Intuitive Surgical, Inc. (ISRG) Cash Flow Statement
Where ISRG’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $3.03B +25.5% vs 2024
- Capital expenditures
- $539.8M 5.4% of revenue
- Free cash flow
- $2.49B 24.7% margin
- Returned to shareholders
- $2.30B 92% of free cash flow
- Change in cash
- $1.34B cash at year-end $3.41B
Drawn to scale: where the cash came from and how it was used. Hover for values.
ISRG operating cash flow, capex and free cash flow
ISRG cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $1.04B2016 | $3.03B2025 | +12.6%/yr | |
| Capital expenditures | $53.9M2016 | $539.8M2025 | +29.2%/yr | |
| Free cash flow | $989.0M2016 | $2.49B2025 | +10.8%/yr | |
| Free cash flow margin | 36.6%2016 | 24.7%2025 | −11.8 pts | |
| Operating cash flow / net income | 1.422016 | 1.052025 | −0.36 | |
| Stock-based compensation | $177.6M2016 | $788.2M2025 | +18.0%/yr | |
| Dividends paid | $02016 | $8.0M2024 | — | |
| Share buybacks (net) | $42.5M2016 | $2.30B2025 | +55.8%/yr | |
| Capex / revenue | 2.0%2016 | 5.4%2025 | +3.4 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
ISRG cash flow by activity
ISRG net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
ISRG cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $2.88B | $2.34B | $1.82B | $1.34B | $1.73B | $1.07B | $1.38B | $1.12B | $660.0M | $735.9M |
| Depreciation & amortization | $677.1M | $462.0M | $454.8M | $365.8M | $310.2M | $276.2M | $203.0M | $122.8M | $99.1M | $92.1M |
| Stock-based compensation | $788.2M | $676.8M | $598.2M | $513.2M | $449.2M | $395.4M | $335.8M | $261.2M | $209.1M | $177.6M |
| Change in working capital | −$1.27B | −$919.3M | −$777.6M | −$619.1M | −$368.1M | −$273.2M | −$321.5M | −$383.7M | $91.6M | −$3.0M |
| Other non-cash items | −$39.1M | −$142.0M | −$278.9M | −$113.5M | −$30.0M | $19.6M | −$900,000 | $44.3M | $84.1M | $40.3M |
| Cash from operating activities | $3.03B | $2.42B | $1.81B | $1.49B | $2.09B | $1.48B | $1.60B | $1.17B | $1.14B | $1.04B |
| Investing activities | ||||||||||
| Capital expenditures | −$539.8M | −$1.11B | −$1.06B | −$532.4M | −$353.5M | −$341.5M | −$425.6M | −$187.4M | −$190.7M | −$53.9M |
| Investments (net) | $1.22B | −$3.27B | $1.26B | $1.92B | −$2.10B | −$561.4M | −$669.1M | −$774.3M | $569.4M | −$1.23B |
| Acquisitions & other investing | −$13.9M | $1.11B | −$554.8M | −$12.8M | −$8.7M | −$37.7M | −$59.7M | −$87.9M | $0 | $0 |
| Cash from investing activities | $665.8M | −$3.27B | −$360.1M | $1.37B | −$2.46B | −$940.6M | −$1.15B | −$1.05B | $378.7M | −$1.28B |
| Financing activities | ||||||||||
| Dividends paid | — | −$8.0M | — | — | — | — | — | — | $0 | $0 |
| Share repurchases & issuance (net) | −$2.30B | $0 | −$416.3M | −$2.61B | −$211.6M | −$134.3M | −$269.5M | −$120.0M | −$2.27B | −$42.5M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$68.8M | $158.9M | $128.7M | $35.1M | $254.6M | $48.6M | $101.1M | $246.3M | $360.9M | $601.0M |
| Cash from financing activities | −$2.36B | $150.9M | −$287.6M | −$2.57B | $43.0M | −$85.7M | −$168.4M | $126.3M | −$1.91B | $558.5M |
| Summary | ||||||||||
| Net change in cash | $1.34B | −$707.7M | $1.17B | $294.7M | −$332.5M | $455.9M | $273.2M | $246.2M | −$388.4M | $322.0M |
| Cash at end of period | $3.41B | $2.06B | $2.77B | $1.60B | $1.31B | $1.64B | $1.18B | $909.4M | $648.2M | $1.04B |
| Free cash flow | $2.49B | $1.30B | $749.6M | $958.4M | $1.74B | $1.14B | $1.17B | $982.2M | $953.2M | $989.0M |
| Free cash flow margin | 24.7% | 15.6% | 10.5% | 15.4% | 30.4% | 26.2% | 26.2% | 26.4% | 30.5% | 36.6% |
| Capex / revenue | 5.4% | 13.3% | 14.9% | 8.6% | 6.2% | 7.8% | 9.5% | 5.0% | 6.1% | 2.0% |
| Operating cash flow / net income | 1.05 | 1.03 | 1.00 | 1.11 | 1.21 | 1.39 | 1.16 | 1.04 | 1.73 | 1.42 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $823.2M | $821.5M | $799.5M | $709.2M | $664.2M | $703.7M | $688.0M | $570.6M | $531.5M | $547.4M | $610.7M | $419.8M |
| Depreciation & amortization | $231.1M | $200.0M | $220.9M | $160.0M | $155.3M | $140.9M | $124.7M | $116.2M | $111.8M | $109.3M | $123.2M | $108.6M |
