ISRG · Intuitive Surgical Inc - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.77B | - | $2.51B | $2.44B | $2.25B | - | $2.04B | $2.01B | $1.89B | - |
| Cost of Revenue | $940.30M | - | $842.70M | $822.10M | $795.70M | - | $664.20M | $637.20M | $645.20M | - |
| Gross Profit | $1.83B | - | $1.66B | $1.62B | $1.46B | - | $1.37B | $1.37B | $1.25B | - |
| R&D | $361.90M | - | $329.40M | $313.30M | $316.20M | - | $286.00M | $280.10M | $284.50M | - |
| SG&A | $613.30M | - | $573.30M | $561.20M | $563.40M | - | $510.60M | $525.30M | $491.50M | - |
| Total Operating Expenses | $975.20M | - | $902.70M | $874.50M | $879.60M | - | $796.60M | $805.40M | $776.00M | - |
| D&A | - | - | - | - | - | - | - | - | - | - |
| Operating Income | $855.30M | - | $759.70M | $743.40M | $578.10M | - | $577.30M | $567.30M | $469.40M | - |
| Interest Expense | - | - | - | - | - | - | - | - | - | - |
| Income Tax | $114.40M | - | $146.00M | $167.90M | ($35.20M) | - | $100.40M | $123.00M | ($8.90M) | - |
| Net Income | $821.50M | - | $704.40M | $658.40M | $698.40M | - | $565.10M | $526.90M | $544.90M | - |
| EPS - Basic | $2.31 | - | $1.98 | $1.84 | $1.95 | - | $1.59 | $1.48 | $1.54 | - |
| EPS - Diluted | $2.28 | - | $1.95 | $1.81 | $1.92 | - | $1.56 | $1.46 | $1.51 | - |
Balance Sheet
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $2.01B | $3.37B | $2.81B | $3.40B | $2.57B | $2.03B | $2.41B | $3.04B | $2.84B | $2.75B |
| Accounts Receivable | $1.60B | $1.53B | $1.26B | $1.27B | $1.22B | $1.23B | $1.15B | $1.11B | $1.13B | $1.13B |
| Inventory | $1.95B | $1.84B | $1.78B | $1.67B | $1.55B | $1.49B | $1.48B | $1.38B | $1.30B | $1.22B |
| Accounts Payable | $332.90M | $255.10M | $291.20M | $266.80M | $276.20M | $193.40M | $218.70M | $194.40M | $194.40M | $188.70M |
| Current Assets | $8.81B | $9.78B | $8.53B | $8.75B | $7.66B | $7.11B | $7.22B | $7.65B | $7.63B | $7.89B |
| Total Assets | $20.11B | $20.46B | $19.35B | $20.16B | $19.22B | $18.74B | $17.74B | $16.65B | $15.83B | $15.44B |
| Current Liabilities | $1.91B | $2.01B | $1.80B | $1.69B | $1.54B | $1.75B | $1.68B | $1.49B | $1.38B | $1.66B |
| Long-term Debt | - | - | - | - | - | - | - | - | - | - |
| Total Liabilities | $2.51B | $2.52B | $2.31B | $2.21B | $2.01B | $2.21B | $2.07B | $1.85B | $1.78B | $2.04B |
| Stockholders' Equity | $17.47B | $17.82B | $16.93B | $17.85B | $17.11B | $16.43B | $15.58B | $14.71B | $13.96B | $13.31B |
| Retained Earnings | $6.40B | $7.01B | $6.42B | $7.61B | $7.14B | $6.80B | $6.13B | $5.58B | $5.07B | $4.74B |
Cash Flow
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $911.90M | - | - | - | $581.60M | - | - | - | $265.40M | - |
| Investing Cash Flow | ($914.50M) | - | - | - | $213.50M | - | - | - | ($128.50M) | - |
| Financing Cash Flow | ($1.35B) | - | - | - | ($235.80M) | - | - | - | ($46.70M) | - |
| CapEx | $103.30M | - | - | - | $116.60M | - | - | - | $241.90M | - |
| Free Cash Flow | $808.60M | - | - | - | $465.00M | - | - | - | $23.50M | - |
Ratios
| Metric | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | 66.1% | - | 66.4% | 66.3% | 64.7% | - | 67.4% | 68.3% | 65.9% | - |
| Operating margin | 30.9% | - | 30.3% | 30.5% | 25.7% | - | 28.3% | 28.2% | 24.8% | - |
| EBITDA margin | - | - | - | - | - | - | - | - | - | - |
| Net margin | 29.6% | - | 28.1% | 27.0% | 31.0% | - | 27.7% | 26.2% | 28.8% | - |
| Free cash flow margin | 29.2% | - | - | - | 20.6% | - | - | - | 1.2% | - |
| FCF / Net income | 0.98 | - | - | - | 0.67 | - | - | - | 0.04 | - |
