INTUITIVE SURGICAL INC

Listed Company

ISRGCIK 0001035267NasdaqLarge AcceleratedOrthopedic, Prosthetic & Surgical Appliances & SuppliesDelawareFY ends Dec 31

Period

FY 2025

Revenue

$10.06B

Net Income

$2.86B

Total Assets

$20.46B

Equity

$17.82B

Shares Out

354.40M

Op. Cash Flow

$3.03B

Business

INTUITIVE SURGICAL INC develops and supplies robotic-assisted medical technologies to advance minimally invasive care and augment clinician capabilities. It offers advanced robotic systems (da Vinci and Ion), instruments and accessories (stapling, energy, endoscopes, biopsy tools), customer learning and training, field service and support, and cloud-enabled digital solutions (analytics, 3D modeling, Hub, and My Intuitive). The business is organized around product families and supporting services—systems, instruments and accessories, learning, services, and digital solutions—operated as a single reporting segment. Products and services are sold worldwide through direct sales in key markets and distributors elsewhere, with service networks and joint ventures in select countries.

Summary from filing dated 2025-01-31

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total revenue	10,065	8,352	7,124	6,222	5,710
Total cost of revenue	3,422	2,718	2,395	2,026	1,752
Gross profit	6,642	5,634	4,730	4,196	3,959
Selling, general and administrative	2,385	2,140	1,964	1,740	1,467
Research and development	1,312	1,145	999	879	671
Total operating expenses	3,697	3,285	2,963	2,619	2,138
Income from operations	2,946	2,349	1,767	1,577	1,821
Interest and other income, net	366	325	192	30	69
Income before taxes	3,311	2,674	1,959	1,607	1,890
Income tax expense	435	336	142	262	162
Net income	2,877	2,338	1,817	1,344	1,728
Less: net income attributable to noncontrolling interest in joint venture	21	15	19	22	24
Net income attributable to Intuitive Surgical, Inc.	2,856	2,323	1,798	1,322	1,705
Basic (usd per share)	8	6.54	5.12	3.72	4.79
Diluted (usd per share)	7.87	6.42	5.03	3.65	4.66
Basic (shares)	357	355	351	356	356
Diluted (shares)	363	362	357	362	366

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	3,368	2,027	2,750	1,581	1,291
Short-term investments	2,567	1,986	2,473	2,537	2,913
Accounts receivable, net of allowances of $29.9 and $30.7 as of December 31, 2025, and 2024, respectively	1,527	1,225	1,130	942	783
Inventory	1,840	1,487	1,221	893	587
Prepaids and other current assets	477	385	314	300	271
Total current assets	9,780	7,111	7,888	6,253	5,845
Property, plant, and equipment, net	5,342	4,647	3,538	2,374	1,876
Long-term investments	3,099	4,819	2,120	2,624	4,416
Deferred tax assets	1,019	1,045	911	665	441
Intangible and other assets, net	849	774	637	710	633
Goodwill	370	348	349	349	344
Total assets	20,459	18,743	15,442	12,974	13,555
Accounts payable	255	193	189	147	121
Accrued compensation and employee benefits	648	536	436	402	350
Deferred revenue	507	469	446	397	377
Other accrued liabilities	596	548	588	476	301
Total current liabilities	2,006	1,745	1,659	1,422	1,150
Other long-term liabilities	511	468	386	439	454
Total liabilities	2,517	2,214	2,044	1,861	1,604
Commitments and contingencies (Note 8)	—	—	—	—	—
Preferred stock, 2.5 shares authorized, $0.001 par value, issuable in series; zero shares issued and outstanding as of December 31, 2025, and 2024	0	0	0	0	0
Common stock, 600.0 shares authorized, $0.001 par value, 355.1 shares and 356.6 shares issued and outstanding as of December 31, 2025, and 2024, respectively	400,000	400,000	400,000	400,000	400,000
Additional paid-in capital	10,769	9,681	8,576	7,704	7,164
Retained earnings	7,012	6,803	4,743	3,500	4,761
Accumulated other comprehensive income (loss)	43	−51	−12	−163	−24
Total Intuitive Surgical, Inc. stockholders equity	17,824	16,434	13,308	11,042	11,901
Noncontrolling interest in joint venture	118	96	90	71	50
Total stockholders equity	17,942	16,530	13,397	11,113	11,952
Total liabilities and stockholders equity	20,459	18,743	15,442	12,974	13,555

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and loss on disposal of property, plant, and equipment, net	615	445	402	338	283
Amortization of intangible and other assets	62	54	53	—	—
Gain on sale of business	−1	−1	0	−4	0
(Gain) loss on investments and (accretion) amortization of investment discounts and premiums, net	−57	−43	7	49	11
Deferred income taxes	19	−135	−281	−185	−63
Share-based compensation expense	788	677	593	513	449
Accounts receivable	−302	−96	−186	−159	−142
Inventory	−1,063	−830	−713	−547	−256
Prepaids and other assets	−187	−232	24	−129	−205
Accounts payable	58	−400,000	42	21	36
Accrued compensation and employee benefits	113	99	35	52	115
Deferred revenue	75	31	53	22	33
Other liabilities	34	108	−33	122	51
Net cash provided by operating activities	3,031	2,415	1,814	1,491	2,089
Purchases of investments	−1,216	−5,140	−2,207	−1,400	−6,452
Proceeds from sales of investments	260	100	230	61	85
Proceeds from maturities of investments	2,176	2,879	2,690	3,254	4,268
Purchases of property, plant, and equipment	−540	−1,111	−1,064	−532	−340
Acquisition of businesses, net of cash, and intellectual property and other investing activities	−14	−1	−9	13	23
Net cash provided by (used in) investing activities	666	−3,273	−360	1,371	−2,462
Proceeds from issuance of common stock relating to employee stock plans	350	429	296	234	277
Taxes paid related to net share settlement of equity awards	−419	−270	−165	−194	−212
Repurchases of common stock	−2,295	0	−416	−2,607	0
Cash dividends paid by joint venture to noncontrolling interest	0	−8	0	0	—
Payment of deferred purchase consideration	0	−500,000	−3	−5	−22
Net cash provided by (used in) financing activities	−2,364	151	−288	−2,572	43
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	13	−800,000	3	5	−3
Net increase (decrease) in cash, cash equivalents, and restricted cash	1,345	−708	1,169	295	−333

Filings

Filing historySign up free to browse every 10-K, 10-Q, 8-K, and proxy this filer has submitted to the SEC.Sign up free · Upgrade to Pro

Material Events

Material EventsTrack every 8-K filing and material event — AI-summarized, timelined, and alertable.Sign up free · Upgrade to Pro

Insiders

Insider ActivitySee executive buy/sell windows and insider trade activity over rolling 30/90/365-day windows.Sign up free · Upgrade to Pro

Institutional Holders

Institutional HoldersSee which funds hold this stock and track position changes quarter over quarter.Sign up free · Upgrade to Pro