Intuitive Surgical Inc. (ISRG) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$2.5	$2.8	+12.0%	—	$2.9B	—
Q1 26	$2.11	$2.5	+18.5%	—	$2.8B	—
Q4 25	$2.27	$2.53	+11.5%	—	$2.9B	—
Q3 25	$1.99	$2.4	+20.6%	—	$2.5B	—
Q2 25	$1.92	$2.19	+14.1%	—	$2.4B	—
Q1 25	$1.73	$1.81	+4.6%	—	$2.3B	—
Q4 24	$1.79	$2.21	+23.5%	—	$2.4B	—
Q3 24	$1.64	$1.84	+12.2%	—	$2B	—
Q2 24	$1.54	$1.78	+15.6%	—	$2B	—
Q1 24	$1.42	$1.5	+5.6%	—	$1.9B	—
Q4 23	$1.49	$1.6	+7.4%	—	$1.9B	—
Q3 23	$1.41	$1.46	+3.5%	—	$1.7B	—
Q2 23	$1.33	$1.42	+6.8%	—	$1.8B	—
Q1 23	$1.2	$1.23	+2.5%	—	$1.7B	—
Q4 22	$1.25	$1.23	-1.6%	—	$1.7B	—
Q3 22	$1.12	$1.19	+6.2%	—	$1.6B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$8	—	—	$10.1B	—
FY24	—	$6.54	—	—	$8.4B	—
FY23	—	$5.12	—	—	$7.1B	—
FY22	—	$3.72	—	—	$6.2B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$2.7B	$3.1B	$3.7B	$4.5B	$4.4B	$5.7B	$6.2B	$7.1B	$8.4B	$10.1B
YoY change	+13.5%	+16%	+18.7%	+20.3%	-2.68%	+31%	+8.97%	+14.5%	+17.2%	+20.5%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	2.7B	3.1B	3.7B	4.5B	4.4B	5.7B	6.2B	7.1B	8.4B	10.1B
Cost of revenue	813.6M	936.2M	1.1B	1.4B	1.5B	1.8B	2B	2.4B	2.7B	3.4B
Gross profit	1.9B	2.2B	2.6B	3.1B	2.9B	4B	4.2B	4.7B	5.6B	6.6B
Gross margin	69.9%	70.2%	69.9%	69.4%	65.6%	69.3%	67.4%	66.4%	67.5%	66%
Research & development	239.6M	328.6M	418.1M	557.3M	595.1M	671M	879M	998.8M	1.1B	1.3B
Selling, general & administrative	703.6M	810.5M	986.6M	1.2B	1.2B	1.5B	1.7B	2B	2.1B	2.4B
Operating expenses	943.2M	1.1B	1.4B	1.7B	1.8B	2.1B	2.6B	3B	3.3B	3.7B
Operating income	949.7M	1.1B	1.2B	1.4B	1B	1.8B	1.6B	1.8B	2.3B	2.9B
Operating margin	35.1%	33.9%	32.2%	30.7%	24.1%	31.9%	25.3%	24.8%	28.1%	29.3%
Non-operating income, net	—	—	—	—	—	—	—	—	—	—
Pretax income	985.3M	1.1B	1.3B	1.5B	1.2B	1.9B	1.6B	2B	2.7B	3.3B
Income tax	247M	433.9M	154.5M	120.4M	140.2M	162.2M	262.4M	141.6M	336.3M	434.8M
Net income	738.3M	670.9M	1.1B	1.4B	1.1B	1.7B	1.3B	1.8B	2.3B	2.9B
Net margin	27.3%	21.4%	30.2%	30.9%	24.5%	30.3%	21.6%	25.5%	28%	28.6%
EBITDA	1B	1.2B	1.3B	1.6B	1.3B	2.1B	1.9B	2.2B	2.8B	3.6B
EPS	2.13	1.97	3.31	3.98	3.02	4.79	3.72	5.12	6.54	8
Diluted EPS	2.08	1.89	3.16	3.85	2.94	4.66	3.65	5.03	6.42	7.87

