Common-Size Income Statement
Quarterly Data
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- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Common Stock Valuation Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Price to FCFE (P/FCFE)
- Capital Asset Pricing Model (CAPM)
- Selected Financial Data since 2005
- Price to Sales (P/S) since 2005
- Aggregate Accruals
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Intuitive Surgical Inc., common-size consolidated income statement (quarterly data)
Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 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).
The revenue composition remains highly stable over the analyzed period, characterized by a consistent reliance on product sales supplemented by recurring service revenue. While both streams exhibit minor quarterly fluctuations, the overall structural balance of the business has remained intact, with product revenue typically oscillating between 83% and 85% and service revenue between 14% and 17%.
- Gross Margin Trends
- A gradual compression in gross profit margins is observable. Gross profit percentages declined from approximately 69-70% in early 2021 to a range of 64-68% between 2023 and 2026. This contraction is directly attributable to a rise in the cost of revenue, which increased from roughly 30% of revenue in 2021 to between 33% and 35% in the latter years of the period. A notable low in gross margin occurred in March 2025, reaching 64.69%.
- Operating Expense Management
- Operational efficiency shows significant improvement over time, particularly within selling, general, and administrative (SG&A) expenses. SG&A costs peaked at 29.87% of revenue in December 2022 before trending downward to 22.13% by March 2026. Research and development (R&D) expenditures remained relatively stable, generally fluctuating between 11% and 15% of revenue. The reduction in SG&A has effectively offset the pressures on gross margins, leading to a decrease in total operating expenses from a peak of 44.62% in December 2022 to 35.20% by March 2026.
- Operating and Net Profitability
- Income from operations experienced a period of volatility, dipping to a low of 22.51% in December 2022 before recovering to a stable range of 30% by early 2026. This recovery highlights successful cost containment strategies. Net income margins have remained robust, generally ranging from 20% to 31%, although these figures are subject to significant quarterly variance due to fluctuating income tax expenses and benefits.
- Non-Operating Income Influence
- There is a visible upward trend in interest and other income as a percentage of revenue. Starting from low levels in 2021 (ranging from 0.25% to 2.48%), this component grew to a consistent range of 3% to 4% between 2023 and 2026, contributing positively to the pre-tax income margins.
In summary, the organization has transitioned from a period of expanding operating costs in 2022 to a phase of enhanced operational leverage. The ability to scale SG&A expenses more slowly than revenue has allowed the company to maintain strong operating and net margins despite a slight increase in the direct cost of goods sold.