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.

Intuitive Surgical Inc., consolidated cash flow statement (quarterly data)

US$ in thousands

3 months ended:	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
Net income	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)
Depreciation and loss on disposal of property, plant, and equipment	152,100)	137,500)	121,600)	112,700)	106,800)	104,200)	118,100)	103,500)	92,300)	87,700)	98,600)	81,900)	79,800)	77,700)	74,300)	75,700)	68,000)	64,800)	67,300)	56,600)	51,400)	51,100)
Amortization of intangible assets	3,200)	3,400)	3,100)	3,500)	5,000)	5,100)	5,100)	5,100)	5,000)	5,000)	7,600)	7,900)	6,200)	6,100)	6,600)	6,300)	7,600)	6,900)	12,500)	12,600)	12,400)	12,300)
Gain on sale of business	—)	—)	(1,100)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(3,800)	—)	—)	—)	—)	—)	—)	—)	—)
(Gain) loss on investments, accretion of discounts, and amortization of premiums on investments, net	(9,700)	(17,700)	(5,100)	(12,300)	(20,000)	(5,900)	(7,400)	300)	9,500)	4,900)	5,600)	9,600)	7,800)	26,000)	12,700)	2,200)	8,300)	(12,600)	9,100)	(61,800)	(2,600)	200)
Deferred income taxes	(29,500)	100)	(30,800)	(64,700)	(32,600)	(7,200)	(219,800)	(43,300)	(27,000)	9,300)	(83,300)	(61,900)	(25,700)	(14,400)	(22,000)	(16,600)	(68,700)	44,700)	(14,300)	19,400)	(12,000)	64,500)
Share-based compensation expense	196,200)	185,200)	177,000)	172,900)	173,600)	153,300)	150,400)	156,100)	146,500)	139,800)	127,600)	138,100)	126,700)	120,800)	117,800)	120,100)	108,100)	103,200)	103,100)	105,800)	95,900)	90,600)
Amortization of contract acquisition assets	9,100)	8,700)	10,700)	9,400)	9,100)	8,500)	10,400)	7,700)	7,500)	7,400)	5,900)	7,100)	7,000)	6,600)	6,500)	5,500)	5,100)	4,900)	4,700)	4,200)	4,100)	4,100)
Accounts receivable	(47,700)	3,600)	(74,100)	(42,800)	18,800)	2,200)	(166,600)	(59,000)	22,400)	16,900)	(92,100)	(11,200)	67,400)	(123,400)	(87,600)	4,900)	(45,300)	(14,300)	(51,500)	(79,700)	18,700)	118,200)
Inventory	(283,100)	(211,100)	(179,100)	(261,500)	(209,800)	(179,600)	(184,300)	(239,600)	(161,500)	(127,100)	(127,500)	(173,600)	(125,400)	(120,100)	(66,800)	(96,800)	(51,200)	(41,200)	6,900)	(56,900)	(54,900)	(65,200)
Prepaids and other assets	(134,000)	(7,800)	(152,200)	32,100)	(107,600)	(4,100)	(13,300)	51,300)	13,500)	(27,300)	(32,400)	(6,700)	(68,400)	(21,700)	11,800)	(39,700)	(103,800)	(73,200)	7,000)	(23,300)	36,400)	(131,900)
Accounts payable	(10,700)	83,100)	(21,600)	22,800)	5,900)	(7,500)	14,000)	(8,800)	19,600)	16,900)	(5,000)	13,900)	14,300)	(1,900)	200)	(2,400)	14,500)	23,700)	(28,400)	(300)	(25,500)	21,900)
Accrued compensation and employee benefits	111,100)	(226,000)	158,200)	56,200)	156,100)	(271,200)	61,600)	28,200)	85,600)	(140,600)	93,400)	29,600)	58,800)	(130,300)	84,800)	11,300)	59,200)	(40,200)	59,800)	6,600)	12,200)	(95,200)
Deferred revenue	11,800)	37,000)	37,300)	8,200)	(10,300)	(4,000)	54,400)	(13,200)	(12,000)	24,200)	42,700)	(18,100)	(14,500)	11,400)	30,300)	(8,300)	3,800)	6,800)	24,200)	(13,300)	3,300)	800)
Other liabilities	82,400)	(118,100)	90,700)	99,400)	(6,000)	(75,800)	(205,000)	140,300)	38,300)	(6,500)	60,100)	41,900)	(900)	20,600)	16,400)	52,000)	14,100)	(31,100)	63,500)	(12,100)	20,300)	(34,800)
Changes in operating assets and liabilities, net of effects of acquisitions	(270,200)	(439,300)	(140,800)	(85,600)	(152,900)	(540,000)	(439,200)	(100,800)	5,900)	(243,500)	(60,800)	(124,200)	(68,700)	(365,400)	(10,900)	(79,000)	(108,700)	(169,500)	81,500)	(179,000)	10,500)	(186,200)
