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 revenue.

Balance Sheet

Assets, liabilities, and equity

28 accounts · 10 years

Total assets $20.5B

Total liabilities $2.5B

Shareholders equity $17.8B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Assets
Cash and Cash Equivalents	33.5%	24.3%	38.6%	25.4%	22.6%	37.2%	26.1%	23.0%	20.7%	38.3%
Short Term Investments	0.0%	0.0%	0.0%	0.0%	0.5%	1.4%	0.0%	0.0%	0.0%	0.0%
Accounts Receivable	15.2%	14.7%	15.9%	15.1%	13.7%	14.8%	14.4%	18.3%	16.3%	15.9%
Inventory	18.3%	17.8%	17.1%	14.4%	10.3%	13.8%	13.3%	11.0%	7.7%	6.7%
Prepaid Expenses	4.7%	4.6%	4.4%	4.8%	4.7%	6.1%	4.5%	4.8%	3.1%	3.1%
Total Current Assets	97.2%	85.1%	110.7%	100.5%	102.4%	152.0%	104.1%	116.4%	89.6%	120.1%
Property,Plant and Equipment	53.1%	55.6%	49.7%	38.2%	32.9%	36.2%	28.4%	21.8%	19.5%	16.9%
Goodwill	3.7%	4.2%	4.9%	5.6%	6.0%	7.7%	6.9%	6.5%	6.4%	7.4%
Intangible Assets	0.2%	0.3%	0.5%	0.8%	1.2%	1.8%	2.5%	1.8%	0.8%	1.2%
Deferred Tax Assets	10.1%	12.5%	12.8%	10.7%	7.7%	8.4%	11.4%	12.8%	3.7%	6.6%
Other Noncurrent Assets	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Total Assets	203.3%	224.4%	216.8%	208.5%	237.4%	256.3%	217.3%	210.7%	183.5%	239.7%
Liabilities
Accounts Payable	2.5%	2.3%	2.6%	2.4%	2.1%	1.9%	2.8%	2.7%	2.6%	2.5%
Accrued Liabilities	4.1%	4.0%	4.7%	4.8%	4.1%	5.2%	4.3%	3.7%	3.0%	5.6%
Deferred Revenue	5.0%	5.6%	6.3%	6.4%	6.6%	8.0%	7.5%	7.9%	9.1%	8.9%
Other Current Liabilities	5.9%	6.6%	8.2%	7.7%	5.3%	6.8%	7.1%	6.2%	—	—
Total Current Liabilities	19.9%	20.9%	23.3%	22.9%	20.1%	22.1%	23.0%	22.0%	22.4%	22.0%
Deferred Revenue Noncurrent	0.9%	0.6%	0.6%	0.7%	0.6%	0.7%	0.6%	0.9%	—	—
Other Noncurrent Liabilities	5.1%	5.6%	5.4%	7.1%	7.9%	10.2%	9.3%	9.1%	10.4%	4.2%
Total Liabilities	25.0%	26.5%	28.7%	29.9%	28.1%	32.3%	32.3%	31.1%	32.9%	26.2%
Equity
Preferred Stock	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Common Stock	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Additional Paid In Capital	107.0%	115.9%	120.4%	123.8%	125.5%	147.9%	128.5%	138.8%	149.1%	155.6%
Retained Earnings	69.7%	81.5%	66.6%	56.3%	83.4%	74.8%	55.7%	40.9%	2.0%	58.2%
Accumulated Other Comprehensive Income	0.4%	-0.6%	-0.2%	-2.6%	-0.4%	0.6%	0.3%	-0.4%	-0.5%	-0.3%
Noncontrolling Interest	1.2%	1.1%	1.3%	1.1%	0.9%	0.6%	0.5%	0.2%	0.1%	—
Total Stockholders Equity	177.1%	196.8%	186.8%	177.5%	208.4%	223.3%	184.5%	179.3%	150.6%	213.5%
Total Liabilitiesand Equity	203.3%	224.4%	216.8%	208.5%	237.4%	256.3%	217.3%	210.7%	183.5%	239.7%

