Balance Sheet: Assets

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Assets are resources controlled by the company as a result of past events and from which future economic benefits are expected to flow to the entity.

Intuitive Surgical Inc., consolidated balance sheet: assets

US$ in thousands

	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Cash and cash equivalents	3,368,000)	2,027,400)	2,750,100)	1,581,200)	1,290,900)
Short-term investments	2,566,900)	1,985,900)	2,473,100)	2,536,700)	2,913,100)
Accounts receivable, net of allowances	1,527,300)	1,225,400)	1,130,200)	942,100)	782,700)
Inventory	1,840,000)	1,487,200)	1,220,600)	893,200)	587,100)
Net investment in sales-type leases, short-term	100,900)	131,400)	137,300)	131,200)	110,300)
Other prepaids and other current assets	376,400)	253,700)	176,700)	168,600)	160,800)
Prepaids and other current assets	477,300)	385,100)	314,000)	299,800)	271,100)
Current assets	9,779,500)	7,111,000)	7,888,000)	6,253,000)	5,844,900)
Property, plant, and equipment, net	5,342,400)	4,646,600)	3,537,600)	2,374,200)	1,876,400)
Long-term investments	3,099,200)	4,819,100)	2,120,000)	2,623,600)	4,415,500)
Deferred tax assets	1,018,600)	1,045,100)	910,500)	664,600)	441,400)
Intangible and other assets, net	848,700)	773,900)	636,700)	710,100)	633,200)
Goodwill	370,300)	347,500)	348,700)	348,500)	343,600)
Long-term assets	10,679,200)	11,632,200)	7,553,500)	6,721,000)	7,710,100)
Total assets	20,458,700)	18,743,200)	15,441,500)	12,974,000)	13,555,000)

Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).

Total assets exhibited a generally increasing trend over the five-year period, rising from US$13,555,000 in 2021 to US$20,458,700 in 2025. However, this growth wasn’t consistent year-over-year, with a slight decrease observed between 2021 and 2022. The most significant increase in total assets occurred between 2023 and 2024.

Current Assets: Current assets demonstrated substantial growth, increasing from US$5,844,900 in 2021 to US$9,779,500 in 2025. This growth was not linear; a dip occurred between 2023 and 2024 before resuming an upward trajectory. Within current assets, cash and cash equivalents experienced a notable increase, particularly between 2021 and 2023, before decreasing in 2024 and increasing again in 2025. Accounts receivable and inventory also showed consistent growth throughout the period. Other prepaids and other current assets also increased steadily.
Long-Term Assets: Long-term assets presented a more volatile pattern. After a decrease from 2021 to 2022, they increased in 2023, then experienced a significant surge in 2024 before decreasing slightly in 2025. Property, plant, and equipment, net, contributed significantly to this trend, nearly doubling from 2021 to 2024. Long-term investments also fluctuated considerably, with a substantial increase in 2024. Deferred tax assets also increased consistently over the period, though at a slower rate than other long-term asset categories.
Asset Composition: The composition of assets shifted over the period. In 2021, long-term assets represented approximately 56.8% of total assets, while current assets comprised 43.2%. By 2025, the proportion of current assets to total assets had increased to approximately 47.8%, while long-term assets accounted for roughly 52.2%. This indicates a relative increase in the proportion of more liquid assets within the company’s asset base.

The increases in inventory and accounts receivable suggest potential growth in sales, but also warrant monitoring to ensure efficient working capital management. The significant investment in property, plant, and equipment suggests expansion or modernization efforts. The fluctuations in long-term investments require further investigation to understand the underlying strategic rationale.

Intuitive Surgical Inc. (NASDAQ:ISRG)

Balance Sheet: Assets

Assets: Selected Items

Current Assets: Selected Items