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Screener / SEC EDGAR /CIK 0001035267 /10-K filed Feb 3, 2026, compared with Jan 31, 2025 /Numbers from the XBRL of the 10-Ks
Health care peers:
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Nasdaq Health care · Medical Devices

Intuitive Surgical ISRG

ISRG quote by TradingView

As part of Intuitive’s mission, we believe that minimally invasive care is life-enhancing care. 10-K, Item 1

Employees
17,021
Headquarters
Sunnyvale, CA
CEO
David J. Rosa
Next results
around Jan 13, 2027
Compare with peers Embed

Where each dollar of revenue went, FY2025

Revenue of $10.1B through the costs to a net profit of $2.9B · income statement of the 10-K

29% operating margin
Revenue to Gross profit: $6.6BRevenue to Cost of revenue: $3.4BGross profit to Operating profit: $2.9BGross profit to Operating expenses: $3.7BOperating profit to Net profit: $2.5BOperating profit to Tax: $434.8MOther income to Net profit: $345.3MOperating expenses to R&D: $1.3BOperating expenses to SG&A: $2.4B Revenue: $10.1B REVENUE $10.1B +21% Y/Y Gross profit: $6.6B · 66% margin GROSS PROFIT $6.6B 66% margin · +18% Y/Y Cost of revenue: $3.4B · 34% of revenue COST OF REVENUE $3.4B 34% of revenue Operating profit: $2.9B · 29% margin OPERATING PROFIT $2.9B 29% margin · +25% Y/Y Other income: $345.3M · 3% of revenue OTHER INCOME $345.3M 3% of revenue Operating expenses: $3.7B · 37% of revenue OPERATING EXPENSES $3.7B 37% of revenue Net profit: $2.9B · 28% margin NET PROFIT $2.9B 28% margin · +23% Y/Y Tax: $434.8M · 4% of revenue TAX $434.8M 4% of revenue R&D: $1.3B · 13% of revenue R&D $1.3B 13% of revenue SG&A: $2.4B · 24% of revenue SG&A $2.4B 24% of revenue
Gross profit $6.6B 66% margin · +18% Y/Y
Operating profit $2.9B 29% margin · +25% Y/Y
Net profit $2.9B 28% margin · +23% Y/Y
The full income statement, year by year

ISRG among Health care peers

Six ratios from the latest 10-K. Each corner is the share of 59 peers the company is above, not a score.

Compare
Revenue growth: 20.5%, above 95% of 59 peers (their median 7.1%) REVENUE GROWTH 20.5% · above 95% Gross margin: 67.2%, above 58% of 50 peers (their median 64.2%) GROSS MARGIN 67.2% · above 58% Operating margin: 28.4%, above 86% of 50 peers (their median 13.4%) OPERATING MARGIN 28.4% · above 86% Net margin: 25.5%, above 90% of 59 peers (their median 9.5%) NET MARGIN 25.5% · above 90% FCF margin: 31.1%, above 98% of 55 peers (their median 15.2%) FCF MARGIN 31.1% · above 98% Return on capital: 16.0%, above 85% of 41 peers (their median 9.0%) RETURN ON CAPITAL 16.0% · above 85%
ISRG Peer median Below the median

What changed

17 new risk paragraphs. 10-K filed Feb 3, 2026 against Jan 31, 2025.

Risk factors
17 new paragraphs, nothing like them in the previous 10-K
10-K Item 1A
Accounting checks
11 other checks clear
10-K · XBRL
Insiders
No open-market buys in the last 90 days
Form 4
Filings
11 in the last 30 days
EDGAR

Each row opens the detail with the quote and the filing. A row is a change worth reading, not a verdict.

Accounting checks

11 checks on the latest 10-K. Checks, not verdicts.

