Intuitive Surgical Inc. (NASDAQ:ISRG)

Gross Profit Margin

The gross profit margin showed an increasing trend from March 2020, starting at 65.65%, peaking around December 2021 at 69.32%. Following this peak, there was a gradual decline through 2022 and into early 2023, stabilizing near the mid-66% range. From mid-2023 through mid-2025, the margin fluctuated slightly but maintained a relatively stable level between approximately 66.3% and 67.5%.

Operating Profit Margin

Operating profit margin improved significantly from March 2020 onward, rising from 24.09% to a peak of 32.55% in December 2020. After this peak, a downward trend occurred throughout 2021 and 2022, with the margin decreasing to a low around 24.2% by the end of 2022. Beginning in early 2023, the operating margin gradually recovered, rising steadily and reaching approximately 28.8% by June 2025.

Net Profit Margin

The net profit margin experienced a notable rise from 24.33% in March 2020 to a peak of 31.43% by September 2020. However, from the end of 2020 through 2022, the margin showed a consistent decline, bottoming out near 20.4% in early 2023. Thereafter, a recovery phase took place, with net margin increasing steadily to about 28.5% by mid-2025. This pattern suggests initially strong profitability followed by a period of margin contraction, then a moderate rebound.

Return on Equity (ROE)

Return on equity increased steadily from March 2020 at 10.9% to approximately 14.97% by September 2020. From late 2020 through 2022, ROE experienced a decline, dropping to around 11.7% by early 2023. Subsequently, a gradual recovery trend emerged, with ROE steadily improving to reach close to 14.6% by June 2025. Overall, the company’s ability to generate profit from shareholders’ equity displayed resilience despite mid-period fluctuations.

Return on Assets (ROA)

Return on assets started at 9.5% in March 2020 and rose to 13.2% by September 2020. Similar to other profitability measures, ROA declined through the end of 2022, reaching a low of about 10% in early 2023. From this point onward, ROA improved consistently, achieving levels around 12.9% by mid-2025. This indicates an improvement in asset utilization efficiency following a period of reduced returns.

The quarterly financial data reveals several key trends across gross profit, revenue, and gross profit margin for the analyzed periods.

Revenue

Revenue exhibited a general upward trajectory from March 31, 2020, through June 30, 2025. There were fluctuations within quarters but the overall pattern indicates growth. Initial quarters show values below 1.4 billion US dollars, increasing significantly after 2021, reaching a peak of approximately 2.44 billion US dollars by June 30, 2025. This represents a considerable expansion over the examined timeframe, with notable acceleration in later years.

Gross Profit

Gross profit trends closely follow revenue with corresponding growth over the periods analyzed. Starting from around 738 million US dollars in March 2020, gross profit showed variability in early quarters but maintained a rising trend, culminating at approximately 1.62 billion US dollars by June 2025. The growth appeared consistent, with no evident periods of decline over longer spans, indicating strong operational profitability alongside revenue gains.

Gross Profit Margin

The gross profit margin data begins from the quarter ending March 31, 2021, with percentages ranging from approximately 65.6% to a high near 69.3% in the latter quarters of 2021. Post this peak, the margin slightly decreased but stabilized around the mid to high 66% range throughout 2022 to mid-2025. This relative stability in margin percentages suggests effective cost management relative to revenue, despite the significant revenue growth.

Overall Insights

The company demonstrates strong revenue growth over the observed periods, supported by increasing gross profit amounts. Gross profit margins showed initial improvement and subsequently maintained a consistent, relatively high level, indicating operational efficiency. The combination of rising revenues and sustained margins points to healthy financial performance and scalability of core operations.

Revenue Trends

Revenue exhibited significant variability over the analyzed periods. Initial quarters in 2020 showed fluctuations, with values around 852 million to 1.33 billion US dollars. From 2021 onwards, revenue demonstrated a general upward trend, reaching peaks above 2.4 billion US dollars by the end of the timeframe. This indicates substantial growth in sales or service delivery with occasional seasonal or market-driven declines, especially notable between quarters of 2022 and 2023.

Income from Operations Trends

Income from operations displayed strong volatility, with some quarters in early 2020 markedly lower than others (e.g., 80.6 million US dollars in June 2020 versus 283 million US dollars in March 2020). Post-2020, operational income showed growth with fluctuations, reaching as high as approximately 743 million US dollars in the last quarter of 2025. Notably, operational income did not always move proportionately with revenue, suggesting changes in cost structure or operational efficiency.

Operating Profit Margin Analysis

Operating profit margin data begins from December 2020 and remains relatively stable, ranging from approximately 24% to nearly 33%. Early margins were in the mid-20% range and showed a mild upward trend, peaking above 28% towards the end of the period. This steadiness in margins amid rising revenues and operational income indicates maintained or improved cost control and operational efficiency over time.

Relationship Between Revenue, Income, and Margins

While revenue and income from operations both generally increased over the period, income from operations displayed more pronounced fluctuations. Despite this volatility, the operating profit margin demonstrated consistent improvement and stability, implying that the company managed to sustain profitability levels as scale increased. The margins hovering in the mid to high 20% range indicate strong operational leverage and effective expense management.

Overall Observations

The data reflects a company experiencing growth with increased revenue and operational income over the time span. Operating margin stability amid rising figures suggests disciplined cost management and improved profitability. Fluctuations in income from operations relative to revenue suggest potential periodic impacts such as investments, changing cost bases, or market dynamics affecting operational profitability in the short term.

