NASDAQ : ISRG
Intuitive Surgical, Inc. — Financial statements
Healthcare · Medical Instruments & Supplies · United States
Last price 448.76 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 155.56B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Intuitive Surgical, Inc. (ISRG) reported revenue of 11.58B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 11.58B | 10.06B | 8.35B | 7.12B | 6.22B | 5.71B |
| Cost of Revenue | 3.86B | 3.42B | 2.72B | 2.39B | 2.03B | 1.75B |
| Gross Profit | 7.72B | 6.64B | 5.63B | 4.73B | 4.20B | 3.96B |
| Selling, General & Admin | 2.55B | 2.38B | 2.14B | 1.96B | 1.71B | 1.47B |
| Research & Development | 1.49B | 1.31B | 1.15B | 998.80M | 879.00M | 671.00M |
| Operating Expenses | 4.05B | 3.70B | 3.29B | 2.96B | 2.59B | 2.14B |
| Operating Income | 3.67B | 2.95B | 2.35B | 1.77B | 1.61B | 1.82B |
| Interest & Investment Income | 322.80M | 380.90M | 327.60M | 195.80M | 78.00M | 80.80M |
| Currency Exchange Gain (Loss) | 12.40M | -13.00M | -2.70M | -3.70M | -27.30M | -900.00K |
| EBT Excluding Unusual Items | 4.01B | 3.31B | 2.67B | 1.96B | 1.66B | 1.90B |
| Gain (Loss) on Sale of Investments | -300.00K | -2.00M | -21.00M | -10.60M | ||
| Legal Settlements | -450.00M | -28.10M | ||||
| Pretax Income | 3.62B | 3.31B | 2.67B | 1.96B | 1.61B | 1.89B |
| Income Tax Expense | 645.90M | 434.80M | 336.30M | 141.60M | 262.40M | 162.20M |
| Earnings From Continuing Operations | 2.97B | 2.88B | 2.34B | 1.82B | 1.34B | 1.73B |
| Minority Interest in Earnings | -15.90M | -20.60M | -14.90M | -19.30M | -22.10M | -23.50M |
| Net Income | 2.96B | 2.86B | 2.32B | 1.80B | 1.32B | 1.70B |
| Net Income to Common | 2.96B | 2.86B | 2.32B | 1.80B | 1.32B | 1.70B |
| Shares Outstanding (Basic) | 353.23M | 356.90M | 355.20M | 351.20M | 355.70M | 356.10M |
| Shares Outstanding (Diluted) | 357.23M | 362.70M | 362.00M | 357.40M | 362.00M | 365.80M |
| EPS (Basic) | 8.37 | 8.00 | 6.54 | 5.12 | 3.72 | 4.79 |
| EPS (Diluted) | 8.27 | 7.87 | 6.42 | 5.03 | 3.65 | 4.66 |
| Free Cash Flow | 3.60B | 2.49B | 1.30B | 749.60M | 958.40M | 1.75B |
| Free Cash Flow Per Share | 10.07 | 6.87 | 3.60 | 2.10 | 2.65 | 4.78 |
| Gross Margin | 66.64% | 66.00% | 67.46% | 66.39% | 67.44% | 69.33% |
| Operating Margin | 31.70% | 29.27% | 28.12% | 24.80% | 25.80% | 31.89% |
| Profit Margin | 25.54% | 28.38% | 27.81% | 25.24% | 21.25% | 29.85% |
| Free Cash Flow Margin | 31.08% | 24.75% | 15.61% | 10.52% | 15.40% | 30.65% |
| EBITDA | 4.47B | 3.56B | 2.80B | 2.17B | 1.96B | 2.13B |
| EBITDA Margin | 38.61% | 35.35% | 33.58% | 30.45% | 31.48% | 37.27% |
| D&A For EBITDA | 800.30M | 612.50M | 455.70M | 402.20M | 353.80M | 307.40M |
| EBIT | 3.67B | 2.95B | 2.35B | 1.77B | 1.61B | 1.82B |
| EBIT Margin | 31.70% | 29.27% | 28.12% | 24.80% | 25.80% | 31.89% |
| Effective Tax Rate | 17.85% | 13.13% | 12.58% | 7.23% | 16.33% | 8.58% |
