, up 120 basis points sequentially, driven by higher leverage on fixed costs and tighter supply-chain management. However, rising labor and logistics expenses pressured gross margins slightly, dipping 30 basis points to 68%. Management noted that certain geographies experienced procedure delays due to hospital staffing constraints, which will be a focus for operational efficiency in 2026.

For fiscal 2026, Intuitive projected global procedure growth of 13–15%, below the mid-teens expectations of many sell-side analysts. The company expects full-year revenue to grow at a similar mid-teens rate, with capital expenditures roughly 7% of sales to support manufacturing and R&D. Despite reiterating a long-term target of 15–18% procedure growth, shares sold off 6% on the guidance miss, as investors weighed near-term headwinds against durable competitive advantages. At current multiples, Intuitive trades at a premium valuation reflecting its wide moat, but management’s emphasis on emerging clinical indications and software monetization suggests upside catalysts for long-term shareholders.