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Intuitive Surgical Inc. (NASDAQ:ISRG) 

Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data

Intuitive Surgical Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)

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Jun 30, 2026 Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021
Accounts payable 1.33 1.66 1.25 1.50 1.32 1.44 1.03 1.23 1.17 1.23 1.22 1.33 1.44 1.26 1.13 1.24 1.09 0.94 0.89 0.93 0.96 0.89
Accrued compensation and employee benefits 2.04 1.84 3.17 2.35 2.09 1.61 2.86 2.13 1.93 1.51 2.83 2.55 2.49 2.00 3.10 2.32 2.03 1.61 2.58 2.05 2.07 1.69
Deferred revenue 2.63 2.78 2.48 2.54 2.48 2.58 2.50 2.40 2.61 2.76 2.89 2.68 2.91 3.20 3.06 2.71 2.75 2.82 2.78 2.69 2.93 3.10
Other accrued liabilities 3.21 3.22 2.91 2.92 2.51 2.37 2.92 3.69 3.23 3.19 3.80 4.83 4.22 3.56 3.67 3.03 2.70 2.77 2.22 2.27 2.22 2.15
Current liabilities 9.21% 9.50% 9.81% 9.32% 8.39% 8.00% 9.31% 9.45% 8.93% 8.69% 10.74% 11.39% 11.06% 10.02% 10.96% 9.30% 8.57% 8.13% 8.48% 7.94% 8.17% 7.84%
Other long-term liabilities 3.14 3.00 2.50 2.62 2.57 2.47 2.50 2.19 2.20 2.57 2.50 2.81 2.91 3.46 3.39 3.42 3.27 2.99 3.35 3.46 3.36 3.86
Long-term liabilities 3.14% 3.00% 2.50% 2.62% 2.57% 2.47% 2.50% 2.19% 2.20% 2.57% 2.50% 2.81% 2.91% 3.46% 3.39% 3.42% 3.27% 2.99% 3.35% 3.46% 3.36% 3.86%
Total liabilities 12.35% 12.50% 12.30% 11.94% 10.96% 10.47% 11.81% 11.64% 11.13% 11.26% 13.24% 14.20% 13.98% 13.48% 14.35% 12.72% 11.84% 11.12% 11.83% 11.40% 11.53% 11.70%
Preferred stock, $0.001 par value, issuable in series; zero shares issued and outstanding 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Common stock, $0.001 par value 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Additional paid-in capital 54.25 54.99 52.64 54.15 50.77 52.00 51.65 53.20 54.95 56.25 55.54 57.00 58.62 60.74 59.38 57.95 54.61 53.77 52.85 54.24 55.33 57.43
Retained earnings 32.75 31.81 34.27 33.20 37.72 37.14 36.30 34.55 33.52 32.02 30.72 28.61 27.39 26.03 26.98 30.30 34.17 35.52 35.12 33.94 32.71 30.46
Accumulated other comprehensive income (loss) 0.03 0.08 0.21 0.14 0.01 -0.14 -0.27 0.07 -0.14 -0.05 -0.08 -0.38 -0.57 -0.83 -1.25 -1.41 -1.05 -0.81 -0.18 0.04 0.08 0.10
Total Intuitive Surgical, Inc. stockholders’ equity 87.03% 86.89% 87.12% 87.48% 88.51% 89.00% 87.68% 87.83% 88.34% 88.21% 86.18% 85.23% 85.44% 85.94% 85.11% 86.84% 87.73% 88.48% 87.80% 88.22% 88.13% 87.98%
Noncontrolling interest in joint venture 0.62 0.61 0.58 0.58 0.53 0.53 0.51 0.53 0.53 0.53 0.58 0.57 0.58 0.59 0.54 0.44 0.43 0.40 0.37 0.38 0.34 0.32
Total stockholders’ equity 87.65% 87.50% 87.70% 88.06% 89.04% 89.53% 88.19% 88.36% 88.87% 88.74% 86.76% 85.80% 86.02% 86.52% 85.65% 87.28% 88.16% 88.88% 88.17% 88.60% 88.47% 88.30%
Total liabilities and stockholders’ equity 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-Q (reporting date: 2026-06-30), 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 capital structure is characterized by a high reliance on equity financing, with total stockholders' equity consistently representing between 85% and 90% of total liabilities and stockholders' equity throughout the observed period. Total liabilities remain low, generally fluctuating between 10% and 14%, indicating a conservative approach to leverage and a strong solvency position.

Liability Composition and Trends
Current liabilities constitute the vast majority of the total liability profile. A gradual increase was observed from March 2021 (7.84%) to a peak in September 2023 (11.39%), before stabilizing around 9% through mid-2026. Within this category, accounts payable showed a modest long-term increase, rising from 0.89% to a range of 1.3% to 1.6%. Accrued compensation and employee benefits exhibit a cyclical pattern, typically peaking in the December quarter and declining in the March quarter, suggesting seasonal adjustments in payroll or bonus accruals.
Deferred Revenue and Long-Term Obligations
Deferred revenue remains relatively stable, oscillating between 2.4% and 3.2%, which indicates a consistent flow of prepaid obligations relative to the total balance sheet size. Long-term liabilities represent a minimal portion of the capital structure, generally trending downward from 3.86% in early 2021 to approximately 3.14% by June 2026, further reducing the company's long-term debt burden.
Equity Structure and Retained Earnings
Stockholders' equity is primarily driven by additional paid-in capital and retained earnings. Additional paid-in capital has seen a slight overall decline from 57.43% to 54.25%, while retained earnings have fluctuated, moving from 30.46% in March 2021 to a peak of 37.72% in June 2025 before settling at 32.75% in June 2026. This volatility in retained earnings as a percentage of the total balance sheet reflects the interplay between quarterly net income accumulation and potential capital distributions or adjustments in total asset value.
Comprehensive Income and Minority Interests
Accumulated other comprehensive income remains a negligible factor, consistently hovering near zero with slight negative fluctuations, indicating minimal impact from foreign currency translation or unrealized gains/losses on investments. Noncontrolling interests in joint ventures have remained stable and marginal, fluctuating between 0.32% and 0.62%.

Overall, the financial profile reflects a low-risk leverage strategy. The dominance of equity over liabilities suggests significant financial flexibility and a minimal dependence on external debt to fund operations and growth.

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