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ISRGIntuitive Surgical

Health care · Medical Devices · Nasdaq
ISRG quote by TradingView
Compare with peers → Embed
FY2025 at a glance

Sales up 20.5%, free cash flow up to $2.5B

XBRL, from each 10-K
RevenueStatements ↓
$10.1B
from $8.4B in FY2024
FY2016FY2025
Net incomeStatements ↓
$2.9B
from $2.3B in FY2024
FY2016FY2025
Free cash flowStatements ↓
$2.5B
from $1.3B in FY2024
FY2016FY2025
EPS (diluted)Statements ↓
$7.87
from $6.42 in FY2024
FY2016FY2025
Operating marginStatements ↓
29.3%
from 28.1% in FY2024
FY2016FY2025
Price and key numbers

The latest figures

All key numbers (39, from the latest 10-K and 10-Q) From EDGAR
EPS (ttm)8.27Sales (ttm)11.6BNet income (ttm)3.0BSales growth+20.5%EPS growth+22.6%Sales Q/Q+21.7%
Free cash flow3.6BGross margin67.2%Oper. margin28.4%Net margin25.5%FCF margin31.1%ROE18.5%
ROA15.3%R&D / sales13.0%Dividend-Debt/Eq-Curr. ratio3.33Cash3.0B
Op. cash flow (ttm)4.1BEBITDA3.5BEBITDA margin35.2%Quick ratio2.60ROIC16.0%Tax rate13.1%
Stock pay / sales7.8%Shares out.346.6MShares Y/Y+0.2%Book / share46.12Cash / share8.59Sales / share33.40
Asset turnover0.60Inventory turns1.86Days sales out.55Sales 3Y CAGR+17.4%Sales 5Y CAGR+18.2%EPS 3Y CAGR+29.2%
EPS 5Y CAGR+21.8%Employees17,021Sales / employee680K

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

Changes in the numbers

FY2025 against FY2024
  • Free cash flow rose 91%$1.3B → $2.5B · Cash from operations − capital expenditure · 10-K ↗
What management wrote about it → · Every company →

ISRG against Health care peers

Ten years, side by side → · All 60 →
GrowthProfitBalanceCleanInsiders
ISRGPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 60 companies, the better end on the right. Hover a dot for the company.

Sales growth
+20.5%4th of 60 · median +7.1%
Net margin
25.5%7th of 60 · median 9.6%
Return on equity
18.5%18th of 54 · median 13.1%
Free cash flow margin
31.1%2nd of 56 · median 15.5%
ISRG and the 5 peers closest in revenue
CompanyRevenue (ttm)Sales growthGross marginNet marginROEFCF marginDebt / equity
ISRG Intuitive Surgical$11.6B +20.5%67.2%25.5%18.5%31.1%-
VRTX Vertex Pharmaceuticals$13.0B +8.9%85.5%30.7%19.0%24.7%0.22
DGX Quest Diagnostics$11.8B +11.8%33.1%9.5%14.8%11.6%0.73
BAX Baxter International$11.6B +5.7%30.1%-6.2%-11.1%9.7%1.45
BIIB Biogen$10.3B +2.2%74.0%3.4%1.8%20.1%0.39
ZTS Zoetis$9.5B +2.3%71.6%26.4%75.9%23.5%2.74
Where each dollar goes

From $5.7B of sales to $1.7B of profit

FY2021, from the 10-K income statement
Revenue to Gross profit: $4.0BRevenue to Cost of revenue: $1.8BGross profit to Operating profit: $1.8BGross profit to Operating expenses: $2.1BOperating profit to Net profit: $1.7BOperating profit to Tax & other: $116.4MOperating expenses to R&D: $671.0MOperating expenses to SG&A: $1.5B Revenue: $5.7B Revenue$5.7B +31% Y/Y Gross profit: $4.0B · 69% margin Gross profit$4.0B69% margin +38% Y/Y Cost of revenue: $1.8B · 31% of revenue Cost of revenue$1.8B31% of revenue Operating profit: $1.8B · 32% margin Operating profit$1.8B32% margin +73% Y/Y Operating expenses: $2.1B · 37% of revenue Operating expenses$2.1B37% of revenue Net profit: $1.7B · 30% margin Net profit$1.7B30% margin +61% Y/Y Tax & other: $116.4M · 2% of revenue Tax & other$116.4M2% of revenue R&D: $671.0M · 12% of revenue R&D$671.0M12% of revenue SG&A: $1.5B · 26% of revenue SG&A$1.5B26% of revenue