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	1.7B	1.9B	1.9B	2B	2B	2.4B	2.3B	2.4B	2.5B	2.9B	2.8B	2.9B
Cost of revenue	576.5M	650.9M	645.2M	637.2M	664.2M	771.3M	795.7M	822.1M	842.7M	961.9M	940.3M	931.9M
Gross profit	1.2B	1.3B	1.2B	1.4B	1.4B	1.6B	1.5B	1.6B	1.7B	1.9B	1.8B	2B
Gross margin	66.9%	66.2%	65.9%	68.3%	67.4%	68%	64.7%	66.3%	66.4%	66.4%	66.1%	67.8%
Research & development	249.4M	260.1M	284.5M	280.1M	286M	294.7M	316.2M	313.3M	329.4M	352.9M	361.9M	370.6M
Selling, general & administrative	452M	567.1M	491.5M	525.3M	510.6M	612.6M	563.4M	561.2M	573.3M	687.1M	613.3M	617.9M
Operating expenses	701.4M	827.2M	776M	805.4M	796.6M	907.3M	879.6M	874.5M	902.7M	1B	975.2M	988.5M
Operating income	465.8M	450.2M	469.4M	567.3M	577.3M	734.9M	578.1M	743.4M	759.7M	864.3M	855.3M	971.9M
Operating margin	26.7%	23.3%	24.8%	28.2%	28.3%	30.4%	25.7%	30.5%	30.3%	30.2%	30.9%	33.6%
Non-operating income, net	—	—	—	—	—	—	—	—	—	—	—	—
Pretax income	522M	515.9M	538.5M	654.5M	671M	809.8M	668.5M	832.1M	855.2M	955.6M	940.4M	1.1B
Income tax	102.2M	-94.8M	-8.9M	123M	100.4M	121.8M	-35.2M	167.9M	146M	156.1M	114.4M	231.4M
Net income	419.8M	610.7M	547.4M	531.5M	570.6M	688M	703.7M	664.2M	709.2M	799.5M	826M	823.2M
Net margin	24.1%	31.7%	29%	26.4%	28%	28.5%	31.2%	27.2%	28.3%	27.9%	29.8%	28.5%
EBITDA	574.4M	573.4M	578.7M	679.1M	693.5M	859.6M	719M	890M	901.9M	1.1B	1.1B	1.2B
EPS	1.18	1.72	1.54	1.48	1.59	1.92	1.95	1.84	1.98	2.24	2.31	2.31
Diluted EPS	1.16	1.69	1.51	1.46	1.56	1.88	1.92	1.81	1.95	2.21	2.28	2.29

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	24.3B	40.8B	54.5B	68.2B	95.7B	127.9B	94.4B	118.5B	185.4B	202.1B	148.6B
Enterprise value	21.7B	38.8B	51.4B	65B	90.5B	123.8B	90.3B	113.3B	181.4B	196.2B	138.1B
Shares outstanding	344.7M	335.1M	341.1M	346.2M	351M	356.1M	355.7M	351.2M	355.2M	356.9M	356.9M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	32.9	60.8	48.4	49.4	89.7	74	70.2	65.2	79.3	70.3	47.5
P/S	8.97	13	14.6	15.2	22	22.4	15.2	16.6	22.2	20.1	13.4
P/B	4.2	8.53	8.14	8.23	9.81	10.7	8.49	8.84	11.2	11.3	8.06
EV/EBITDA	20.9	33.4	38.9	41.2	68.3	58.1	46.5	51.7	64.5	54.2	33
EV/Sales	8.03	12.4	13.8	14.5	20.8	21.7	14.5	15.9	21.7	19.5	12.5
Earnings yield	3.04%	1.65%	2.07%	2.03%	1.11%	1.35%	1.42%	1.53%	1.26%	1.42%	2.11%
FCF yield	4.25%	2.34%	1.8%	1.72%	1.19%	1.37%	1.02%	0.63%	0.7%	1.23%	1.76%
PEG	—	—	—	—	—	—	—	—	—	—	1.86

