Common-Size Income Statement
Quarterly Data
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- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Solvency Ratios
- Dividend Discount Model (DDM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Operating Profit Margin since 2005
- Debt to Equity since 2005
- Total Asset Turnover since 2005
- Aggregate Accruals
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Intuitive Surgical Inc., common-size consolidated income statement (quarterly data)
Based on: 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
- Revenue Composition
- The revenue mix remains relatively stable throughout the periods, with product revenue consistently representing approximately 83% to 85% of the total revenue, while service revenue accounts for around 14% to 18%. Minor fluctuations indicate slight shifts in revenue sources but no significant structural changes.
- Cost of Revenue
- The cost of revenue as a percentage of total revenue fluctuates between approximately 30% and 36%, with a gentle upward trend in certain quarters, particularly notable toward the later periods. Product cost ratios tend to be higher in magnitude compared to service costs, influencing overall cost of revenue stability.
- Gross Profit Trends
- Gross profit margins, expressed as a percentage of revenue, exhibit variability between 59% and 69%, with a general tendency to remain above 65% in most periods. There is a slight declining trend in some of the later quarters, suggesting pressure on gross profitability possibly linked to rising costs or pricing changes.
- Operating Expenses
- Operating expenses as a percentage of revenue, consisting primarily of selling, general and administrative (SG&A) and research and development (R&D) costs, generally range from approximately 35% to 50%. SG&A expenses show fluctuations within a band of 23% to 30%, without clear directional movement. R&D expenses demonstrate relative stability, mostly staying within 11% to 16%, with occasional increases indicative of sustained investment in innovation.
- Operating Income
- Operating income margins are variable but mostly remain between roughly 9% and 35%, with several periods of stronger performance exceeding 30%. Notably, there was a dip as low as 9.46% in one quarter, followed by recovery in subsequent periods. This volatility could reflect operational challenges or timing of expenses.
- Interest and Other Income
- Interest and other income relative to revenue are generally positive, fluctuating between slightly negative values and about 7.87%. Recent quarters show an improving trend with values around 3% to 4.6%, contributing modestly to overall profitability.
- Income Before Taxes
- Income before taxes as a percentage of revenue mirrors the operating income trends and interest income effects, ranging typically between 12% and 35%, with stronger profitability seen in certain periods correlating with operational results and other income additions.
- Income Tax Expense
- Income tax expense relative to revenue exhibits notable volatility, with figures swinging between positive benefits near 4.92% and expenses exceeding 6%. Some quarters reveal tax benefits while others show significant tax expenses, indicating variability in tax rates, possible credits, or one-time tax adjustments.
- Net Income
- Net income margins follow the patterns in pre-tax income and tax expense, generally ranging from approximately 8% to 36%. The net income attributable to the company follows a similar pattern, showing a notable recovery from a low around 8% up to above 30% in multiple quarters. This suggests overall healthy profitability despite some fluctuations.
- Noncontrolling Interest
- The net income attributable to noncontrolling interest remains minimal and consistently negative or near zero, exerting an insignificant impact on consolidated profitability.
- Summary
- Overall, the financial data indicate stable revenue composition dominated by product sales, with consistent gross margin levels above 65%. Operating and R&D expenses are managed within a narrow band, supporting relatively strong operating margins. Profitability demonstrates resilience despite some quarter-to-quarter volatility, and tax expenses introduce some variability in net income figures. Interest income contributes positively in recent periods, enhancing net income margins. The company's financial performance exhibits consistent strength with variability likely attributable to operational cycles and tax factors.