Intuitive Surgical Inc. (ISRG) financial statements: income statement, balance sheet and cash flow
Intuitive Surgical Inc.'s income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Intuitive Surgical Inc. reported revenue of $10.1B (+20.5% year on year) and net income of $2.9B (+23.1% year on year).
Income statement
Intuitive Surgical Inc. income statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Total revenue
$10.1B
$8.4B
$7.1B
$6.2B
Total cost of revenue
$3.4B
$2.7B
$2.4B
$2.0B
Gross profit
$6.6B
$5.6B
$4.7B
$4.2B
Selling, general and administrative
$2.4B
$2.1B
$2.0B
$1.7B
Research and development
$1.3B
$1.1B
$998.8M
$879.0M
Total operating expenses
$3.7B
$3.3B
$3.0B
$2.6B
Income from operations
$2.9B
$2.3B
$1.8B
$1.6B
Interest and other income, net
$365.9M
$324.9M
$192.1M
$29.7M
Income before taxes
$3.3B
$2.7B
$2.0B
$1.6B
Income tax expense
$434.8M
$336.3M
$141.6M
$262.4M
Net income
$2.9B
$2.3B
$1.8B
$1.3B
Less: net income attributable to noncontrolling interest in joint venture
$20.6M
$14.9M
$19.3M
$22.1M
Net income attributable to Intuitive Surgical, Inc.
$2.9B
$2.3B
$1.8B
$1.3B
Basic (usd per share)
$8.00
$6.54
$5.12
$3.72
Diluted (usd per share)
$7.87
$6.42
$5.03
$3.65
Basic (shares)
356.9M
355.2M
351.2M
355.7M
Diluted (shares)
362.7M
362.0M
357.4M
362.0M
Intuitive Surgical Inc. income statement, quarters
Line item
Sep 30, 2026 · Q3
Jun 30, 2026 · Q2
Mar 31, 2026 · Q1
Sep 30, 2025 · Q3
Total revenue
$3.0B
$2.9B
$2.8B
$2.5B
Total cost of revenue
$964.4M
$931.9M
$940.3M
$842.7M
Gross profit
$2.1B
$2.0B
$1.8B
$1.7B
Selling, general, and administrative
$633.4M
$617.9M
$613.3M
$573.3M
Antitrust class action litigation settlement
$450.0M
—
—
—
Research and development
$408.3M
$370.6M
$361.9M
$329.4M
Total operating expenses
$1.5B
$988.5M
$975.2M
$902.7M
Income from operations
$592.6M
$971.9M
$855.3M
$759.7M
Interest and other income, net
$75.8M
$82.7M
$85.1M
$95.5M
Income before taxes
$668.4M
$1.1B
$940.4M
$855.2M
Income tax expense
$144.0M
$231.4M
$114.4M
$146.0M
Net income
$524.4M
$823.2M
$826.0M
$709.2M
Less: net income attributable to noncontrolling interest in joint venture
$1.6M
$5.1M
$4.5M
$4.8M
Net income attributable to Intuitive Surgical, Inc.
$522.8M
$818.1M
$821.5M
$704.4M
Basic (in dollars per share)
$1.50
$2.31
$2.31
$1.98
Diluted (in dollars per share)
$1.49
$2.29
$2.28
$1.95
Basic (in shares)
349.0M
354.1M
354.9M
356.6M
Diluted (in shares)
351.6M
357.3M
359.8M
361.8M
Unrealized gains (losses) on hedge instruments
($13.9M)
$3.1M
$9.9M
$12.5M
Unrealized gains (losses) on available-for-sale securities
($34.0M)
($18.7M)
($23.6M)
$5.2M
Foreign currency translation gains (losses)
($17.8M)
$6.2M
($11.5M)
$5.9M
Employee benefit plan adjustments
$300.0K
$200.0K
($1.1M)
$100.0K
Other comprehensive income (loss)
($65.4M)
($9.2M)
($26.3M)
$23.7M
Total comprehensive income
$459.0M
$814.0M
$799.7M
$732.9M
Less: comprehensive income attributable to noncontrolling interest
$2.3M
$6.6M
$5.0M
$5.0M
Total comprehensive income attributable to Intuitive Surgical, Inc.
