Intuitive Announces Fourth Quarter Earnings
Rhea-AI Summary
Intuitive (Nasdaq: ISRG) reported Q4 2025 results on Jan 22, 2026: revenue $2.87B (+19% YoY), GAAP net income $795M ($2.21/share) and non-GAAP net income $914M ($2.53/share).
Worldwide procedures (da Vinci + Ion) grew ~18%; da Vinci procedures ~17%, Ion procedures ~44%. Company placed 532 da Vinci systems (303 da Vinci 5) and ended Q4 with 11,106 da Vinci systems installed and 995 Ion systems.
Q4 systems revenue was $786M, instruments & accessories $1.66B. Cash, cash equivalents and investments were $9.03B. 2026 outlook: da Vinci procedure growth ~13–15%, non-GAAP gross margin 67–68%, and non-GAAP operating expense growth 11–15%; tariffs estimated to reduce revenue margin by ~1.2%.
Positive
- Revenue $2.87B, +19% YoY
- Worldwide procedures +18% (da Vinci +17%, Ion +44%)
- Systems revenue $786M, +20% YoY
- Non-GAAP net income $914M, +13.6% YoY
- Da Vinci installed base 11,106 systems, +12% YoY
- Ion installed base 995 systems, +24% YoY
Negative
- 2026 da Vinci procedure growth guide lowered to 13–15% (vs 18% in 2025)
- Company estimates tariffs reduce margin ~1.2% of revenue
- Non-GAAP operating expense growth guided 11–15% in 2026
- Q4 included $70M Intuitive Foundation contribution (vs $45M prior)
News Market Reaction
On the day this news was published, ISRG declined 0.35%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
ISRG slipped -0.71% while key peers like BDX, ALC, RMD, HOLX, and WST all showed positive moves, pointing to stock-specific pressure rather than a sector-wide pullback.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Jan 14 | Prelim Q4 results | Positive | -2.7% | Preliminary Q4 and FY2025 revenue and procedure growth update. |
| Dec 10 | Regulatory clearance | Positive | -1.5% | FDA clearance expanding da Vinci SP indications in the U.S. |
| Oct 21 | Q3 earnings | Positive | +0.9% | Q3 2025 earnings with strong revenue and procedure growth. |
| Oct 08 | AI product update | Positive | +1.6% | FDA-cleared AI navigation and imaging update for Ion system. |
| Oct 07 | Portfolio company funding | Positive | -1.9% | Jupiter Endovascular oversubscribed Series B financing round. |
Recent history shows multiple instances where generally positive operational or regulatory news was followed by negative price reactions.
Over the last year, Intuitive reported a series of strong quarterly results with revenue rising from $2.25B in Q1 2025 to $2.41B in Q4 2024 and then preliminary Q4 2025 revenue of ~$2.87B. Earnings updates consistently highlighted double‑digit procedure and system growth, alongside expanding installed bases. FDA clearances for da Vinci SP and AI-enabled Ion imaging added to the growth story. Yet several of these upbeat announcements, including multiple earnings releases and product clearances, were followed by negative next‑day price moves.
Market Pulse Summary
This announcement details a strong Q4 2025, with revenue of $2.87B, higher GAAP and non-GAAP earnings, and robust growth in da Vinci and Ion procedures and system placements. The installed base reached 11,106 da Vinci systems and 995 Ion systems, supported by a cash and investment balance of $9.03B. The 2026 outlook calls for slower da Vinci procedure growth of 13%–15% but stable non-GAAP gross margins. Investors may track execution versus these targets and the impact of tariffs on profitability.
Key Terms
gaap financial
non-gaap financial
operating lease arrangements financial
usage-based operating lease arrangements financial
gross profit margin financial
capital expenditures financial
tariffs regulatory
AI-generated analysis. Not financial advice.
SUNNYVALE, Calif., Jan. 22, 2026 (GLOBE NEWSWIRE) -- Intuitive (the “Company”) (Nasdaq: ISRG), a global technology leader in minimally invasive care and the pioneer of robotic-assisted surgery, today announced financial results for the quarter ended December 31, 2025.
