Intuitive Surgical, Inc. stock research
FY2026 Q1
Intuitive Surgical (ISRG) Gross Margin & Quarterly History
Explore Intuitive Surgical, Inc. (ISRG) gross margin from 2023 through the latest reported quarter, using SEC-sourced revenue, gross profit, and direct costs.
Gross margin takeaway
Quarter ended Mar 31, 2026 · FY2026 Q1
Revenue and gross profit declined from the prior quarter but rose from the same quarter last year. Gross margin weakened slightly versus the prior quarter and improved compared with the same quarter one year earlier.
- The primary observable driver is the relationship between revenue growth and cost of revenue growth. Compared with the same quarter last year, revenue increased faster than cost of revenue, supporting gross margin expansion; sequentially, revenue declined while cost of revenue also declined, but the proportional decrease in gross profit was slightly larger than the decrease in revenue, leading to a marginal weakening in gross margin.
- Compared with the prior quarter, both revenue and gross profit were lower, and gross margin weakened. Compared with the same quarter one year earlier, revenue, gross profit, and gross margin all improved.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
66.1%
Gross profit
$1.8B
Revenue
$2.8B
Cost of revenue
$940.3M
Quarter-over-quarter change
-0.4 pts
Year-over-year change
+1.4 pts
Quarterly gross margin trend
A four-quarter view of the revenue and direct-cost bridge behind gross margin.
| Period | Revenue | Gross profit | Cost of revenue | Gross margin |
|---|---|---|---|---|
| Jun 30, 2025 | $2.4B | $1.6B | $822.1M | 66.3% |
| Sep 30, 2025 | $2.5B | $1.7B | $842.7M | 66.4% |
| Dec 31, 2025 | $2.9B | $1.9B | $961.9M | 66.4% |
| Mar 31, 2026 | $2.8B | $1.8B | $940.3M | 66.1% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Dec 31, 2025
-0.4 pts
Year-over-year change
Mar 31, 2025
+1.4 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The primary observable driver is the relationship between revenue growth and cost of revenue growth. Compared with the same quarter last year, revenue increased faster than cost of revenue, supporting gross margin expansion; sequentially, revenue declined while cost of revenue also declined, but the proportional decrease in gross profit was slightly larger than the decrease in revenue, leading to a marginal weakening in gross margin.
Compared with the prior quarter, both revenue and gross profit were lower, and gross margin weakened. Compared with the same quarter one year earlier, revenue, gross profit, and gross margin all improved.
Monitor the trend in cost of revenue relative to revenue to see if cost growth continues to outpace revenue growth on a sequential basis.
Peer context
Latest available gross margins for related public companies.
| Company | Gross margin |
|---|---|
| Intuitive Surgical, Inc. (ISRG) | 66.1% |