Analysis of Profitability Ratios
Quarterly Data
Profitability ratios measure the company ability to generate profitable sales from its resources (assets).
Profitability Ratios (Summary)
Intuitive Surgical Inc., profitability ratios (quarterly data)
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).
A cyclical trend is evident across all profitability metrics, characterized by a period of contraction from March 2022 to early 2023, followed by a sustained recovery and expansion phase extending through June 2026. While top-line profitability remained relatively resilient, operating and bottom-line margins experienced more pronounced fluctuations before reaching peaks that exceeded initial 2022 levels.
- Margin Analysis
- Gross profit margins exhibited the most stability, despite a gradual decline from 68.84% in March 2022 to a low of 66.39% in December 2023. Following this trough, the margin stabilized, fluctuating narrowly between 66.00% and 67.46% through mid-2026.
- Operating and net profit margins showed a more significant V-shaped recovery. Operating margins fell from 30.69% in March 2022 to a minimum of 24.21% in March 2023, before climbing steadily to 31.28% by June 2026. Similarly, net profit margins declined to 20.40% in March 2023 but recovered to consistently maintain levels between 27% and 28.5% from late 2023 onward.
- Return Metrics
- Return on Equity (ROE) followed a trajectory of consistent growth after a brief dip to 11.70% in March 2023. By June 2026, ROE reached 17.28%, representing a significant improvement in the efficiency of generating profits from shareholders' equity.
- Return on Assets (ROA) mirrored the ROE trend, descending to a low of 10.05% in March 2023 before ascending to 15.04% by June 2026. This upward trend indicates an improvement in overall asset utilization and operational productivity.
The divergence between the relative stability of gross margins and the volatility of operating margins suggests that the profitability contraction observed in 2022 and early 2023 was primarily driven by operating expenses rather than cost of goods sold. The subsequent expansion in operating and net margins, alongside rising ROE and ROA, indicates a successful period of operational scaling and improved expense management.
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Return on Sales
Return on Investment
Gross Profit Margin
Intuitive Surgical Inc., gross profit margin calculation (quarterly data)
| 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||||||||||||||||||||
| Gross profit | 1,960,400) | 1,830,500) | 1,904,300) | 1,662,400) | 1,617,900) | 1,457,700) | 1,642,200) | 1,373,900) | 1,372,700) | 1,245,400) | 1,277,400) | 1,167,200) | 1,171,900) | 1,113,000) | 1,110,900) | 1,052,100) | 1,023,300) | 1,009,700) | ||||||
| Revenue | 2,892,300) | 2,770,800) | 2,866,200) | 2,505,100) | 2,440,000) | 2,253,400) | 2,413,500) | 2,038,100) | 2,009,900) | 1,890,600) | 1,928,300) | 1,743,700) | 1,755,900) | 1,696,200) | 1,655,000) | 1,557,400) | 1,522,100) | 1,487,700) | ||||||
| Profitability Ratio | ||||||||||||||||||||||||
| Gross profit margin1 | 66.68% | 66.29% | 66.00% | 66.38% | 66.61% | 67.09% | 67.46% | 66.98% | 66.86% | 66.43% | 66.39% | 66.61% | 66.74% | 66.86% | 67.44% | 67.77% | 68.16% | 68.84% | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Gross Profit Margin, Competitors2 | ||||||||||||||||||||||||
| Abbott Laboratories | 52.49% | 52.53% | 52.62% | 51.96% | 51.90% | 51.50% | 50.93% | 50.96% | 50.53% | 50.27% | 50.28% | 49.97% | 50.23% | 50.66% | 51.54% | 52.60% | 53.54% | 52.44% | ||||||
| Elevance Health Inc. | 14.10% | 14.18% | 14.26% | 14.45% | 14.93% | 15.66% | 15.92% | 16.62% | 17.16% | 16.92% | 16.79% | 16.86% | 16.89% | 16.90% | 16.79% | 16.85% | 16.79% | 16.89% | ||||||
| Medtronic PLC | 65.51% | 65.29% | 65.32% | 65.27% | 65.04% | 65.16% | 65.34% | 65.50% | 65.40% | 65.68% | 65.67% | 66.43% | 67.21% | 67.61% | 67.98% | 67.89% | 67.39% | 66.53% | ||||||
| UnitedHealth Group Inc. | — | 18.07% | 17.81% | 18.80% | 19.83% | 20.98% | 21.31% | 21.91% | 22.63% | 23.18% | 23.64% | 24.16% | 24.08% | 24.20% | 24.09% | 23.74% | 23.51% | 23.31% | ||||||
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).