Q4 Highlights
- Worldwide procedures (da Vinci and Ion combined) grew approximately
18% compared with the fourth quarter of 2024. Da Vinci procedures grew approximately17% and Ion procedures grew approximately44% . - The Company placed 532 da Vinci surgical systems, compared with 493 in the fourth quarter of 2024. The fourth quarter 2025 da Vinci surgical system placements included 303 da Vinci 5 systems, compared with 174 in the fourth quarter of 2024. The Company placed 42 Ion endoluminal systems, compared with 69 in the fourth quarter of 2024.
- The Company grew its da Vinci surgical system installed base to 11,106 systems as of December 31, 2025, an increase of
12% compared with 9,902 as of December 31, 2024. The Company grew its Ion endoluminal system installed base to 995 systems as of December 31, 2025, an increase of24% compared with 805 as of December 31, 2024. - Fourth quarter 2025 revenue of
$2.87 billion increased19% compared with$2.41 billion in the fourth quarter of 2024. - Fourth quarter 2025 GAAP net income attributable to Intuitive was
$795 million , or$2.21 per diluted share, compared with$686 million , or$1.88 per diluted share, in the fourth quarter of 2024. - Fourth quarter 2025 non-GAAP* net income attributable to Intuitive was
$914 million , or$2.53 per diluted share, compared with$805 million , or$2.21 per diluted share, in the fourth quarter of 2024. Fourth quarter 2025 non-GAAP* net income attributable to Intuitive included tax benefits of$0.11 per diluted share associated with the release of unrecognized tax benefits. - Fourth quarter 2025 expenses included a
$70 million contribution to the Intuitive Foundation compared to a$45 million contribution to the Intuitive Foundation in the fourth quarter of 2024.
Q4 Financial Summary
Gross profit, income from operations, net income attributable to Intuitive Surgical, Inc., and net income per diluted share attributable to Intuitive Surgical, Inc. are reported on a GAAP and non-GAAP* basis. The non-GAAP* measures are described below and are reconciled to the corresponding GAAP measures at the end of this release.
Fourth quarter 2025 revenue was
Fourth quarter 2025 instruments and accessories revenue increased by
Fourth quarter 2025 systems revenue was
Fourth quarter 2025 GAAP income from operations increased to
Fourth quarter 2025 GAAP net income attributable to Intuitive Surgical, Inc. was
Fourth quarter 2025 non-GAAP* net income attributable to Intuitive Surgical, Inc. was
The Company ended the fourth quarter of 2025 with
2026 Financial Outlook
The Company expects the following results for the full year of 2026:
- Worldwide da Vinci procedure growth of approximately
13% to15% in 2026, compared to18% in 2025. - Non-GAAP* gross profit margin to be within a range of
67% and68% of revenue in 2026, compared to67.6% in 2025. This range includes an estimated impact from tariffs of1.2% of revenue, plus or minus 10 basis points. - Non-GAAP* operating expense growth of
11% to15% in 2026, compared to12% in 2025.
The range for expected non-GAAP* gross profit margin reflects the Company’s estimates of the adverse impact from tariffs that are currently in effect as of the time of this press release and assumes such tariffs remain in place. Should additional tariffs be implemented or existing tariffs be modified, the additional impact on the Company’s financial results in 2026, including the change in expected non-GAAP* gross profit margin, could be material. The ultimate effect of tariffs will depend on various factors, including the proportion of components procured and finished goods manufactured outside of the United States and the amount, scope, nature, and timing of the tariffs.
The 2026 financial outlook provided above includes forward-looking, non-GAAP financial measures, which management uses in measuring performance. We do not provide a reconciliation of non-GAAP outlook measures to corresponding GAAP measures on a forward-looking basis, because we are unable to predict with reasonable certainty the exact timing and ultimate outcome of certain items, including but not limited to legal proceedings, without unreasonable efforts. These items are uncertain, depend on various factors, and could be material to Intuitive’s results computed in accordance with GAAP. For additional information regarding the nature of these items, refer to the reconciliations of historical GAAP to non-GAAP measures included elsewhere in this release.
