Stock Analysis on Net
Stock Analysis on Net

Intuitive Surgical Inc. (NASDAQ:ISRG)

$24.99

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., consolidated income statement (quarterly data)

US$ in thousands

Microsoft Excel
3 months ended: Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
Product
Service
Revenue
Product
Service
Cost of revenue
Gross profit
Selling, general and administrative
Research and development
Operating expenses
Income from operations
Interest and other income (expense), net
Income before taxes
Income tax (expense) benefit
Net income
Net income attributable to noncontrolling interest in joint venture
Net income attributable to Intuitive Surgical, Inc.

Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).

Revenue Trends
The total revenue demonstrated a general upward trend over the analyzed quarters, growing from approximately $1.1 billion in March 2020 to a peak of around $2.4 billion by March 2025. Both product and service revenues contributed to this growth, with product revenue showing greater absolute values and some fluctuations, and service revenue exhibiting steadier, incremental growth throughout the periods.
Cost of Revenue and Gross Profit
Cost of revenue increased over time, rising from roughly $361 million in March 2020 to nearly $796 million by March 2025. Product costs represented the larger portion of cost of revenue, with a consistent rise indicating increased production expenses or scaling activity. Service costs also rose but remained comparatively smaller in absolute terms. Gross profit followed a positive trajectory, growing substantially from $738 million to about $1.46 billion, reflecting the capacity to maintain profitability despite rising costs.
Operating Expenses
Operating expenses, combining selling, general and administrative (SG&A) and research and development (R&D) costs, increased markedly. SG&A expenditures showed volatility, peaking at above $612 million and reflecting operational scaling efforts or increased marketing and administrative activities. R&D expenses consistently grew, indicating continuous investment in innovation, climbing from $147 million to over $316 million over the timeframe.
Income from Operations and Overall Profitability
Income from operations fluctuated but generally increased from $283 million to a high of approximately $735 million, suggesting improved operational efficiency or margin expansion. The company managed to balance growing operating expenses and cost pressures to achieve enhanced operating income. Net income attributable to the company also rose substantially, demonstrating robust bottom-line growth, with some quarters showing dips likely due to tax expenses or other factors.
Interest Income and Other Income
Interest and other income showed variability without a clear trend, ranging from negative values in some quarters to positive highs above $90 million. These variations may reflect investment income, financing activities, or currency effects influencing net financial income.
Income Taxes
Income tax expense exhibited significant fluctuations, at times negative reflecting tax benefits or adjustments. Tax amounts varied widely across quarters, impacting net income volatility but not outweighing the underlying profit growth.
Summary Insights
Overall, the data depict a company experiencing sustained revenue and profit growth across multiple years. Investment in R&D and operating expenses increased, supporting innovation and sales efforts. Despite rising costs, gross profit and net income showed marked improvement, signaling effective cost management and pricing strategies. The financial performance reveals solid expansion, with increasing service revenue complementing the traditionally dominant product sales. Variability in some financial line items like interest income and taxes suggest dynamic external factors affecting periodic results.