1 Q2 2026 Calculation
Gross profit margin = 100
× (Gross profitQ2 2026
+ Gross profitQ1 2026
+ Gross profitQ4 2025
+ Gross profitQ3 2025)
÷ (RevenueQ2 2026
+ RevenueQ1 2026
+ RevenueQ4 2025
+ RevenueQ3 2025)
= 100 × (1,960,400 + 1,830,500 + 1,904,300 + 1,662,400)
÷ (2,892,300 + 2,770,800 + 2,866,200 + 2,505,100)
= 66.68%
2 Click competitor name to see calculations.
An analysis of the profitability metrics reveals a period of sustained revenue expansion accompanied by a moderate compression and subsequent stabilization of the gross profit margin.
- Revenue and Gross Profit Growth
- Absolute revenue increased consistently from 1.487 billion US dollars in March 2022 to 2.892 billion US dollars by June 2026. Correspondingly, gross profit rose from 1.009 billion US dollars to 1.960 billion US dollars over the same period, demonstrating strong growth in absolute earnings despite fluctuations in percentage efficiency.
- Gross Profit Margin Trends
- The gross profit margin experienced a gradual decline during the first two years of the observed period, falling from a peak of 68.84% in March 2022 to 66.39% by December 2023. This downward trend suggests a period where the cost of sales grew at a slightly faster rate than revenue.
- Recovery and Stabilization Phases
- A moderate recovery occurred throughout 2024, with the margin climbing back to 67.46% by December 31, 2024. However, this gain was not sustained into 2025, as the margin declined again to a low of 66.00% by December 31, 2025, before showing a slight upward correction to 66.68% by June 2026.
- Margin Volatility Analysis
- The data indicates that while the company has successfully scaled its operations, the gross profit margin has transitioned from a high of nearly 69% to a stabilized range between 66% and 67%. The inverse relationship between the rapid growth in revenue and the slight decline in margin suggests that expansion costs or pricing adjustments have offset some of the efficiencies typically gained from increased volume.
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Operating Profit Margin
Intuitive Surgical Inc., operating profit margin calculation (quarterly data)
| 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||||||||||||||||||||
| Income from operations | 971,900) | 855,300) | 864,300) | 759,700) | 743,400) | 578,100) | 734,900) | 577,300) | 567,300) | 469,400) | 450,200) | 465,800) | 463,200) | 387,600) | 372,500) | 398,900) | 397,600) | 408,100) | ||||||
| Revenue | 2,892,300) | 2,770,800) | 2,866,200) | 2,505,100) | 2,440,000) | 2,253,400) | 2,413,500) | 2,038,100) | 2,009,900) | 1,890,600) | 1,928,300) | 1,743,700) | 1,755,900) | 1,696,200) | 1,655,000) | 1,557,400) | 1,522,100) | 1,487,700) | ||||||
| Profitability Ratio | ||||||||||||||||||||||||
| Operating profit margin1 | 31.28% | 30.45% | 29.27% | 29.30% | 28.80% | 28.20% | 28.12% | 26.24% | 25.79% | 25.26% | 24.80% | 24.66% | 24.34% | 24.21% | 25.35% | 27.05% | 28.48% | 30.69% | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Operating Profit Margin, Competitors2 | ||||||||||||||||||||||||
| Abbott Laboratories | 15.77% | 17.07% | 18.17% | 17.59% | 17.43% | 16.84% | 16.27% | 16.24% | 15.92% | 15.76% | 16.15% | 15.02% | 15.23% | 16.77% | 19.16% | 20.95% | 22.42% | 20.73% | ||||||
| Elevance Health Inc. | 2.47% | 2.79% | 3.33% | 3.58% | 3.76% | 4.07% | 4.16% | 4.55% | 4.76% | 4.64% | 4.47% | 4.58% | 4.96% | 4.99% | 4.94% | 5.01% | 5.07% | 5.10% | ||||||
| Medtronic PLC | 17.88% | 17.90% | 17.76% | 16.78% | 16.39% | 15.82% | 15.89% | 17.50% | 17.41% | 17.83% | 17.56% | 18.17% | 19.02% | 19.37% | 18.15% | 17.89% | 16.68% | 14.78% | ||||||
| UnitedHealth Group Inc. | — | 4.23% | 4.27% | 6.12% | 7.37% | 8.27% | 8.17% | 8.28% | 8.40% | 8.58% | 8.80% | 8.86% | 8.83% | 8.87% | 8.83% | 8.65% | 8.32% | 8.19% | ||||||
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).
