Intuitive Surgical, Inc. (ISRG) Balance Sheet
ISRG balance sheet, 2025
December 31, 2025 · U.S. dollars$20.63B assets = $2.69B liabilities + $17.94B equity
Both columns are drawn to the same scale: what ISRG owns equals what it owes plus shareholders’ equity. Hover a block for its value.
ISRG financial health
Descriptive bands, not a rating. Fiscal 2025.
ISRG balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $6.49B2016 | $20.63B2025 | +13.7%/yr | |
| Total liabilities | $709.1M2016 | $2.69B2025 | +16.0%/yr | |
| Shareholders’ equity | $5.78B2016 | $17.82B2025 | +13.3%/yr | |
| Cash & short-term investments | $4.84B2016 | $5.93B2025 | +2.3%/yr | |
| Total debt | $143.7M2016 | $302.8M2025 | +8.6%/yr | |
| Net cash (debt) | $4.69B2016 | $5.63B2025 | +$937.9M | |
| Working capital | $4.74B2016 | $7.77B2025 | +$3.0B | |
| Book value per share | $16.342016 | $49.142025 | +13.0%/yr | |
| Current ratio | 7.692016 | 4.872025 | −2.81 | |
| Debt / equity | 0.022016 | 0.022025 | −0.01 | |
| Shares outstanding | 353.7M2016 | 362.7M2025 | +0.3%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
ISRG assets
ISRG liabilities and equity
ISRG debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
ISRG balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $5.93B | $4.01B | $5.22B | $4.12B | $4.23B | $5.17B | $5.85B | $3.06B | $3.85B | $4.84B |
| Cash & equivalents | $3.37B | $2.03B | $2.75B | $1.58B | $1.29B | $1.62B | $1.17B | $857.9M | $3.85B | $4.84B |
| Short-term investments | $2.57B | $1.99B | $2.47B | $2.54B | $2.94B | $3.55B | $2.05B | $2.21B | $1.31B | $1.52B |
| Receivables | $1.63B | $1.36B | $1.27B | $1.07B | $893.0M | $726.6M | $645.2M | $682.3M | $507.9M | $430.2M |
| Inventory | $1.84B | $1.49B | $1.22B | $893.2M | $587.1M | $601.5M | $595.5M | $409.0M | $241.2M | $182.3M |
| Other current assets | $376.4M | $253.7M | $176.7M | $168.6M | $133.9M | $126.3M | $425.6M | $178.8M | $91.3M | $0 |
| Total current assets | $9.78B | $7.11B | $7.89B | $6.25B | $5.84B | $6.63B | $7.51B | $4.33B | $4.69B | $5.45B |
| Property, plant & equipment (net) | $5.34B | $4.78B | $3.54B | $2.37B | $1.88B | $1.58B | $1.27B | $812.0M | $613.1M | $458.4M |
| Goodwill & intangible assets | $381.4M | $370.5M | $387.8M | $398.3M | $414.1M | $414.1M | $419.3M | $307.3M | $227.1M | $232.6M |
| Long-term investments | $3.10B | $4.82B | $2.12B | $2.62B | $4.42B | $1.76B | $2.62B | $1.77B | $1.89B | $2.28B |
| Other non-current assets | $2.03B | $1.75B | $1.51B | $1.32B | $1.00B | $793.9M | $0 | $622.9M | $0 | $0 |
| Total assets | $20.63B | $18.84B | $15.44B | $12.97B | $13.55B | $11.17B | $9.73B | $7.85B | $5.76B | $6.49B |
| Liabilities | ||||||||||
| Accounts payable | $255.1M | $193.4M | $188.7M | $147.0M | $121.2M | $81.6M | $1.08B | $100.7M | $82.5M | $68.5M |
| Short-term debt | $39.0M | $33.5M | $25.3M | $24.2M | $20.4M | $21.9M | $568.9M | $39.1M | $371.9M | $143.7M |
