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.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $10.1B | $3.6B | $2.9B | $2.5B | 16.0% | 20.5% | 23.0% |
| 2024 | $8.4B | $2.8B | $2.3B | $1.3B | 14.1% | 17.2% | 29.2% |
| 2023 | $7.1B | $2.2B | $1.8B | $750M | 13.5% | 14.5% | 36.0% |
| 2022 | $6.2B | $1.9B | $1.3B | $958M | 12.0% | - | - |
| 2021 | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 6,222.20 | 7,124.10 | 8,352.10 | 10,064.70 |
| Cost Of Revenue | - | 2,026.20 | 2,394.60 | 2,717.90 | 3,422.40 |
| Gross Profit | - | 4,196 | 4,729.50 | 5,634.20 | 6,642.30 |
| Operating Expense | - | 2,618.90 | 2,962.70 | 3,285.30 | 3,696.80 |
| Operating Income | - | 1,577.10 | 1,766.80 | 2,348.90 | 2,945.50 |
| EBITDA | - | 1,942.90 | 2,221.60 | 2,848.60 | 3,622.60 |
| EBIT | - | 1,577.10 | 1,766.80 | 2,348.90 | 2,945.50 |
| Pretax Income | - | 1,606.80 | 1,958.90 | 2,673.80 | 3,311.40 |
| Tax Provision | - | 262.40 | 141.60 | 336.30 | 434.80 |
| Net Income | - | 1,322.30 | 1,798 | 2,322.60 | 2,856 |
| Net Income Common Stockholders | - | 1,322.30 | 1,798 | 2,322.60 | 2,856 |
| Total Expenses | - | 4,645.10 | 5,357.30 | 6,003.20 | 7,119.20 |
| Interest Income | - | 29.70 | 192.10 | 324.90 | 365.90 |
| Research And Development | - | 879 | 998.80 | 1,145.30 | 1,311.80 |
| Selling General And Administration | - | 1,739.90 | 1,963.90 | 2,140 | 2,385 |
| Normalized EBITDA | - | 1,942.90 | 2,221.60 | 2,848.60 | 3,622.60 |
| Normalized Income | - | 1,322.30 | 1,798 | 2,322.60 | 2,856 |
| Market Cap | 170,784 | 170,784 | 170,784 | 170,784 | 170,784 |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Intuitive Surgical, Inc.this co. | ISRG | - | 59.80β premium | 9.58 | 16.0% | - |
| Incyte Corporation | INCY | $18.5B | 14.64 | 3.65 | 24.9% | 8.96 |
| Waters Corporation | WAT | $18.4B | 47.33 | 11.88 | 25.1% | 30.39 |
| Zimmer Biomet Holdings, Inc. | ZBH | $18.1B | 25.05 | 1.39 | 5.6% | 11.09 |
| Align Technology, Inc. | ALGN | $13.7B |
| - |
| - |
| - |
| - |
| - |
| - |
| 33.09 |
| 3.35 |
| 10.1% |
| 15.31 |
| The Cooper Companies, Inc. | COO | $12.6B | 33.53 | 1.53 | 4.6% | 14.33 |
| Solventum Corporation | SOLV | $11.9B | 7.64 | 2.35 | 30.8% | 6.29 |
| DaVita Inc. | DVA | $11.3B | 13.41 | -15.38 | -114.7% | 8.41 |
| Universal Health Services, Inc. | UHS | $11.1B | 7.15 | 1.46 | 20.5% | 5.71 |
| Peer Median | - | 19.85 | 1.94 | 15.3% | 10.03 | |