Swipe sideways for the whole flow →

From $6.2B of sales to $1.3B of profit

FY2022, from the 10-K income statement and revenue by product
Instruments and accessories to Revenue: $3.5BSystems to Revenue: $1.7BServices to Revenue: $1.0BRevenue to Gross profit: $4.2BRevenue to Cost of revenue: $2.0BGross profit to Operating profit: $1.6BGross profit to Operating expenses: $2.6BOperating profit to Net profit: $1.3BOperating profit to Tax & other: $254.8MOperating expenses to R&D: $879.0MOperating expenses to SG&A: $1.7B Instruments and accessories: $3.5B · 57% Instruments and accesso…$3.5B57% Systems: $1.7B · 27% Systems$1.7B27% Services: $1.0B · 16% Services$1.0B16% Revenue: $6.2B Revenue$6.2B +9% Y/Y Gross profit: $4.2B · 67% margin Gross profit$4.2B67% margin +6% Y/Y Cost of revenue: $2.0B · 33% of revenue Cost of revenue$2.0B33% of revenue Operating profit: $1.6B · 25% margin Operating profit$1.6B25% margin −13% Y/Y Operating expenses: $2.6B · 42% of revenue Operating expenses$2.6B42% of revenue Net profit: $1.3B · 21% margin Net profit$1.3B21% margin −22% Y/Y Tax & other: $254.8M · 4% of revenue Tax & other$254.8M4% of revenue R&D: $879.0M · 14% of revenue R&D$879.0M14% of revenue SG&A: $1.7B · 28% of revenue SG&A$1.7B28% of revenue

Swipe sideways for the whole flow →

From $7.1B of sales to $1.8B of profit

FY2023, from the 10-K income statement and revenue by product
Instruments and accessories to Revenue: $4.3BSystems to Revenue: $1.7BServices to Revenue: $1.2BRevenue to Gross profit: $4.7BRevenue to Cost of revenue: $2.4BGross profit to Operating profit: $1.8BGross profit to Operating expenses: $3.0BOperating profit to Net profit: $1.6BOperating profit to Tax: $141.6MOther income to Net profit: $172.8MOperating expenses to R&D: $998.8MOperating expenses to SG&A: $2.0B Instruments and accessories: $4.3B · 60% Instruments and accesso…$4.3B60% Systems: $1.7B · 24% Systems$1.7B24% Services: $1.2B · 16% Services$1.2B16% Revenue: $7.1B Revenue$7.1B +14% Y/Y Gross profit: $4.7B · 66% margin Gross profit$4.7B66% margin +13% Y/Y Cost of revenue: $2.4B · 34% of revenue Cost of revenue$2.4B34% of revenue Operating profit: $1.8B · 25% margin Operating profit$1.8B25% margin +12% Y/Y Other income: $172.8M · 2% of revenue Other income$172.8M2% of revenue Operating expenses: $3.0B · 42% of revenue Operating expenses$3.0B42% of revenue Net profit: $1.8B · 25% margin Net profit$1.8B25% margin +36% Y/Y Tax: $141.6M · 2% of revenue Tax$141.6M2% of revenue R&D: $998.8M · 14% of revenue R&D$998.8M14% of revenue SG&A: $2.0B · 28% of revenue SG&A$2.0B28% of revenue

