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Intuitive Surgical (ISRG) Financials

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$332.02 -8.67 (-2.54%)
Closing price 04:00 PM Eastern
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$332.10 +0.08 (+0.02%)
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Annual Income Statements for Intuitive Surgical

Annual Income Statements for Intuitive Surgical

This table shows Intuitive Surgical's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 589 738 671 1,128 1,379 1,061 1,705 1,322 1,798 2,323 2,856
Consolidated Net Income / (Loss)		 589 738 671 1,125 1,382 1,067 1,728 1,344 1,817 2,338 2,877
Net Income / (Loss) Continuing Operations		 589 738 671 1,125 1,382 1,067 1,728 1,344 1,817 2,338 2,877
Total Pre-Tax Income 		759 985 1,105 1,280 1,502 1,207 1,890 1,607 1,959 2,674 3,311
Total Operating Income		 740 950 1,063 1,199 1,375 1,050 1,821 1,577 1,767 2,349 2,946
Total Gross Profit		 1,578 1,893 2,202 2,604 3,110 2,861 3,959 4,196 4,730 5,634 6,642
Total Revenue		 2,384 2,707 3,138 3,724 4,479 4,358 5,710 6,222 7,124 8,352 10,065
Operating Revenue		 2,384 2,707 3,138 3,724 4,479 4,358 5,710 6,222 7,124 8,352 10,065
Total Cost of Revenue		 807 814 936 1,120 1,368 1,497 1,752 2,026 2,395 2,718 3,422
Operating Cost of Revenue		 807 814 936 1,120 1,368 1,497 1,752 2,026 2,395 2,718 3,422
Total Operating Expenses		 838 943 1,139 1,405 1,736 1,811 2,138 2,619 2,963 3,285 3,697
Selling, General & Admin Expense		 641 704 811 987 1,178 1,216 1,467 1,740 1,964 2,140 2,385
Research & Development Expense		 197 240 329 418 557 595 671 879 999 1,145 1,312
Total Other Income / (Expense), net		 19 36 42 80 128 157 69 30 192 325 366
Other Income / (Expense), net		 19 36 42 80 128 157 69 30 192 325 366
Income Tax Expense		 170 247 434 155 120 140 162 262 142 336 435
Net Income / (Loss) Attributable to Noncontrolling Interest		 - 0.00 -0.40 -2.90 2.50 6.20 24 22 19 15 21
Basic Earnings per Share		 $5.29 $6.43 $6.01 $9.92 $3.98 $3.02 $4.79 $3.72 $5.12 $6.54 $8.00
Weighted Average Basic Shares Outstanding		 111.30M 114.90M 111.70M 113.70M 346.20M 351.10M 356.10M 355.70M 351.20M 355.20M 356.90M
Diluted Earnings per Share		 $5.18 $6.26 $5.77 $9.49 $3.85 $2.94 $4.66 $3.65 $5.03 $6.42 $7.87
Weighted Average Diluted Shares Outstanding		 113.70M 117.90M 116.30M 118.80M 358.40M 361M 365.80M 362M 357.40M 362M 362.70M
Weighted Average Basic & Diluted Shares Outstanding		 37.10M 115M 113.50M 113.70M 115.98M 117.72M 357.74M 350.39M 352.33M 356.66M 355.13M

Quarterly Income Statements for Intuitive Surgical

This table shows Intuitive Surgical's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
Net Income / (Loss) Attributable to Common Shareholders		 606 545 527 565 686 698 658 704 795 822 818
Consolidated Net Income / (Loss)		 611 547 532 571 688 704 664 709 800 826 823
Net Income / (Loss) Continuing Operations		 611 547 532 571 688 704 664 709 800 826 823
Total Pre-Tax Income 		516 539 655 671 810 669 832 855 956 940 1,055
Total Operating Income		 450 469 567 577 735 578 743 760 864 855 972
Total Gross Profit		 1,277 1,245 1,373 1,374 1,642 1,458 1,618 1,662 1,904 1,831 1,960
Total Revenue		 1,928 1,891 2,010 2,038 2,414 2,253 2,440 2,505 2,866 2,771 2,892
Operating Revenue		 1,928 1,891 2,010 2,038 2,414 2,253 2,440 2,505 2,866 2,771 2,892
Total Cost of Revenue		 651 645 637 664 771 796 822 843 962 940 932
Operating Cost of Revenue		 651 645 637 664 771 796 822 843 962 940 932
Total Operating Expenses		 827 776 805 797 907 880 875 903 1,040 975 989
Selling, General & Admin Expense		 567 492 525 511 613 563 561 573 687 613 618
Research & Development Expense		 260 285 280 286 295 316 313 329 353 362 371
Total Other Income / (Expense), net		 66 69 87 94 75 90 89 96 91 85 83
Other Income / (Expense), net		 66 69 87 94 75 90 89 96 91 85 83
Income Tax Expense		 -95 -8.90 123 100 122 -35 168 146 156 114 231
Net Income / (Loss) Attributable to Noncontrolling Interest		 4.50 2.50 4.60 5.50 2.30 5.30 5.80 4.80 4.70 4.50 5.10
Basic Earnings per Share		 $1.73 $1.54 $1.48 $1.59 $1.93 $1.95 $1.84 $1.98 $2.23 $2.31 $2.31
Weighted Average Basic Shares Outstanding		 351.20M 353.50M 355M 355.80M 355.20M 357.50M 358.50M 356.60M 356.90M 354.90M 354.10M
Diluted Earnings per Share		 $1.73 $1.51 $1.46 $1.56 $1.89 $1.92 $1.81 $1.95 $2.19 $2.28 $2.29
Weighted Average Diluted Shares Outstanding		 357.40M 360.50M 361M 362.70M 362M 364.60M 364.10M 361.80M 362.70M 359.80M 357.30M
Weighted Average Basic & Diluted Shares Outstanding		 352.33M 354.71M 355.35M 356.18M 356.66M 358.42M 358.48M 354.50M 355.13M 354.16M 353.28M

