ISRG's Margins Contract in Q4: Will Tariffs Continue to Hurt in 2026?

Key Takeaways Intuitive Surgical recorded 37% operating margins despite a 95 bps tariff-related drag in Q4.ISRG offset costs via product savings, scale efficiencies, and 18% procedure growth.Recurring revenues at 81% and 2026 margin outlook signal durable cost absorption strength.Intuitive Surgical’s (ISRG) fourth-quarter performance highlights notable financial resilience as the company maintained operating margins at 37% despite meaningful external cost pressures. A key headwind was tariffs, which created ...