Intuitive Surgical
ISRG · NasdaqOrthopedic, Prosthetic & Surgical Appliances & Supplies · Fiscal year ends Dec 31
Intuitive Surgical reported revenue of $10.1B in the fiscal year ended Dec 2025, up 20.5% from the year before. Operating income was $2.9B, an operating margin of 29.3%, and net income was $2.9B. Operating cash flow of $3B less capital expenditure of $540M left free cash flow of $2.5B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $5.7B | $6.2B | $7.1B | $8.4B | $10.1B |
| Cost of revenue | $1.8B | $2B | $2.4B | $2.7B | $3.4B |
| Gross profit | $4B | $4.2B | $4.7B | $5.6B | $6.6B |
| Research & development | $671M | $879M | $999M | $1.1B | $1.3B |
| Selling, general & admin | $1.5B | $1.7B | $2B | $2.1B | $2.4B |
| Operating income | $1.8B | $1.6B | $1.8B | $2.3B | $2.9B |
| Pre-tax income | $1.9B | $1.6B | $2B | $2.7B | $3.3B |
| Income tax | $162M | $262M | $142M | $336M | $435M |
| Net income | $1.7B | $1.3B | $1.8B | $2.3B | $2.9B |
| Diluted EPS | 4.66 | 3.65 | 5.03 | 6.42 | 7.87 |
| Diluted shares | 366M | 362M | 357M | 362M | 363M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $1.3B | $1.6B | $2.8B | $2B | $3.4B |
| Receivables | $783M | $942M | $1.1B | $1.2B | $1.5B |
| Inventory | $587M | $893M | $1.2B | $1.5B | $1.8B |
| Current assets | $5.8B | $6.3B | $7.9B | $7.1B | $9.8B |
| Net PP&E | $1.9B | $2.4B | $3.5B | $4.6B | $5.3B |
| Goodwill | $344M | $349M | $349M | $348M | $370M |
| Total assets | $13.6B | $13B | $15.4B | $18.7B | $20.5B |
| Payables | $121M | $147M | $189M | $193M | $255M |
| Deferred revenue | $414M | $438M | $492M | $523M | $598M |
| Current liabilities | $1.1B | $1.4B | $1.7B | $1.7B | $2B |
| Total liabilities | $1.6B | $1.9B | $2B | $2.2B | $2.5B |
| Shareholders' equity | $11.9B | $11B | $13.3B | $16.4B | $17.8B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $2.1B | $1.5B | $1.8B | $2.4B | $3B |
| Capital expenditure | $340M | $532M | $1.1B | $1.1B | $540M |
| Free cash flow | $1.7B | $958M | $750M | $1.3B | $2.5B |
| Depreciation & amortisation | $280M | $326M | $382M | $439M | $600M |
| Stock-based compensation | $449M | $513M | $593M | $677M | $788M |
| Acquisitions | $23M | $13M | $9M | $1M | $14M |
| Share buybacks | $0 | $2.6B | $416M | $0 | $2.3B |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 9.0% | 14.5% | 17.2% | 20.5% |
| Operating income growth (YoY) | – | −13.4% | 12.0% | 32.9% | 25.4% |
| EPS growth (YoY) | – | −21.7% | 37.8% | 27.6% | 22.6% |
| Gross margin | 69.3% | 67.4% | 66.4% | 67.5% | 66.0% |
| Operating margin | 31.9% | 25.3% | 24.8% | 28.1% | 29.3% |
| Net margin | 29.9% | 21.3% | 25.2% | 27.8% | 28.4% |
| Return on equityBlank when equity is negative | 14.3% | 12.0% | 13.5% | 14.1% | 16.0% |
| ROCEEBIT ÷ (assets − current liabilities) | 14.7% | 13.7% | 12.8% | 13.8% | 16.0% |
| Free cash flow margin | 30.6% | 15.4% | 10.5% | 15.6% | 24.7% |
| Cash conversion (CFO ÷ net income) | 1.23x | 1.13x | 1.01x | 1.04x | 1.06x |
| Receivable days | 50 | 55 | 58 | 54 | 55 |
| Inventory days | 122 | 161 | 186 | 200 | 196 |
| Payable days | 25 | 26 | 29 | 26 | 27 |
| Current ratio | 5.08x | 4.40x | 4.76x | 4.07x | 4.87x |
Recent filings
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Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.