| Deferred revenue | $506.7M | $468.8M | $446.1M | $397.3M | $377.2M | $350.3M | $365.2M | $294.3M | $302.8M | $249.9M |
| Total current liabilities | $2.01B | $1.75B | $1.66B | $1.42B | $1.15B | $965.2M | $1.45B | $820.6M | $1.03B | $709.1M |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Lease obligations | — | — | — | — | $87.0M | — | — | — | — | — |
| Other long-term liabilities | $683.3M | $563.7M | $385.5M | $439.3M | $453.7M | $444.6M | $159.7M | $338.6M | $327.1M | $112.6M |
| Total liabilities | $2.69B | $2.31B | $2.04B | $1.86B | $1.60B | $1.41B | $1.45B | $1.16B | $1.03B | $709.1M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $400,000 | $400,000 | $400,000 | $400,000 | $400,000 | $100,000 | $100,000 | $100,000 | $4.68B | $0 |
| Retained earnings (deficit) | $7.01B | $6.80B | $4.74B | $3.50B | $4.76B | $3.26B | $2.49B | $1.52B | $61.4M | $1.57B |
| Treasury stock | — | — | — | — | — | — | — | — | $0 | $0 |
| Accumulated other comprehensive income | $43.3M | −$51.3M | −$12.2M | −$162.5M | −$24.2M | $24.9M | $12.4M | −$13.3M | −$15.5M | −$8.9M |
| Minority interest | $117.7M | $95.9M | $89.7M | $70.7M | $50.4M | $27.6M | $20.9M | $8.7M | $1.6M | $0 |
| Total shareholders' equity | $17.82B | $16.43B | $13.31B | $11.04B | $11.95B | $9.76B | $8.28B | $6.68B | $4.73B | $5.78B |
| Key figures | ||||||||||
| Total debt | $302.8M | $146.0M | $89.8M | $93.8M | $87.0M | $79.9M | $76.4M | $39.1M | $371.9M | $143.7M |
| Net cash (debt) | $5.63B | $3.87B | $5.13B | $4.02B | $4.14B | $5.09B | $5.77B | $3.02B | $3.47B | $4.69B |
| Working capital | $7.77B | $5.37B | $6.23B | $4.83B | $4.70B | $5.66B | $6.06B | $3.51B | $3.66B | $4.74B |
| Tangible book value | $17.44B | $16.06B | $12.92B | $10.64B | $11.54B | $9.35B | $7.87B | $6.37B | $4.50B | $5.55B |
| Book value per share | $49.14 | $45.40 | $37.23 | $30.50 | $32.67 | $27.04 | $23.11 | $18.74 | $13.55 | $16.34 |
| Shares outstanding | 362.7M | 362.0M | 357.4M | 362.0M | 365.8M | 360.9M | 358.5M | 356.4M | 348.9M | 353.7M |
| Current ratio | 4.87 | 4.07 | 4.76 | 4.40 | 5.08 | 6.86 | 5.19 | 5.28 | 4.55 | 7.69 |
| Quick ratio | 3.77 | 3.08 | 3.91 | 3.65 | 4.46 | 6.11 | 4.48 | 4.56 | 4.22 | 7.43 |
| Debt / equity | 0.02 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.01 | 0.08 | 0.02 |
| Equity / assets | 86.4% | 87.2% | 86.2% | 85.1% | 88.2% | 87.4% | 85.1% | 85.1% | 82.1% | 89.1% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $5.22B | $4.55B | $5.93B | $4.91B | $5.33B | $4.51B | $4.01B | $4.23B | $4.76B | $4.80B | $5.22B | $6.48B |
| Cash & equivalents | $2.76B | $2.04B | $3.37B | $2.81B | $3.40B | $2.57B | $2.03B | $2.41B | $3.04B | $2.84B | $2.75B | $3.60B |
| Short-term investments | $2.46B | $2.51B | $2.57B | $2.10B | $1.92B | $1.94B | $1.99B | $1.82B | $1.72B | $1.96B | $2.47B | $2.87B |
