Intuitive Surgical Inc Financials
This page shows Intuitive Surgical Inc (ISRG) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 19 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores
Intuitive Surgical Inc has an operating margin of 29.3%, meaning the company retains $29 of operating profit per $100 of revenue. This strong profitability earns a score of 100/100, reflecting efficient cost management and pricing power. This is up from 28.1% the prior year.
Intuitive Surgical Inc's revenue surged 20.5% year-over-year to $10.1B, reflecting rapid business expansion. This strong growth earns a score of 87/100.
Intuitive Surgical Inc carries a low D/E ratio of 0.14, meaning only $0.14 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.
With a current ratio of 4.87, Intuitive Surgical Inc holds $4.87 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.
Intuitive Surgical Inc converts 24.8% of revenue into free cash flow ($2.5B). This strong cash generation earns a score of 100/100.
Intuitive Surgical Inc's ROE of 16.0% shows moderate profitability relative to equity, earning a score of 64/100. This is up from 14.1% the prior year.
Intuitive Surgical Inc scores 43.40, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($174.1B) relative to total liabilities ($2.5B). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Intuitive Surgical Inc passes 7 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 2 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
For every $1 of reported earnings, Intuitive Surgical Inc generates $1.06 in operating cash flow ($3.0B OCF vs $2.9B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Key Financial Metrics
Intuitive Surgical Inc generated $10.1B in revenue in fiscal year 2025. This represents an increase of 20.5% from the prior year.
Intuitive Surgical Inc's EBITDA was $3.6B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 26.9% from the prior year.
Intuitive Surgical Inc generated $2.5B in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 91.0% from the prior year.
Intuitive Surgical Inc reported $2.9B in net income in fiscal year 2025. This represents an increase of 23.0% from the prior year.
Intuitive Surgical Inc held $3.4B in cash against $0 in long-term debt as of fiscal year 2025.
Intuitive Surgical Inc had 355M shares outstanding in fiscal year 2025. This represents a decrease of 0.4% from the prior year.
Intuitive Surgical Inc's gross margin was 66.0% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 1.5 percentage points from the prior year.
Intuitive Surgical Inc's operating margin was 29.3% in fiscal year 2025, reflecting core business profitability. This is up 1.2 percentage points from the prior year.
Intuitive Surgical Inc's net profit margin was 28.4% in fiscal year 2025, showing the share of revenue converted to profit. This is up 0.6 percentage points from the prior year.
Intuitive Surgical Inc's ROE was 16.0% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 1.9 percentage points from the prior year.
Intuitive Surgical Inc invested $1.3B in research and development in fiscal year 2025. This represents an increase of 14.5% from the prior year.
Intuitive Surgical Inc spent $2.3B on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.
Intuitive Surgical Inc invested $539.8M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 51.4% from the prior year.
ISRG Income Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $2.9B+14.4% | $2.5B+2.7% | $2.4B+8.3% | $2.3B-6.6% | $2.4B+18.4% | $2.0B+1.4% | $2.0B+6.3% | $1.9B |
| Cost of Revenue | $961.9M+14.1% | $842.7M+2.5% | $822.1M+3.3% | $795.7M+3.2% | $771.3M+16.1% | $664.2M+4.2% | $637.2M-1.2% | $645.2M |
| Gross Profit | $1.9B+14.6% | $1.7B+2.8% | $1.6B+11.0% | $1.5B-11.2% | $1.6B+19.5% | $1.4B+0.1% | $1.4B+10.2% | $1.2B |
| R&D Expenses | $352.9M+7.1% | $329.4M+5.1% | $313.3M-0.9% | $316.2M+7.3% | $294.7M+3.0% | $286.0M+2.1% | $280.1M-1.5% | $284.5M |
