Intuitive Surgical, Inc. (ISRG) financials
NASDAQ · Healthcare · Medical - Instruments & Supplies · 17,021 employees · CEO David J. Rosa
- Price
- $432.01 -3.73%
- Market cap
- $153B
- Enterprise value
- $150B
- Last report
- Q3 '26 filed 2026-10-21
- Next report
- 2027-01-28 EPS est. $2.97
Revenue (TTM)$11.6B+20.5% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)28.4%-0.9 pp vs a year agoOperating income $3.28B
Net income (TTM)$2.96B+7.7% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)$3.6B+58.4% vs a year agoCapex $492M
Diluted EPS (TTM)$8.33+10.2% vs a year agoSum of the last 4 quarters
Net cash$4.04B-17.6% vs a year agoCash + short-term investments - debt
Valuation & key figures
- Market cap
- $153B EV $150B
- Revenue
- $11.6B Trailing 12 months
- Revenue growth
- +18% FY2026 consensus
- Profit margin
- 25.5% Net income / revenue, TTM
- P/E
- 51.6× Forward 38.4× (FY2026)
- P/S
- 13.2× Price / sales, TTM
- EV / EBITDA
- 35.7× TTM
- Free cash flow
- $3.6B Trailing 12 months
- Net income
- $2.96B Trailing 12 months
- Revenue estimate
- $11.9B FY2026 consensus
- Earnings
- 2027-01-28 Revenue est. $3.24B
- Dividend
- – No dividend
Key takeaways
Computed from the reported numbers - every statement carries the figure it rests on.
- Last report (2026-10-20): revenue beat by 4.9%, EPS beat by 13.2%Revenue $3.05B vs $2.91B expected (+4.9%); EPS $3.00 vs $2.65 (+13.2%).
- Revenue growth steady: 21.7% year on yearQ3 '26 revenue $3.05B, against an average of 20.8% over the four quarters before.
- Operating margin 28.4% (TTM), -0.9 pp on a year agoOperating income grew 16.6% while revenue grew 20.5%.
- Capex 4.2% of revenue (a year ago 7.2%)$492M invested in the last 4 quarters (-28.7% on a year earlier). Free cash flow $3.6B = 121.7% of net income.
- Returned $4.62B to shareholders = 128.4% of free cash flowBuybacks $4.62B (a year earlier $2.09B), dividends $0, stock-based pay $835M (TTM). More than the free cash flow: paid from cash or debt.
- Diluted share count down 2.8% in a year352M diluted shares in Q3 '26, 362M a year earlier.
- Net cash $4.04BCash + short-term investments $4.04B, debt incl. leases $0; a year ago net cash $4.91B.
Last quarter: Q3 '26
Quarter ended 2026-09-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.
Quarter vs a year ago
| Q3 '26 | Year ago | Change | |
|---|---|---|---|
| Revenue | $3.05B | $2.51B | +21.7% |
| Gross margin | 68.4% | 66.4% | +2.0 pp |
| Operating income | $593M | $760M | -22.0% |
| Operating margin | 19.4% | 30.3% | -10.9 pp |
| Net income | $523M | $704M | -25.8% |
| Diluted EPS | $1.49 | $1.95 | -23.6% |
| Operating cash flow | $1.22B | $841M | +45.6% |
| Capex | $113M | $105M | +7.3% |
| Free cash flow | $1.11B | $736M | +51.0% |
| R&D | $408M | $329M | +24.0% |
| Stock-based compensation | $213M | $204M | +4.5% |
Reported vs consensus
2026-10-20| Actual | Consensus | vs consensus | |
|---|---|---|---|
| Revenue | $3.05B | $2.91B | +4.9% |
| EPS (as estimated) | $3.00 | $2.65 | +13.2% |
From the report of 2026-10-20 for Q3 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.
EPS vs consensus
last 8 reportsRevenue
Where the money comes from - by business line and by region, quarter by quarter.
Revenue, operating income and growth
quarterlyRevenue by business line
stacked, quarterly| Segment | Q3 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Instruments and Accessories | $1.8B | +18.3% | 59.0% | $6.88B | +19.1% | |
| Systems | $769M | +30.3% | 25.2% | $2.89B | +23.4% | |
| Services | $482M | +21.8% | 15.8% | $1.81B | +20.9% |
Revenue by region
share of total| Segment | Q3 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Geographic Distribution, Domestic | $2.06B | +20.1% | 67.7% | $7.71B | – | |
| Geographic Distribution, Foreign | $986M | +25.2% | 32.3% | $3.87B | – |
Margins & cost structure
How much of each unit of revenue is left at each level - and where the costs go.