| Receivables | $1.77B | $1.71B | $1.63B | $1.38B | $1.39B | $1.35B | $1.36B | $1.29B | $1.24B | $1.26B | $1.27B | $1.10B |
| Inventory | $2.03B | $1.95B | $1.84B | $1.78B | $1.67B | $1.55B | $1.49B | $1.48B | $1.38B | $1.30B | $1.22B | $1.15B |
| Other current assets | $523.1M | $3.32B | $376.4M | $450.7M | $358.2M | $243.5M | $253.7M | $212.2M | $270.0M | $272.9M | $176.7M | $182.6M |
| Total current assets | $9.54B | $11.52B | $9.78B | $8.53B | $8.75B | $7.66B | $7.11B | $7.22B | $7.65B | $7.63B | $7.89B | $8.90B |
| Property, plant & equipment (net) | $5.55B | $5.45B | $5.34B | $5.15B | $4.99B | $4.80B | $4.78B | $4.43B | $4.12B | $3.80B | $3.54B | $3.08B |
| Goodwill & intangible assets | $778.6M | $786.7M | $381.4M | $362.6M | $366.6M | $367.1M | $370.5M | $373.6M | $376.7M | $382.0M | $387.8M | $986.5M |
| Long-term investments | $3.41B | $3.46B | $3.10B | $3.52B | $4.21B | $4.59B | $4.82B | $4.08B | $2.93B | $2.52B | $2.12B | $1.04B |
| Other non-current assets | $1.59B | $0 | $2.03B | $1.79B | $1.86B | $1.81B | $1.75B | $1.64B | $1.58B | $1.49B | $1.51B | $701.4M |
| Total assets | $20.88B | $20.11B | $20.63B | $19.35B | $20.16B | $19.22B | $18.84B | $17.74B | $16.65B | $15.83B | $15.44B | $14.71B |
| Liabilities | ||||||||||||
| Accounts payable | $277.2M | $332.9M | $255.1M | $291.2M | $266.8M | $276.2M | $193.4M | $218.7M | $194.4M | $194.4M | $188.7M | $196.2M |
| Short-term debt | — | — | $39.0M | — | — | — | $33.5M | $654.6M | $85.9M | $437.5M | $25.3M | — |
| Deferred revenue | $549.4M | $559.5M | $506.7M | $491.1M | $499.9M | $496.3M | $468.8M | $426.0M | $433.9M | $437.5M | $446.1M | $394.8M |
| Total current liabilities | $1.92B | $1.91B | $2.01B | $1.80B | $1.69B | $1.54B | $1.75B | $1.68B | $1.49B | $1.38B | $1.66B | $1.68B |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other long-term liabilities | $656.0M | $602.8M | $683.3M | $506.5M | $517.5M | $474.6M | $563.7M | $389.1M | $365.9M | $406.5M | $385.5M | $412.8M |
| Total liabilities | $2.58B | $2.51B | $2.69B | $2.31B | $2.21B | $2.01B | $2.31B | $2.07B | $1.85B | $1.78B | $2.04B | $2.09B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $400,000 | $400,000 | $400,000 | $400,000 | $400,000 | $400,000 | $400,000 | $400,000 | $400,000 | $400,000 | $400,000 | $400,000 |
| Retained earnings (deficit) | $6.84B | $6.40B | $7.01B | $6.42B | $7.61B | $7.14B | $6.80B | $6.13B | $5.58B | $5.07B | $4.74B | $4.21B |
| Accumulated other comprehensive income | $5.8M | $16.5M | $43.3M | $26.5M | $3.0M | −$27.1M | −$51.3M | $12.9M | −$23.5M | −$8.7M | −$12.2M | −$56.5M |
| Minority interest | $129.3M | $122.7M | $117.7M | $112.4M | $107.4M | — | — | — | — | — | — | — |
| Total shareholders' equity | $18.17B | $17.47B | $17.82B | $16.93B | $17.85B | $17.11B | $16.43B | $15.58B | $14.71B | $13.96B | $13.31B | $12.54B |
| Key figures | ||||||||||||
| Total debt | — | — | $302.8M | — | — | — | $146.0M | $654.6M | $85.9M | $437.5M | $89.8M | — |
