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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Intuitive Surgical Inc. pages available for free this week:
- Balance Sheet: Assets
- Common-Size Income Statement
- Analysis of Liquidity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Price to FCFE (P/FCFE)
- Dividend Discount Model (DDM)
- Net Profit Margin since 2005
- Operating Profit Margin since 2005
- Price to Operating Profit (P/OP) since 2005
- Aggregate Accruals
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Intuitive Surgical Inc., consolidated cash flow statement (quarterly data)
US$ in thousands
Based on: 10-Q (reporting date: 2026-06-30), 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).
Net income exhibits a consistent long-term growth trajectory, rising from 435.2 million USD in March 2021 to 823.2 million USD by June 2026. This growth is mirrored in the net cash provided by operating activities, which shows a general upward trend, culminating in a peak of 1.061 billion USD in June 2026. While periodic volatility is present, the capacity to generate cash from core operations has strengthened significantly over the analyzed period.
- Operating Cash Flow Drivers
- Non-cash adjustments consistently support operating cash flow. Depreciation expenses have grown steadily from 64.8 million USD to 192.3 million USD, reflecting an expanding asset base. Share-based compensation has also increased linearly, moving from 103.2 million USD in early 2021 to 209.9 million USD by mid-2026, acting as a persistent add-back to net income.
- Working Capital Dynamics
- Inventory represents a significant and increasing drain on cash, with outflows expanding from 41.2 million USD in March 2021 to 248.0 million USD in June 2026. Accounts receivable and prepaids exhibit high quarterly volatility, frequently offsetting or augmenting cash flows, while deferred revenue shows fluctuating patterns that suggest varying timing in revenue recognition.
- Investing Activity and Capital Expenditure
- Capital expenditures for property, plant, and equipment have increased over time, with a notable peak of 435.5 million USD in December 2023, indicating periods of aggressive infrastructure investment. The company maintains an active investment portfolio, characterized by large-scale purchases of investments often offset by substantial proceeds from maturities. A significant cash outflow of 528.2 million USD occurred in March 2026 due to the acquisition of business and intellectual property.
- Financing and Capital Allocation
- There is a marked shift in capital allocation strategy toward shareholder returns in the later periods. While early financing activities were dominated by employee stock plan issuances and tax settlements, the period between September 2025 and June 2026 saw aggressive common stock repurchases, including a single-quarter outflow of 1.913 billion USD in September 2025. This indicates a transition toward utilizing excess cash for equity reduction rather than purely for operational growth or investment portfolios.
The overall financial profile suggests a company in a mature growth phase, characterized by rising profitability and strong operating cash generation. The strategic pivot toward massive share buybacks in 2025 and 2026, combined with sustained increases in capital expenditures, reflects a balanced approach between maintaining competitive capacity and returning value to shareholders.