Name: Intuitive Surgical Inc. (NASDAQ:ISRG) | Cash Flow Statement (Quarterly)
Creator: Stock Analysis on Net

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., consolidated cash flow statement (quarterly data)

US$ in thousands

3 months ended:	Jun 30, 2026	Mar 31, 2026	Dec 31, 2025	Sep 30, 2025	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
Net income	823,200)	826,000)	799,500)	709,200)	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)
Depreciation and loss on disposal of property, plant, and equipment	192,300)	178,900)	168,400)	156,700)	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)
Amortization of intangible and other assets	38,800)	21,100)	25,100)	12,900)	12,300)	12,100)	13,800)	12,900)	14,100)	13,600)	15,500)	12,800)	12,500)	12,400)	13,500)	15,000)	13,200)	12,700)	13,100)	11,800)	12,700)	11,800)
Accretion of discounts, amortization of premiums, and (gains) losses on investments, net	(8,800)	(10,200)	(14,900)	(14,900)	(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)
Gain on sale of business and assets	—)	(7,900)	(1,000)	—)	—)	—)	(1,100)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(3,800)	—)	—)	—)	—)
Deferred income taxes	31,000)	339,300)	(39,500)	88,000)	(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)
Share-based compensation expense	209,900)	209,500)	203,300)	203,500)	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)
Accounts receivable	(74,900)	25,100)	(267,500)	9,900)	(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)
Inventory	(248,000)	(266,600)	(253,000)	(316,200)	(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)
Prepaids and other assets	90,300)	(269,300)	61,800)	(107,100)	(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)
Accounts payable	(52,500)	73,900)	(39,100)	24,600)	(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)
Accrued compensation and employee benefits	55,000)	(284,700)	192,900)	34,700)	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)
Deferred revenue	(1,400)	46,100)	27,600)	(1,200)	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)
Other liabilities	6,100)	30,700)	28,900)	40,900)	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)
Changes in operating assets and liabilities, net of effects of acquisitions	(225,400)	(644,800)	(248,400)	(314,400)	(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)
Adjustments to reconcile net income to net cash provided by operating activities	237,800)	85,900)	93,000)	131,800)	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)
Net cash provided by operating activities	1,061,000)	911,900)	892,500)	841,000)	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)
Purchase of investments	(437,800)	(911,300)	(425,000)	(99,100)	(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)
Proceeds from sales of investments	100)	—)	10,800)	—)	249,100)	—)	—)	—)	—)	100,200)	182,600)	10,200)	11,200)	26,300)	1,500)	59,600)	—)	—)	12,500)	300)	100)	72,000)
Proceeds from maturities of investments	523,700)	582,300)	380,000)	605,500)	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)
Proceeds from sale of assets	—)	46,000)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Purchase of property, plant, and equipment	(112,600)	(103,300)	(162,500)	(105,400)	(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)
Acquisition of business, net of cash, and intellectual property and other investing activities	—)	(528,200)	(12,700)	—)	(1,200)	—)	(1,000)	—)	—)	—)	(1,800)	200)	(7,300)	—)	(1,200)	200)	(10,300)	(1,500)	—)	—)	—)	(8,700)
Net cash (used in) provided by investing activities	(26,600)	(914,500)	(209,400)	401,000)	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)
Proceeds from issuance of common stock relating to employee stock plans	65,600)	121,800)	76,600)	90,000)	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)
Taxes paid related to net share settlement of equity awards	(13,100)	(352,300)	(13,100)	(19,700)	(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)
Repurchase of common stock	(320,300)	(1,123,200)	(201,000)	(1,913,300)	(181,000)	—)	—)	—)	—)	—)	(66,300)	—)	—)	(350,000)	(1,000,800)	(1,000,000)	(500,100)	(106,500)	—)	—)	—)	—)
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)
Other financing activities	(20,100)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Net cash provided by (used in) financing activities	(287,900)	(1,353,700)	(137,500)	(1,843,000)	(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)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	7,100)	1,000)	12,300)	4,000)	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)
Net increase (decrease) in cash, cash equivalents, and restricted cash	753,600)	(1,355,300)	557,900)	(597,000)	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)

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.

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Intuitive Surgical Inc. (NASDAQ:ISRG)

Cash Flow StatementQuarterly Data

Cash Flow Statement
Quarterly Data