Common-Size Income Statement
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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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Intuitive Surgical Inc., common-size consolidated income statement
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).
The common-size income statement reveals several noteworthy trends between 2021 and 2025. Revenue composition remained relatively stable, with product revenue consistently representing approximately 84% of total revenue and service revenue accounting for the remaining 16%. However, significant shifts occurred within the expense structure and profitability metrics over the five-year period.
- Revenue and Cost of Revenue
- Revenue remained constant at 100% of revenue across all periods, as expected in a common-size statement. Cost of revenue as a percentage of revenue exhibited a consistent upward trend, increasing from -30.68% in 2021 to -34.00% in 2025. This indicates increasing costs associated with generating revenue.
- Gross Profit
- As a consequence of the rising cost of revenue, gross profit as a percentage of revenue experienced a gradual decline, moving from 69.32% in 2021 to 66.00% in 2025. This suggests a diminishing margin on each dollar of revenue generated.
- Operating Expenses
- Operating expenses, encompassing selling, general and administrative expenses and research and development, initially increased significantly from -37.43% in 2021 to -42.09% in 2022. However, these expenses began to decrease in subsequent years, reaching -36.73% in 2025. The decrease in selling, general and administrative expenses was more pronounced than the decrease in research and development expenses.
- Income from Operations
- Income from operations as a percentage of revenue decreased from 31.89% in 2021 to a low of 24.80% in 2023, before recovering to 29.27% in 2025. This fluctuation reflects the combined impact of gross profit trends and operating expense management.
- Net Income and Profitability
- Net income as a percentage of revenue followed a similar pattern to income from operations, declining from 30.26% in 2021 to 21.61% in 2022, then increasing to 28.58% in 2025. The income tax expense percentage fluctuated, contributing to the net income volatility. Net income attributable to Intuitive Surgical, Inc. mirrored this trend, moving from 29.85% to 28.38% over the period.
- Interest and Other Income
- Interest and other income, net, showed an increasing trend as a percentage of revenue, rising from 1.21% in 2021 to 3.64% in 2025. This contributed positively to income before taxes, particularly in the later years.
Overall, the period demonstrates a company navigating increasing costs of revenue, initially escalating operating expenses, and fluctuating tax rates. While profitability experienced a dip in 2022 and 2023, it showed signs of recovery towards the end of the analyzed period, potentially due to expense control measures and increased interest income.