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ISRG INTUITIVE SURGICAL INC

NasdaqHealth careOrthopedic, Prosthetic & Surgical Appliances & SuppliesSunnyvale, CAFY ends December 31

New 8-K: Filed an 8-K current report in the last 7 days.Profitable 5/5: Fiscal years with net income above zero, out of the last five reported.FY2025 10-K filed Feb 3, 2026 (SEC EDGAR)

FY2025 at a glance

Fundamentals from SEC filings, not quotes
Revenue
$10.1BYoYup 20.51%ended Dec 31, 2025
Net income
$2.86B28.4% margin
Diluted EPS
$7.87YoYup 22.59%
Free cash flow
—
Cash
$3.37B
Total debt
—
About INTUITIVE SURGICAL INC

Overview

INTUITIVE SURGICAL INC (ISRG) is listed on Nasdaq; the SEC classifies it under "Orthopedic, Prosthetic & Surgical Appliances & Supplies".

For fiscal 2025 (ended Dec 31, 2025) it reported revenue of $10.06B, up 20.5% from fiscal 2024.

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

At fiscal year end it had total assets of $20.46B and stockholders' equity of $17.82B (87.1% of assets).

Fiscal years shown
FY2016–FY2025 (10 years)
Latest 10-K
Feb 3, 2026
Latest filing
8-KNov 2, 2026
FY2016–FY2025 · annual 10-K

Charts

Revenue and net income

Revenue and net income, fiscal years FY2016 to FY2025.
PeriodRevenueNet incomeNet margin
FY2016$2.7B$736M27.2%
FY2017$3.13B$660M21.1%
FY2018$3.72B$1.13B30.3%
FY2019$4.48B$1.38B30.8%
FY2020$4.36B$1.06B24.3%
FY2021$5.71B$1.7B29.9%
FY2022$6.22B$1.32B21.3%
FY2023$7.12B$1.8B25.2%
FY2024$8.35B$2.32B27.8%
FY2025$10.1B$2.86B28.4%

Gross, operating and net margin

Gross, operating and net margin, fiscal years FY2016 to FY2025.
PeriodGross marginOperating marginNet margin
FY201669.9%35.0%27.2%
FY201770.1%33.7%21.1%
FY201869.9%32.2%30.3%
FY201969.4%30.7%30.8%
FY202065.6%24.1%24.3%
FY202169.3%31.9%29.9%
FY202267.4%25.3%21.3%
FY202366.4%24.8%25.2%
FY202467.5%28.1%27.8%
FY202566.0%29.3%28.4%

Diluted EPS

Diluted EPS, fiscal years FY2016 to FY2025.
PeriodEPS (diluted)
FY2016$18.73
FY2017$5.67
FY2018$9.49
FY2019$11.54
FY2020$8.82
FY2021$4.66
FY2022$3.65
FY2023$5.03
FY2024$6.42
FY2025$7.87

Diluted shares

Diluted shares, fiscal years FY2016 to FY2025.
PeriodDiluted shares (weighted)
FY201639.3M
FY2017116M
FY2018119M
FY2019120M
FY2020120M
FY2021366M
FY2022362M
FY2023357M
FY2024362M
FY2025363M

Cash vs total debt

Cash vs total debt, fiscal years FY2016 to FY2025.
PeriodCash & equivalents
FY2016$1.04B
FY2017$648M
FY2018$858M
FY2019$1.17B
FY2020$1.62B
FY2021$1.29B
FY2022$1.58B
FY2023$2.75B
FY2024$2.03B
FY2025$3.37B

Each bar is one fiscal year as reported in its 10-K; bars below the zero line are negative and gaps are years not reported. Per-share figures are as reported, not adjusted for stock splits; comparisons across a likely split are left blank.

FY2025 · 5-year trend

Ratios

Profitability

Gross margin
66.0%
Operating margin
29.3%
Net margin
28.4%
Return on equity
16.7%
Return on assets
14.6%

Growth

Growth. Compound annual growth: (end ÷ start)^(1 ÷ years) − 1, both ends positive.
Metric1y3y CAGR5y CAGR
Revenueup 20.51%up 17.39%up 18.22%
EPS (diluted)up 22.59%up 29.19%—
Free cash flow———
Change in share count
+0.19%

Financial strength

Current ratio
4.87×
Liabilities / assets
12.3%
Equity / assets
87.1%

Shareholder returns

Buybacks
$2.3B
Stock comp. / revenue
7.8%
Piotroski F-Score · Altman Z''-Score

Quality screens

Piotroski F-Score

5 of 8 checks passed

FY2025 vs FY2024

Partial: 8 of 9 checks could be computed.

