ISRG (Intuitive Surgical, Inc.) Stock Financials & Earnings | Market Cap Arena

ISRG (Intuitive Surgical, Inc.) Stock Financials & Earnings | Market Cap Arena

ISRGIntuitive Surgical, Inc.

Mkt Cap$173B

ISRGIntuitive Surgical, Inc.

$173B

Company Info & Key Metrics

Healthcare Medical - Instruments & Supplies

Country🇺🇸 United States

ExchangeNASDAQ

Revenue$2.9B

YoY Growth+18.8%

QoQ Growth+14.4%

Net Income$795M

EPS$2.21

Free Cash Flow$730M

Gross Margin66.4%

Op. Margin30.2%

Net Margin27.7%

FCF Margin25.5%

Rev Multiple (TTM)17.2x

P/E Ratio (TTM)60.7x

Revenue & Profitability

Quarter	Revenue	Gross Profit	Op. Income
Q1 23	$1.7B	$1.1B	$388M
Q2 23	$1.8B	$1.2B	$463M
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

Revenue Breakdown

Valuation

Quarter	P/S	P/E
Q1 23	26.9x	132.0x
Q2 23	26.0x	121.6x
Q3 23	25.3x	114.2x
Q4 23	24.3x	96.4x
Q1 24	23.7x	87.2x
Q2 24	22.9x	82.7x
Q3 24	22.0x	77.2x
Q4 24	20.7x	74.6x
Q1 25	19.9x	70.0x
Q2 25	18.9x	66.4x
Q3 25	18.0x	63.1x
Q4 25	17.2x	60.7x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 23	$371M	$177M
Q2 23	$666M	$487M
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

Capital Expenditures

CapEx

Quarter	CapEx
Q1 23	$194M
Q2 23	$178M
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

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 23	+14.0%	+21.2%
Q2 23	+15.4%	+15.0%
Q3 23	+12.0%	+10.3%
Q4 23	+16.5%	+15.3%
Q1 24	+11.5%	+8.6%
Q2 24	+14.5%	+11.6%
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%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 23	$140M	8.2%
Q2 23	$147M	8.3%
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%

OpEx Breakdown

Quarter	R&D	SG&A
Q1 23	$245M	$481M
Q2 23	$244M	$464M
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

Revenue Segments

Quarter	Instruments and Accessories	Services	Systems
Q1 23	$986M	$283M	$427M
Q2 23	$1.1B	$287M	$393M
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
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

Shares Outstanding

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change
Q1 23	356M	-0.3%
Q2 23	357M	+0.4%
Q3 23	358M	+0.3%
Q4 23	358M	+0.0%
Q1 24	361M	+0.6%
Q2 24	361M	+0.1%
Q3 24	363M	+0.5%
Q4 24	364M	+0.3%
Q1 25	365M	+0.2%
Q2 25	364M	-0.1%
Q3 25	362M	-0.6%
Q4 25	360M	-0.4%

Revenue Per Employee

Revenue / Employee

Year	Revenue/Employee	Employees
FY 14	$716K	3K
FY 15	$743K	3K
FY 16	$720K	4K
FY 17	$704K	4K
FY 18	$674K	6K
FY 19	$611K	7K
FY 20	$539K	8K
FY 21	$583K	10K
FY 22	$513K	12K
FY 23	$521K	14K
FY 24	$534K	16K
FY 25	$591K	17K