Additional supplemental financial and procedure information has been posted to the Investor Relations section of the Intuitive website at https://isrg.gcs-web.com/.
Webcast and Conference Call Information
Intuitive will hold a teleconference at 1:30 p.m. PDT today to discuss the fourth quarter 2025 financial results. The call will be webcast live and can be accessed on Intuitive’s website at www.intuitive.com. For those individuals planning to participate on the call, registration can be completed online at https://edge.media-server.com/mmc/p/87d7r3w6/ to receive dial-in details and an individual pin. The webcast replay of the call will be made available on our website at www.intuitive.com within 24 hours after the end of the live teleconference and will be accessible for at least 30 days.
About Intuitive
Intuitive (Nasdaq: ISRG), headquartered in Sunnyvale, California, is a global leader in minimally invasive care and the pioneer of robotic-assisted surgery. Our technologies include the da Vinci surgical systems and the Ion endoluminal system. By uniting advanced systems, progressive learning, and value-enhancing services, we help physicians and their teams optimize care delivery to support the best outcomes possible. At Intuitive, we envision a future of care that is less invasive and profoundly better, where diseases are identified early and treated quickly, so patients can get back to what matters most.
Product and brand names/logos are trademarks or registered trademarks of Intuitive or their respective owner. See www.intuitive.com/trademarks.
For more information, please visit the Company’s website at www.intuitive.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements relate to expectations concerning matters that are not historical facts. Statements using words such as “estimates,” “projects,” “believes,” “anticipates,” “plans,” “expects,” “intends,” “may,” “will,” “could,” “should,” “would,” “goals,” “seeks,” “potential,” “targeted,” and similar words and expressions are intended to identify forward-looking statements. These forward-looking statements are necessarily estimates reflecting the judgment of the Company’s management and involve a number of risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. These forward-looking statements include, but are not limited to the following: statements related to future results of operations, including expected procedure growth in 2026, expected non-GAAP gross profit margins in 2026, and expected non-GAAP operating expense growth in 2026; future financial position; and the estimated impact from tariffs. These forward-looking statements should be considered in light of various important factors, including, but not limited to, the following: the overall macroeconomic environment, which may impact customer spending and the Company’s costs, including tariffs, the levels of inflation, and interest rates; the conflict between Ukraine and Russia; conflicts in the Middle East; disruption to the Company’s supply chain, including difficulties in obtaining a sufficient supply of materials; curtailed or delayed capital spending by hospitals; the impact of global and regional economic and credit market conditions on healthcare spending; delays in obtaining new product approvals, clearances, or certifications from the United States (“U.S.”) Food and Drug Administration (“FDA”), comparable regulatory authorities, or notified bodies; the risk of the Company’s inability to comply with complex FDA and other regulations, which may result in significant enforcement actions; regulatory approvals, clearances, certifications, and restrictions or any dispute that may occur with any regulatory body; healthcare reform legislation in the U.S. and its impact on hospital spending, reimbursement, and fees levied on certain medical device revenues; changes in hospital admissions and actions by payers to limit or manage surgical procedures; the timing and success of product development and customer acceptance of developed products; the results of any collaborations, in-licensing arrangements, joint ventures, strategic alliances, or partnerships, including the joint venture with Shanghai Fosun Pharmaceutical (Group) Co., Ltd.; the Company’s completion of and ability to successfully integrate acquisitions; intellectual property positions and litigation; risks associated with the Company’s operations and any expansion outside of the U.S.; unanticipated manufacturing disruptions or the inability to meet demand for products; the Company’s reliance on sole- and single-sourced suppliers; the results of legal proceedings to which the Company is or may become a party; adverse publicity regarding the Company and the safety of the Company’s products and adequacy of training; the impact of changes to tax legislation, guidance, and interpretations; changes in tariffs, trade barriers, and regulatory requirements (including changes to tariffs imposed by the U.S. on imports from various countries, including Mexico, where the Company currently manufactures a significant majority of its instruments and accessories, Germany, where the Company currently manufactures a majority of its endoscopes, and China, where the Company currently imports certain materials); and other risks and uncertainties. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release and which are based on current expectations and are subject to risks, uncertainties, and assumptions that are difficult to predict, including those risk factors identified under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, as updated by the Company’s other filings with the Securities and Exchange Commission. The Company’s actual results may differ materially and adversely from those expressed in any forward-looking statement, and the Company undertakes no obligation to publicly update or release any revisions to these forward-looking statements, except as required by law.
