Income StatementBalance SheetCash FlowSegments
Intuitive Surgical logo

Intuitive Surgical Income Statement

Revenue, expenses, and profitability over time

Intuitive Surgical generated $10.6B in trailing twelve-month revenue, up 0.2% year-over-year. Net income was $3.0B with a 28.15% net margin. Gross margin stands at 66.29% and operating margin at 30.45%. Diluted EPS is $8.23, which grew 0.2% year-over-year. Based on the Q1 2026 filing.

Total Revenue (TTM)$10.6BGross Profit (TTM)$7.0BOperating Income (TTM)$3.2BNet Income (TTM)$3.0BEps Diluted (TTM)$8.23
Latest FilingQ1 2026
Report Date2026-04-22
Market Cap$155.80B
P/E Ratio52.30
ROE17.12%

Earnings Per Share

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Basic earnings per share$1.93$1.95$1.84$1.98$2.23$2.31
Diluted earnings per share$1.89$1.92$1.81$1.95$2.19$2.28
Weighted-average shares, basic—357.5M358.5M356.6M—354.9M
Weighted-average shares, diluted342.1M7.1M5.6M5.2M344.8M359.8M

Operating Income

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Gross profit$1.6B$1.5B$1.6B$1.7B$1.9B$1.8B
Operating income$734.9M$578.1M$743.4M$759.7M$864.3M$855.3M

Income Before Tax

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Income before income taxes$809.8M$668.5M$832.1M$855.2M$955.6M$940.4M

Tax

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Income tax expense$336.3M-$0.1$0.2$0.2$434.8M$114.4M

Net Income

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Net income attributable to noncontrolling interests—$5.3M$5.8M$4.8M—$4.5M
Net income$685.7M$698.4M$658.4M$704.4M$794.8M$821.5M

