A prior briefing dated 2026-08-13 recapped ISRG's Q2 2026 period, referencing an earlier briefing from 2026-07-23 that noted broader market conditions during the quarter included geopolitical turbulence stemming from the US-Iran military conflict. A separate briefing from 2026-07-17 had detailed that US forces completed a sixth consecutive night of strikes, contributing to the macro uncertainty present during that period [Brief - 2026-08-13].
For the trailing twelve months ending 2026-06-30, Intuitive Surgical recorded revenue of approximately $11.03 billion, representing year-over-year growth of 18.5%. Net income over the same period was approximately $3.14 billion, with a net margin of 28.4% and a gross margin of 66.7%. Operating margin stood at 31.3%. EPS grew 26.5% year-over-year. The company carried $2.76 billion in cash with zero total debt on the balance sheet. The trailing P/E ratio was 41.38, and market capitalisation was approximately $127.6 billion [SEC 10-Q - ISRG - 2026-06-30].
Inside the past 30 days, seven insider transactions were recorded, with net direction characterised as selling and a net value of approximately -$174,888 [SEC Form 4 - ISRG - 2026-09]. On the institutional side, five notable managers each opened new positions in ISRG during the most recent 13F reporting period: Citadel (Ken Griffin), Coatue (Philippe Laffont), D1 Capital (Dan Sundheim), Millennium (Izzy Englander), and AQR Capital (Cliff Asness) [SEC 13F - Citadel - Q2 2026] [SEC 13F - Coatue - Q2 2026] [SEC 13F - D1 Capital - Q2 2026] [SEC 13F - Millennium - Q2 2026] [SEC 13F - AQR Capital - Q2 2026].
The prevailing macro environment as of the report date shows the 10-year US Treasury yield at 4.83% and the 2-year yield at 4.39%, producing a normal yield curve with a spread of approximately 44 basis points [FRED DGS10] [FRED DGS2]. This report was generated in the context of the material institutional position changes noted above, specifically the simultaneous opening of new positions by five distinct institutional managers during the same 13F reporting cycle.