| Net cash (debt) | — | — | $5.63B | — | — | — | $3.87B | $3.58B | $4.67B | $4.36B | $5.13B | — |
| Working capital | $7.62B | $9.61B | $7.77B | $6.72B | $7.05B | $6.12B | $5.37B | $5.54B | $6.17B | $6.26B | $6.23B | $7.23B |
| Tangible book value | $17.39B | $16.69B | $17.44B | $16.57B | $17.48B | $16.74B | $16.06B | $15.21B | $14.33B | $13.58B | $12.92B | $11.55B |
| Book value per share | $50.68 | $48.57 | $49.46 | $46.79 | $49.01 | $46.92 | $45.16 | $42.96 | $40.74 | $38.73 | $37.15 | $35.01 |
| Shares outstanding | 358.5M | 359.8M | 360.4M | 361.8M | 364.1M | 364.6M | 363.9M | 362.7M | 361.0M | 360.5M | 358.2M | 358.2M |
| Current ratio | 4.96 | 6.03 | 4.87 | 4.73 | 5.17 | 4.98 | 4.07 | 4.30 | 5.15 | 5.55 | 4.76 | 5.31 |
| Quick ratio | 3.64 | 3.28 | 3.77 | 3.49 | 3.97 | 3.81 | 3.08 | 3.29 | 4.03 | 4.41 | 3.91 | 4.52 |
| Debt / equity | — | — | 0.02 | — | — | — | 0.01 | 0.04 | 0.01 | 0.03 | 0.01 | — |
| Equity / assets | 87.0% | 86.9% | 86.4% | 87.5% | 88.5% | 89.0% | 87.2% | 87.8% | 88.3% | 88.2% | 86.2% | 85.2% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 3, 2026); data from EODHD.
ISRG financial position
At the end of fiscal 2025 (December 31, 2025), Intuitive Surgical had total assets of $20.6 billion (up 9.5% from a year earlier), total liabilities of $2.7 billion and shareholders' equity of $17.8 billion. It held $5.9 billion in cash and short-term investments against $302.8 million of debt, a net cash position of $5.6 billion. Its current ratio was 4.87. In the latest quarter (ended June 30, 2026) total assets were $20.9 billion and equity $18.2 billion.
Related: ISRG income statement, ISRG cash flow statement, ISRG key metrics. See the ISRG stock overview for the latest quote and news.
ISRG balance sheet FAQ
What are Intuitive Surgical's total assets?
Intuitive Surgical reported total assets of $20.6 billion at the end of fiscal 2025 (December 31, 2025), compared with $18.8 billion a year earlier.
How much debt does Intuitive Surgical have?
Intuitive Surgical had $302.8 million of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 0.02.
How much cash does Intuitive Surgical have?
Intuitive Surgical held $5.9 billion in cash and short-term investments at the end of fiscal 2025; with $302.8 million of debt that is net cash of $5.6 billion.
What is Intuitive Surgical's book value?
Intuitive Surgical's shareholders' equity (book value) was $17.8 billion at the end of fiscal 2025, or $49.14 per share.
What is Intuitive Surgical's current ratio?
Intuitive Surgical had current assets of $9.8 billion and current liabilities of $2.0 billion, a current ratio of 4.87 (it can cover its short-term obligations).
How much goodwill does Intuitive Surgical have?
Intuitive Surgical carried $381.4 million of goodwill and intangible assets, 1.8% of total assets, at the end of fiscal 2025.