Intuitive Surgical (NASDAQ:ISRG) Reports Strong Q4 2025 Results, Revenue Up 18.8%

Intuitive Surgical (NASDAQ:ISRG) reported Q4 2025 revenue of $2.87 billion, an 18.8% year-over-year increase and 4.6% above consensus estimates. Non-GAAP earnings per share came in at $2.53, 11.6% higher than analysts’ expectations. The stock rose 1.1% to $531.88 following the release. The company posted a 18.9% annualized revenue growth over the past two years, consistent with its five-year trend of 18.2%. Operating margin stood at 30.2% in Q4, unchanged from the prior year, reflecting stable cost structure. Adjusted EPS increased 14.5% year-on-year to $2.53. Over the last five years, EPS grew at a 21.6% compound annual rate, outpacing revenue growth, though this was driven by lower interest and tax expenses rather than margin expansion or share buybacks. Sell-side analysts project 12.8% revenue growth and $8.93 in full-year EPS for 2026, up 8.5% from 2025. Intuitive Surgical’s average operating margin over the past five years was 27.9%, with a recent two-year improvement of 4.5 percentage points.