Analysis of Revenues
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- Statement of Comprehensive Income
- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Liquidity Ratios
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Common Stock Valuation Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Dividend Discount Model (DDM)
- Net Profit Margin since 2005
- Return on Equity (ROE) since 2005
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Revenues as Reported
Intuitive Surgical Inc., income statement, revenues
US$ in thousands
| 12 months ended: | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Instruments and accessories | |||||||||||
| Systems | |||||||||||
| Services | |||||||||||
| Revenue |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
Revenue demonstrates a consistent upward trajectory between 2021 and 2025. This growth is primarily driven by increases in Instruments and accessories, and Systems revenue, with Services also contributing to the overall positive trend. A detailed examination of each revenue component reveals varying growth rates.
- Instruments and accessories
- Instruments and accessories represent the largest portion of revenue and exhibit strong, continuous growth. Revenue from this segment increased from US$3.10 billion in 2021 to US$6.02 billion in 2025, representing a compound annual growth rate (CAGR) of approximately 18.2%. This suggests increasing utilization of existing systems and potentially the introduction of new, higher-priced instruments.
- Systems
- Systems revenue experienced a slight decrease between 2021 and 2022, falling from US$1.69 billion to US$1.68 billion. However, it then resumed growth, reaching US$2.47 billion in 2025. The CAGR for Systems revenue from 2021 to 2025 is approximately 8.7%. The initial dip followed by subsequent growth could indicate cyclical purchasing patterns or delays in capital expenditure followed by increased adoption.
- Services
- Services revenue consistently increased throughout the period, albeit at a more moderate pace than Instruments and accessories. Revenue rose from US$916.2 million in 2021 to US$1.57 billion in 2025, resulting in a CAGR of approximately 11.8%. This steady growth suggests a stable demand for ongoing support and maintenance related to the installed base of systems.
- Total Revenue
- Total revenue increased from US$5.71 billion in 2021 to US$10.06 billion in 2025, demonstrating a CAGR of approximately 15.3%. The accelerating growth in total revenue from 2023 onwards indicates a strengthening market position and successful execution of growth strategies. The rate of increase accelerated between 2023 and 2024 (approximately 17.1%) and again between 2024 and 2025 (approximately 20.5%).
The composition of revenue is shifting, with Instruments and accessories becoming a proportionally larger component of the total. While all segments contribute to overall growth, the strong performance of Instruments and accessories is a key driver of the positive trend.