| Revenue as Reported | 11.58B | 10.06B | 8.35B | 7.12B | 6.22B | 5.71B |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 2.98B | 3.37B | 2.03B | 2.75B | 1.58B | 1.29B |
| Short-Term Investments | 1.06B | 2.57B | 1.99B | 2.47B | 2.54B | 2.94B |
| Cash & Short-Term Investments | 4.04B | 5.93B | 4.01B | 5.22B | 4.12B | 4.23B |
| Receivables | 1.82B | 1.63B | 1.36B | 1.27B | 1.07B | 893.00M |
| Inventory | 2.13B | 1.84B | 1.49B | 1.22B | 893.20M | 587.10M |
| Prepaid Expenses | 432.60M | 376.40M | 253.70M | 176.70M | 162.50M | 133.90M |
| Other Current Assets | 6.10M | |||||
| Total Current Assets | 8.43B | 9.78B | 7.11B | 7.89B | 6.25B | 5.84B |
| Property, Plant & Equipment | 5.68B | 5.49B | 4.78B | 3.62B | 2.46B | 1.95B |
| Long-Term Investments | 2.89B | 3.22B | 4.90B | 2.19B | 2.68B | 4.43B |
| Goodwill | 557.80M | 370.30M | 347.50M | 348.70M | 348.50M | 343.60M |
| Other Intangible Assets | 196.70M | 17.10M | 23.00M | 39.10M | 49.80M | 70.50M |
| Long-Term Accounts Receivable | 225.00M | 199.30M | 245.50M | 231.60M | 300.80M | 278.70M |
| Long-Term Deferred Tax Assets | 719.70M | 1.02B | 1.05B | 910.50M | 664.60M | 441.40M |
| Long-Term Deferred Charges | 179.60M | 147.50M | 119.50M | 72.30M | 71.80M | |
| Other Long-Term Assets | 652.10M | 180.20M | 136.90M | 92.70M | 145.90M | 122.20M |
| Total Assets | 19.35B | 20.46B | 18.74B | 15.44B | 12.97B | 13.55B |
| Accounts Payable | 279.50M | 255.10M | 193.40M | 188.70M | 147.00M | 121.20M |
| Accrued Expenses | 967.70M | 1.02B | 838.00M | 743.90M | 707.20M | 539.40M |
| Current Portion of Leases | 39.00M | 33.50M | 25.30M | 24.20M | 20.40M | |
| Current Income Taxes Payable | 218.80M | 125.40M | 154.40M | 111.40M | 96.10M | 54.10M |
| Current Unearned Revenue | 541.20M | 506.70M | 468.80M | 446.10M | 397.30M | 377.20M |
| Other Current Liabilities | 525.80M | 58.30M | 57.20M | 143.30M | 50.30M | 37.50M |
| Total Current Liabilities | 2.53B | 2.01B | 1.75B | 1.66B | 1.42B | 1.15B |
| Long-Term Leases | 131.90M | 112.50M | 64.50M | 69.60M | 66.60M | |
| Long-Term Unearned Revenue | 128.20M | 91.40M | 54.10M | 45.60M | 41.00M | 36.80M |
| Other Long-Term Liabilities | 570.10M | 287.50M | 301.70M | 275.40M | 328.70M | 350.30M |
| Total Liabilities | 3.23B | 2.52B | 2.21B | 2.04B | 1.86B | 1.60B |
| Common Stock | 300.00K | 400.00K | 400.00K | 400.00K | 400.00K | 400.00K |
| Additional Paid-In Capital | 11.52B | 10.77B | 9.68B | 8.58B | 7.70B | 7.16B |
| Retained Earnings | 4.53B | 7.01B | 6.80B | 4.74B | 3.50B | 4.76B |
| Comprehensive Income & Other | -60.30M | 43.30M | -51.30M | -12.20M | -162.50M | -24.20M |
| Total Common Equity | 15.99B | 17.82B | 16.43B | 13.31B | 11.04B | 11.90B |
| Minority Interest | 131.60M | 117.70M | 95.90M | 89.70M | 70.70M | 50.40M |
| Shareholders' Equity | 16.12B | 17.94B | 16.53B | 13.40B | 11.11B | 11.95B |
| Total Liabilities & Equity | 19.35B | 20.46B | 18.74B | 15.44B | 12.97B | 13.55B |