Adjustments to reconcile net income to net cash provided by operating activities	51,200)	(122,100)	134,600)	135,900)	89,000)	(282,000)	(382,400)	128,600)	239,700)	10,600)	101,200)	58,500)	133,100)	(146,400)	185,000)	114,200)	19,700)	42,400)	263,900)	(42,200)	159,700)	36,600)
Net cash provided by operating activities	715,400)	581,600)	822,600)	706,500)	620,500)	265,400)	228,300)	548,400)	665,700)	371,400)	437,900)	383,200)	446,700)	223,000)	567,700)	501,400)	542,700)	477,600)	627,500)	274,600)	229,900)	352,800)
Purchase of investments	(172,000)	(519,800)	(1,430,000)	(1,920,200)	(883,500)	(905,900)	(1,387,200)	(806,200)	(10,500)	(3,500)	(5,900)	(17,400)	(188,900)	(1,187,300)	(1,238,300)	(1,706,000)	(1,674,600)	(1,833,100)	(1,269,700)	(1,596,400)	(736,800)	(690,000)
Proceeds from sales of investments	249,100)	—)	—)	—)	—)	100,200)	182,600)	10,200)	11,200)	26,300)	1,500)	59,600)	—)	—)	12,500)	300)	100)	72,000)	—)	—)	702,500)	98,200)
Proceeds from maturities of investments	340,100)	849,900)	478,800)	755,100)	725,800)	919,100)	597,700)	605,500)	742,500)	744,400)	718,100)	671,200)	797,400)	1,067,700)	735,700)	935,200)	1,365,500)	1,231,400)	997,300)	634,900)	681,000)	617,600)
Purchase of property, plant, and equipment	(155,300)	(116,600)	(312,000)	(247,900)	(309,400)	(241,900)	(435,500)	(256,300)	(178,300)	(194,100)	(137,700)	(169,100)	(132,000)	(93,600)	(150,900)	(68,300)	(75,700)	(58,600)	(61,900)	(64,400)	(110,000)	(105,200)
Acquisition of businesses, net of cash, and intellectual property and other investing activities	(1,200)	—)	(1,000)	—)	—)	—)	(1,800)	200)	(7,300)	—)	(1,200)	200)	(10,300)	(1,500)	—)	—)	—)	(8,700)	—)	—)	—)	(37,700)
Net cash (used in) provided by investing activities	260,700)	213,500)	(1,264,200)	(1,413,000)	(467,100)	(128,500)	(1,044,200)	(446,600)	557,600)	573,100)	574,800)	544,500)	466,200)	(214,700)	(641,000)	(838,800)	(384,700)	(597,000)	(334,300)	(1,025,900)	536,700)	(117,100)
Proceeds from issuance of common stock relating to employee stock plans	49,400)	134,300)	61,900)	115,600)	71,500)	180,400)	44,100)	77,400)	74,600)	100,200)	45,200)	82,000)	26,600)	80,000)	31,700)	91,100)	69,700)	84,000)	40,900)	113,900)	62,700)	91,300)
Taxes paid related to net share settlement of equity awards	(16,200)	(370,100)	(12,500)	(17,400)	(13,500)	(226,600)	(9,300)	(14,800)	(10,900)	(129,700)	(6,900)	(8,300)	(6,800)	(172,200)	(10,400)	(13,300)	(9,600)	(178,300)	(9,900)	(10,200)	(6,200)	(148,900)
Repurchase of common stock	(181,000)	—)	—)	—)	—)	—)	(66,300)	—)	—)	(350,000)	(1,000,800)	(1,000,000)	(500,100)	(106,500)	—)	—)	—)	—)	(34,300)	—)	—)	(100,000)
Cash dividends paid by joint venture to noncontrolling interest	—)	—)	—)	—)	(8,000)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Payment of deferred purchase consideration	—)	—)	—)	—)	—)	(500)	—)	(800)	(400)	(1,700)	(1,000)	(500)	(1,800)	(1,200)	(2,700)	(9,500)	(1,800)	(7,900)	(36,500)	(18,500)	(8,900)	(21,100)
Net cash provided by (used in) financing activities	(147,800)	(235,800)	49,400)	98,200)	50,000)	(46,700)	(31,500)	61,800)	63,300)	(381,200)	(963,500)	(926,800)	(482,100)	(199,900)	18,600)	68,300)	58,300)	(102,200)	(39,800)	85,200)	47,600)	(178,700)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	1,000)	(4,500)	8,300)	(12,200)	(3,700)	6,800)	(5,400)	1,700)	5,200)	1,800)	(2,500)	1,900)	2,200)	3,800)	(1,100)	300)	(3,400)	800)	(600)	(400)	(800)	(800)
Net increase (decrease) in cash, cash equivalents, and restricted cash	829,300)	554,800)	(383,900)	(620,500)	199,700)	97,000)	(852,800)	165,300)	1,291,800)	565,100)	46,700)	2,800)	433,000)	(187,800)	(55,800)	(268,800)	212,900)	(220,800)	252,800)	(666,500)	813,400)	56,200)