Annual Cash Flow Statements for Intuitive Surgical

This table details how cash moves in and out of Intuitive Surgical's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 114 322 -388 246 273 456 -333 295 1,169 -708 1,345
Net Cash From Operating Activities		 806 1,087 1,144 1,170 1,598 1,485 2,089 1,491 1,814 2,415 3,031
Net Cash From Continuing Operating Activities		 806 1,087 1,144 1,170 1,598 1,485 2,089 1,491 1,814 2,415 3,031
Net Income / (Loss) Continuing Operations		 589 738 671 1,125 1,382 1,067 1,728 1,344 1,817 2,338 2,877
Consolidated Net Income / (Loss)		 589 738 671 1,125 1,382 1,067 1,728 1,344 1,817 2,338 2,877
Depreciation Expense		 65 74 86 109 160 226 283 338 402 445 615
Amortization Expense		 51 64 45 27 50 12 60 103 61 11 5.20
Non-Cash Adjustments To Reconcile Net Income		 168 178 209 261 336 395 449 509 593 676 787
Changes in Operating Assets and Liabilities, net		 -66 33 133 -352 -330 -216 -431 -804 -1,058 -1,055 -1,253
Net Cash From Investing Activities		 -850 -1,279 379 -1,050 -1,154 -941 -2,462 1,371 -360 -3,273 666
Net Cash From Continuing Investing Activities		 -850 -1,279 379 -1,050 -1,154 -941 -2,462 1,371 -360 -3,273 666
Purchase of Property, Plant & Equipment		 -81 -54 -191 -187 -426 -342 -340 -532 -1,064 -1,111 -540
Acquisitions		 - 0.00 0.00 -88 -60 -38 -23 -13 -8.90 -1.00 -14
Purchase of Investments		 -1,827 -2,586 -1,995 -2,582 -3,346 -4,293 -6,452 -1,400 -2,207 -5,140 -1,216
Sale and/or Maturity of Investments		 1,059 1,360 2,564 1,808 2,677 3,732 4,353 3,316 2,920 2,979 2,435
Net Cash From Financing Activities		 159 514 -1,913 126 -168 -86 43 -2,572 -288 151 -2,364
Net Cash From Continuing Financing Activities		 159 514 -1,913 126 -168 -86 43 -2,572 -288 151 -2,364
Repurchase of Common Equity		 -184 -43 -2,274 0.00 -270 -134 0.00 -2,607 -416 0.00 -2,295
Payment of Dividends		 - - - - - - - 0.00 0.00 -8.00 0.00
Issuance of Common Equity		 361 581 418 247 283 309 277 234 296 429 350
Other Financing Activities, net		 -11 -24 -57 -120 -182 -260 -234 -199 -168 -271 -419
Effect of Exchange Rate Changes		 -1.50 0.00 2.10 -0.10 -2.20 -2.60 -3.40 5.40 3.30 -0.80 13

Quarterly Cash Flow Statements for Intuitive Surgical

This table details how cash moves in and out of Intuitive Surgical's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
Net Change in Cash & Equivalents		 -853 97 200 -621 -384 555 829 -597 558 -1,355 754
Net Cash From Operating Activities		 228 265 621 707 823 582 715 841 893 912 1,061
Net Cash From Continuing Operating Activities		 228 265 621 707 823 582 715 841 893 912 1,061
Net Income / (Loss) Continuing Operations		 611 547 532 571 688 704 664 709 800 826 823
Consolidated Net Income / (Loss)		 611 547 532 571 688 704 664 709 800 826 823
Depreciation Expense		 118 104 107 113 122 138 152 157 168 179 192
Amortization Expense		 8.10 7.70 -5.90 0.60 8.70 -5.60 2.60 -2.00 10 11 30
Non-Cash Adjustments To Reconcile Net Income		 150 153 174 173 176 185 196 204 202 202 210
Changes in Operating Assets and Liabilities, net		 -659 -547 -186 -150 -172 -439 -300 -226 -288 -306 -194
Net Cash From Investing Activities		 -1,044 -129 -467 -1,413 -1,264 214 261 401 -209 -915 -27
Net Cash From Continuing Investing Activities		 -1,044 -129 -467 -1,413 -1,264 214 261 401 -209 -915 -27
Purchase of Property, Plant & Equipment		 -436 -242 -309 -248 -312 -117 -155 -105 -163 -103 -113
Purchase of Investments		 -1,387 -906 -884 -1,920 -1,430 -520 -172 -99 -425 -911 -438
Sale and/or Maturity of Investments		 780 1,019 726 755 479 850 589 606 391 582 524
Net Cash From Financing Activities		 -32 -47 50 98 49 -236 -148 -1,843 -138 -1,354 -288
Net Cash From Continuing Financing Activities		 -32 -47 50 98 49 -236 -148 -1,843 -138 -1,354 -288
Repurchase of Common Equity		 -66 - - - - 0.00 - -1,913 -201 -1,123 -320
Issuance of Common Equity		 44 180 72 116 62 134 49 90 77 122 66
Other Financing Activities, net		 -9.30 -227 -14 -17 -13 -370 -16 -20 -13 -352 -33
Effect of Exchange Rate Changes		 - 6.80 -3.70 -12 8.30 -4.50 1.00 4.00 12 1.00 7.10

Annual Balance Sheets for Intuitive Surgical

This table presents Intuitive Surgical's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 4,907 6,487 5,777 7,847 9,733 11,169 13,555 12,974 15,442 18,743 20,459
Total Current Assets		 2,196 3,250 2,809 4,333 4,663 6,626 5,845 6,253 7,888 7,111 9,780
Cash & Equivalents		 715 1,037 648 858 1,168 1,623 1,291 1,581 2,750 2,027 3,368
Short-Term Investments		 845 1,518 1,312 2,205 2,054 3,489 2,913 2,537 2,473 1,986 2,567
Accounts Receivable		 394 430 508 682 645 646 783 942 1,130 1,225 1,527
Inventories, net		 168 182 241 409 596 602 587 893 1,221 1,487 1,840
Prepaid Expenses		 74 83 99 179 200 268 271 300 314 385 477
Plant, Property, & Equipment, net		 432 458 613 812 1,273 1,577 1,876 2,374 3,538 4,647 5,342
Total Noncurrent Assets		 2,280 2,778 2,355 2,702 3,798 2,966 5,834 4,347 4,016 6,986 5,337
Long-Term Investments		 1,788 2,283 1,886 1,771 2,624 1,758 4,416 2,624 2,120 4,819 3,099
Goodwill		 201 201 201 241 307 337 344 349 349 348 370
Intangible Assets		 123 143 196 261 441 504 633 710 637 774 849
Noncurrent Deferred & Refundable Income Taxes		 168 151 72 429 426 368 441 665 911 1,045 1,019
Total Liabilities & Shareholders' Equity		 4,907 6,487 5,777 7,847 9,733 11,169 13,555 12,974 15,442 18,743 20,459
Total Liabilities		 588 709 996 1,159 1,449 1,410 1,604 1,861 2,044 2,214 2,517
Total Current Liabilities		 492 597 663 821 1,030 965 1,150 1,422 1,659 1,745 2,006
Accounts Payable		 53 69 83 101 124 82 121 147 189 193 255
Current Deferred Revenue		 226 241 244 294 338 350 377 397 446 469 507
Current Employee Benefit Liabilities		 117 136 168 194 252 235 350 402 436 536 648
Other Current Liabilities		 - - 169 232 317 298 301 476 588 548 596
Total Noncurrent Liabilities		 96 113 334 339 418 445 454 439 386 468 511
Long-Term Debt		 - - 334 339 418 445 454 439 386 468 511
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 4,320 5,778 4,780 6,688 8,285 9,759 11,952 11,113 13,397 16,530 17,942
Total Preferred & Common Equity		 4,320 5,778 4,779 6,679 8,264 9,732 11,901 11,042 13,308 16,434 17,824
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 4,320 5,778 4,779 6,679 8,264 9,732 11,901 11,042 13,308 16,434 17,824
Common Stock		 3,430 4,212 4,679 5,170 5,757 6,445 7,164 7,704 8,577 9,682 10,769
Retained Earnings		 899 1,575 115 1,522 2,495 3,261 4,761 3,500 4,743 6,803 7,012
Accumulated Other Comprehensive Income / (Loss)		 -9.50 -8.90 -16 -13 12 25 -24 -163 -12 -51 43
Noncontrolling Interest		 - 0.00 1.60 8.70 21 28 50 71 90 96 118

