INTUITIVE SURGICAL INC Earnings Per Share Disclosure
Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Numerator: | |||||||||||||||||
| Net income attributable to Intuitive Surgical, Inc. | $ | 2,856.0 | $ | 2,322.6 | $ | 1,798.0 | |||||||||||
| Denominator: | |||||||||||||||||
| Weighted-average shares outstanding used in basic calculation | 356.9 | 355.2 | 351.2 | ||||||||||||||
| Add: dilutive effect of potential common shares | 5.8 | 6.8 | 6.2 | ||||||||||||||
| Weighted-average shares outstanding used in diluted calculation | 362.7 | 362.0 | 357.4 | ||||||||||||||
| Net income per share attributable to Intuitive Surgical, Inc.: | |||||||||||||||||
| Basic | $ | 8.00 | $ | 6.54 | $ | 5.12 | |||||||||||
| Diluted | $ | 7.87 | $ | 6.42 | $ | 5.03 | |||||||||||
About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.