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.

Intuitive Surgical Inc., consolidated income statement

US$ in thousands

12 months ended:	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Product	8,492,600)	7,045,000)	5,956,300)	5,198,000)	4,793,900)
Service	1,572,100)	1,307,100)	1,167,800)	1,024,200)	916,200)
Revenue	10,064,700)	8,352,100)	7,124,100)	6,222,200)	5,710,100)
Product	(2,866,100)	(2,313,100)	(2,041,800)	(1,700,300)	(1,464,100)
Service	(556,300)	(404,800)	(352,800)	(325,900)	(287,500)
Cost of revenue	(3,422,400)	(2,717,900)	(2,394,600)	(2,026,200)	(1,751,600)
Gross profit	6,642,300)	5,634,200)	4,729,500)	4,196,000)	3,958,500)
Selling, general and administrative	(2,385,000)	(2,140,000)	(1,963,900)	(1,739,900)	(1,466,500)
Research and development	(1,311,800)	(1,145,300)	(998,800)	(879,000)	(671,000)
Operating expenses	(3,696,800)	(3,285,300)	(2,962,700)	(2,618,900)	(2,137,500)
Income from operations	2,945,500)	2,348,900)	1,766,800)	1,577,100)	1,821,000)
Interest and other income, net	365,900)	324,900)	192,100)	29,700)	69,300)
Income before taxes	3,311,400)	2,673,800)	1,958,900)	1,606,800)	1,890,300)
Income tax expense	(434,800)	(336,300)	(141,600)	(262,400)	(162,200)
Net income	2,876,600)	2,337,500)	1,817,300)	1,344,400)	1,728,100)
Net income attributable to noncontrolling interest in joint venture	(20,600)	(14,900)	(19,300)	(22,100)	(23,500)
Net income attributable to Intuitive Surgical, Inc.	2,856,000)	2,322,600)	1,798,000)	1,322,300)	1,704,600)

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).

The income statement reveals a consistent pattern of growth across key metrics from 2021 to 2025. Revenue demonstrates a robust upward trend, driven by increases in both product and service revenue. While cost of revenue also increases, the company maintains a healthy gross profit margin, contributing to overall profitability. Operating expenses are also increasing, but at a rate that allows for significant growth in income from operations.

Revenue Growth: Total revenue increased from US$5,710.1 million in 2021 to US$10,064.7 million in 2025, representing a compound annual growth rate of approximately 15.3%. Product revenue consistently constitutes the majority of total revenue, while service revenue demonstrates a similar growth trajectory, albeit from a smaller base. The growth in service revenue suggests a successful strategy of recurring revenue streams.
Profitability Analysis: Gross profit increased from US$3,958.5 million in 2021 to US$6,642.3 million in 2025. Although cost of revenue increased substantially, the growth in revenue outpaced this increase, resulting in improved gross profit. Income from operations experienced fluctuations, decreasing in 2022 before recovering and demonstrating strong growth in subsequent years, reaching US$2,945.5 million in 2025. Net income attributable to Intuitive Surgical, Inc. followed a similar pattern, increasing from US$1,704.6 million in 2021 to US$2,856.0 million in 2025.
Expense Management: Selling, general and administrative expenses, and research and development expenses both increased year-over-year. The increase in research and development is particularly notable, suggesting a continued commitment to innovation. While these expenses contribute to overall operating expenses, the company’s revenue growth has allowed it to maintain a positive income from operations.
Net Income and Taxes: Net income attributable to Intuitive Surgical, Inc. shows a positive trend, despite fluctuations in income tax expense. The effective tax rate varies across the period, with a higher rate observed in 2022 and 2024. Net income attributable to noncontrolling interest in joint venture remains relatively stable, decreasing slightly over the period.

Overall, the income statement indicates a financially healthy and growing company. The consistent revenue growth, coupled with effective expense management and a commitment to research and development, positions the company for continued success. The fluctuations in income from operations and income tax expense warrant further investigation, but do not appear to significantly detract from the overall positive trend.

AI Ask an analyst for more

Download chart

Intuitive Surgical Inc. (NASDAQ:ISRG)

Income Statement