INTUITIVE SURGICAL INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data INTUITIVE SURGICAL INC files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	2,707	3,138	3,724	4,479	4,358	5,710	6,222	7,124	8,352	10,065
Cost of revenue	814	935	1,120	1,368	1,497	1,752	2,026	2,395	2,718	3,422
Gross profit	1,893	2,202	2,604	3,110	2,861	3,959	4,196	4,730	5,634	6,642
Research and development	240	329	418	557	595	671	879	999	1,145	1,312
Selling, general and administrative	704	811	987	1,178	1,216	1,467	1,740	1,964	2,140	2,385
Operating expenses	943	1,139	1,405	1,736	1,811	2,138	2,619	2,963	3,285	3,697
Operating income	950	1,063	1,199	1,375	1,050	1,821	1,577	1,767	2,349	2,946
Other non-operating income	35.6	41.9	80.1	128	157	69.3	29.7	192	325	366
Pre-tax income	985	1,105	1,280	1,502	1,207	1,890	1,607	1,959	2,674	3,311
Income tax	247	434	155	120	140	162	262	142	336	435
Net income to minority interests		-0.4	-2.9	2.5	6.2	23.5	22.1	19.3	14.9	20.6
Net income	738	671	1,128	1,379	1,061	1,705	1,322	1,798	2,323	2,856
EBITDA	1,020	1,145	1,305	1,532	1,271	2,101	1,903	2,149	2,788	3,546
EPS, basic	2.15	2.01	3.31	3.98	3.02	4.79	3.72	5.12	6.54	8.00
EPS, diluted	2.09	1.93	3.17	3.85	2.94	4.66	3.65	5.03	6.42	7.87
Shares, basic (weighted)	344	335	341	346	351	356	356	351	355	357
Shares, diluted (weighted)	353	349	356	358	361	366	362	357	362	363

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	1,037	648	858	1,168	1,623	1,291	1,581	2,750	2,027	3,368
Short-term investments	1,518	1,312	2,205	2,054	3,489	2,913	2,537	2,473	1,986	2,567
Receivables	430	508	682	645	646	783	942	1,130	1,225	1,527
Inventory	182	241	409	596	602	587	893	1,221	1,487	1,840
Other current assets	83.3	99.2	179	200	268	271	300	314	385	477
Total current assets	3,250	2,809	4,333	4,663	6,626	5,845	6,253	7,888	7,111	9,780
Property, plant and equipment	458	613	812	1,273	1,577	1,876	2,374	3,538	4,647	5,342
Lease right-of-use assets				74.4	63.9	74.4	82.2	79.3	136	151
Goodwill	201	201	241	307	337	344	349	349	348	370
Intangible assets	31.5	26	66.7	112	77.4	70.5	49.8	39.1	23	17.1
Long-term investments	2,283	1,886	1,771	2,624	1,758	4,416	2,624	2,120	4,819	3,099
Total assets	6,487	5,777	7,847	9,733	11,169	13,555	12,974	15,442	18,743	20,459
Accounts payable	68.5	82.5	101	124	81.6	121	147	189	193	255
Accrued liabilities	151	170	194	252	235	350	402	436	536	648
Deferred revenue	241	244	294	338	350	377	397	446	469	507
Total current liabilities	597	663	821	1,030	965	1,150	1,422	1,659	1,745	2,006
Lease liabilities				68.7	58	66.6	69.6	64.5	113	132
Other non-current liabilities	113	22
Total liabilities	709	996	1,159	1,449	1,410	1,604	1,861	2,044	2,214	2,517
Paid-in capital	4,212	4,679	5,170	5,757	6,445	7,164	7,704	8,576	9,681	10,769
Retained earnings	1,575	115	1,522	2,495	3,261	4,761	3,500	4,743	6,803	7,012
Other comprehensive income	-8.9	-15.5	-13.3	12.4	24.9	-24.2	-163	-12.2	-51.3	43.3
Shareholders' equity	5,778	4,779	6,679	8,264	9,732	11,901	11,042	13,308	16,434	17,824
Minority interests	0	1.6	8.7	20.9	27.6	50.4	70.7	89.7	95.9	118
Total equity	5,821	4,780	6,688	8,285	9,759	11,952	11,113	13,397	16,530	17,942
Total liabilities and equity	6,487	5,777	7,847	9,733	11,169	13,555	12,974	15,442	18,743	20,459
Shares outstanding	349	337	343	116	353	358	350	352	357	355

