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Intuitive Surgical

Intuitive Surgical's revenue grew about a fifth in 2025 as more procedures used its robots

Revenue rose 20.5% to $10.1B, and net income rose 23.0% to $2.9B.

Prepared from SEC filings · Latest annual report: 10-K for FY2025 (filed Feb 3, 2026) · Latest quarter: 10-Q for the quarter ended Sep 30, 2026 (filed Oct 21, 2026) · Data pulled Oct 25, 2026

Key facts

Intuitive Surgical (Nasdaq: ISRG) reported revenue of $10.1B for fiscal 2025, the year ended Dec 31, 2025, up 20.5% from fiscal 2024. Net income to Intuitive Surgical was $2.9B, up 23.0%. In its latest 10-Q, for the quarter ended Sep 30, 2026, revenue was $3.0B, up 21.7% from the same quarter a year earlier, and net income was $523M. The largest piece by type was Instruments and accessories, at 60% of fiscal 2025 revenue. Sources: 10-K for fiscal 2025 (filed Feb 3, 2026) and 10-Q for the quarter ended Sep 30, 2026 (filed Oct 21, 2026).

Revenue$10.1BFY2025 · +20.5% vs FY2024
Net income to Intuitive Surgical$2.9BFY2025 · +23.0% vs FY2024
Operating cash flow$3.0BFY2025 · +25.5% vs FY2024
Cash & equivalents$3.0Bat Sep 30, 2026 · −11.6% vs FY2025 end
Diluted shares363MFY2025 avg · +0.2% vs FY2024
Revenue and net income to Intuitive Surgical, three fiscal yearsBy fiscal year, $bn
RevenueNet income to Intuitive Surgical
Revenue and net income to Intuitive Surgical by fiscal yearRevenue FY2023: $7.1B7.1Net income to Intuitive Surgical FY2023: $1.8B1.8FY2023Revenue FY2024: $8.4B8.4Net income to Intuitive Surgical FY2024: $2.3B2.3FY2024Revenue FY2025: $10.1B10.1Net income to Intuitive Surgical FY2025: $2.9B2.9FY2025

Source: 10-K FY2025, filed Feb 3, 2026

Quarterly revenue: fiscal 2026 vs a year earlierFiscal Q1–Q3, $bn (each quarter from that quarter's 10-Q)
FY2025FY2026
Quarterly revenue, fiscal 2026 vs 2025FY2025 Q1: $2.3B2.3FY2026 Q1: $2.8B2.8Q1FY2025 Q2: $2.4B2.4FY2026 Q2: $2.9B2.9Q2FY2025 Q3: $2.5B2.5FY2026 Q3: $3.0B3.0Q3

Source: 10-Q filed Apr 22, 2026 · 10-Q filed Jul 21, 2026 · 10-Q filed Oct 21, 2026

How it makes money

FY2025 total by categoryInstruments and accessories: $6.0B (60%)Systems: $2.5B (25%)Services: $1.6B (16%)$10.1BFY2025 total

By type, FY2025

  • LineAmountSharevs FY2024
  • Instruments and accessories$6.0B60%+18.5%
  • Systems$2.5B25%+25.8%
  • Services$1.6B16%+20.3%

Source: 10-K FY2025, XBRL breakdown

Instruments and accessories were 60% of 2025 revenue, systems 25% and services 16%. The United States was 68% of revenue.

By type: three-year mixShare of the total each fiscal year
Instruments and accessoriesSystemsServices

Source: 10-K FY2025

What changed last quarter

How the quarter compared with a year earlier

Comparing Q3 2026 (Jul to Sep 2026) compared with Q3 2025 (Jul to Sep 2025)

Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.

Q3 2026Q3 2025

Company

Revenue
$3.0B Q3 2026
$2.5B Q3 2025
21.7% increase
Net income
$523M Q3 2026
$704M Q3 2025
25.8% decrease

Source: Intuitive Surgical 10-Q for the quarter ended Sep 30, 2026, filed Oct 21, 2026

By type

Instruments and accessories
$1.8B Q3 2026
$1.5B Q3 2025
18.3% increase
Systems
$769M Q3 2026
$590M Q3 2025
30.3% increase
Services
$482M Q3 2026
$396M Q3 2025
21.8% increase

Source: Intuitive Surgical 10-Q for the quarter ended Sep 30, 2026, filed Oct 21, 2026

  • Cash & equivalents $3.0B at Sep 30, 2026, vs $3.4B at FY2025 end.
  • Operating cash flow, first 9 months of fiscal 2026: $3.2B vs $2.1B a year earlier.

The bull case and the bear case

The bull case

  • Revenue rose 20.5% in 2025 to $10.1B, after 17.2% growth in 2024. 10-K, FY2025
  • Instruments and accessories revenue grew 18.5% in 2025 to $6.0B. 10-K, FY2025
  • Operating cash flow rose 25.5% in 2025 to $3.0B. 10-K, FY2025

The bear case

  • Net income in the quarter ended Sep 30, 2026 fell 25.8% to $523M, even as revenue grew 21.7%. 10-Q, quarter ended Sep 30, 2026
  • Revenue outside the US grew 17.6% in 2025, slower than in the US. 10-K, FY2025
  • The 10-K lists competition, hospital spending, product safety and regulation among its risks. 10-K, Item 1A

What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.

What the company does

Intuitive Surgical makes the da Vinci robotic surgical systems and the Ion system for lung biopsies.

Hospitals buy or lease its systems, then buy instruments and accessories for each procedure and pay for service contracts. Most revenue comes from these recurring sales as procedure volumes grow.

Its fiscal year is the calendar year.