$456.7M
$807.4M
$794.7M
$727.9M
Balance sheet
Intuitive Surgical Inc. balance sheet, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Cash and cash equivalents
$3.4B
$2.0B
$2.8B
$1.6B
Short-term investments
$2.6B
$2.0B
$2.5B
$2.5B
Accounts receivable, net of allowances of $29.9 and $30.7 as of December 31, 2025, and 2024, respectively
$1.5B
$1.2B
$1.1B
$942.1M
Inventory
$1.8B
$1.5B
$1.2B
$893.2M
Prepaids and other current assets
$477.3M
$385.1M
$314.0M
$299.8M
Total current assets
$9.8B
$7.1B
$7.9B
$6.3B
Property, plant, and equipment, net
$5.3B
$4.6B
$3.5B
$2.4B
Long-term investments
$3.1B
$4.8B
$2.1B
$2.6B
Deferred tax assets
$1.0B
$1.0B
$910.5M
$664.6M
Intangible and other assets, net
$848.7M
$773.9M
$636.7M
$710.1M
Goodwill
$370.3M
$347.5M
$348.7M
$348.5M
Total assets
$20.5B
$18.7B
$15.4B
$13.0B
Accounts payable
$255.1M
$193.4M
$188.7M
$147.0M
Accrued compensation and employee benefits
$648.4M
$535.6M
$436.4M
$401.6M
Deferred revenue
$506.7M
$468.8M
$446.1M
$397.3M
Other accrued liabilities
$596.0M
$547.5M
$587.5M
$476.2M
Total current liabilities
$2.0B
$1.7B
$1.7B
$1.4B
Other long-term liabilities
$510.8M
$468.3M
$385.5M
$439.3M
Total liabilities
$2.5B
$2.2B
$2.0B
$1.9B
Preferred stock, 2.5 shares authorized, $0.001 par value, issuable in series; zero shares issued and outstanding as of December 31, 2025, and 2024
0
0
0
0
Common stock, 600.0 shares authorized, $0.001 par value, 355.1 shares and 356.6 shares issued and outstanding as of December 31, 2025, and 2024, respectively
400.0K
400.0K
400.0K
400.0K
Additional paid-in capital
$10.8B
$9.7B
$8.6B
$7.7B
Retained earnings
$7.0B
$6.8B
$4.7B
$3.5B
Accumulated other comprehensive income (loss)
$43.3M
($51.3M)
($12.2M)
($162.5M)
Total Intuitive Surgical, Inc. stockholders’ equity
$17.8B
$16.4B
$13.3B
$11.0B
Noncontrolling interest in joint venture
$117.7M
$95.9M
$89.7M
$70.7M
Total stockholders’ equity
$17.9B
$16.5B
$13.4B
$11.1B
Total liabilities and stockholders’ equity
$20.5B
$18.7B
$15.4B
$13.0B
Intuitive Surgical Inc. balance sheet, quarters
Line item
Sep 30, 2026
Jun 30, 2026
Mar 31, 2026
Sep 30, 2025
Cash and cash equivalents
$3.0B
$2.8B
$2.0B
$2.8B
Short-term investments
$1.1B
$2.5B
$2.5B
$2.1B
Accounts receivable, net
$1.7B
$1.7B
$1.6B
$1.3B
Inventory
$2.1B
$2.0B
$1.9B
$1.8B
Prepaids and other current assets
$536.3M
$624.6M
$751.5M
$574.9M
Total current assets
$8.4B
$9.5B
$8.8B
$8.5B
Property, plant, and equipment, net
$5.7B
$5.6B
$5.4B
$5.2B
Long-term investments
$2.8B
$3.4B
$3.5B
$3.5B
Deferred tax assets
$719.7M
$652.4M
$683.8M
$978.9M
Intangible and other assets, net
$1.2B
$1.1B
$1.1B
$824.9M
Goodwill
$557.8M
$580.6M
$613.2M
$348.1M
Total assets
$19.3B
$20.9B
$20.1B
$19.4B
Accounts payable
$279.5M
$277.2M
$332.9M
$291.2M
Accrued compensation and employee benefits
$505.9M
$425.7M
$370.7M
$455.5M
Deferred revenue
$541.2M
$549.4M
$559.5M
$491.1M
Other accrued liabilities
$1.2B
$670.6M
$647.9M
$565.4M
Total current liabilities
$2.5B
$1.9B
