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: 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).
The financial data reveals several key trends in profitability and efficiency ratios over the reported periods. The company's gross profit margin shows a gradual decline from early 2021 through mid-2023, decreasing from around 66.5% to approximately 66.4%. However, starting around late 2023, the margin stabilizes and slightly improves, reaching just above 67% by late 2024, before a modest dip towards the third quarter of 2025.
Operating profit margin trends exhibit a peak near the third quarter of 2021 at 32.55%, followed by a steady downward trend until early 2023, touching a low near 24.2%. Subsequent quarters show a gradual recovery, with the margin improving consistently and approaching nearly 29.3% by the third quarter of 2025.
Net profit margin follows a pattern similar to the operating margin but with slightly more volatility. It moves from a high of roughly 31.4% in mid-2021 down to approximately 20.4% in early 2023. From that point, it rebounds considerably, climbing back to above 28.5% by late 2024 and maintaining that level into 2025.
Return on equity (ROE) displays a modest up-and-down fluctuation initially, reaching a peak near 15% in the first half of 2021 before decreasing to around 11.9% in mid-2022 through early 2023. Following this trough, ROE shows a steady ascent, exceeding 16% by the third quarter of 2025, indicating improved shareholder value generation over time.
Return on assets (ROA) mirrors the ROE trend with initial highs near 13.2% in mid-2021, followed by a dip to just above 10% in early 2023. This metric then steadily climbs, peaking at approximately 14.2% in the third quarter of 2025. This suggests enhanced efficiency in asset utilization contributing to profit generation.
- Profitability Margins
- There is an observable weakening in profit margins during 2022 through early 2023, likely reflecting increased costs or pricing pressures. Nonetheless, margins exhibit resilience through a gradual recovery phase spanning 2023 to 2025, highlighting improved operational management or favorable market conditions.
- Return Metrics (ROE and ROA)
- After a period of decline coinciding with margin compression, both ROE and ROA demonstrate a healthy recovery trend. The increases suggest enhanced operational effectiveness and asset use, contributing to stronger returns for shareholders and improved profitability per asset base.
- General Trend
- The data reflects a cyclical pattern with an initial peak in profitability and returns in 2021, followed by a downturn during 2022 and early 2023, then a recovery phase extending into 2025. The gradual improvements in margins and returns post-2023 indicate successful adjustment strategies in response to earlier challenges.
Return on Sales
Return on Investment
Gross Profit Margin
Intuitive Surgical Inc., gross profit margin calculation (quarterly data)
| 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||||||||||||||||||||
| Gross profit | 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) | 1,060,800) | 971,400) | 1,023,700) | 902,600) | ||||||
| Revenue | 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) | 1,550,700) | 1,403,300) | 1,464,000) | 1,292,100) | ||||||
| Profitability Ratio | |||||||||||||||||||||||||
| Gross profit margin1 | 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% | 69.32% | 69.12% | 68.69% | 66.48% | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Gross Profit Margin, Competitors2 | |||||||||||||||||||||||||
| Abbott Laboratories | 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% | 52.21% | 52.01% | 50.69% | 51.25% | ||||||
| Elevance Health Inc. | 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% | 17.09% | 17.30% | 17.57% | 19.38% | ||||||
| Medtronic PLC | 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% | 65.19% | 63.85% | 64.57% | 65.76% | ||||||
| UnitedHealth Group Inc. | 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% | 23.60% | 23.75% | 23.80% | 25.79% | ||||||
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).
1 Q3 2025 Calculation
Gross profit margin = 100
× (Gross profitQ3 2025
+ Gross profitQ2 2025
+ Gross profitQ1 2025
+ Gross profitQ4 2024)
÷ (RevenueQ3 2025
+ RevenueQ2 2025
+ RevenueQ1 2025
+ RevenueQ4 2024)
= 100 × (1,662,400 + 1,617,900 + 1,457,700 + 1,642,200)
÷ (2,505,100 + 2,440,000 + 2,253,400 + 2,413,500)
= 66.38%
2 Click competitor name to see calculations.
- Revenue Trends
- Revenue exhibited a consistent upward trajectory across the analyzed quarters. Starting from approximately 1.29 billion US dollars in March 2021, revenue increased steadily each quarter, reaching around 2.51 billion US dollars by September 2025. This implies sustained growth in sales or service provision, with noticeable acceleration in the later periods, particularly from mid-2023 onward.
- Gross Profit Trends
- Gross profit generally followed the increasing pattern of revenue, expanding from roughly 903 million US dollars at the beginning of the period to about 1.66 billion US dollars in September 2025. The growth in gross profit remained consistent, with some fluctuations in quarterly growth rates but an overall positive trend reflecting effective cost management alongside revenue growth.
