Intuitive Surgical (ISRG) FY2025 results: revenue $10.1 billion, up 20.5% on the year

Intuitive Surgical makes robotic-assisted systems for minimally invasive care, along with the instruments and accessories they consume, customer learning and support services, and a digital portfolio connecting them. It was founded over 30 years ago. The company had approximately 17,021 full-time employees at the end of 2025, about 7,625 of them in manufacturing operations. Domestic revenue was 68 percent of total revenue in 2025, against 67 percent in 2024 and 66 percent in 2023, with markets outside the United States making up the rest.

Da Vinci

The first da Vinci surgical system launched in 1999 and the FDA cleared it for general laparoscopic surgery in 2000; clearances have since widened across general surgery, urologic, gynecologic, cardiothoracic and head and neck specialties. Several generations are in use at once: the fifth-generation da Vinci 5, the fourth-generation X, Xi and SP, and the third-generation Si. Da Vinci 5 builds on the Xi design and adds force feedback, letting surgeons sense and measure the force exerted on tissue, and carries an operating room informatics platform. Its installed base was 1,231 systems at the end of 2025, after FDA clearance in March 2024 and a phased rollout outside the United States. The da Vinci SP, aimed at narrow workspaces, had an installed base of 377 systems and is in an early, measured rollout.

Ion

The Ion endoluminal system, cleared by the FDA in 2019, is a flexible catheter-based robotic platform whose first cleared indication is minimally invasive biopsies in the lung. It extends the company beyond surgery into diagnostic endoluminal procedures. The catheter is ultra-thin and articulates 180 degrees in all directions, with real-time shape-sensing technology for navigating all segments of the lung. The filing's argument for it is that suspicious lung lesions are often small and hard to reach, and Ion lets physicians take tissue from deep in the peripheral lung, which may allow earlier diagnosis.

Instruments and accessories

Stapling, energy and core instrumentation are made for the da Vinci systems. The technology turns the surgeon's hand movements outside the body into micro-movements inside it, with motion scaling translating a three-millimetre hand movement into a one-millimetre instrument movement, and the tremor in a surgeon's hands filtered out. Most instruments carry wristed joints and tips customised for particular procedures, including forceps, scissors, electrocautery tools and scalpels, and can be swapped during a single operation. Most are sterilisable at the hospital and reusable, others supplied sterile.

Digital solutions

The digital products draw on data from the network of connected surgical systems, which also lets the company monitor product performance and push software updates. Intuitive 3D Models is an augmented reality imaging service for kidney, prostate, lung and rectal procedures: CT and MR scans go through segmentation algorithms, technicians revise and radiologists review, and the output is a 3D segmented model of the organ showing blood vessels and tumour shape and size. It is used for pre-operative planning, for showing surgeons where critical anatomy sits as they work, and as a teaching tool, and it has recently launched.

The procedure mix

The da Vinci business splits into cancer procedures and procedures for benign conditions. Cancer and other highly complex procedures tend to be reimbursed at higher rates, so hospitals are more sensitive to the cost of treating less complex benign conditions. The product line is positioned along that spectrum: da Vinci 5 and Xi with advanced instruments, including the energy and stapler products and Integrated Table Motion, target the complex end, while X is aimed at price-sensitive customers and SP reaches narrow workspaces. United States procedures grew approximately 15 percent in 2025, matching 2024, led by general surgery and gynecologic surgery, and procedures outside the United States grew approximately 23 percent, also matching 2024.

How it sells

Direct sales organisations cover the United States, most of Europe, China through majority-owned joint ventures with Fosun Pharma, Japan, South Korea, India, Taiwan and Canada. Distributors are used alongside the direct force for some government customers in the United States and in China and Japan, and on their own across the remaining markets. The direct organisation splits in two: a capital sales team selling the systems and a clinical sales team supporting them in use at hospital accounts, which include individual hospitals and facilities within integrated delivery networks. The first system sale into an account is a major capital equipment purchase with a lengthy sales cycle, affected by macroeconomic conditions, capital spending priorities and budgeting cycles. The clinical team works on site, helping identify interested surgeons and sustain a hospital's robotic programme.

From Intuitive Surgical's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 3 February 2026: read the full 10-K.