Quarterly Balance Sheets for Intuitive Surgical

This table presents Intuitive Surgical's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026 Q2 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026 6/30/2026
Total Assets		 14,713 15,442 15,828 16,650 17,743 18,743 19,220 20,163 19,352 20,111 20,877
Total Current Assets		 8,903 7,888 7,633 7,654 7,216 7,111 7,658 8,746 8,525 8,810 9,543
Cash & Equivalents		 3,602 2,750 2,840 3,037 2,413 2,027 2,574 3,403 2,807 2,007 2,760
Short-Term Investments		 2,874 2,473 1,961 1,721 1,818 1,986 1,938 1,923 2,102 2,511 2,456
Accounts Receivable		 963 1,130 1,128 1,109 1,153 1,225 1,222 1,269 1,260 1,596 1,673
Inventories, net		 1,148 1,221 1,299 1,384 1,482 1,487 1,554 1,667 1,782 1,945 2,029
Prepaid Expenses		 317 314 405 404 349 385 371 483 575 752 625
Plant, Property, & Equipment, net		 3,077 3,538 3,800 4,117 4,433 4,647 4,799 4,985 5,151 5,448 5,552
Total Noncurrent Assets		 2,733 4,016 4,396 4,879 6,095 6,986 6,764 6,432 5,676 5,854 5,782
Long-Term Investments		 1,045 2,120 2,523 2,926 4,080 4,819 4,590 4,206 3,524 3,462 3,409
Goodwill		 348 349 348 348 348 348 348 349 348 613 581
Intangible Assets		 638 637 607 658 670 774 788 807 825 1,095 1,140
Noncurrent Deferred & Refundable Income Taxes		 701 911 918 947 997 1,045 1,039 1,070 979 684 652
Total Liabilities & Shareholders' Equity		 14,713 15,442 15,828 16,650 17,743 18,743 19,220 20,163 19,352 20,111 20,877
Total Liabilities		 2,089 2,044 1,782 1,853 2,066 2,214 2,013 2,210 2,310 2,514 2,579
Total Current Liabilities		 1,676 1,659 1,375 1,488 1,677 1,745 1,538 1,693 1,803 1,911 1,923
Accounts Payable		 196 189 194 194 219 193 276 267 291 333 277
Current Deferred Revenue		 395 446 438 434 426 469 496 500 491 560 549
Current Employee Benefit Liabilities		 375 436 238 321 378 536 310 421 456 371 426
Other Current Liabilities		 711 588 505 538 655 548 456 505 565 648 671
Total Noncurrent Liabilities		 413 386 407 366 389 468 475 518 507 603 656
Long-Term Debt		 413 386 407 366 389 468 475 518 507 603 656
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 12,624 13,397 14,046 14,797 15,678 16,530 17,208 17,953 17,042 17,597 18,298
Total Preferred & Common Equity		 12,539 13,308 13,963 14,708 15,583 16,434 17,106 17,846 16,930 17,475 18,168
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 12,539 13,308 13,963 14,708 15,583 16,434 17,106 17,846 16,930 17,475 18,168
Common Stock		 8,386 8,577 8,903 9,150 9,441 9,682 9,994 10,237 10,479 11,060 11,325
Retained Earnings		 4,209 4,743 5,068 5,582 6,130 6,803 7,139 7,606 6,424 6,398 6,837
Accumulated Other Comprehensive Income / (Loss)		 -57 -12 -8.70 -24 13 -51 -27 3.00 27 17 5.80
Noncontrolling Interest		 85 90 84 88 94 96 101 107 112 123 129

