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

Year-over-year change per cell; first column has no prior.

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	+66.1%	-26.3%	+73.9%	+22.5%	-20.4%	+39.0%	+36.1%	+32.4%	-37.5%	—
Short Term Investments	—	—	—	-100.0%	-55.2%	—	—	—	—	—
Accounts Receivable	+24.6%	+8.4%	+20.0%	+20.4%	+21.3%	+0.0%	-5.4%	+33.3%	+19.0%	—
Inventory	+23.7%	+21.8%	+36.7%	+52.1%	-2.4%	+1.0%	+45.6%	+69.6%	+32.3%	—
Prepaid Expenses	+23.9%	+22.6%	+4.7%	+10.6%	+1.3%	+33.6%	+12.0%	+84.0%	+16.7%	—
Total Current Assets	+37.5%	-9.9%	+26.1%	+7.0%	-11.8%	+42.1%	+7.6%	+54.2%	-13.5%	—
Property,Plant and Equipment	+15.0%	+31.3%	+49.0%	+26.5%	+19.0%	+23.9%	+56.8%	+32.4%	+33.7%	—
Goodwill	+6.6%	-0.3%	+0.1%	+1.4%	+2.0%	+9.6%	+27.7%	+19.6%	+0.0%	—
Intangible Assets	-25.7%	-41.2%	-21.5%	-29.4%	-8.9%	-31.0%	+68.1%	+156.5%	-17.5%	—
Deferred Tax Assets	-2.5%	+14.8%	+37.0%	+50.6%	+20.0%	-27.8%	+7.2%	+304.6%	-34.0%	—
Other Noncurrent Assets	—	—	—	—	—	—	—	—	—	—
Total Assets	+9.2%	+21.4%	+19.0%	-4.3%	+21.4%	+14.8%	+24.0%	+36.3%	-11.2%	—
Liabilities
Accounts Payable	+31.9%	+2.5%	+28.4%	+21.3%	+48.5%	-33.9%	+22.6%	+22.1%	+20.4%	—
Accrued Liabilities	+22.7%	+0.9%	+11.3%	+27.1%	+4.3%	+16.6%	+40.5%	+47.1%	-38.0%	—
Deferred Revenue	+8.1%	+5.1%	+12.3%	+5.3%	+7.7%	+3.7%	+14.8%	+3.4%	+18.2%	—
Other Current Liabilities	+8.9%	-6.8%	+23.4%	+58.0%	+1.0%	-6.0%	+36.9%	—	—	—
Total Current Liabilities	+14.9%	+5.2%	+16.6%	+23.7%	+19.1%	-6.3%	+25.5%	+16.5%	+18.0%	—
Deferred Revenue Noncurrent	+68.9%	+18.6%	+11.2%	+11.4%	+14.6%	+17.2%	-17.0%	—	—	—
Other Noncurrent Liabilities	+9.1%	+21.5%	-12.2%	-3.2%	+2.0%	+6.3%	+23.5%	+3.5%	+190.5%	—
Total Liabilities	+13.7%	+8.3%	+9.8%	+16.1%	+13.7%	-2.7%	+25.0%	+12.4%	+45.4%	—
Equity
Preferred Stock	—	—	—	—	—	—	—	—	—	—
Common Stock	+0.0%	+0.0%	+0.0%	+0.0%	+300.0%	+0.0%	+0.0%	+0.0%	—	—
Additional Paid In Capital	+11.2%	+12.9%	+11.3%	+7.5%	+11.2%	+12.0%	+11.3%	+10.5%	+11.1%	—
Retained Earnings	+3.1%	+43.4%	+35.5%	-26.5%	+46.0%	+30.7%	+63.9%	+2378.3%	-96.1%	—
Accumulated Other Comprehensive Income	+184.4%	-320.5%	+92.5%	-571.5%	-197.2%	+100.8%	+193.2%	+14.2%	-74.2%	—
Noncontrolling Interest	+22.7%	+6.9%	+26.9%	+40.3%	+82.6%	+32.1%	+140.2%	+443.8%	—	—
Total Stockholders Equity	+8.5%	+23.5%	+20.5%	-7.2%	+22.3%	+17.8%	+23.7%	+41.3%	-18.2%	—
Total Liabilitiesand Equity	+9.2%	+21.4%	+19.0%	-4.3%	+21.4%	+14.8%	+24.0%	+36.3%	-11.2%	—

