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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- Analysis of Profitability Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Enterprise Value (EV)
- Capital Asset Pricing Model (CAPM)
- Return on Assets (ROA) since 2005
- Debt to Equity since 2005
- Price to Earnings (P/E) since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Sales (P/S) since 2005
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Intuitive Surgical Inc., consolidated cash flow statement (quarterly data)
US$ in thousands
Based on: 10-Q (reporting date: 2025-09-30), 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), 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 demonstrates fluctuations across the periods, with a notable dip after the first quarter of 2020 and a general upward trend from early 2023 to 2025, peaking in December 2025. The data indicates recovery phases and periods of growth.
- Depreciation and Loss on Disposal of Property, Plant, and Equipment
- This item shows a steady increase over time, reflecting ongoing capital investments and asset depreciation, suggesting continuous expansion and asset base refreshment.
- Amortization of Intangible Assets
- The amortization expense generally declines from 2020 through 2025, indicating either reduced intangible asset acquisition or the nearing end of amortization schedules.
- Gain on Sale of Business
- Reported gains are minimal, with occasional small losses in 2022 and 2025, implying limited divestiture activities and negligible impact on financial performance from sales during the periods shown.
- Gain/Loss on Investments
- Values exhibit volatility, with occasional substantial negative impacts, especially noted in late 2020. This suggests investment portfolio fluctuations affecting earnings intermittently.
- Deferred Income Taxes
- The deferred tax line is highly variable, with both positive and negative values, showing significant tax timing differences and impacting cash flows unpredictably at times, particularly in 2023.
- Share-Based Compensation Expense
- This expense increases steadily over the periods analyzed, reflecting growing employee compensation costs linked to equity incentives, which may influence operating expenses upward.
- Amortization of Contract Acquisition Assets
- The amortization appears fairly stable with a slight increase, indicating ongoing, consistent recognition of contract-related assets.
- Working Capital Items (Accounts Receivable, Inventory, Prepaids and Other Assets, Accounts Payable, Accrued Compensation)
- Accounts receivable fluctuates widely, with some quarters showing negative values, likely due to adjustments or timing effects. Inventory trends downward significantly, indicating possible write-downs or inventory optimization efforts. Prepaids and other assets exhibit variability with some substantial negative values, showing changes in asset management or payment timing. Accounts payable vary without a clear consistent trend, suggesting changing payment cycles. Accrued compensation has large swings, indicating timing differences in employee benefit payments impacting liquidity.
- Deferred Revenue
- Deferred revenue fluctuates considerably, reflecting varying customer advance payments and recognition patterns, without a clear directional trend.
- Other Liabilities
- This item shows significant volatility, including several large negative values, pointing to changes in non-current obligations or settlements affecting the balance sheet and cash flows.
- Changes in Operating Assets and Liabilities
- Net changes are predominantly negative, especially pronounced from 2022 onward, suggesting increased working capital requirements or timing effects reducing operating cash flow in those periods.
- Adjustments to Reconcile Net Income to Operating Cash Flow
- These adjustments vary substantially, occasionally positive or negative, indicating non-cash items and working capital impacts influencing the conversion of net income to operating cash generation.
- Net Cash Provided by Operating Activities
- Operating cash flow is generally strong, with some volatility. Noteworthy large inflows occur in late 2020 and throughout 2023–2025, reflecting robust cash generation despite working capital swings.
- Investment Activities (Purchases and Proceeds from Investments, Property, Plant and Equipment, Acquisitions)
- Investment activities feature heavy purchases of investments and property, plant, and equipment, reflecting ongoing capital expenditure and portfolio management. Occasionally, proceeds from investments provide inflows, but overall net cash used in investing is negative across most periods, especially pronounced in 2023 and 2024, highlighting substantial cash outlays.
- Financing Activities (Stock Issuance, Repurchases, Dividends, Other)
- Financing cash flows are volatile, with periods of stock issuance providing liquidity offset by aggressive common stock repurchases, particularly evident in mid-2022 to 2023, signaling significant shareholder return initiatives. Cash dividends to noncontrolling interests appear infrequently and are relatively minor. Financing activities sometimes contribute negatively to cash flow, denoting net cash outflows.
- Effect of Exchange Rate Changes
- The impact from exchange rate fluctuations is relatively small compared to other cash flow components but shows intermittent positive and negative effects, indicating currency translation influences on reported cash balances.
- Net Change in Cash, Cash Equivalents, and Restricted Cash
- Cash levels demonstrate variability with substantial increases in some quarters, notably in 2023 and early 2025, and declines during other periods such as late 2023 and parts of 2024. This reflects the combined effects of operating results, investing outflows, financing activities, and foreign exchange impacts.