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Health Care · NASDAQ: ISRG

Intuitive Surgical: how the business works

Intuitive Surgical makes the da Vinci and Ion surgical robots and sells hospitals the instruments and service each robot uses, with revenue of $10.06 billion in FY2025.

By · Checked against filings: . Editorial policy. Corrections

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Intuitive Surgical, Inc. · Sunnyvale, California · Founded 1995

Updated for Q3 FY2026 · checked

Revenue, FY2025
$10.06B
Net income, FY2025
$2.86B
da Vinci systems installed, Sep 30, 2026
12,094
da Vinci procedures, FY2025
About 3.15 million
Full-time employees, Dec 31, 2025
About 17,021

For learning only. Cityfort is not a registered investment adviser or broker-dealer and does not recommend buying or selling any security. Prices shown are dated and may be out of date.

The short version

Intuitive Surgical in 5 points

  1. 1 · What it sells

    Intuitive Surgical sells da Vinci and Ion surgical robots and the instruments used in each operation: instruments and accessories brought in $6.02 billion of FY2025 revenue of $10.06 billion, systems $2.47 billion and services $1.57 billion.

    More: what it sells

  2. 2 · Who pays it

    Hospitals are Intuitive's customers, and U.S. customers made up 68% of FY2025 revenue while customers outside the U.S. made up 32%.

    More: who pays it

  3. 3 · What it keeps from $100

    Of every $100 that came in during FY2025, Intuitive kept $27.4 as net income, while operating profit, before $366 million of interest and other income and tax, was $29.3 per $100 of revenue.

    More: what it keeps from $100

  4. 4 · Where the operating profit comes from

    Intuitive reports one segment and no profit by product: FY2025 operating profit was $2.95 billion, after $3.42 billion of cost of revenue, $2.39 billion of selling and administration and $1.31 billion of research.

    More: where the operating profit comes from

  5. 5 · The one thing to watch

    Worldwide da Vinci procedures grew about 18% in FY2025 and about 14% in Q3 FY2026, while the installed base reached 12,094 systems at Sep 30, 2026.

    More: the one thing to watch

Sources: From Intuitive Surgical's FY2025 10-K and Q3 FY2026 earnings release · checked

See the full receipt and the management scorecard below

Sources (2)
Next: Where $100 goes

01Where the money goes · FY2025

Where does $100 of Intuitive Surgical's money go?

Of every $100 that came in (revenue plus other income), this is where it went.

Intuitive Surgical · FY2025

Receipt for every $100

Where $100 of Intuitive Surgical's money went in FY2025
Cost of revenue$32.8
Selling, general and administrative$22.8
Research and development$12.6
Income tax$4.2
China joint venture partner's share$0.2
Kept as net income$27.4
Total$100

Each line = amount ÷ total money in × 100. Lines may not add to exactly $100 because of rounding.

How this is worked out

Cityfort calculation from the FY2025 10-K. Of every $100 that came in during FY2025 (revenue of $10,064.7 million plus $365.9 million of interest and other income): each line = line ÷ $10,430.6 million × 100.

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Sources (1)
Next: The business in one line

Each week: one company explained in 5 points, picked by earnings date.

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02The business in one line

What does Intuitive Surgical do?

Hospitals pay Intuitive Surgical for its surgical robots and, mostly, for the instruments and service each robot uses in every operation; making those products costs about a third of revenue, selling and research take another third, and the rest is profit.

  • Instruments and accessories, which wear out after a set number of uses, were 59.8% of FY2025 revenue; systems were 24.6% and service contracts 15.6%.
  • About 3.15 million da Vinci procedures were done in FY2025, up about 18%, on 11,106 installed systems at year end.
Next: Who pays it

03Who pays it

Who pays Intuitive Surgical?

  • U.S. hospitals

    68%

    of revenue

    Buy or lease da Vinci and Ion systems, buy instruments for each procedure and pay for service. U.S. revenue was $6.82 billion in FY2025, including $4.20 billion of instruments and accessories.

  • Hospitals outside the U.S.

    32%

    of revenue

    Served directly in parts of Europe, Japan, Korea, India, Taiwan and Canada, through a joint venture in China and through distributors elsewhere. Revenue was $3.25 billion in FY2025.

  • U.S. hospitals68%
  • Hospitals outside the U.S.32%

How spread out the customers are

The FY2025 10-K does not identify any single customer as 10% or more of revenue. About 24% of FY2025 revenue was in foreign currencies.

Sources (1)
Next: Why it makes money

04Why it makes money

Why does Intuitive Surgical make money?

Each installed robot brings in instrument sales on every operation, so revenue grows with procedures, not just with robots sold.

A chip in each da Vinci instrument limits how many procedures it can be used for, so every operation brings new instrument sales. Instruments and accessories rose from $54.3 to $59.8 of every $100 of revenue between FY2021 and FY2025 (Cityfort calculation from the FY2025 and FY2023 10-Ks).

Instruments and accessories per $100 of revenue

$54.3$59.8

FY2021 to FY2025

  1. Hospitals buy or lease a da Vinci robot, which sells for $0.7 million to $3.1 million
  2. Surgeons train on it and use it for more types of operations
  3. Each operation uses instruments worth $900 to $3,700 that wear out after set uses
  4. Hospitals pay $95,000 to $225,000 a year for service on each system
  5. Busier robots lead hospitals to add more systems
  6. Research spending, $1.31 billion in FY2025, funds new systems such as da Vinci 5

↺ Step 6 feeds back into step 1.

Sources (2)
Next: Business segments

05Business segments · FY2025

Which businesses make up Intuitive Surgical?

  • Instruments and accessories

    60%

    Intuitive reports one segment; these are its revenue types. Instruments and accessories used in each procedure: $6.02 billion in FY2025, up from $3.10 billion in FY2021.

    Revenue $6.0B

  • Systems

    25%

    da Vinci and Ion systems sold or leased: $2.47 billion in FY2025, including $874 million of operating lease revenue, of which $531 million was usage-based.

    Revenue $2.5B

  • Services

    16%

    Service contracts and repairs for installed systems: $1.57 billion in FY2025.