  • PassPositive return on assets15.2%
  • PassPositive operating cash flow$3.03B
  • PassReturn on assets improved15.2% vs 15.0%
  • PassOperating cash flow above net income16.2% vs 15.2%
  • —Not computableLong-term debt / assets fell—
  • PassCurrent ratio improved4.87× vs 4.07×
  • FailNo increase in share count363M vs 362M
  • FailGross margin improved66.0% vs 67.5%
  • FailAsset turnover improved0.54× vs 0.54×

Altman Z''-Score

Safe zone (above 2.60)

FY2025

Altman Z''-Score: Components
ComponentsRatioWeightPoints
Working capital / assets0.380×6.562.49
Retained earnings / assets0.343×3.261.12
Operating income / assets0.144×6.720.97
Equity / liabilities7.081×1.057.44
Z''12.01

Screening heuristic, not a recommendation. Per-share figures are as reported, not adjusted for stock splits; comparisons across a likely split are left blank.

Last 10 fiscal years · newest first

Financial statements

USD millions, except per-share figures (USD). Share counts in millions.

Income statement

Income statement. USD millions, except per-share figures (USD). Share counts in millions.
MetricFY2025Dec 31, 2025FY2024Dec 31, 2024FY2023Dec 31, 2023FY2022Dec 31, 2022FY2021Dec 31, 2021FY2020Dec 31, 2020FY2019Dec 31, 2019FY2018Dec 31, 2018FY2017Dec 31, 2017FY2016Dec 31, 2016
Revenue10,0658,3527,1246,2225,7104,3584,4793,7243,1292,704
YoY (Revenue)+20.51%+17.24%+14.49%+8.97%+31.01%-2.68%+20.25%—+15.70%—
Gross profit6,6425,6344,7304,1963,9592,8613,1102,6042,1941,890
Research & development1,3121,145999879671595557418329240
Selling, general & admin.2,3852,1401,9641,7401,4671,2161,178987811705
Operating income2,9462,3491,7671,5771,8211,0501,3751,1991,055945
Pretax income3,3112,6741,9591,6071,8901,2071,5021,2801,097981
Income tax435336142262162140120155437245
Net income2,8562,3231,7981,3221,7051,0611,3791,128660736
YoY (Net income)+22.97%+29.18%+35.98%-22.43%+60.72%-23.11%+22.29%+70.89%-10.31%—
EPS (basic)8.006.545.123.724.799.0611.959.925.9119.21
EPS (diluted)7.876.425.033.654.668.8211.549.495.6718.73
YoY (EPS (diluted))+22.59%+27.63%+37.81%-21.67%—-23.57%+21.60%+67.37%——
Diluted shares (weighted)36336235736236612012011911639.3

Balance sheet

Balance sheet. USD millions, except per-share figures (USD). Share counts in millions.
MetricFY2025Dec 31, 2025FY2024Dec 31, 2024FY2023Dec 31, 2023FY2022Dec 31, 2022FY2021Dec 31, 2021FY2020Dec 31, 2020FY2019Dec 31, 2019FY2018Dec 31, 2018FY2017Dec 31, 2017FY2016Dec 31, 2016
Cash & equivalents3,3682,0272,7501,5811,2911,6231,1688586481,037
Receivables1,5271,2251,130942783646645682512430
Inventory1,8401,4871,221893587602596409241182
Current assets9,7807,1117,8886,2535,8456,6264,6634,3332,8113,250
Goodwill370348349349344337307241201201
Intangible assets17.1—————————
Total assets20,45918,74315,44212,97413,55511,1699,7337,8475,7586,487
Current liabilities2,0061,7451,6591,4221,1509651,030821704597
Total liabilities2,5172,2142,0441,8611,6041,4101,4491,1591,031709
Retained earnings7,0126,8034,7433,5004,7613,2612,4951,52261.41,575
Stockholders' equity17,82416,43413,30811,04211,9019,7328,2646,6794,7255,778
Shares outstanding35535735235035811811611511238.8

Cash flow

Cash flow. USD millions, except per-share figures (USD). Share counts in millions.
MetricFY2025Dec 31, 2025FY2024Dec 31, 2024FY2023Dec 31, 2023FY2022Dec 31, 2022FY2021Dec 31, 2021FY2020Dec 31, 2020FY2019Dec 31, 2019FY2018Dec 31, 2018FY2017Dec 31, 2017FY2016Dec 31, 2016
Operating cash flow3,0312,4151,8141,4912,0891,4851,5981,1701,1441,043
Stock-based compensation788677593513449395336261209178
Share repurchases2,29504162,607013427002,27442.5
Key financials (annual, 10-K)

Values as reported in each fiscal year's Form 10-K (XBRL data on SEC EDGAR); growth and ratios are computed from those values. Revenue is the total revenue figure the company tagged (omitted when the only figure tagged is evidently partial, e.g. below net income); growth is only shown between consecutive ~12-month fiscal years reported with the same revenue measure. Per-share figures and share counts are as reported and not adjusted for later stock splits. — = not reported.

