Intuitive Surgical (ISRG) financial statements
Intuitive Surgical reported revenue of $10.1B in fiscal 2025, up 15.7% a year over 9 years.
Net income was $2.9B and the operating margin 29.3%, against 35.1% in 2016.
Free cash flow was $2.5B, and the company returned $2.3B in net buybacks.
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Intuitive Surgical's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.7B | $3.1B | $3.7B | $4.5B | $4.4B | $5.7B | $6.2B | $7.1B | $8.4B | $10.1B |
| Cost of revenue | $814M | $935M | $1.1B | $1.4B | $1.5B | $1.8B | $2.0B | $2.4B | $2.7B | $3.4B |
| Gross profit | $1.9B | $2.2B | $2.6B | $3.1B | $2.9B | $4.0B | $4.2B | $4.7B | $5.6B | $6.6B |
| Research and development | $240M | $329M | $418M | $557M | $595M | $671M | $879M | $999M | $1.1B | $1.3B |
| Selling, general and admin | $704M | $810M | $987M | $1.2B | $1.2B | $1.5B | $1.7B | $2.0B | $2.1B | $2.4B |
| Operating income | $950M | $1.1B | $1.2B | $1.4B | $1.0B | $1.8B | $1.6B | $1.8B | $2.3B | $2.9B |
| Pre-tax income | $985M | $1.1B | $1.3B | $1.5B | $1.2B | $1.9B | $1.6B | $2.0B | $2.7B | $3.3B |
| Income tax | $247M | $434M | $154M | $120M | $140M | $162M | $262M | $142M | $336M | $435M |
| Net income | $738M | $671M | $1.1B | $1.4B | $1.1B | $1.7B | $1.3B | $1.8B | $2.3B | $2.9B |
| EPS (diluted) | $2.09 | $1.92 | $3.16 | $3.85 | $2.94 | $4.66 | $3.65 | $5.03 | $6.42 | $7.87 |
| Diluted shares | 354M | 349M | 356M | 358M | 361M | 366M | 362M | 357M | 362M | 363M |
| Gross margin | 69.9% | 70.2% | 69.9% | 69.4% | 65.6% | 69.3% | 67.4% | 66.4% | 67.5% | 66.0% |
| Operating margin | 35.1% | 33.9% | 32.2% | 30.7% | 24.1% | 31.9% | 25.3% | 24.8% | 28.1% | 29.3% |
| Net margin | 27.3% | 21.4% | 30.3% | 30.8% | 24.3% | 29.9% | 21.3% | 25.2% | 27.8% | 28.4% |
Balance sheet
Fiscal years, from Intuitive Surgical's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $2.6B | $2.0B | $3.1B | $3.2B | $5.1B | $4.2B | $4.1B | $5.2B | $4.0B | $5.9B |
| Receivables | $430M | $508M | $682M | $645M | $646M | $783M | $942M | $1.1B | $1.2B | $1.5B |
| Inventory | $182M | $241M | $409M | $596M | $602M | $587M | $893M | $1.2B | $1.5B | $1.8B |
| Total current assets | $3.3B | $2.8B | $4.3B | $4.7B | $6.6B | $5.8B | $6.3B | $7.9B | $7.1B | $9.8B |
| Property, plant and equipment | $458M | $613M | $812M | $1.3B | $1.6B | $1.9B | $2.4B | $3.5B | $4.6B | $5.3B |
| Goodwill | $201M | $201M | $241M | $307M | $337M | $344M | $348M | $349M | $348M | $370M |
| Total assets | $6.5B | $5.8B | $7.8B | $9.7B | $11.2B | $13.6B | $13.0B | $15.4B | $18.7B | $20.5B |
| Total current liabilities | $596M | $663M | $821M | $1.0B | $965M | $1.1B | $1.4B | $1.7B | $1.7B | $2.0B |
| Total liabilities | $709M | $996M | $1.2B | $1.4B | $1.4B | $1.6B | $1.9B | $2.0B | $2.2B | $2.5B |
| Shareholders' equity | $5.8B | $4.8B | $6.7B | $8.3B | $9.7B | $11.9B | $11.0B | $13.3B | $16.4B | $17.8B |
| Net debt | -$1.0B | -$648M | -$858M | -$1.2B | -$1.6B | -$1.3B | -$1.6B | -$2.8B | -$2.0B | -$3.4B |
Cash flow
Fiscal years, from Intuitive Surgical's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.1B | $1.1B | $1.2B | $1.6B | $1.5B | $2.1B | $1.5B | $1.8B | $2.4B | $3.0B |
| Capital spending | $54M | $191M | $187M | $426M | $342M | $340M | $532M | $1.1B | $1.1B | $540M |
| Free cash flow | $1.0B | $953M | $982M | $1.2B | $1.1B | $1.7B | $958M | $750M | $1.3B | $2.5B |
| Stock-based compensation | $178M | $209M | $261M | $336M | $395M | $449M | $513M | $593M | $677M | $788M |
| Share buybacks (net) | -$42M | -$2.3B | $0 | -$270M | -$134M | $0 | -$2.6B | -$416M | $0 | -$2.3B |
| Free cash flow margin | 38.2% | 30.4% | 26.4% | 26.2% | 26.2% | 30.6% | 15.4% | 10.5% | 15.6% | 24.7% |
Every line, every quarterThe deep dive has fifteen-plus years of statements, quarterly results, charts and valuation models for ISRG.
Open ISRG in InvestinglyQuestions
What was Intuitive Surgical's revenue in 2025?
$10.1B in fiscal 2025, from its 10-K filing.
How much free cash flow does Intuitive Surgical generate?
$2.5B in fiscal 2025 (operating cash flow minus capital spending).
From Intuitive Surgical's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.