ISRG | Earnings Review — Q2 2026

ISRG beat cleanly on both lines for the 12th straight quarter without an EPS miss: revenue of $2,892.3 million beat consensus of $2,825.3M by +2.4% (+18.5% YoY), and non-GAAP diluted EPS of $2.80 beat consensus of $2.48 by +12.9% (+27.9% YoY). But both growth rates decelerated from Q1'26 (revenue 23.0%→18.5% YoY, -442bps; EPS 38.1%→27.9% YoY, -1,027bps), and the deceleration happened despite a $36 million one-time IEEPA tariff refund propping up gross margin (70.0% reported vs. 68.7% ex-item) — meaning the underlying step-down is probably a bit worse than the headline prints suggest. The clearest read on demand, worldwide da Vinci procedure growth, slowed for a 4th consecutive quarter (20%→18%→16%→15%) and now sits at the very top of the 13-15% FY26 guide rather than comfortably above it; US da Vinci growth specifically fell to 12% from 14% in Q1'26.

Guidance: FY2026 non-GAAP gross margin guide was raised +50bps to 68-69% and the opex-growth ceiling was trimmed 100bps to 11-13% — real, execution-driven improvements (the clean 68.7% ex-refund margin lands almost exactly at the new midpoint). But the da Vinci procedure-growth range held at 13.5-15.5% while management shifted language to expecting "closer to the midpoint" rather than the high end reached in April — an implicit cut inside an unchanged range, driven by an explicitly-named ACA subsidy-expiration headwind on deferrable US procedures that was not part of the April narrative.

Tone: a confidence bifurcation. Management is more confident on cost/margin execution (margin raise, opex trim, no Intuitive Foundation drag in 2026) and less confident on top-line procedure growth (same range, now guided to the midpoint with a named structural cause rather than dismissed as noise). FY2027 guidance has not been issued; the extended-use instrument program (EUP) financial impact was explicitly deferred to the Q3'26 call.

Contradictions (2 found): (1) management's ACA narrative reversed from "no significant impact... remain cautious" (Q1'26) to "modest adverse impact, same cause" (Q2'26) one quarter later with no new data point cited to explain the flip; (2) China regulatory-clarity timeline shifted from "do not expect clarity... until 2027" (Q1'26) to describing active green-channel progress for da Vinci 5/SP (Q2'26) without reconciling the two timelines.

Catalysts to watch into Q3'26 (reports ~2026-10-20): the EUP pricing quantification (promised on the Q3'26 call — directly determines whether I&A revenue-per-procedure holds flat or declines through 2027-28) and the competitive shock of J&J Ottava's FDA de novo clearance (2026-07-22, 9 days after this print) plus Medtronic Hugo's US general-surgery/gynecology expansion filing — the first credible head-to-head soft-tissue competition to da Vinci in over two decades. China green-channel progress and the new June 2026 Japan reimbursement policy remain pending/early-ramp tailwinds; ACA subsidy expiration and GLP-1-driven bariatric decline (high-single-digit) continue to pressure deferrable US benign volume.

| Metric | Q3'24 | Q4'24 | Q1'25 | Q2'25 | Q3'25 | Q4'25 | Q1'26 | Q2'26 | |---|---|---|---|---|---|---|---|---| | Total revenue ($M) | 2,038.1 | 2,413.5 | 2,253.4 | 2,440.0 | 2,505.1 | 2,866.2 | 2,770.8 | 2,892.3 | | Revenue YoY % | +16.9% | +25.2% | +19.2% | +21.4% | +22.9% | +18.8% | +23.0% | +18.5% | | da Vinci procedure growth (WW, YoY%) | 18% | 18% | 17% | 17% | 20% | 18% | 16% | 15% | | Non-GAAP gross margin | 69.1% | 69.6% | 66.4% | 67.9% | 68.0% | 67.8% | 67.8% | 70.0% | | GM YoY (bps) | — | — | −121 | −205 | −106 | −178 | +139 | +204 | | EBITDA margin¹ | 34.0% | 35.6% | 31.9% | 36.8% | 36.7% | 36.2% | 37.6% | 41.1% | | Non-GAAP diluted EPS | $1.84 | $2.21 | $1.81 | $2.19 | $2.40 | $2.53 | $2.50 | $2.80 | | EPS YoY % | +26.0% | +38.1% | +20.7% | +23.0% | +30.4% | +14.5% | +38.1% | +27.9% |

¹ EBITDA = GAAP income from operations + depreciation + amortization (computed, not a Daloopa-reported line). The Q2'26 amortization add-back jumped to $24.0M (vs. ~$3-7M/quarter in 2024-2025), adding ~60bps of EBITDA margin that is acquisition/one-off related rather than organic expansion.

