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Stocks / United States / ISRG · Orthopedic, Prosthetic & Surgical Appliances & Supplies · Nasdaq

Intuitive Surgical Inc. (ISRG)

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Intuitive Surgical Inc. (ISRG) reported revenue of $2.9 billion for Q2 FY2026, the quarter ended 30 June 2026, up 18.5% on the same quarter a year earlier. Net income was $818 million, up 24.3% on the year, and diluted earnings per share $2.29. The figures are the company's own, from the 10-Q it filed with the SEC on 21 July 2026.

Revenue$2.9 billionup 18.5%
Net income$818 millionup 24.3%
Diluted EPS$2.29
QuarterQ2 FY2026ended 30 June 2026

Ratios

From the filings

ROE17.3%
ROCE19.0%
Operating margin31.3%
Net margin28.4%
FCF margin29.2%
Interest covern/a
Debt to equityn/a
Cash conversion1.18
Share count, 1 year-1.3%
Sales CAGR, 3 years17.4%
Profit CAGR, 3 years29.3%
EPS, TTM$8.71

At the close of 21 September 2026

Price$401.65
Market cap$142.1 billion
Stock P/E46.11
Price to book7.82
EV / EBITDAn/a
Dividend yieldn/a
Market cap / sales12.88
52-week high$592.85
52-week low$332.02
Price, 1 year-8.4%
Price CAGR, 3 years11.7%
Price CAGR, 5 years3.2%

Every figure is arithmetic on the filed lines (hover a name for the formula); the priced ones use the latest daily close, CBOE delayed quotes, daily history, by CBOE, for splits. Nothing here is a valuation or a view.

Price, 17 September 2021 to 21 September 2026

Daily closes from CBOE delayed quotes, daily history, by CBOE, for splits; the last is 21 September 2026. P/E is the close over the trailing four quarters' EPS as filed at each filing date, on the current share count; the dashed line is the median over the range shown. Sales and margin are quarterly revenue and the operating margin from the tables above. EV/EBITDA, price to book and market cap to sales use the latest filed balance sheet and share count at each date. Drawn in your browser; the range and overlay you pick are remembered here only.

The public record on ISRG

Filings19 in twelve months: 10 current reports (8-K), about 5 results of operations; 3 officer or director change; 1 charter or bylaw amendment, or fiscal year change; 1 shareholder vote; 1 regulation fd disclosure
Planned insider sales44 Form 144 notices in twelve months, $120.1 million; latest 15 September 2026
Options tapeput/call 0.84 by open interest on 23 September 2026; the straddle prices a 2.7% move to 25 September 2026
Holders14 of the followed funds hold it; largest Geode Capital Management; 2 Schedule 13D or 13G filings in twelve months
Insider trading50 sales and 0 purchases on Form 4 in twelve months
Congress0 House trades disclosed in six months
Short interest7.7 million shares short, 3.74 days to cover at 31 August 2026
Documentsthe 10-K, the 10-Qs, the proxy and 5 earnings press releases, each linked

Quarterly results, the last 12 quarters

Q3 FY2023Q4 FY2023 *Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026
Revenue1,7441,9281,8912,0102,0382,4142,2532,4402,5052,8662,7712,892
Cost of revenue576651645637664771796822843962940932
Gross profit1,1671,2771,2451,3731,3741,6421,4581,6181,6621,9041,8301,960
Gross margin67%66%66%68%67%68%65%66%66%66%66%68%
R&D249260284280286295316313329353362371
SG&A452567492525511613563561573687613618
Operating income466450469567577735578743760864855972
Operating margin27%23%25%28%28%30%26%30%30%30%31%34%
Pre-tax income5225165386546718106688328559569401,055
Tax rate20%-18%-2%19%15%15%-5%20%17%16%12%22%
Net income416606545527565686698658704795822818
Net margin24%31%29%26%28%28%31%27%28%28%30%28%
Diluted EPS$1.16$1.69$1.51$1.46$1.56$1.89$1.92$1.81$1.95$2.19$2.28$2.29
Operating cash flow5482282656207068235827158418929121,061
Capital expenditure256436242309248312117155105162103113
Free cash flow292-20723.5311459511465560736730809948
Buybacks0.066.30.00.00.00.00.01811,9132011,123320
Dividends paid0.0n/an/an/a0.0n/an/an/a0.0n/an/an/a
Shares outstanding352m352m355m355m356m357m358m358m355m355m354m354m
Filing10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Profit and loss, 12 fiscal years and the trailing twelve months

