Robotic-assisted surgery company known for the da Vinci Surgical System and minimally invasive procedure platforms.MoreShow less
Profile & Fundamentals
Intuitive Surgical (ISRG.NASDAQ) Profile & Fundamentals
Review Intuitive Surgical reported earnings, valuation, balance sheet and ownership, with source tables and separate AI assessments.
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Company and Market Context
Intuitive Surgical: Company Profile & Ownership
Intuitive Surgical, Inc. develops, manufactures, and markets products that enable physicians and healthcare providers to enhance the quality of and access to minimally invasive care in the United States and internationally. It offers the da Vinci Surgical System that enables surgical procedures using a minimally invasive approach; and Ion endoluminal system, which extends its commercial offerings beyond surgery into diagnostic endoluminal procedures enabling minimally invasive biopsies in the lung. The company also provides a suite of stapling, energy, and core instrumentation for its multi-port da Vinci surgical systems; progressive learning pathways to support the use of its technology; infrastructure of customer service and support specialists, a complement of services to its customers, including installation, repair, maintenance, 24/7 technical support, and proactive system health monitoring; and integrated digital capabilities providing connected offerings, streamlining performance for hospitals with program-enhancing insights. It sells its products through direct sales organizations, such as capital and clinical sales teams. Intuitive Surgical, Inc. was incorporated in 1995 and is headquartered in Sunnyvale, California.
Company profile record
Intuitive Surgical Inc
Common Stock · Health Care · Health Care Equipment
Company
- Company / asset
- Intuitive Surgical Inc
- Security type
- Common Stock
- Sector
- Health Care
- Industry
- Health Care Equipment
- HQ
- 🇺🇸 United States
- Head office
- 1020 Kifer Road, Sunnyvale, CA, United States, 94086-5304
Leadership & scale
- Chief executive
- Mr. David J. Rosa
- CEO year born
- 1968
- Full-time employees
- 17K
- Fiscal year end
- December
- IPO date
- 2000-06-13
Fundamentals snapshot
- Market Cap
- USD 159.2B
- P/E
- 53.8x
- Revenue (Q3 26)
- USD 3.0B
- Profit (Q3 26)
- USD 522.8M
- Dividend Yield
- --
- Revenue (FY 25)
- USD 10.1B
- Shares in public float
- 344.6M
- Insider ownership
- 0.52%
Reporting & identifiers
- Symbol
- ISRG.NASDAQ
- Listing
- 🇺🇸 United States | Dividend Tax: 30%
- Ticker Currency
- USD
- Income Statement Currency
- USD
- Balance Sheet Currency
- USD
- Cash Flow Currency
- USD
- EPS Currency
- USD
- Contract Type
- SPOT
- ISIN
- US46120E6023
- Asset ID
- equity_778b2c1d-426a-5fff-9eda-198e013bd945
Intuitive Surgical: Ownership
Shares Outstanding
Latest: 351.6M | Max: 367.4M | Min: 336.6M
Latest reported ownership snapshot
Float Shares
98.01%
344.6M latest reported shares
Insider Ownership
0.52%
Latest reported insider stake
Short Float
0.02%
Latest reported short interest / float
Top Holders
Source tablesView ownership tables
Shares Outstanding
Annual reported shares outstanding; up to 10 reporting dates.
Scroll the table to see every column.
| Reporting date | Shares outstanding |
|---|---|
| 2017-01-01 | 336,600,000 |
| 2018-01-01 | 345,000,000 |
| 2019-01-01 | 359,100,000 |
| 2020-01-01 | 363,300,000 |
| 2021-01-01 | 367,400,000 |
| 2022-01-01 | 357,000,000 |
| 2023-01-01 | 358,200,000 |
| 2024-01-01 | 363,900,000 |
| 2025-01-01 | 360,400,000 |
| 2026-01-01 | 351,600,000 |
Top Holders
Available reported ownership records.