| SG&A Expenses | $687.1M+19.8% | $573.3M+2.2% | $561.2M-0.4% | $563.4M-8.0% | $612.6M+20.0% | $510.6M-2.8% | $525.3M+6.9% | $491.5M |
| Operating Income | $864.3M+13.8% | $759.7M+2.2% | $743.4M+28.6% | $578.1M-21.3% | $734.9M+27.3% | $577.3M+1.8% | $567.3M+20.9% | $469.4M |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax | $156.1M+6.9% | $146.0M-13.0% | $167.9M+577.0% | -$35.2M-128.9% | $121.8M+21.3% | $100.4M-18.4% | $123.0M+1482.0% | -$8.9M |
| Net Income | $794.8M+12.8% | $704.4M+7.0% | $658.4M-5.7% | $698.4M+1.9% | $685.7M+21.3% | $565.1M+7.2% | $526.9M-3.3% | $544.9M |
| EPS (Diluted) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
ISRG Balance Sheet
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $20.5B+5.7% | $19.4B-4.0% | $20.2B+4.9% | $19.2B+2.5% | $18.7B+5.6% | $17.7B+6.6% | $16.6B+5.2% | $15.8B |
| Current Assets | $9.8B+14.7% | $8.5B-2.5% | $8.7B+14.2% | $7.7B+7.7% | $7.1B-1.4% | $7.2B-5.7% | $7.7B+0.3% | $7.6B |
| Cash & Equivalents | $3.4B+20.0% | $2.8B-17.5% | $3.4B+32.2% | $2.6B+27.0% | $2.0B-16.0% | $2.4B-20.5% | $3.0B+6.9% | $2.8B |
| Inventory | $1.8B+3.3% | $1.8B+6.9% | $1.7B+7.3% | $1.6B+4.5% | $1.5B+0.4% | $1.5B+7.1% | $1.4B+6.5% | $1.3B |
| Accounts Receivable | $1.5B+21.2% | $1.3B-0.7% | $1.3B+3.9% | $1.2B-0.3% | $1.2B+6.3% | $1.2B+4.0% | $1.1B-1.7% | $1.1B |
| Goodwill | $370.3M+6.4% | $348.1M-0.2% | $348.7M+0.3% | $347.5M0.0% | $347.5M-0.2% | $348.3M+0.1% | $348.0M-0.1% | $348.2M |
| Total Liabilities | $2.5B+9.0% | $2.3B+4.5% | $2.2B+9.8% | $2.0B-9.1% | $2.2B+7.1% | $2.1B+11.5% | $1.9B+4.0% | $1.8B |
| Current Liabilities | $2.0B+11.3% | $1.8B+6.5% | $1.7B+10.0% | $1.5B-11.9% | $1.7B+4.1% | $1.7B+12.7% | $1.5B+8.2% | $1.4B |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $17.8B+5.3% | $16.9B-5.1% | $17.8B+4.3% | $17.1B+4.1% | $16.4B+5.5% | $15.6B+5.9% | $14.7B+5.3% | $14.0B |
| Retained Earnings | $7.0B+9.2% | $6.4B-15.5% | $7.6B+6.5% | $7.1B+4.9% | $6.8B+11.0% | $6.1B+9.8% | $5.6B+10.1% | $5.1B |
ISRG Cash Flow Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $892.5M+6.1% | $841.0M+17.6% | $715.4M+23.0% | $581.6M-29.3% | $822.6M+16.4% | $706.5M+13.9% | $620.5M+133.8% | $265.4M |
| Capital Expenditures | $162.5M+54.2% | $105.4M-32.1% | $155.3M+33.2% | $116.6M-62.6% | $312.0M+25.9% | $247.9M-19.9% | $309.4M+27.9% | $241.9M |
| Free Cash Flow | $730.0M-0.8% | $735.6M+31.3% | $560.1M+20.5% | $465.0M-8.9% | $510.6M+11.3% | $458.6M+47.4% | $311.1M+1223.8% | $23.5M |
| Investing Cash Flow | -$209.4M-152.2% | $401.0M+53.8% | $260.7M+22.1% | $213.5M+116.9% | -$1.3B+10.5% | -$1.4B-202.5% | -$467.1M-263.5% | -$128.5M |
| Financing Cash Flow | -$137.5M+92.5% | -$1.8B-1147.0% | -$147.8M+37.3% | -$235.8M-577.3% | $49.4M-49.7% | $98.2M+96.4% | $50.0M+207.1% | -$46.7M |
| Dividends Paid | N/A | $0 | N/A | N/A | N/A | $0 | N/A | N/A |
| Share Buybacks | $201.0M-89.5% | $1.9B | N/A | N/A | $0 | $0 | $0 | $0 |
ISRG Financial Ratios
| Metric | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 66.4%+0.1pp | 66.4%+0.0pp | 66.3%+1.6pp | 64.7%-3.3pp | 68.0%+0.6pp | 67.4%-0.9pp | 68.3%+2.4pp | 65.9% |
| Operating Margin | 30.1%-0.2pp | 30.3%-0.1pp | 30.5%+4.8pp | 25.7%-4.8pp | 30.4%+2.1pp | 28.3%+0.1pp | 28.2%+3.4pp | 24.8% |
| Net Margin | 27.7%-0.4pp | 28.1%+1.1pp | 27.0%-4.0pp | 31.0%+2.6pp | 28.4%+0.7pp | 27.7%+1.5pp | 26.2%-2.6pp | 28.8% |
| Return on Equity | 4.5%+0.3pp | 4.2%+0.5pp | 3.7%-0.4pp | 4.1%-0.1pp | 4.2%+0.5pp | 3.6%+0.1pp | 3.6%-0.3pp | 3.9% |
| Return on Assets | 3.9%+0.2pp | 3.6%+0.4pp | 3.3%-0.4pp | 3.6%-0.0pp | 3.7%+0.5pp | 3.2%+0.0pp | 3.2%-0.3pp | 3.4% |
| Current Ratio | 4.87+0.1 | 4.73-0.4 | 5.17+0.2 | 4.98+0.9 | 4.07-0.2 | 4.30-0.8 | 5.15-0.4 | 5.55 |
| Debt-to-Equity | 0.140.0 | 0.14+0.0 | 0.120.0 | 0.12-0.0 | 0.130.0 | 0.130.0 | 0.130.0 | 0.13 |
| FCF Margin | 25.5%-3.9pp | 29.4%+6.4pp | 22.9%+2.3pp | 20.6%-0.5pp | 21.2%-1.3pp | 22.5%+7.0pp | 15.5%+14.2pp | 1.2% |
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Frequently Asked Questions
What is Intuitive Surgical Inc's annual revenue?