- Gross Profit Margin Analysis
- The gross profit margin demonstrated a relatively stable pattern throughout the quarters, fluctuating within a narrow range around the mid-to-high 60 percent bracket. It started near 66.5% and moved upward to a peak of approximately 69.3% during 2021, followed by a moderate decline and stabilization around 66.3% to 67.5% in subsequent years. The slight decrease in margin in later quarters suggests a possible increase in cost of goods sold relative to revenue, despite the overall growth.
- Summary of Financial Health
- The data reveals strong and sustained revenue growth backed by corresponding increments in gross profit, indicating robust operational performance. However, the marginal decline in gross profit margin over time may warrant attention to cost structure and pricing strategy to maintain profitability levels. The stability in margin despite rising revenues suggests controlled cost expansion, yet close monitoring is advisable to avoid erosion of profitability with increasing scale.
Operating Profit Margin
Intuitive Surgical Inc., operating profit margin calculation (quarterly data)
| 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||||||||||||||||||||
| Income from operations | 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) | 450,400) | 442,600) | 511,200) | 416,800) | ||||||
| Revenue | 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) | 1,550,700) | 1,403,300) | 1,464,000) | 1,292,100) | ||||||
| Profitability Ratio | |||||||||||||||||||||||||
| Operating profit margin1 | 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% | 31.89% | 32.55% | 31.27% | 26.01% | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Operating Profit Margin, Competitors2 | |||||||||||||||||||||||||
| Abbott Laboratories | 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% | 19.56% | 20.04% | 18.46% | 17.97% | ||||||
| Elevance Health Inc. | 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% | 5.15% | 4.91% | 3.68% | 4.83% | ||||||
| Medtronic PLC | 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% | 14.89% | 11.44% | 12.77% | 14.25% | ||||||
| UnitedHealth Group Inc. | 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% | 8.40% | 7.91% | 7.73% | 9.24% | ||||||
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).
1 Q3 2025 Calculation
Operating profit margin = 100
× (Income from operationsQ3 2025
+ Income from operationsQ2 2025
+ Income from operationsQ1 2025
+ Income from operationsQ4 2024)
÷ (RevenueQ3 2025
+ RevenueQ2 2025
+ RevenueQ1 2025
+ RevenueQ4 2024)
= 100 × (759,700 + 743,400 + 578,100 + 734,900)
÷ (2,505,100 + 2,440,000 + 2,253,400 + 2,413,500)
= 29.30%
2 Click competitor name to see calculations.
The quarterly financial data reveals several important trends in the company's operating income, revenue, and operating profit margin over the observed periods.
- Income from Operations
- The income from operations fluctuated across quarters but generally exhibited an upward trajectory, especially in the last few quarters. Starting from approximately $416.8 million in March 2021, it peaked significantly towards the end of 2024 and into 2025, reaching highs around $759.7 million by September 2025. Notably, the last four quarters show a strong increase compared to previous periods, indicating improved operational performance and enhanced efficiency or scale.
- Revenue
- Revenue demonstrated consistent growth throughout the period, beginning at roughly $1.29 billion in March 2021 and increasing steadily to over $2.5 billion by the third quarter of 2025. This reflects a positive sales trend and possibly expanding market share or product demand. There is a visible acceleration in revenue growth starting from late 2023 onwards, suggesting effective sales strategies or market conditions favoring sales expansion.
- Operating Profit Margin
- The operating profit margin exhibited some variability but generally showed stability with a mild upward trend toward the end of the timeline. Initially fluctuating near the low to mid 20% range, it dipped slightly during mid-2022 but recovered gradually afterward. From early 2024, the margin improved from around 25% to approximately 29.3% by September 2025. This improvement, alongside rising revenues and operating income, indicates better cost management or higher profitability from operations.
In summary, the company’s financial performance indicates strong and consistent revenue growth coupled with increasing operating income and improving profit margins in recent periods. This combination suggests enhanced operational effectiveness and financial health, positioning the company well for continued expansion and profitability.
Net Profit Margin
Intuitive Surgical Inc., net profit margin calculation (quarterly data)
| Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||||||||||||||||||||
| Net income attributable to Intuitive Surgical, Inc. | 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) | 380,600) | 380,500) | 517,200) | 426,300) | ||||||
| Revenue | 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) | 1,550,700) | 1,403,300) | 1,464,000) | 1,292,100) | ||||||
| Profitability Ratio | |||||||||||||||||||||||||
| Net profit margin1 | 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% | 29.85% | 30.78% | 31.43% | 25.78% | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Net Profit Margin, Competitors2 | |||||||||||||||||||||||||
| Abbott Laboratories | 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% | 16.42% | 17.12% | 15.85% | 15.33% | ||||||
| Elevance Health Inc. | 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% | 4.46% | 4.17% | 3.32% | 3.82% | ||||||
| Medtronic PLC | 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% | 11.97% | 10.36% | 12.69% | 15.80% | ||||||
| UnitedHealth Group Inc. | 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% | 6.06% | 5.56% | 5.37% | 6.46% | ||||||
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).