Income Statement

Revenue, expense, and profitability

18 accounts · 10 years

Revenue $10.1B

Operating income $2.9B

Net income $2.9B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
IncomeStatement
Revenues Total Revenue	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%
Expenses Cost of Revenue	34.0%	32.5%	33.6%	32.6%	30.7%	34.4%	30.6%	30.1%	29.8%	30.1%
Expenses Research and Development	13.0%	13.7%	14.0%	14.1%	11.8%	13.7%	12.4%	11.2%	10.5%	8.9%
Expenses Selling,General and Administrative	23.7%	25.6%	27.6%	28.0%	25.7%	27.9%	26.3%	26.5%	25.8%	26.0%
Expenses Depreciation and Amortization	0.1%	0.2%	0.3%	0.4%	0.5%	1.1%	1.0%	0.4%	0.4%	0.7%
Expenses Share Based Compensation	7.8%	8.1%	8.3%	8.2%	7.9%	9.1%	7.5%	7.0%	6.7%	6.6%
Expenses Operating Expenses	36.7%	39.3%	41.6%	42.1%	37.4%	41.6%	38.8%	37.7%	36.3%	34.8%
Other Income Expense Gross Profit	66.0%	67.5%	66.4%	67.4%	69.3%	65.6%	69.4%	69.9%	70.2%	69.9%
Other Income Expense Operating Income	29.3%	28.1%	24.8%	25.3%	31.9%	24.1%	30.7%	32.2%	33.9%	35.1%
Other Income Expense Other Income/expense	3.6%	3.9%	2.7%	0.5%	1.2%	3.6%	2.9%	2.2%	1.3%	1.3%
Other Income Expense Income Before Tax	32.9%	32.0%	27.5%	25.8%	33.1%	27.7%	33.5%	34.4%	35.2%	36.4%
Income Tax Income Tax Expense	4.3%	4.0%	2.0%	4.2%	2.8%	3.2%	2.7%	4.1%	13.8%	9.1%
net Income net Income	28.4%	27.8%	25.2%	21.3%	29.9%	24.3%	30.8%	30.3%	21.4%	27.3%
net Income Comprehensive Income	29.3%	27.3%	27.3%	19.0%	29.0%	24.6%	31.4%	30.3%	21.2%	27.3%
Earnings Per Share Basic Eps	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Diluted Eps	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Weighted Average Shares Basic	3.5%	4.3%	4.9%	5.7%	6.2%	8.1%	7.7%	3.1%	3.6%	4.2%
Earnings Per Share Weighted Average Shares Diluted	3.6%	4.3%	5.0%	5.8%	6.4%	8.3%	8.0%	3.2%	3.7%	4.4%