Verdict — decelerating at the volume level, still strong at the P&L level. Worldwide da Vinci procedure growth — the truest read on underlying demand — has now slowed for four straight quarters (20%→18%→16%→15%) and sits at the very top of the 13-15% FY26 guide, not comfortably above it as in 2024-2025. Revenue and non-GAAP EPS growth remain healthy in absolute terms, and gross margin swung from YoY compression through 2025 to two straight quarters of YoY expansion — but the Q2'26 margin/EBITDA beat is flattered by the one-off tariff refund and amortization jump, and Systems (capital equipment) growth has roughly halved since Q3'25 (+32.7% to +19.2%). Recurring revenue (Instruments & Accessories + Services, ~76-77% of mix) held mid-to-high teens growth all year and is the more stable line.

| Quarter | Non-GAAP EPS Actual | EPS Consensus | EPS Beat/Miss | Revenue Actual | Revenue Consensus | Rev Beat/Miss | |---|---|---|---|---|---|---| | Q3'24 | $1.84 | $1.63 | 🟢 +12.9% | $2,038.1M | $2,005.5M | 🟢 +1.6% | | Q4'24 | $2.21 | $1.76 | 🟢 +25.6% | $2,413.5M | $2,248.9M | 🟢 +7.3% | | Q1'25 | $1.81 | $1.74 | 🟢 +4.0% | $2,253.4M | $2,185.8M | 🟢 +3.1% | | Q2'25 | $2.19 | $1.93 | 🟢 +13.5% | $2,440.0M | $2,351.3M | 🟢 +3.8% | | Q3'25 | $2.40 | $1.99 | 🟢 +20.6% | $2,505.1M | $2,406.4M | 🟢 +4.1% | | Q4'25 | $2.53 | $2.27 | 🟢 +11.5% | $2,866.2M | $2,762.6M | 🟢 +3.7% | | Q1'26 | $2.50 | $2.08 | 🟢 +20.2% | $2,770.8M | $2,610M | 🟢 +6.2% | | ▶ Q2'26 (THIS QTR) | $2.80 | $2.48 | 🟢 +12.9% | $2,892.3M | $2,825.3M | 🟢 +2.4% |

| Window | EPS beat rate | EPS avg. surprise | Both-metric (rev + EPS) beat rate | |---|---|---|---| | L12Q (Q3'23–Q2'26) | 12/12 = 100% | +12.9% | 11/12 = 91.7% (1 Mixed: Q3'23, revenue -1.3% / EPS +3.5%) | | L4Q (Q3'25–Q2'26) | 4/4 = 100% | +16.3% | 4/4 = 100% |

ISRG has not posted a clean miss on either revenue or EPS in any of the last 12 quarters. But this quarter's +12.9% EPS beat sits below both the L4Q average (+16.3%) and well below the immediately prior quarter's +20.2% — and a meaningful chunk of the beat (the $36M / ~1.3pt gross-margin tariff refund) was non-recurring. Read together with the procedure-growth deceleration, the magnitude of "clean" (ex-tariff) beats looks to be normalizing down from the outsized prints of the last two quarters rather than continuing to widen.

Scope note: ISRG does not issue revenue/EPS guidance or quarterly (FQ+1) numerical guidance — management guides a single full current fiscal year (FY2026) on da Vinci procedure growth, non-GAAP gross margin, non-GAAP opex growth, stock comp, other income, and tax rate, updated each quarter. No FY2027 guidance has been issued.