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	69.9%	70.2%	69.9%	69.4%	65.6%	69.3%	67.4%	66.4%	67.5%	66%	67.8%
Operating margin	35.1%	33.9%	32.2%	30.7%	24.1%	31.9%	25.3%	24.8%	28.1%	29.3%	33.6%
Net margin	27.3%	21.4%	30.2%	30.9%	24.5%	30.3%	21.6%	25.5%	28%	28.6%	28.4%
ROE	12.8%	14%	16.8%	16.7%	10.9%	14.5%	12.1%	13.6%	14.1%	16%	17.4%
ROA	11.4%	11.6%	14.3%	14.2%	9.55%	12.7%	10.4%	11.8%	12.5%	14.1%	10.5%
ROIC	22.1%	22.9%	29.1%	25%	20.2%	21.3%	18.9%	20.1%	16.4%	21.3%	21.9%
Return on tangible assets	12.3%	12.6%	15.6%	15.5%	10.3%	13.6%	11%	12.4%	13%	14.6%	16.3%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	5.45	4.24	5.28	4.53	6.86	5.08	4.4	4.76	4.07	4.87	4.96
Quick ratio	5.14	3.87	4.78	3.95	6.24	4.57	3.77	4.02	3.22	3.96	3.91
Debt / equity	—	—	—	—	—	0.01	—	—	—	—	0
Debt / assets	—	—	—	—	—	0.01	—	—	—	—	—
Net debt / EBITDA	—	—	—	—	—	-1.94	—	—	—	—	-1.23
Effective tax rate	25.1%	39.3%	12.1%	8.01%	11.6%	8.58%	16.3%	7.23%	12.6%	13.1%	17%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	7.85	9.36	10.9	12.9	12.4	16	17.5	20.3	23.5	28.2	31.1
EPS (basic)	2.13	1.97	3.31	3.98	3.02	4.79	3.72	5.12	6.54	8	8
EPS (diluted)	2.08	1.89	3.16	3.85	2.94	4.66	3.65	5.03	6.42	7.87	8.71
Book value per share	16.8	14.3	19.6	23.9	27.8	33.6	31.2	38.1	46.5	50.3	51.3
FCF per share	3	2.84	2.88	3.39	3.26	4.91	2.69	2.13	3.67	6.98	9.02
Cash per share	7.41	5.85	8.98	9.31	14.7	11.9	11.6	14.9	11.3	16.6	14.8
Capex per share	0.16	0.57	0.55	1.23	0.97	0.95	1.5	3.03	3.13	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	1.99%	6.08%	5.03%	9.5%	7.84%	5.95%	8.56%	14.9%	13.3%	—	—
Capex / operating cash flow	5.08%	16.4%	15%	24.7%	20.7%	14.9%	33.8%	59.7%	41.3%	—	—
Payout ratio	—	—	—	—	—	—	—	—	—	—	0%

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$1.7B	$1.9B	$1.9B	$2B	$2B	$2.4B	$2.3B	$2.4B	$2.5B	$2.9B	$2.8B	$2.9B
YoY change	+12%	+16.5%	+11.5%	+14.5%	+16.9%	+25.2%	+19.2%	+21.4%	+22.9%	+18.8%	+23%	+18.5%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	2.6B	2B	3.1B	3.2B	5.2B	4.2B	4.1B	5.2B	4B	5.9B
Receivables	430.2M	507.9M	682.3M	645.2M	645.5M	782.7M	942.1M	1.1B	1.2B	1.5B
Inventory	182.3M	241.2M	409M	595.5M	601.5M	587.1M	893.2M	1.2B	1.5B	1.8B
Total current assets	3.3B	2.8B	4.3B	4.7B	6.6B	5.8B	6.3B	7.9B	7.1B	9.8B
Property, plant & equipment	258.9M	382.6M	545.8M	864.6M	803.5M	1.1B	1.5B	2.5B	3.2B	2.5B
Goodwill & intangibles	465.2M	454.2M	614.6M	838.6M	828.2M	828.2M	796.6M	775.6M	741M	762.8M
Total assets	6.5B	5.8B	7.8B	9.7B	11.2B	13.6B	13B	15.4B	18.7B	20.5B
Accounts payable	68.5M	82.5M	100.7M	123.5M	81.6M	121.2M	147M	188.7M	193.4M	255.1M
Short-term debt	—	—	—	—	—	—	—	—	—	—
Total current liabilities	596.5M	662.8M	820.6M	1B	965.2M	1.1B	1.4B	1.7B	1.7B	2B
Long-term debt	—	—	—	—	—	87M	—	—	—	—
Total liabilities	709.1M	996.4M	1.2B	1.4B	1.4B	1.6B	1.9B	2B	2.2B	2.5B
Shareholders' equity	5.8B	4.8B	6.7B	8.3B	9.8B	12B	11.1B	13.4B	16.5B	17.9B
Total debt	—	—	—	—	—	87M	—	—	—	—
Net debt	—	—	—	—	—	-1.2B	—	—	—	—