Intuitive Surgical Inc (ISRG) reported $10.1B in total revenue for fiscal year 2025. This represents a 20.5% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Intuitive Surgical Inc's revenue growing?
Intuitive Surgical Inc (ISRG) revenue grew by 20.5% year-over-year, from $8.4B to $10.1B in fiscal year 2025.
Is Intuitive Surgical Inc profitable?
Yes, Intuitive Surgical Inc (ISRG) reported a net income of $2.9B in fiscal year 2025, with a net profit margin of 28.4%.
What is Intuitive Surgical Inc's EBITDA?
Intuitive Surgical Inc (ISRG) had EBITDA of $3.6B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Intuitive Surgical Inc's gross margin?
Intuitive Surgical Inc (ISRG) had a gross margin of 66.0% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Intuitive Surgical Inc's operating margin?
Intuitive Surgical Inc (ISRG) had an operating margin of 29.3% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Intuitive Surgical Inc's net profit margin?
Intuitive Surgical Inc (ISRG) had a net profit margin of 28.4% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Intuitive Surgical Inc's return on equity (ROE)?
Intuitive Surgical Inc (ISRG) has a return on equity of 16.0% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Intuitive Surgical Inc's free cash flow?
Intuitive Surgical Inc (ISRG) generated $2.5B in free cash flow during fiscal year 2025. This represents a 91.0% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Intuitive Surgical Inc's operating cash flow?
Intuitive Surgical Inc (ISRG) generated $3.0B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Intuitive Surgical Inc's total assets?
Intuitive Surgical Inc (ISRG) had $20.5B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Intuitive Surgical Inc's capital expenditures?
Intuitive Surgical Inc (ISRG) invested $539.8M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Intuitive Surgical Inc spend on research and development?
Intuitive Surgical Inc (ISRG) invested $1.3B in research and development during fiscal year 2025.
Does Intuitive Surgical Inc buy back shares?
Yes, Intuitive Surgical Inc (ISRG) spent $2.3B on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.
How many shares does Intuitive Surgical Inc have outstanding?
Intuitive Surgical Inc (ISRG) had 355M shares outstanding as of fiscal year 2025.
What is Intuitive Surgical Inc's current ratio?
Intuitive Surgical Inc (ISRG) had a current ratio of 4.87 as of fiscal year 2025, which is generally considered healthy.
What is Intuitive Surgical Inc's debt-to-equity ratio?
Intuitive Surgical Inc (ISRG) had a debt-to-equity ratio of 0.14 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Intuitive Surgical Inc's return on assets (ROA)?
Intuitive Surgical Inc (ISRG) had a return on assets of 14.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Intuitive Surgical Inc's Altman Z-Score?
Intuitive Surgical Inc (ISRG) has an Altman Z-Score of 43.40, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Intuitive Surgical Inc's Piotroski F-Score?
Intuitive Surgical Inc (ISRG) has a Piotroski F-Score of 7 out of 9, indicating strong financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Intuitive Surgical Inc's earnings high quality?
Intuitive Surgical Inc (ISRG) has an earnings quality ratio of 1.06x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Intuitive Surgical Inc?
Intuitive Surgical Inc (ISRG) scores 92 out of 100 on our Financial Profile, indicating strong overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.