*About Non-GAAP Financial Measures
To supplement its consolidated financial statements, which are prepared and presented in accordance with U.S. generally accepted accounting principles (“GAAP”), the Company uses the following non-GAAP financial measures: non-GAAP gross profit, non-GAAP income from operations, non-GAAP net income attributable to Intuitive, and non-GAAP net income per diluted share attributable to Intuitive (“EPS”). The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.
The Company uses these non-GAAP financial measures for financial and operational decision-making and as a means to evaluate period-to-period comparisons. The Company believes that these non-GAAP financial measures provide meaningful supplemental information regarding its performance by excluding items such as amortization of intangible assets, share-based compensation (“SBC”) and long-term incentive plan (“LTIP”) expenses, and other special items. LTIP expense relates to phantom share awards granted in China by the Company’s Intuitive-Fosun joint venture to its employees that vest over four years and can remain outstanding for seven to ten years. These awards are valued based on certain key performance metrics. Accordingly, they are subject to significant volatility based on the performance of these metrics and are not tied to performance of the Company’s business within the period. The Company believes that both management and investors benefit from referring to these non-GAAP financial measures in assessing its performance and when planning, forecasting, and analyzing future periods. These non-GAAP financial measures also facilitate management’s internal comparisons to its historical performance. The Company believes these non-GAAP financial measures are useful to investors, because (1) they allow for greater transparency with respect to key metrics used by management in its financial and operational decision-making, and (2) they are used by institutional investors and the analyst community to help them analyze the performance of the Company’s business.
Non-GAAP gross profit. The Company defines non-GAAP gross profit as gross profit, excluding SBC and LTIP expenses and amortization of intangible assets.
Non-GAAP income from operations. The Company defines non-GAAP income from operations as income from operations, excluding SBC and LTIP expenses, amortization of intangible assets, litigation charges, and gains on the sale of a business.
Non-GAAP net income attributable to Intuitive and EPS. The Company defines non-GAAP net income as net income attributable to Intuitive, excluding SBC and LTIP expenses, amortization of intangible assets, litigation charges, gains on the sale of a business, gains or losses on strategic investments, tax adjustments, including the excess tax benefits associated with SBC arrangements and the net tax effects related to intra-entity transfers of non-inventory assets, and adjustments attributable to noncontrolling interest in joint venture, net of the related tax effects. The Company excludes the excess tax benefits associated with SBC arrangements as well as the tax effects associated with non-cash amortization of deferred tax assets related to intra-entity non-inventory transfers, because the Company does not believe these items correlate with the ongoing results of its core operations. The tax effects of the non-GAAP items are determined by applying a calculated non-GAAP effective tax rate, which is commonly referred to as the with-and-without method. Without excluding these tax effects, investors would only see the gross effect that these non-GAAP adjustments had on the Company’s operating results. The Company’s calculated non-GAAP effective tax rate is generally higher than its GAAP effective tax rate. The Company defines non-GAAP EPS as non-GAAP net income attributable to Intuitive divided by diluted shares outstanding, which are calculated as GAAP weighted-average outstanding shares plus dilutive potential shares outstanding during the period.