1 Q3 2025 Calculation
Net profit margin = 100
× (Net income attributable to Intuitive Surgical, Inc.Q3 2025
+ Net income attributable to Intuitive Surgical, Inc.Q2 2025
+ Net income attributable to Intuitive Surgical, Inc.Q1 2025
+ Net income attributable to Intuitive Surgical, Inc.Q4 2024)
÷ (RevenueQ3 2025
+ RevenueQ2 2025
+ RevenueQ1 2025
+ RevenueQ4 2024)
= 100 × (704,400 + 658,400 + 698,400 + 685,700)
÷ (2,505,100 + 2,440,000 + 2,253,400 + 2,413,500)
= 28.58%
2 Click competitor name to see calculations.
The financial data reflects notable fluctuations and trends in revenue, net income, and net profit margin over the observed periods. The patterns suggest phases of growth, stabilization, and improved profitability.
- Revenue Trends
-
Revenue shows a general upward trajectory across the quarters, increasing from approximately $1.29 billion at the start to over $2.5 billion by the end of the period. There are some fluctuations between adjacent quarters; however, the overall trend is positive, indicating expansion in sales or service activities.
Notable growth accelerations appear in later periods, particularly from late 2023 through 2025, with revenue growing consistently and reaching its highest values. This suggests enhanced market demand or successful business development efforts.
- Net Income Performance
-
Net income displays more variability compared to revenue but also demonstrates an increasing pattern over the long term. Initial quarters show oscillations, with dips and rises, but from early 2023, net income begins to accelerate noticeably. The highest net income figures are recorded toward the end of the timeline, with over $700 million reported.
The fluctuations earlier might reflect operational challenges or variable expenses but the increasing net income amid rising revenue points to improvements in operational efficiency or cost management in later periods.
- Net Profit Margin Insights
-
Net profit margin starts relatively high at around 26-31% in 2021 but exhibits a declining trend through 2022, dropping to approximately 21%. This decline may indicate rising costs or pricing pressures.
From 2023 onward, the margin begins to recover and improve steadily, reaching levels close to 28-29% by the end of the timeline. This recovery, concurrent with rising net income and revenue, suggests successful margin management and potentially increased operational leverage.
- Overall Observations
-
The company demonstrates strong revenue growth coupled with improving profitability in the latter periods. Despite some initial variability in net income and margin, the later stable and upward trends indicate effective financial management and scalability of the business.
The consistent improvement in net profit margin, particularly in the context of increasing revenue, points to enhanced cost efficiency and possibly better product mix or pricing strategies.
Return on Equity (ROE)
Intuitive Surgical Inc., ROE calculation (quarterly data)
| Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||||||||||||||||||||
| Net income attributable to Intuitive Surgical, Inc. | 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) | 380,600) | 380,500) | 517,200) | 426,300) | ||||||
| Total Intuitive Surgical, Inc. stockholders’ equity | 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) | 11,901,100) | 11,410,900) | 10,837,500) | 10,153,500) | ||||||
| Profitability Ratio | |||||||||||||||||||||||||
| ROE1 | 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% | 14.32% | 14.80% | 14.97% | 11.56% | ||||||
| Benchmarks | |||||||||||||||||||||||||
| ROE, Competitors2 | |||||||||||||||||||||||||
| Abbott Laboratories | 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% | 19.75% | 21.04% | 18.86% | 17.06% | ||||||
| Elevance Health Inc. | 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% | 16.93% | 15.44% | 12.10% | 13.92% | ||||||
| Medtronic PLC | 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% | 7.01% | 5.70% | 7.05% | 8.77% | ||||||
| UnitedHealth Group Inc. | 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% | 24.09% | 21.95% | 21.03% | 25.42% | ||||||
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).
1 Q3 2025 Calculation
ROE = 100
× (Net income attributable to Intuitive Surgical, Inc.Q3 2025
+ Net income attributable to Intuitive Surgical, Inc.Q2 2025
+ Net income attributable to Intuitive Surgical, Inc.Q1 2025
+ Net income attributable to Intuitive Surgical, Inc.Q4 2024)
÷ Total Intuitive Surgical, Inc. stockholders’ equity
= 100 × (704,400 + 658,400 + 698,400 + 685,700)
÷ 16,929,700 = 16.23%
2 Click competitor name to see calculations.
The financial performance indicators reveal a fluctuating yet generally positive trend in net income and stockholders’ equity over the analyzed periods. Net income attributable to the company demonstrates variability, with a noticeable dip around mid-2022 followed by a pronounced recovery and growth trajectory extending through 2024 and into early 2025. This suggests a period of challenge followed by effective operational or market-driven improvements.