Margins
quarterlyCosts as % of revenue
quarterlyCash flow & capital allocation
Cash generated, what it is spent on, and what reaches shareholders.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsLast 4 quarters
cash flow statement- Operating cash flow
- $4.09B
- Capex
- -$492M
- Buybacks
- -$4.62B
- Dividends
- $0
- Acquisitions
- -$485M
- Net debt issued
- $0
- Stock-based compensation
- $835M
- Free cash flow
- $3.6B
- Returned to shareholders / FCF
- 128.4%
Share count and EPS
quarterly, dilutedBalance sheet
Liquidity, investments and debt at each quarter end.
Cash, investments and debt
quarter endsValuation & returns
Today's multiples against the company's own last five fiscal years; analyst targets and ratings.
Multiples and returns
TTM vs 5 fiscal years| Now | 5y average | Where today sits in the 5-year range | |
|---|---|---|---|
| P/E (TTM) | 51.6× | 72.6× | 65.9× – 79.8× |
| EV / EBITDA | 35.7× | 52.2× | 47.0× – 58.5× |
| EV / Sales | 12.9× | 19.0× | 14.9× – 22.2× |
| Price / FCF | 42.4× | 110.7× | 73.7× – 158.1× |
| Price / Book | 9.4× | 10.2× | 8.5× – 11.3× |
| FCF yield | 2.4% | 1.0% | 0.6% – 1.4% |
| Return on invested capital | 16.0% | 12.5% | 11.4% – 13.7% |
| Return on equity | 17.0% | 14.0% | 12.0% – 16.0% |
Analysts
Consensus target $485.44 (+12.4%)
range $357.44 – $558.00 · rating Buy
Strong buy0
Buy40
Hold12
Sell5
Strong sell0
Outlook
Analyst consensus for the coming fiscal years and what it implies at today's price.
Consensus estimates
| Fiscal year | Revenue | Growth | EPS | Growth | P/E at today's price | Analysts (EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $11.9B | +18.4% | $11.25 | +42.9% | 38.4× | 16 |
| FY2027 | $13.3B | +11.9% | $12.48 | +11.0% | 34.6× | 16 |
| FY2028 | $15B | +12.3% | $14.03 | +12.4% | 30.8× | 11 |
| FY2029 | $16.7B | +11.4% | $15.76 | +12.3% | 27.4× | 4 |
| FY2030 | $19.2B | +14.9% | $17.98 | +14.1% | 24.0× | 4 |
Financial statements
Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.
Every reported line
All 311 figures Intuitive Surgical, Inc. tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).
| Line (SEC label) | Latest quarter | Year ago | y/y | Latest FY | Prior FY | y/y |
|---|---|---|---|---|---|---|
| $3.2M2026-03-31 | – | – | – | – | – | |
| Accounts Payable, Current | $280M | $291M | -4.0% | $255M | $193M | +31.9% |
| Accounts Receivable, after Allowance for Credit Loss, Current | $1.72B | $1.26B | +36.6% | $1.53B | $1.23B | +24.6% |
| Accounts Receivable, Allowance for Credit Loss, Current | $29.9M2025-12-31 | $30.7M | -2.6% | $29.9M | $30.7M | -2.6% |
| Accretion (Amortization) of Discounts and Premiums, Investments | $9.1M | $14.9M | -38.9% | $57.2M | $43.3M | +32.1% |
| Accrued Income Taxes, Noncurrent | $274M | $231M | +18.3% | $194M | $239M | -19.0% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $2.28B2025-12-31 | $1.88B | +21.0% | $2.28B | $1.88B | +21.0% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$60.3M | $26.5M | -327.5% | $43.3M | -$51.3M | +184.4% |
| Acquisition Costs, Period Cost | – | – | – | $130M | $111M | +17.1% |
| Additional Paid in Capital, Common Stock | $11.5B | $10.5B | +9.9% | $10.8B | $9.68B | +11.2% |
| Amortization of Intangible Assets | $9.3M | $3.3M | +181.8% | $13.2M | $16.7M | -21.0% |
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 3.7M | 1.8M | +105.6% | 1M | 200K | +400.0% |
| APIC, Share-based Payment Arrangement, Increase for Cost Recognition | $218M | $205M | +5.9% | $797M | $683M | +16.7% |
| Assets | $19.3B | $19.4B | 0.0% | $20.5B | $18.7B | +9.2% |
| Assets, Current | $8.43B | $8.53B | -1.1% | $9.78B | $7.11B | +37.5% |
| Buildings and Improvements, Gross | $2.83B2025-12-31 | $1.49B | +90.7% | $2.83B | $1.49B | +90.7% |
| Business Combination, Contingent Consideration, Liability, Current | $58.3M2025-12-31 | $57.2M | +1.9% | $58.3M | $57.2M | +1.9% |
| Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets | $75.2M2026-03-01 | – | – | – | – | – |
| Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Deferred Revenue | $20M2026-03-01 | – | – | – | – | – |
| Capital Expenditures Incurred but Not yet Paid | $13.3M | $5.1M | +160.8% | $70.6M | $77.2M | -8.5% |