1 Q2 2026 Calculation
Operating profit margin = 100
× (Income from operationsQ2 2026
+ Income from operationsQ1 2026
+ Income from operationsQ4 2025
+ Income from operationsQ3 2025)
÷ (RevenueQ2 2026
+ RevenueQ1 2026
+ RevenueQ4 2025
+ RevenueQ3 2025)
= 100 × (971,900 + 855,300 + 864,300 + 759,700)
÷ (2,892,300 + 2,770,800 + 2,866,200 + 2,505,100)
= 31.28%
2 Click competitor name to see calculations.
The operating profit margin exhibits a distinct U-shaped trajectory over the analyzed period, characterized by an initial phase of contraction followed by a sustained recovery and expansion. While revenue increased consistently from 1.48 billion USD in March 2022 to 2.89 billion USD by June 2026, the profitability of these operations fluctuated significantly before achieving a new peak.
- Margin Compression Phase
- A downward trend is observed from March 2022 through March 2023, where the operating profit margin declined from 30.69% to a low of 24.21%. During this period, income from operations experienced a slight decrease despite a steady increase in revenue, suggesting that operating expenses grew at a faster rate than top-line earnings.
- Stabilization and Recovery Phase
- Between March 2023 and March 2024, the margin entered a period of relative stabilization, fluctuating within a narrow band between 24.21% and 25.26%. This phase marks the inflection point where operating income began to scale more effectively with revenue growth.
- Expansion and Optimization Phase
- From June 2024 through June 2026, a consistent upward trend in operational efficiency is evident. The operating profit margin rose from 25.79% to 31.28%. This acceleration is highlighted by a significant increase in income from operations, which grew from 567.3 million USD in June 2024 to 971.9 million USD by June 2026.
- Revenue and Profitability Correlation
- The data indicates strong operating leverage in the latter half of the period. While revenue nearly doubled over the full timeframe, the operating profit grew more aggressively in the final eight quarters. The margin expansion to 31.28% by June 2026 surpasses the initial 2022 levels, indicating a successful optimization of the cost structure relative to the expanded revenue base.
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Net Profit Margin
Intuitive Surgical Inc., net profit margin calculation (quarterly data)
| 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||||||||||||||||||||
| Net income attributable to Intuitive Surgical, Inc. | 818,100) | 821,500) | 794,800) | 704,400) | 658,400) | 698,400) | 685,700) | 565,100) | 526,900) | 544,900) | 606,200) | 415,700) | 420,800) | 355,300) | 324,900) | 324,000) | 307,800) | 365,600) | ||||||
| Revenue | 2,892,300) | 2,770,800) | 2,866,200) | 2,505,100) | 2,440,000) | 2,253,400) | 2,413,500) | 2,038,100) | 2,009,900) | 1,890,600) | 1,928,300) | 1,743,700) | 1,755,900) | 1,696,200) | 1,655,000) | 1,557,400) | 1,522,100) | 1,487,700) | ||||||
| Profitability Ratio | ||||||||||||||||||||||||
| Net profit margin1 | 28.45% | 28.15% | 28.38% | 28.58% | 28.51% | 28.41% | 27.81% | 28.51% | 27.65% | 27.16% | 25.24% | 22.14% | 21.38% | 20.40% | 21.25% | 22.52% | 24.05% | 27.84% | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Net Profit Margin, Competitors2 | ||||||||||||||||||||||||
| Abbott Laboratories | 11.65% | 13.91% | 14.72% | 31.88% | 32.43% | 31.89% | 31.95% | 13.99% | 13.65% | 13.96% | 14.27% | 12.92% | 12.83% | 13.98% | 15.88% | 17.52% | 18.78% | 17.35% | ||||||
| Elevance Health Inc. | 2.50% | 2.64% | 2.87% | 2.86% | 2.85% | 3.26% | 3.41% | 3.72% | 3.93% | 3.66% | 3.52% | 3.63% | 3.89% | 3.89% | 3.87% | 4.09% | 4.13% | 4.37% | ||||||
| Medtronic PLC | 13.71% | 13.63% | 13.90% | 12.83% | 13.00% | 12.05% | 11.36% | 13.00% | 12.84% | 11.47% | 12.03% | 13.20% | 14.03% | 16.75% | 15.90% | 15.46% | 14.79% | 12.29% | ||||||
| UnitedHealth Group Inc. | — | 2.70% | 2.72% | 4.09% | 5.10% | 5.46% | 3.65% | 3.68% | 3.70% | 4.09% | 6.09% | 6.09% | 6.11% | 6.21% | 6.25% | 6.21% | 5.99% | 5.91% | ||||||
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).
