Income Statement
Quarterly Data
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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Intuitive Surgical Inc. pages available for free this week:
- Balance Sheet: Assets
- Analysis of Profitability Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Enterprise Value (EV)
- Enterprise Value to FCFF (EV/FCFF)
- Price to FCFE (P/FCFE)
- Dividend Discount Model (DDM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Debt to Equity since 2005
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Intuitive Surgical Inc., consolidated income statement (quarterly data)
US$ in thousands
Based on: 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).
A consistent upward trajectory in total revenue is observed from March 2021 through March 2026, with quarterly revenues increasing from $1.29 billion to $2.77 billion. This growth is primarily driven by product revenue, which expanded from $1.07 billion to $2.34 billion over the same period. Service revenue also demonstrated steady, linear growth, rising from $217.5 million to $433.7 million, contributing to a more diversified and predictable income stream.
- Revenue Trends and Composition
- Product revenue serves as the primary growth engine, characterized by periodic spikes, particularly in the fourth quarters of 2023, 2024, and 2025. Service revenue maintains a consistent growth rate, indicating a growing installed base of systems requiring ongoing support and maintenance.
- Gross Profitability and Cost Management
- Gross profit increased from $902.6 million in March 2021 to $1.83 billion by March 2026. While the cost of revenue rose in tandem with sales, the scaling of operations has allowed the company to maintain strong gross margins, although there is evidence of slight fluctuations in the cost of product sales relative to revenue growth.
- Operating Expense Efficiency
- Operating expenses grew from $485.8 million to $975.2 million over the analyzed period. However, the rate of increase in selling, general, and administrative (SG&A) and research and development (R&D) expenses was lower than the rate of revenue growth. This indicates positive operating leverage, as the company expanded its infrastructure and innovation pipeline without proportionally increasing its cost base.
- Operational Income and Net Earnings
- Income from operations showed significant growth, rising from $416.8 million to $855.3 million. Net income attributable to Intuitive Surgical followed a similar path, increasing from $426.3 million in March 2021 to $821.5 million in March 2026. This profitability was further bolstered by a general increase in interest and other income, which grew from $32 million to $85.1 million.
- Taxation and Noncontrolling Interests
- Income tax expenses exhibited volatility, with several quarters showing tax benefits rather than expenses, particularly in late 2023 and early 2024. Net income attributable to noncontrolling interests remained relatively stable and minimal, typically ranging between $2 million and $12 million per quarter.