Earnings quality
Compare earnings and operating cash flow for earnings quality.
Intuitive Surgical, Inc.
Ticker ISRG · 🇺🇸 United States · Consolidated US GAAP · amounts in dollars
Filed 2026-02-03 · Period end 2025-12-31
Takeaway
Worth trackingSales and operating profit both moved in a healthier direction.
operating margin is 29.3%; equity ratio is 87.1%.
Sales and operating profit moved together — keep watching margins and whether the trend persists next period.
ActionWorth tracking
OP margin29.3%
Equity ratio87.1%
Last price—
Trailing P/E—
Look at next
- Compare operating cash flow to reported profit across the last two years.
- Open English IR for management commentary on outlook and capital allocation.
- Overlay peers on Compare before judging relative momentum.
About the company
Intuitive Surgical, Inc. is a US-listed company with consolidated financial statements filed on SEC EDGAR.
Compare trends
Tel 4085232100 · As of filing date 2026-02-03
Financial statements
Income statement
| Account | FY2024 (ended Dec 31, 2024) | FY2025 (ended Dec 31, 2025) |
|---|---|---|
| Revenue | $8.4B | $10.1B |
| Cost of sales* | $2.7B | $3.4B |
| Gross profit | $5.6B | $6.6B |
| Operating profit | $2.3B | $2.9B |
| Income tax | $336.3M | $434.8M |
| Net income | $2.3B | $2.9B |
| Basic EPS | 6.54 | 8.00 |
Balance sheet
| Account | FY2024 (ended Dec 31, 2024) | FY2025 (ended Dec 31, 2025) |
|---|---|---|
| Cash & equivalents | $2.0B | $3.4B |
| Current assets | $7.1B | $9.8B |
| Non-current assets* | $11.6B | $10.7B |
| Total assets | $18.7B | $20.5B |
| Current liabilities | $1.7B | $2.0B |
| Non-current liabilities* | $468.3M | $510.8M |
| Total liabilities | $2.2B | $2.5B |
| Stockholders’ equity | $16.4B | $17.8B |
Cash flow statement
| Account | FY2024 (ended Dec 31, 2024) | FY2025 (ended Dec 31, 2025) |
|---|---|---|
| Operating cash flow | $2.4B | $3.0B |
| Investing cash flow | -$3.3B | $665.8M |
| Financing cash flow | $150.9M | -$2.4B |
| Cash at end of period | $2.0B | $3.4B |
Five-year trends
Key metrics
| Metric | Trend | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| Revenue | $5.7B | $6.2B | $7.1B | $8.4B | $10.1B | |
| Operating profit | $1.8B | $1.6B | $1.8B | $2.3B | $2.9B | |
| Net income | $1.7B | $1.3B | $1.8B | $2.3B | $2.9B | |
| Total assets | $13.6B | $13.0B | $15.4B | $18.7B | $20.5B | |
| Cash & equivalents | $1.3B | $1.6B | $2.8B | $2.0B | $3.4B | |
| Stockholders’ equity | $11.9B | $11.0B | $13.3B | $16.4B | $17.8B |
How we read these numbers
From the notes
No material one-offs extracted from this filing.
Constructive
Sales and operating profit both moved in a healthier direction.
On the income statement, revenue moved from $8.4B to $10.1B (▲ +20.5%). Operating profit went from $2.3B to $2.9B (▲ +25.4%).
Operating cash flow was $3.0B (prior $2.4B), with cash on the balance sheet at $3.4B versus $2.0B.
Liquidity & leverage
Cash moved from $2.0B to $3.4B; current liabilities $2.0B.
Capital buffer
Stockholders’ equity moved from $16.4B to $17.8B.
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Source: SEC EDGAR 0001035267-26-000010
(Intuitive Surgical, Inc.), period end 2025-12-31.