1 Q2 2026 Calculation
Net profit margin = 100
× (Net income attributable to Intuitive Surgical, Inc.Q2 2026
+ Net income attributable to Intuitive Surgical, Inc.Q1 2026
+ Net income attributable to Intuitive Surgical, Inc.Q4 2025
+ Net income attributable to Intuitive Surgical, Inc.Q3 2025)
÷ (RevenueQ2 2026
+ RevenueQ1 2026
+ RevenueQ4 2025
+ RevenueQ3 2025)
= 100 × (818,100 + 821,500 + 794,800 + 704,400)
÷ (2,892,300 + 2,770,800 + 2,866,200 + 2,505,100)
= 28.45%
2 Click competitor name to see calculations.
The financial performance exhibits a strong upward trajectory in both top-line revenue and bottom-line net income over the analyzed period, characterized by a significant recovery and subsequent stabilization of profitability margins.
- Revenue Performance
- A consistent growth trend is observed in revenue, which increased from 1,487,700 thousand US dollars in March 2022 to 2,892,300 thousand US dollars by June 2026. The growth is largely steady, with notable acceleration occurring in the latter half of 2024 and maintaining a higher baseline throughout 2025 and 2026.
- Net Income Trends
- Net income attributable to the company more than doubled over the period, rising from 365,600 thousand US dollars in March 2022 to 818,100 thousand US dollars in June 2026. While the overall trend is positive, net income displays higher volatility than revenue, with pronounced peaks occurring in the December quarters of 2023, 2024, and 2025.
- Net Profit Margin Dynamics
- The net profit margin experienced three distinct phases. An initial contraction occurred between March 2022 and March 2023, where the margin declined from 27.84% to a period low of 20.40%. This was followed by a recovery phase from June 2023 through September 2024, during which margins climbed back to 28.51%. Since October 2024, the margin has entered a stabilization phase, fluctuating within a narrow and healthy range between 27.81% and 28.58%.
- Profitability Correlation
- The alignment of increasing revenue and stabilizing profit margins indicates improved operational efficiency and cost management. The ability to maintain a net profit margin of approximately 28% while nearly doubling revenue suggests strong scalability and the maintenance of pricing power despite the initial dip in profitability observed in 2022 and early 2023.
