Intuitive Surgical, Inc. (ISRG) Income Statement
ISRG 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsISRG revenue and net income
Where ISRG's revenue goes
2025Each bar shows an amount and its share of revenue. ISRG kept 28.4% of revenue as net income.
ISRG profit margins
ISRG growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +20.5% | +17.4% | +18.2% | +15.5% |
| Gross profit | +17.9% | +16.5% | +18.3% | +15.5% |
| Operating income | +25.4% | +23.1% | +22.9% | +14.8% |
| Net income | +23.0% | +29.3% | +21.9% | +17.1% |
| EPS (diluted) | +21.8% | +23.9% | +21.4% | +15.4% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
ISRG quarterly EPS vs estimates
Intuitive Surgical beat the analyst EPS estimate in 8 of the last 8 quarters. Next report: October 20, 2026 (estimate $2.13).
ISRG income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $10.06B | $8.35B | $7.12B | $6.22B | $5.71B | $4.36B | $4.48B | $3.72B | $3.13B | $2.70B |
| Cost of revenue | $3.42B | $2.72B | $2.39B | $2.03B | $1.75B | $1.50B | $1.37B | $1.12B | $934.8M | $814.3M |
| Gross profit | $6.64B | $5.63B | $4.73B | $4.20B | $3.96B | $2.86B | $3.11B | $2.60B | $2.19B | $1.89B |
| Research & development | $1.31B | $1.15B | $998.8M | $879.0M | $671.0M | $595.1M | $557.3M | $418.1M | $328.6M | $239.6M |
| Sales, general & admin | $2.38B | $2.14B | $1.96B | $1.74B | $1.47B | $1.22B | $1.18B | $986.6M | $810.9M | $705.3M |
| Total operating expenses | $3.70B | $3.29B | $2.96B | $2.62B | $2.14B | $1.81B | $1.74B | $1.40B | $1.14B | $944.9M |
| Operating income | $2.95B | $2.35B | $1.77B | $1.58B | $1.82B | $1.05B | $1.37B | $1.20B | $1.05B | $945.2M |
| Interest income | $365.9M | $324.9M | $192.1M | $29.7M | $69.3M | $157.2M | $127.7M | $80.1M | $41.9M | $35.6M |
| Interest expense | — | — | — | $29.7M | $356.0M | $427.2M | $328.2M | $0 | $0 | $0 |
| Income before taxes | $3.31B | $2.67B | $1.96B | $1.61B | $1.89B | $1.21B | $1.50B | $1.28B | $1.10B | $980.8M |
| Income taxes | $434.8M | $336.3M | $141.6M | $262.4M | $162.2M | $140.2M | $120.4M | $154.5M | $436.5M | $244.9M |
| Net income | $2.86B | $2.32B | $1.80B | $1.32B | $1.70B | $1.06B | $1.38B | $1.13B | $660.0M | $735.9M |
| EBITDA | $3.99B | $3.14B | $2.41B | $1.97B | $2.13B | $1.33B | $1.58B | $1.32B | $1.15B | $1.04B |
| EPS (diluted) | $8.93 | $7.33 | $5.71 | $4.69 | $4.97 | $3.38 | $4.25 | $3.66 | $3.00 | $2.48 |
| Gross margin | 66.0% | 67.5% | 66.4% | 67.4% | 69.3% | 65.6% | 69.4% | 69.9% | 70.1% | 69.9% |
| Operating margin | 29.3% | 28.1% | 24.8% | 25.3% | 31.9% | 24.1% | 30.7% | 32.2% | 33.7% | 35.0% |
| Net margin | 28.4% | 27.8% | 25.2% | 21.3% | 29.9% | 24.3% | 30.8% | 30.3% | 21.1% | 27.2% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.89B | $2.77B | $2.87B | $2.51B | $2.44B | $2.25B | $2.41B | $2.04B | $2.01B | $1.89B | $1.93B | $1.74B |
| Cost of revenue | $931.9M | $940.3M | $961.9M | $842.7M | $822.1M | $795.7M | $771.3M | $664.2M | $637.2M | $645.2M | $650.9M | $576.5M |
| Gross profit | $1.96B | $1.83B | $1.90B | $1.66B | $1.62B | $1.46B | $1.64B | $1.37B | $1.37B | $1.25B | $1.28B | $1.17B |
| Research & development | $370.6M | $361.9M | $352.9M | $329.4M | $313.3M | $316.2M | $294.7M | $286.0M | $280.1M | $284.5M | $260.1M | $249.4M |
| Sales, general & admin | $617.9M | $613.3M | $687.1M | $573.3M | $561.2M | $563.4M | $612.6M | $510.6M | $525.3M | $491.5M | $567.1M | $452.0M |
