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.

Intuitive Surgical Inc., consolidated income statement (quarterly data)

US$ in thousands

3 months ended:	Jun 30, 2026	Mar 31, 2026	Dec 31, 2025	Sep 30, 2025	Jun 30, 2025	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
Product	2,419,900)	2,337,100)	2,444,200)	2,109,200)	2,048,800)	1,890,400)	2,066,100)	1,709,200)	1,692,600)	1,577,100)	1,623,900)	1,450,800)	1,468,600)	1,413,000)	1,391,700)	1,297,500)	1,270,400)	1,238,400)	1,312,700)	1,170,600)	1,236,000)	1,074,600)
Service	472,400)	433,700)	422,000)	395,900)	391,200)	363,000)	347,400)	328,900)	317,300)	313,500)	304,400)	292,900)	287,300)	283,200)	263,300)	259,900)	251,700)	249,300)	238,000)	232,700)	228,000)	217,500)
Revenue	2,892,300)	2,770,800)	2,866,200)	2,505,100)	2,440,000)	2,253,400)	2,413,500)	2,038,100)	2,009,900)	1,890,600)	1,928,300)	1,743,700)	1,755,900)	1,696,200)	1,655,000)	1,557,400)	1,522,100)	1,487,700)	1,550,700)	1,403,300)	1,464,000)	1,292,100)
Product	(777,000)	(780,000)	(809,800)	(699,400)	(686,200)	(670,700)	(663,900)	(555,400)	(539,400)	(554,400)	(561,300)	(489,500)	(498,000)	(493,000)	(460,400)	(421,600)	(421,000)	(397,300)	(415,000)	(355,800)	(374,000)	(319,300)
Service	(154,900)	(160,300)	(152,100)	(143,300)	(135,900)	(125,000)	(107,400)	(108,800)	(97,800)	(90,800)	(89,600)	(87,000)	(86,000)	(90,200)	(83,700)	(83,700)	(77,800)	(80,700)	(74,900)	(76,100)	(66,300)	(70,200)
Cost of revenue	(931,900)	(940,300)	(961,900)	(842,700)	(822,100)	(795,700)	(771,300)	(664,200)	(637,200)	(645,200)	(650,900)	(576,500)	(584,000)	(583,200)	(544,100)	(505,300)	(498,800)	(478,000)	(489,900)	(431,900)	(440,300)	(389,500)
Gross profit	1,960,400)	1,830,500)	1,904,300)	1,662,400)	1,617,900)	1,457,700)	1,642,200)	1,373,900)	1,372,700)	1,245,400)	1,277,400)	1,167,200)	1,171,900)	1,113,000)	1,110,900)	1,052,100)	1,023,300)	1,009,700)	1,060,800)	971,400)	1,023,700)	902,600)
Selling, general, and administrative	(617,900)	(613,300)	(687,100)	(573,300)	(561,200)	(563,400)	(612,600)	(510,600)	(525,300)	(491,500)	(567,100)	(452,000)	(464,300)	(480,500)	(494,300)	(436,100)	(418,400)	(391,100)	(427,000)	(363,300)	(350,200)	(326,000)
Research and development	(370,600)	(361,900)	(352,900)	(329,400)	(313,300)	(316,200)	(294,700)	(286,000)	(280,100)	(284,500)	(260,100)	(249,400)	(244,400)	(244,900)	(244,100)	(217,100)	(207,300)	(210,500)	(183,400)	(165,500)	(162,300)	(159,800)
Operating expenses	(988,500)	(975,200)	(1,040,000)	(902,700)	(874,500)	(879,600)	(907,300)	(796,600)	(805,400)	(776,000)	(827,200)	(701,400)	(708,700)	(725,400)	(738,400)	(653,200)	(625,700)	(601,600)	(610,400)	(528,800)	(512,500)	(485,800)
Income from operations	971,900)	855,300)	864,300)	759,700)	743,400)	578,100)	734,900)	577,300)	567,300)	469,400)	450,200)	465,800)	463,200)	387,600)	372,500)	398,900)	397,600)	408,100)	450,400)	442,600)	511,200)	416,800)
Interest and other income (expense), net	82,700)	85,100)	91,300)	95,500)	88,700)	90,400)	74,900)	93,700)	87,200)	69,100)	65,700)	56,200)	36,000)	34,200)	22,200)	3,900)	9,300)	(5,700)	3,800)	18,500)	15,000)	32,000)
Income before taxes	1,054,600)	940,400)	955,600)	855,200)	832,100)	668,500)	809,800)	671,000)	654,500)	538,500)	515,900)	522,000)	499,200)	421,800)	394,700)	402,800)	406,900)	402,400)	454,200)	461,100)	526,200)	448,800)
Income tax (expense) benefit	(231,400)	(114,400)	(156,100)	(146,000)	(167,900)	35,200)	(121,800)	(100,400)	(123,000)	8,900)	94,800)	(102,200)	(73,200)	(61,000)	(58,000)	(78,100)	(93,300)	(33,000)	(71,500)	(73,900)	(3,200)	(13,600)
Net income	823,200)	826,000)	799,500)	709,200)	664,200)	703,700)	688,000)	570,600)	531,500)	547,400)	610,700)	419,800)	426,000)	360,800)	336,700)	324,700)	313,600)	369,400)	382,700)	387,200)	523,000)	435,200)
Net income attributable to noncontrolling interest in joint venture	(5,100)	(4,500)	(4,700)	(4,800)	(5,800)	(5,300)	(2,300)	(5,500)	(4,600)	(2,500)	(4,500)	(4,100)	(5,200)	(5,500)	(11,800)	(700)	(5,800)	(3,800)	(2,100)	(6,700)	(5,800)	(8,900)
Net income attributable to Intuitive Surgical, Inc.	818,100)	821,500)	794,800)	704,400)	658,400)	698,400)	685,700)	565,100)	526,900)	544,900)	606,200)	415,700)	420,800)	355,300)	324,900)	324,000)	307,800)	365,600)	380,600)	380,500)	517,200)	426,300)

