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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)$8.24
Latest FilingQ1 2026
Report Date2026-04-22
Market Cap$155.16B
P/E Ratio52.08
ROE17.12%

Other Income & Expense

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Foreign Currency Transaction Gain (Loss)—$7.7M$18.8M-$14.3M—-$19.2M
Unrealized Foreign Currency Transaction Gain (Loss)—$7.7M$18.8M-$14.3M—-$19.2M
Foreign Currency Transaction Gain (Loss)—$7.7M$18.8M-$14.3M—-$19.2M
Foreign exchange gains (losses)—$7.7M$18.8M-$14.3M—-$19.2M
Gain on Sale of Business$275.0K$0.0———$7.9M
Foreign Currency Transaction Gain (Loss), Pre-tax—$7.7M$18.8M-$14.3M—-$19.2M
Foreign Currency Transaction Gain (Loss)—$7.7M$18.8M-$14.3M—-$19.2M
Realized Investment Gains (Losses)$0.0$0.0$0.0$0.0$0.0$0.0
Net Change in Cash Flow Hedges—-$10.4M-$15.3M$12.5M—$9.9M
Change in Accounts Payable-$21.6M$83.1M—$24.6M—$73.9M
OCI Defined Benefit Plans—-$100.0K-$200.0K-$100.0K—$1.1M
Change in Net Unrealized Gains (Losses) on AFS Securities—$29.1M$7.4M$5.2M—-$23.6M
Foreign currency transaction gain (loss)—$7.7M$18.8M-$14.3M—-$19.2M
Foreign Currency Transaction Gain (Loss), Before Tax—$7.7M$18.8M-$14.3M—-$19.2M
Other income (expense), net$74.9M$90.4M$88.7M$95.5M$91.3M$85.1M

Operating Expenses

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Stock-Based Compensation Expense$177.0M$185.2M$196.2M$203.5M$203.3M$209.5M
Total stock-based compensation—$38.4M$199.9M$206.0M—$38.6M
Share-Based Compensation Expense$177.0M$185.2M$196.2M$203.5M$203.3M$209.5M
Stock-based compensation expense—$134.3M$49.4M$90.0M—$121.8M
Stock-Based Compensation Expense (Pre-tax)—$38.4M$199.9M$206.0M—$38.6M
Allocated Share-Based Compensation Expense—$38.4M$199.9M$206.0M—$38.6M
Share-Based Compensation Expense, Net of Tax—$152.7M$160.6M$163.5M—$170.6M
Share-Based Compensation (Operating)—$38.4M$199.9M$206.0M—$38.6M
Allocated Share-Based Compensation (Net of Tax)—$152.7M$160.6M$163.5M—$170.6M
Share-Based Compensation Expense Before Income Taxes—$38.4M$199.9M$206.0M—$38.6M
Stock-based compensation expense$177.0M$38.4M$199.9M$206.0M$203.3M$38.6M
Other operating expenses$907.3M$879.6M$874.5M$902.7M$1.0B$975.2M
Share-Based Compensation Expense—$134.3M$49.4M$90.0M—$121.8M
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
Share-Based Compensation$177.0M$185.2M$196.2M$203.5M$203.3M$209.5M
Total operating expenses$907.3M$879.6M$874.5M$902.7M$1.0B$975.2M
Stock-Based Compensation (Before Tax)—$38.4M$199.9M$206.0M—$38.6M

Earnings Per Share

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Weighted Average Diluted Shares Adjustment—$7.1M$5.6M$5.2M—$4.9M
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$2.20$2.28
Weighted Average Diluted Shares Adjustment—$7.1M$5.6M$5.2M—$4.9M
Weighted average number diluted shares outstanding adjustment—$7.1M$5.6M$5.2M—$4.9M
Weighted-average shares, basic400K357.5M358.5M356.6M—354.9M
Weighted-average shares, diluted600K364.6M364.1M361.8M—359.8M

Tax

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Effective Tax Rate (Continuing Operations)—-$0.1$0.2$0.2—$0.1
Effective Tax Rate—-$0.1$0.2$0.2—$0.1
Effective Tax Rate, Continuing Operations—-$0.1$0.2$0.2—$0.1
Stock-Based Compensation Tax Benefit—$37.0M$39.3M$42.5M—$42.7M
Effective Income Tax Rate, Continuing Operations—-$0.1$0.2$0.2—$0.1
Effective Tax Rate—-$0.1$0.2$0.2—$0.1
Effective Tax Rate (Continuing Operations)—-$0.1$0.2$0.2—$0.1
Share-Based Compensation Tax Benefit—$37.0M$39.3M$42.5M—$42.7M
Income tax expense$121.8M-$35.2M$167.9M$146.0M$156.1M$114.4M
Effective Tax Rate (Continuing Operations)—-$0.1$0.2$0.2—$0.1
Share-Based Compensation Tax Benefit—$37.0M$39.3M$42.5M—$42.7M
Effective Tax Rate (Continuing Operations)—-$0.1$0.2$0.2—$0.1
Effective Income Tax Rate—-$0.1$0.2$0.2—$0.1
Excess Tax Benefits from Share-Based Compensation—$145.4M$32.9M$24.2M—$73.3M
Effective Tax Rate, Continuing Operations—-$0.1$0.2$0.2—$0.1
Effective Tax Rate Continuing Operations—-$0.1$0.2$0.2—$0.1