There are a number of limitations related to the use of non-GAAP measures versus measures calculated in accordance with GAAP. Non-GAAP gross profit, non-GAAP income from operations, non-GAAP net income attributable to Intuitive, and non-GAAP EPS exclude items such as SBC and LTIP expenses, amortization of intangible assets, excess tax benefits associated with SBC arrangements, and non-cash amortization of deferred tax assets related to intra-entity transfers of non-inventory assets, which are primarily recurring items. SBC expense has been, and will continue to be for the foreseeable future, a significant recurring expense in the Company’s business. In addition, the components of the costs that the Company excludes in its calculation of non-GAAP net income attributable to Intuitive and non-GAAP EPS may differ from the components that its peer companies exclude when they report their results of operations. Management addresses these limitations by providing specific information regarding the GAAP amounts excluded from non-GAAP net income attributable to Intuitive and non-GAAP EPS and evaluating non-GAAP net income attributable to Intuitive and non-GAAP EPS together with net income attributable to Intuitive and net income per share attributable to Intuitive calculated in accordance with GAAP.
| INTUITIVE SURGICAL, INC. | |||||||||||
| UNAUDITED QUARTERLY CONDENSED CONSOLIDATED STATEMENTS OF INCOME | |||||||||||
| (IN MILLIONS, EXCEPT PER SHARE DATA) | |||||||||||
| Three Months Ended | |||||||||||
| December 31, 2025 | September 30, 2025 | December 31, 2024 | |||||||||
| Revenue: | |||||||||||
| Instruments and accessories | $ | 1,658.3 | $ | 1,518.8 | $ | 1,411.5 | |||||
| Systems | 785.9 | 590.4 | 654.6 | ||||||||
| Services | 422.0 | 395.9 | 347.4 | ||||||||
| Total revenue | 2,866.2 | 2,505.1 | 2,413.5 | ||||||||
| Cost of revenue: | |||||||||||
| Product | 809.8 | 699.4 | 663.9 | ||||||||
| Service | 152.1 | 143.3 | 107.4 | ||||||||
| Total cost of revenue | 961.9 | 842.7 | 771.3 | ||||||||
| Gross profit | 1,904.3 | 1,662.4 | 1,642.2 | ||||||||
| Operating expenses: | |||||||||||
| Selling, general and administrative (1) | 687.1 | 573.3 | 612.6 | ||||||||
| Research and development | 352.9 | 329.4 | 294.7 | ||||||||
| Total operating expenses | 1,040.0 | 902.7 | 907.3 | ||||||||
| Income from operations (2) | 864.3 | 759.7 | 734.9 | ||||||||
| Interest and other income (expense), net | 91.3 | 95.5 | 74.9 | ||||||||
| Income before taxes | 955.6 | 855.2 | 809.8 | ||||||||
| Income tax expense (benefit) (3) | 156.1 | 146.0 | 121.8 | ||||||||
| Net income | 799.5 | 709.2 | 688.0 | ||||||||
| Less: net income attributable to noncontrolling interest in joint venture | 4.7 | 4.8 | 2.3 | ||||||||
| Net income attributable to Intuitive Surgical, Inc. | $ | 794.8 | $ | 704.4 | $ | 685.7 | |||||
| Net income per share attributable to Intuitive Surgical, Inc.: | |||||||||||
| Basic | $ | 2.24 | $ | 1.98 | $ | 1.92 | |||||
| Diluted (4) | $ | 2.21 | $ | 1.95 | $ | 1.88 | |||||
| Weighted average shares outstanding: | |||||||||||
| Basic | 354.9 | 356.6 | 356.4 | ||||||||