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Return on Equity (ROE)
Intuitive Surgical Inc., ROE calculation (quarterly data)
| 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||||||||||||||||||||
| Net income attributable to Intuitive Surgical, Inc. | 818,100) | 821,500) | 794,800) | 704,400) | 658,400) | 698,400) | 685,700) | 565,100) | 526,900) | 544,900) | 606,200) | 415,700) | 420,800) | 355,300) | 324,900) | 324,000) | 307,800) | 365,600) | ||||||
| Total Intuitive Surgical, Inc. stockholders’ equity | 18,168,400) | 17,474,500) | 17,824,000) | 16,929,700) | 17,845,700) | 17,106,400) | 16,433,700) | 15,583,300) | 14,708,300) | 13,962,600) | 13,307,600) | 12,539,000) | 11,879,100) | 11,217,700) | 11,041,900) | 11,515,400) | 12,023,000) | 12,102,300) | ||||||
| Profitability Ratio | ||||||||||||||||||||||||
| ROE1 | 17.28% | 17.05% | 16.02% | 16.23% | 14.61% | 14.47% | 14.13% | 14.39% | 14.23% | 14.24% | 13.51% | 12.10% | 12.00% | 11.70% | 11.98% | 11.97% | 11.93% | 13.58% | ||||||
| Benchmarks | ||||||||||||||||||||||||
| ROE, Competitors2 | ||||||||||||||||||||||||
| Abbott Laboratories | 10.61% | 12.06% | 12.51% | 27.43% | 27.65% | 27.66% | 28.12% | 14.49% | 14.13% | 14.51% | 14.83% | 13.77% | 13.88% | 15.68% | 18.90% | 22.11% | 23.44% | 21.82% | ||||||
| Elevance Health Inc. | 11.06% | 11.94% | 12.90% | 12.59% | 12.26% | 13.92% | 14.47% | 14.66% | 15.86% | 15.38% | 15.23% | 15.82% | 16.78% | 16.62% | 16.59% | 17.26% | 17.04% | 17.36% | ||||||
| Medtronic PLC | 9.79% | 9.73% | 9.71% | 8.63% | 8.84% | 8.19% | 7.32% | 8.11% | 7.97% | 7.07% | 7.30% | 7.90% | 8.33% | 9.88% | 9.59% | 9.35% | 9.05% | 7.54% | ||||||
| UnitedHealth Group Inc. | — | 12.30% | 12.81% | 18.36% | 22.48% | 23.26% | 15.55% | 15.14% | 15.78% | 17.72% | 25.22% | 25.67% | 25.63% | 25.46% | 25.87% | 26.03% | 25.07% | 23.98% | ||||||
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).
1 Q2 2026 Calculation
ROE = 100
× (Net income attributable to Intuitive Surgical, Inc.Q2 2026
+ Net income attributable to Intuitive Surgical, Inc.Q1 2026
+ Net income attributable to Intuitive Surgical, Inc.Q4 2025
+ Net income attributable to Intuitive Surgical, Inc.Q3 2025)
÷ Total Intuitive Surgical, Inc. stockholders’ equity
= 100 × (818,100 + 821,500 + 794,800 + 704,400)
÷ 18,168,400 = 17.28%
2 Click competitor name to see calculations.
The Return on Equity (ROE) exhibits a sustained upward trajectory over the analyzed period, evolving from a volatile range between 11.70% and 13.58% in 2022 and early 2023 to a peak of 17.28% by June 30, 2026. This progression indicates a significant improvement in the efficiency with which shareholder capital is utilized to generate profit.
- ROE Trend Analysis
- The period began with a slight decline in ROE, reaching a low of 11.70% in March 2023. Following this trough, a consistent recovery phase occurred throughout 2023 and 2024, where the ratio stabilized above 14%. A more pronounced acceleration is observed starting in late 2024 and continuing through 2026, with the ratio breaking the 16% threshold in September 2025 and concluding the period at its highest level of 17.28%.
- Net Income Performance
- Net income serves as the primary driver for the increasing ROE. Quarterly net income rose from a range of 300 million to 365 million USD in 2022 to a consistent range above 800 million USD by the first half of 2026. The most substantial growth spurts occurred in December 2023 and throughout 2025, reflecting a strong expansion in bottom-line profitability.
- Stockholders' Equity Evolution
- Total stockholders' equity experienced a brief contraction during 2022, decreasing from 12.1 billion USD to 11.0 billion USD. From March 2023 onward, the equity base expanded steadily, growing to 18.1 billion USD by June 2026. While a growing equity base typically exerts downward pressure on ROE, the rate of net income growth significantly outpaced the growth of the equity base.
- Profitability Efficiency Insight
- The simultaneous increase in both the equity base and the ROE demonstrates a high degree of operational scalability. The ability to maintain and increase the return percentage while substantially increasing the total capital invested indicates that the growth in earnings is not merely a result of financial leverage, but rather a result of enhanced operational profitability.