| Total Debt | 170.90M | 146.00M | 89.80M | 93.80M | 87.00M | |
| Net Cash (Debt) | 4.04B | 5.76B | 3.87B | 5.13B | 4.02B | 4.14B |
| Net Cash Per Share | 11.32 | 15.89 | 10.68 | 14.36 | 11.12 | 11.33 |
| Filing Date Shares Outstanding | 346.64M | 355.13M | 356.66M | 352.33M | 350.39M | 357.74M |
| Total Common Shares Outstanding | 346.60M | 355.10M | 356.60M | 352.30M | 350.00M | 357.70M |
| Working Capital | 5.90B | 7.77B | 5.37B | 6.23B | 4.83B | 4.70B |
| Book Value Per Share | 46.12 | 50.19 | 46.08 | 37.77 | 31.55 | 33.27 |
| Tangible Book Value | 15.23B | 17.44B | 16.06B | 12.92B | 10.64B | 11.49B |
| Tangible Book Value Per Share | 43.95 | 49.10 | 45.05 | 36.67 | 30.41 | 32.11 |
| Land | 479.70M | 476.40M | 457.30M | 388.60M | 367.80M | |
| Buildings | 2.83B | 1.49B | 1.00B | 866.50M | 812.50M | |
| Machinery | 1.27B | 1.07B | 878.00M | 701.10M | 621.30M | |
| Construction In Progress | 638.10M | 1.63B | 1.35B | 608.60M | 209.70M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 2.96B | 2.86B | 2.32B | 1.80B | 1.32B | 1.70B |
| Depreciation & Amortization | 800.30M | 612.50M | 455.70M | 402.20M | 353.80M | 307.40M |
| Other Amortization | 22.50M | 49.90M | 37.70M | 33.00M | 26.60M | 22.00M |
| Loss (Gain) From Sale of Assets | 5.80M | 13.70M | 5.20M | 19.60M | 8.20M | 2.80M |
| Loss (Gain) From Sale of Investments | -43.00M | -57.20M | -43.30M | 7.30M | 49.00M | 10.60M |
| Stock-Based Compensation | 835.30M | 788.20M | 676.80M | 592.80M | 513.20M | 449.20M |
| Other Operating Activities | 292.30M | 39.70M | -120.40M | -261.50M | -163.20M | -39.10M |
| Change in Accounts Receivable | -370.70M | -301.70M | -95.90M | -186.30M | -159.30M | -142.30M |
| Change in Inventory | -1.07B | -1.06B | -830.00M | -712.50M | -546.60M | -256.00M |
| Change in Accounts Payable | -13.00M | 57.90M | -400.00K | 41.70M | 21.30M | 36.00M |
| Change in Unearned Revenue | 79.70M | 75.20M | 31.20M | 53.40M | 21.50M | 32.60M |
| Change in Other Net Operating Assets | 598.10M | -40.30M | -24.20M | 26.10M | 44.00M | -38.40M |
| Operating Cash Flow | 4.09B | 3.03B | 2.42B | 1.81B | 1.49B | 2.09B |
| Capital Expenditures | -491.50M | -539.80M | -1.11B | -1.06B | -532.40M | -339.50M |
| Cash Acquisitions | -531.30M | -13.90M | -1.00M | -8.90M | -12.80M | -22.70M |
| Investment in Securities | 1.72B | 1.22B | -2.16B | 713.00M | 1.92B | -2.10B |
| Investing Cash Flow | 747.30M | 665.80M | -3.27B | -360.10M | 1.37B | -2.46B |
| Issuance of Common Stock | 360.40M | 350.30M | 429.40M | 296.30M | 233.80M | 276.50M |
| Repurchase of Common Stock | -5.01B | -2.71B | -270.00M | -581.00M | -2.80B | -211.60M |
| Other Financing Activities | -21.30M | -8.50M | -2.90M | -4.50M | -21.90M | |
| Financing Cash Flow | -4.67B | -2.36B | 150.90M | -287.60M | -2.57B | 43.00M |
| Foreign Exchange Rate Adjustments | 8.80M | 12.80M | -800.00K | 3.30M | 5.40M | -3.40M |