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	738	671	1,125	1,382	1,067	1,728	1,344	1,817	2,338	2,877
Depreciation and amortization	70.7	82.1	106	157	221	280	326	382	439	600
Stock-based compensation	178	209	261	336	395	449	513	593	677	788
Deferred income tax	21.2	60.1	34	-6.1	57.6	-64	-185	-281	-135	19.1
Change in receivables	-34.2	-81.4	-161	38.8	5.7	-142	-159	-186	-95.9	-302
Change in inventory	-46.7	-116	-279	-361	-170	-256	-547	-713	-830	-1,063
Change in payables	15.9	14	16.7	12.3	-32.3	36	21.3	41.7	-0.4	57.9
Cash from operations	1,087	1,144	1,170	1,598	1,485	2,089	1,491	1,814	2,415	3,031
Capital expenditures	-53.9	-191	-187	-426	-342	-340	-532	-1,064	-1,111	-540
Acquisitions	0	0	-87.9	-59.7	-37.7	-22.7	-12.8	-8.9	-1	-13.9
Purchases of investments	-2,586	-1,995	-2,582	-3,346	-4,293	-6,452	-1,400	-2,207	-5,140	-1,216
Sales and maturities of investments	970	703	1,534	2,570	2,931	4,268	3,254	2,690	2,879	2,176
Cash from investing	-1,279	379	-1,050	-1,154	-941	-2,462	1,371	-360	-3,273	666
Share buybacks	-42.5	-2,274	0	-270	-134	0	-2,607	-416	0	-2,295
Cash from financing	514	-1,913	126	-168	-85.7	43	-2,572	-288	151	-2,364
Exchange rate effect	0	2.1	-0.1	-2.2	-2.6	-3.4	5.4	3.3	-0.8	12.8
Net change in cash	322	-388	246	273	456	-333	295	1,169	-708	1,345
Free cash flow	1,033	953	982	1,173	1,143	1,750	958	750	1,304	2,491
Income taxes paid	138	148	179	159	34.4	180	444	448	467	538

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $405.18 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	66.7%	Gross profit / revenue.
Operating margin	31.3%	Operating income / revenue.
Pre-tax margin	34.5%	Pre-tax income / revenue.
Net margin	28.4%	Net income / revenue.
FCF margin	29.2%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	33.6%	Cash from operations / revenue.
Effective tax rate	17.0%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	17.3%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	15.0%	Net income / average total assets.
Return on invested capital (ROIC)	18.6%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	12.8%	Research and development expense / revenue.
SG&A / revenue	22.6%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	7.5%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	4.4%	Capital expenditures / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	20.5%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	17.4%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	18.2%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	17.9%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	16.5%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	18.3%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	25.4%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	23.1%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	22.9%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	27.2%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	23.0%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	22.8%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	23.0%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	29.3%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	21.9%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	22.6%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	29.2%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	21.8%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	25.5%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	26.7%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	15.3%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	91.0%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	37.5%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	16.9%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	8.5%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	17.3%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	12.9%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	9.2%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	16.4%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	12.9%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.2%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.1%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	0.1%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	4.96x	Current assets / current liabilities.
Quick ratio	3.58x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	2.71x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	12.4%	Total liabilities / total assets.
Working capital	$7.62B	Current assets - current liabilities.
Goodwill and intangibles / assets	3.7%	(Goodwill + intangible assets) / total assets.
Tangible book value	$17.39B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.53x	Revenue / average total assets.
Fixed asset turnover	1.99x	Revenue / average property, plant and equipment.
Inventory turnover	1.81x	Cost of revenue / average inventory.
Days inventory	201 days	365 x average inventory / cost of revenue.
Receivables turnover	6.59x	Revenue / average receivables.
Days sales outstanding	55 days	365 x average receivables / revenue.
Days payables	28 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	229 days	Days inventory + days sales outstanding - days payables.
FCF conversion	102.7%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	13.1%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$8.78	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$30.88	Revenue / diluted weighted shares.
FCF per share	$9.02	Free cash flow / diluted weighted shares.
Operating cash flow per share	$10.37	Cash from operations / diluted weighted shares.
Book value per share	$51.34	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$49.14	Tangible book value / shares outstanding.
Cash per share	$14.74	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	110.4%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$143.14B	Share price x shares outstanding.
Enterprise value	$137.92B	Market cap + total debt - cash - short-term investments.
P/E	45.6x	Market cap / net income. Only when net income is positive.
P/S	13.0x	Market cap / revenue.
P/B	7.88x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	8.23x	Market cap / tangible book value, when positive.
P/FCF	44.4x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	38.6x	Market cap / cash from operations, when positive.
EV/Sales	12.5x	Enterprise value / revenue.
EV/EBIT	40.0x	Enterprise value / operating income, when both are positive.
EV/FCF	42.8x	Enterprise value / free cash flow, when both are positive.
FCF yield	2.3%	Free cash flow / market cap.
Earnings yield	2.2%	Net income / market cap (the inverse of P/E).
Shareholder yield	2.5%	(Dividends paid + share buybacks) / market cap.
PEG	1.56x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was INTUITIVE SURGICAL INC's revenue in fiscal 2025?

INTUITIVE SURGICAL INC reported revenue of $10.06B for fiscal 2025, 20.5% higher than the year before.

Was INTUITIVE SURGICAL INC profitable in fiscal 2025?

Yes. Net income was $2.86B, a net margin of 28.4%.

How much free cash flow did INTUITIVE SURGICAL INC generate in fiscal 2025?

Cash from operations of $3.03B minus capital expenditures of $539.8M left free cash flow of $2.49B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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