Annual Metrics And Ratios for Intuitive Surgical

This table displays calculated financial ratios and metrics derived from Intuitive Surgical's official financial filings.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 11.85% 13.51% 15.95% 18.67% 20.25% -2.68% 31.01% 8.97% 14.49% 17.24% 20.51%
EBITDA Growth		 33.03% 28.48% 10.02% 14.46% 21.04% -15.60% 54.52% -8.28% 18.20% 29.29% 25.59%
EBIT Growth		 38.16% 29.90% 12.13% 15.81% 17.41% -19.65% 56.61% -15.00% 21.91% 36.50% 23.85%
NOPAT Growth		 38.22% 23.88% -9.30% 63.38% 19.89% -26.61% 79.42% -20.74% 24.22% 25.28% 24.61%
Net Income Growth		 40.59% 25.39% -9.13% 67.69% 22.83% -22.80% 61.99% -22.20% 35.18% 28.62% 23.06%
EPS Growth		 40.59% 25.39% -7.83% 64.47% 22.83% -22.80% 58.50% -21.67% 37.81% 27.63% 22.59%
Operating Cash Flow Growth		 21.21% 34.83% 5.23% 2.25% 36.65% -7.10% 40.72% -28.65% 21.67% 33.15% 25.49%
Free Cash Flow Firm Growth		 72.83% 53.24% -57.24% -58.98% 358.87% -24.60% 169.07% -75.71% -96.65% 3,213.41% 298.65%
Invested Capital Growth		 10.12% -3.27% 34.85% 72.92% 30.39% 16.68% 13.53% 27.07% 33.87% 26.80% 15.34%
Revenue Q/Q Growth		 3.10% 3.14% 4.43% 4.33% 5.44% 1.19% 4.04% 1.70% 3.99% 6.17% 4.71%
EBITDA Q/Q Growth		 8.58% 3.70% 4.36% 1.46% 6.44% 2.13% 1.10% -2.00% 5.66% 10.52% 5.19%
EBIT Q/Q Growth		 9.69% 3.01% 5.81% 1.39% 5.10% 0.40% 0.95% -3.57% 6.60% 12.35% 4.61%
NOPAT Q/Q Growth		 7.03% 1.75% -26.05% 38.67% 5.36% 1.45% 2.11% -4.45% 15.55% 4.75% 4.02%
Net Income Q/Q Growth		 7.92% 2.27% -26.18% 40.24% 5.45% 0.08% 1.12% -3.31% 17.75% 3.42% 4.03%
EPS Q/Q Growth		 7.92% 2.27% -29.03% 34.61% 5.45% 0.08% -1.48% -5.93% 16.71% 1.90% 3.96%
Operating Cash Flow Q/Q Growth		 18.09% 1.12% 0.20% 0.52% 15.51% 5.31% -2.78% -8.01% -10.36% 32.64% 2.36%
Free Cash Flow Firm Q/Q Growth		 31.77% 4.87% -54.30% 203.14% 25.94% 39.63% -6.94% -31.93% -98.16% 217.40% 18.84%
Invested Capital Q/Q Growth		 -1.85% -4.14% 9.47% 7.18% 3.18% -0.80% 2.66% 3.78% 16.75% 5.29% 3.32%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 66.18% 69.94% 70.17% 69.92% 69.45% 65.65% 69.32% 67.44% 66.39% 67.46% 66.00%
EBITDA Margin		 36.67% 41.51% 39.39% 37.99% 38.23% 33.16% 39.11% 32.92% 33.98% 37.48% 39.06%
Operating Margin		 31.04% 35.09% 33.87% 32.21% 30.69% 24.09% 31.89% 25.35% 24.80% 28.12% 29.27%
EBIT Margin		 31.81% 36.41% 35.20% 34.36% 33.54% 27.69% 33.10% 25.82% 27.50% 32.01% 32.90%
Profit (Net Income) Margin		 24.69% 27.28% 21.38% 30.21% 30.85% 24.48% 30.26% 21.61% 25.51% 27.99% 28.58%
Tax Burden Percent		 77.63% 74.93% 60.73% 87.93% 91.99% 88.38% 91.42% 83.67% 92.77% 87.42% 86.87%
Interest Burden Percent		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Effective Tax Rate		 22.37% 25.07% 39.27% 12.08% 8.01% 11.62% 8.58% 16.33% 7.23% 12.58% 13.13%
Return on Invested Capital (ROIC)		 61.96% 74.45% 58.48% 60.97% 50.08% 29.97% 46.76% 30.70% 29.14% 28.12% 29.10%
ROIC Less NNEP Spread (ROIC-NNEP)		 61.47% 73.80% 57.87% 59.21% 47.71% 27.62% 45.89% 30.36% 26.45% 24.41% 25.34%
Return on Net Nonoperating Assets (RNNOA)		 -46.67% -59.83% -45.77% -41.35% -31.62% -18.14% -30.84% -19.04% -14.31% -12.50% -12.41%
Return on Equity (ROE)		 15.30% 14.62% 12.71% 19.62% 18.46% 11.82% 15.92% 11.66% 14.83% 15.62% 16.69%
Cash Return on Invested Capital (CROIC)		 52.33% 77.78% 28.80% 7.54% 23.69% 14.57% 34.09% 6.86% 0.18% 4.49% 14.85%
Operating Return on Assets (OROA)		 17.11% 17.29% 18.02% 18.78% 17.09% 11.55% 15.29% 12.11% 13.79% 15.64% 16.89%
Return on Assets (ROA)		 13.28% 12.96% 10.94% 16.52% 15.72% 10.21% 13.98% 10.14% 12.79% 13.68% 14.68%
Return on Common Equity (ROCE)		 15.30% 14.62% 12.71% 19.60% 18.42% 11.79% 15.86% 11.60% 14.73% 15.52% 16.59%
Return on Equity Simple (ROE_SIMPLE)		 13.63% 12.78% 14.04% 16.84% 16.72% 10.96% 14.52% 12.18% 13.66% 14.22% 0.00%
Net Operating Profit after Tax (NOPAT)		 574 712 645 1,055 1,264 928 1,665 1,320 1,639 2,053 2,559
NOPAT Margin		 24.09% 26.29% 20.57% 28.32% 28.23% 21.29% 29.15% 21.21% 23.01% 24.59% 25.42%
Net Nonoperating Expense Percent (NNEP)		 0.49% 0.65% 0.61% 1.76% 2.37% 2.34% 0.87% 0.34% 2.69% 3.71% 3.76%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - - 11.42% 11.89% 12.08% 13.87%
Cost of Revenue to Revenue		 33.82% 30.06% 29.83% 30.08% 30.55% 34.35% 30.68% 32.56% 33.61% 32.54% 34.00%
SG&A Expenses to Revenue		 26.86% 26.00% 25.83% 26.49% 26.31% 27.91% 25.68% 27.96% 27.57% 25.62% 23.70%
R&D to Revenue		 8.28% 8.85% 10.47% 11.23% 12.44% 13.65% 11.75% 14.13% 14.02% 13.71% 13.03%
Operating Expenses to Revenue		 35.14% 34.85% 36.30% 37.72% 38.76% 41.56% 37.43% 42.09% 41.59% 39.34% 36.73%
Earnings before Interest and Taxes (EBIT)		 759 985 1,105 1,280 1,502 1,207 1,890 1,607 1,959 2,674 3,311
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 874 1,123 1,236 1,415 1,712 1,445 2,233 2,048 2,421 3,130 3,931
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 4.72 4.25 8.56 8.19 8.27 9.88 10.79 8.49 8.93 11.31 11.26
Price to Tangible Book Value (P/TBV)		 5.11 4.52 9.33 8.85 9.09 10.82 11.75 9.39 9.64 12.14 12.09
Price to Revenue (P/Rev)		 8.56 9.08 13.03 14.69 15.26 22.07 22.48 15.07 16.67 22.26 19.95
Price to Earnings (P/E)		 34.66 33.28 60.95 48.49 49.53 90.68 75.30 70.91 66.06 80.04 70.30
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 2.89% 3.00% 1.64% 2.06% 2.02% 1.10% 1.33% 1.41% 1.51% 1.25% 1.42%
Enterprise Value to Invested Capital (EV/IC)		 17.56 21.00 29.49 22.91 22.02 26.92 31.76 18.20 17.38 21.76 20.42
Enterprise Value to Revenue (EV/Rev)		 7.15 7.29 11.91 13.48 14.05 20.60 21.06 14.07 15.71 21.27 19.11
Enterprise Value to EBITDA (EV/EBITDA)		 19.51 17.57 30.24 35.49 36.74 62.12 53.84 42.74 46.22 56.75 48.93
Enterprise Value to EBIT (EV/EBIT)		 22.49 20.03 33.83 39.24 41.88 74.38 63.61 54.48 57.13 66.44 58.09
Enterprise Value to NOPAT (EV/NOPAT)		 29.70 27.73 57.91 47.61 49.76 96.76 72.23 66.34 68.27 86.51 75.18
Enterprise Value to Operating Cash Flow (EV/OCF)		 21.16 18.15 32.68 42.93 39.37 60.46 57.55 58.72 61.70 73.56 63.48
