Intuitive Surgical develops da Vinci robotic-assisted surgical systems and Ion robotic-assisted lung-biopsy systems, together with instruments, accessories and services. It reports one operating segment and consolidates its 60%-owned China joint venture.
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A snapshot of what INTUITIVE SURGICAL INC owns and owes at a point in time.
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3 reports in this collection
| Report period | Filed with SEC | Form | Source |
|---|---|---|---|
| Dec 31, 20230001035267-24-000021 | Jan 31, 2024 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20240001035267-25-000017 | Jan 31, 2025 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20250001035267-26-000010 | Feb 3, 2026 | 10-K | Open 10-Ksec.gov |
Dates describe the filing metadata. Figures and reporting periods should be checked against the original statement. SEC links open in a new tab.
Intuitive’s installed base supports repeated instrument purchases, service and leasing revenue, but recurring does not mean guaranteed. In 2025, procedure growth and da Vinci 5 adoption lifted revenue to $10.065 billion; operating-expense leverage outweighed gross-margin pressure from manufacturing investment, product costs and tariffs. Developments after the February 3, 2026 annual filing complicate that trajectory. Third-quarter revenue reached $3.049 billion, while a $450 million conditional antitrust settlement charge reduced GAAP earnings and prior-period tariff refunds benefited margins. Nine-month operating cash flow was strong, partly because accrued obligations had not been paid; repurchases and acquisitions reduced liquidity. Planned instrument-pricing and useful-life changes could lower revenue per procedure. The latest supplied disclosures establish these developments through October 21, 2026, not subsequent court outcomes or realized acquisition benefits.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-09-30 · EX-99.1 · 2026-10-20
Intuitive earns revenue when hospitals purchase or lease systems, repeatedly use limited-life instruments and accessories, and buy maintenance services. Da Vinci supports soft-tissue surgery; Ion extends the model into lung biopsy. Company-defined recurring revenue represented 84% of 2025 revenue, but includes consumables and usage-linked leases rather than only committed subscriptions. Training and digital offerings support adoption without yet generating material revenue. Neither platform has separately disclosed profitability.
Hospital economics are central: payors generally do not reimburse providers more merely for using robotic assistance. Leasing lowers the initial purchasing burden but delays Intuitive’s cash recovery. Usage-based leases generally lack minimum payments and permit penalty-free exit. Consequently, installed systems, placements and procedure counts are useful demand indicators, not interchangeable measures of sales, collections or guaranteed future profit.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-09-30
For the year ended December 31, 2025, revenue was $10,064.7 million, GAAP operating income $2,945.5 million and parent-attributable net income $2,856.0 million. Approximately 3.153 million da Vinci procedures and increased da Vinci 5 placements supported growth. Gross margin nevertheless fell to 66.0% from 67.5%, reflecting manufacturing overhead, depreciation, product costs and tariffs. SG&A and R&D grew more slowly than revenue, allowing operating income to improve despite that compression.
The growth was not uniform. Da Vinci placements included substantially more trade-ins, so they overstated net capacity additions. Ion procedures increased while equipment placements declined, consistent with management’s description of customers emphasizing utilization. U.S. bariatric procedures declined as weight-loss drugs affected demand, while South Korea benefited from recovery after physician strikes. Annual diluted shares increased slightly despite repurchases, so a shrinking annual denominator did not explain 2025 EPS growth.
Sources: 10-K · 2025-12-31
After the latest annual filing, third-quarter 2026 revenue increased to $3,048.7 million. Da Vinci procedure growth was 14%, below the prior-year quarter’s 19%; management cited continuing general-surgery adoption alongside bariatric weakness and a modest adverse effect from expiring enhanced ACA subsidies. GAAP operating income fell to $592.6 million because results included a $450 million antitrust settlement charge. The October agreement remained subject to preliminary and final court approval at the October 21 filing.
Gross margin improved to 68.4%, but included $27.8 million of recognized refunds for prior-period tariffs. Both GAAP and non-GAAP results retain that benefit. Non-GAAP operating income was $1,269.7 million after exclusions including litigation and recurring stock compensation; it is not cash earnings. The proposed settlement also includes undisclosed injunctive relief, potentially affecting instrument-service practices. It does not resolve the separate SIS and Restore proceedings.
Sources: 10-Q · 2026-09-30 · EX-99.1 · 2026-10-20
2025 operating cash flow was $3,030.5 million and cash PP&E purchases were $539.8 million. Separately, equipment transferred from inventory into PP&E supported the leased fleet; those transfers are not additional cash capex. During the first nine months of 2026, operating cash flow reached $3,197.0 million, helped by noncash charges and increased liabilities, including the settlement accrual. Cash repurchases of $4,419.2 million, acquisitions and other uses exceeded that operating inflow.
At September 30, cash and equivalents were $2,978.1 million, whereas the broader cash-and-investments balance was $6,800.4 million. The latter fell from $9,034.1 million at year-end; this is not evidence of operating cash burn. Approximately $1.8 billion of repurchase authorization remained, but authorization is discretionary rather than a payment obligation.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-09-30
Management expects instrument-pricing and useful-life changes beginning in late 2026 and 2027 to reduce da Vinci instrument-and-accessory revenue per procedure by approximately 3%–5% once fully implemented, excluding mix changes. Increased procedure volume could offset that pressure, but no offset is guaranteed. Hospital staffing and budgets, reimbursement, Chinese competition and procurement restrictions, single-source suppliers, tariffs and regulatory approvals constrain adoption and profitability. Some competing remanufactured instruments have regulatory authorization; they should not all be characterized as unauthorized.
Sources: 10-Q · 2026-09-30
USD 10.0647 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 10.0647 bn | 20.5% |
| 2024 | USD 8.3521 bn | 17.2% |
| 2023 | USD 7.1241 bn | — |
Total consolidated product and service revenue.
Sources: 10-K · 2025-12-31
USD 2.856 bn
FY2025 · GAAP · consolidated · Attribution: parent · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 2.856 bn | 23.0% |
| 2024 | USD 2.3226 bn | 29.2% |
| 2023 | USD 1.798 bn | — |
Consolidated net income after deducting income attributable to noncontrolling interests.
Sources: 10-K · 2025-12-31
USD 3.0305 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 3.0305 bn | 25.5% |
| 2024 | USD 2.415 bn | 33.1% |
| 2023 | USD 1.8138 bn | — |
Net cash provided by operating activities; includes inventory cash requirements supporting customer-leased systems.
Sources: 10-K · 2025-12-31
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