Income Statement
The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.
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- Balance Sheet: Assets
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Enterprise Value (EV)
- Price to FCFE (P/FCFE)
- Dividend Discount Model (DDM)
- Return on Assets (ROA) since 2005
- Current Ratio since 2005
- Debt to Equity since 2005
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Intuitive Surgical Inc., consolidated income statement
US$ in thousands
Based on: 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), 10-K (reporting date: 2020-12-31).
The financial data over the five-year period reveals a consistent upward trajectory in revenue generation, driven by both product and service segments. Product revenue increased steadily from approximately $3.63 billion in 2020 to about $7.05 billion in 2024, indicating strong growth in the core offerings. Service revenue also showed continuous growth, rising from around $724 million to $1.31 billion in the same timeframe, reflecting expanding after-sales or support activities.
Total revenue rose from roughly $4.36 billion in 2020 to $8.35 billion in 2024, more than doubling over the period. This broad increase emphasizes robust sales performance and market demand.
On the cost side, the cost of goods sold, split between product and service costs, increased in absolute terms but at a rate somewhat aligned with revenue growth. Product costs grew from about $1.23 billion to $2.31 billion, while service costs moved from $267 million to $405 million. This resulted in cost of revenue increasing from roughly $1.50 billion in 2020 to $2.72 billion in 2024.
Gross profit expanded significantly from approximately $2.86 billion to $5.63 billion, showing not only increased scale but also maintaining profitability as revenue grew. The gross margin proportionally improved, reflecting efficient cost management or possibly favorable pricing strategies.
Operating expenses, including selling, general and administrative expenses as well as research and development (R&D), increased over time. Selling, general and administrative costs rose from around $1.22 billion to $2.14 billion, while R&D expenses grew from $595 million to $1.15 billion. This rise in operating expenses aligns with the company’s growth strategy, indicating investment in marketing, infrastructure, innovation, and product development.
Despite the rise in operating expenses, operating income showed a favorable trend, increasing from about $1.05 billion in 2020 to $2.35 billion in 2024. This demonstrates an ability to generate higher earnings from core operations even as costs grow.
Interest and other income experienced variability but trended upward overall, reaching $325 million in 2024, which contributed positively to pre-tax earnings. Income before taxes rose from approximately $1.21 billion to $2.67 billion, exhibiting strong profitability at the earnings level before tax obligations.
Income tax expense fluctuated during the period, with a noticeable reduction in 2023, but increased substantially again in 2024 to $336 million. Nonetheless, net income displayed a clear upward trajectory, growing from around $1.07 billion in 2020 to $2.34 billion in 2024. This net income growth confirms effective cost control, revenue expansion, and overall financial health.
Net income attributable to noncontrolling interests consistently represented a small negative portion of overall net income. The net income attributable to the company itself followed the overall net income trend closely, further underscoring strong earnings performance.
In summary, the data illustrates sustained growth in revenues, profitability, and investment in growth-driving activities. The company managed to increase gross profit and net income substantially while balancing rising costs. This pattern indicates healthy operational efficiency, expanding market presence, and a solid financial position over the observed period.