ISRG financial statements

The full income statement, balance sheet, and cash-flow statement for Intuitive Surgical Inc. (ISRG), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

Shares outstanding (point-in-time)

2024-06 355.4M2024-09 356.2M2024-12 356.7M2025-03 358.4M2025-06 358.5M2025-09 354.5M2025-12 355.1M2026-03 354.2M2026-06 353.3M-0.6% over 8 periods

SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.

PeriodRangeOrderChangeYoYQoQFiguresAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	10.1B YoY+20.5%	8.35B YoY+17.2%	7.12B YoY+14.5%	6.22B YoY+9.0%	5.71B YoY+31.0%
Lease income	874M YoY+33.6%	654M YoY+30.7%	501M YoY+32.9%	377M YoY+36.0%	277M YoY+56.7%
	6.64B YoY+17.9%	5.63B YoY+19.1%	4.73B YoY+12.7%	4.20B YoY+6.0%	3.96B YoY+38.4%
Cost of revenue	3.42B YoY+25.9%	2.72B YoY+13.5%	2.39B YoY+18.2%	2.03B YoY+15.7%	1.75B YoY+17.0%
	3.70B YoY+12.5%	3.29B YoY+10.9%	2.96B YoY+13.1%	2.62B YoY+22.5%	2.14B YoY+18.0%
Research & development	1.31B YoY+14.5%	1.15B YoY+14.7%	999M YoY+13.6%	879M YoY+31.0%	671M YoY+12.8%
Selling, general & administrative	2.38B YoY+11.4%	2.14B YoY+9.0%	1.96B YoY+12.9%	1.74B YoY+18.6%	1.47B YoY+20.6%
Amortization of intangibles	13.2M YoY-21.0%	16.7M YoY-17.3%	20.2M YoY-27.3%	27.8M YoY+1.5%	27.4M YoY-45.0%
Operating income	2.95B YoY+25.4%	2.35B YoY+32.9%	1.77B YoY+12.0%	1.58B YoY-13.4%	1.82B YoY+73.5%
Other non-operating income	366M YoY+12.6%	325M YoY+69.1%	192M YoY+546.8%	29.7M YoY-57.1%	69.3M YoY-55.9%
Pre-tax income	3.31B YoY+23.8%	2.67B YoY+36.5%	1.96B YoY+21.9%	1.61B YoY-15.0%	1.89B YoY+56.6%
Income tax	435M YoY+29.3%	336M YoY+137.5%	142M YoY-46.0%	262M YoY+61.8%	162M YoY+15.7%
	2.86B YoY+23.0%	2.32B YoY+29.2%	1.80B YoY+36.0%	1.32B YoY-22.4%	1.70B YoY+60.7%
Net income to non-controlling interest	20.6M YoY+38.3%	14.9M YoY-22.8%	19.3M YoY-12.7%	22.1M YoY-6.0%	23.5M YoY+279.0%
	$7.87 YoY+22.6%	$6.42 YoY+27.6%	$5.03 YoY+37.8%	$3.65 YoY-21.7%	$4.66 YoY+58.5%
EPS (basic)	$8.00 YoY+22.3%	$6.54 YoY+27.7%	$5.12 YoY+37.6%	$3.72 YoY-22.3%	$4.79 YoY+58.6%
	357M YoY+0.5%	355M YoY+1.1%	351M YoY-1.3%	356M YoY-0.1%	356M YoY+1.4%
	363M YoY+0.2%	362M YoY+1.3%	357M YoY-1.3%	362M YoY-1.0%	366M YoY+1.3%
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	9.78B YoY+37.5%	7.11B YoY-9.9%	7.89B YoY+26.1%	6.25B YoY+7.0%	5.84B YoY-11.8%
Cash & equivalents	3.37B YoY+66.1%	2.03B YoY-26.3%	2.75B YoY+73.9%	1.58B YoY+22.5%	1.29B YoY-20.4%
Short-term investments	2.57B YoY+29.3%	1.99B YoY-19.7%	2.47B YoY-2.5%	2.54B YoY-12.9%	2.91B YoY-16.5%
Accounts receivable	1.53B YoY+24.6%	1.23B YoY+8.4%	1.13B YoY+20.0%	942M YoY+20.4%	783M YoY+21.3%
Inventory	1.84B YoY+23.7%	1.49B YoY+21.8%	1.22B YoY+36.7%	893M YoY+52.1%	587M YoY-2.4%
