Intuitive Surgical

Health Care Health Care Equipment Sunnyvale, California Last filing Feb 3, 2026 · FY2025

                    Revenue
                    FY2025
                
$10.1B
                    3y CAGR +17.4%
                    
                    P97
                    
                    +20.5%
                    
                    Net income
                    FY2025
                
$2.9B
                    Net margin +28.4%
                    
                    P92
                    
                    +23.0%
                    
                    Total assets
                    FY2025
                
$20.5B
                    ROA +14.0%
                    
                    P87
                    
                    +9.2%
                    
                    Operating cash flow
                    FY2025
                
$3.0B
                    
                    +25.5%

19 yrs · FY2007–FY2025 9 filed · 0 derived · 0 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Each cell as a share of that year’s total assets.

Balance Sheet

Assets, liabilities, and equity

28 accounts · 3 years

Total assets $20.5B

Total liabilities $2.5B

Shareholders equity $17.8B

Account	2025	2024	2023
Assets
Cash and Cash Equivalents	16.5%	10.8%	17.8%
Short Term Investments	0.0%	0.0%	0.0%
Accounts Receivable	7.5%	6.5%	7.3%
Inventory	9.0%	7.9%	7.9%
Prepaid Expenses	2.3%	2.1%	2.0%
Total Current Assets	47.8%	37.9%	51.1%
Property,Plant and Equipment	26.1%	24.8%	22.9%
Goodwill	1.8%	1.9%	2.3%
Intangible Assets	0.1%	0.1%	0.3%
Deferred Tax Assets	5.0%	5.6%	5.9%
Other Noncurrent Assets	0.0%	0.0%	0.0%
Total Assets	100.0%	100.0%	100.0%
Liabilities
Accounts Payable	1.2%	1.0%	1.2%
Accrued Liabilities	2.0%	1.8%	2.2%
Deferred Revenue	2.5%	2.5%	2.9%
Other Current Liabilities	2.9%	2.9%	3.8%
Total Current Liabilities	9.8%	9.3%	10.7%
Deferred Revenue Noncurrent	0.4%	0.3%	0.3%
Other Noncurrent Liabilities	2.5%	2.5%	2.5%
Total Liabilities	12.3%	11.8%	13.2%
Equity
Preferred Stock	0.0%	0.0%	0.0%
Common Stock	0.0%	0.0%	0.0%
Additional Paid In Capital	52.6%	51.7%	55.5%
Retained Earnings	34.3%	36.3%	30.7%
Accumulated Other Comprehensive Income	0.2%	-0.3%	-0.1%
Noncontrolling Interest	0.6%	0.5%	0.6%
Total Stockholders Equity	87.1%	87.7%	86.2%
Total Liabilitiesand Equity	100.0%	100.0%	100.0%

Income Statement

Revenue, expense, and profitability

18 accounts · 3 years

Revenue $10.1B

Operating income $2.9B

Net income $2.9B

Account	2025	2024	2023
IncomeStatement
Revenues Total Revenue	49.2%	44.6%	46.1%
Expenses Cost of Revenue	16.7%	14.5%	15.5%
Expenses Research and Development	6.4%	6.1%	6.5%
Expenses Selling,General and Administrative	11.7%	11.4%	12.7%
Expenses Depreciation and Amortization	0.1%	0.1%	0.1%
Expenses Share Based Compensation	3.9%	3.6%	3.8%
Expenses Operating Expenses	18.1%	17.5%	19.2%
Other Income Expense Gross Profit	32.5%	30.1%	30.6%
Other Income Expense Operating Income	14.4%	12.5%	11.4%
Other Income Expense Other Income/expense	1.8%	1.7%	1.2%
Other Income Expense Income Before Tax	16.2%	14.3%	12.7%
Income Tax Income Tax Expense	2.1%	1.8%	0.9%
net Income net Income	14.0%	12.4%	11.6%
net Income Comprehensive Income	14.4%	12.2%	12.6%
Earnings Per Share Basic Eps	0.0%	0.0%	0.0%
Earnings Per Share Diluted Eps	0.0%	0.0%	0.0%
Earnings Per Share Weighted Average Shares Basic	1.7%	1.9%	2.3%
Earnings Per Share Weighted Average Shares Diluted	1.8%	1.9%	2.3%

Cash Flow Statement

Operating, investing, and financing flows

19 accounts · 3 years

Operating cash flow $3.0B

Investing cash flow $665.8M

Financing cash flow $-2.4B

Account	2025	2024	2023
CashFlow
Operating Activities net Income	14.0%	12.4%	11.6%
Operating Activities Depreciation and Amortization	2.9%	2.3%	2.5%
Operating Activities Stock Based Compensation	3.9%	3.6%	3.8%
Operating Activities Deferred Income Taxes	0.1%	-0.7%	-1.8%
Operating Activities Changes In Operating Assets and Liabilities	8.2%	6.3%	6.3%
Operating Activities Other Non Cash Items	0.2%	0.6%	-0.2%
Operating Activities net Cash From Operating Activities	14.8%	12.9%	11.7%
Investing Activities Business Acquisitions	0.1%	0.0%	0.1%
Investing Activities Purchases of Investments	5.9%	27.4%	14.3%
Investing Activities Proceeds From Sale of Investments	10.6%	15.4%	17.4%
Investing Activities net Cash From Investing Activities	3.3%	-17.5%	-2.3%
Financing Activities Repurchase of Common Stock	11.2%	0.0%	2.7%
Financing Activities Proceeds From Stock Issuance	1.1%	1.7%	1.2%
Financing Activities Tax Withholding On Stock Based Compensation	2.0%	1.4%	1.1%
Financing Activities net Cash From Financing Activities	-11.6%	0.8%	-1.9%
Cash Reconciliation Effect of Exchange Rate On Cash	0.1%	-0.0%	0.0%
Cash Reconciliation net Change In Cash	6.6%	-3.8%	7.6%
Cash Reconciliation Cash At Beginning of Period	16.7%	11.0%	17.9%
Cash Reconciliation Cash At End of Period	16.7%	11.0%	17.9%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 3 years

Ratio	2025	2024	2023
Profitability
Gross margin	+66.0%	+67.5%	+66.4%
Operating margin	+29.3%	+28.1%	+24.8%
Net margin	+28.4%	+27.8%	+25.2%
FCF margin	—	—	—
Growth
Revenue CAGR (3y)	+17.4%	+13.5%	+17.8%
Returns
ROE	+16.0%	+14.1%	+13.5%
ROA	+14.0%	+12.4%	+11.6%
ROIC	—	—	—
Liquidity
Current ratio	4.87x	4.07x	4.76x
Quick ratio	2.44x	1.86x	2.34x
Leverage
D/E	0.14x	0.13x	0.15x
Interest coverage	—	—	—
Efficiency
Asset turnover	0.49x	0.45x	0.46x
Cash conversion cycle	+224d	+227d	+215d

Valuation

Price against fundamentals

FY2025 fundamentals · no price

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Intuitive Surgical

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