Net Income Attributable to Intuitive Surgical, Inc.

The net income displayed significant fluctuations throughout the analyzed quarters. Starting at 313,500 thousand US dollars in March 2020, it dropped sharply to 68,000 thousand in June 2020, then rebounded to 313,900 thousand by September 2020 and further increased to 365,200 thousand by December 2020. From 2021 onward, the net income showed a generally increasing trend with some variability - peaking notably at 606,200 thousand in December 2023 before experiencing slight declines but remaining above 650,000 thousand in the latest periods of 2024 and 2025.

Revenue

Revenue also experienced variation over the period. It began at approximately 1,099,500 thousand US dollars in March 2020, declined to 852,100 thousand by June 2020, and gradually recovered and grew throughout the subsequent quarters. From March 2021 onward, revenue consistently increased, reaching a high of 2,418,000 thousand in December 2024, indicating robust growth. Despite some modest quarter-to-quarter fluctuations, the overall trajectory shows a strong upward pattern across the time frame.

Net Profit Margin

The net profit margin data began appearing from December 2020, starting at 24.33%. It rose to a peak of 31.43% in September 2021, followed by a gradual decline into 2022, lowering to 20.4% by December 2022. Subsequently, the margin showed a steady increase, climbing back above 25% by December 2023 and reaching approximately 28.5% towards the end of the observed period in 2025. This trend suggests improving profitability efficiency after a mid-period dip, with margins stabilizing at relatively high levels.

Overall Trends and Insights

The financial indicators reveal recovery and growth following initial volatility in 2020, characterized by a sharp drop and rebound in net income and revenue. The consistent upward movement in revenue from 2021 onward illustrates successful expansion or accelerated sales performance. Net income, while somewhat more variable, largely mirrored this positive trajectory, confirming effective cost management or margin improvement efforts. The net profit margin’s peak and subsequent dip followed by recovery suggest dynamic operating conditions but an overall strengthening profitability profile into 2025.

Net Income Trends

The net income attributable to the company exhibits notable volatility throughout the observed quarters. Initially, in March 2020, net income stood at 313.5 million USD, followed by a significant dip to 68 million USD in June 2020. Subsequently, the net income rebounded sharply to 313.9 million USD in September 2020 and increased further to 365.2 million USD by December 2020. The trend continued upward with some fluctuations, reaching a peak of 606.2 million USD in December 2023. There is a general upward trajectory from mid-2020 onwards despite periodic decreases in certain quarters, with the latest quarter reported (June 2025) showing net income of 658.4 million USD. The data indicate recovery and sustained growth in profitability over the period.

Stockholders' Equity Trends

The total stockholders’ equity demonstrates a consistent and steady increase throughout the entire period from March 2020 to June 2025. Starting at approximately 8.5 billion USD, equity rises almost monotonically each quarter to reach about 17.85 billion USD by the latest quarter. There are no significant declines or volatility observed in this measure, indicating cumulative growth in shareholder value and strong capitalization of the company across the period.

Return on Equity (ROE) Trends

Return on Equity data is available starting from December 2020. Initial ROE figures show moderate levels around 10.9% to 11.5%, followed by an increase to approximately 15% in late 2021. Post this peak, ROE stabilizes and fluctuates modestly in the 11% to 14.5% range through subsequent quarters. From March 2023 onward, ROE levels demonstrate a slight upward trend, reaching approximately 14.6% by the last reported quarter. This suggests improving efficiency in generating profits from shareholders’ equity over time, with relatively stable performance in the latter periods.

Overall Insights

The company’s financial performance over the reviewed period shows resilience with net income recovering from an initial decline and achieving consistent growth thereafter. The upward trajectory in stockholders' equity points to strong balance sheet enhancement. Meanwhile, the ROE indicates a relatively stable and gradually improving capacity to convert equity investment into net income. Together, these trends suggest robust operational performance, effective equity management, and sustained profitability improvement throughout the recent fiscal years.

Net Income Attributable to Intuitive Surgical, Inc.

The net income shows notable volatility over the quarters, with significant peaks and troughs. Starting at 313.5 million US dollars in March 2020, net income dropped sharply to 68 million in June 2020, before rebounding to levels above 300 million in subsequent quarters of 2020. From 2021 onward, net income generally increased, with some fluctuations around mid-2021. A steady upward trend is observed from late 2022 through early 2025, peaking at 698.4 million in June 2025. Although occasional decreases appear between some quarters, the overall trajectory indicates growth in net income during the observed period.

Total Assets

Total assets exhibit consistent growth over the analyzed quarters, rising from approximately 9.89 billion US dollars in March 2020 to over 20.16 billion by June 2025. The increase is steadily progressive, with no periods of decline observed. This trajectory suggests ongoing expansion or investment by the company, with asset accumulation maintained at a relatively stable and increasing pace throughout the timeline.

Return on Assets (ROA)

The return on assets begins measurement at 9.5% in March 2021, showing an upward trend that peaks at 13.2% in September 2021. Following this peak, ROA decreases gradually, stabilizing near 10% to 10.3% range through late 2022 and most of 2023. Subsequently, ROA rebounds to a corridor between 11.6% and 12.9% from 2024 onwards. This pattern indicates an initial improvement in asset profitability, a period of moderation, and a renewed strengthening of asset efficiency in the later stages.