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Intuitive Surgical, Inc.

ISRG

Intuitive Surgical, Inc. • NASDAQ
$573.48 ▼ -0.13% (-0.75)
Market Cap $204.86 B
52w High $616.00
52w Low $425.00
Dividend Yield 0%
P/E 75.76
Volume 848.27K
Outstanding Shares 357.23M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $2.505B ▲ $902.7M ▲ $704.4M ▲ 28.119% ▲ $1.98 ▲ $1.015B ▲
Q2-2025 $2.44B ▲ $877.7M ▼ $658.4M ▼ 26.984% ▼ $1.84 ▼ $987.4M ▲
Q1-2025 $2.253B ▼ $879.6M ▼ $698.4M ▲ 30.993% ▲ $1.95 ▲ $719M ▼
Q4-2024 $2.413B ▲ $907.3M ▲ $685.7M ▲ 28.411% ▲ $1.92 ▲ $859.6M ▲
Q3-2024 $2.038B $796.6M $565.1M 27.727% $1.59 $693.5M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $4.909B ▼ $19.352B ▼ $2.31B ▲ $16.93B ▼
Q2-2025 $5.327B ▲ $20.163B ▲ $2.21B ▲ $17.846B ▲
Q1-2025 $4.511B ▲ $19.22B ▲ $2.013B ▼ $17.106B ▲
Q4-2024 $4.013B ▼ $18.839B ▲ $2.309B ▲ $16.434B ▲
Q3-2024 $4.232B $17.743B $2.066B $15.583B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $709.2M ▲ $841M ▲ $401M ▲ $-1.843B ▼ $-597M ▼ $735.6M ▲
Q2-2025 $664.2M ▼ $715.4M ▲ $260.7M ▲ $-147.8M ▲ $829.3M ▲ $560.1M ▲
Q1-2025 $703.7M ▲ $581.6M ▼ $213.5M ▲ $-235.8M ▼ $554.8M ▲ $465M ▼
Q4-2024 $688M ▲ $822.6M ▲ $-1.264B ▲ $49.4M ▼ $-383.9M ▲ $510.6M ▲
Q3-2024 $570.6M $706.5M $-1.413B $98.2M $-620.5M $458.6M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Instruments and Accessories
Instruments and Accessories
 $1.41Bn ▲$1.37Bn ▼$1.47Bn ▲$1.52Bn ▲
Services
Services
 $350.00M ▲$360.00M ▲$390.00M ▲$400.00M ▲
Systems
Systems
 $650.00M ▲$520.00M ▼$570.00M ▲$590.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Intuitive Surgical’s income statement shows a company that has grown steadily while keeping profitability strong. Revenue has risen each year over the past five years, with especially solid growth recently as procedure volumes increased and the installed base of systems expanded. Gross profit has climbed alongside revenue, indicating that the core business remains high margin. Operating and net income have generally trended upward as well, with a brief soft patch in the middle of the period likely tied to higher costs and investments, followed by a clear recovery. Earnings per share have moved to new highs, reflecting both business growth and disciplined cost control. Overall, the company looks like a mature, highly profitable growth business rather than an early‑stage, low‑margin medical device maker.

Balance Sheet

Balance Sheet The balance sheet is a major strength. Total assets and shareholder equity have expanded meaningfully over five years, showing that the company is building its resource base and retaining profits rather than relying on borrowing. Debt is minimal, giving Intuitive considerable financial flexibility and low financial risk. Cash levels have fluctuated but remain healthy, providing a solid buffer for ongoing R&D, capital spending, and potential strategic moves. In simple terms, this is a very clean, equity‑rich balance sheet with little leverage and plenty of capacity to withstand shocks or fund long‑term initiatives.

Cash Flow

Cash Flow Cash flow performance supports the story told by the income statement and balance sheet. Operating cash flow has increased over time, showing that reported earnings translate into real cash. Free cash flow has stayed positive throughout the period, even as the company ramped up capital spending in recent years to support growth and new platforms. The step‑up in investment temporarily reduced free cash flow in the middle of the period, but more recently both cash generation and free cash flow have strengthened again. This combination—strong cash inflows plus deliberate reinvestment—fits a company that is both defending its leadership position and building for the next wave of technology.

Competitive Edge

Competitive Edge Intuitive Surgical holds a very strong competitive position in robotic‑assisted surgery. Its da Vinci systems are deeply embedded in hospitals around the world, and the high cost of switching platforms, along with extensive surgeon training needs, make it hard for competitors to displace them. The business model relies heavily on recurring revenue from instruments, accessories, and service tied to an already large installed base, which supports stable, predictable income. A broad ecosystem—training programs, support services, and data tools—creates network effects and further increases customer stickiness. Intellectual property, regulatory hurdles, and long clinical track records also reinforce the moat. The main risks are the gradual entry of large medical device rivals, potential pricing pressure from hospitals and payers, and the need to keep proving superior outcomes as competition ramps up.

Innovation and R&D

Innovation and R&D Innovation is at the heart of Intuitive’s strategy. The evolution to the latest da Vinci generation, including the new system with much greater computing power and force feedback, shows the company is not standing still. Its technology upgrades aim to make surgery safer, more precise, and easier to perform, while also improving operating room efficiency. Beyond the flagship systems, platforms like Ion for lung procedures broaden the company’s reach into new clinical areas. Intuitive is also leaning into software, data, and AI, using insights from millions of surgeries to guide product design and future real‑time decision support for surgeons. This creates both opportunity and risk: success could deepen the moat and unlock new revenue streams, while delays in regulatory approvals, integration challenges, or better‑than‑expected competitor offerings could slow the payoff from these investments.

Summary

Overall, Intuitive Surgical combines strong growth, high profitability, and a very conservative balance sheet with a powerful competitive moat. The business benefits from a large and growing installed base, substantial recurring revenue, and increasing cash generation, even as it invests heavily to stay ahead technologically. Its leadership in robotic‑assisted surgery, deep relationships with hospitals and surgeons, and expanding data and AI capabilities position it well in a healthcare world that values minimally invasive procedures and efficiency. Key uncertainties to keep in mind include intensifying competition in surgical robotics, regulatory and reimbursement changes, and the execution risk that comes with ambitious innovation plans. Even so, the financial profile and strategic position together paint the picture of a well‑entrenched, innovation‑driven medical technology leader.

NEWS

October 21, 2025 · 4:05 PM UTC

Intuitive Announces Third Quarter Earnings

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October 8, 2025 · 9:15 AM UTC

Intuitive expands AI and advanced imaging integration in Ion Endoluminal System

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September 12, 2025 · 9:15 AM UTC

Intuitive Introduces Real-Time Surgical Insights for da Vinci 5

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September 9, 2025 · 11:00 AM UTC

MemorialCare Launches Da Vinci 5 Robotic Surgical System, Expanding Robotic Surgical Program Access Across All Hospitals in Health System

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