INTUITIVE SURGICAL INCISRG
INTUITIVE SURGICAL INC Financial Overview 2021–2025
Updated Jul 10, 2026In a healthcare sector frequently pressured by capital spending constraints, Intuitive Surgical's robotic platforms completed an unprecedented 3.15 million da Vinci procedures in FY2025. This sheer volume proves its medical hardware has become a non-discretionary clinical utility for hospitals rather than an optional equipment upgrade. The central investment thesis here rests on a compounding razor-and-blade ecosystem, where expanding hardware placements drive a highly predictable stream of recurring consumable sales that insulate the company from broader macroeconomic volatility.
The scale of this recurring revenue engine is clear over the long term, as total revenue grew from $5.7 billion in FY2021 to $10.1 billion in FY2025. By the end of FY2025, the company’s global installed base surpassed 11,100 da Vinci units, fueling a 19% increase in instruments and accessories revenue to $6.02 billion. Growth is being further accelerated by the newer Ion endoluminal platform, which saw procedure volumes surge 51% in the latest fiscal year.
While rollout costs for the next-generation da Vinci 5 system and new tariffs slightly compressed the product gross profit margin to 66.0% in FY2025, overall operating leverage remains strong, backed by a $9.03 billion cash fortress. Investors have aggressively priced in this operational predictability; at the close of FY2025, the stock traded at 72.0x earnings and commanded a $201.1 billion market cap.
Recent Developments (Q4 2025 and Q1 2026)
Intuitive Surgical sustained its momentum into Q1 2026, delivering a 23% year-over-year revenue increase to $2.77 billion. Operating income surged 48% to $855 million as the gross profit margin expanded to 66.1%. Systems revenue accelerated 24% to $651 million, confirming strong ongoing capital demand from hospitals. Management actively deployed capital during the quarter, executing $1.13 billion in stock buybacks and closing a $533.1 million acquisition of key European distributors.
The board subsequently authorized a massive $5.0 billion share repurchase program, while Taylor Patton was named Chief Commercial and Marketing Officer. Bulls will highlight the 48% operating income growth as proof that the business model scales exceptionally well. Bears will argue that at 61.5x earnings as of April 22, 2026, the stock remains richly priced and highly sensitive to any emerging supply chain or macroeconomic headwinds.
What to watch: integration of the newly acquired European distribution networks; execution under the new commercial leadership team.
Rev
$10.06B
FY2025
NI
$2.86B
FY2025
EPS
$8.00
FY2025
OCF
$3.03B
FY2025
Year-over-year comparison from 10-K annual reports
Data from SEC Company Facts
All ISRG Financial Metrics(56)
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Recent SEC Filings
INTUITIVE SURGICAL INC 8-K Report, Executive Changes (May 28, 2026)
Intuitive Surgical, Inc. (ISRG) announced a significant leadership transition effective July 1, 2026. Henry L. Charlton will be stepping down from his position as Chief Commercial and Marketing Officer to assume a new role as Senior Vice President of Global Business Operations. This move suggests a strategic reallocation of experienced leadership within the company to focus on operational efficiency and global business expansion. Taylor Patton, currently Global Senior Vice President of Endoluminal, will be promoted to Chief Commercial and Marketing Officer, succeeding Mr. Charlton. This internal promotion indicates continuity in leadership and confidence in Ms. Patton's ability to drive the company's commercial and marketing strategies. Investors should monitor how these leadership changes impact the company's go-to-market strategies and overall business growth in the upcoming fiscal periods.
INTUITIVE SURGICAL INC 8-K Report, Executive Changes (May 4, 2026)
Intuitive Surgical, Inc. (ISRG) filed an 8-K on May 4, 2026, reporting on key outcomes from its Annual Meeting of Stockholders held on April 30, 2026. The primary focus for investors is the approval of an amended and restated 2010 Incentive Award Plan, which increases the share reserve by 5 million shares, extends the plan's term to January 2036, and clarifies change-in-control provisions. This demonstrates a continued commitment to employee and executive compensation through equity, a common practice for growth-oriented companies. Furthermore, the filing details the successful election of all ten director nominees, indicating shareholder confidence in the current board's leadership. Stockholders also provided advisory approval for executive compensation and ratified the appointment of PricewaterhouseCoopers LLP as the independent auditor for fiscal year 2026. In a significant move for capital allocation, the company announced on April 30, 2026, that its Board of Directors increased the authorized amount available under its common stock repurchase program to an aggregate of $5.0 billion, signaling a strong belief in the company's valuation and a commitment to returning capital to shareholders.
INTUITIVE SURGICAL INC 8-K Report, Financial Results (Apr 21, 2026)
Intuitive Surgical, Inc. (ISRG) has filed an 8-K report on April 21, 2026, to announce its financial results for the first quarter ended March 31, 2026. The key details of these results are presented in an accompanying press release furnished as Exhibit 99.1. Investors should note that the information within this 8-K, including the press release, is furnished and not deemed 'filed' for purposes of Section 18 of the Exchange Act, meaning it does not carry the same liabilities and is not automatically incorporated by reference into future SEC filings.
INTUITIVE SURGICAL INC 8-K Report, Corporate Update (Mar 2, 2026)
Intuitive Surgical, Inc. (ISRG) announced on March 2, 2026, the successful completion of its acquisition of the da Vinci and Ion distribution business operated by ab medica, Abex, Excelencia Robótica, and their affiliates. This strategic acquisition, finalized on March 1, 2026, is expected to enhance the company's market presence and distribution capabilities within the regions served by these entities. This move signals Intuitive Surgical's commitment to expanding its global reach and strengthening its sales and support infrastructure for its robotic surgical systems. Investors should monitor the integration process and any potential financial impacts, as this acquisition could contribute to future revenue growth and market share gains.
INTUITIVE SURGICAL INC 8-K Report, Financial Results (Jan 22, 2026)
Intuitive Surgical, Inc. (ISRG) has filed an 8-K report on January 22, 2026, primarily to furnish a press release detailing its financial results for the quarter ended December 31, 2025. While the full financial details are within the press release (Exhibit 99.1), the filing itself does not contain new operational or financial data beyond referencing this external announcement. Investors should refer to the press release for specific performance metrics, revenue figures, and any forward-looking statements or guidance provided by the company. This filing serves as a notification to the market that the company's fourth-quarter and full-year 2025 financial results are now publicly available. The 8-K format indicates that this information is being disclosed in accordance with regulatory requirements, but the company has stipulated that this information is furnished and not deemed "filed" for purposes of certain securities laws, limiting its incorporation by reference into other SEC filings.
View all 8-K filings →