Enterprise Value to Free Cash Flow (EV/FCFF)		 35.16 26.55 117.60 385.10 105.17 199.03 99.07 296.89 11,319.69 542.32 147.31
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.00 0.00 0.07 0.05 0.05 0.05 0.04 0.04 0.03 0.03 0.03
Long-Term Debt to Equity		 0.00 0.00 0.07 0.05 0.05 0.05 0.04 0.04 0.03 0.03 0.03
Financial Leverage		 -0.76 -0.81 -0.79 -0.70 -0.66 -0.66 -0.67 -0.63 -0.54 -0.51 -0.49
Leverage Ratio		 1.15 1.13 1.16 1.19 1.17 1.16 1.14 1.15 1.16 1.14 1.14
Compound Leverage Factor		 1.15 1.13 1.16 1.19 1.17 1.16 1.14 1.15 1.16 1.14 1.14
Debt to Total Capital		 0.00% 0.00% 6.52% 4.82% 4.81% 4.36% 3.66% 3.80% 2.80% 2.76% 2.77%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 0.00% 0.00% 6.52% 4.82% 4.81% 4.36% 3.66% 3.80% 2.80% 2.76% 2.77%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.03% 0.12% 0.24% 0.27% 0.41% 0.61% 0.65% 0.56% 0.64%
Common Equity to Total Capital		 100.00% 100.00% 93.45% 95.06% 94.95% 95.37% 95.94% 95.59% 96.55% 96.68% 96.59%
Debt to EBITDA		 0.00 0.00 0.27 0.24 0.24 0.31 0.20 0.21 0.16 0.15 0.13
Net Debt to EBITDA		 0.00 0.00 -2.84 -3.18 -3.17 -4.45 -3.66 -3.08 -2.87 -2.67 -2.17
Long-Term Debt to EBITDA		 0.00 0.00 0.27 0.24 0.24 0.31 0.20 0.21 0.16 0.15 0.13
Debt to NOPAT		 0.00 0.00 0.52 0.32 0.33 0.48 0.27 0.33 0.24 0.23 0.20
Net Debt to NOPAT		 0.00 0.00 -5.44 -4.26 -4.29 -6.92 -4.91 -4.78 -4.24 -4.07 -3.33
Long-Term Debt to NOPAT		 0.00 0.00 0.52 0.32 0.33 0.48 0.27 0.33 0.24 0.23 0.20
Altman Z-Score		 22.50 22.54 26.27 30.13 30.08 42.69 49.82 31.94 36.66 52.16 49.82
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.02% 0.09% 0.20% 0.27% 0.36% 0.53% 0.65% 0.62% 0.62%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 4.46 5.45 4.24 5.28 4.53 6.86 5.08 4.40 4.76 4.07 4.87
Quick Ratio		 3.97 5.00 3.72 4.56 3.75 5.96 4.34 3.56 3.83 3.00 3.72
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 485 743 318 130 598 451 1,214 295 9.89 328 1,306
Operating Cash Flow to CapEx		 995.31% 2,016.70% 599.84% 624.12% 375.52% 434.79% 615.43% 280.02% 170.44% 217.33% 561.41%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.54 0.48 0.51 0.55 0.51 0.42 0.46 0.47 0.50 0.49 0.51
Accounts Receivable Turnover		 6.72 6.57 6.69 6.26 6.75 6.75 8.00 7.22 6.88 7.09 7.31
Inventory Turnover		 4.61 4.65 4.42 3.45 2.72 2.50 2.95 2.74 2.27 2.01 2.06
Fixed Asset Turnover		 5.82 6.08 5.86 5.23 4.30 3.06 3.31 2.93 2.41 2.04 2.02
Accounts Payable Turnover		 14.12 13.44 12.40 12.23 12.21 14.60 17.27 15.11 14.27 14.23 15.26
Days Sales Outstanding (DSO)		 54.30 55.60 54.55 58.32 54.10 54.05 45.65 50.59 53.09 51.47 49.91
Days Inventory Outstanding (DIO)		 79.11 78.55 82.56 105.94 133.98 145.91 123.84 133.33 161.10 181.82 177.42
Days Payable Outstanding (DPO)		 25.84 27.16 29.44 29.85 29.90 25.00 21.13 24.16 25.58 25.66 23.92
Cash Conversion Cycle (CCC)		 107.56 106.99 107.67 134.41 158.17 174.95 148.36 159.76 188.60 207.64 203.42
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 972 940 1,268 2,192 2,858 3,335 3,786 4,810 6,440 8,166 9,418
Invested Capital Turnover		 2.57 2.83 2.84 2.15 1.77 1.41 1.60 1.45 1.27 1.14 1.14
Increase / (Decrease) in Invested Capital		 89 -32 328 924 666 477 451 1,025 1,629 1,726 1,253
Enterprise Value (EV)		 17,060 19,734 37,379 50,206 62,915 89,775 120,240 87,539 111,907 177,643 192,367
Market Capitalization		 20,407 24,572 40,891 54,693 68,321 96,172 128,355 93,771 118,775 185,911 200,772
Book Value per Share		 $115.60 $149.12 $42.65 $58.48 $71.50 $82.78 $33.31 $31.25 $37.80 $46.14 $50.28
Tangible Book Value per Share		 $106.93 $140.24 $39.11 $54.09 $65.03 $75.63 $30.58 $28.25 $35.00 $42.99 $46.84
Total Capital		 4,320 5,778 5,114 7,026 8,703 10,204 12,405 11,552 13,783 16,998 18,453
Total Debt		 0.00 0.00 334 339 418 445 454 439 386 468 511
Total Long-Term Debt		 0.00 0.00 334 339 418 445 454 439 386 468 511
Net Debt		 -3,348 -4,838 -3,513 -4,496 -5,427 -6,425 -8,166 -6,302 -6,958 -8,364 -8,523
Capital Expenditures (CapEx)		 81 54 191 187 426 342 340 532 1,064 1,111 540
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 144 99 186 450 411 549 491 713 1,006 1,352 1,838
Debt-free Net Working Capital (DFNWC)		 1,704 2,654 2,146 3,513 3,632 5,661 4,695 4,831 6,229 5,366 7,773
Net Working Capital (NWC)		 1,704 2,654 2,146 3,513 3,632 5,661 4,695 4,831 6,229 5,366 7,773
Net Nonoperating Expense (NNE)		 -14 -27 -25 -70 -117 -139 -63 -25 -178 -284 -318
Net Nonoperating Obligations (NNO)		 -3,348 -4,838 -3,513 -4,496 -5,427 -6,425 -8,166 -6,302 -6,958 -8,364 -8,523
Total Depreciation and Amortization (D&A)		 116 138 131 135 210 238 343 441 462 456 620
Debt-free, Cash-free Net Working Capital to Revenue		 6.03% 3.67% 5.91% 12.07% 9.17% 12.60% 8.60% 11.46% 14.12% 16.19% 18.27%
Debt-free Net Working Capital to Revenue		 71.45% 98.06% 68.39% 94.32% 81.11% 129.88% 82.22% 77.64% 87.44% 64.24% 77.23%
Net Working Capital to Revenue		 71.45% 98.06% 68.39% 94.32% 81.11% 129.88% 82.22% 77.64% 87.44% 64.24% 77.23%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $1.76 $2.13 $1.97 $3.31 $3.98 $3.02 $4.79 $3.72 $5.12 $6.54 $8.00
Adjusted Weighted Average Basic Shares Outstanding		 333.90M 344.70M 335.10M 341.10M 346.20M 351M 356.10M 355.70M 351.20M 355.20M 356.90M
Adjusted Diluted Earnings per Share		 $1.73 $2.08 $1.89 $3.16 $3.85 $2.94 $4.66 $3.65 $5.03 $6.42 $7.87
Adjusted Weighted Average Diluted Shares Outstanding		 341.10M 353.70M 348.90M 356.40M 358.50M 360.90M 365.80M 362M 357.40M 362M 362.70M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 336.42M 349.08M 336.90M 343.47M 347.95M 353.15M 357.74M 350.39M 352.33M 356.66M 355.13M
Normalized Net Operating Profit after Tax (NOPAT)		 574 712 645 1,055 1,264 928 1,665 1,320 1,639 2,053 2,559
Normalized NOPAT Margin		 24.09% 26.29% 20.57% 28.32% 28.23% 21.29% 29.15% 21.21% 23.01% 24.59% 25.42%
Pre Tax Income Margin		 31.81% 36.41% 35.20% 34.36% 33.54% 27.69% 33.10% 25.82% 27.50% 32.01% 32.90%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.34% 0.00%
Augmented Payout Ratio		 31.20% 5.76% 338.95% 0.00% 19.50% 12.59% 0.00% 193.95% 22.91% 0.34% 79.79%