Swipe sideways for the whole flow →

From $8.4B of sales to $2.3B of profit

FY2024, from the 10-K income statement and revenue by product
Instruments and accessories to Revenue: $5.1BSystems to Revenue: $2.0BServices to Revenue: $1.3BRevenue to Gross profit: $5.6BRevenue to Cost of revenue: $2.7BGross profit to Operating profit: $2.3BGross profit to Operating expenses: $3.3BOperating profit to Net profit: $2.0BOperating profit to Tax: $336.3MOther income to Net profit: $310.0MOperating expenses to R&D: $1.1BOperating expenses to SG&A: $2.1B Instruments and accessories: $5.1B · 61% Instruments and accesso…$5.1B61% Systems: $2.0B · 24% Systems$2.0B24% Services: $1.3B · 16% Services$1.3B16% Revenue: $8.4B Revenue$8.4B +17% Y/Y Gross profit: $5.6B · 67% margin Gross profit$5.6B67% margin +19% Y/Y Cost of revenue: $2.7B · 33% of revenue Cost of revenue$2.7B33% of revenue Operating profit: $2.3B · 28% margin Operating profit$2.3B28% margin +33% Y/Y Other income: $310.0M · 4% of revenue Other income$310.0M4% of revenue Operating expenses: $3.3B · 39% of revenue Operating expenses$3.3B39% of revenue Net profit: $2.3B · 28% margin Net profit$2.3B28% margin +29% Y/Y Tax: $336.3M · 4% of revenue Tax$336.3M4% of revenue R&D: $1.1B · 14% of revenue R&D$1.1B14% of revenue SG&A: $2.1B · 26% of revenue SG&A$2.1B26% of revenue

Swipe sideways for the whole flow →

From $10.1B of sales to $2.9B of profit

FY2025, from the 10-K income statement and revenue by product
Instruments and accessories to Revenue: $6.0BSystems to Revenue: $2.5BServices to Revenue: $1.6BRevenue 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 Instruments and accessories: $6.0B · 60% Instruments and accesso…$6.0B60% Systems: $2.5B · 25% Systems$2.5B25% Services: $1.6B · 16% Services$1.6B16% Revenue: $10.1B Revenue$10.1B +21% Y/Y Gross profit: $6.6B · 66% margin Gross profit$6.6B66% margin +18% Y/Y Cost of revenue: $3.4B · 34% of revenue Cost of revenue$3.4B34% of revenue Operating profit: $2.9B · 29% margin Operating profit$2.9B29% margin +25% Y/Y Other income: $345.3M · 3% of revenue Other income$345.3M3% of revenue Operating expenses: $3.7B · 37% of revenue Operating expenses$3.7B37% of revenue Net profit: $2.9B · 28% margin Net profit$2.9B28% margin +23% Y/Y Tax: $434.8M · 4% of revenue Tax$434.8M4% of revenue R&D: $1.3B · 13% of revenue R&D$1.3B13% of revenue SG&A: $2.4B · 24% of revenue SG&A$2.4B24% of revenue

Swipe sideways for the whole flow →

Where each $100 of sales went

FY2021
FY2022
FY2023
FY2024
FY2025
  • Cost of revenue
  • R&D
  • Sales, admin & other
  • Tax, less other income
  • Net profit

Band widths are the money. Gross profit is revenue less cost of revenue; operating expenses are gross profit less operating profit; R&D is from the income statement and the rest of the operating expenses is everything else; tax includes interest and other items when they are small. Y/Y is the change from the fiscal year before. Revenue by part only for the years in the last two 10-Ks' segment tables. The full income statement →

Profitability

4 of 4
  • ✓
    Net margin above the peer median25.5% vs 9.6%
  • ✓
    Gross margin up over 5 years65.6% → 66.0%
  • ✓
    Return on equity above 15%18.5%
  • ✓
    A profit in every one of 10 years
Net margin, FY2016 to FY2025: 27.3% → 28.4%

Cash and shareholders

2 of 3
  • ✓
    Free cash flow positive in every one of 10 years$2.5B last year
  • !
    Share count up over 5 years+0.5%
  • ✓
    Cash from operations above net income$3.0B vs $2.9B
Free cash flow, FY2016 to FY2025: 1.0B → 2.5B