How it works

0facts worth reading about all 11 checks found nothing to note

  • Receivables +24.6% vs revenue +20.5% (+4.1 pts)
  • Cash from operations $3.0B vs net income $2.9B (FY ending Dec 31, 2025)
  • Inventory +23.7% vs revenue +20.5% (+3.2 pts)
8 more checks with nothing to note
  • Same auditor in both 10-Ks: PricewaterhouseCoopers LLP
  • No statement of substantial doubt about going concern
  • No 8-K item 4.02 in the last 2 years
  • No NT 10-K or NT 10-Q in the last 2 years
  • The same matters as last year: Determination of Standalone Selling Prices Related to System Sale Arrangements
  • No sentence in the 10-K concludes that controls were not effective because of a material weakness
  • No 8-K item 2.06 in the last 2 years
  • No 8-K item 1.03 in the last 2 years

In their words

17 paragraphs in Risk Factors that were not in the 10-K filed Jan 31, 2025. Quoted as filed.

All 17 new paragraphs
  1. Item 1A · new paragraph · not in the 10-K filed Jan 31, 2025 10-K, ITEM 1A
    The UK is in the process of overhauling its medical device regulatory framework following its departure from the European Union (“EU”). The UK regulatory framework will apply in Great Britain only, as Northern Ireland continues to follow the EU Medical Devices Regulation (“MDR”). New post-market surveillance requirements took effect on…
  2. Item 1A · new paragraph · not in the 10-K filed Jan 31, 2025 10-K, ITEM 1A
    More generally, several governments, including the U.S., have raised the possibility of policies to induce “re-shoring” of supply chains, less reliance on imported supplies, and greater national production. Examples include potential “Buy America” requirements in the U.S. If such steps by local governments triggered retaliation in other…
  3. Item 1A · new paragraph · not in the 10-K filed Jan 31, 2025 10-K, ITEM 1A
    The manufacture of our products requires the timely delivery of a sufficient amount of quality components and materials and is highly exacting and complex, due in part to complex trade and strict regulatory requirements. Some of the components necessary for the assembly of our products are currently provided to us by sole-sourced…
  4. Item 1A · new paragraph · not in the 10-K filed Jan 31, 2025 10-K, ITEM 1A
    We believe that a critical contributor to our success has been our corporate culture, which we believe fosters innovation, teamwork, and a focus on execution, as well as facilitates critical knowledge transfer and knowledge sharing.

New risk paragraphs, against peers

Latest 10-K of each, Health care companies closest in revenue

Paragraphs in Risk Factors with nothing like them in the company's 10-K the year before. A count of text, not of risk.

Financial performance

Last 4 fiscal years · 10-K XBRL

All years
MetricFY2022FY2023FY2024FY2025
Revenue$6.2B$7.1B$8.4B$10.1B
Net income$1.3B$1.8B$2.3B$2.9B
Operating cash flow$1.5B$1.8B$2.4B$3.0B
Free cash flow$958.4M$749.6M$1.3B$2.5B

Revenue, FY2016 to FY2025

Ten fiscal years, each from its own 10-K · XBRL · USD

$10.1B ▲ 20.5% in FY2025

FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Every number, year by year

Recent filings

11 filings in the last 30 days · SEC EDGAR

All filings
6 more

About the company

Intuitive Surgical, Sunnyvale, CA · from the 10-K filed Feb 3, 2026

As part of Intuitive’s mission, we believe that minimally invasive care is life-enhancing care. By combining ingenuity and intelligent technology, we expand the potential of physicians to heal without constraints. 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. Since our founding over 30 years ago, we have been delivering on this mission and vision by combining innovative technology with clinical expertise to advance minimally invasive care.

Headquarters
Sunnyvale, CA
Country
United States
Reports in
USD
Listed on
Nasdaq
Fiscal year ends
December 31
Last results
Oct 20, 2026
Incorporated in
DE

Employees, at the top of the page: "As of December 31, 2025, we had approximately 17,021 full-time employees, with approximately 2,288 in research and development, 7,625 in manufacturing operations, 4,837 in commercial and service operations, and 2,271 in administrative activities" (10-K). Address and exchange: SEC's company file.

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Sources

The 10-K filed Feb 3, 2026 (open at SEC), compared with the 10-K filed Jan 31, 2025. Numbers from the XBRL of the 10-Ks; filings from SEC EDGAR.

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