Other

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Change in Accounts Receivable$74.1M-$3.6M$47.7M$0.0$267.5M-$25.1M
Change in Deferred Revenue$37.3M$37.0M$11.8M$0.0$27.6M$46.1M
Change in Other Liabilities$90.7M-$118.1M$82.4M$40.9M$28.9M$30.7M
Share-Based Payment Tax Withholding Decrease—$370.1M$16.2M$19.7M—$352.3M
Tax Withholding for Share-Based Payments$12.5M$370.1M$16.2M$19.7M$13.1M$352.3M
Comprehensive Income Including Noncontrolling Interest—$728.0M$694.6M$732.9M—$799.7M
OCI Attributable to Noncontrolling Interest—$5.4M$6.1M$5.0M—$5.0M
Goodwill Translation and Purchase Accounting Adjustments—$0.0$1.2M——-$300.0K
OCI - Available-for-sale securities, net of tax—$29.1M$7.4M$5.2M—-$23.6M
OCI - Cash flow hedge, net of tax—-$10.4M-$15.3M$12.5M—$9.9M
OCI - Defined benefit plan, net of tax—-$100.0K-$200.0K-$100.0K—$1.1M
Other comprehensive income (loss), net of tax—-$10.4M-$15.3M$12.5M—$9.9M
Comprehensive Income Attributable to Parent—$728.0M$694.6M$732.9M—$799.7M
Other Comprehensive Income (Loss)—-$100.0K-$200.0K-$100.0K—$1.1M
OCI Cash Flow Hedge Gain (Loss)—-$10.4M-$15.3M$12.5M—$9.9M
OCI Net Unrealized Gain (Loss) on Securities—$29.1M$7.4M$5.2M—-$23.6M
OCI Available for Sale Securities Adjustment—$29.1M$7.4M$5.2M—-$23.6M
Comprehensive Income Including Noncontrolling Interest—$728.0M$694.6M$732.9M—$799.7M
OCI Defined Benefit Plan Net of Tax—-$100.0K-$200.0K-$100.0K—$1.1M
Unrealized Gains (Losses) on Hedge Instruments—-$10.4M-$15.3M$12.5M—$9.9M
Unrealized Gains on Available-for-Sale Securities—$29.1M$7.4M$5.2M—-$23.6M
Comprehensive income (loss), including noncontrolling interest—$728.0M$694.6M$732.9M—$799.7M
Accretion (Amortization) of Discounts and Premiums, Investments—$17.7M———$10.2M
Share-Based Payment Arrangement, Decrease for Tax Withholding Obligation—$370.1M$16.2M$19.7M—$352.3M
Share-based compensation expense related to employee stock plans—$185.9M$198.6M$205.4M—$213.8M
Pre-tax stock-based compensation cost—$38.4M$199.9M$206.0M—$38.6M
Share-Based Payment Arrangement, Expense, after Tax—$152.7M$160.6M$163.5M—$170.6M
Amortization of intangible and other assets$13.6M$12.1M———$21.1M
Stock options excluded as their inclusion would be anti-dilutive (in shares)—600K1.5M1.8M—200K
Capital investments accrued but not yet paid—$97.8M—$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$688.5M$727.9M—$794.7M
Less: comprehensive income attributable to noncontrolling interest—$5.4M$6.1M$5.0M—$5.0M
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest—$728.0M$694.6M$732.9M—$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$121.6M$137.5M$152.1M$156.7M$168.4M$178.9M
Effect of exchange rate changes on cash, cash equivalents and restricted cash—-$4.5M———$1.0M
Effective tax rates—-5.3%20.2%17.1%—12.2%
Excess tax benefits associated with employee equity plans (in percent)—21.8%4.0%2.8%—7.8%
Excess tax benefits associated with employee equity plans—$145.4M———$73.3M
Share-Based Payment Arrangement, Expense, Tax Benefit—$37.0M$39.3M$42.5M—$42.7M
Gain (Loss), Foreign Currency Transaction, before Tax—$7.7M$18.8M-$14.3M—-$19.2M
Gain on sale of business and assets$275.0K$0.0———$7.9M
Goodwill Additions—$0.0$0.0$0.0—$243.2M
Translation and other—$0.0$1.2M——-$300.0K
Accounts payable-$21.6M$83.1M—$24.6M—$73.9M
Increase (Decrease) in Accounts Receivable$74.1M-$3.6M$47.7M$0.0$267.5M-$25.1M
Increase (Decrease) in Deferred Income Taxes—-$100.0K———-$339.3M
Deferred revenue—$37.0M———$46.1M
Accrued compensation and employee benefits$158.2M-$226.0M——$192.9M-$284.7M
Increase (Decrease) in Inventories$179.1M$211.1M$283.1M$316.2M$253.0M$266.6M
Other liabilities$90.7M-$118.1M$82.4M$40.9M$28.9M$30.7M
Increase (Decrease) in Prepaid Expense and Other Assets$152.2M$7.8M$134.0M$107.1M—$269.3M
Long lived assets maintained in the United States (as a percent)20.8%83.0%81.0%81.0%—81.0%