| Diluted | 360.4 | 361.8 | 363.9 | ||||||||
| (1) Selling, general and administrative includes the effect of the following item: | |||||||||||
| Contribution to the Intuitive Foundation | $ | 70.0 | $ | — | $ | 45.0 | |||||
| (2) Income from operations includes the effect of the following items: | |||||||||||
| Amortization of intangible assets | $ | (3.3 | ) | $ | (3.3 | ) | $ | (3.1 | ) | ||
| Expensed IP charged to R&D | $ | — | $ | (0.6 | ) | $ | (5.7 | ) | |||
| (3) Income tax expense (benefit) includes the effect of the following items: | |||||||||||
| Excess tax benefits related to share-based compensation arrangements | $ | (43.0 | ) | $ | (24.2 | ) | $ | (34.3 | ) | ||
| Discrete tax benefit from release of unrecognized tax benefits | $ | (22.5 | ) | $ | (22.5 | ) | $ | (18.9 | ) | ||
| (4) Diluted net income per share attributable to Intuitive Surgical, Inc. includes the effect of the following items: | |||||||||||
| Contribution to the Intuitive Foundation, net of tax | $ | (0.15 | ) | $ | — | $ | (0.10 | ) | |||
| Amortization of intangible assets, net of tax | $ | (0.01 | ) | $ | (0.01 | ) | $ | (0.01 | ) | ||
| Expensed IP charged to R&D, net of tax | $ | — | $ | — | $ | (0.01 | ) | ||||
| Excess tax benefits related to share-based compensation arrangements | $ | 0.12 | $ | 0.07 | $ | 0.09 | |||||
| Discrete tax benefit from release of unrecognized tax benefits | $ | 0.06 | $ | 0.06 | $ | 0.05 | |||||
| INTUITIVE SURGICAL, INC. | |||||||
| UNAUDITED ANNUAL CONDENSED CONSOLIDATED STATEMENTS OF INCOME | |||||||
| (IN MILLIONS, EXCEPT PER SHARE DATA) | |||||||
| Years Ended | |||||||
| December 31, | |||||||
| 2025 | 2024 | ||||||
| Revenue: | |||||||
| Instruments and accessories | $ | 6,018.9 | $ | 5,079.0 | |||
| Systems | 2,473.7 | 1,966.0 | |||||
| Services | 1,572.1 | 1,307.1 | |||||
| Total revenue | 10,064.7 | 8,352.1 | |||||
| Cost of revenue: | |||||||
| Product | 2,866.1 | 2,313.1 | |||||
| Service | 556.3 | 404.8 | |||||
| Total cost of revenue | 3,422.4 | 2,717.9 | |||||
| Gross profit | 6,642.3 | 5,634.2 | |||||
| Operating expenses: | |||||||
| Selling, general and administrative (1) | 2,385.0 | 2,140.0 | |||||
| Research and development | 1,311.8 | 1,145.3 | |||||
| Total operating expenses | 3,696.8 | 3,285.3 | |||||
| Income from operations (2) | 2,945.5 | 2,348.9 | |||||
| Interest and other income, net | 365.9 | 324.9 | |||||
| Income before taxes | 3,311.4 | 2,673.8 | |||||
| Income tax expense (3) | 434.8 | 336.3 | |||||
| Net income | 2,876.6 | 2,337.5 | |||||
| Less: net income attributable to noncontrolling interest in joint venture | 20.6 | 14.9 | |||||
| Net income attributable to Intuitive Surgical, Inc. | $ | 2,856.0 | $ | 2,322.6 | |||
| Net income per share attributable to Intuitive Surgical, Inc.: | |||||||
| Basic | $ | 8.00 | $ | 6.54 | |||
| Diluted (4) | $ | 7.87 | $ | 6.42 | |||
| Weighted average shares outstanding: | |||||||
| Basic | 356.9 | 355.2 | |||||
| Diluted | 362.7 | 362.0 | |||||
| (1) Selling, general and administrative includes the effect of the following item: | |||||||
| Contribution to the Intuitive Foundation | $ | 70.0 | $ | 45.0 | |||
