Stock Analysis on Net
Stock Analysis on Net

Intuitive Surgical Inc. (NASDAQ:ISRG)

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

Microsoft Excel
3 months ended: 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 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
Product 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 1,113,600 898,400 721,800 900,800
Service 395,900 391,200 363,000 347,400 328,900 317,300 313,500 304,400 292,900 287,300 283,200 263,300 259,900 251,700 249,300 238,000 232,700 228,000 217,500 215,500 179,300 130,300 198,700
Revenue 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 1,329,100 1,077,700 852,100 1,099,500
Product (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) (362,100) (287,700) (283,800) (296,700)
Service (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) (71,200) (65,700) (65,400) (64,600)
Cost of revenue (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) (433,300) (353,400) (349,200) (361,300)
Gross profit 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 1,023,700 902,600 895,800 724,300 502,900 738,200
Selling, general, and administrative (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) (330,200) (298,900) (279,100) (308,100)
Research and development (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) (149,800) (155,000) (143,200) (147,100)
Operating expenses (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) (480,000) (453,900) (422,300) (455,200)
Income from operations 759,700 743,400 578,100 734,900 577,300 567,300 469,400 450,200 465,800 463,200 387,600 372,500 398,900 397,600 408,100 450,400 442,600 511,200 416,800 415,800 270,400 80,600 283,000
Interest and other income (expense), net 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 20,700 84,800 26,600 25,100
Income before taxes 855,200 832,100 668,500 809,800 671,000 654,500 538,500 515,900 522,000 499,200 421,800 394,700 402,800 406,900 402,400 454,200 461,100 526,200 448,800 436,500 355,200 107,200 308,100
Income tax (expense) benefit (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) (72,900) (38,400) (37,000) 8,100
Net income 709,200 664,200 703,700 688,000 570,600 531,500 547,400 610,700 419,800 426,000 360,800 336,700 324,700 313,600 369,400 382,700 387,200 523,000 435,200 363,600 316,800 70,200 316,200
Net income attributable to noncontrolling interest in joint venture (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) 1,600 (2,900) (2,200) (2,700)
Net income attributable to Intuitive Surgical, Inc. 704,400 658,400 698,400 685,700 565,100 526,900 544,900 606,200 415,700 420,800 355,300 324,900 324,000 307,800 365,600 380,600 380,500 517,200 426,300 365,200 313,900 68,000 313,500

Based on: 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), 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).

The financial data reveals several key trends in revenue, cost structures, profitability, and expenses over a series of consecutive quarters. The analysis highlights patterns in product and service segments, gross profit, operating expenses, and net income outcomes.

Revenue Trends
Total revenue demonstrated a generally upward trajectory over the periods analyzed. Product revenue experienced fluctuations with some quarters showing declines but ultimately increased significantly towards the latest quarters, reaching a peak beyond 2 billion USD. Service revenue displayed more stability and steady growth, with consistent incremental increases each quarter. Overall, combined revenue showed robust growth indicative of an expanding business.
Cost of Revenue and Gross Profit
Cost of revenue rose steady across all quarters, reflecting increasing costs associated with higher sales volumes. Product-related costs were notably higher than service-related costs. Despite rising costs, gross profit increased consistently, suggesting that revenue growth outpaced cost increases. Gross profit showed a steady increase from approximately 738 million USD early on to above 1.6 billion USD in later quarters, demonstrating improved margin management or scale efficiencies.
Operating Expenses
Operating expenses, including selling, general and administrative (SG&A) costs, as well as research and development (R&D), generally trended upwards. SG&A expenses fluctuated but showed significant spikes in several quarters, particularly in the latest periods, indicating increased spending possibly related to expansion or marketing efforts. R&D expenses steadily rose, reflecting ongoing investment in innovation and product development. Total operating expenses increased from around 455 million USD to nearly 900 million USD, possibly indicative of scale-up efforts or cost pressures.
Profitability Metrics
Income from operations exhibited a generally positive trend with some volatility. Initial quarters showed lower operating income around 283 million USD, with fluctuations and subsequent growth exceeding 750 million USD in the most recent quarters. Interest and other income also contributed small but positive amounts in most periods, supporting overall profitability.
Income Before Taxes and Income Tax Expense
Income before taxes followed a pattern similar to operating income, growing from roughly 308 million USD to above 850 million USD. However, income tax expenses demonstrated volatility, with several loss offsets and significant fluctuations, including positive and negative figures, impacting net profitability.
Net Income
Net income attributable to the company showed a clear upward trend despite quarterly variability. It grew from around 313 million USD to over 700 million USD in the most recent quarter. The fluctuations in income tax influenced the net results, but overall growth in net income suggests effective management of costs and revenue expansion simultaneously. Net income attributable to noncontrolling interest was relatively minor but generally negative, exerting minimal impact on overall earnings attributable to the company.

In summary, the financial data indicates consistent revenue growth driven by both product and service segments, with product revenue showing more pronounced fluctuations but overall strong increases. Gross profit expanded in line with revenue growth despite rising costs. Operating expenses increased notably, reflecting investments in sales, administration, and R&D. Profitability improved substantially over time, with income from operations and net income showing positive trajectories. Fluctuations in tax expenses affected net income volatility, but the overall financial profile demonstrates steady improvement in earnings and scalable operations.