    Revenue $1.6B

How the mix changed

  • Instruments and accessories
  • Systems
  • Services

Revenue by segment, FY2021 to FY2025.

US$

See the numbers
How the mix changed (US$)
YearInstruments and accessoriesSystemsServices
FY2021$3.1B$1.7B$916M
FY2022$3.5B$1.7B$1.0B
FY2023$4.3B$1.7B$1.2B
FY2024$5.1B$2.0B$1.3B
FY2025$6.0B$2.5B$1.6B
Sources (2)
Next: How has it done

06The numbers · Consolidated · US$

How has Intuitive Surgical done?

Revenue

$10.1BFY2025

Revenue rose every year from $5.71 billion in FY2021 to $10.06 billion in FY2025, and Q3 FY2026 revenue of $3.05 billion was 22% above a year earlier.

US$

See the numbers
Revenue (US$)
PeriodRevenue (US$)
FY2021$5.7B
FY2022$6.2B
FY2023$7.1B
FY2024$8.4B
FY2025$10.1B
Q4 FY2024$2.4B
Q1 FY2025$2.3B
Q2 FY2025$2.4B
Q3 FY2025$2.5B
Q4 FY2025$2.9B
Q1 FY2026$2.8B
Q2 FY2026$2.9B
Q3 FY2026$3.0B

Net profit

$2.9BFY2025

Net income fell from $1.70 billion in FY2021 to $1.32 billion in FY2022, rose each year to $2.86 billion in FY2025, and was $522.8 million in Q3 FY2026 after a $454.9 million litigation charge.

US$

See the numbers
Net profit (US$)
PeriodNet profit (US$)EPS ($)
FY2021$1.7B$4.66
FY2022$1.3B$3.65
FY2023$1.8B$5.03
FY2024$2.3B$6.42
FY2025$2.9B$7.87
Q4 FY2024$686M$1.88
Q1 FY2025$698M$1.92
Q2 FY2025$658M$1.81
Q3 FY2025$704M$1.95
Q4 FY2025$795M$2.21
Q1 FY2026$822M$2.28
Q2 FY2026$818M$2.29
Q3 FY2026$523M$1.49

Profit kept per $100 of revenue

$28.4FY2025

Net income per $100 of revenue was $29.9 in FY2021, $21.3 in FY2022 and $28.4 in FY2025, when operating profit per $100 was $29.3.

$ of profit per $100 of revenue (net margin)

See the numbers
Profit kept per $100 of revenue ($ of profit per $100 of revenue (net margin))
YearNet marginEBITDA margin
FY202129.9%37.7%
FY202221.3%31.7%
FY202325.2%31.2%
FY202427.8%34.1%
FY202528.4%36.0%

Free cash flow

$2.5BFY2025

Cash from operations minus equipment spending fell from $1.75 billion in FY2021 to $750 million in FY2023, when equipment spending was $1.06 billion, and was $2.49 billion in FY2025.

US$ · cash from operations minus spending on plants and equipment

See the numbers
Free cash flow (US$ · cash from operations minus spending on plants and equipment)
YearCash from operationsCapital spendingFree cash flow
FY2021$2.1B$340M$1.7B
FY2022$1.5B$532M$958M
FY2023$1.8B$1.1B$750M
FY2024$2.4B$1.1B$1.3B
FY2025$3.0B$540M$2.5B
See all yearly numbers
Intuitive Surgical annual financials, FY2021–FY2025, US$
YearRevenueEBITDANet profitEPS ($)Operating cashCapexFree cash
FY2021$5.7B$2.2B$1.7B$4.66$2.1B$340M$1.7B
FY2022$6.2B$2.0B$1.3B$3.65$1.5B$532M$958M
FY2023$7.1B$2.2B$1.8B$5.03$1.8B$1.1B$750M
FY2024$8.4B$2.8B$2.3B$6.42$2.4B$1.1B$1.3B
FY2025$10.1B$3.6B$2.9B$7.87$3.0B$540M$2.5B

EBITDA here = operating income plus depreciation and amortization (from the cash flow statement). Fiscal years are the company's own (Fiscal year ends on December 31). Net profit is the share belonging to the company's owners.

Download Intuitive Surgical's yearly and quarterly numbers (CSV, with source ids)

Learn: Stock-based compensation and dilution: pay that becomes shares

Sources (8)
Next: What they said, and what happened

07Who runs it

Who runs Intuitive Surgical, and did they deliver?

  • Dave Rosa

    Chief Executive Officer · since 2025

    Became CEO on Jul 1, 2025. His 2025 total pay was $21.0 million, of which $18.7 million was stock awards.

  • Gary Guthart

    Executive Chair · since 2025

    CEO for 15 years before becoming executive chair on Jul 1, 2025. His 2025 total pay was $18.1 million.

  • Taylor Patton

    Chief Commercial and Marketing Officer · since 2026

    Took the role on Jul 1, 2026.

  • Craig Barratt

    Lead Independent Director

    Named lead independent director in the May 2025 leadership change.

What they said, and what happened

4 delivered · 2 too early to tell

  1. Said on Jan 23, 2025

    Intuitive said it expected worldwide da Vinci procedure growth of 13% to 16% in 2025.

    What happened

    Procedures grew about 18% in 2025, above the range; Intuitive had raised its outlook to 17% to 17.5% by Oct 21, 2025.

    Delivered

  2. Said on Jan 23, 2025

    Intuitive said it expected 2025 adjusted (non-GAAPThe company's own "adjusted" numbers, not the official (GAAP) ones. Always read them next to the official figure. Learn more) gross margin of 67% to 68% of revenue, before the effect of new tariffs.

    What happened

    Reported 67.6% on its adjusted measure, including tariffs; GAAP gross margin was 66.0%.

    Delivered

  3. Said on Jan 23, 2025

    Intuitive said it expected 2025 adjusted (non-GAAP) operating expense growth of 10% to 15%.

    What happened

    Intuitive reported growth of 12%.

    Delivered

  4. Said on Jan 23, 2025

    Intuitive said its purchase of distributors in Italy, Spain, Portugal, Malta and San Marino would not close until 2026.

    What happened

    The purchase closed on Mar 1, 2026, for about $533 million.

