ISRG

MKT CAP:$170B

Intuitive Surgical, Inc.

Market Cap

$170B

Healthcare·Medical - Instruments & Supplies·🇺🇸 United States·NASDAQ

Healthcare·Medical·🇺🇸·NASDAQ

Stock Price

$480.14-$81.84 (-14.56%)

Apr 24, 2026

Company Details

Intuitive Surgical, Inc. develops, manufactures, and markets products that enable physicians and healthcare providers to enhance the quality of and access to minimally invasive care in the United States and internationally. The company offe...

CEO

David J. Rosa

IPO Date

Jun 16, 2000

Website

www.intuitive.com

Key Metrics TTM

Revenue

$10.6B

+21.4% YoY

Net Income

$3.0B

EPS (Diluted)

$8.25

Free Cash Flow

$2.8B

Revenue / Share

$29.41

Gross Margin

66.3%

Operating Margin

30.5%

Net Margin

28.2%

FCF Margin

26.8%

P/S

16.1x

P/E

57.1x

Earnings Reports

Q1 2026

Apr 22, 2026

NEW

$2.8B+23.0%EPS $2.28

FY 2025

Feb 3, 2026

$10.1B+20.5%EPS $7.87

Q4 2025

Feb 3, 2026

$2.9B+18.8%EPS $2.21

Q3 2025

Oct 22, 2025

$2.5B+22.9%EPS $1.95

Q2 2025

Jul 23, 2025

$2.4B+21.4%EPS $1.81

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 20	$1.1B	$738M	$283M
Q3 20	$1.1B	$724M	$270M
Q4 20	$1.3B	$896M	$416M
Q4 21	$1.6B	$1.1B	$450M
Q3 22	$1.6B	$1.1B	$399M
Q3 23	$1.7B	$1.2B	$466M
Q4 23	$1.9B	$1.3B	$450M
Q1 24	$1.9B	$1.2B	$469M
Q2 24	$2.0B	$1.4B	$567M
Q3 24	$2.0B	$1.4B	$577M
Q4 24	$2.4B	$1.6B	$735M
Q1 25	$2.3B	$1.5B	$578M
Q2 25	$2.4B	$1.6B	$743M
Q3 25	$2.5B	$1.7B	$760M
Q4 25	$2.9B	$1.9B	$864M
Q1 26	$2.8B	$1.8B	$855M

Valuation

Quarter	P/S	P/E
Q1 20	13.6x	44.0x
Q3 20	18.5x	60.6x
Q4 20	20.4x	68.2x
Q4 21	25.5x	94.0x
Q3 22	12.3x	49.1x
Q3 23	16.8x	69.9x
Q4 23	17.1x	67.3x
Q1 24	19.7x	74.1x
Q2 24	20.5x	74.1x
Q3 24	22.3x	78.1x
Q4 24	22.5x	80.9x
Q1 25	20.4x	71.7x
Q2 25	21.2x	74.3x
Q3 25	16.3x	57.0x
Q4 25	20.3x	71.5x
Q1 26	15.2x	53.9x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 20	$353M	$248M
Q3 20	$275M	$210M
Q4 20	$628M	$566M
Q4 21	$568M	$417M
Q3 22	$383M	$214M
Q3 23	$548M	$292M
Q4 23	$228M	-$207M
Q1 24	$265M	$24M
Q2 24	$621M	$311M
Q3 24	$707M	$459M
Q4 24	$823M	$511M
Q1 25	$582M	$465M
Q2 25	$715M	$560M
Q3 25	$841M	$736M
Q4 25	$893M	$730M
Q1 26	$912M	$809M

