Name: Intuitive Surgical Inc. (NASDAQ:ISRG) | Income Statement (Quarterly)
Creator: Stock Analysis on Net

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

3 months ended:	Sep 30, 2026	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	2,566,500)	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	482,200)	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	3,048,700)	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	(797,700)	(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	(166,700)	(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	(964,400)	(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	2,084,300)	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	(633,400)	(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)
Antitrust class action litigation settlement	(450,000)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Research and development	(408,300)	(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	(1,491,700)	(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	592,600)	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	75,800)	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	668,400)	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	(144,000)	(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	524,400)	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	(1,600)	(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.	522,800)	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 upward trajectory over the analyzed period, growing from 1.29 billion US dollars in March 2021 to 3.05 billion US dollars by September 2026. This growth is characterized by a steady expansion in both product and service streams, with a notable acceleration in revenue generation beginning in late 2024.

Revenue Stream Diversification: Product revenue remains the primary driver of growth, increasing from 1.07 billion US dollars to 2.57 billion US dollars. Concurrently, service revenue demonstrates a stable and linear growth pattern, rising from 217.5 million US dollars in the first quarter of 2021 to 482.2 million US dollars by the final quarter of 2026, indicating a growing recurring revenue base.
Gross Profitability and Margin Stability: Gross profit has scaled in alignment with revenue, moving from 902.6 million US dollars to 2.08 billion US dollars. The relationship between revenue and the cost of revenue suggests a relatively stable gross margin, although the cost of revenue has increased proportionally to support higher sales volumes.
Operating Expenditure Trends: Research and development expenses show a disciplined and continuous increase, rising from 159.8 million US dollars to 408.3 million US dollars, signaling sustained investment in product innovation. Selling, general, and administrative expenses generally grew over time but experienced a significant spike in the final quarter of 2026 due to a 450 million US dollar antitrust class action litigation settlement.
Operating and Net Income Dynamics: Income from operations trended upward for most of the period, peaking at 971.9 million US dollars in June 2026 before declining to 592.6 million US dollars in September 2026 as a direct result of the aforementioned litigation settlement. Net income attributable to the company followed a similar growth path, increasing from 426.3 million US dollars in March 2021 to a peak of 826.0 million US dollars in March 2026, before the final quarter's contraction.
Non-Operating Factors: Interest and other income provided a growing contribution to the bottom line, transitioning from volatile low figures in 2021 to a more consistent range between 70 million and 95 million US dollars per quarter from 2024 onwards. Income tax expenses remained variable, with periodic tax benefits occurring in several quarters, which occasionally decoupled net income growth from operating income trends.

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Intuitive Surgical Inc. (NASDAQ:ISRG)

Income StatementQuarterly Data

Income Statement
Quarterly Data