Guided KPIs — prior vs. new vs. reported

| Guided KPI | Prior guide (Q1'26 call) | New guide (Q2'26 call) | Change | Q2'26 reported | |---|---|---|---|---| | FY26 da Vinci procedure growth | 13.5%–15.5%, expected in-range | 13.5%–15.5%, now expected closer to the midpoint | Range unchanged; effective expectation cut from "in-range" to "mid-range" | 15% WW, top of range | | FY26 non-GAAP gross margin | 67.5%–68.5% (incl. 100bps tariff drag) | 68.0%–69.0% (tariff drag still 100bps) | +50bps raise at both ends | 70.0% reported / 68.7% ex-tariff-refund | | FY26 non-GAAP opex growth | 11%–14% | 11%–13% | High end trimmed 100bps — tighter cost discipline | n/a (full-year metric) | | FY26 stock comp | $890M–$920M | $880M–$900M | Narrowed and lowered ~$15M at midpoint | n/a | | FY26 other income | $315M–$335M | $315M–$335M | Unchanged | n/a | | FY26 non-GAAP tax rate | 22%–23% | 22%–23% | Unchanged | n/a | | Intuitive Foundation contribution | One-time $70M made in Q4'25 | Explicitly no contribution expected in 2026 | Removes a modest 2025 opex comp headwind | n/a |

FY26 non-GAAP gross margin waterfall (the guide that moved most)

| Step | Value | Note | |---|---|---| | Prior guide midpoint (Q1'26 call) | 68.0% | 67.5%–68.5% range | | Δ raise at Q2 call | +0.5pt | Product cost reductions + fixed-overhead leverage outpacing tariff/input-cost drag | | New guide midpoint (Q2'26 call) | 68.5% | 68.0%–69.0% range | | Reported Q2'26 actual (incl. $36M tariff refund) | 70.0% | Transcript, CFO Jamie Samath | | Reported Q2'26 actual (ex. tariff refund) | 68.7% | Clean run-rate print sits almost exactly at the new guide midpoint |

Guide moved up steadily each quarter (67% → 67.5% → 68.0% at the low end), and the clean 68.7% ex-refund actual confirms the raise is real execution, not just a one-off tariff refund flattering the print.

FQ3'26 and FY2027 — qualitative only, no numerical guide issued

Management's only Q3'26 color: a tougher US da Vinci comp (Q3'25 was strong), an international seasonal quirk (2025 holiday procedure volume shifted from Q4 into Q3, making the Q3'26 OUS comp harder and Q4'26 OUS comp easier), and SP stapler's Japan rollout in Q3'26 (not quantified). FY2027 has not been guided; the only 2027-specific disclosure is the extended-use instrument program (EUP) launching in H1'27, which management explicitly declined to size, beyond not disputing an analyst's characterization that the 2020 EUP cycle carried a high-single-digit percentage impact to I&A revenue-per-procedure over multiple years.

Management tone — Q1'26 call vs. Q2'26 call

| Dimension | Q1'26 (April) | Q2'26 (July) | Shift | |---|---|---|---| | Overall framing | "Solid start to the year"; raised procedure-growth guide range (13-15%→13.5-15.5%) | "Solid" (same word); guide range held, reframed toward the midpoint | Confidence dialed back from "raise the range" to "hold, cut expectation within it" | | US ACA impact | "Did not see any significant impact... remain cautious" | "Modest adverse impact to Q2 US da Vinci procedure growth" from ACA subsidy expiration | Moved from "no confirmed impact" to "confirmed modest negative impact" | | US da Vinci growth | +14% | +12% | Deceleration made explicit, partly attributed to ACA | | Margin/cost tone | Confident; macro (oil, memory) flagged as watch-item | More confident; margin guide raised 50bps, opex ceiling trimmed | Increasing cost-execution confidence even as top-line confidence eased | | New risk caveats | Cyber incident (contained); China clarity "not until 2027" | China tender centralization (manageable, not VBP); Japan optimism tempered by hospital budget stress | Caveats rotate, don't disappear | | Capital/placements tone | Confident, no caution flagged | Explicitly confident on US capital ("stable... healthy pipeline") despite ACA caution | Capital demand and procedure utilization explicitly decoupled by management |

Net read: the Q2'26 guide is a confidence bifurcation — real, execution-driven confidence on margin/cost, paired with an implicit softening on top-line growth. This is consistent with the ~17% post-earnings stock decline noted in prior coverage: the market appears to be weighting the growth deceleration and its ACA attribution more heavily than the margin raise.