| Stock-based compensation | $209.9M | $209.5M | $203.3M | $203.5M | $196.2M | $185.2M | $177.0M | $172.9M | $173.6M | $153.3M | $150.4M | $156.1M |
| Change in working capital | −$504.7M | −$644.8M | −$248.4M | $709.5M | −$270.2M | −$439.3M | −$140.8M | −$85.6M | −$152.9M | −$540.0M | −$439.2M | −$100.8M |
| Other non-cash items | $301.5M | $325.7M | −$82.8M | −$941.2M | −$30.1M | −$8.9M | −$26.3M | −$67.6M | −$43.5M | −$4.6M | −$216.8M | −$35.3M |
| Cash from operating activities | $1.06B | $911.9M | $892.5M | $841.0M | $715.4M | $581.6M | $822.6M | $706.5M | $620.5M | $265.4M | $228.3M | $548.4M |
| Investing activities | ||||||||||||
| Capital expenditures | −$112.6M | −$103.3M | −$162.5M | −$105.4M | −$155.3M | −$116.6M | −$312.0M | −$247.9M | −$309.4M | −$241.9M | −$435.5M | −$256.3M |
| Investments (net) | $86.0M | −$329.0M | −$34.2M | $401.0M | $260.7M | $213.5M | −$1.26B | −$1.41B | −$467.1M | −$128.5M | −$1.04B | −$446.6M |
| Acquisitions & other investing | $0 | −$482.2M | −$12.7M | $105.4M | $155.3M | $116.6M | $312.0M | $247.9M | $309.4M | $241.9M | $435.5M | $256.3M |
| Cash from investing activities | −$26.6M | −$914.5M | −$209.4M | $401.0M | $260.7M | $213.5M | −$1.26B | −$1.41B | −$467.1M | −$128.5M | −$1.04B | −$446.6M |
| Financing activities | ||||||||||||
| Dividends paid | — | — | — | — | — | — | — | −$8.0M | — | — | — | — |
| Share repurchases & issuance (net) | −$320.3M | −$1.12B | −$201.0M | −$1.91B | −$181.0M | $0 | $0 | $240.1M | −$13.5M | −$226.6M | −$66.3M | −$14.8M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $45.0M | −$230.5M | $63.5M | $70.3M | $33.2M | −$235.8M | $49.4M | −$133.9M | $63.5M | $179.9M | $34.8M | $76.6M |
| Cash from financing activities | −$275.3M | −$1.35B | −$137.5M | −$1.84B | −$147.8M | −$235.8M | $49.4M | $98.2M | $50.0M | −$46.7M | −$31.5M | $61.8M |
| Summary | ||||||||||||
| Net change in cash | $766.2M | −$1.36B | $561.4M | −$597.0M | $829.3M | $554.8M | −$383.9M | −$620.5M | $199.7M | $97.0M | −$852.8M | $165.3M |
| Cash at end of period | $2.82B | $2.05B | $3.37B | $2.85B | $3.45B | $2.62B | $2.06B | $2.45B | $3.07B | $2.87B | $2.77B | $3.62B |
| Free cash flow | $948.4M | $808.6M | $730.0M | $735.6M | $560.1M | $465.0M | $510.6M | $458.6M | $311.1M | $23.5M | −$207.2M | $292.1M |
| Free cash flow margin | 32.8% | 29.2% | 25.5% | 29.4% | 23.0% | 20.6% | 21.2% | 22.5% | 15.5% | 1.2% | −10.7% | 16.8% |
| Capex / revenue | 3.9% | 3.7% | 5.7% | 4.2% | 6.4% | 5.2% | 12.9% | 12.2% | 15.4% | 12.8% | 22.6% | 14.7% |
| Operating cash flow / net income | 1.29 | 1.11 | 1.12 | 1.19 | 1.08 | 0.83 | 1.20 | 1.24 | 1.17 | 0.48 | 0.37 | 1.31 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
ISRG cash generation
In fiscal 2025 (ended December 31, 2025), Intuitive Surgical generated $3.0 billion of cash from operations (up 25.5%) and spent $539.8 million on capital expenditures, leaving free cash flow of $2.5 billion, 24.7% of revenue. It returned $2.3 billion to shareholders through dividends ($0) and net share buybacks ($2.3 billion). Cash and equivalents rose by $1.3 billion over the year.
Related: ISRG income statement, ISRG balance sheet. See the ISRG stock overview for the latest quote and news.
ISRG cash flow FAQ
What is Intuitive Surgical's free cash flow?
Intuitive Surgical's free cash flow was $2.5 billion in fiscal 2025: $3.0 billion of operating cash flow minus $539.8 million of capital expenditures It was $1.3 billion a year earlier..
How much cash does Intuitive Surgical generate from operations?
Intuitive Surgical generated $3.0 billion of cash from operating activities in fiscal 2025, 1.05 times its net income of $2.9 billion.
How much does Intuitive Surgical spend on capital expenditures?
Intuitive Surgical spent $539.8 million on capital expenditures in fiscal 2025, 5.4% of revenue, compared with $1.1 billion the year before.
How much stock does Intuitive Surgical buy back?
Intuitive Surgical spent $2.3 billion on net share repurchases in fiscal 2025.