ISRG FY 2025 Earnings Report — Intuitive Surgical, Inc. Revenue & Financial Results | Market Cap Arena

Intuitive Surgical, Inc.ISRG

FY 2025 Earnings

Reported February 3, 2026

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2025	Prior Q	FY 2024	QoQ Change	YoY Change
Revenue	$10.1B	—	$8.4B	—	20.5%
Op. Income	$2.9B	—	$2.3B	—	25.4%
Gross Margin	66.0%	—	67.5%	—	-1.5pp
Net Margin	28.4%	—	27.8%	—	0.6pp
EPS (Diluted)	$7.87	—	$6.42	—	22.6%
Free Cash Flow	$2.5B	—	$1.3B	—	91.0%

Revenue Flow

Item	Amount
REVENUE	$10.1B
Cost of Revenue	$3.4B
GROSS PROFIT	$6.6B
R&D Expenses	$1.3B
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$2.4B
Other Expenses	$0
Operating Expenses	$3.7B
Cost & Expenses	$7.1B
OPERATING INCOME	$2.9B
Interest Income	$366M
Interest Expense	$0
Other Income/Expenses	$366M
INCOME BEFORE TAX	$3.3B
Income Tax Expense	$435M
Net Income from Continuing Ops	$2.9B
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$2.9B
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$2.9B
D&A	$677M
EBIT	$2.9B
EBITDA	$3.6B
EPS	$8
EPS Diluted	$8

Income Statement

Item	Amount
REVENUE	$10.1B
Cost of Revenue	$3.4B
GROSS PROFIT	$6.6B
R&D Expenses	$1.3B
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$2.4B
Other Expenses	$0
Operating Expenses	$3.7B
Cost & Expenses	$7.1B
OPERATING INCOME	$2.9B
Interest Income	$366M
Interest Expense	$0
Other Income/Expenses	$366M
INCOME BEFORE TAX	$3.3B
Income Tax Expense	$435M
Net Income from Continuing Ops	$2.9B
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$2.9B
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$2.9B
D&A	$677M
EBIT	$2.9B
EBITDA	$3.6B
EPS	$8
EPS Diluted	$8

Cash Flow Statement

Item	Amount
Net Income	$2.9B
Depreciation & Amortization	$677M
Stock-Based Compensation	$788M
Deferred Income Tax	$19M
Other Non-Cash Items	-$58M
Change in Working Capital	-$1.3B
OPERATING CASH FLOW	$3.0B
Capital Expenditure	-$540M
Acquisitions (Net)	-$14M
Purchases of Investments	-$1.2B
Sales/Maturities of Investments	$2.4B
Other Investing Activities	$0
NET CASH FROM INVESTING	$666M
Net Debt Issuance	$0
Common Stock Repurchased	-$2.3B
Common Dividends Paid	$0
Other Financing Activities	-$419M
NET CASH FROM FINANCING	-$2.4B
FREE CASH FLOW	$2.5B
Net Change in Cash	$1.3B

Balance Sheet

Item	Amount
Cash & Equivalents	$3.4B
Short-Term Investments	$2.6B
Net Receivables	$1.6B
Inventory	$1.8B
Other Current Assets	$376M
TOTAL CURRENT ASSETS	$9.8B
PP&E (Net)	$5.3B
Goodwill	$370M
Intangible Assets	$11M
Long-Term Investments	$3.3B
Tax Assets	$1.0B
Other Non-Current Assets	$811M
TOTAL NON-CURRENT ASSETS	$10.9B
TOTAL ASSETS	$20.6B
Account Payables	$255M
Short-Term Debt	$39M
Deferred Revenue	$507M
Other Current Liabilities	$609M
TOTAL CURRENT LIABILITIES	$2.0B
Long-Term Debt	$132M
Deferred Revenue NC	$91M
Deferred Tax Liabilities	$173M
Other Non-Current Liabilities	$156M
TOTAL NON-CURRENT LIABILITIES	$683M
TOTAL LIABILITIES	$2.7B
Common Stock	$400.0K
Additional Paid-In Capital	$10.8B
Retained Earnings	$7.0B
Treasury Stock	$0
Accum. Other Comp. Income	$43M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$17.8B
Minority Interest	$118M
TOTAL EQUITY	$17.9B
TOTAL LIABILITIES & EQUITY	$20.6B
Total Debt	$303M
Net Debt	-$3.1B