| Net Cash Flow | 172.90M | 1.34B | -707.70M | 1.17B | 294.70M | -332.50M |
| Free Cash Flow | 3.60B | 2.49B | 1.30B | 749.60M | 958.40M | 1.75B |
| Free Cash Flow Margin | 31.08% | 24.75% | 15.61% | 10.52% | 15.40% | 30.65% |
| Free Cash Flow Per Share | 10.07 | 6.87 | 3.60 | 2.10 | 2.65 | 4.78 |
| Levered Free Cash Flow | 3.43B | 2.27B | 1.18B | 779.25M | 1.12B | 1.61B |
| Unlevered Free Cash Flow | 3.43B | 2.27B | 1.18B | 779.25M | 1.12B | 1.61B |
| Cash Income Tax Paid | 537.90M | 537.90M | 466.50M | 447.80M | 444.20M | 180.00M |
| Change in Working Capital | -780.90M | -1.27B | -919.30M | -777.60M | -619.10M | -368.10M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 152.08B | 200.77B | 185.91B | 118.77B | 93.77B | 128.36B |
| Enterprise Value | 148.03B | 195.98B | 181.77B | 112.38B | 89.51B | 124.27B |
| Last Close Price | 432.01 | 566.36 | 521.96 | 337.36 | 265.35 | 359.30 |
| PE Ratio | 53.03 | 70.30 | 80.05 | 66.06 | 70.92 | 75.30 |
| Forward PE | 36.36 | 60.98 | 69.43 | 54.48 | 50.89 | 67.86 |
| PS Ratio | 12.93 | 19.95 | 22.26 | 16.67 | 15.07 | 22.48 |
| PB Ratio | 9.37 | 11.19 | 11.25 | 8.87 | 8.44 | 10.74 |
| P/TBV Ratio | 9.83 | 11.51 | 11.57 | 9.19 | 8.81 | 11.17 |
| P/FCF Ratio | 41.62 | 80.61 | 142.59 | 158.45 | 97.84 | 73.35 |
| P/OCF Ratio | 36.62 | 66.25 | 76.98 | 65.48 | 62.90 | 61.43 |
| PEG Ratio | 2.29 | 3.88 | 4.15 | 3.63 | 4.11 | 4.99 |
| EV/Sales Ratio | 12.59 | 19.47 | 21.76 | 15.78 | 14.39 | 21.76 |
| EV/EBITDA Ratio | 32.59 | 55.08 | 64.81 | 51.81 | 45.69 | 58.39 |
| EV/EBIT Ratio | 39.70 | 66.53 | 77.39 | 63.61 | 55.76 | 68.24 |
| EV/FCF Ratio | 40.50 | 78.68 | 139.42 | 149.93 | 93.39 | 71.02 |
| Debt / Equity Ratio | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | |
| Debt / EBITDA Ratio | 0.05 | 0.05 | 0.04 | 0.05 | 0.04 | |
| Debt / FCF Ratio | 0.07 | 0.11 | 0.12 | 0.10 | 0.05 | |
| Net Debt / Equity Ratio | -0.25 | -0.32 | -0.23 | -0.38 | -0.36 | -0.35 |
| Net Debt / EBITDA Ratio | -0.90 | -1.62 | -1.38 | -2.37 | -2.05 | -1.95 |
| Net Debt / FCF Ratio | -1.12 | -2.31 | -2.97 | -6.85 | -4.20 | -2.37 |
| Asset Turnover | 0.60 | 0.51 | 0.49 | 0.50 | 0.47 | 0.46 |
| Inventory Turnover | 1.98 | 2.06 | 2.01 | 2.27 | 2.74 | 2.95 |
| Quick Ratio | 2.32 | 3.77 | 3.08 | 3.91 | 3.65 | 4.46 |
| Current Ratio | 3.33 | 4.88 | 4.07 | 4.76 | 4.40 | 5.08 |
| Return on Equity (ROE) | 17.93% | 16.69% | 15.62% | 14.83% | 11.66% | 15.92% |
| Return on Assets (ROA) | 11.86% | 9.39% | 8.59% | 7.77% | 7.56% | 9.21% |
| Return on Invested Capital (ROIC) | 23.97% | 20.60% | 19.63% | 21.35% | 18.03% | 26.69% |
| Return on Capital Employed (ROCE) | 21.80% | 16.00% | 13.80% | 12.80% | 13.90% | 14.70% |
| Earnings Yield | 1.89% | 1.42% | 1.25% | 1.51% | 1.41% | 1.33% |
| FCF Yield | 2.40% | 1.24% | 0.70% | 0.63% | 1.02% | 1.36% |
| Buyback Yield / Dilution | 1.75% | -0.19% | -1.29% | 1.27% | 1.04% | -1.33% |