Quarterly Metrics And Ratios for Intuitive Surgical

This table displays calculated financial ratios and metrics derived from Intuitive Surgical's official financial filings.

Metric Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026
Period end date 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026 6/30/2026
DEI Shares Outstanding		 - - - - - - - - - 355,130,237.00 354,162,842.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - 355,130,237.00 354,162,842.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - 2.31 2.31
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 16.51% 11.46% 14.47% 16.88% 25.16% 19.19% 21.40% 22.91% 18.76% 22.96% 18.54%
EBITDA Growth		 25.31% 23.46% 23.13% 22.82% 46.41% 23.06% 30.63% 28.76% 20.65% 41.20% 29.40%
EBIT Growth		 30.71% 27.67% 31.11% 28.54% 56.97% 24.14% 27.14% 27.45% 18.00% 40.67% 26.74%
NOPAT Growth		 67.71% 43.92% 16.55% 31.05% 17.16% 27.53% 28.81% 28.33% 15.82% 23.45% 27.85%
Net Income Growth		 81.38% 51.72% 24.77% 35.92% 12.66% 28.55% 24.97% 24.29% 16.21% 17.38% 23.94%
EPS Growth		 90.11% 51.00% 23.73% 34.48% 9.25% 27.15% 23.97% 25.00% 15.87% 18.75% 26.52%
Operating Cash Flow Growth		 -47.86% -28.54% -6.79% 28.83% 260.32% 119.14% 15.29% 19.04% 8.50% 56.79% 48.31%
Free Cash Flow Firm Growth		 -55.07% -121.35% -269.56% -245.76% -0.48% 43.31% 51.53% 58.19% 51.90% -5.47% 27.03%
Invested Capital Growth		 33.87% 37.99% 42.92% 40.60% 26.80% 20.35% 19.50% 17.55% 15.34% 19.11% 15.55%
Revenue Q/Q Growth		 10.59% -1.96% 6.31% 1.40% 18.42% -6.63% 8.28% 2.67% 14.41% -3.33% 4.39%
EBITDA Q/Q Growth		 0.55% 1.29% 16.14% 3.83% 19.86% -14.86% 23.29% 2.34% 12.31% -0.35% 12.98%
EBIT Q/Q Growth		 -1.17% 4.38% 21.54% 2.52% 20.69% -17.45% 24.47% 2.78% 11.74% -1.59% 12.14%
NOPAT Q/Q Growth		 42.26% -10.46% -3.45% 6.56% 27.18% -2.53% -2.49% 6.17% 14.78% 3.89% 0.98%
Net Income Q/Q Growth		 45.47% -10.37% -2.90% 7.36% 20.57% 2.28% -5.61% 6.78% 12.73% 3.31% -0.34%
EPS Q/Q Growth		 49.14% -12.72% -3.31% 6.85% 21.15% 1.59% -5.73% 7.73% 12.31% 4.11% 0.44%
Operating Cash Flow Q/Q Growth		 -58.37% 16.25% 133.80% 13.86% 16.43% -29.30% 23.01% 17.56% 6.12% 2.17% 16.35%
Free Cash Flow Firm Q/Q Growth		 -116.78% -35.54% -20.16% 2.07% 37.00% 23.53% -2.74% 15.53% 27.53% -67.70% 28.93%
Invested Capital Q/Q Growth		 16.75% 10.72% 4.90% 3.69% 5.29% 5.09% 4.16% 1.99% 3.32% 8.52% 1.05%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 66.24% 65.87% 68.30% 67.41% 68.04% 64.69% 66.31% 66.36% 66.44% 66.06% 67.78%
EBITDA Margin		 33.30% 34.40% 37.58% 38.48% 38.95% 35.52% 40.44% 40.31% 39.57% 40.79% 44.15%
Operating Margin		 23.35% 24.83% 28.23% 28.33% 30.45% 25.65% 30.47% 30.33% 30.15% 30.87% 33.60%
EBIT Margin		 26.75% 28.48% 32.56% 32.92% 33.55% 29.67% 34.10% 34.14% 33.34% 33.94% 36.46%
Profit (Net Income) Margin		 31.67% 28.95% 26.44% 28.00% 28.51% 31.23% 27.22% 28.31% 27.89% 29.81% 28.46%
Tax Burden Percent		 118.38% 101.65% 81.21% 85.04% 84.96% 105.27% 79.82% 82.93% 83.66% 87.84% 78.06%
Interest Burden Percent		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Effective Tax Rate		 -18.38% -1.65% 18.79% 14.96% 15.04% -5.27% 20.18% 17.07% 16.34% 12.17% 21.94%
Return on Invested Capital (ROIC)		 35.00% 30.04% 27.31% 28.56% 29.59% 29.96% 27.09% 28.66% 28.88% 30.52% 30.05%
ROIC Less NNEP Spread (ROIC-NNEP)		 33.83% 28.96% 26.30% 27.50% 28.76% 28.73% 26.23% 27.66% 27.98% 29.59% 29.29%
Return on Net Nonoperating Assets (RNNOA)		 -18.30% -14.91% -13.80% -14.60% -14.72% -14.29% -13.08% -13.40% -13.71% -13.60% -13.72%
Return on Equity (ROE)		 16.70% 15.13% 13.50% 13.95% 14.86% 15.67% 14.01% 15.26% 15.18% 16.92% 16.32%
Cash Return on Invested Capital (CROIC)		 0.18% -2.90% -6.29% -4.21% 4.49% 9.36% 10.49% 13.03% 14.85% 11.25% 15.30%
Operating Return on Assets (OROA)		 13.42% 14.44% 16.14% 15.96% 16.40% 14.75% 16.94% 17.69% 17.12% 18.26% 19.61%
Return on Assets (ROA)		 15.88% 14.67% 13.11% 13.57% 13.93% 15.53% 13.52% 14.67% 14.32% 16.04% 15.31%
Return on Common Equity (ROCE)		 16.59% 15.04% 13.42% 13.87% 14.77% 15.58% 13.93% 15.16% 15.08% 16.81% 16.22%
Return on Equity Simple (ROE_SIMPLE)		 0.00% 14.35% 14.34% 14.50% 0.00% 14.58% 14.72% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 533 477 461 491 624 609 593 630 723 751 759
NOPAT Margin		 27.64% 25.24% 22.92% 24.09% 25.87% 27.01% 24.32% 25.15% 25.23% 27.11% 26.23%
Net Nonoperating Expense Percent (NNEP)		 1.17% 1.08% 1.01% 1.06% 0.83% 1.22% 0.87% 1.00% 0.90% 0.93% 0.76%
Return On Investment Capital (ROIC_SIMPLE)		 3.87% - - - 3.67% 3.44% 3.21% 3.59% 3.92% 4.13% 4.00%
Cost of Revenue to Revenue		 33.76% 34.13% 31.70% 32.59% 31.96% 35.31% 33.69% 33.64% 33.56% 33.94% 32.22%
SG&A Expenses to Revenue		 29.41% 26.00% 26.14% 25.05% 25.38% 25.00% 23.00% 22.89% 23.97% 22.13% 21.36%
R&D to Revenue		 13.49% 15.05% 13.94% 14.03% 12.21% 14.03% 12.84% 13.15% 12.31% 13.06% 12.81%
Operating Expenses to Revenue		 42.90% 41.05% 40.07% 39.09% 37.59% 39.03% 35.84% 36.03% 36.29% 35.20% 34.18%
Earnings before Interest and Taxes (EBIT)		 516 539 655 671 810 669 832 855 956 940 1,055
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 642 650 755 784 940 800 987 1,010 1,134 1,130 1,277
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 8.93 10.06 10.73 11.20 11.31 10.33 10.91 9.47 11.26 9.37 7.75
Price to Tangible Book Value (P/TBV)		 9.64 10.80 11.52 11.99 12.14 11.06 11.67 10.17 12.09 10.38 8.56
Price to Revenue (P/Rev)		 16.67 19.20 20.84 22.19 22.26 20.27 21.30 16.68 19.95 15.47 12.76
Price to Earnings (P/E)		 66.06 70.69 75.36 77.83 80.04 71.34 74.69 58.36 70.30 54.95 44.87
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 1.51% 1.41% 1.33% 1.28% 1.25% 1.40% 1.34% 1.71% 1.42% 1.82% 2.23%
Enterprise Value to Invested Capital (EV/IC)		 17.38 18.75 20.13 21.50 21.76 19.59 20.79 16.73 20.42 15.31 12.88
Enterprise Value to Revenue (EV/Rev)		 15.71 18.27 19.88 21.20 21.27 19.29 20.32 15.87 19.11 14.79 12.05
Enterprise Value to EBITDA (EV/EBITDA)		 46.22 52.53 56.04 58.88 56.75 51.25 52.93 40.81 48.93 36.72 29.22
Enterprise Value to EBIT (EV/EBIT)		 57.13 64.40 67.49 70.06 66.44 59.96 62.34 48.18 58.09 43.66 34.95
Enterprise Value to NOPAT (EV/NOPAT)		 68.27 74.90 81.55 85.06 86.51 76.91 80.11 62.00 75.18 58.01 46.45
Enterprise Value to Operating Cash Flow (EV/OCF)		 61.70 78.27 90.56 91.58 73.56 61.55 65.77 51.51 63.48 46.55 35.88
