Balance Sheet: Liabilities and Stockholders’ Equity

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Liabilities represents obligations of a company arising from past events, the settlement of which is expected to result in an outflow of economic benefits from the entity.

Intuitive Surgical Inc., consolidated balance sheet: liabilities and stockholders’ equity

US$ in thousands

	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Accounts payable	255,100)	193,400)	188,700)	147,000)	121,200)
Accrued compensation and employee benefits	648,400)	535,600)	436,400)	401,600)	350,100)
Deferred revenue	506,700)	468,800)	446,100)	397,300)	377,200)
Income and other taxes payable	125,400)	154,400)	111,400)	96,100)	54,100)
Accrued construction-related capital expenditures	58,300)	57,200)	143,300)	50,300)	23,100)
Other accrued liabilities	412,300)	335,900)	332,800)	329,800)	224,100)
Other accrued liabilities	596,000)	547,500)	587,500)	476,200)	301,300)
Current liabilities	2,006,200)	1,745,300)	1,658,700)	1,422,100)	1,149,800)
Income taxes, long-term	193,600)	239,000)	233,800)	288,000)	316,600)
Deferred revenue, long-term	91,400)	54,100)	45,600)	41,000)	36,800)
Other long-term liabilities	225,800)	175,200)	106,100)	110,300)	100,300)
Other long-term liabilities	510,800)	468,300)	385,500)	439,300)	453,700)
Long-term liabilities	510,800)	468,300)	385,500)	439,300)	453,700)
Total liabilities	2,517,000)	2,213,600)	2,044,200)	1,861,400)	1,603,500)
Preferred stock, $0.001 par value, issuable in series; no shares issued and outstanding	—)	—)	—)	—)	—)
Common stock, $0.001 par value	400)	400)	400)	400)	400)
Additional paid-in capital	10,768,500)	9,681,300)	8,576,400)	7,703,900)	7,164,000)
Retained earnings	7,011,800)	6,803,300)	4,743,000)	3,500,100)	4,760,900)
Accumulated other comprehensive income (loss)	43,300)	(51,300)	(12,200)	(162,500)	(24,200)
Total Intuitive Surgical, Inc. stockholders’ equity	17,824,000)	16,433,700)	13,307,600)	11,041,900)	11,901,100)
Noncontrolling interest in joint venture	117,700)	95,900)	89,700)	70,700)	50,400)
Total stockholders’ equity	17,941,700)	16,529,600)	13,397,300)	11,112,600)	11,951,500)
Total liabilities and stockholders’ equity	20,458,700)	18,743,200)	15,441,500)	12,974,000)	13,555,000)

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).

Total liabilities exhibited a consistent upward trend over the five-year period, increasing from US$1,603.5 million in 2021 to US$2,517.0 million in 2025. This growth was primarily driven by increases in both current and long-term liabilities. Simultaneously, total stockholders’ equity demonstrated volatility, decreasing initially before experiencing substantial growth, culminating in US$17,941.7 million in 2025. Consequently, the company’s capital structure shifted, with a decreasing proportion of assets financed by equity and an increasing proportion financed by debt.

Current Liabilities: Current liabilities increased steadily from US$1,149.8 million in 2021 to US$2,006.2 million in 2025. Significant contributors to this increase included accounts payable, accrued compensation and employee benefits, and deferred revenue. Accrued construction-related capital expenditures experienced a notable surge between 2021 and 2023, before decreasing in 2024 and stabilizing in 2025. The largest component of current liabilities consistently remained accrued compensation and employee benefits.
Long-Term Liabilities: Long-term liabilities showed a more moderate increase, moving from US$453.7 million in 2021 to US$510.8 million in 2025. Income taxes, long-term, and other long-term liabilities were the primary drivers of this growth. Deferred revenue, long-term, also contributed, with a more pronounced increase towards the end of the period.
Stockholders’ Equity Components: Common stock remained constant at US$0.4 million throughout the period. The most substantial component of stockholders’ equity was additional paid-in capital, which increased significantly from US$7,164.0 million in 2021 to US$10,768.5 million in 2025. Retained earnings experienced a decrease between 2021 and 2022, followed by a substantial recovery and growth, reaching US$7,011.8 million in 2025. Accumulated other comprehensive income (loss) fluctuated, moving from a loss of US$24.2 million in 2021 to a gain of US$43.3 million in 2025. Noncontrolling interest in joint venture also increased consistently over the period.
Total Liabilities and Stockholders’ Equity: The overall growth in total liabilities and stockholders’ equity reflects the company’s expansion. The total increased from US$13,555.0 million in 2021 to US$20,458.7 million in 2025. The increasing proportion of liabilities relative to equity suggests a potential shift towards greater financial leverage.

The observed trends indicate a growing company that is increasingly relying on debt financing. The significant increases in accrued compensation and employee benefits, alongside deferred revenue, suggest continued investment in personnel and future revenue recognition. The fluctuations in retained earnings warrant further investigation to understand the underlying factors driving these changes.

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Intuitive Surgical Inc. (NASDAQ:ISRG)

Balance Sheet: Liabilities and Stockholders’ Equity