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	+20.5%	+17.2%	+14.5%	+9.0%	+31.0%	-2.7%	+20.3%	+18.7%	+16.0%	—
Expenses Cost of Revenue	+25.9%	+13.5%	+18.2%	+15.7%	+17.0%	+9.4%	+22.2%	+19.6%	+15.1%	—
Expenses Research and Development	+14.5%	+14.7%	+13.6%	+31.0%	+12.8%	+6.8%	+33.3%	+27.2%	+37.1%	—
Expenses Selling,General and Administrative	+11.4%	+9.0%	+12.9%	+18.6%	+20.6%	+3.2%	+19.4%	+21.7%	+15.2%	—
Expenses Depreciation and Amortization	-21.0%	-17.3%	-27.3%	+1.5%	-45.0%	+15.8%	+202.8%	+10.1%	-29.1%	—
Expenses Share Based Compensation	+16.5%	+14.2%	+15.5%	+14.2%	+13.6%	+17.7%	+28.6%	+24.9%	+17.7%	—
Expenses Operating Expenses	+12.5%	+10.9%	+13.1%	+22.5%	+18.0%	+4.4%	+23.6%	+23.3%	+20.8%	—
Other Income Expense Gross Profit	+17.9%	+19.1%	+12.7%	+6.0%	+38.4%	-8.0%	+19.4%	+18.3%	+16.3%	—
Other Income Expense Operating Income	+25.4%	+32.9%	+12.0%	-13.4%	+73.5%	-23.6%	+14.6%	+12.8%	+11.9%	—
Other Income Expense Other Income/expense	+12.6%	+69.1%	+546.8%	-57.1%	-55.9%	+23.1%	+59.4%	+91.2%	+17.7%	—
Other Income Expense Income Before Tax	+23.8%	+36.5%	+21.9%	-15.0%	+56.6%	-19.7%	+17.4%	+15.8%	+12.1%	—
Income Tax Income Tax Expense	+29.3%	+137.5%	-46.0%	+61.8%	+15.7%	+16.4%	-22.1%	-64.4%	+75.7%	—
net Income net Income	+23.0%	+29.2%	+36.0%	-22.4%	+60.7%	-23.1%	+22.3%	+68.1%	-9.1%	—
net Income Comprehensive Income	+29.2%	+17.2%	+64.6%	-28.5%	+54.3%	-23.6%	+24.3%	+70.1%	-10.1%	—
Earnings Per Share Basic Eps	+22.3%	+27.7%	+37.6%	-22.3%	+58.6%	-24.1%	-59.9%	+65.1%	-6.5%	—
Earnings Per Share Diluted Eps	+22.6%	+27.6%	+37.8%	-21.7%	+58.5%	-23.6%	-59.4%	+64.5%	-7.8%	—
Earnings Per Share Weighted Average Shares Basic	+0.5%	+1.1%	-1.3%	-0.1%	+1.4%	+1.4%	+204.5%	+1.8%	-2.8%	—
Earnings Per Share Weighted Average Shares Diluted	+0.2%	+1.3%	-1.3%	-1.0%	+1.3%	+0.7%	+201.7%	+2.1%	-1.4%	—

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	+23.0%	+29.2%	+36.0%	-22.4%	+60.7%	-23.1%	+22.3%	+68.1%	-9.1%	—
Operating Activities Depreciation and Amortization	+36.7%	+14.9%	+17.2%	+16.4%	+26.7%	+40.8%	+48.3%	+29.0%	+16.1%	—
Operating Activities Stock Based Compensation	+16.5%	+14.2%	+15.5%	+14.2%	+13.6%	+17.7%	+28.6%	+24.9%	+17.7%	—
Operating Activities Deferred Income Taxes	+114.1%	+51.8%	-51.5%	-189.5%	-211.1%	+1044.3%	-117.9%	-43.4%	+183.5%	—
Operating Activities Changes In Operating Assets and Liabilities	+41.8%	+22.6%	+10.5%	+30.7%	+159.5%	-46.8%	-17.4%	+100.7%	+95.5%	—
Operating Activities Other Non Cash Items	-68.5%	+429.2%	-127.0%	+136.8%	+39.3%	+210.1%	-67.9%	-83.1%	+308.6%	—
Operating Activities net Cash From Operating Activities	+25.5%	+33.1%	+21.7%	-28.6%	+40.7%	-7.1%	+36.6%	+2.2%	+5.2%	—
Investing Activities Business Acquisitions	+1290.0%	-88.8%	-30.5%	-43.6%	-39.8%	-36.9%	-32.1%	—	—	—
Investing Activities Purchases of Investments	-76.3%	+132.8%	+57.7%	-78.3%	+50.3%	+28.3%	+29.6%	+29.4%	-22.8%	—
Investing Activities Proceeds From Sale of Investments	-24.4%	+7.0%	-17.3%	-23.7%	+433.0%	+646.2%	-60.8%	-85.3%	+377.4%	—
Investing Activities net Cash From Investing Activities	+120.3%	-808.9%	-126.3%	+155.7%	-161.7%	+18.5%	-10.0%	-377.2%	+129.6%	—
Financing Activities Repurchase of Common Stock	—	-100.0%	-84.0%	—	-100.0%	-50.2%	—	-100.0%	+5250.6%	—
Financing Activities Proceeds From Stock Issuance	-29.2%	+64.1%	+31.5%	-27.4%	-35.0%	+13.2%	+15.2%	-43.0%	-28.5%	—
Financing Activities Tax Withholding On Stock Based Compensation	+55.2%	+63.9%	-15.2%	-8.2%	+20.8%	+10.1%	+32.6%	+112.0%	+135.8%	—
Financing Activities net Cash From Financing Activities	-1666.7%	+152.5%	+88.8%	-6082.1%	+150.2%	+49.1%	-233.3%	+106.6%	-471.9%	—
Cash Reconciliation Effect of Exchange Rate On Cash	+1700.0%	-124.2%	-38.9%	+258.8%	-30.8%	-18.2%	-2100.0%	-104.8%	—	—
Cash Reconciliation net Change In Cash	+290.1%	-160.5%	+296.8%	+188.6%	-172.9%	+66.9%	+11.0%	+163.4%	-220.6%	—
Cash Reconciliation Cash At Beginning of Period	+65.2%	-25.5%	+73.1%	+22.6%	-20.3%	+38.6%	+30.0%	+37.1%	-36.9%	—
Cash Reconciliation Cash At End of Period	+65.2%	-25.5%	+73.1%	+22.6%	-20.3%	+38.6%	+30.0%	+37.1%	-36.9%	—

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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