The financial data reflect several notable trends over the observed periods. Net income demonstrates a generally upward trajectory, reaching a peak in late 2023 before experiencing some fluctuations but remaining strong through early 2025. This growth in profitability suggests improving operational effectiveness or market conditions despite some quarterly variability.

Depreciation and amortization expenses indicate a gradual increase, particularly in the depreciation of property, plant, and equipment, which may reflect recent capital investments or expansion. Amortization of intangible assets remains relatively stable with slight declines towards the end of the timeline, indicating a possible reduction in intangible asset base or changes in amortization schedules.

The gain on sale of business is seen as a negative value in specific periods, signifying losses from such disposals rather than gains, while gains and losses related to investments exhibit volatility, with some significant negative and positive swings reflecting active portfolio management and market responsiveness.

Deferred income taxes fluctuate markedly, with substantial negative values in several quarters, implying tax expense recognition or timing differences affecting income tax liabilities. Share-based compensation expense consistently grows, suggesting increasing employee incentive costs that align with company growth or stock price appreciation.

Operating asset and liability changes show pronounced swings, with large negative values at various points, indicating significant cash outflows tied to working capital changes. These fluctuations could reflect inventory adjustments, accounts receivable collections, or payable practices affecting cash flow.

Net cash provided by operating activities shows strong positive cash generation throughout, aside from a dip in early 2024, underscoring robust core business operations and cash efficiency. Conversely, net cash used in investing activities is generally negative, consistent with ongoing capital expenditures, acquisitions, and investment purchases, indicative of deliberate growth-oriented capital deployment.

Investment purchases peak at substantial levels in multiple quarters, reflecting aggressive asset acquisition or reinvestment strategy, whereas proceeds from sales and maturities of investments suggest the company actively manages its investment portfolio to balance liquidity and returns.

Purchases of property, plant, and equipment display upward trends, with particularly large outflows in late 2023 and 2024, emphasizing a focus on capacity expansion or infrastructure enhancement. Business acquisitions and other investing activities show intermittent activity, with modest outflows reflecting selective strategic acquisitions or intellectual property investments.

Financing activities disclose variable cash flows, including repurchases of common stock that occur in large volumes in select quarters, indicating a commitment to returning capital to shareholders or managing equity structure. Issuance of common stock related to employee plans steadily increases, supporting the observed growth in share-based compensation expenses.

Tax payments related to equity awards are substantial and demonstrate fluctuations parallel to stock plan activity. Deferred purchase consideration payments remain relatively minor but consistent, suggesting ongoing settlement of acquisition-related obligations.

Exchange rate effects on cash flows vary across quarters, with occasional significant positive or negative impacts, reflecting the multinational nature of operations and exposure to currency fluctuations.

The overall net changes in cash and cash equivalents are volatile, with alternating periods of strong increases and decreases. Large positive cash inflows in mid-2023 and early 2025 contrast with sizeable cash outflows in late 2023 and parts of 2024, highlighting cycles of investment and cash accumulation.

Download chart

Intuitive Surgical Inc. (NASDAQ:ISRG)

Cash Flow Statement Quarterly Data

Cash Flow Statement
Quarterly Data