    Delivered

  5. Said on Jan 22, 2026

    Intuitive said it expected worldwide da Vinci procedure growth of 13% to 15% in 2026.

    What happened

    Growth was about 16%, 15% and 14% in the first three quarters; on Oct 20, 2026 Intuitive gave 14% to 15%, closer to the midpoint.

    Too early to tell

  6. Said on Jan 22, 2026

    Intuitive said it expected 2026 adjusted (non-GAAP) gross margin of 67% to 68% of revenue, including tariffs of 1.2%.

    What happened

    Adjusted gross margin was 69.2% in the first nine months; on Oct 20, 2026 Intuitive raised the range to 68.7% to 69.3%.

    Too early to tell
Sources (13)
Next: What could go wrong

08What could go wrong

What could go wrong for Intuitive Surgical?

  • Competition

    More robot makers entering the field

    The FY2025 10-K names 14 companies, including Medtronic and Johnson & Johnson, that have introduced robotic systems or said they plan to. It expects increasing competition in China and says rivals could bring pricing pressure.

    Watch da Vinci placements and procedure growth in each earnings release.

  • Legal

    Antitrust and repair lawsuits

    Intuitive agreed in Oct 2026 to pay $450 million to settle a hospital class action alleging antitrust violations over instrument repair; the court must approve it. The Ninth Circuit reversed a win for Intuitive in the SIS case on Aug 13, 2026.

    Watch Court approval of the settlement and the SIS rehearing petition, reported in each 10-Q.

  • Regulation

    Tariffs on products made outside the U.S.

    A significant majority of instruments are made in Mexicali, Mexico, and most endoscopes in Germany. Tariffs in cost of revenue were $23.4 million in Q3 FY2026, while refunds of earlier tariffs reduced cost of revenue by $63.7 million in the first nine months.

    Watch Tariff costs and gross margin in each 10-Q.

  • Demand

    Slower procedure growth

    da Vinci procedure growth went from about 18% in FY2025 to about 14% in Q3 FY2026. In 2025 U.S. bariatric procedures fell by a high-single-digit percentage.

    Watch Quarterly da Vinci procedure growth against Intuitive's 2026 outlook of 14% to 15%.

  • Demand

    Revenue tied to usage under leases

    51% of da Vinci placements in 2025 were operating leases, and 496 were usage-based, where hospitals pay as they use the system. The 10-K says this raises the risk of lost revenue and credit losses if usage falls.

    Watch Share of placements under operating leases in each earnings release.

  • Regulation

    China quota and hospital tenders

    Under China's 2023 quota, the government allows the sale of 559 new surgical robots from all makers. Sales also depend on hospitals completing tenders and approvals.

    Watch Placements in Asia in the 10-K: 269 in FY2025, against 321 in FY2024.

Sources (3)
Next: Supporters vs. critics

09Both sides

What do supporters and critics point to?

Facts each side points to. We don't say which side is right.

What supporters point to

  • Instruments and accessories plus services were 75.4% of FY2025 revenue, money that comes in after systems are installed (Cityfort calculation from the FY2025 10-K).
  • Revenue rose every year from $5.71 billion in FY2021 to $10.06 billion in FY2025, and Q3 FY2026 revenue was 22% above a year earlier.
  • Intuitive reports no borrowings and held $6.80 billion of cash and investments at Sep 30, 2026.
  • The da Vinci installed base reached 12,094 systems at Sep 30, 2026, and Ion procedures grew about 31% in Q3 FY2026.

What critics point to

  • The FY2025 10-K names 14 companies with robotic systems or plans for them, and expects increasing competition in China.
  • da Vinci procedure growth went from about 18% in FY2025 to about 14% in Q3 FY2026.
  • Intuitive agreed to pay $450 million to settle a hospital class action alleging antitrust violations over instrument repair, and the Ninth Circuit reversed its win in the SIS case.
  • Cash and investments fell from $9.03 billion to $6.80 billion in the first nine months of 2026, after $4.42 billion of buybacks.
Next: What to watch next

10What to watch next

What should you watch next at Intuitive Surgical?

Next event

Q4 FY2026 results

Date not announced yet.

  • Procedure growth against the 2026 outlook

    da Vinci procedures grew about 14% in Q3 FY2026. Intuitive said on Oct 20, 2026 that it expects 14% to 15% for 2026.

  • Court approval of the $450 million settlement

    The settlement needs preliminary and final court approval; the payment had not gone out at Sep 30, 2026.

  • Tariffs and gross margin

    GAAP gross margin was 68.4% in Q3 FY2026, with $23.4 million of tariffs in cost of revenue; the 10-Q reports both each quarter.

Next: Key dates

11Key dates

What are the key dates for Intuitive Surgical?

Dates as stated in the filings. A date that no filing has given yet shows as not yet stated.
Key dates for Intuitive Surgical
EventDateSource
Aaron Martin joins the board, which grows to 11 directorsForm 8-K: board enlarged to eleven; Aaron Martin appointed director effective January 1, 2027 (Item 5.02)
Court approval of the $450 million antitrust class action settlementThe settlement needs preliminary and final approval from the court; no date is set in the filings.Not yet statedThird quarter 2026 earnings release (Form 8-K, Exhibit 99.1)
Restore Robotics appeal argued in the Eleventh CircuitThe Q3 FY2026 10-Q says oral argument is expected the week of Jan 18, 2027.Not yet statedForm 10-Q, third quarter 2026 (quarter ended September 30, 2026)

