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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- Common-Size Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Common Stock Valuation Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Price to FCFE (P/FCFE)
- Dividend Discount Model (DDM)
- Operating Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Price to Operating Profit (P/OP) since 2005
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Intuitive Surgical Inc., consolidated cash flow statement (quarterly data)
US$ in thousands
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).
- Net Income
- The net income exhibits considerable volatility throughout the periods with notable peaks at the end of 2023 and early 2024. After a subdued 2020 with quarterly figures often below 400,000 thousand USD, income grew significantly in 2021, peaking mid-year, then fluctuated somewhat during 2022 and early 2023. A rising trend is visible again toward late 2023 and 2024, culminating in a record high near 704,000 thousand USD in the latest period.
- Depreciation and Amortization
- Depreciation steadily increased over time, almost doubling from about 51,000 thousand USD in early 2020 to over 137,000 thousand USD by early 2025. Amortization of intangible assets decreased overall, dropping from approximately 12,300 thousand USD in early 2020 to near 3,400 thousand USD by early 2025, indicating diminishing intangible asset amortization expense.
- Share-Based Compensation
- Expenses related to share-based compensation rose steadily across the periods, climbing from approximately 90,600 thousand USD in early 2020 to 185,200 thousand USD at the beginning of 2025, reflecting increasing equity-based remuneration costs.
- Accounts Receivable and Inventory
- Accounts receivable displayed significant fluctuations including both positive and negative values, indicating swings possibly associated with billing cycles or write-downs. Inventory showed a consistent and substantial negative trend, with inventory values deteriorating significantly over time, suggesting increased inventory levels or writedowns while moving from -65,200 thousand USD at the beginning of 2020 to more than -211,000 thousand USD by early 2025.
- Operating Cash Flow
- Net cash provided by operating activities manifested wide variation, peaking at 627,500 thousand USD in late 2020, falling sharply in early 2022 to around 223,000 thousand USD, and demonstrating renewed strength toward late 2024 and early 2025 with amounts exceeding 700,000 thousand USD. This suggests underlying operational resilience despite volatility.
- Investing Activities
- Investing cash flows were consistently negative in most quarters, dominated by substantial purchases of investments and property, plant, and equipment. Notable exceptions are periods such as mid-2020 and mid-2022 where positive investing cash flows arose primarily due to proceeds from maturities and sales of investments. Despite occasional inflows, the overall trend points to high capital expenditure and investment outlays.
- Financing Activities
- Cash flows from financing activities showed mixed results with frequent outflows, including repurchases of common stock which were substantial and particularly heavy in late 2021 and 2022. Proceeds from issuance of common stock related to employee stock plans rose moderately over time. Periodic significant negative swings imply active share repurchase programs and dividend payments. There were also notable occasional positive inflows from financing in earlier periods.
- Working Capital and Liabilities
- Changes in operating assets and liabilities had large negative values increasingly over time, especially in 2023 and 2024, indicating tightening working capital or other operational changes. Accounts payable and accrued compensation figures demonstrated volatility with no clear directional trend; accrued compensation had large negative spikes indicating payments exceeding accruals in certain quarters.
- Other Observations
- Deferred income taxes showed varying signs and magnitude suggesting fluctuating tax assets and liabilities. Gains on sales of business and investments were sporadic and minor relative to other items. The effect of exchange rate changes on cash was relatively small and inconsistent. Overall cash and cash equivalent changes reflected these combined operational, investing, and financing activities with volatile increases and decreases correlating with the above trends.