FY2025 · per diluted weighted share

Per share and valuation context

EPS (diluted)
$7.87
Revenue per share
$27.75
Book value per share
$49.14
Tangible book per share
$48.07
Cash per share
$9.29
Public floatas of Jun 30, 2025
$194B

Price ratios need a live quote. This page shows no stock prices. Per-share figures are as reported, not adjusted for stock splits; comparisons across a likely split are left blank.

Price ratio calculator

Type a share price to compute ratios from the latest 10-K figures. Nothing is stored or sent. (FY2025)

Market capPrice × diluted weighted shares
—
P/EPrice ÷ diluted EPS
—
P/BPrice ÷ book value per share
—
P/SPrice ÷ revenue per share
—
P/FCFPrice ÷ FCF per share
—
Dividend yieldDividends per share ÷ price
—
SEC EDGAR

Filing timeline

  1. 8-KNew
    Current report· Oct 29, 2026(SEC EDGAR)
    • 5.02Officer or director changes
    • 7.01Regulation FD disclosure
    • 9.01Financial statements and exhibits
  2. 10-Q
    Quarterly report· Sep 30, 2026(SEC EDGAR)
  3. 8-K
    Current report· Oct 20, 2026(SEC EDGAR)
    • 2.02Results of operations
    • 9.01Financial statements and exhibits
  4. 8-K
    Current report· Jul 23, 2026(SEC EDGAR)
    • 5.03Bylaws or fiscal year change
    • 9.01Financial statements and exhibits
  5. 10-Q
    Quarterly report· Jun 30, 2026(SEC EDGAR)
  6. 8-K
    Current report· Jul 16, 2026(SEC EDGAR)
    • 2.02Results of operations
    • 9.01Financial statements and exhibits
  7. 8-K
    Current report· May 28, 2026(SEC EDGAR)
    • 5.02Officer or director changes
    • 9.01Financial statements and exhibits
  8. 8-K
    Current report· Apr 30, 2026(SEC EDGAR)
    • 5.02Officer or director changes
    • 5.07Shareholder vote results
    • 7.01Regulation FD disclosure
  9. 10-Q
    Quarterly report· Mar 31, 2026(SEC EDGAR)
  10. 8-K
    Current report· Apr 21, 2026(SEC EDGAR)
    • 2.02Results of operations
    • 9.01Financial statements and exhibits
All filings on SEC EDGAR

Frequently asked questions

What does INTUITIVE SURGICAL INC do?

The SEC classifies INTUITIVE SURGICAL INC under Standard Industrial Classification (SIC) code 3842, "Orthopedic, Prosthetic & Surgical Appliances & Supplies". It is headquartered in Sunnyvale, CA. It is incorporated in DE. In fiscal 2025 it reported revenue of $10.06B and net income of $2.86B in its annual 10-K report.

What was INTUITIVE SURGICAL INC's revenue in 2025?

INTUITIVE SURGICAL INC reported revenue of $10.06B for fiscal 2025, which ended Dec 31, 2025, up 20.5% from $8.35B in fiscal 2024, according to its annual 10-K report filed with the SEC on Feb 3, 2026.

What was INTUITIVE SURGICAL INC's net income in 2025?

INTUITIVE SURGICAL INC reported net income of $2.86B for fiscal 2025, a net margin of 28.4% of revenue.

Where is INTUITIVE SURGICAL INC listed?

According to the SEC, INTUITIVE SURGICAL INC's ticker ISRG is listed on Nasdaq.

When does INTUITIVE SURGICAL INC's fiscal year end?

According to the SEC, INTUITIVE SURGICAL INC's fiscal year ends on December 31; its latest reported fiscal year (2025) ended Dec 31, 2025.

Source: SEC EDGAR · Last updated:

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Not investment advice: This page shows financial data that companies reported to the US Securities and Exchange Commission, for information only. It is not investment advice or a recommendation to buy or sell any security, and it shows no stock prices. Data may be incomplete, restated or out of date — check the original filings on SEC EDGAR before making decisions.