Prepaid expenses	477M YoY+23.9%	385M YoY+22.6%	314M YoY+4.7%	300M YoY+10.6%	271M YoY+1.3%
	20.5B YoY+9.2%	18.7B YoY+21.4%	15.4B YoY+19.0%	13.0B YoY-4.3%	13.6B YoY+21.4%
Property, plant & equipment	5.34B YoY+15.0%	4.65B YoY+31.3%	3.54B YoY+49.0%	2.37B YoY+26.5%	1.88B YoY+19.0%
Operating lease right-of-use	151M YoY+10.6%	136M YoY+72.0%	79.3M YoY-3.5%	82.2M YoY+10.5%	74.4M YoY+16.4%
Goodwill	370M YoY+6.6%	348M YoY-0.3%	349M YoY+0.1%	349M YoY+1.4%	344M YoY+2.0%
Intangible assets	17.1M YoY-25.7%	23.0M YoY-41.2%	39.1M YoY-21.5%	49.8M YoY-29.4%	70.5M YoY-8.9%
Long-term investments	3.10B YoY-35.7%	4.82B YoY+127.3%	2.12B YoY-19.2%	2.62B YoY-40.6%	4.42B YoY+151.2%
Deferred tax assets	1.02B YoY-2.5%	1.05B YoY+14.8%	911M YoY+37.0%	665M YoY+50.6%	441M YoY+20.0%
	2.01B YoY+14.9%	1.75B YoY+5.2%	1.66B YoY+16.6%	1.42B YoY+23.7%	1.15B YoY+19.1%
Accounts payable	255M YoY+31.9%	193M YoY+2.5%	189M YoY+28.4%	147M YoY+21.3%	121M YoY+48.5%
Deferred revenue	507M YoY+8.1%	469M YoY+5.1%	446M YoY+12.3%	397M YoY+5.3%	377M YoY+7.7%
Current lease liability	39.0M YoY+16.4%	33.5M YoY+32.4%	25.3M YoY+4.5%	24.2M YoY+18.6%	20.4M YoY-6.8%
Other current liabilities	596M YoY+8.9%	548M YoY-6.8%	588M YoY+23.4%	476M YoY+58.0%	301M YoY+1.0%
	2.52B YoY+13.7%	2.21B YoY+8.3%	2.04B YoY+9.8%	1.86B YoY+16.1%	1.60B YoY+13.7%
Deferred revenue (non-current)	91.4M YoY+68.9%	54.1M YoY+18.6%	45.6M YoY+11.2%	41.0M YoY+11.4%	36.8M YoY+14.6%
Non-current lease liability	132M YoY+17.2%	113M YoY+74.4%	64.5M YoY-7.3%	69.6M YoY+4.5%	66.6M YoY+14.8%
Operating lease liability (total)	171M YoY+17.1%	146M YoY+62.6%	89.8M YoY-4.3%	93.8M YoY+7.8%	87.0M YoY+8.9%
	17.8B YoY+8.5%	16.4B YoY+23.5%	13.3B YoY+20.5%	11.0B YoY-7.2%	11.9B YoY+22.3%
Preferred stock	0.00	0.00	0.00	0.00	0.00
Common stock	400K YoY+0.0%	400K YoY+0.0%	400K YoY+0.0%	400K YoY+0.0%	400K YoY+0.0%
Additional paid-in capital	10.8B YoY+11.2%	9.68B YoY+12.9%	8.58B YoY+11.3%	7.70B YoY+7.5%	7.16B YoY+11.2%
Retained earnings	7.01B YoY+3.1%	6.80B YoY+43.4%	4.74B YoY+35.5%	3.50B YoY-26.5%	4.76B YoY+46.0%
Accumulated other comprehensive income	43.3M YoY+184.4%	-51.3M YoY-320.5%	-12.2M YoY+92.5%	-163M YoY-571.5%	-24.2M YoY-197.2%
Non-controlling interest	118M YoY+22.7%	95.9M YoY+6.9%	89.7M YoY+26.9%	70.7M YoY+40.3%	50.4M YoY+82.6%
Total equity incl. non-controlling	17.9B YoY+8.5%	16.5B YoY+23.4%	13.4B YoY+20.6%	11.1B YoY-7.0%	12.0B YoY+22.5%
Total liabilities & equity	20.5B YoY+9.2%	18.7B YoY+21.4%	15.4B YoY+19.0%	13.0B YoY-4.3%	13.6B YoY+21.4%
	355M YoY-0.4%	357M YoY+1.2%	352M YoY+0.7%	350M YoY-2.2%	358M YoY+1.3%
	355M YoY-0.4%	357M YoY+1.2%	352M YoY+0.7%	350M YoY-2.2%	358M YoY+1.3%
	355M YoY-0.4%	357M YoY+1.2%	352M YoY+0.6%	350M YoY-2.1%	358M YoY+1.3%
