Statement of Comprehensive Income

Comprehensive income is the change in equity (net assets) of a business enterprise during a period from transactions and other events and circumstances from non-owners sources. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners.

Intuitive Surgical Inc., consolidated statement of comprehensive income

US$ in thousands

12 months ended:	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Net income	2,876,600)	2,337,500)	1,817,300)	1,344,400)	1,728,100)
Change in foreign currency translation gains (losses)	63,800)	(53,200)	25,700)	(500)	(13,300)
Change in unrealized gains (losses)	44,800)	15,000)	124,600)	(138,200)	(45,500)
Reclassification adjustment for (gains) losses on securities	300)	100)	(100)	—)	—)
Net change in available-for-sale securities, net of tax	45,100)	15,100)	124,500)	(138,200)	(45,500)
Change in unrealized gains (losses)	(6,700)	5,700)	(6,600)	(35,000)	12,300)
Reclassification adjustment for (gains) losses on hedge instruments	(300)	7,800)	7,000)	27,600)	(4,900)
Net change in hedge instruments, net of tax	(7,000)	13,500)	400)	(7,400)	7,400)
Change in unrealized gains (losses)	(6,700)	(14,900)	(600)	5,800)	100)
Reclassification adjustment for (gains) losses on employee benefit plans	600)	(300)	—)	200)	1,500)
Net change in employee benefit plans, net of tax	(6,100)	(15,200)	(600)	6,000)	1,600)
Other comprehensive income (loss), net of tax	95,800)	(39,800)	150,000)	(140,100)	(49,800)
Comprehensive income	2,972,400)	2,297,700)	1,967,300)	1,204,300)	1,678,300)
Comprehensive income attributable to noncontrolling interest	(21,800)	(14,200)	(19,000)	(20,300)	(22,800)
Comprehensive income attributable to Intuitive Surgical, Inc.	2,950,600)	2,283,500)	1,948,300)	1,184,000)	1,655,500)

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).

Net income demonstrates a generally positive trajectory over the five-year period, experiencing a decline from 2021 to 2022 before recovering and exhibiting substantial growth through 2025. While net income fluctuated, it increased overall from $1,728.1 million in 2021 to $2,876.6 million in 2025. Other comprehensive income (loss), net of tax, is considerably more volatile, swinging from a loss of $49.8 million in 2021 to a gain of $150.0 million in 2023, then back to a loss of $39.8 million in 2024, and finally a gain of $95.8 million in 2025.

Net Income Trend: Net income decreased by approximately 22% from 2021 to 2022, representing the largest single-year decline in the observed period. Subsequent years show recovery, with increases of roughly 33% in 2023, 23% in 2024, and 23% in 2025. This suggests a potential stabilization and growth phase following a temporary setback.
Foreign Currency Translation Gains (Losses): Fluctuations are evident in foreign currency translation gains (losses), moving from a loss of $13.3 million in 2021 to a loss of only $0.5 million in 2022, a gain of $25.7 million in 2023, a loss of $53.2 million in 2024, and finally a gain of $63.8 million in 2025. These variations likely reflect changes in exchange rates and the geographic distribution of the company’s operations.
Available-for-Sale Securities: Net changes in available-for-sale securities, net of tax, are highly variable. Significant losses were recorded in 2021 and 2022, followed by a substantial gain in 2023. The impact of these securities on overall comprehensive income is noteworthy, particularly in 2022 and 2023. The reclassification adjustments for gains and losses on these securities are relatively small, but present in each year.
Hedge Instruments: Net changes in hedge instruments, net of tax, also demonstrate volatility. A gain of $7.4 million was observed in 2021, followed by a loss of $7.4 million in 2022. Gains were then recorded in 2023 and 2024, with a loss in 2025. Reclassification adjustments are present and contribute to the overall impact of hedge instruments on comprehensive income.
Employee Benefit Plans: Net changes in employee benefit plans, net of tax, show a consistent pattern of gains initially, followed by substantial losses in 2024 and 2025. The reclassification adjustments are minimal until 2025, where a gain is recorded. This suggests a potential shift in the company’s employee benefit obligations or accounting treatment.
Comprehensive Income: Comprehensive income mirrors the trend in net income, with a decrease in 2022 followed by consistent growth through 2025. The impact of other comprehensive income is significant, contributing to the overall volatility of comprehensive income. Comprehensive income attributable to Intuitive Surgical, Inc. follows a similar pattern to total comprehensive income.
Noncontrolling Interest: Comprehensive income attributable to noncontrolling interest remains relatively stable, fluctuating between approximately $14.2 million and $22.8 million in absolute value over the period. This suggests a consistent, though minor, impact from noncontrolling interests on overall financial performance.

In summary, while net income demonstrates a positive long-term trend, the statement of comprehensive income is significantly influenced by fluctuations in other comprehensive income components, particularly those related to foreign currency translation, available-for-sale securities, and employee benefit plans. These factors contribute to the overall volatility observed in comprehensive income.

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Intuitive Surgical Inc. (NASDAQ:ISRG)

Statement of Comprehensive Income