Revenue exhibits a consistent and strong upward trajectory over the analyzed period, growing from 1.29 billion US dollars in March 2021 to 2.89 billion US dollars by June 2026. This growth is driven by simultaneous increases in both product and service streams, with product revenue remaining the primary contributor to total top-line performance.

Revenue Composition and Growth: Product revenue grew from 1.07 billion US dollars in March 2021 to 2.42 billion US dollars in June 2026, reflecting a significant expansion in market penetration or pricing power. Service revenue demonstrated a similar growth pattern, increasing from 217.5 million US dollars to 472.4 million US dollars over the same period. The steady rise in service revenue suggests a growing installed base of systems requiring ongoing maintenance and support.
Gross Profitability and Cost of Revenue: Gross profit increased steadily from 902.6 million US dollars in March 2021 to 1.96 billion US dollars in June 2026. While the cost of revenue rose in absolute terms to support higher sales volumes, the scaling of gross profit indicates that the company has maintained relatively stable gross margins throughout the period.
Operating Expense Trends: Operating expenses have trended upward, though they have grown at a slower pace than total revenue. Selling, general, and administrative (SG&A) expenses rose from 326 million US dollars to 617.9 million US dollars. Research and development (R&D) investment saw a consistent increase, starting at 159.8 million US dollars in March 2021 and reaching 370.6 million US dollars by June 2026, indicating a sustained commitment to product innovation.
Operating Income and Operating Leverage: Income from operations shows a significant long-term increase, rising from 416.8 million US dollars in March 2021 to 971.9 million US dollars in June 2026. The fact that operating income grew more rapidly than operating expenses suggests the presence of operating leverage, where increased revenue leads to a disproportionately higher increase in operating profit.
Net Income and Bottom-Line Volatility: Net income attributable to the company grew from 426.3 million US dollars in March 2021 to 818.1 million US dollars in June 2026. However, this growth was characterized by periodic volatility, primarily driven by fluctuations in income tax expenses and benefits. Significant variances are observed in the tax line, including periods of substantial tax benefits that occasionally decoupled net income from the underlying operating performance.
Other Income Impact: Interest and other income, net, showed a marked increase over the period, rising from an average in the 30-40 million US dollar range in 2021 to consistently exceeding 80 million US dollars in the 2025-2026 period, contributing positively to the pre-tax income.

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Intuitive Surgical Inc. (NASDAQ:ISRG)

Income StatementQuarterly Data

Income Statement
Quarterly Data