Learn: What is an 8-K? A company's news report, with a real Adobe filing

Sources (3)
Next: Key facts

12Key facts

Key facts about Intuitive Surgical

What does Intuitive Surgical do?
Intuitive Surgical makes da Vinci surgical robots, which let a surgeon operate through small cuts from a console, and the Ion system for lung biopsies. It also sells the instruments, accessories and service those systems need; revenue was $10.06 billion in FY2025.
How does Intuitive Surgical make money?
Intuitive Surgical sells or leases robots to hospitals, then earns money on every operation: it generally earns $900 to $3,700 of instruments and accessories revenue per procedure. In FY2025 instruments and accessories brought in $6.02 billion, systems $2.47 billion and services $1.57 billion.
What is Intuitive Surgical's revenue by segment?
Intuitive Surgical reports one business segment. By revenue type, FY2025 revenue of $10.06 billion was 59.8% instruments and accessories, 24.6% systems and 15.6% services; by region, 68% came from the U.S.
Is Intuitive Surgical profitable?
Yes. Intuitive Surgical's net income was $2.86 billion in FY2025 on revenue of $10.06 billion, up from $2.32 billion in FY2024. In the first nine months of 2026 net income was $2.16 billion, against $2.06 billion a year earlier.
Who are Intuitive Surgical's customers?
Intuitive Surgical's customers are hospitals. It sells directly in the U.S., Japan, Korea, India, Taiwan, Canada and parts of Europe, through a joint venture in China and through distributors elsewhere; U.S. customers were 68% of FY2025 revenue.
How many da Vinci systems does Intuitive Surgical have installed?
Intuitive Surgical had 12,094 da Vinci systems installed at Sep 30, 2026, up from 10,763 a year earlier. It placed 1,721 da Vinci systems in FY2025, 870 of them the da Vinci 5; a system generally sells for $0.7 million to $3.1 million.
What is Intuitive Surgical's Ion system?
Ion is Intuitive Surgical's robotic, catheter-based system for minimally invasive biopsies in the lung, cleared by the FDA in 2019. About 144,100 Ion procedures were done in FY2025, and 1,152 Ion systems were installed at Sep 30, 2026.
How much does Intuitive Surgical earn from service?
Intuitive Surgical's service revenue was $1.57 billion in FY2025, 15.6% of revenue. Hospitals typically sign da Vinci service contracts at $95,000 to $225,000 a year when a system is sold or leased.
Who owns Intuitive Surgical?
Intuitive Surgical has one class of common stock, with 346.6 million shares outstanding on Oct 15, 2026. Its 2026 proxy listed BlackRock at 8.6% and directors and executive officers as a group at 0.6% at Dec 31, 2025; Vanguard Capital Management reported 7.49% at Mar 31, 2026.
Does Intuitive Surgical pay a dividend or have debt?
Intuitive Surgical paid no dividend in FY2021 to FY2025 and reports no borrowings. It returns cash through buybacks: $4.45 billion of shares in the first nine months of 2026, and it held $6.80 billion of cash and investments at Sep 30, 2026.
Sources (6)
Next: Go deeper

Terms on this page

Each explains the term in plain English, with the same number from other companies on Cityfort.

Go deeper

More detail from the same filings. Open any section.

13What it sells

13What it sells

What does Intuitive Surgical sell?

Intuitive makes robots that let a surgeon operate through a few small cuts. The surgeon sits at a console and moves the robot's arms, which hold thin instruments and a 3D camera. Hospitals buy or lease the robot, then keep buying instruments for every operation.

  • da Vinci surgical systems

    A surgeon console, a patient-side cart with robotic arms, and a 3D vision system. Models in use include da Vinci 5, Xi, X, the single-port SP and Si. A system generally sells for $0.7 million to $3.1 million; 1,721 were placed in FY2025.

  • Ion endoluminal system

    A thin, robot-steered catheter that reaches deep into the lungs to take biopsies, cleared by the FDA in 2019. It generally sells for $500,000 to $815,000; about 144,100 Ion procedures were done in FY2025.

  • Instruments and accessories

    Wristed instruments, staplers, energy tools, sterile drapes and replacement cameras. A chip in each da Vinci instrument limits it to a set number of procedures. Intuitive generally earns $900 to $3,700 per procedure; $6.02 billion in FY2025.

  • Services

    Installation, repair, maintenance and technical support, mostly under service contracts of $95,000 to $225,000 a year per da Vinci system. Service revenue was $1.57 billion in FY2025.

Think of it like this

Like a printer maker that earns most of its money on ink: the robot is installed once, and each operation uses instruments that run out.

What it does

  • Does: Sells robots outright or leases them; 51% of da Vinci placements in 2025 were operating leases.
  • Does: Earns most of its revenue after a robot is installed, from instruments and service.
  • Does: Makes a significant majority of its instruments in Mexicali, Mexico, and most endoscopes in Germany.

What it does not do

  • Does not: Does not perform surgery: the surgeon controls every movement from the console.
  • Does not: Does not sell to patients; hospitals buy the systems and instruments.
  • Does not: Does not pay a dividend or carry borrowings.
Sources (1)
14How the money flows

14How the money flows · FY2025

How does money flow through Intuitive Surgical?

Money in

  • Instruments and accessories$6.0B
  • Systems (sales and leases)$2.5B
  • Services$1.6B
  • Interest and other income, net$366M

The company

Intuitive Surgical

$10.4B came in

Money out

  • Cost of revenue (making products and providing service)$3.4B
  • Selling, general and administrative$2.4B
  • Research and development$1.3B
  • Income tax$435M
  • Fosun's 40% share of the China joint venture$20.6M
  • Net income$2.9B
  1. Hospitals paid Intuitive $10.06 billion in FY2025, $6.02 billion of it for instruments and accessories.
  2. Making the products and providing service cost $3.42 billion.
  3. Selling and administration took $2.39 billion and research $1.31 billion, leaving $2.95 billion of operating profit.
  4. Interest and other income added $366 million, and income tax took $435 million.
  5. After $20.6 million for Fosun's share of the China joint venture, $2.86 billion was left as net income.
Sources (1)
15What it needs to run

15What it needs to run

What does Intuitive Surgical need to run?

  • Factories in Mexico and Germany

    A significant majority of instruments are made in Mexicali, Mexico, and most endoscopes in Germany, so tariffs touch its costs: tariffs in cost of revenue were $23.4 million in Q3 FY2026.

  • Sole- and single-source suppliers

    The 10-K lists reliance on sole- and single-source suppliers for some components as a risk factor.

  • Engineers, factory staff and field service teams

    About 17,021 full-time employees at Dec 31, 2025: 7,625 in manufacturing, 4,837 in sales and service, 2,288 in research and 2,271 in administration.

  • Robots on its own books for leasing

    Leased robots stay Intuitive's property: $809 million of systems moved from inventory to property and equipment in FY2025. At Dec 31, 2025, 3,210 installed da Vinci systems were under operating leases.