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	6.5B	5.2B	4.8B	4.8B	4.2B	4B	4.5B	5.3B	4.9B	5.9B	4.5B	5.2B
Receivables	879.6M	1.1B	1B	1B	984.7M	1.2B	1.1B	1.1B	1.1B	1.5B	1.4B	1.4B
Inventory	1.1B	1.2B	1.3B	1.4B	1.5B	1.5B	1.6B	1.7B	1.8B	1.8B	1.9B	2B
Total current assets	8.9B	7.9B	7.6B	7.7B	7.2B	7.1B	7.7B	8.7B	8.5B	9.8B	8.8B	9.5B
Property, plant & equipment	2.2B	2.5B	—	—	3B	3.2B	—	—	—	411.9M	—	—
Goodwill & intangibles	779.8M	775.6M	764M	753.4M	747.2M	741M	734.2M	733.2M	725.2M	762.8M	1.6B	1.6B
Total assets	14.7B	15.4B	15.8B	16.6B	17.7B	18.7B	19.2B	20.2B	19.4B	20.5B	20.1B	20.9B
Accounts payable	196.2M	188.7M	194.4M	194.4M	218.7M	193.4M	276.2M	266.8M	291.2M	255.1M	332.9M	277.2M
Short-term debt	—	—	—	—	—	—	—	—	—	—	—	—
Total current liabilities	1.7B	1.7B	1.4B	1.5B	1.7B	1.7B	1.5B	1.7B	1.8B	2B	1.9B	1.9B
Long-term debt	—	—	—	—	—	—	—	—	—	—	—	—
Total liabilities	2.1B	2B	1.8B	1.9B	2.1B	2.2B	2B	2.2B	2.3B	2.5B	2.5B	2.6B
Shareholders' equity	12.6B	13.4B	14B	14.8B	15.7B	16.5B	17.2B	18B	17B	17.9B	17.6B	18.3B
Total debt	—	—	—	—	—	—	—	—	—	—	—	—
Net debt	—	—	—	—	—	—	—	—	—	—	—	—

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	738.3M	670.9M	1.1B	1.4B	1.1B	1.7B	1.3B	1.8B	2.3B	2.9B
Depreciation & amortization	92.1M	99.1M	122.8M	203M	276.2M	310.2M	365.8M	421.8M	462M	677.1M
Stock-based compensation	177.6M	209.1M	261.2M	335.8M	395.4M	449.2M	513.2M	592.8M	676.8M	788.2M
Change in working capital	21.5M	111.4M	-306M	-204.6M	-161.4M	-163.2M	-489.9M	-801.8M	-687.5M	-1.1B
Operating cash flow	1.1B	1.2B	1.2B	1.7B	1.7B	2.3B	1.6B	1.8B	2.7B	3B
Capital expenditure	-53.9M	-190.7M	-187.4M	-425.6M	-341.5M	-339.5M	-532.4M	-1.1B	-1.1B	—
Investing cash flow	-1.3B	378.7M	-1B	-1.2B	-940.6M	-2.5B	1.4B	-360.1M	-3.3B	1.2B
Dividends paid	—	—	—	—	—	—	—	—	—	—
Share repurchases	-42.5M	-2.3B	0	-269.5M	-134.3M	0	-2.6B	-416.3M	0	-2.3B
Financing cash flow	514.4M	-1.9B	-110.3M	-441.2M	-394.5M	-233.5M	-2.8B	-583.9M	-278.5M	-2.7B
Net change in cash	295.5M	-372.8M	85.6M	125.5M	316.6M	-411.3M	139.5M	838.3M	-860.1M	1.5B
Free cash flow	1B	953.2M	982.2M	1.2B	1.1B	1.7B	958.4M	749.6M	1.3B	2.5B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	419.8M	610.7M	547.4M	531.5M	570.6M	688M	703.7M	664.2M	709.2M	799.5M	826M	823.2M
Depreciation & amortization	108.6M	123.2M	109.3M	111.8M	116.2M	124.7M	140.9M	146.6M	142.2M	220.9M	200M	231.1M
Stock-based compensation	156.1M	150.4M	153.3M	173.6M	172.9M	177M	185.2M	196.2M	203.5M	203.3M	209.5M	209.9M
Change in working capital	-207.1M	-425.9M	-535.9M	69.8M	-232.8M	11.4M	-205.5M	-247.3M	-242M	-390.4M	-90.8M	-370.7M
Operating cash flow	441.8M	249M	275.4M	863.2M	571.6M	981M	833.1M	739.3M	841M	892.5M	911.9M	1.1B
Capital expenditure	-256.3M	-435.5M	-241.9M	-309.4M	-247.9M	-312M	-116.6M	-155.3M	—	—	—	—
Investing cash flow	-446.6M	-1B	-128.5M	-467.1M	-1.4B	-1.3B	213.5M	260.7M	506.4M	-46.9M	-811.2M	86M
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	0	-66.3M	0	0	0	0	—	-181M	-1.9B	-201M	-1.1B	-320.3M
Financing cash flow	-15.6M	-75.6M	-227.1M	-21.5M	-17.4M	-12.5M	-370.1M	-197.2M	-1.9B	-214.1M	-1.5B	-353.5M
Net change in cash	-20.4M	-870.8M	-80.2M	374.6M	-858.8M	-295.7M	676.5M	802.8M	-585.6M	631.5M	-1.4B	793.5M
Free cash flow	292.1M	-207.2M	23.5M	311.1M	458.6M	510.6M	465M	560.1M	735.6M	730M	808.6M	948.4M

Intuitive Surgical Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement