Common-Size Income Statement
Quarterly Data
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- Statement of Comprehensive Income
- Analysis of Liquidity Ratios
- Dividend Discount Model (DDM)
- Operating Profit Margin since 2005
- Return on Assets (ROA) since 2005
- Current Ratio since 2005
- Debt to Equity since 2005
- Total Asset Turnover since 2005
- Price to Earnings (P/E) since 2005
- Analysis of Revenues
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Intuitive Surgical Inc., common-size consolidated income statement (quarterly data)
Based on: 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 proportion of revenue derived from products consistently dominates, ranging from approximately 81.93% to 85.61% over the periods analyzed. Service revenue contributes the remaining portion, fluctuating mostly between 14.39% and 18.07%, indicating a stable revenue mix with a stronger reliance on product sales.
- Cost of Revenue
- Cost of revenue as a percentage of total revenue exhibits variability, moving between roughly 30.08% and 40.98%. Product-related costs are more substantial than service-related costs, with product costs generally between 24.71% and 29.76% while service costs remain around 4.45% to 7.68%. There is a moderately increasing trend in product cost ratio towards the later quarters, potentially signaling escalating manufacturing or procurement expenses.
- Gross Profit Margin
- Gross profit margin demonstrates a declining trend from a peak high of 69.92% down to a low near 64.69% in the most recent quarter. The decreasing gross margin suggests margins are being pressured, potentially due to increased product costs or competitive pricing dynamics.
- Operating Expenses
- Operating expenses as a percentage of revenue, which include selling, general and administrative (SG&A) and research and development (R&D) costs, represent a significant portion ranging from about 35.01% up to nearly 49.56% in earlier quarters. SG&A expenses fluctuate mostly between 23.92% and 29.41%, while R&D expenses remain fairly steady around 11% to 16%, indicating ongoing investment in innovation alongside controlled administrative spending.
- Operating Income
- Income from operations shows considerable volatility with low points around 9.46% and highs above 34%, eventually stabilizing around the mid-20% range in recent quarters. This reflects effective earnings generation despite fluctuations in costs and expenses, with a tendency toward operational profitability stabilization over time.
- Other Income and Income Before Taxes
- Interest and other income exhibit generally positive values, trending upward from approximately 0.25% to above 4%, suggesting an increasing contribution from non-operating sources. Income before taxes remains strong, reflecting operating income trends and the positive impact of other income, with percentages mostly oscillating between 23.85% and 35.94%.
- Income Tax Expense
- Income tax expense as a percentage of revenue shows variability, including occasional negative values (benefits) ranging from approximately -6.13% to positive 4.92%. This irregular pattern suggests fluctuations in effective tax rates, potentially due to tax credits, adjustments, or changes in jurisdictional tax policies.
- Net Income
- Net income margin fluctuates significantly across the periods. It reached highs up to approximately 35.72% and lows near 8.24%, stabilizing more recently between 20% and 31%. The net income attributable to the company follows a similar trend, confirming consistent profitability notwithstanding quarter-to-quarter variability. The small impact of noncontrolling interest is noticeable but minor relative to the overall net income.
- Summary of Trends
- Overall, the company maintains a strong product revenue base with a stable service revenue component. While cost pressures have slightly compressed gross margins over time, disciplined management of operating expenses supports sustained profitability. Positive trends in other income contribute to robust pre-tax earnings. The variability in income tax rates introduces some net income fluctuations; however, net profitability remains solid throughout, indicative of resilient business operations and effective cost management.