$1.9B
$1.8B
Other long-term liabilities
$698.3M
$656.0M
$602.8M
$506.5M
Total liabilities
$3.2B
$2.6B
$2.5B
$2.3B
Preferred stock, 2.5 shares authorized, $0.001 par value, issuable in series; zero shares issued and outstanding as of September 30, 2026, and December 31, 2025
0
0
0
0
Common stock, 600.0 shares authorized, $0.001 par value, 346.6 shares and 355.1 shares issued and outstanding as of September 30, 2026, and December 31, 2025, respectively
300.0K
400.0K
400.0K
400.0K
Additional paid-in capital
$11.5B
$11.3B
$11.1B
$10.5B
Retained earnings
$4.5B
$6.8B
$6.4B
$6.4B
Accumulated other comprehensive income (loss)
($60.3M)
$5.8M
$16.5M
$26.5M
Total Intuitive Surgical, Inc. stockholders’ equity
$16.0B
$18.2B
$17.5B
$16.9B
Noncontrolling interest in joint venture
$131.6M
$129.3M
$122.7M
$112.4M
Total stockholders’ equity
$16.1B
$18.3B
$17.6B
$17.0B
Total liabilities and stockholders’ equity
$19.3B
$20.9B
$20.1B
$19.4B
Cash flow statement
Intuitive Surgical Inc. cash flow statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Net income
$2.9B
$2.3B
$1.8B
$1.3B
Depreciation and loss on disposal of property, plant, and equipment, net
$614.7M
$445.3M
$401.6M
$338.0M
Amortization of intangible and other assets
$62.4M
—
—
—
Gain on sale of business
($1.0M)
($1.1M)
$0
($3.8M)
(Gain) loss on investments and (accretion) amortization of investment discounts and premiums, net
($57.2M)
($43.3M)
$7.3M
$49.0M
Deferred income taxes
$19.1M
($135.3M)
($280.8M)
($185.3M)
Share-based compensation expense
$788.2M
$676.8M
$592.8M
$513.2M
Accounts receivable
($301.7M)
($95.9M)
($186.3M)
($159.3M)
Inventory
($1.1B)
($830.0M)
($712.5M)
($546.6M)
Prepaids and other assets
($187.1M)
($231.8M)
$24.2M
($129.2M)
Accounts payable
$57.9M
($400.0K)
$41.7M
$21.3M
Accrued compensation and employee benefits
$112.7M
$99.3M
$34.8M
$51.5M
Deferred revenue
$75.2M
$31.2M
$53.4M
$21.5M
Other liabilities
$34.1M
$108.3M
($32.9M)
$121.7M
Net cash provided by operating activities
$3.0B
$2.4B
$1.8B
$1.5B
Purchases of investments
($1.2B)
($5.1B)
($2.2B)
($1.4B)
Proceeds from sales of investments
$259.9M
$100.2M
$230.3M
$61.1M
Proceeds from maturities of investments
$2.2B
$2.9B
$2.7B
$3.3B
Purchases of property, plant, and equipment
($539.8M)
($1.1B)
($1.1B)
($532.4M)
Acquisition of businesses, net of cash, and intellectual property and other investing activities
($13.9M)
$1.0M
$8.9M
$12.8M
Net cash provided by (used in) investing activities
$665.8M
($3.3B)
($360.1M)
$1.4B
Proceeds from issuance of common stock relating to employee stock plans
$350.3M
$429.4M
$296.3M
$233.8M
Taxes paid related to net share settlement of equity awards
($419.1M)
($270.0M)
($164.7M)
($194.2M)
Repurchases of common stock
($2.3B)
$0
($416.3M)
($2.6B)
Cash dividends paid by joint venture to noncontrolling interest
$0
($8.0M)
—
—
Payment of deferred purchase consideration
$0
($500.0K)
($2.9M)
($4.5M)
Net cash provided by (used in) financing activities
($2.4B)
$150.9M