Cash Provided by (Used in) Financing Activity, Including Discontinued Operation$49.4M-$235.8M-$147.8M-$1.8B-$137.5M-$1.4B
Cash Provided by (Used in) Investing Activity, Including Discontinued Operation-$1.3B$213.5M$260.7M$401.0M—-$914.5M
Cash Provided by (Used in) Operating Activity, Including Discontinued Operation$822.6M$581.6M$715.4M$841.0M$892.5M$911.9M
Net Income Loss Attributable To Noncontrolling Interest—$5.3M$5.8M$4.8M—$4.5M
Number of operating segments—1.00———1.00
Number of reportable segments—1.00———1.00
Lease income — operating leases—$195.2M$213.8M$223.0M—$250.2M
Unrealized gains (losses) on available-for-sale securities—$29.1M$7.4M$5.2M—-$23.6M
Unrealized gains (losses) on hedge instruments—-$10.4M-$15.3M$12.5M—$9.9M
Foreign currency translation gains (losses)—$5.5M$38.1M$5.9M—-$11.5M
Other comprehensive income (loss)—$24.3M$30.4M$23.7M—-$26.3M
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax—-$100.0K-$200.0K-$100.0K—$1.1M
Payments for Repurchase of Common Stock$0.0$0.0$181.0M$1.9B$201.0M$1.1B
Payment, Tax Withholding, Share-Based Payment Arrangement$12.5M$370.1M$16.2M$19.7M$13.1M$352.3M
Payments to Acquire Businesses, Net of Cash Acquired$1.0M$0.0$1.2M$0.0$12.7M$528.2M
Payments to Acquire Marketable Securities—$519.8M$172.0M$99.1M—$911.3M
Payments to Acquire Productive Assets$312.0M$116.6M$155.3M$105.4M$162.5M$103.3M
Proceeds from Maturities, Prepayments and Calls of Debt Securities, Available-for-Sale$478.8M$849.9M$340.1M$605.5M$380.0M$582.3M
Proceeds from sale of assets—$0.0———$46.0M
Proceeds from issuance of common stock relating to employee stock plans$61.9M$134.3M$49.4M$90.0M$76.6M$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$0.0
Revenue From Contract With Customer Excluding Assessed Tax$2.4B$2.3B$2.4B$2.5B$2.9B$2.8B
Sales-type lease revenue—$26.5M$15.1M$30.9M—$32.7M
Stock-based compensation$177.0M$185.2M$196.2M$203.5M$203.3M$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——$124.75
Share Repurchase Program, Excise Tax—————$3.2M
Employee Stock Purchase Plan, number of shares purchased by employees—200K—200K—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$49.4M$90.0M—$121.8M
Value of shares repurchased——$181.0M$1.9B—$1.1B
Add: dilutive effect of potential common shares (in shares)—7.1M5.6M5.2M—4.9M
Comprehensive Income (Loss), Total—$728.0M$694.6M$732.9M—$799.7M
Comprehensive Income Attributable to Noncontrolling Interests—$5.4M$6.1M$5.0M—$5.0M
Comprehensive Income, Including Noncontrolling Interest—$728.0M$694.6M$732.9M—$799.7M
Foreign Currency Translation Adjustment, Net of Tax—$5.5M$38.1M$5.9M—-$11.5M
OCI Defined Benefit Plan, After Tax—-$100.0K-$200.0K-$100.0K—$1.1M
Other Comprehensive Income (Loss)—$29.1M$7.4M$5.2M—-$23.6M
OCI Pension Adjustments—-$100.0K-$200.0K-$100.0K—$1.1M
Comprehensive Income Including Noncontrolling Interest—$728.0M$694.6M$732.9M—$799.7M
OCI Available for Sale Securities Adjustment, Net of Tax—$29.1M$7.4M$5.2M—-$23.6M
Total Comprehensive Income—$728.0M$694.6M$732.9M—$799.7M
Comprehensive Income, Noncontrolling Interest—$5.4M$6.1M$5.0M—$5.0M
OCI Pension Reclassification Adjustment, Pre-tax—-$100.0K-$200.0K-$100.0K—$1.1M
OCI Unrealized Gain (Loss) on Securities, Pre-tax—$29.1M$7.4M$5.2M—-$23.6M

Revenue

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Revenue Recognized from Contract Liability—$198.0M$126.0M$91.0M—$234.0M
Revenue Recognized from Contract Liabilities—$198.0M$126.0M$91.0M—$234.0M
Gift Card Revenue Recognized—$198.0M$126.0M$91.0M—$234.0M
Revenue Recognized from Contract Liability—$198.0M$126.0M$91.0M—$234.0M
Total revenue$2.4B$2.3B$2.4B$2.5B$2.9B$2.8B

Net Income

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Comprehensive income (loss), including noncontrolling interest—$728.0M$694.6M$732.9M—$799.7M
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

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

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