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

Revenue and net income, FY2016 to FY2025

Revenue 10.1B Net income 2.9B
FY2016 revenue 2.7B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001035267-19-000012 FY2016 net income 738.3M · NetIncomeLoss, 0001035267-19-000012 2.7B FY2016 FY2017 revenue 3.1B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001035267-20-000032 FY2017 net income 670.9M · NetIncomeLoss, 0001035267-20-000032 3.1B FY2017 FY2018 revenue 3.7B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001035267-21-000028 FY2018 net income 1.1B · NetIncomeLoss, 0001035267-21-000028 3.7B FY2018 FY2019 revenue 4.5B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001035267-22-000014 FY2019 net income 1.4B · NetIncomeLoss, 0001035267-22-000014 4.5B FY2019 FY2020 revenue 4.4B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001035267-23-000019 FY2020 net income 1.1B · NetIncomeLoss, 0001035267-23-000019 4.4B FY2020 FY2021 revenue 5.7B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001035267-24-000021 FY2021 net income 1.7B · NetIncomeLoss, 0001035267-24-000021 5.7B FY2021 FY2022 revenue 6.2B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001035267-25-000017 FY2022 net income 1.3B · NetIncomeLoss, 0001035267-25-000017 6.2B FY2022 FY2023 revenue 7.1B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001035267-26-000010 FY2023 net income 1.8B · NetIncomeLoss, 0001035267-26-000010 7.1B FY2023 FY2024 revenue 8.4B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001035267-26-000010 FY2024 net income 2.3B · NetIncomeLoss, 0001035267-26-000010 8.4B FY2024 FY2025 revenue 10.1B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001035267-26-000010 FY2025 net income 2.9B · NetIncomeLoss, 0001035267-26-000010 10.1B FY2025

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

Statements

Income statement, balance sheet and cash flow

XBRL, each 10-K and 10-Q

ISRG's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly
Revenue10.1B
FY2016: 2.7BFY2017: 3.1BFY2018: 3.7BFY2019: 4.5BFY2020: 4.4BFY2021: 5.7BFY2022: 6.2BFY2023: 7.1BFY2024: 8.4BFY2025: 10.1B FY2017FY2019FY2021FY2023FY2025
Net income2.9B
FY2016: 738.3MFY2017: 670.9MFY2018: 1.1BFY2019: 1.4BFY2020: 1.1BFY2021: 1.7BFY2022: 1.3BFY2023: 1.8BFY2024: 2.3BFY2025: 2.9B FY2017FY2019FY2021FY2023FY2025
Free cash flow2.5B
FY2016: 1.0BFY2017: 953.2MFY2018: 982.2MFY2019: 1.2BFY2020: 1.1BFY2021: 1.7BFY2022: 958.4MFY2023: 749.6MFY2024: 1.3BFY2025: 2.5B FY2017FY2019FY2021FY2023FY2025
EPS (diluted)7.87
FY2016: 2.09FY2017: 1.92FY2018: 3.16FY2019: 3.85FY2020: 2.94FY2021: 4.66FY2022: 3.65FY2023: 5.03FY2024: 6.42FY2025: 7.87 FY2017FY2019FY2021FY2023FY2025
Diluted shares362.7M
FY2016: 353.7MFY2017: 348.9MFY2018: 356.4MFY2019: 358.4MFY2020: 361.0MFY2021: 365.8MFY2022: 362.0MFY2023: 357.4MFY2024: 362.0MFY2025: 362.7M FY2017FY2019FY2021FY2023FY2025

Revenue by product or service

year to Dec 31, 2025
RevenueSharevs year before
Instruments and accessories 6.0B59.8% +18.5%
Systems 2.5B24.6% +25.8%
Services 1.6B15.6% +20.3%

10-K 0001035267-26-000010, segment and revenue notes (XBRL).