Capital Expenditures

Quarter	CapEx
Q1 20	$105M
Q3 20	$64M
Q4 20	$62M
Q4 21	$151M
Q3 22	$169M
Q3 23	$256M
Q4 23	$436M
Q1 24	$242M
Q2 24	$309M
Q3 24	$248M
Q4 24	$312M
Q1 25	$117M
Q2 25	$155M
Q3 25	$105M
Q4 25	$163M
Q1 26	$103M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 20	+5.1%	+14.3%
Q3 20	+10.7%	+11.9%
Q4 20	+20.9%	+23.4%
Q4 21	+37.4%	+44.3%
Q3 22	+41.6%	+41.9%
Q3 23	+61.8%	+58.3%
Q4 23	+45.1%	+61.8%
Q1 24	+21.9%	+29.2%
Q2 24	+29.1%	+24.5%
Q3 24	+16.9%	+14.3%
Q4 24	+25.2%	+13.6%
Q1 25	+19.2%	+17.9%
Q2 25	+21.4%	+17.6%
Q3 25	+22.9%	+19.5%
Q4 25	+18.8%	+19.3%
Q1 26	+23.0%	+14.3%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 20	$91M	8.2%
Q3 20	$106M	9.8%
Q4 20	$103M	7.8%
Q4 21	$118M	7.6%
Q3 22	$138M	8.9%
Q3 23	$156M	9.0%
Q4 23	$150M	7.8%
Q1 24	$153M	8.1%
Q2 24	$174M	8.6%
Q3 24	$173M	8.5%
Q4 24	$177M	7.3%
Q1 25	$185M	8.2%
Q2 25	$196M	8.0%
Q3 25	$204M	8.1%
Q4 25	$203M	7.1%
Q1 26	$210M	7.6%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q1 20	$147M	$308M	—	—
Q3 20	$155M	—	—	$299M
Q4 20	$150M	$308M	$22M	—
Q4 21	$183M	—	—	$427M
Q3 22	$217M	—	—	$436M
Q3 23	$249M	—	—	$452M
Q4 23	$260M	—	—	$567M
Q1 24	$285M	—	—	$492M
Q2 24	$280M	—	—	$525M
Q3 24	$286M	—	—	$511M
Q4 24	$295M	—	—	$613M
Q1 25	$316M	—	—	$563M
Q2 25	$313M	—	—	$561M
Q3 25	$329M	—	—	$573M
Q4 25	$353M	—	—	$687M
Q1 26	$362M	—	—	$613M

Revenue Segments

Quarter	Instruments and Accessories	Services	Systems
Q1 20	$618M	$199M	$283M
Q3 20	$631M	$179M	$268M
Q4 20	$747M	$215M	$367M
Q4 21	$843M	$238M	$470M
Q3 22	$872M	$260M	$426M
Q3 23	$1.1B	$293M	$379M
Q4 23	$1.1B	$304M	$480M
Q1 24	$1.2B	$314M	$418M
Q2 24	$1.2B	$317M	$448M
Q3 24	$1.3B	$329M	$445M
Q4 24	$1.4B	$347M	$655M
Q1 25	$1.4B	$363M	$523M
Q2 25	$1.5B	$391M	$575M
Q3 25	$1.5B	$396M	$590M
Q4 25	$1.7B	$422M	$786M

Revenue by Geography

Quarter	Geographic Distribution, Domestic	Geographic Distribution, Foreign
Q1 25	$1.5B	$715M
Q2 25	$1.6B	$811M
Q3 25	$1.7B	$788M
Q4 25	$1.9B	$936M

War Chest

Quarter	Cash	Short-term Investments	Total
Q2 22	$1.5B	$2.9B	$4.4B
Q3 22	$1.5B	$2.8B	$4.3B
Q4 22	$1.6B	$2.5B	$4.1B
Q1 23	$2.1B	$2.5B	$4.7B
Q2 23	$3.4B	$2.4B	$5.8B
Q3 23	$3.6B	$2.9B	$6.5B
Q4 23	$2.8B	$2.5B	$5.2B
Q1 24	$2.8B	$2.0B	$4.8B
Q2 24	$3.0B	$1.7B	$4.8B
Q3 24	$2.4B	$1.8B	$4.2B
Q4 24	$2.0B	$2.0B	$4.0B
Q1 25	$2.6B	$1.9B	$4.5B
Q2 25	$3.4B	$1.9B	$5.3B
Q3 25	$2.8B	$2.1B	$4.9B
Q4 25	$3.4B	$2.6B	$5.9B
Q1 26	$8.0B	$2.5B	$10.5B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 20	359M	+0.4%	+4.2%
Q3 20	362M	+0.7%	+0.8%
Q4 20	363M	+0.4%	+1.5%
Q4 21	367M	+1.1%	+2.7%
Q3 22	361M	-1.9%	+0.3%
Q3 23	358M	-0.6%	-1.0%
Q4 23	358M	0.0%	-1.4%
Q1 24	361M	+0.6%	-1.9%
Q2 24	361M	+0.1%	+0.1%
Q3 24	363M	+0.5%	+1.3%
Q4 24	364M	+0.3%	+1.6%
Q1 25	365M	+0.2%	+1.1%
Q2 25	364M	-0.1%	+0.9%
Q3 25	362M	-0.6%	-0.2%
Q4 25	360M	-0.4%	-1.0%
Q1 26	360M	-0.2%	-1.3%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 20	$150.1K	7K
Q3 20	$147.1K	7K
Q4 20	$164.5K	8K
Q4 21	$158.3K	10K
Q3 22	$159.0K	10K
Q3 23	$143.9K	12K
Q4 23	$141.0K	14K
Q1 24	$138.2K	14K
Q2 24	$147.0K	14K
Q3 24	$149.0K	14K
Q4 24	$154.3K	16K
Q1 25	$144.1K	16K
Q2 25	$156.0K	16K
Q3 25	$160.2K	16K
Q4 25	$168.4K	17K
Q1 26	$162.8K	17K

Revenue / Employee