Cash Flow Statement
Quarterly Data
The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.
The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.
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- Statement of Comprehensive Income
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Income Statement
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Dividend Discount Model (DDM)
- Operating Profit Margin since 2005
- Current Ratio since 2005
- Debt to Equity since 2005
- Total Asset Turnover since 2005
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Intuitive Surgical Inc., consolidated cash flow statement (quarterly data)
US$ in thousands
Based on: 10-Q (reporting date: 2026-03-31), 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).
The financial trajectory of the organization is characterized by a sustained expansion in profitability and operating cash flow, punctuated by periodic volatility in working capital and aggressive capital allocation strategies. Net income demonstrates a long-term upward trend, rising from 435.2 million USD in March 2021 to 826 million USD by March 2026, reflecting a significant scaling of the core business operations.
- Operating Cash Flow and Profitability
- Net cash provided by operating activities exhibits overall growth, peaking at 911.9 million USD in March 2026. While net income has grown steadily, the conversion to cash has been influenced by fluctuations in operating assets and liabilities. A recurring pattern of significant cash outflows is observed in the "Changes in operating assets and liabilities" line item, particularly in March 2024 and March 2026, which suggests cyclical surges in working capital requirements.
- Working Capital Dynamics
- Inventory represents a consistent and increasing drain on cash, with outflows expanding from 41.2 million USD in early 2021 to 266.6 million USD by March 2026. This indicates a strategic build-up of stock to support growth or mitigate supply chain risks. Accounts receivable and prepaids also show high volatility, contributing to the quarterly variance in net cash provided by operations.
- Investment and Capital Expenditure
- Capital expenditures for property, plant, and equipment have trended upward, reaching a peak of 435.5 million USD in December 2023, suggesting a period of intense infrastructure or capacity expansion. Investment activities are characterized by high volatility due to the active management of a securities portfolio, with substantial purchases of investments frequently offset by proceeds from maturities.
- Financing and Shareholder Returns
- The financing strategy has shifted toward aggressive capital return to shareholders. While early periods showed modest activity, there is a marked increase in the repurchase of common stock, most notably a 1.9 billion USD outflow in September 2025 and 1.1 billion USD in March 2026. This indicates a shift in priority toward enhancing shareholder value through buybacks as the company generates excess cash.
- Non-Cash Adjustments
- Share-based compensation expense has grown linearly, doubling from approximately 103.2 million USD in March 2021 to 209.5 million USD by March 2026. This suggests an increasing reliance on equity-based incentives to attract and retain talent as the organization grows.
In summary, the company maintains a strong cash-generative profile. The transition from an investment-heavy phase to an aggressive share repurchase phase, coupled with rising net income, indicates a mature financial position capable of funding both internal growth and significant shareholder distributions.