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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- Statement of Comprehensive Income
- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Liquidity Ratios
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Common Stock Valuation Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Dividend Discount Model (DDM)
- Net Profit Margin since 2005
- Return on Equity (ROE) since 2005
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Intuitive Surgical Inc., consolidated income statement (quarterly data)
US$ in thousands
Based on: 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).
Revenue exhibited a generally positive trend over the observed period, increasing from US$1,292.1 million in March 2021 to US$2,866.2 million in December 2025. However, this growth was not linear, with periods of slower expansion and even slight declines. Product revenue consistently represented the majority of total revenue, while service revenue demonstrated steady, albeit slower, growth throughout the period.
Cost of revenue increased alongside revenue, but at a rate that occasionally outpaced revenue growth, particularly in later periods. This resulted in fluctuating gross profit margins. Operating expenses also increased consistently, driven by increases in both selling, general, and administrative expenses, and research and development expenditures. The combined effect of these trends impacted income from operations.
Net income attributable to Intuitive Surgical, Inc. showed considerable fluctuation. While generally increasing from US$426.3 million in March 2021 to US$794.8 million in December 2025, there were notable dips in certain quarters. The impact of income tax expense varied significantly, contributing to the volatility in net income.
- Revenue Growth
- Initial growth was strong between March 2021 and June 2021. Growth slowed in the latter half of 2021 and early 2022. A significant surge in revenue occurred between March 2024 and December 2024, followed by continued growth into the first half of 2025. The period from September 2025 to December 2025 showed the highest revenue figures.
- Gross Profit Margin
- The gross profit margin fluctuated between approximately 69.5% and 73.5% throughout the period. A slight downward trend in the margin was observed in the latter half of the observed period, potentially indicating increasing cost pressures. The margin was highest in the earlier quarters and generally decreased as costs grew at a faster rate than revenue.
- Operating Expense Ratio
- The operating expense ratio (operating expenses as a percentage of revenue) generally increased over time, from approximately 37.4% in March 2021 to around 39.5% in December 2025. This suggests increasing operational costs relative to revenue, potentially due to investments in sales, marketing, and research and development. The ratio peaked in late 2021 and early 2022.
- Net Income Margin
- The net income margin exhibited significant variability, ranging from approximately 30.7% to 38.2%. Fluctuations were influenced by changes in both gross profit margin, operating expenses, and income tax expense. The margin showed a notable increase in the latter half of 2024 and early 2025, coinciding with the surge in revenue.
- Service Revenue Contribution
- Service revenue consistently contributed approximately 16-20% of total revenue throughout the period. While growing steadily, its relative contribution remained relatively stable, indicating a consistent demand for service offerings alongside product sales.