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	3.03B YoY+25.5%	2.42B YoY+33.1%	1.81B YoY+21.7%	1.49B YoY-28.6%	2.09B YoY+40.7%
Depreciation & amortization	613M YoY+34.6%	456M YoY+13.3%	402M YoY+13.7%	354M YoY+15.1%	307M YoY+13.5%
Intangible amortization	13.2M YoY-21.0%	16.7M YoY-17.3%	20.2M YoY-27.3%	27.8M YoY+1.5%	27.4M YoY-45.0%
Share-based compensation	788M YoY+16.5%	677M YoY+14.2%	593M YoY+15.5%	513M YoY+14.2%	449M YoY+13.6%
Deferred income taxes	19.1M YoY+114.1%	-135M YoY+51.8%	-281M YoY-51.5%	-185M YoY-189.5%	-64.0M YoY-211.1%
Change in receivables	302M YoY+214.6%	95.9M YoY-48.5%	186M YoY+16.9%	159M YoY+11.9%	142M YoY+2596.5%
Change in inventory	1.06B YoY+28.1%	830M YoY+16.5%	713M YoY+30.4%	547M YoY+113.5%	256M YoY+50.5%
Change in payables	57.9M YoY+14575.0%	-400K YoY-101.0%	41.7M YoY+95.8%	21.3M YoY-40.8%	36.0M YoY+211.5%
	666M YoY+120.3%	-3.27B YoY-808.9%	-360M YoY-126.3%	1.37B YoY+155.7%	-2.46B YoY-161.7%
Capital expenditure	540M YoY-51.4%	1.11B YoY+4.4%	1.06B YoY+99.9%	532M YoY+56.8%	340M YoY-0.6%
Free cash flow	2.49B YoY+91.0%	1.30B YoY+73.9%	750M YoY-21.8%	958M YoY-45.2%	1.75B YoY+53.1%
Acquisitions	13.9M YoY+1290.0%	1.00M YoY-88.8%	8.90M YoY-30.5%	12.8M YoY-43.6%	22.7M YoY-39.8%
Sales/maturities of investments	2.18B YoY-24.4%	2.88B YoY+7.0%	2.69B YoY-17.3%	3.25B YoY-23.7%	4.27B YoY+45.6%
	-2.36B YoY-1666.7%	151M YoY+152.5%	-288M YoY+88.8%	-2.57B YoY-6082.1%	43.0M YoY+150.2%
Long-term debt issued	0.00	0.00	0.00	0.00	0.00
Long-term debt repaid	0.00	0.00	0.00	0.00	0.00
Common stock issued	0.00	0.00	0.00	0.00	0.00
Common stock repurchased	2.30B	0.00 YoY-100.0%	416M YoY-84.0%	2.61B	0.00 YoY-100.0%
Dividends paid	—	—	—	0.00	0.00
FX effect on cash	12.8M YoY+1700.0%	-800K YoY-124.2%	3.30M YoY-38.9%	5.40M YoY+258.8%	-3.40M YoY-30.8%
Net change in cash	1.34B YoY+290.1%	-708M YoY-160.5%	1.17B YoY+296.8%	295M YoY+188.6%	-333M YoY-172.9%
Income taxes paid	538M YoY+15.3%	467M YoY+4.2%	448M YoY+0.8%	444M YoY+146.8%	180M YoY+423.3%
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	201B YoY+8.0%	186B YoY+56.7%	119B YoY+26.7%	93.8B YoY-27.0%	129B YoY+33.5%
P/E	70.4× YoY-12.1%	80.2× YoY+2.4%	78.3× YoY+15.1%	68.0× YoY-9.8%	75.4× YoY-17.0%
P/S	20.0× YoY-10.3%	22.3× YoY+28.6%	17.3× YoY+13.1%	15.3× YoY-31.9%	22.5× YoY+1.9%
P/B	11.3× YoY-0.4%	11.3× YoY+19.6%	9.5× YoY+16.3%	8.1× YoY-24.6%	10.8× YoY+9.1%
P/FCF	80.8× YoY-43.4%	142.8× YoY+50.9%	94.6× YoY+10.0%	86.0× YoY+17.1%	73.5× YoY-12.8%
	1.4% YoY+13.8%	1.2% YoY-2.3%	1.3% YoY-13.1%	1.5% YoY+10.8%	1.3% YoY+20.4%
	1.2% YoY+76.8%	0.70% YoY-33.7%	1.1% YoY-9.1%	1.2% YoY-14.6%	1.4% YoY+14.7%
Source filing	10-K	10-K	10-K	10-K	10-K

About this data

Source: ISRG's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all ISRG filings on SEC EDGAR → Not investment advice.