Income statement

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue2.7B3.1B3.7B4.5B4.4B5.7B6.2B7.1B8.4B10.1B
Cost of revenue814.3M934.8M1.1B1.4B1.5B1.8B2.0B2.4B2.7B3.4B
Gross profit1.9B2.2B2.6B3.1B2.9B4.0B4.2B4.7B5.6B6.6B
R&D239.6M328.6M418.1M557.3M595.1M671.0M879.0M998.8M1.1B1.3B
SG&A703.6M810.5M986.6M1.2B1.2B1.5B1.7B2.0B2.1B2.4B
Operating income949.7M1.1B1.2B1.4B1.0B1.8B1.6B1.8B2.3B2.9B
Pretax income985.3M1.1B1.3B1.5B1.2B1.9B1.6B2.0B2.7B3.3B
Income tax247.0M433.9M154.5M120.4M140.2M162.2M262.4M141.6M336.3M434.8M
Net income738.3M670.9M1.1B1.4B1.1B1.7B1.3B1.8B2.3B2.9B
EPS (diluted)2.091.923.163.852.944.663.655.036.427.87
Diluted shares353.7M348.9M356.4M358.4M361.0M365.8M362.0M357.4M362.0M362.7M
Depreciation & amortization70.7M82.1M105.9M157.0M221.0M280.0M326.0M382.0M439.0M600.0M
EBITDA1.0B1.1B1.3B1.5B1.3B2.1B1.9B2.1B2.8B3.5B
Gross margin69.9%70.2%69.9%69.4%65.6%69.3%67.4%66.4%67.5%66.0%
Operating margin35.1%33.9%32.2%30.7%24.1%31.9%25.3%24.8%28.1%29.3%
Net margin27.3%21.4%30.3%30.8%24.3%29.9%21.3%25.2%27.8%28.4%
Revenue growth-+16.0%+18.7%+20.3%-2.7%+31.0%+9.0%+14.5%+17.2%+20.5%
EPS growth--7.8%+64.5%+21.7%-23.6%+58.5%-21.7%+37.8%+27.6%+22.6%

Balance sheet

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash1.0B648.2M857.9M1.2B1.6B1.3B1.6B2.8B2.0B3.4B
Short-term investments1.5B1.3B2.2B2.1B3.5B2.9B2.5B2.5B2.0B2.6B
Receivables430.2M507.9M682.3M645.2M645.5M782.7M942.1M1.1B1.2B1.5B
Inventory182.3M241.2M409.0M595.5M601.5M587.1M893.2M1.2B1.5B1.8B
Current assets3.3B2.8B4.3B4.7B6.6B5.8B6.3B7.9B7.1B9.8B
Property & equipment458.4M613.1M812.0M1.3B1.6B1.9B2.4B3.5B4.6B5.3B
Goodwill201.1M201.1M240.6M307.2M336.7M343.6M348.5M348.7M347.5M370.3M
Total assets6.5B5.8B7.8B9.7B11.2B13.6B13.0B15.4B18.7B20.5B
Accounts payable68.5M82.5M100.7M123.5M81.6M121.2M147.0M188.7M193.4M255.1M
Current liabilities596.5M662.8M820.6M1.0B965.2M1.1B1.4B1.7B1.7B2.0B
Total liabilities709.1M996.4M1.2B1.4B1.4B1.6B1.9B2.0B2.2B2.5B
Shareholders' equity5.8B4.8B6.7B8.3B9.7B11.9B11.0B13.3B16.4B17.8B
Retained earnings1.6B115.0M1.5B2.5B3.3B4.8B3.5B4.7B6.8B7.0B

Cash flow

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow1.1B1.1B1.2B1.6B1.5B2.1B1.5B1.8B2.4B3.0B
Capital spending53.9M190.7M187.4M425.6M341.5M339.5M532.4M1.1B1.1B539.8M
Free cash flow1.0B953.2M982.2M1.2B1.1B1.7B958.4M749.6M1.3B2.5B
Stock-based pay (added back)177.6M209.1M261.2M335.8M395.4M449.2M513.2M592.8M676.8M788.2M
Buybacks42.5M2.3B0269.5M134.3M02.6B416.3M02.3B
Acquisitions0087.9M59.7M37.7M22.7M12.8M8.9M1.0M13.9M
Investing cash flow-1.3B378.7M-1.0B-1.2B-940.6M-2.5B1.4B-360.1M-3.3B665.8M
Financing cash flow514.4M-1.9B126.3M-168.4M-85.7M43.0M-2.6B-287.6M150.9M-2.4B

Stock-based pay and leases

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Stock-based pay (expense)177.6M209.1M261.2M335.8M395.4M449.2M513.2M592.8M676.8M788.2M
Stock-based pay / revenue6.6%6.7%7.0%7.5%9.1%7.9%8.2%8.3%8.1%7.8%
Operating lease cash paid---18.8M11.0M23.2M33.8M30.2M33.2M40.6M
Right-of-use assets---74.4M63.9M74.4M82.2M79.3M136.4M150.8M
Operating lease liabilities---76.4M79.9M87.0M93.8M89.8M146.0M170.9M

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

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