($287.6M)
($2.6B)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash
$12.8M
($800.0K)
$3.3M
$5.4M
Net increase (decrease) in cash, cash equivalents, and restricted cash
$1.3B
($707.7M)
$1.2B
$294.7M
Cash, cash equivalents, and restricted cash, beginning of year
$2.1B
$2.8B
$1.6B
$1.3B
Cash, cash equivalents, and restricted cash, end of year
$3.4B
$2.1B
$2.8B
$1.6B
Intuitive Surgical Inc. cash flow statement, quarters
Line item
Sep 30, 2026 · YTD
Jun 30, 2026 · YTD
Mar 31, 2026 · Q1
Sep 30, 2025 · YTD
Net income
$2.2B
$1.6B
$826.0M
$2.1B
Depreciation and loss on disposal of property, plant, and equipment
$559.0M
$371.2M
$178.9M
$446.3M
Amortization of intangible and other assets
$85.0M
$59.9M
$21.1M
—
Accretion of discounts, amortization of premiums, and (gains) losses on investments, net
($28.1M)
($19.0M)
($10.2M)
($42.3M)
Gain on sale of business and assets
($7.9M)
$7.9M
$7.9M
—
Deferred income taxes
$315.9M
$370.3M
$339.3M
$58.6M
Share-based compensation expense
$632.0M
$419.4M
$209.5M
$584.9M
Accounts receivable
($103.2M)
($49.8M)
$25.1M
($34.2M)
Inventory
($822.0M)
($514.6M)
($266.6M)
($810.4M)
Prepaids and other assets
($167.7M)
($179.0M)
($269.3M)
($248.9M)
Accounts payable
$26.1M
$21.4M
$73.9M
$97.0M
Accrued compensation and employee benefits
($149.6M)
($229.7M)
($284.7M)
($80.2M)
Deferred revenue
$52.1M
$44.7M
$46.1M
$47.6M
Other liabilities
$631.8M
$36.8M
$30.7M
$5.2M
Net cash provided by operating activities
$3.2B
$2.0B
$911.9M
$2.1B
Purchase of investments
($1.5B)
($1.3B)
($911.3M)
($790.9M)
Proceeds from sales of investments
$1.8B
$100.0K
—
$249.1M
Proceeds from maturities of investments
$1.4B
$1.1B
$582.3M
$1.8B
Proceeds from sale of assets
$46.0M
$46.0M
$46.0M
—
Purchase of property, plant, and equipment
($329.0M)
($215.9M)
($103.3M)
($377.3M)
Acquisition of business, net of cash, and intellectual property and other investing activities
($518.6M)
($528.2M)
$528.2M
$1.2M
Net cash provided by investing activities
$956.7M
($941.1M)
($914.5M)
$875.2M
Proceeds from issuance of common stock relating to employee stock plans
$283.8M
$187.4M
$121.8M
$273.7M
Taxes paid related to net share settlement of equity awards
($378.5M)
($365.4M)
($352.3M)
($406.0M)
Repurchase of common stock
($4.4B)
($1.4B)
($1.1B)
($2.1B)
Other financing activities
($21.3M)
($20.1M)
—
—
Net cash used in financing activities
($4.5B)
($1.6B)
($1.4B)
($2.2B)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash
($3.5M)
$8.1M
$1.0M
$500.0K
Net increase (decrease) in cash, cash equivalents, and restricted cash
($385.0M)
($601.7M)
($1.4B)
$787.1M
Cash, cash equivalents, and restricted cash, beginning of period
$3.4B
$3.4B
$3.4B
$2.1B
Cash, cash equivalents, and restricted cash, end of period
$3.0B
$2.8B
$2.1B
$2.8B
Equipment transfers, including operating lease assets, from inventory to property, plant, and equipment
$670.5M
—
—
—
Acquisition of property, plant, and equipment in accounts payable and accrued liabilities