Stockholders’ equity exhibits a consistent upward trend from the earliest period through the majority of the timeline, indicating sustained accumulation of company value and potentially reinvested earnings or capital increases. However, a slight decline is observed in the final period, which may warrant further examination to understand the underlying causes such as dividend distributions, stock buybacks, or market valuation adjustments.
The return on equity (ROE) metric reflects the profitability relative to shareholders’ equity and maintains a moderately stable progression with periods of slight fluctuation. Initial values start in the low double digits, experience mild declines paralleling the mid-2022 net income reduction, then progressively rise, surpassing prior peaks by the end of the analyzed time frame. The ROE reaching over 16% in the last period indicates enhanced efficiency in generating earnings from equity investment.
- Net Income
- Displayed volatility with a mid-term downturn followed by substantial recovery, peaking toward the latest quarters.
- Stockholders’ Equity
- Generally upward trajectory signifying growth in company value, except for a minor retraction in the final reported quarter.
- Return on Equity (ROE)
- Stable with minor dips, ultimately trending upwards and reaching its highest recorded value in the closing period, indicating improved profitability relative to equity.
Overall, the financial data indicate resilience and growth in profitability and equity base, interrupted briefly by a period of decline but followed by a strong recovery and enhanced efficiency in equity use.
Return on Assets (ROA)
Intuitive Surgical Inc., ROA calculation (quarterly data)
| 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||||||||||||||||||||||
| Net income attributable to Intuitive Surgical, Inc. | 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) | 380,600) | 380,500) | 517,200) | 426,300) | ||||||
| Total assets | 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) | 13,555,000) | 12,934,600) | 12,297,000) | 11,540,400) | ||||||
| Profitability Ratio | |||||||||||||||||||||||||
| ROA1 | 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% | 12.58% | 13.06% | 13.20% | 10.17% | ||||||
| Benchmarks | |||||||||||||||||||||||||
| ROA, Competitors2 | |||||||||||||||||||||||||
| Abbott Laboratories | 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% | 9.40% | 9.82% | 8.70% | 7.86% | ||||||
| Elevance Health Inc. | 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% | 6.26% | 5.63% | 4.40% | 4.93% | ||||||
| Medtronic PLC | 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% | 3.87% | 2.97% | 3.69% | 4.70% | ||||||
| UnitedHealth Group Inc. | 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% | 8.15% | 7.24% | 6.90% | 8.23% | ||||||
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).
1 Q3 2025 Calculation
ROA = 100
× (Net income attributable to Intuitive Surgical, Inc.Q3 2025
+ Net income attributable to Intuitive Surgical, Inc.Q2 2025
+ Net income attributable to Intuitive Surgical, Inc.Q1 2025
+ Net income attributable to Intuitive Surgical, Inc.Q4 2024)
÷ Total assets
= 100 × (704,400 + 658,400 + 698,400 + 685,700)
÷ 19,351,800 = 14.19%
2 Click competitor name to see calculations.
The analysis of the financial data over the presented periods reveals several noteworthy trends in key performance metrics.
- Net Income Attributable to Intuitive Surgical, Inc.
- The net income shows considerable fluctuation over the reported quarters. Starting at approximately $426 million in the first quarter of 2021, it peaked at around $517 million in the second quarter of 2021, then declined in the subsequent quarters of 2021 and early 2022, reaching a low near $308 million in the second quarter of 2022. From mid-2022 onward, net income demonstrated a recovery trend with several increases, attaining a significant high of approximately $685.7 million in the fourth quarter of 2024. Despite some volatility, the overall trajectory from 2023 through 2025 indicates a strengthening profitability position with quarterly net income generally trending upward.
- Total Assets
- Total assets consistently grew from the beginning to late 2024, starting at about $11.54 billion in the first quarter of 2021 and rising to an approximate peak of $20.16 billion by late 2024. There was a slight dip in total assets in the final quarter of 2024 and the first quarter of 2025, indicating a minor decline after sustained growth. This growth in total assets over almost four years reflects expansion or accumulation of resources and investments.
- Return on Assets (ROA)
- Return on assets experienced some initial fluctuations, starting at 10.17% early in 2021 and reaching above 13% in mid-2021. After a dip in early 2022, ROA gradually improved, maintaining around 10% to 11% during 2022 but then showing a steady increase starting in 2023. By the first quarter of 2025, ROA had risen to 14.19%, marking the highest point in the observed timeframe. This upward trend indicates improving efficiency in generating profits relative to the asset base over recent periods.
In summary, the data presents a picture of initially volatile profitability with subsequent recovery and growth in net income, accompanied by steady expansion in total assets. The improving ROA suggests enhanced asset utilization and profitability efficiency in recent quarters. These indicators collectively point to strengthened financial performance and effective resource management over the examined periods.