Source: 10-K, Item 1 Business

Main risks the company lists

Our plain-English paraphrase of the risk factors in Intuitive Surgical's latest 10-K. Read the original for the full list.

  1. CompetitionOther medical device companies are developing surgical robots.
  2. Hospital spendingHospital budgets and procedure volumes drive system and instrument sales.
  3. Product safetyProblems with its systems could lead to recalls and lawsuits.
  4. RegulationNew systems and uses need approvals from regulators.
  5. InternationalPricing, tariffs and conditions abroad affect results.
  6. Supply chainIt depends on suppliers for many parts.

Source: 10-K, Item 1A Risk Factors (the full list, in the company's words)

Three years of key numbers

Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.

US$FY2023FY2024FY2025
Revenue$7.1B$8.4B$10.1B
Net income to Intuitive Surgical$1.8B$2.3B$2.9B
Operating cash flow$1.8B$2.4B$3.0B
Cash & equivalents (year end)$2.8B$2.0B$3.4B
Diluted shares357M362M363M
  • Revenue: Sales of da Vinci and Ion surgical systems, the instruments and accessories used in each procedure, and service contracts.
  • Net income to Intuitive Surgical: Net income attributable to Intuitive Surgical, after the share belonging to minority owners.
  • Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
  • Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
  • Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.

About these numbers

  • Revenue type and regional figures are as reported, and each adds up to total revenue.

What we left out

  • Total debt: Intuitive Surgical reports no borrowings, so there is no debt figure.

Recent filings

FormFiledPeriod
10-QOct 21, 2026Sep 30, 2026
10-QJul 21, 2026Jun 30, 2026
10-QApr 22, 2026Mar 31, 2026
DEF 14AMar 13, 2026Dec 31, 2025
10-KFeb 3, 2026Dec 31, 2025

Latest filings

  1. Oct 204:05 PM ET

    8-K

    Intuitive Surgical files an 8-K on quarterly results

    Intuitive Surgical filed a Form 8-K on Oct 20, 2026 at 4:05 PM ET under Item 2.02 (Results of Operations and Financial Condition).

  2. Oct 131:54 PM ET

    Form 4

    Intuitive Surgical SVP Chief Human Resources Offi Patricia L. Wadors reports exercising or converting 2,140 shares

    The filing reports 2,140 shares in an exercise or conversion of a derivative security (code M); and 1,062 shares withheld to pay the exercise price or tax (code F).

  3. Oct 1312:44 PM ET

    Form 4

    Intuitive Surgical EVP & Chief Legal Gary Loeb reports exercising or converting 2,612 shares

    The filing reports 2,612 shares in an exercise or conversion of a derivative security (code M); and 1,296 shares withheld to pay the exercise price or tax (code F).

All Intuitive Surgical filings notes →

Common questions about Intuitive Surgical

How does Intuitive Surgical make money?

Intuitive Surgical's revenue was $10.1B in fiscal 2025. Instruments and accessories were 60% of 2025 revenue, systems 25% and services 16%. The United States was 68% of revenue. Source: 10-K for fiscal 2025, filed Feb 3, 2026.

What was Intuitive Surgical's revenue in fiscal 2025?

$10.1B of revenue for the fiscal year ended Dec 31, 2025, up 20.5% from $8.4B in fiscal 2024. Fiscal 2023 was $7.1B. Source: 10-K for fiscal 2025, filed Feb 3, 2026.

Is Intuitive Surgical profitable?

Intuitive Surgical reported net income to Intuitive Surgical of $2.9B for fiscal 2025, up 23.0% from $2.3B in fiscal 2024. That is a profit under US accounting rules (GAAP). In the quarter ended Sep 30, 2026, net income was $523M. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 3, 2026.

What did Intuitive Surgical report in its latest quarterly filing?

Revenue was $3.0B in the quarter ended Sep 30, 2026, up 21.7% from $2.5B a year earlier. Net income was $523M, down 25.8% from $704M. Source: 10-Q for the quarter ended Sep 30, 2026, filed Oct 21, 2026.

What are the main risks Intuitive Surgical lists?

Intuitive Surgical's 10-K for fiscal 2025, filed Feb 3, 2026, lists its risk factors in Item 1A. We group them into 6 areas: Competition; hospital spending; product safety; regulation; international; supply chain. The first: Other medical device companies are developing surgical robots. Source: 10-K, Item 1A Risk Factors.

Where do these Intuitive Surgical numbers come from?

From Intuitive Surgical's own SEC filings: the 10-K for fiscal 2025 (filed Feb 3, 2026) and the 10-Q for the quarter ended Sep 30, 2026 (filed Oct 21, 2026), read through the SEC's public XBRL data. Each number on this page links to its filing. Methodology explains how fiscal years and missing numbers are handled.

Disclosures

Editor holdings in ISRG
The editor holds no position in Intuitive Surgical (ISRG). As of Oct 25, 2026.
Trading rule
The editor does not buy or sell ISRG from 3 days before to 3 days after this page is published or substantively updated.
Compensation
Nobody paid for this page. No affiliate links on this page.
Sources
The company's SEC filings, linked next to each number or, for charts, in the source line under them.
Last updated
Oct 25, 2026

General education, the same for every reader. Not a recommendation to buy, sell or hold ISRG, and it doesn't consider your situation.

Compare with peers

CompanyFiscal yearRevenueRevenue growthNet income
Intuitive SurgicalISRGFY2025$10.1B+20.5%$2.9B
AbbottABTFY2025$44.3B+5.7%$6.5B
MedtronicMDTFY2026$36.4B+8.4%$4.8B
DanaherDHRFY2025$24.6B+2.9%$3.6B

Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.

More company files

New to filings? Learn lists the first explainer topics. Methodology & Disclosures covers where every number comes from.