| Total operating expenses | $988.5M | $975.2M | $1.04B | $902.7M | $874.5M | $879.6M | $907.3M | $796.6M | $805.4M | $776.0M | $827.2M | $701.4M |
| Operating income | $971.9M | $855.3M | $864.3M | $759.7M | $743.4M | $578.1M | $734.9M | $577.3M | $567.3M | $469.4M | $450.2M | $465.8M |
| Interest income | $82.7M | $85.1M | $91.3M | $95.5M | $88.7M | $90.4M | $74.9M | $93.7M | $87.2M | $69.1M | — | — |
| Interest expense | — | — | — | — | — | $90.4M | — | — | — | — | $28.7M | — |
| Income before taxes | $1.05B | $940.4M | $955.6M | $855.2M | $832.1M | $668.5M | $809.8M | $671.0M | $654.5M | $538.5M | $515.9M | $522.0M |
| Income taxes | $231.4M | $114.4M | $156.1M | $146.0M | $167.9M | −$35.2M | $121.8M | $100.4M | $123.0M | −$8.9M | −$94.8M | $102.2M |
| Net income | $818.1M | $821.5M | $794.8M | $704.4M | $658.4M | $698.4M | $685.7M | $565.1M | $526.9M | $544.9M | $606.2M | $415.7M |
| EBITDA | $1.21B | $1.14B | $1.18B | $1.02B | $987.4M | $809.4M | $934.5M | $787.2M | $766.3M | $647.8M | $639.1M | $630.6M |
| EPS (diluted) | $2.80 | $2.50 | $2.53 | $2.40 | $2.19 | $1.81 | $2.21 | $1.84 | $1.78 | $1.50 | $1.60 | $1.46 |
| Gross margin | 67.8% | 66.1% | 66.4% | 66.4% | 66.3% | 64.7% | 68.0% | 67.4% | 68.3% | 65.9% | 66.2% | 66.9% |
| Operating margin | 33.6% | 30.9% | 30.2% | 30.3% | 30.5% | 25.7% | 30.4% | 28.3% | 28.2% | 24.8% | 23.3% | 26.7% |
| Net margin | 28.3% | 29.6% | 27.7% | 28.1% | 27.0% | 31.0% | 28.4% | 27.7% | 26.2% | 28.8% | 31.4% | 23.8% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in ISRG's financial statements (latest annual report filed February 3, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
ISRG financial results
In fiscal year 2025 (ended December 31, 2025), Intuitive Surgical reported revenue of $10.1 billion, up 20.5% from the year before. It had net income of $2.9 billion (up 23.0%), a net profit margin of 28.4%. Diluted earnings per share came to $8.93. Over five years revenue grew at an average rate of 18.2% a year.
See the ISRG stock overview for the latest quote and news, or the ISRG chart for price history and technical indicators.
ISRG income statement FAQ
What is Intuitive Surgical's annual revenue?
Intuitive Surgical reported total revenue of $10.1 billion for fiscal year 2025, which ended on December 31, 2025. That was up 20.5% from $8.4 billion the previous year.
Is Intuitive Surgical profitable?
Yes. Intuitive Surgical reported net income of $2.9 billion in fiscal 2025, a net profit margin of 28.4%; its operating margin was 29.3%.
What is Intuitive Surgical's gross margin?
Intuitive Surgical's gross margin was 66.0% in fiscal 2025: for every $100 of revenue, Intuitive Surgical kept $66 after the direct cost of its products and services.
How much does Intuitive Surgical spend on research and development?
Intuitive Surgical spent $1.3 billion on research and development in fiscal 2025, 13.0% of revenue.
How fast is Intuitive Surgical growing?
Revenue grew 18.2% a year on average over the last five fiscal years, from $4.4 billion to $10.1 billion.
What are Intuitive Surgical's earnings per share?
Intuitive Surgical earned $8.93 per diluted share in fiscal 2025, compared with $7.33 a year earlier.
When will Intuitive Surgical report its next earnings?
Intuitive Surgical is expected to report results for the quarter ending September 30, 2026 on October 20, 2026 after the market closes.
When does Intuitive Surgical's fiscal year end?
Intuitive Surgical's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 3, 2026.