| R&D / Revenue | 13.1% | - | 13.1% | 12.8% | 14.0% | - | 14.0% | 13.9% | 15.0% | - |
| SG&A / Revenue | 22.1% | - | 22.9% | 23.0% | 25.0% | - | 25.1% | 26.1% | 26.0% | - |
| Effective tax rate | 12.2% | - | 17.2% | 20.3% | -5.3% | - | 15.1% | 18.9% | -1.7% | - |
| Return on assets | 4.1% | - | 3.6% | 3.3% | 3.6% | - | 3.2% | 3.2% | 3.4% | - |
| Return on equity | 4.7% | - | 4.2% | 3.7% | 4.1% | - | 3.6% | 3.6% | 3.9% | - |
| Return on invested capital | - | - | - | - | - | - | - | - | - | - |
| Liquidity | ||||||||||
| Current ratio | 4.61 | 4.87 | 4.73 | 5.17 | 4.98 | 4.07 | 4.30 | 5.15 | 5.55 | 4.76 |
| Quick ratio | 3.59 | 3.96 | 3.74 | 4.18 | 3.97 | 3.22 | 3.42 | 4.22 | 4.61 | 4.02 |
| Cash ratio | 1.05 | 1.68 | 1.56 | 2.01 | 1.67 | 1.16 | 1.44 | 2.04 | 2.06 | 1.66 |
| Leverage | ||||||||||
| Debt / Equity | - | - | - | - | - | - | - | - | - | - |
| Debt / Assets | - | - | - | - | - | - | - | - | - | - |
| Debt / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Interest coverage | - | - | - | - | - | - | - | - | - | - |
| Equity multiplier | 1.15 | 1.15 | 1.14 | 1.13 | 1.12 | 1.14 | 1.14 | 1.13 | 1.13 | 1.16 |
| Liabilities / Assets | 0.12 | 0.12 | 0.12 | 0.11 | 0.10 | 0.12 | 0.12 | 0.11 | 0.11 | 0.13 |
| Efficiency | ||||||||||
| Asset turnover | 0.14 | - | 0.13 | 0.12 | 0.12 | - | 0.11 | 0.12 | 0.12 | - |
| Inventory turnover | 0.48 | - | 0.47 | 0.49 | 0.51 | - | 0.45 | 0.46 | 0.50 | - |
| Days sales outstanding | 210d | - | 184d | 190d | 198d | - | 206d | 201d | 218d | - |
| Days inventory outstanding | 755d | - | 772d | 740d | 713d | - | 814d | 793d | 735d | - |
| Days payable outstanding | 129d | - | 126d | 118d | 127d | - | 120d | 111d | 110d | - |
| Cash conversion cycle | 836d | - | 829d | 812d | 784d | - | 901d | 883d | 843d | - |
| Valuation | ||||||||||
| P / E | 202.2x | - | 229.3x | 300.2x | 258.0x | - | 314.9x | 304.7x | 264.3x | - |
| P / B | 9.5x | - | 9.6x | 11.1x | 10.6x | - | 11.4x | 10.9x | 10.3x | - |
| P / S | 59.9x | - | 64.6x | 81.1x | 80.1x | - | 87.4x | 79.9x | 76.1x | - |
| EV / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Growth | ||||||||||
| Revenue growth (YoY) | 23.0% | - | 22.9% | 21.4% | 19.2% | - | 16.9% | 14.5% | 11.5% | - |
| Revenue CAGR (3y) | 17.8% | - | 17.2% | 17.0% | 14.8% | - | 13.2% | 11.1% | 13.5% | - |
| Revenue CAGR (5y) | 16.5% | - | 18.4% | 23.4% | 15.4% | - | 12.6% | 12.8% | 14.2% | - |
| Gross profit growth (YoY) | 25.6% | - | 21.0% | 17.9% | 17.0% | - | 17.7% | 17.1% | 11.9% | - |
| Operating income growth (YoY) | 48.0% | - | 31.6% | 31.0% | 23.2% | - | 23.9% | 22.5% | 21.1% | - |
| Net income growth (YoY) | 17.6% | - | 24.7% | 25.0% | 28.2% | - | 35.9% | 25.2% | 53.4% | - |
| EPS growth (YoY) | 18.7% | - | 25.0% | 24.0% | 27.2% | - | 34.5% | 23.7% | 51.0% | - |
| EPS CAGR (3y) | 31.6% | - | 29.4% | 28.7% | 24.3% | - | 14.5% | -30.0% | -24.5% | - |
| EPS CAGR (5y) | -8.3% | - | -5.6% | 26.0% | -6.0% | - | -14.1% | -11.4% | -10.0% | - |
| FCF growth (YoY) | 73.9% | - | - | - | 1878.7% | - | - | - | -86.7% | - |
| FCF CAGR (5y) | 14.1% | - | - | - | 13.4% | - | - | - | -36.0% | - |
| Book value growth (YoY) | 2.2% | 8.5% | 8.6% | 21.3% | 22.5% | 23.5% | 24.3% | 23.8% | 24.5% | 20.5% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Product / service
$16.74B totalProduct$8.49B · 50.7%
Instrumentsand Accessories$4.20B · 25.1%
Systems$2.47B · 14.8%
Service$1.57B · 9.4%
Peer comparison
Same SIC group: Orthopedic, Prosthetic & Surgical Appliances & Supplies
Comparing INTUITIVE SURGICAL INC against the 5 most active filers in the same SIC group.