| (2) Income from operations includes the effect of the following items: | |||||||
| Amortization of intangible assets | $ | (13.2 | ) | $ | (16.7 | ) | |
| Expensed IP charged to R&D | $ | (7.0 | ) | $ | (5.9 | ) | |
| (3) Income tax expense includes the effect of the following items: | |||||||
| Excess tax benefits related to share-based compensation arrangements | $ | (245.5 | ) | $ | (223.3 | ) | |
| Discrete tax benefit from release of unrecognized tax benefits | $ | (45.5 | ) | $ | (27.0 | ) | |
| (4) Diluted net income per share attributable to Intuitive Surgical, Inc. includes the effect of the following items: | |||||||
| Contribution to the Intuitive Foundation, net of tax | $ | (0.15 | ) | $ | (0.10 | ) | |
| Amortization of intangible assets, net of tax | $ | (0.03 | ) | $ | (0.04 | ) | |
| Expensed IP charged to R&D, net of tax | $ | (0.02 | ) | $ | (0.01 | ) | |
| Excess tax benefits related to share-based compensation arrangements | $ | 0.68 | $ | 0.62 | |||
| Discrete tax benefit from release of unrecognized tax benefits | $ | 0.13 | $ | 0.07 | |||
| INTUITIVE SURGICAL, INC. | |||||
| UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS | |||||
| (IN MILLIONS) | |||||
| December 31, 2025 | December 31, 2024 | ||||
| Cash, cash equivalents, and investments | $ | 9,034.1 | $ | 8,832.4 | |
| Accounts receivable, net | 1,527.3 | 1,225.4 | |||
| Inventory | 1,840.0 | 1,487.2 | |||
| Property, plant, and equipment, net | 5,342.4 | 4,646.6 | |||
| Goodwill | 370.3 | 347.5 | |||
| Deferred tax assets | 1,018.6 | 1,045.1 | |||
| Other assets | 1,326.0 | 1,159.0 | |||
| Total assets | $ | 20,458.7 | $ | 18,743.2 | |
| Accounts payable and other liabilities | $ | 1,918.9 | $ | 1,690.7 | |
| Deferred revenue | 598.1 | 522.9 | |||
| Total liabilities | 2,517.0 | 2,213.6 | |||
| Stockholders’ equity | 17,941.7 | 16,529.6 | |||
| Total liabilities and stockholders’ equity | $ | 20,458.7 | $ | 18,743.2 | |
| INTUITIVE SURGICAL, INC. | |||||||||||||||||||
| UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES | |||||||||||||||||||
| (IN MILLIONS, EXCEPT PER SHARE DATA) | |||||||||||||||||||
| Three Months Ended | Years Ended | ||||||||||||||||||
| December 31, 2025 | September 30, 2025 | December 31, 2024 | December 31, 2025 | December 31, 2024 | |||||||||||||||
| GAAP gross profit | $ | 1,904.3 | $ | 1,662.4 | $ | 1,642.2 | $ | 6,642.3 | $ | 5,634.2 | |||||||||
| Share-based compensation expense | 35.5 | 38.8 | 33.6 | 147.1 | 123.7 | ||||||||||||||
| Long-term incentive plan expense | (0.1 | ) | 0.2 | 0.2 | 0.5 | 0.8 | |||||||||||||
| Amortization of intangible assets | 2.4 | 2.4 | 2.4 | 9.7 | 12.3 | ||||||||||||||
| Non-GAAP gross profit | $ | 1,942.1 | $ | 1,703.8 | $ | 1,678.4 | $ | 6,799.6 | $ | 5,771.0 | |||||||||
| GAAP income from operations | $ | 864.3 | $ | 759.7 | $ | 734.9 | $ | 2,945.5 | $ | 2,348.9 | |||||||||
| Share-based compensation expense | 203.2 | 203.5 | 177.0 | 788.1 | 676.8 | ||||||||||||||
| Long-term incentive plan expense | (1.4 | ) | 1.3 | 1.2 | 1.0 | 5.6 | |||||||||||||
| Amortization of intangible assets | 3.3 | 3.3 | 3.1 | 13.2 | 16.7 | ||||||||||||||