| Metric | Q3'24 | Q4'24 | Q1'25 | Q2'25 | Q3'25 | Q4'25 | Q1'26 | Q2'26 | |---|---|---|---|---|---|---|---|---| | Revenue YoY % | 16.9% | 25.2% | 19.2% | 21.4% | 22.9% | 18.8% | 23.0% | 18.5% | | Rev accel (bps QoQ) | n/a¹ | +827 | −597 | +221 | +152 | −416 | +420 | −442 | | EPS YoY % | 26.0% | 38.1% | 20.7% | 23.0% | 30.4% | 14.5% | 38.1% | 27.9% | | EPS accel (bps QoQ) | n/a¹ | +1,210 | −1,746 | +236 | +740 | −1,595 | +2,364 | −1,027 |

¹ Q3'24 acceleration requires the Q2'24 YoY rate, outside this 8-quarter window; shown as n/a rather than fabricated.

Five inflection points:

1. Q4'24 (+827bps rev / +1,210bps EPS): Sharp acceleration — strong holiday-quarter capital placements plus favorable international seasonality (procedures shifted from Q3 into Q4 that year).
2. Q1'25 (−597bps rev / −1,746bps EPS): Sharp deceleration off the Q4'24 peak — normal give-back plus a tougher comp, EPS further pressured by tariff dynamics later disclosed in the FY26 guide.
3. Q4'25 (−416bps rev / −1,595bps EPS): Second deceleration leg — EPS growth fell to the trough of the series (14.5% YoY).
4. Q1'26 (+420bps rev / +2,364bps EPS): Sharp re-acceleration — EPS growth (38.1%) matched its prior high, largely a base-effect bounce off the weak Q4'25/Q1'25 EPS comps rather than a structural re-acceleration (procedure growth of 16% was already below the Q4'24 peak of 18%).
5. Q2'26 (−442bps rev / −1,027bps EPS) — the just-reported quarter: Second consecutive deceleration inflection, and it happened despite the $36M one-time tariff-refund tailwind lifting margin/EPS. Corroborated by procedure-level data: US da Vinci growth slowed to 12% from 14% in Q1'26.

Plain-English assessment: growth has oscillated in a decelerate-then-bounce pattern for six straight quarters, but Q2'26 is the second deceleration leg in a row (Q4'25 and now Q2'26), and unlike the Q4'25 dip, this one happened even with a one-time tailwind propping up EPS — meaning the underlying deceleration is probably a bit worse than the headline 18.5%/27.9% YoY prints suggest. Per management, the proximate cause is a moderation in US deferrable procedure volumes: ACA enhanced-premium subsidies expired, some patients are delaying elective/benign procedures, and bariatric cases are declining high-single-digits on GLP-1 usage. Management ties this explicitly to patient behavior, not competitive share loss or system reliability, and notes disease burden is unchanged (deferred, not lost, procedures). Systems/capital placements are not decelerating in lockstep — da Vinci placements grew 18% YoY in Q2 on continued da Vinci 5 upgrade demand — a signal the near-term softness is concentrated in utilization, not in customers' willingness to invest in the platform. FY26 procedure guidance was maintained at 13.5-15.5% but management guided to "closer to the midpoint" for H2 and flagged tougher US Q3 comps — management itself expects the deceleration to continue at least one more quarter before any stabilization.