| Capitalized Computer Software, Gross | $299M2025-12-31 | $284M | +5.5% | $299M | $284M | +5.5% |
| Capitalized Contract Cost, Amortization | $10.6M2025-12-31 | $10.7M | -0.9% | $38M | $37.7M | +0.8% |
| Cash and Cash Equivalents, at Carrying Value | $2.98B | $2.81B | +6.1% | $3.37B | $2.03B | +66.1% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $3.02B | $2.85B | +6.1% | $3.41B | $2.06B | +65.2% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | $217M | -$597M | +136.3% | $1.35B | -$708M | +290.1% |
| Common Stock, Par or Stated Value Per Share | $0.00 | $0.00 | 0.0% | $0.00 | $0.00 | 0.0% |
| Common Stock, Shares Authorized | 600M | 600M | 0.0% | 600M | 600M | 0.0% |
| Common Stock, Shares, Issued | 347M | 355M | -2.3% | 355M | 357M | -0.4% |
| Common Stock, Shares, Outstanding | 347M | 355M | -2.3% | 355M | 357M | -0.4% |
| Common Stock, Value, Issued | $300K | $400K | -25.0% | $400K | $400K | 0.0% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | $2.3M | $5M | -54.0% | – | – | – |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $457M | $728M | -37.3% | $2.95B | $2.28B | +29.2% |
| Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | $459M | $733M | -37.4% | $2.97B | $2.3B | +29.4% |
| Construction in Progress, Gross | $638M2025-12-31 | $1.63B | -60.9% | $638M | $1.63B | -60.9% |
| Contract with Customer, Asset, after Allowance for Credit Loss | $33.8M | $18.2M | +85.7% | $15.3M | $13.9M | +10.1% |
| Contract with Customer, Liability | $669M | $571M | +17.3% | $598M | $523M | +14.4% |
| Contract with Customer, Liability, Revenue Recognized | $97M | $91M | +6.6% | $459M | $422M | +8.8% |
| Cost of Goods and Services Sold | $964M | $843M | +14.4% | $3.42B | $2.72B | +25.9% |
| Current Federal Tax Expense (Benefit) | – | – | – | $236M | $322M | -26.8% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $121M | $102M | +19.1% |
| Current Income Tax Expense (Benefit) | – | – | – | $416M | $472M | -11.9% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $58.9M | $47.9M | +23.0% |
| Debt Securities, Available-for-sale | $4.27B | $6B | -28.8% | $6.23B | $6.84B | -8.8% |
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | $300K | $39.5M | -99.2% | $41.3M | $14.8M | +179.1% |
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | $59.7M | $4.4M | +1,256.8% | $1.7M | $33.7M | -95.0% |
| Debt Securities, Available-for-sale, Allowance for Credit Loss | $100K | $100K | 0.0% | $100K | $100K | 0.0% |
| Debt Securities, Available-for-sale, Amortized Cost | $4.33B | $5.96B | -27.4% | $6.19B | $6.86B | -9.7% |
| Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, after Year One Through Five | $2.81B | $3.49B | -19.4% | $3.07B | $4.84B | -36.6% |
| Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, Year One | $1.52B | $2.47B | -38.6% | $3.13B | $2.02B | +54.9% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | $54.8M | $834M | -93.4% | $267M | $520M | -48.6% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $200K | $3.7M | -94.6% | $1.4M | $9.2M | -84.8% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $3.75B | $406M | +825.0% | $343M | $2.92B | -88.3% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $59.5M | $700K | +8,400.0% | $300K | $24.5M | -98.8% |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year One Through Five | $2.76B | $3.52B | -21.7% | $3.1B | $4.82B | -35.7% |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, Year One | $1.51B | $2.47B | -38.8% | $3.13B | $2.02B | +55.3% |
| Debt Securities, Available-for-sale, Unrealized Loss Position | $3.81B | $1.24B | +207.2% | $610M | $3.44B | -82.3% |
| Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $59.7M | $4.4M | +1,256.8% | $1.7M | $33.7M | -95.0% |
| Decrease in Unrecognized Tax Benefits is Reasonably Possible | $32M2025-09-30 | – | – | $65M2024-12-31 | – | – |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | -$34.4M | -$158M | +78.2% |
| Deferred Foreign Income Tax Expense (Benefit) | – | – | – | $68.3M | $46.3M | +47.5% |
Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.
Sources
Statements, segment revenue, metrics, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-09-30, 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30
Data as of 2026-11-01