  • Regulatory clearances

    Each system and instrument needs FDA and foreign approvals before sale, and China sales also depend on a government quota and hospital tenders.

Sources (2)
16Where it sells

16Where it sells · FY2025

Where does Intuitive Surgical sell?

  • United States68%
  • Outside the United States32%
Sources (1)
17Competitors and what protects it

17Competitors and what protects it

Who does Intuitive Surgical compete with?

Intuitive's FY2025 10-K names 14 companies that have introduced robotic-assisted systems or said they plan to, and says it expects increasing competition in China. It also competes with open and laparoscopic surgery.

  • Medtronic plc

    NYSE: MDT

    Named in Intuitive's FY2025 10-K among companies in robotic-assisted procedures; the 10-K also names it as a competitor in staplers and energy instruments.

  • Johnson & Johnson

    NYSE: JNJ

    Named in Intuitive's FY2025 10-K among companies in robotic-assisted procedures; the 10-K also names it as a competitor in staplers and energy instruments.

  • CMR Surgical

    Named in Intuitive's FY2025 10-K among companies that have introduced robotic-assisted systems or said they plan to.

  • Shanghai Microport Medbot

    One of several China-based makers named in Intuitive's FY2025 10-K, which says it expects increasing competition in China for robotic-assisted systems.

  • Karl Storz

    Named in Intuitive's FY2025 10-K among companies that have introduced robotic-assisted systems or said they plan to.

What protects the business

Each strength is scored 1 (weak) to 5 (strong) for the business, with the reason. It is not a rating of the share.

  • Installed base and recurring use5 of 5

    11,106 da Vinci systems were installed at Dec 31, 2025, and about 3.15 million da Vinci procedures were done in FY2025, each using Intuitive's instruments.

  • Surgeon training and hospital workflow4 of 5

    Surgeons operate from Intuitive's console and can train on its SimNow simulator. System sales generally include five years of service, and service contracts have generally been renewed, the 10-K says.

  • Research spending4 of 5

    Research and development was $1.31 billion in FY2025, 13.0% of revenue, and da Vinci 5 placements reached 870 that year.

Weak spot

Instrument repair and antitrust cases

Hospitals and other companies have sued over the service and repair of its instruments. Intuitive agreed in Oct 2026, without admitting liability, to pay $450 million to settle the hospitals' class action, subject to court approval.

Sources (3)
18Where growth could come from

18Where growth could come from

Where could Intuitive Surgical's growth come from?

Intuitive said in its Q3 FY2026 earnings release (Oct 20, 2026) that it expects worldwide da Vinci procedure growth of 14% to 15% in 2026, closer to the midpoint. It gave an adjusted (non-GAAP) gross margin range of 68.7% to 69.3% of revenue, including tariff costs of 0.9% and excluding tariff refunds, and adjusted operating expense growth of 11% to 13%.
Management statement, Oct 20, 2026. Reported as a statement, not our forecast.

  • More procedures on installed robots

    Working

    da Vinci procedures +14% in Q3 FY2026

    da Vinci procedures grew about 18% in FY2025 and about 16%, 15% and 14% in the first three quarters of 2026. The installed base reached 12,094 systems at Sep 30, 2026, up from 10,763 a year earlier.

    Status: Working, on track against what the company said.

  • da Vinci 5

    Working

    315 of 546 placements in Q3 FY2026

    The fifth-generation system adds force feedback and more computing power. Placements rose from 362 in FY2024 to 870 in FY2025.

    Status: Working, on track against what the company said.

  • Ion lung biopsies

    Working

    Ion procedures +31% in Q3 FY2026

    About 144,100 Ion procedures were done in FY2025, up from 95,500 in FY2024. 1,152 Ion systems were installed at Sep 30, 2026.

    Status: Working, on track against what the company said.

  • Procedures outside the U.S.

    Working

    About +23% in FY2025

    Procedures outside the U.S. grew about 23% in FY2025, against about 15% in the U.S., where bariatric procedures fell by a high-single-digit percentage.

    Status: Working, on track against what the company said.

  • Selling directly in southern Europe

    New

    About $533 million, closed Mar 1, 2026

    Intuitive bought its distributors in Italy, Spain, Portugal, Malta and San Marino, so it now sells there directly.

    Status: New, recently announced.

Status compares progress with what the company itself said it would do: Working = on track against what the company said; Mixed = partly on track; Behind = behind the company's own plan; New = recently announced; Early = too early to judge.

Sources (7)
19The company's own measures (non-GAAP)

19The company's own measures · FY2025 and Q3 FY2026

What do Intuitive Surgical's own measures show?

Adjusted (non-GAAP) figures and procedure counts are Intuitive's own measures, shown next to the official (GAAP) number. They are never added together.

  • Official (GAAP): Net income, FY2025

    $2.9B

    Company's own measure: Non-GAAP net income, FY2025

    $3.2B

    Intuitive's adjusted figure leaves out stock-based and long-term incentive pay, amortization of intangible assets, litigation charges, some investment gains or losses and certain tax items.

  • Official (GAAP): Diluted EPS, FY2025

    $7.87

    Company's own measure: Non-GAAP diluted EPS, FY2025

    $8.93

    Same adjustments, per diluted share.

  • Official (GAAP): Diluted EPS, Q3 FY2026

    $1.49

    Company's own measure: Non-GAAP diluted EPS, Q3 FY2026

    $3.00

    Leaves out the $454.9 million litigation charge, $212.6 million of stock-based compensationPay given as shares instead of cash, which spreads ownership more thinly. Learn more and the other items listed in the release. A year earlier the pair was $2.40 adjusted and $1.95 GAAP.

  • Official (GAAP): Gross margin, FY2025

    66.0%

    Company's own measure: Non-GAAP gross margin, FY2025

    67.6%

    Intuitive's adjusted gross profit leaves out stock-based and long-term incentive pay and amortization of intangible assets.

  • Official (GAAP): Total revenue, FY2025

    $10.1B

    Company's own measure: Recurring revenue, FY2025 (Intuitive's measure)

    $8.5B

    Intuitive defines it as instruments and accessories, service and operating lease revenue; it says this was 84% of FY2025 revenue, up from 75% in FY2021.