Other

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Accretion (Amortization) of Discounts and Premiums, Investments—$17.7M———$10.2M
Share-Based Payment Arrangement, Decrease for Tax Withholding Obligation—$370.1M———$352.3M
Share-based compensation expense related to employee stock plans—$185.9M———$213.8M
Pre-tax stock-based compensation cost—$38.4M———$38.6M
Share-Based Payment Arrangement, Expense, after Tax—$152.7M———$170.6M
Amortization of capitalized software and acquired intangible assets—$3.4M———$7.1M
Amortization of intangible and other assets—$12.1M———$21.1M
Stock options excluded as their inclusion would be anti-dilutive (in shares)—600K———200K
Capital investments accrued but not yet paid—$97.8M-$23.0M$5.1M—$65.2M
Cash, Cash Equivalent, Restricted Cash, and Restricted Cash Equivalent, Period Increase (Decrease), Including Exchange Rate Effect and Discontinued Operation—$554.8M———-$1.4B
Comprehensive Income (Loss), Net of Tax, Attributable to Parent—$722.6M———$794.7M
Less: comprehensive income attributable to noncontrolling interest—$5.4M———$5.0M
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest—$728.0M———$799.7M
Revenue recognized that was included in deferred income at the beginning of the period—$198.0M———$234.0M
Depreciation and loss on disposal of property, plant, and equipment—$137.5M$152.1M$156.7M—$178.9M
Effect of exchange rate changes on cash, cash equivalents and restricted cash—-$4.5M———$1.0M
Effective tax rates—-0.05———0.12
Excess tax benefits associated with employee equity plans (in percent)—0.220.040.03—0.08
Excess tax benefits associated with employee equity plans—$145.4M———$73.3M
Share-Based Payment Arrangement, Expense, Tax Benefit—$37.0M———$42.7M
Gain (Loss), Foreign Currency Transaction, before Tax—$7.7M———-$19.2M
Gain on sale of business and assets—$0.0———$7.9M
Goodwill Additions—$0.0$0.0$0.0—$243.2M
Translation and other—————-$300.0K
Accounts payable—$83.1M———$73.9M
Increase (Decrease) in Accounts Receivable—-$3.6M———-$25.1M
Increase (Decrease) in Deferred Income Taxes—-$100.0K———-$339.3M
Deferred revenue—$37.0M———$46.1M
Accrued compensation and employee benefits—-$226.0M$111.1M$34.7M—-$284.7M
Increase (Decrease) in Inventories—$211.1M———$266.6M
Other liabilities—-$118.1M———$30.7M
Increase (Decrease) in Prepaid Expense and Other Assets—$7.8M———$269.3M
Long lived assets maintained in the United States (as a percent)0.210.830.810.81—0.81
Cash Provided by (Used in) Financing Activity, Including Discontinued Operation—-$235.8M-$147.8M-$1.8B—-$1.4B
Cash Provided by (Used in) Investing Activity, Including Discontinued Operation—$213.5M$260.7M$401.0M—-$914.5M
Cash Provided by (Used in) Operating Activity, Including Discontinued Operation—$581.6M$715.4M$841.0M—$911.9M
Number of operating segments—————1.00
Number of reportable segments—————1.00
Lease income — operating leases—$195.2M———$250.2M
Unrealized gains (losses) on available-for-sale securities—$29.1M———-$23.6M
Unrealized gains (losses) on hedge instruments—-$10.4M———$9.9M
Foreign currency translation gains (losses)—$5.5M———-$11.5M
Other comprehensive income (loss)—$24.3M———-$26.3M
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax—-$100.0K———$1.1M
Payments for Repurchase of Common Stock—$0.0———$1.1B
Payment, Tax Withholding, Share-Based Payment Arrangement—$370.1M———$352.3M
Payments to Acquire Businesses, Net of Cash Acquired—$0.0———$528.2M
Payments to Acquire Marketable Securities—$519.8M———$911.3M
Payments to Acquire Productive Assets—$116.6M———$103.3M
Proceeds from Maturities, Prepayments and Calls of Debt Securities, Available-for-Sale—$849.9M$340.1M$605.5M—$582.3M
Proceeds from sale of assets—$0.0———$46.0M
Proceeds from issuance of common stock relating to employee stock plans—$134.3M$49.4M$90.0M—$121.8M
Equipment transfers, including operating lease assets, from inventory to property, plant, and equipment—$165.2M$192.0M$222.9M—$211.3M
Gross realized gains (losses)—$0.0$0.0$0.0$0.0$0.0
Sales-type lease revenue—$26.5M———$32.7M
Stock-based compensation—$185.2M———$209.5M
Options granted (in shares)—000—0
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Expirations in Period—00100K—0
Granted (in shares)—$0.00$0.00$0.00—$0.00
Options forfeited/expired (in dollars per share)—$239.02$2.27$3.15—$240.02
Exercised (in shares)—$127.00$8.30$-0.93—$124.75
Share Repurchase Program, Excise Tax—————$3.2M
Employee Stock Purchase Plan, number of shares purchased by employees—200K0200K—200K
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period—500K400K200K—300K
Shares Issued, Value, Share-Based Payment Arrangement, after Forfeiture—$134.3M———$121.8M
Value of shares repurchased—————$1.1B
Add: dilutive effect of potential common shares (in shares)—7.1M———4.9M

Other Income & Expense

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Other income (expense), net$326.0M$7.7M$18.8M-$14.3M$353.7M$85.1M

Operating Expenses

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Research and development$294.7M$316.2M$313.3M$329.4M$352.9M$361.9M
Selling, general and administrative$612.6M$563.4M$561.2M$573.3M$687.1M$613.3M
Total operating expenses$907.3M$879.6M$874.5M$902.7M$1.0B$975.2M

Cost of Revenue

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Total cost of revenue$771.3M$795.7M$822.1M$842.7M$961.9M$940.3M

Revenue

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Total revenue$2.4B$2.3B$2.4B$2.5B$2.9B$2.8B