Common-Size Income Statement
Quarterly Data
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Intuitive Surgical Inc. pages available for free this week:
- Statement of Comprehensive Income
- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Liquidity Ratios
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Common Stock Valuation Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Dividend Discount Model (DDM)
- Net Profit Margin since 2005
- Return on Equity (ROE) since 2005
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Intuitive Surgical Inc., common-size consolidated income statement (quarterly data)
Based on: 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 common-size income statement reveals several noteworthy trends in the company’s financial performance between March 2021 and December 2025. Revenue composition remains relatively stable, with product revenue consistently representing the majority, typically between 83% and 86% of total revenue. Service revenue contributes a consistent, though smaller, portion, fluctuating between approximately 14% and 17% of revenue.
Cost of revenue as a percentage of revenue exhibits an increasing trend over the observed period. Starting at around 30% in early 2021, it rises to approximately 32% - 35% by late 2025. This increase in cost of revenue contributes to a corresponding decrease in gross profit margin, which declines from nearly 70% to the 65%-66% range over the same timeframe.
- Operating Expenses
- Operating expenses, encompassing selling, general, and administrative expenses alongside research and development, demonstrate a consistent and substantial portion of revenue, generally ranging from 37% to 45%. Research and development expenses have increased from approximately 12% to 15% of revenue, while selling, general, and administrative expenses have fluctuated, showing a slight upward trend. The combined effect of these expenses contributes to a decline in income from operations as a percentage of revenue.
Income from operations as a percentage of revenue shows a clear downward trend, decreasing from over 32% in early 2021 to the 22%-26% range by the end of 2025. This decline is attributable to the combined pressures of rising costs of revenue and increasing operating expenses. Interest and other income (expense), net, generally remains a small positive contributor, with some fluctuations, increasing from around 2% to 4% of revenue before decreasing again.
- Net Income
- Net income as a percentage of revenue mirrors the trend observed in income from operations, declining from approximately 33%-36% in early 2021 to the 26%-31% range by the end of 2025. The impact of income tax expense fluctuates, with some quarters showing a relatively small impact and others demonstrating a more significant reduction in net income. Net income attributable to noncontrolling interest in joint venture remains a small percentage of revenue, consistently below 1%. Net income attributable to Intuitive Surgical, Inc. follows a similar pattern to overall net income.
The period between March 2024 and December 2025 shows some stabilization in certain areas. While cost of revenue remains elevated, the rate of increase appears to moderate. Operating expenses also show some signs of stabilization, and net income experiences a slight recovery in the latter part of the period, though it remains below the levels observed in early 2021.