  • Official (GAAP)

    No official figure measures this; it is the company's own operating measure.

    Company's own measure: da Vinci procedures, FY2025 (approximate)

    3,153,000 procedures

    As reported by Intuitive; up from about 1,594,000 in FY2021. The nearest GAAP line is instruments and accessories revenue, $6,018.9 million in FY2025.

These are the company's own measures, defined by the company. They are not comparable across companies, and they are not added together. Each sits beside the nearest official (GAAP) figure.

Learn: Non-GAAP measures: what a company's "adjusted" numbers leave out · Stock-based compensation and dilution: pay that becomes shares

Sources (4)
20Financial strength and debt

20Financial strength · Sep 30, 2026

How much debt does Intuitive Surgical have?

At Sep 30, 2026, Intuitive had no borrowings and $6.80 billion of cash and investments, down from $9.03 billion at Dec 31, 2025.
  • Total debt$0M
  • Cash and investments$6.8B
  • Net cash (cash minus debt)$6.8B
  • Net worth (shareholders' money)$16.0B
Debt to equity
0×
$ of debt for every $1 of shareholders' money
  • Net cash equals cash and investments, because there is no debt to subtract (Cityfort calculation from the Q3 FY2026 10-Q). The fall since Dec 31, 2025 came mainly from $4.42 billion of buybacks and $519 million paid for acquisitions in the first nine months of 2026.
  • The FY2025 10-K says the principal source of liquidity is cash from operations. Its only lease liabilities as a tenant were $170.9 million of operating leases at Dec 31, 2025.
  • The $450 million antitrust settlement was accrued in Q3 FY2026 but not yet paid at Sep 30, 2026.
  • $1.06 billion of cash and investments was held by foreign subsidiaries at Dec 31, 2025.
Sources (3)
21Who owns it

21Who owns it · ownership as of Dec 31, 2025

Who owns Intuitive Surgical?

Intuitive has one class of common stock with one vote per share. The 2026 proxy shows the 17 directors and executive officers as a group holding 2,260,608 shares, 0.6%, at Dec 31, 2025, including shares they could obtain within 60 days.
Officers and directors (as a group), shares
0.6%
Share classes
Intuitive Surgical share classes: shares outstanding (millions) and votes per share
ClassShares (millions)Votes per shareHeld by% of shares% of votesTraded
Common stock (346,643,718 shares outstanding on Oct 15, 2026 (Q3 FY2026 10-Q cover). Intuitive has one class of common stock and no preferred stock outstanding.)346.61–––Yes
Holders of 5% or more
Intuitive Surgical holders of 5% or more, from the proxy statement or later Schedule 13G filings; each row shows its own date
HolderSharesVotesAs ofSourceNote
BlackRock, Inc.8.6%–Dec 31, 2025S16, S262026 proxy figure, based on a Form 13F filed Feb 12, 2026: 30,516,154 shares. No 2025 or 2026 BlackRock Schedule 13G appears in the EDGAR filing list checked on Nov 6, 2026.
Vanguard Capital Management7.5%–Mar 31, 2026S24, S23, S16Schedule 13G filed Apr 30, 2026: 26,601,419 shares. The 2026 proxy listed The Vanguard Group at 9.5% (33,613,298 shares at Dec 31, 2025, from a Form 13F); after a Jan 12, 2026 internal realignment, its units report separately, and its Mar 27, 2026 Schedule 13G/A reported 0 shares. The two figures are on different bases.

From the company's proxy statement (DEF 14A), later Schedule 13G filings and the share counts on its latest annual or quarterly report. Each holder row shows the date of its own filing.

Insider trades · Form 4 data as of Nov 6, 2026

What did Intuitive Surgical's insiders report trading?

Intuitive Surgical's insiders made 93 Form 4A filing an insider must make within two business days of buying or selling the company's shares. Learn more filings in the 12 months to Nov 6, 2026.

They reported no purchases and 82 sales (146,182 shares) in the open market or privately (codes P and S).

82 of the 82 sales were on forms with the Rule 10b5-1 plan box checked.

The same filings report 157 other share transactions (M: 106, F: 49, G: 1, J: 1).

They also report 146 transactions in options, stock units or other derivatives.

Insiders are a company's officers, directors and owners of more than 10% of a class of its shares. Most changes in their holdings must be reported to the SEC on a Form 4 within two business days. Source: SEC Form 4 filings on EDGAR.

P
a purchase in the open market or privately
S
a sale in the open market or privately
F
shares withheld or handed over to pay an exercise price or tax when an award is received, exercised or vests
M
exercise or conversion of an option or other derivative, exempt under Rule 16b-3
G
a bona fide gift
J
another acquisition or disposition, described in a footnote

Code meanings: General Instruction 8 of Form 4 (SEC).