Enterprise Value to Free Cash Flow (EV/FCFF)		 11,319.69 0.00 0.00 0.00 542.32 228.74 215.77 138.79 147.31 147.96 90.26
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.03 0.03 0.02 0.02 0.03 0.03 0.03 0.03 0.03 0.03 0.04
Long-Term Debt to Equity		 0.03 0.03 0.02 0.02 0.03 0.03 0.03 0.03 0.03 0.03 0.04
Financial Leverage		 -0.54 -0.51 -0.52 -0.53 -0.51 -0.50 -0.50 -0.48 -0.49 -0.46 -0.47
Leverage Ratio		 1.16 1.14 1.14 1.15 1.14 1.12 1.12 1.13 1.14 1.13 1.13
Compound Leverage Factor		 1.16 1.14 1.14 1.15 1.14 1.12 1.12 1.13 1.14 1.13 1.13
Debt to Total Capital		 2.80% 2.81% 2.41% 2.42% 2.76% 2.68% 2.80% 2.89% 2.77% 3.31% 3.46%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 2.80% 2.81% 2.41% 2.42% 2.76% 2.68% 2.80% 2.89% 2.77% 3.31% 3.46%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.65% 0.58% 0.58% 0.59% 0.56% 0.57% 0.58% 0.64% 0.64% 0.67% 0.68%
Common Equity to Total Capital		 96.55% 96.61% 97.01% 96.99% 96.68% 96.74% 96.62% 96.47% 96.59% 96.01% 95.86%
Debt to EBITDA		 0.16 0.16 0.14 0.14 0.15 0.14 0.15 0.14 0.13 0.14 0.14
Net Debt to EBITDA		 -2.87 -2.72 -2.72 -2.80 -2.67 -2.63 -2.57 -2.12 -2.17 -1.73 -1.75
Long-Term Debt to EBITDA		 0.16 0.16 0.14 0.14 0.15 0.14 0.15 0.14 0.13 0.14 0.14
Debt to NOPAT		 0.24 0.23 0.20 0.20 0.23 0.22 0.22 0.21 0.20 0.22 0.23
Net Debt to NOPAT		 -4.24 -3.88 -3.96 -4.04 -4.07 -3.95 -3.89 -3.22 -3.33 -2.73 -2.78
Long-Term Debt to NOPAT		 0.24 0.23 0.20 0.20 0.23 0.22 0.22 0.21 0.20 0.22 0.23
Altman Z-Score		 36.35 48.82 52.58 52.13 51.83 54.13 54.41 43.17 49.44 40.61 34.36
Noncontrolling Interest Sharing Ratio		 0.65% 0.63% 0.63% 0.63% 0.62% 0.59% 0.60% 0.63% 0.62% 0.64% 0.65%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 4.76 5.55 5.15 4.30 4.07 4.98 5.17 4.73 4.87 4.61 4.96
Quick Ratio		 3.83 4.31 3.94 3.21 3.00 3.73 3.90 3.42 3.72 3.20 3.58
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -1,096 -1,486 -1,785 -1,748 -1,102 -842 -865 -731 -530 -888 -631
Operating Cash Flow to CapEx		 52.42% 109.71% 200.55% 284.99% 263.65% 498.80% 460.66% 797.91% 549.23% 1,591.45% 942.27%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.50 0.51 0.50 0.48 0.49 0.50 0.50 0.52 0.51 0.54 0.54
Accounts Receivable Turnover		 6.88 7.13 7.52 7.44 7.09 7.42 7.69 7.97 7.31 7.51 7.50
Inventory Turnover		 2.27 2.19 2.10 1.98 2.01 2.01 2.00 1.98 2.06 2.04 1.99
Fixed Asset Turnover		 2.41 2.29 2.18 2.10 2.04 2.03 2.01 2.01 2.02 2.07 2.09
Accounts Payable Turnover		 14.27 13.70 12.74 12.52 14.23 12.19 13.24 12.68 15.26 11.71 13.52
Days Sales Outstanding (DSO)		 53.09 51.20 48.52 49.08 51.47 49.20 47.46 45.81 49.91 48.58 48.66
Days Inventory Outstanding (DIO)		 161.10 166.85 173.72 184.73 181.82 181.51 182.36 184.30 177.42 179.01 183.44
Days Payable Outstanding (DPO)		 25.58 26.63 28.66 29.15 25.66 29.94 27.57 28.79 23.92 31.16 27.00
Cash Conversion Cycle (CCC)		 188.60 191.41 193.59 204.66 207.64 200.77 202.25 201.31 203.42 196.43 205.10
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 6,440 7,130 7,479 7,755 8,166 8,581 8,938 9,116 9,418 10,221 10,328
Invested Capital Turnover		 1.27 1.19 1.19 1.19 1.14 1.11 1.11 1.14 1.14 1.13 1.15
Increase / (Decrease) in Invested Capital		 1,629 1,963 2,246 2,239 1,726 1,451 1,459 1,361 1,253 1,640 1,390
Enterprise Value (EV)		 111,907 133,676 150,562 166,747 177,643 168,116 185,860 152,508 192,367 156,458 133,003
Market Capitalization		 118,775 140,508 157,791 174,575 185,911 176,641 194,768 160,321 200,772 163,711 140,843
Book Value per Share		 $37.80 $39.50 $41.47 $43.85 $46.14 $47.96 $49.79 $47.23 $50.28 $49.21 $51.30
Tangible Book Value per Share		 $35.00 $36.80 $38.63 $40.99 $42.99 $44.78 $46.57 $43.95 $46.84 $44.40 $46.44
Total Capital		 13,783 14,453 15,162 16,067 16,998 17,682 18,471 17,549 18,453 18,200 18,954
Total Debt		 386 407 366 389 468 475 518 507 511 603 656
Total Long-Term Debt		 386 407 366 389 468 475 518 507 511 603 656
Net Debt		 -6,958 -6,916 -7,317 -7,922 -8,364 -8,627 -9,015 -7,926 -8,523 -7,376 -7,970
Capital Expenditures (CapEx)		 436 242 309 248 312 117 155 105 163 57 113
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 1,006 1,458 1,410 1,307 1,352 1,608 1,727 1,813 1,838 2,381 2,404
Debt-free Net Working Capital (DFNWC)		 6,229 6,258 6,167 5,539 5,366 6,120 7,053 6,722 7,773 6,899 7,620
Net Working Capital (NWC)		 6,229 6,258 6,167 5,539 5,366 6,120 7,053 6,722 7,773 6,899 7,620
Net Nonoperating Expense (NNE)		 -78 -70 -71 -80 -64 -95 -71 -79 -76 -75 -65
Net Nonoperating Obligations (NNO)		 -6,958 -6,916 -7,317 -7,922 -8,364 -8,627 -9,015 -7,926 -8,523 -7,376 -7,970
Total Depreciation and Amortization (D&A)		 126 112 101 113 130 132 155 155 179 190 222
Debt-free, Cash-free Net Working Capital to Revenue		 14.12% 19.92% 18.61% 16.62% 16.19% 18.46% 18.88% 18.87% 18.27% 22.50% 21.78%
Debt-free Net Working Capital to Revenue		 87.44% 85.50% 81.44% 70.41% 64.24% 70.22% 77.13% 69.93% 77.23% 65.19% 69.06%
Net Working Capital to Revenue		 87.44% 85.50% 81.44% 70.41% 64.24% 70.22% 77.13% 69.93% 77.23% 65.19% 69.06%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $1.73 $1.54 $1.48 $1.59 $1.93 $1.95 $1.84 $1.98 $2.23 $2.31 $2.31
Adjusted Weighted Average Basic Shares Outstanding		 351.20M 353.50M 355M 355.80M 355.20M 357.50M 358.50M 356.60M 356.90M 354.90M 354.10M
Adjusted Diluted Earnings per Share		 $1.73 $1.51 $1.46 $1.56 $1.89 $1.92 $1.81 $1.95 $2.19 $2.28 $2.29
Adjusted Weighted Average Diluted Shares Outstanding		 357.40M 360.50M 361M 362.70M 362M 364.60M 364.10M 361.80M 362.70M 359.80M 357.30M
Adjusted Basic & Diluted Earnings per Share		 $1.73 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 352.33M 354.71M 355.35M 356.18M 356.66M 358.42M 358.48M 354.50M 355.13M 354.16M 353.28M
Normalized Net Operating Profit after Tax (NOPAT)		 315 329 461 491 624 405 593 630 723 751 759
Normalized NOPAT Margin		 16.34% 17.38% 22.92% 24.09% 25.87% 17.96% 24.32% 25.15% 25.23% 27.11% 26.23%
Pre Tax Income Margin		 26.75% 28.48% 32.56% 32.92% 33.55% 29.67% 34.10% 34.14% 33.34% 33.94% 36.46%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.34% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 22.91% 3.31% 3.14% 2.93% 0.34% 0.00% 6.89% 75.74% 79.79% 113.99% 112.66%