FY2014FY2015 FY2016 FY2017 FY2018FY2019FY2020FY2021 FY2022FY2023FY2024FY2025TTM
Revenue2,1322,3842,7063,1383,7244,4784,3585,7106,2227,1248,35210,06511,034
Cost of revenue7188068149351,1201,3681,4971,7522,0262,3952,7183,4223,677
Gross profit1,4141,5781,8902,2022,6043,1102,8613,9584,1964,7305,6346,6427,358
Gross margin66.3%66.2%69.8%70.2%69.9%69.4%65.6%69.3%67.4%66.4%67.5%66.0%66.7%
Research and development1781972403294185575956718799991,1451,3121,415
Selling, general and administrative6916407048119871,1781,2161,4661,7401,9642,1402,3852,492
Operating income5457409501,0631,1991,3741,0501,8211,5771,7672,3492,9463,451
Operating margin25.6%31.0%35.1%33.9%32.2%30.7%24.1%31.9%25.3%24.8%28.1%29.3%31.3%
Pre-tax income5497589851,1051,2801,5021,2071,8901,6071,9592,6743,3113,806
Income tax130170247434154120140162262142336435648
Effective tax rate23.7%22.4%25.1%39.3%12.1%8.0%11.6%8.6%16.3%7.2%12.6%13.1%17.0%
Net income4195897386711,1281,3791,0611,7051,3221,7982,3232,8563,139
Net margin19.6%24.7%27.3%21.4%30.3%30.8%24.3%29.9%21.3%25.2%27.8%28.4%28.4%
Diluted EPS$11.11$15.54$18.73$5.67$9.49$11.54$8.82$4.66$3.65$5.03$6.42$7.87$8.71
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K

Income statement lines from each year's 10-K, the year linked to its filing; TTM is the sum of the last four quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are. † The year as the company last restated it in a later filing; rest on a figure for the one first filed. EPS is as filed.

Cash flow and capital returned

FY2014FY2015 FY2016 FY2017 FY2018FY2019FY2020FY2021 FY2022FY2023FY2024FY2025TTM
Operating cash flow6658061,0871,1441,1701,5981,4852,0891,4911,8142,4153,0303,706
Capital expenditure10681.053.91911874263423405321,0641,111540484
Free cash flow5607251,0339539821,1731,1431,7509587501,3042,4913,223
Free cash flow margin26.2%30.4%38.2%30.4%26.4%26.2%26.2%30.6%15.4%10.5%15.6%24.7%29.2%
Depreciation and amortisation74.485.588.995.0120200270307354402456613n/a
Share-based compensation169168178209261336395449513593677788825
Buybacks1,00018442.52,2740.02701340.02,6074160.02,2953,558
Diluted shares, weighted38m38m39m116m119m120m120m366m362m357m362m363m357m
Shares outstanding at period end37m37m39m112m114m116m118m358m350m352m357m355m354m
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K

Buybacks and dividends are the cash paid in the year, from the cash flow statement; the dividend per share is as declared. Diluted shares are the weighted average for the year; a falling count is the buybacks net of issuance. TTM sums the last four quarters; the share counts are the latest quarter's.

Balance sheet at year end

FY2014FY2015 FY2016 FY2017 FY2018FY2019FY2020FY2021 FY2022FY2023FY2024FY2025TTM
Total assets3,9594,9076,4875,7777,8479,73311,16913,55512,97415,44218,74320,45920,877
Cash and equivalents6007151,0376488581,1681,6231,2911,5812,7502,0273,3682,760
Receivables3153944305086826456467839421,1301,2251,5271,673
Inventory1821681822414095966025878931,2211,4871,8402,029
Goodwill198201201201241307337344348349348370581
Operating lease liabilitiesn/an/an/an/an/a68.758.066.669.664.5112132n/a
Shareholders' equity3,3794,3205,7784,7796,6798,2649,73211,90111,04213,30816,43417,82418,168
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K

At the fiscal year end; the TTM column is the latest quarter end. A line the company does not tag under the usual name is left out.

Compounded growth

10 years5 years3 yearsTTM
Sales growth, compounded15.5%18.2%17.4%20.7%
Profit growth, compounded17.1%21.9%29.3%20.4%
Return on equity, average14.1%14.0%14.6%16.0%

Compounded growth is the latest fiscal year over the year that many years earlier, annualised; the TTM column is the last four quarters over the four before. Return on equity is net income over shareholders' equity at each year end, averaged over the window (the TTM column is the latest year alone); equity is the parent's shareholders' equity as tagged in the 10-K. Arithmetic on filed numbers, nothing forecast.

Peers: Orthopedic, Prosthetic & Surgical Appliances & Supplies

CompanyMarket capP/EROEOp. marginSales growth
TTM
Debt to equityDiv. yield
Intuitive Surgical Inc. ISRG$142.1 billion46.1117.3%31.3%20.7%n/an/a
Edwards Lifesciences Corp. EW$50.9 billion50.779.5%22.3%14.6%0.06n/a
Steris plc STE$20.2 billion25.2911.2%18.9%8.4%0.261.2%
Zimmer Biomet Holdings, Inc. ZBH$18.0 billion22.896.4%14.2%8.6%0.501.0%
Align Technology Inc. ALGN$10.5 billion25.599.8%13.2%4.4%n/an/a

The names on this site in the same industry (the SEC's SIC description), by market capitalisation. Each figure is the same arithmetic as the ratio box above, on each company's own filings and latest close.

Filings

FilingPeriodFiledWhere
10-Q30 June 202621 July 2026EDGAR
10-Q31 March 202622 April 2026EDGAR
10-K31 December 20253 February 2026EDGAR
10-Q30 September 202522 October 2025EDGAR
10-Q30 June 202523 July 2025EDGAR
10-Q31 March 202523 April 2025EDGAR
10-K31 December 202431 January 2025EDGAR
10-Q30 September 202418 October 2024EDGAR
10-Q30 June 202419 July 2024EDGAR
10-Q31 March 202419 April 2024EDGAR

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