Revenue: As of FY2025 Q4, the actual value is USD 2.87 B, beating the estimate of USD 2.724 B.<h3>Preliminary Fourth Quarter 2025 Financial and Operational Highlights</h3><h4>Revenue</h4><ul><li>Total Revenue: 直觉外科 (Intuitive Surgical, Inc.) reported preliminary fourth quarter 2025 revenue of approximately $2.87 billion, a 19% increase compared with $2.41 billion in the fourth quarter of 2024. Specifically, total revenue was $2,866.2 million in 2025, up 19% from $2,413.5 million in 2024.</li><li>Instruments and Accessories Revenue: Preliminary fourth quarter 2025 instruments and accessories revenue increased by 17% to approximately $1.66 billion, compared with $1.41 billion in the fourth quarter of 2024. This growth was primarily driven by approximately 18% growth in worldwide procedure volume. Instruments and accessories (I&amp;A) revenue was $1,658.3 million in 2025, up 17% from $1,411.5 million in 2024.</li><li>Systems Revenue: Preliminary fourth quarter 2025 systems revenue was approximately $786 million, compared with $655 million in the fourth quarter of 2024. This increase reflected higher da Vinci system placements, a larger lease installed base, and higher da Vinci system average selling prices. Systems revenue was $785.9 million in 2025, up 20% from $654.6 million in 2024.</li><li>Service Revenue: Service revenue was $422.0 million in 2025, up 21% from $347.4 million in 2024.</li><li>Percentage of Total Recurring Revenue: 81% in 2025, compared to 80% in 2024.</li></ul><h4>Procedures and System Placements</h4><ul><li>Worldwide Procedures (da Vinci and Ion combined): Fourth quarter 2025 procedures grew approximately 18% compared with the fourth quarter of 2024.<ul><li>Da Vinci procedures: Grew approximately 17%. Procedures totaled 849 thousand in Q4 2025, up 17% from 725 thousand in Q4 2024.</li><li>Ion procedures: Grew approximately 44%.</li></ul></li><li>Average da Vinci System Utilization: Increased 4% in the fourth quarter of 2025 compared with the fourth quarter of 2024, primarily due to the adoption of da Vinci 5 in the U.S. and continued growth in utilization in OUS markets.</li><li>Da Vinci Surgical System Placements: The company placed 532 da Vinci surgical systems in the fourth quarter of 2025, including 303 da Vinci 5 systems, compared with 493 systems (174 da Vinci 5 systems) in the fourth quarter of 2024. Total system placements were 532 units in 2025, an 8% increase from 493 units in 2024.<ul><li>United States: 304 units in 2025, up 7% from 284 units in 2024.</li><li>Europe: 118 units in 2025, up 33% from 89 units in 2024.</li><li>Asia: 88 units in 2025, down -8% from 96 units in 2024.</li><li>Other markets: 22 units in 2025, down -8% from 24 units in 2024.</li></ul></li><li>Ion Endoluminal System Placements: 42 Ion endoluminal systems were placed in the fourth quarter of 2025, compared with 69 in the fourth quarter of 2024. Total Ion system placements were 42 units, down -39% from 69 units in the prior period.</li></ul><h4>Other Metrics</h4><ul><li>Intuitive Foundation Contribution: Expenses for the fourth quarter of 2025 included a $70 million contribution to the Intuitive Foundation, compared to a $45 million contribution in the fourth quarter of 2024.</li><li>Average Selling Price (da Vinci): $1.68 million in Q4 2025, up 5% from $1.59 million in Q4 2024.</li><li>I&amp;A Revenue per Procedure: $1.85 thousand in Q4 2025, down -1% from $1.86 thousand in Q4 2024.</li></ul><h3>Preliminary Full Year 2025 Financial and Operational Highlights</h3><h4>Revenue</h4><ul><li>Total Revenue: Preliminary 2025 revenue was approximately $10.06 billion, an increase of 21% compared with $8.35 billion in 2024. Total revenue was $10,064.7 million in 2025, up 21% from $8,352.1 million in 2024.</li><li>Instruments and Accessories Revenue: Preliminary full year 2025 instruments and accessories revenue increased by 19% to approximately $6.02 billion, compared with $5.08 billion for 2024, primarily driven by approximately 19% growth in worldwide procedure volume. Instruments and accessories (I&amp;A) revenue was $6,018.9 million in 2025, up 19% from $5,079.0 million in 2024.</li><li>Systems Revenue: Preliminary full year 2025 systems revenue was approximately $2.47 billion, compared with $1.97 billion for 2024. Systems revenue was $2,473.7 million in 2025, up 26% from $1,966.0 million in 2024.</li><li>Service Revenue: Service revenue was $1,572.1 million in 2025, up 20% from $1,307.1 million in 2024.</li><li>Percentage of Total Recurring Revenue: 84% in both 2025 and 2024.</li></ul><h4>Procedures and System Placements</h4><ul><li>Worldwide Procedures (da Vinci and Ion combined): Full year 2025 worldwide procedures grew approximately 19% compared with 2024.<ul><li>Da Vinci procedures: Grew approximately 18%. Approximately 3,153,000 surgical procedures were performed with da Vinci surgical systems in 2025, an increase from approximately 2,683,000 in 2024. This growth was largely attributable to 18% growth in U.S. general surgery procedures and 23% growth in total da Vinci procedures performed outside of the U.S. Total worldwide procedures were 3,153 thousand in 2025, an 18% increase from 2,683 thousand in 2024.</li><li>Ion procedures: Grew approximately 51%.</li></ul></li><li>Da Vinci Surgical System Placements: The company placed 1,721 da Vinci surgical systems in 2025, including 870 da Vinci 5 systems, compared with 1,526 systems (362 da Vinci 5 systems) in 2024. Total system placements were 1,721 units in 2025, a 13% increase from 1,526 units in 2024.<ul><li>United States: 987 units in 2025, up 23% from 800 units in 2024.</li><li>Europe: 342 units in 2025, up 11% from 309 units in 2024.</li><li>Asia: 269 units in 2025, down -16% from 321 units in 2024.</li><li>Other markets: 123 units in 2025, up 28% from 96 units in 2024.</li></ul></li><li>Ion Endoluminal System Placements: 195 Ion endoluminal systems were placed in 2025, compared with 271 in 2024. Total Ion system placements were 195 units, down -28% from 271 units in the prior period.</li></ul><h4>Other Metrics</h4><ul><li>Average Selling Price (da Vinci): $1.60 million in 2025, up 7% from $1.50 million in 2024.</li><li>I&amp;A Revenue per Procedure: $1.81 thousand in both 2025 and 2024.</li><li>Installed Base: 11,106 systems as of December 31, 2025, up 12% from 9,902 systems as of December 31, 2024.</li></ul><h3>Outlook / Guidance</h3>直觉外科 (Intuitive Surgical, Inc.) expects worldwide da Vinci procedures to increase approximately 13% to 15% in 2026 as compared with 2025. These preliminary results are subject to the completion of the company’s final closing procedures and an audit by its independent registered accounting firm, making them subject to adjustment.

Intuitive Surgical | 8-K: FY2025 Q4 Revenue Beats Estimate at USD 2.87 B