Financials Breakdown Chart

Key Financial Trends

Intuitive Surgical’s latest quarter showed solid revenue growth, strong profitability, and a very healthy balance sheet, but cash flow was pressured by heavy capital deployment and share repurchases. In Q1 2026, revenue rose to $2.77 billion from $2.41 billion in Q1 2025, while net income increased to $826 million from $704 million a year ago. Over the last four years, the company has generally delivered steady top-line growth, expanding earnings, and consistently strong operating cash generation.

Key trends investors should notice:

  • Revenue has grown consistently over the past four years, with Q1 2026 revenue up meaningfully versus Q1 2025 and far above Q1 2024 and Q1 2023 levels.
  • Gross profit remains strong, with Q1 2026 gross profit of $1.83 billion, indicating durable pricing power and attractive margins.
  • Operating income improved to $855 million in Q1 2026, showing the business continues to scale efficiently.
  • Net income has trended higher over time, supported by both revenue growth and disciplined cost management.
  • Operating cash flow is robust: Q1 2026 produced $912 million in operating cash, well above Q1 2025’s $582 million.
  • The balance sheet is exceptionally strong, with $4.5 billion in cash and short-term investments combined at the end of Q1 2026.
  • Total equity climbed to $17.6 billion in Q1 2026 from $14.0 billion in Q1 2024, reflecting continued internal value creation.
  • Research and development spending remains elevated at $362 million in Q1 2026, which supports innovation but also keeps expenses high.
  • The company continues to return capital through share repurchases, but buybacks have been sizable and can pressure cash balances in the short term.
  • Cash and equivalents fell sharply in Q1 2026 to $2.0 billion from $2.8 billion in Q3 2025, largely because of investing activity and aggressive repurchases.
  • Net cash from financing activities was a large outflow of $1.35 billion in Q1 2026, driven mainly by $1.12 billion of common equity repurchases.
  • Investing cash outflows were also heavy at $915 million in Q1 2026, including acquisitions and investment purchases.

Bottom line: Intuitive Surgical still looks like a financially strong growth company with excellent profitability, ample liquidity, and consistent cash generation. The main thing to watch is how aggressively management continues to deploy cash into buybacks, acquisitions, and investments, since those actions are reducing reported cash balances even as the core business remains healthy.

07/23/26 05:39 PM ETAI Generated. May Contain Errors.

Intuitive Surgical Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Intuitive Surgical's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Intuitive Surgical's net income appears to be on an upward trend, with a most recent value of $2.88 billion in 2025, rising from $588.80 million in 2015. The previous period was $2.34 billion in 2024. Find out what analysts predict for Intuitive Surgical in the coming months.

Intuitive Surgical's total operating income in 2025 was $2.95 billion, based on the following breakdown:
  • Total Gross Profit: $6.64 billion
  • Total Operating Expenses: $3.70 billion

Over the last 10 years, Intuitive Surgical's total revenue changed from $2.38 billion in 2015 to $10.06 billion in 2025, a change of 322.1%.

Intuitive Surgical's total liabilities were at $2.52 billion at the end of 2025, a 13.7% increase from 2024, and a 328.2% increase since 2015.

In the past 10 years, Intuitive Surgical's cash and equivalents has ranged from $648.20 million in 2017 to $3.37 billion in 2025, and is currently $3.37 billion as of their latest financial filing in 2025.

Over the last 10 years, Intuitive Surgical's book value per share changed from 115.60 in 2015 to 50.28 in 2025, a change of -56.5%.


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Financial statements for NASDAQ:ISRG last updated on 7/21/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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