The latest 25 of 239 transactions
Intuitive Surgical's insider transactions reported on Form 4 in the 12 months to Nov 6, 2026, newest filing first
InsiderTrade dateCodeSharesPriceHeld after10b5-1 boxFiling
BARRATT CRAIG HDirectorNov 4, 2026M1,150 A$90.49441,150CheckedForm 4, filed Nov 5, 2026
BARRATT CRAIG HDirectorNov 4, 2026S1,150 D$460.00260CheckedForm 4, filed Nov 5, 2026
GUTHART GARY SDirectorNov 4, 2026S10,000 D$457.3371,194,530 (indirect: by Trust)CheckedForm 4, filed Nov 5, 2026
Widman FredrikVP Corporate ControllerOct 30, 2026M546 A$79.63781,572CheckedForm 4, filed Nov 2, 2026
Widman FredrikVP Corporate ControllerOct 30, 2026M312 A$208.901,884CheckedForm 4, filed Nov 2, 2026
Widman FredrikVP Corporate ControllerOct 30, 2026M325 A$139.522,209CheckedForm 4, filed Nov 2, 2026
Widman FredrikVP Corporate ControllerOct 30, 2026M307 A$304.672,516CheckedForm 4, filed Nov 2, 2026
Widman FredrikVP Corporate ControllerOct 30, 2026M307 A$229.392,823CheckedForm 4, filed Nov 2, 2026
Widman FredrikVP Corporate ControllerOct 30, 2026M312 A$290.333,135CheckedForm 4, filed Nov 2, 2026
Widman FredrikVP Corporate ControllerOct 30, 2026M406 A$347.41673,541CheckedForm 4, filed Nov 2, 2026
Widman FredrikVP Corporate ControllerOct 30, 2026M406 A$245.603,947CheckedForm 4, filed Nov 2, 2026
Widman FredrikVP Corporate ControllerOct 30, 2026M567 A$242.33674,514CheckedForm 4, filed Nov 2, 2026
Widman FredrikVP Corporate ControllerOct 30, 2026M567 A$177.98675,081CheckedForm 4, filed Nov 2, 2026
Widman FredrikVP Corporate ControllerOct 30, 2026M262 A$166.62335,343CheckedForm 4, filed Nov 2, 2026
Widman FredrikVP Corporate ControllerOct 30, 2026M263 A$182.83335,606CheckedForm 4, filed Nov 2, 2026
Widman FredrikVP Corporate ControllerOct 30, 2026M325 A$174.25675,931CheckedForm 4, filed Nov 2, 2026
Widman FredrikVP Corporate ControllerOct 30, 2026M543 A$109.48566,474CheckedForm 4, filed Nov 2, 2026
Widman FredrikVP Corporate ControllerOct 30, 2026S5,448 D$436.05511,026CheckedForm 4, filed Nov 2, 2026
Brosius MarkEVP & Chief Mfg and Supply ChaOct 30, 2026S63 D$453.60457CheckedForm 4, filed Nov 2, 2026
Brosius MarkEVP & Chief Mfg and Supply ChaOct 29, 2026S61 D$447.85520CheckedForm 4, filed Nov 2, 2026
Brosius MarkEVP & Chief Mfg and Supply ChaOct 28, 2026S61 D$441.60581CheckedForm 4, filed Oct 28, 2026
Brosius MarkEVP & Chief Mfg and Supply ChaOct 27, 2026S61 D$451.63642CheckedForm 4, filed Oct 28, 2026
Brosius MarkEVP & Chief Mfg and Supply ChaOct 26, 2026S61 D$451.75703CheckedForm 4, filed Oct 28, 2026
WADORS PATRICIA LSVP Chief Human Resources OffiOct 23, 2026S1,078 D$443.800CheckedForm 4, filed Oct 26, 2026
BARRATT CRAIG HDirectorOct 23, 2026M1,150 A$90.49441,150CheckedForm 4, filed Oct 26, 2026

Shares: A = acquired, D = disposed of. A price the filing gives only in a footnote shows as “See filing”. The 10b5-1 box is checked when at least one trade on the form was made under a Rule 10b5-1 plan. A Form 4/A replaces the form it amends. See all of Intuitive Surgical's Form 4 filings on EDGAR.

Learn: How to read a proxy statement (DEF 14A): Nvidia's 2026 proxy · Form 4 insider filings: who files, the codes and the footnotes · Rule 10b5-1 trading plans: how insiders pre-schedule their trades

Sources (6)
22What it does with profit

22What it does with profit

What does Intuitive Surgical do with its profit?

Intuitive paid no dividends in FY2021 to FY2025 or the first nine months of 2026; it returns cash through buybacks. It raised its buyback authorization to $5.0 billion in April 2026, and about $1.8 billion remained at Sep 30, 2026.

  • Buyback · Dec 31, 2022

    Bought back $2.61 billion of shares during FY2022.

    $2.6B

  • Buyback · Dec 31, 2023

    Bought 1.7 million shares for $416 million during FY2023.

    $416M

  • Buyback · Dec 31, 2025

    Bought 4.8 million shares for $2.30 billion during FY2025.

    $2.3B

  • Buyback · Sep 30, 2026

    Bought 11.0 million shares for $4.45 billion, an average of $405.51 a share, in the first nine months of 2026; 7.8 million of them in Q3 FY2026 for $2.94 billion.

    $4.4B

Sources (3)
23Governance signals

23Governance signals

What do Intuitive Surgical's governance filings show?

Auditor
PricewaterhouseCoopers LLP, since 2014
Auditor changes
None in the period covered
Audit qualifications
None reported
Related-party dealings
Intuitive's China business runs through a joint venture it owns 60%, with Fosun Pharma owning 40%. Fosun's share of FY2025 net income was $20.6 million. PwC's 2025 fees were $6.47 million, of which $6.01 million was for the audit.
Credit rating
No public credit rating found in a search of rating agency sites on Nov 6, 2026

Flags to know about

  • other · Oct 20, 2026

    $450 million settlement of a hospital antitrust class action

    Hospital class actions filed in 2021 alleged antitrust violations tied to service and repair of Intuitive's instruments. In Oct 2026 Intuitive agreed to pay $450 million plus agreed injunctive relief, without admitting liability; the court must approve it. Q3 FY2026 costs included $454.9 million of litigation charges.

  • other · Aug 13, 2026

    SIS antitrust case reversed on appeal

    A district court ruled for Intuitive on all of SIS's antitrust claims on Jan 28, 2025. The Ninth Circuit reversed and sent the case back on Aug 13, 2026; Intuitive asked for a rehearing on Sep 29, 2026 and says it cannot estimate any loss.

  • other

    Insiders may not use shares as loan collateral or hedge them

    The 2026 proxy says Intuitive's insider trading policy bars insiders from using company stock as loan collateral and from hedging it.

Sources (4)
24What the market paid

24What the market paid · price as of Nov 5, 2026

What did the market pay for Intuitive Surgical on Nov 5, 2026?

Price as of Nov 5, 2026 (shown for education; prices change daily).

Price as of Nov 5, 2026: Intuitive Surgical closed at $468.52 on Nasdaq. Times 346.6 million shares (Oct 15, 2026), that is a market value of about $162.4 billion (Cityfort calculation from the Nov 5, 2026 Nasdaq closing price and the Q3 FY2026 10-Q). P/E is price ÷ earnings per share: 56.7 on diluted EPS of $8.27 for the four quarters to Sep 30, 2026, which include the Q3 FY2026 litigation charge (Cityfort calculation from the Q4 FY2025 to Q3 FY2026 earnings releases). P/B is market value ÷ stockholders' equity of $15.99 billion at Sep 30, 2026: 10.2 (Cityfort calculation from the Q3 FY2026 10-Q). Intuitive pays no dividend.