| # | Catalyst | Timing | Read-through | |---|---|---|---| | 1 | Extended Use Program (EUP) pricing quantification | Rollout starts 1H'27; quantification promised on the Q3'26 call (~2026-10-20) | Highest-conviction near-term item — directly determines whether I&A revenue-per-procedure holds flat or declines through 2027-28; sell-side floated a ~5-point headwind vs. ~7 points from the 2020 cycle, unconfirmed by management | | 2 | J&J Ottava FDA de novo clearance (10 general-surgery procedures) | Cleared 2026-07-22, 9 days after this print | First credible head-to-head soft-tissue competitor to da Vinci in over two decades; commercial impact viewed as a multi-year tail risk, not a 2026/2027 top-line item | | 3 | Medtronic Hugo US expansion beyond urology | 510(k) filed June 2026 for general surgery/gynecology | Watch item for 2027+ share-of-wallet debates; ISRG's ~13,000-system installed base and ecosystem lock-in (leasing, service contracts, training) provide a moat | | 4 | China green-channel review for da Vinci 5/SP + tender/charge-code policy shift | Ongoing, no confirmed clearance date | Street continues to model China as a drag (lower tender activity, rising domestic robotics competition); management frames the new centralized-tender structure as reducing waste, not VBP-style pricing compression | | 5 | Japan reimbursement policy (new procedure codes + utilization incentives) | Effective 2026-06-01; adoption ramp next several quarters | Modest, multi-quarter tailwind — Japan placements already up (25 vs. 15 YoY); management calls the incremental TAM "somewhat smaller" than prior expansions, inguinal hernia the largest unlocked category | | 6 | da Vinci 5 rolling feature/510(k) clearances (100+ planned updates; phase 1 shipped Q2) | Through 2026-2027 | Supports the multi-year da Vinci 5 upgrade cycle (Xi's Si-to-Xi trade-in cycle took ~7 years to peak) rather than a discrete near-term event | | 7 | GI endoluminal robotic platform (noncommercial, 510(k) submitted) | Early-stage, no commercial timeline | Optionality, not yet in consensus models | | 8 | ACA enhanced-subsidy expiration / coverage-driven procedure deferral | Ongoing through 2H'26 and the 2027 open-enrollment cycle | US da Vinci growth decelerated to 12% from 14%; BTIG survey of 25 hospital execs found no broad volume impact yet but 44% expect negative effects going forward | | 9 | GLP-1 drag on bariatric volume | Ongoing | US bariatric case volume declining high-single-digits; consensus treats bariatric as a structurally shrinking sub-segment more than offset by general-surgery strength |

14 question instances across 9 analysts on the FY2026Q2 call; 8 well answered, 6 deflected/avoided.

| # | Analyst | Topic | Verdict | |---|---|---|---| | 1 | Travis Steed (BofA) | US procedure growth attribution (ACA vs. maturation; H2 recovery) | 🔴 Deflected/Avoided — attribution given, but never answered whether deferred procedures return in H2 | | 2 | Travis Steed (BofA) | Extended Use Program (I&A) financial impact | 🔴 Deflected/Avoided — explicit refusal to quantify, deferred to Q3'26 call | | 3 | Robert Marcus (JPMorgan) | Capital spending environment, US and OUS | 🟢 Well Answered — region-by-region, concrete figures | | 4 | Rick Wise (Stifel) | da Vinci 5 update cadence and impact ranking | 🟢 Well Answered — three specific 510(k) features named | | 5 | Rick Wise (Stifel) | New GI robotic platform TAM/impact | 🔴 Deflected/Avoided — declined to size or time the opportunity | | 6 | Larry Biegelsen (Wells Fargo) | China centralized tender/VBP-style program | 🟢 Well Answered — direct view, distinguished from true VBP | | 7 | Larry Biegelsen (Wells Fargo) | Instrument encryption / anti-remanufacturing benefit | 🔴 Deflected/Avoided — sidestepped the competitive-dynamics question | | 8 | Ryan Zimmerman (BTIG) | Capital demand vs. procedure-growth dichotomy | 🟢 Well Answered — reconciled with specific placement-mix data | | 9 | Ryan Zimmerman (BTIG) | da Vinci 5 upgrade-cycle durability / "inning" | 🟢 Well Answered — historical Xi precedent given | | 10 | Matt Taylor (Jefferies) | XiR momentum and future mix | 🟢 Well Answered — concrete unit/geography figures | | 11 | Vik Chopra (BMO) | Japan reimbursement contribution sizing | 🔴 Deflected/Avoided — sizing asked twice, never given | | 12 | Mike Polark (Wolfe Research) | EUP impact on I&A revenue-per-case (2027-28) | 🔴 Deflected/Avoided — third consecutive EUP-quantification question declined | | 13 | Vijay Kumar (Evercore) | ACA/Medicaid/exchange procedure exposure | 🔴 Deflected/Avoided — "no precise estimate" of ACA-exposed procedure mix | | 14 | Vijay Kumar (Evercore) | Q3 comp difficulty (follow-up) | 🟢 Well Answered — confirmed with specific mechanical explanation |

Six of fourteen instances (43%) were deflected, clustering on two themes: (1) Extended Use Program financial quantification (3 instances — Steed, Polark, and Wise's GI TAM ask reflects the same posture) — management repeatedly declined to give a numeric I&A revenue-per-procedure impact, promising quantification "on our next earnings call"; (2) ACA/exchange exposure and impact (2 instances) — a directional headwind confirmed, but magnitude and recovery timing left open; (3) new-market sizing (Japan, GI) — reasonable for pre-revenue GI, less satisfying for an established market like Japan. Capital-environment and da Vinci 5 upgrade-cycle questions were uniformly well answered with specific figures — management stayed forthcoming on operational/competitive dynamics but guarded on forward financial quantification tied to newer programs.

