[Form 4] Kohls Corporation Insider Trading Activity

Rhea-AI Filing Summary

Intuitive Surgical 10-Q (Q2 2025) highlights

• Revenue: $2.44 bn, +21% YoY; six-month sales $4.69 bn, +20%.
• Profitability: Gross profit $1.62 bn (66.3% margin, −200 bps YoY); operating income $743 m, +31%; net income attributable $658 m, +25%; diluted EPS $1.81, +24%.
• Cash flow & liquidity: H1 operating cash flow $1.30 bn, +46%; cash, cash equivalents & investments now $9.53 bn (up $0.70 bn from YE-24); net cash positive balance sheet with equity covering 89% of assets.
• Capital deployment: Repurchased 0.3 m shares for $181 m; new $4 bn authorization leaves $3.8 bn available.
• Segment trends: Instruments & accessories +18%, Systems +28%, Service +23%. U.S. revenue +24%, OUS +17%.
• Costs: SG&A +7%; R&D +12%; share-based comp $390 m YTD.
• Balance-sheet movements: Inventory +12% to $1.67 bn; goodwill steady at $349 m. No debt disclosed; contingent liabilities tied to product liability and antitrust cases.
• Tax: Q2 effective rate 20.2% vs 18.8% prior; H1 rate 8.8% aided by equity-tax benefits.

Takeaway: Robust procedure demand propelled 20%+ growth and stronger operating leverage, while cash generation funds an enlarged buyback; margin compression from mix and spending warrants monitoring.

Positive

• Revenue up 21% YoY, led by 28% growth in system sales and 18% accessories expansion.
• Diluted EPS increased 24% to $1.81, showing operating leverage.
• Operating cash flow surged 46% to $1.30 bn for H1 2025, strengthening liquidity.
• Cash & investments reached $9.5 bn with no reported debt, providing strategic flexibility.
• $4 bn share-repurchase authorization signals confidence and capital return commitment.

Negative

• Gross margin compressed ~200 bps YoY to 66.3%, driven by mix and cost inflation.
• Inventory climbed 12% to $1.67 bn, raising potential obsolescence risk if demand slows.
• Ongoing antitrust and product-liability litigation could result in unknown financial exposure.
• Effective tax rate rose to 20.2% in Q2 (vs 18.8%), modestly trimming net profit growth.

Insights

Medical Device Equity Analyst

TL;DR: Double-digit growth, strong cash, mild margin squeeze—overall bullish.

Q2 revenue and EPS beat typical street run-rates (≈15% expected) with 21%/24% gains, signaling sustained procedure momentum across da Vinci and Ion lines. Operating leverage improved (op-margin +220 bps to 30.5%), offsetting a 200 bp gross margin dip from higher service and leasing mix. $9.5 bn liquidity and zero debt provide strategic optionality; new €290 m distributor acquisition won’t strain cash. Expanded $4 bn repurchase plan (≈6% of mkt-cap) is accretive. Litigation disclosures unchanged; accruals suggest contained risk. Inventory build likely anticipates 2H system installs but bears watching. Overall, fundamentals support premium valuation.

Healthcare Equipment Risk Analyst

TL;DR: Growth solid; watch gross margin slide and rising inventories.

While revenue outperformance is clear, gross margin slipped to 66.3% amid leasing mix and FX. Inventory up $180 m (+12%) could expose company if demand moderates. OpEx discipline tempered, yet share-based comp remains hefty (8% of sales). Regulatory/tariff commentary flags cost headwinds; multiple antitrust suits remain unresolved. Nonetheless, cash flow strength and diversified revenue (42% recurring) mitigate downside. Net impact positive but monitor margin trajectory.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Raymond Christie

(Last) (First) (Middle)

N56 W17000 RIDGEWOOD DRIVE

(Street)

MENOMONEE FALLS WI 53051

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
KOHLS Corp [ KSS ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Sr. EVP & Chief Marketing Off.

3. Date of Earliest Transaction (Month/Day/Year)
07/22/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	07/22/2025		S		16,500	D	$19.3	238,349	D
Common Stock	07/22/2025		S		10,000	D	$20	228,349(1)	D(2)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Includes 154,112 unvested restricted stock units.

2. The reported sale of an aggregate of 26,500 shares occurred automatically pursuant to a previously disclosed Rule 10b5-1 trading plan adopted by the reporting person on November 27, 2024.

	By Megan E. Glise, P.O.A.	07/23/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

How much did ISRG's Q2 2025 revenue grow year over year?

Revenue rose 21% to $2.44 billion versus $2.01 billion in Q2 2024.

What is Intuitive Surgical's Q2 2025 diluted EPS?

Diluted earnings per share were $1.81, up 24% from $1.46 a year earlier.

How large is ISRG's current share-repurchase authorization?

The Board approved a $4 billion program; about $3.8 billion remains available.

What are the company’s cash and investment balances as of June 30 2025?

Combined cash, cash equivalents and investments total $9.53 billion.

Did gross margin improve in Q2 2025?

No. Gross margin fell to 66.3% from 68.3% in Q2 2024, reflecting product mix and cost factors.

What is the status of major litigation against ISRG?

Product liability and antitrust cases remain pending; no material new accruals were recorded this quarter.