Share price
$468.52
Market value (market cap)
$162.4B
P/E
56.7×
P/B
10.2×

More price-based ratios · as of Nov 5, 2026

Each ratio divides a number from the company's filings by the market value or share price on Nov 5, 2026. Prices change daily, so these ratios do too.

Shares used for the market value: 346.6 million ($468.52 × 346.6 million shares ≈ $162.4B). Source: Form 10-Q, third quarter 2026 (quarter ended September 30, 2026); Form 10-K, fiscal year 2025 (ended December 31, 2025)

Source: ISRG historical closing prices, Oct 15 to Nov 5, 2026; Form 10-Q, third quarter 2026 (quarter ended September 30, 2026); Third quarter 2026 earnings release (Form 8-K, Exhibit 99.1) and 3 more

Sources (7)
25How it got here

25How it got here

How did Intuitive Surgical get here?

  1. 1995

    Milestone

    Founded

    Intuitive Surgical was founded in 1995 and is based in Sunnyvale, California.

  2. 2019

    Business-model change

    Ion cleared for lung biopsies

    The FDA cleared the Ion system, taking Intuitive beyond surgery into diagnostic procedures.

  3. 2021

    Milestone

    Three-for-one stock split

    Each share became three in October 2021; per-share figures on this page are after the split.

  4. 2022

    Milestone

    $2.61 billion of buybacks

    Intuitive's largest yearly buyback in the five years on this page, until 2026.

  5. 2024

    Business-model change

    da Vinci 5 placements begin

    362 fifth-generation systems were placed in FY2024 and 870 in FY2025.

  6. 2025

    Milestone

    New CEO

    Dave Rosa became CEO on Jul 1, 2025; Gary Guthart, CEO for 15 years, became executive chair.

  7. 2026

    Business-model change

    Direct sales in southern Europe

    Intuitive closed the purchase of its distributors in Italy, Spain, Portugal, Malta and San Marino on Mar 1, 2026.

  8. 2026

    Crisis

    $450 million antitrust settlement

    Intuitive agreed to settle the hospitals' instrument-repair class action, recording $454.9 million of litigation charges in Q3 FY2026.

Sources (6)

26Sources and changes

Where every number on this page comes from

Sources (22 documents)
  1. S1Form 10-K, fiscal year 2025 (ended December 31, 2025) · Intuitive Surgical, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 3, 2026
  2. S3Form 10-K, fiscal year 2023 (ended December 31, 2023) · Intuitive Surgical, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jan 31, 2024
  3. S4Form 10-K, fiscal year 2022 (ended December 31, 2022) · Intuitive Surgical, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 10, 2023
  4. S5Form 10-Q, third quarter 2026 (quarter ended September 30, 2026) · Intuitive Surgical, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Oct 21, 2026
  5. S8Third quarter 2026 earnings release (Form 8-K, Exhibit 99.1) · Intuitive Surgical, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Oct 20, 2026
  6. S9Second quarter 2026 earnings release (Form 8-K, Exhibit 99.1) · Intuitive Surgical, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jul 16, 2026
  7. S10First quarter 2026 earnings release (Form 8-K, Exhibit 99.1) · Intuitive Surgical, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Apr 21, 2026
  8. S11Fourth quarter and full year 2025 earnings release (Form 8-K, Exhibit 99.1) · Intuitive Surgical, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jan 22, 2026
  9. S12Third quarter 2025 earnings release (Form 8-K, Exhibit 99.1) · Intuitive Surgical, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Oct 21, 2025
  10. S13Second quarter 2025 earnings release (Form 8-K, Exhibit 99.1) · Intuitive Surgical, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jul 22, 2025
  11. S14First quarter 2025 earnings release (Form 8-K, Exhibit 99.1) · Intuitive Surgical, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Apr 22, 2025
  12. S15Fourth quarter and full year 2024 earnings release (Form 8-K, Exhibit 99.1) · Intuitive Surgical, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jan 23, 2025
  13. S16Definitive proxy statement for the 2026 annual meeting (DEF 14A) · Intuitive Surgical, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Mar 13, 2026
  14. S18Form 8-K, Exhibit 99.1: Dave Rosa to become CEO on July 1, 2025; Gary Guthart to become executive chair · Intuitive Surgical, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · May 15, 2025
  15. S19Form 8-K, Exhibit 99.1: completion of the acquisition of the ab medica, Abex and Excelencia Robotica distribution businesses · Intuitive Surgical, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Mar 2, 2026
  16. S20Form 8-K: board enlarged to eleven; Aaron Martin appointed director effective January 1, 2027 (Item 5.02) · Intuitive Surgical, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Nov 2, 2026
  17. S21Form 8-K, Exhibit 99.1: Taylor Patton to become Chief Commercial and Marketing Officer on July 1, 2026 · Intuitive Surgical, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · May 28, 2026
  18. S23Schedule 13G/A (Amendment No. 10), The Vanguard Group, common stock (event date Mar 13, 2026) · The Vanguard Group (SEC EDGAR) · Tier 1: company or exchange filing · Mar 27, 2026
  19. S24Schedule 13G, Vanguard Capital Management, common stock (event date Mar 31, 2026) · Vanguard Capital Management (SEC EDGAR) · Tier 1: company or exchange filing · Apr 30, 2026
  20. S25ISRG historical closing prices, Oct 15 to Nov 5, 2026 · Nasdaq · Tier 1: company or exchange filing · Nov 5, 2026
  21. S26EDGAR filing index, Intuitive Surgical, Inc. (CIK 0001035267) · U.S. Securities and Exchange Commission · Tier 1: company or exchange filing · Nov 6, 2026
  22. S28Form 8-K, Exhibit 99.2: agreement to acquire the distribution businesses in Italy, Spain, Portugal, Malta and San Marino · Intuitive Surgical, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jan 23, 2025
Changes to this page (v1 · Nov 6, 2026)
  1. v1 · Nov 6, 2026First version. (first version)

Numbers come only from tier 1 and tier 2 sources. Read how we research.

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