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)
Income Statement
Balance Sheet
- Cash & ST Investments
- Total Assets
- Current Assets
- Cash
- Short-Term Investments
- Receivables
- Inventory
- Prepaid & Other
- PP&E
- Goodwill
- Intangibles
- Other Non-current
- Total Liabilities
- Current Liabilities
- Accounts Payable
- Accrued Liabilities
- Deferred Revenue
- Other Non-current Liab.
- Equity
- Retained Earnings
- Accumulated OCI
- APIC
- NCI
- Total L&E
- Shares Outstanding
Cash Flow
Recent SEC Filings
INTUITIVE SURGICAL INC 8-K Report, Bylaw Amendment (Jul 27, 2026)
Intuitive Surgical, Inc. (ISRG) has filed an 8-K report on July 27, 2026, detailing amendments to its Amended and Restated Bylaws, effective July 23, 2026. These changes are primarily aimed at enhancing corporate governance, clarifying procedures for shareholder actions, and aligning with new SEC universal proxy rules. Key updates include stricter requirements for shareholder nominations of directors and proposals, improved disclosure obligations for shareholders seeking to nominate directors or submit proposals, and provisions related to proxy card colors and shareholder meeting logistics. These amendments are designed to streamline the shareholder engagement process and ensure compliance with evolving regulatory standards. From an investor's perspective, these bylaw amendments signify the Company's proactive approach to corporate governance and its commitment to adapting to regulatory changes. The refined disclosure requirements for shareholder proposals and nominations provide greater transparency and may help the board in evaluating such submissions. The change in the voting standard for corporate actions to a majority of votes cast is a notable shift that could impact the outcome of future non-election-related shareholder votes. Investors should review the full text of the Amended Bylaws to understand the complete scope of these changes and their potential implications on future shareholder rights and corporate decision-making processes.
INTUITIVE SURGICAL INC 8-K Report, Financial Results (Jul 16, 2026)
Intuitive Surgical, Inc. (ISRG) has filed a Form 8-K on July 16, 2026, to report its financial results for the fiscal second quarter ended June 30, 2026. The primary purpose of this filing is to furnish a press release detailing these results, which is attached as Exhibit 99.1. Investors should note that this information, while publicly disclosed, is furnished and not deemed "filed" under Section 18 of the Exchange Act, meaning it does not carry the same legal liabilities. However, it provides crucial insights into the company's performance during the period. While the specific financial metrics are contained within the furnished press release, this filing signals the company's proactive communication of its quarterly performance. Investors are encouraged to review Exhibit 99.1 for detailed information on revenue, profitability, procedure volumes, and any forward-looking guidance that may have been provided. This information is critical for assessing the company's operational health and future prospects in the robotic-assisted surgery market.
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.
View all 8-K filings →