Scroll the table to see every column.
| Holder | Shares | Ownership | Reported date |
|---|---|---|---|
| BlackRock Inc | 30,024,648 | 8.45% | 2026-06-30 |
| Vanguard Capital Management, LLC | 23,131,099 | 6.51% | 2026-06-30 |
| State Street Corp | 16,063,040 | 4.52% | 2026-06-30 |
| Amvescap Plc. | 11,843,563 | 3.33% | 2026-06-30 |
| T. Rowe Price Associates, Inc. | 11,256,570 | 3.17% | 2026-06-30 |
| Vanguard MStar Total Stk Mkt Idx Invest | 11,214,620 | 3.16% | 2026-09-30 |
| Vanguard 500 Index Investor | 9,278,635 | 2.61% | 2026-09-30 |
| Geode Capital Management, LLC | 8,534,767 | 2.4% | 2026-06-30 |
| Capital World Investors | 7,742,681 | 2.18% | 2026-06-30 |
| Invesco QQQ Trust | 7,356,326 | 2.07% | 2026-10-29 |
| Vanguard Portfolio Management, LLC | 7,243,264 | 2.04% | 2026-06-30 |
| Morgan Stanley - Brokerage Accounts | 6,561,322 | 1.85% | 2026-06-30 |
| NORGES BANK | 4,954,874 | 1.4% | 2026-06-30 |
| iShares Core S&P 500 ETF | 4,700,533 | 1.32% | 2026-10-23 |
| Fidelity 500 Index | 4,597,355 | 1.29% | 2026-08-31 |
Intuitive Surgical: Earnings, Profitability & Valuation
Latest Financials Filed On
Earnings & Revenue
Earnings and Revenue Trajectory
AI Review
Intuitive's financial performance demonstrates an exceptional compounding engine driven by non-discretionary patient procedures. Trailing twelve-month revenue reached $11.03 billion by mid-2026, supported by robust 18.5% year-over-year growth in the second quarter. Net income advanced to $3.14 billion, propelled by double-digit procedure growth and expanding demand for the da Vinci 5 system. Crucially, recurring sales of single-use instruments, accessories, and maintenance contracts now represent over 80% of total turnover, insulating top-line performance from cyclical healthcare slowdowns. The real strength of this business lies in its remarkable cash generation. Trailing free cash flow reached $3.22 billion, converting net income into cash at a rate exceeding 100%. This highlights an essential procedural utility whose cash generation remains completely self-funding.
Intuitive's financial performance demonstrates an exceptional compounding engine driven by non-discretionary patient procedures. Trailing twelve-month revenue reached $11.03 billion by mid-2026, supported by robust 18.5% year-over-year growth in the second quarter. Net income advanced to $3.14 billion, propelled by double-digit procedure growth and expanding demand for the da Vinci 5 system. Crucially, recurring sales of single-use instruments, accessories, and maintenance contracts now represent over 80% of total turnover, insulating top-line performance from cyclical healthcare slowdowns. The real strength of this business lies in its remarkable cash generation. Trailing free cash flow reached $3.22 billion, converting net income into cash at a rate exceeding 100%. This highlights an essential procedural utility whose cash generation remains completely self-funding.
Revenue, Net Income, and Free Cash Flow
Latest: USD 10.1B | Max: USD 10.1B | Min: USD 660.0M
Valuation
P/E Ratio (TTM)iPublished valuation snapshots use the earnings basis recorded with each observation. Source tables retain that basis.
Latest: 72x
Profitability & Margins
Margins and Operating Efficiency
AI Review
Operating profitability exhibits structural resilience anchored by high-margin consumable instrument sales. Gross margin held stable at 66.0% in fiscal 2025, while operating margin expanded to 29.3%, reaching 31.3% on a trailing twelve-month basis by mid-2026. This operational leverage shows that steady procedural volume growth and administrative cost control easily absorbed early manufacturing startup expenses for the da Vinci 5 console. The underlying story is driven by a highly favorable product mix. Recurring instruments and services generate gross margins near 70%, offsetting the introductory overhead of building advanced robotic consoles. As manufacturing efficiencies for new sensors mature, fixed factory costs will spread across higher unit volumes, structurally protecting operating margins despite competitive market pressures.