Cash Flow Statement

Operating, investing, and financing flows

19 accounts · 10 years

Operating cash flow $3.0B

Investing cash flow $665.8M

Financing cash flow $-2.4B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
CashFlow
Operating Activities net Income	28.4%	27.8%	25.2%	21.3%	29.9%	24.3%	30.8%	30.3%	21.4%	27.3%
Operating Activities Depreciation and Amortization	6.0%	5.3%	5.4%	5.2%	4.9%	5.1%	3.5%	2.8%	2.6%	2.6%
Operating Activities Stock Based Compensation	7.8%	8.1%	8.3%	8.2%	7.9%	9.1%	7.5%	7.0%	6.7%	6.6%
Operating Activities Deferred Income Taxes	0.2%	-1.6%	-3.9%	-3.0%	-1.1%	1.3%	-0.1%	0.9%	1.9%	0.8%
Operating Activities Changes In Operating Assets and Liabilities	16.7%	14.2%	13.6%	14.1%	11.8%	5.9%	10.9%	15.8%	9.4%	5.5%
Operating Activities Other Non Cash Items	0.3%	1.3%	-0.5%	2.0%	0.9%	0.8%	0.3%	1.0%	7.0%	2.0%
Operating Activities net Cash From Operating Activities	30.1%	28.9%	25.5%	24.0%	36.6%	34.1%	35.7%	31.4%	36.5%	40.2%
Investing Activities Business Acquisitions	0.1%	0.0%	0.1%	0.2%	0.4%	0.9%	1.3%	2.4%	0.0%	0.0%
Investing Activities Purchases of Investments	12.1%	61.5%	31.0%	22.5%	113.0%	98.5%	74.7%	69.3%	63.6%	95.5%
Investing Activities Proceeds From Sale of Investments	21.6%	34.5%	37.8%	52.3%	74.7%	18.4%	2.4%	7.4%	59.3%	14.4%
Investing Activities net Cash From Investing Activities	6.6%	-39.2%	-5.1%	22.0%	-43.1%	-21.6%	-25.8%	-28.2%	12.1%	-47.3%
Financing Activities Repurchase of Common Stock	22.8%	0.0%	5.8%	41.9%	0.0%	3.1%	6.0%	0.0%	72.5%	1.6%
Financing Activities Proceeds From Stock Issuance	2.2%	3.8%	2.7%	2.3%	3.5%	7.1%	6.1%	6.4%	13.2%	21.5%
Financing Activities Tax Withholding On Stock Based Compensation	4.2%	3.2%	2.3%	3.1%	3.7%	4.0%	3.6%	3.2%	1.8%	0.9%
Financing Activities net Cash From Financing Activities	-23.5%	1.8%	-4.0%	-41.3%	0.8%	-2.0%	-3.8%	3.4%	-61.0%	19.0%
Cash Reconciliation Effect of Exchange Rate On Cash	0.1%	-0.0%	0.0%	0.1%	-0.1%	-0.1%	-0.0%	-0.0%	0.1%	0.0%
Cash Reconciliation net Change In Cash	13.4%	-8.5%	16.4%	4.7%	-5.8%	10.5%	6.1%	6.6%	-12.4%	11.9%
Cash Reconciliation Cash At Beginning of Period	33.9%	24.7%	38.9%	25.7%	22.9%	37.6%	26.4%	24.4%	21.1%	38.9%
Cash Reconciliation Cash At End of Period	33.9%	24.7%	38.9%	25.7%	22.9%	37.6%	26.4%	24.4%	21.1%	38.9%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 10 years

Ratio	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Profitability
Gross margin	+66.0%	+67.5%	+66.4%	+67.4%	+69.3%	+65.6%	+69.4%	+69.9%	+70.2%	+69.9%
Operating margin	+29.3%	+28.1%	+24.8%	+25.3%	+31.9%	+24.1%	+30.7%	+32.2%	+33.9%	+35.1%
Net margin	+28.4%	+27.8%	+25.2%	+21.3%	+29.9%	+24.3%	+30.8%	+30.3%	+21.4%	+27.3%
FCF margin	—	—	—	—	—	—	—	—	—	—
Growth
Revenue CAGR (3y)	+17.4%	+13.5%	+17.8%	+11.6%	+15.3%	+11.6%	+18.3%	+16.0%	+13.8%	+6.1%
Returns
ROE	+16.0%	+14.1%	+13.5%	+12.0%	+14.3%	+10.9%	+16.7%	+16.9%	+14.2%	+12.8%
ROA	+14.0%	+12.4%	+11.6%	+10.2%	+12.6%	+9.5%	+14.2%	+14.4%	+11.7%	+11.4%
ROIC	—	—	—	—	—	—	—	—	—	—
Liquidity
Current ratio	4.87x	4.07x	4.76x	4.40x	5.08x	6.86x	4.53x	5.28x	3.99x	5.45x
Quick ratio	2.44x	1.86x	2.34x	1.77x	1.80x	2.35x	1.76x	1.88x	1.65x	2.46x
Leverage
D/E	0.14x	0.13x	0.15x	0.17x	0.13x	0.14x	0.18x	0.17x	0.22x	0.12x
Interest coverage	—	—	—	—	—	—	—	—	—	—
Efficiency
Asset turnover	0.49x	0.45x	0.46x	0.48x	0.42x	0.39x	0.46x	0.47x	0.55x	0.42x
Cash conversion cycle	+224d	+227d	+215d	+190d	+147d	+181d	+178d	+167d	+121d	+109d

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Intuitive Surgical

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