Other areas checked with no contradiction found: FY26 da Vinci procedure-growth guidance (13-15%→13.5-15.5%→maintained, a straightforward raise/hold); gross-margin guidance (67-68%→67.5-68.5%→68-69%, consistent upward revision tied to tariff relief, explained each time); opex-growth guidance narrowing (11-15%→11-14%→11-13%, consistent tightening); I&A revenue-per-procedure mix commentary (bariatric/cholecystectomy mix cited as a headwind in both Q1 and Q2, consistently); Japan and SP-stapler rollout sequencing (measured→broad→Japan in Q3, a consistent progression). The apparent tension between strong US capital placements (+24% YoY) and decelerating US procedure growth was addressed within the same Q2 call (roughly half of Q2 US placements were da Vinci 5 trade-ins, not net fleet growth; utilization still grew 3%) and is not treated as an unresolved contradiction.

Macro commentary:

• US consumer/health-insurance: management linked the US da Vinci deceleration (12% vs. 14% in Q1) partly to ACA enhanced-subsidy expiration — framed as deferral, not permanent demand destruction ("underlying disease burden is unchanged"). US hospital capital spending "has been stable for some time"; ACA-driven customer caution has "not seen that impact our pipeline at least to this point."
• GLP-1 / obesity drugs: US da Vinci bariatric cases "declining high single digits during the quarter" — a recurring, quantified read-through that GLP-1 penetration continues to displace bariatric-surgery volume.
• China policy: "challenging" environment — lower tender activity, rising domestic robotic competition, policy-driven pricing pressure; management pushed back on comparing the new centralized-tender structure to VBP, expecting effects to "phase in over the next quarters."
• Japan policy: new reimbursement codes and utilization incentives effective June 1, 2026 — encouraging but the incremental TAM is "somewhat smaller" than prior expansions; inguinal hernia is the largest newly-unlocked category.
• Europe: capital budgets bifurcated by country — "some that are stressed by government budgets and some that look pretty healthy."
• Tariffs/input costs: a $36M pretax benefit from an IEEPA tariff refund lifted the quarter's gross margin; freight and semiconductor-memory cost pressure remain ongoing headwinds for the rest of the year.
• India: "another strong quarter, with momentum across a broad set of procedures," plus fresh da Vinci 5 regulatory clearance the week of the call — a positive emerging-market data point independent of the US/China/Europe picture.

Company / category mentions:

| Mentioned party (category) | Quote | Read-through | |---|---|---| | Domestic Chinese robotic-surgery competitors (unnamed) | "lower tender activity, increased domestic robotic competition, and policy-driven pricing pressure" | Negative for ISRG's China systems unit (only 2 systems placed this quarter); watch for share gains at domestic Chinese robotics makers under centralized procurement | | GLP-1 drugmakers (unnamed — Eli Lilly, Novo Nordisk franchise category) | "US da Vinci bariatric cases continued to feel the impact of rising GLP-1 usage, declining high single digits" | Confirms continued real-world bariatric-surgery displacement by GLP-1 drugs — a negative read-through for bariatric-exposed medtech peers broadly | | Ambulatory Surgery Centers (unnamed operators) | "27 systems at ASCs, significantly higher than our history... 20 of the 27 were XiR systems" | Positive demand read-through for ASC capital spending; XiR is the vehicle ISRG uses to penetrate the lower-cost ASC channel | | Japan Ministry of Health, Labour and Welfare | "new policies supporting robotic surgery went into effect on June 1... reimbursement for additional procedures" | Positive policy read-through for all robotic/minimally-invasive surgery vendors selling into Japan, not just ISRG | | Distributor-market customers (unnamed, international) | "relative strength in distributor markets, despite a number of these markets being targeted by competitors" | Confirms unnamed competitors are actively targeting ISRG's distributor-market base — competitive intensity is broadening beyond China |

Data sourced from Daloopa (company_id 439), Intuitive Surgical's FY2026Q2 earnings call transcript, and FMP analyst-estimates/earnings for consensus (pulled 2026-07-25).