Operating profitability exhibits structural resilience anchored by high-margin consumable instrument sales. Gross margin held stable at 66.0% in fiscal 2025, while operating margin expanded to 29.3%, reaching 31.3% on a trailing twelve-month basis by mid-2026. This operational leverage shows that steady procedural volume growth and administrative cost control easily absorbed early manufacturing startup expenses for the da Vinci 5 console. The underlying story is driven by a highly favorable product mix. Recurring instruments and services generate gross margins near 70%, offsetting the introductory overhead of building advanced robotic consoles. As manufacturing efficiencies for new sensors mature, fixed factory costs will spread across higher unit volumes, structurally protecting operating margins despite competitive market pressures.
Profitability Margins
Latest: 66.0% | Max: 70.1% | Min: 21.1%
Latest Profitability Ratios as of 2025-12-31
Gross Margin
66.0%
Gross profit / revenue
Operating Margin
29.3%
Operating income / revenue
Net Margin
28.4%
Net income / revenue
FCF Margin
24.7%
Free cash flow / revenue
Source tablesView earnings, profitability & valuation tables
Revenue, Net Income, and Free Cash Flow
Annual reported results, using the source statement's recorded USD conversion. Up to 10 reporting periods; missing values are not estimated.
Scroll the table to see every column.
| Period end | Revenue (USD) | Net income (USD) | Free cash flow (USD) |
|---|---|---|---|
| 2016-12-31 | 2,704,400,000 | 735,900,000 | 989,000,000 |
| 2017-12-31 | 3,128,900,000 | 660,000,000 | 953,200,000 |
| 2018-12-31 | 3,724,200,000 | 1,127,900,000 | 982,200,000 |
| 2019-12-31 | 4,478,500,000 | 1,379,300,000 | 1,172,600,000 |
| 2020-12-31 | 4,358,400,000 | 1,060,600,000 | 1,143,300,000 |
| 2021-12-31 | 5,710,100,000 | 1,704,600,000 | 1,735,900,000 |
| 2022-12-31 | 6,222,200,000 | 1,322,300,000 | 958,400,000 |
| 2023-12-31 | 7,124,100,000 | 1,798,000,000 | 749,600,000 |
| 2024-12-31 | 8,352,100,000 | 2,322,600,000 | 1,303,800,000 |
| 2025-12-31 | 10,064,700,000 | 2,856,000,000 | 2,490,700,000 |
Published P/E Ratio
Published valuation snapshots retain each observation's earnings basis.
Scroll the table to see every column.
| Period end | P/E (times earnings) | Earnings basis |
|---|---|---|
| 2025-12-31 | 71.5 | Trailing four quarters |
| 2024-12-31 | 81.8 | Trailing four quarters |
| 2023-12-31 | 67.2 | Trailing four quarters |
| 2022-12-31 | 71.6 | Annual net income |
| 2021-12-31 | 77.4 | Annual net income |
Profitability Margins
Matching annual reporting dates. Values are percentages.
Scroll the table to see every column.
| Period end | Gross margin (%) | Operating margin (%) | Net margin (%) | Free cash flow margin (%) |
|---|---|---|---|---|
| 2016-12-31 | 69.89 | 34.95 | 27.21 | 36.57 |
| 2017-12-31 | 70.12 | 33.71 | 21.09 | 30.46 |
| 2018-12-31 | 69.92 | 32.21 | 30.29 | 26.37 |
| 2019-12-31 | 69.45 | 30.69 | 30.8 | 26.18 |
| 2020-12-31 | 65.65 | 24.09 | 24.33 | 26.23 |
| 2021-12-31 | 69.32 | 31.89 | 29.85 | 30.4 |
| 2022-12-31 | 67.44 | 25.35 | 21.25 | 15.4 |
| 2023-12-31 | 66.39 | 24.8 | 25.24 | 10.52 |
| 2024-12-31 | 67.46 | 28.12 | 27.81 | 15.61 |
| 2025-12-31 | 66 | 29.27 | 28.38 | 24.75 |
Public data excerpt created by iPulse AI and published by Future Edge Group FZE. Snapshot retrieved 2026-11-05.
Use is subject to the iPulse AI Terms of Service and applicable source rights. Missing inputs are not estimated. Full access includes the remaining records, research and interactive tools.
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