| Litigation charges | 2.0 | 8.1 | 12.6 | 13.6 | 19.8 | ||||||||||||||
| Gain on sale of business | (1.0 | ) | — | (1.1 | ) | (1.0 | ) | (1.1 | ) | ||||||||||
| Non-GAAP income from operations | $ | 1,070.4 | $ | 975.9 | $ | 927.7 | $ | 3,760.4 | $ | 3,066.7 | |||||||||
| GAAP net income attributable to Intuitive Surgical, Inc. | $ | 794.8 | $ | 704.4 | $ | 685.7 | $ | 2,856.0 | $ | 2,322.6 | |||||||||
| Share-based compensation expense | 203.2 | 203.5 | 177.0 | 788.1 | 676.8 | ||||||||||||||
| Long-term incentive plan expense | (1.4 | ) | 1.3 | 1.2 | 1.0 | 5.6 | |||||||||||||
| Amortization of intangible assets | 3.3 | 3.3 | 3.1 | 13.2 | 16.7 | ||||||||||||||
| Litigation charges | 2.0 | 8.1 | 12.6 | 13.6 | 19.8 | ||||||||||||||
| Gain on sale of business | (1.0 | ) | — | (1.1 | ) | (1.0 | ) | (1.1 | ) | ||||||||||
| (Gains) losses on strategic investments | (4.9 | ) | (3.0 | ) | 12.7 | (2.9 | ) | 9.2 | |||||||||||
| Tax adjustments (1) | (82.7 | ) | (49.9 | ) | (86.0 | ) | (427.0 | ) | (391.5 | ) | |||||||||
| Adjustments attributable to noncontrolling interest in joint venture | 0.3 | (0.5 | ) | (0.5 | ) | (0.8 | ) | (2.2 | ) | ||||||||||
| Non-GAAP net income attributable to Intuitive Surgical, Inc. | $ | 913.6 | $ | 867.2 | $ | 804.7 | $ | 3,240.2 | $ | 2,655.9 | |||||||||
| GAAP net income per share attributable to Intuitive Surgical, Inc. - diluted | $ | 2.21 | $ | 1.95 | $ | 1.88 | $ | 7.87 | $ | 6.42 | |||||||||
| Share-based compensation expense | 0.56 | 0.56 | 0.49 | 2.17 | 1.87 | ||||||||||||||
| Long-term incentive plan expense | — | 0.01 | — | — | 0.02 | ||||||||||||||
| Amortization of intangible assets | 0.01 | 0.01 | 0.01 | 0.04 | 0.05 | ||||||||||||||
| Litigation charges | — | 0.02 | 0.03 | 0.04 | 0.05 | ||||||||||||||
| Gain on sale of business | — | — | — | — | — | ||||||||||||||
| (Gains) losses on strategic investments | (0.02 | ) | (0.01 | ) | 0.04 | (0.01 | ) | 0.02 | |||||||||||
| Tax adjustments (1) | (0.23 | ) | (0.14 | ) | (0.24 | ) | (1.18 | ) | (1.08 | ) | |||||||||
| Adjustments attributable to noncontrolling interest in joint venture | — | — | — | — | (0.01 | ) | |||||||||||||
| Non-GAAP net income per share attributable to Intuitive Surgical, Inc. - diluted | $ | 2.53 | $ | 2.40 | $ | 2.21 | $ | 8.93 | $ | 7.34 | |||||||||
| (1) For the three months ended December 31, 2025, tax adjustments included: (a) excess tax benefits associated with share-based compensation arrangements of | |||||||||||||||||||
| For the twelve months ended December 31, 2025, tax adjustments included: (a) excess tax benefits associated with share-based compensation arrangements of | |||||||||||||||||||
Contact: Investor Relations
(408) 523-2161
FAQ
What were Intuitive (ISRG) Q4 2025 total revenues and YoY change?
How did Intuitive (ISRG) procedures perform in Q4 2025?
What is Intuitive's 2026 guidance for da Vinci procedure growth (ISRG)?
How much cash did Intuitive (ISRG) hold at December 31, 2025?
What did Intuitive (ISRG) report for Q4 2025 non-GAAP net income per share?
How will tariffs affect Intuitive's 2026 margins according to guidance?
