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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)

Microsoft Excel
Sep 30, 2026 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 1.44 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 2.61 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 2.80 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 6.23 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 13.09% 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 3.61 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 3.61% 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 16.70% 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 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 0.00
Additional paid-in capital 59.54 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 23.39 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) -0.31 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 82.62% 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 0.68 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 83.30% 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% 100.00%

Based on: 10-Q (reporting date: 2026-09-30), 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 of the organization is characterized by a heavy reliance on equity financing, with total stockholders' equity consistently representing the vast majority of total liabilities and stockholders' equity, typically ranging between 85% and 89% over the observed period. This indicates a conservative approach to leverage and a strong solvency position.

Liability Composition and Trends
Total liabilities have remained relatively low, generally fluctuating between 10% and 14%, although a notable increase to 16.70% is observed by September 30, 2026. The primary driver of liabilities is current liabilities, which typically constitute the bulk of the total debt profile. Current liabilities show a general range between 7.8% and 11.4% for most of the period, peaking at 13.09% in the final quarter. Other accrued liabilities exhibited a significant spike in the final period, rising to 6.23% from a previous range of 2.15% to 4.83%, contributing to the overall increase in total liabilities.
Long-term liabilities have remained minimal and stable, consistently staying below 4% of the total balance sheet. This suggests a minimal reliance on long-term debt instruments for financing operations or growth.
Deferred revenue has remained relatively stable, oscillating between 2.40% and 3.20%, indicating a consistent stream of prepaid obligations relative to the total capital structure.
Equity Structure and Components
Additional paid-in capital is the largest single component of the balance sheet, generally fluctuating between 50% and 60%. This reflects a substantial amount of capital raised through the issuance of stock above par value.
Retained earnings exhibit more volatility, reaching a peak of 37.72% in June 30, 2022, before experiencing a sharp decline to 23.39% by September 30, 2026. This downward trend in the final period suggests a significant reduction in accumulated earnings, potentially due to dividends, share repurchases, or net losses.
Accumulated other comprehensive income has remained a negligible factor, though it transitioned from slightly positive values in the earliest periods to predominantly negative values, fluctuating between -1.41% and 0.21%.
Overall Capitalization Shift
A shift in the common-size distribution is evident toward the end of the period. Between March 31, 2021, and June 30, 2026, total stockholders' equity remained remarkably stable above 87%. However, by September 30, 2026, total equity decreased to 83.30%, coinciding with the aforementioned rise in total liabilities to 16.70%. This represents a deviation from the long-term trend of high equity dominance.

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