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Return on Assets (ROA)
Intuitive Surgical Inc., ROA calculation (quarterly data)
| 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||||||||||||||||||||
| Net income attributable to Intuitive Surgical, Inc. | 818,100) | 821,500) | 794,800) | 704,400) | 658,400) | 698,400) | 685,700) | 565,100) | 526,900) | 544,900) | 606,200) | 415,700) | 420,800) | 355,300) | 324,900) | 324,000) | 307,800) | 365,600) | ||||||
| Total assets | 20,876,600) | 20,111,000) | 20,458,700) | 19,351,800) | 20,163,200) | 19,220,400) | 18,743,200) | 17,743,400) | 16,649,900) | 15,828,000) | 15,441,500) | 14,712,700) | 13,903,300) | 13,053,200) | 12,974,000) | 13,260,800) | 13,705,200) | 13,678,400) | ||||||
| Profitability Ratio | ||||||||||||||||||||||||
| ROA1 | 15.04% | 14.81% | 13.96% | 14.19% | 12.93% | 12.88% | 12.39% | 12.64% | 12.57% | 12.56% | 11.64% | 10.31% | 10.25% | 10.05% | 10.19% | 10.39% | 10.47% | 12.02% | ||||||
| Benchmarks | ||||||||||||||||||||||||
| ROA, Competitors2 | ||||||||||||||||||||||||
| Abbott Laboratories | 4.97% | 5.68% | 7.52% | 16.60% | 16.64% | 16.58% | 16.46% | 7.76% | 7.61% | 7.77% | 7.82% | 7.16% | 7.04% | 7.87% | 9.31% | 10.84% | 11.53% | 10.44% | ||||||
| Elevance Health Inc. | 3.93% | 4.17% | 4.66% | 4.51% | 4.40% | 4.94% | 5.12% | 5.51% | 5.92% | 5.58% | 5.50% | 5.50% | 5.87% | 5.69% | 5.86% | 6.03% | 6.05% | 6.21% | ||||||
| Medtronic PLC | 5.22% | 5.12% | 5.09% | 4.73% | 4.76% | 4.38% | 4.09% | 4.63% | 4.55% | 3.99% | 4.13% | 4.32% | 4.63% | 5.79% | 5.54% | 5.35% | 5.13% | 4.23% | ||||||
| UnitedHealth Group Inc. | — | 3.85% | 3.89% | 5.58% | 6.90% | 7.14% | 4.83% | 4.78% | 4.93% | 5.40% | 8.18% | 7.69% | 7.53% | 7.30% | 8.19% | 7.99% | 7.93% | 7.89% | ||||||
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).
1 Q2 2026 Calculation
ROA = 100
× (Net income attributable to Intuitive Surgical, Inc.Q2 2026
+ Net income attributable to Intuitive Surgical, Inc.Q1 2026
+ Net income attributable to Intuitive Surgical, Inc.Q4 2025
+ Net income attributable to Intuitive Surgical, Inc.Q3 2025)
÷ Total assets
= 100 × (818,100 + 821,500 + 794,800 + 704,400)
÷ 20,876,600 = 15.04%
2 Click competitor name to see calculations.
The company exhibits a consistent upward trajectory in profitability and asset utilization over the analyzed period from March 2022 through June 2026. While the initial year showed a slight contraction in efficiency, the subsequent quarters demonstrate a robust recovery and a significant expansion in the return generated on total assets.
- Net Income Growth
- A strong positive trend is observed in net income, which rose from 365.6 million US dollars in March 2022 to 818.1 million US dollars by June 2026. Despite minor fluctuations in 2022, the growth accelerated notably starting in late 2023, with quarterly income consistently exceeding 600 million US dollars from December 2023 onward.
- Asset Base Expansion
- Total assets experienced a steady expansion, increasing from 13.68 billion US dollars in March 2022 to 20.88 billion US dollars by June 2026. This growth reflects a continuous investment in the balance sheet, with the asset base expanding by approximately 52% over the reporting period.
- Return on Assets (ROA) Dynamics
- The ROA exhibited three distinct phases. First, a period of slight decline and stabilization occurred between March 2022 and March 2023, where the ratio dropped from 12.02% to a low of 10.05%. Second, a recovery phase began in mid-2023, with the ratio climbing steadily back to the 12% range by 2024. Third, a period of significant efficiency gains is evident from March 2025 through June 2026, where ROA peaked at 15.04%.
- Profitability Efficiency Analysis
- The divergence between the growth rates of net income and total assets suggests an improvement in operational efficiency. Because the ROA increased from 10.05% in early 2023 to 15.04% in mid-2026, it is evident that the company is generating higher earnings per unit of asset investment, indicating a successful scaling of operations.
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