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
- Analysis of Liquidity Ratios
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Common Stock Valuation Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Dividend Discount Model (DDM)
- Net Profit Margin since 2005
- Return on Equity (ROE) since 2005
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Intuitive Surgical Inc., consolidated cash flow statement (quarterly data)
US$ in thousands
Based on: 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 information reveals fluctuating cash flows over the observed period. Net income demonstrates an overall upward trend, particularly accelerating in later periods, though with some quarterly variations. Operating cash flow generally follows a similar pattern, exhibiting volatility but ultimately increasing significantly towards the end of the analyzed timeframe. Investing and financing activities, however, present more complex dynamics.
- Operating Activities
- Net cash provided by operating activities shows considerable fluctuation. While generally positive, it experienced a substantial decrease in the period ending December 31, 2021, and again in December 31, 2023. The most recent periods show a strong recovery and increase, reaching the highest levels observed. Adjustments to reconcile net income to net cash provided by operating activities are also volatile, with significant impacts from deferred income taxes and changes in operating assets and liabilities. Share-based compensation consistently contributes a positive cash flow component.
- Investing Activities
- Investing activities are consistently cash-intensive, primarily driven by substantial purchases of investments. Proceeds from maturities of investments partially offset these outflows, but a significant net cash outflow is consistently observed. A notable shift occurred in the period ending June 30, 2022, where proceeds from maturities exceeded purchases, resulting in net cash provided by investing activities for that period and subsequent quarters. However, this trend reversed, with large outflows resuming in later periods. Acquisition of businesses also contributes to cash outflows, though these are relatively smaller in comparison to investment activity.
- Financing Activities
- Financing activities demonstrate significant volatility. Repurchase of common stock is a dominant factor, creating substantial cash outflows, particularly in the periods ending September 30, 2022, and December 31, 2022, and again in September 30, 2025. Proceeds from the issuance of common stock related to employee stock plans provide a consistent, though smaller, inflow. Net cash provided by (used in) financing activities swings dramatically between positive and negative values, largely dictated by the magnitude of stock repurchases. A large outflow is observed in the period ending December 31, 2025, driven by significant repurchase activity and a large outflow related to noncontrolling interests.
- Key Balance Sheet Impacts
- Changes in accounts receivable, inventory, and prepaids & other assets consistently represent cash outflows, indicating increasing investments in these areas. Accounts payable and accrued compensation & employee benefits show more variable impacts, sometimes providing cash inflows and other times requiring cash outflows. Deferred revenue also exhibits fluctuating impacts. The significant decrease in cash during several periods is often linked to substantial stock repurchase programs and investment purchases.
Overall, the company demonstrates a capacity to generate cash from operations, but this is frequently offset by significant investments and financing activities, particularly stock repurchases. The increasing net income and operating cash flow in recent periods suggest improving financial performance, but the substantial and fluctuating investment and financing cash flows require continued monitoring.