Intuitive Surgical (ISRG) ISRG Q3 Financial Results Summary
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Intuitive Surgical, Inc. (ISRG) Q3 2025 Financial Results Summary
SUNNYVALE, CALIF. October 21, 2025 – Intuitive Surgical, Inc. (Nasdaq: ISRG), a leader in robotic-assisted surgery technology, announced its financial results for the quarter ended September 30, 2025. Here’s a summary of the key metrics and highlights from the report.
Q3 Highlights
- Worldwide Procedures:
- Combined procedures (da Vinci and Ion) grew approximately 20% compared with Q3 2024.
- Da Vinci procedures increased by approximately 19%.
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Ion procedures grew approximately 52%.
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System Placements:
- 427 da Vinci surgical systems were placed, up from 379 in Q3 2024.
- Included 240 da Vinci 5 systems in Q3 2025 versus 110 in Q3 2024.
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50 Ion endoluminal systems were placed, a decrease from 58 in Q3 2024.
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Installed Base:
- The da Vinci surgical system installed base reached 10,763 systems, a 13% increase from 9,539 as of September 30, 2024.
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The Ion endoluminal system installed base grew to 954 systems, a 30% increase from 736 as of September 30, 2024.
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Revenue:
- Q3 2025 revenue was $2.51 billion, reflecting a 23% increase compared to $2.04 billion in Q3 2024.
- Instruments and accessories revenue rose by 20% to $1.52 billion from $1.26 billion.
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Systems revenue was $590 million, compared to $445 million in Q3 2024.
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Income Metrics:
- GAAP net income attributable to Intuitive was $704 million, or $1.95 per diluted share, compared to $565 million, or $1.56 per diluted share, in Q3 2024.
- Non-GAAP net income attributable to Intuitive was $867 million, or $2.40 per diluted share, compared to $669 million, or $1.84 per diluted share, a year earlier.
Share Repurchase
- The Company repurchased 4.0 million shares of its common stock for $1.92 billion during Q3 2025.
Financial Summary
- Gross Profit:
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Q3 2025 gross profit totaled $1.66 billion, compared to $1.37 billion in Q3 2024.
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Income from Operations:
- GAAP income from operations increased to $760 million, up from $577 million a year earlier.
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Non-GAAP income from operations was $976 million, compared to $755 million in Q3 2024.
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Cash and Investments:
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The Company reported $8.43 billion in cash and investments, down by $1.10 billion during the quarter due to stock repurchases and capital expenditures.
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Tax Considerations:
- GAAP net income included excess tax benefits of $24 million, or $0.07 per diluted share.
- Compared to Q3 2024, excess tax benefits were $42 million, or $0.12 per diluted share.
2025 Financial Outlook
- Anticipated worldwide da Vinci procedure growth of approximately 17% to 17.5% for the full year, compared to 17% in 2024.
- Expected non-GAAP gross profit margin projected to be in the range of 67% to 67.5%, compared to 69.1% in 2024, affected by tariffs.
- Non-GAAP operating expense growth projected between 11% and 13%, compared to 10% in 2024.
The report outlines Intuitive Surgical’s continued strong performance in both revenue and system placements, demonstrating significant growth in both the da Vinci and Ion platforms. The Company remains committed to providing innovative solutions in minimally invasive care while navigating financial performance in a challenging economic environment.
UNAUDITED QUARTERLY CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(IN MILLIONS, EXCEPT PER SHARE DATA)
| Three Months Ended | September 30, | June 30, | September 30, |
|---|---|---|---|
| Revenue: | |||
| Instruments and accessories | $1,518.8 | $1,474.1 | $1,264.2 |
| Systems | $590.4 | $574.7 | $445.0 |
| Services | $395.9 | $391.2 | $328.9 |
| Total revenue | $2,505.1 | $2,440.0 | $2,038.1 |
| Cost of revenue: | |||
| Product | $699.4 | $686.2 | $555.4 |
| Service | $143.3 | $135.9 | $108.8 |
| Total cost of revenue | $842.7 | $822.1 | $664.2 |
| Gross profit | $1,662.4 | $1,617.9 | $1,373.9 |
| Operating expenses: | |||
| Selling, general and administrative | $573.3 | $561.2 | $510.6 |
| Research and development | $329.4 | $313.3 | $286.0 |
| Total operating expenses | $902.7 | $874.5 | $796.6 |
| Income from operations(1) | $759.7 | $743.4 | $577.3 |
| Interest and other income (expense), net | $95.5 | $88.7 | $93.7 |
| Income before taxes | $855.2 | $832.1 | $671.0 |
| Income tax expense (benefit)(2) | $146.0 | $167.9 | $100.4 |
| Net income | $709.2 | $664.2 | $570.6 |
| Less: net income attributable to | |||
| noncontrolling interest in joint venture | $4.8 | $5.8 | $5.5 |
| Net income attributable to Intuitive Surgical, Inc. | $704.4 | $658.4 | $565.1 |
| Net income per share attributable to | |||
| Intuitive Surgical, Inc.: | |||
| Basic | $1.98 | $1.84 | $1.59 |
| Diluted(3) | $1.95 | $1.81 | $1.56 |
| Weighted average shares outstanding: | |||
| Basic | 356.6 | 358.5 | 355.8 |
| Diluted | 361.8 | 364.1 | 362.7 |
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(IN MILLIONS)
| September 30, | December 31, | |
|---|---|---|
| Cash, cash equivalents, and investments | $8,432.5 | $8,832.4 |
| Accounts receivable, net | $1,259.7 | $1,225.4 |
| Inventory | $1,781.9 | $1,487.2 |
| Property, plant, and equipment, net | $5,150.9 | $4,646.6 |
| Goodwill | $348.1 | $347.5 |
| Deferred tax assets | $978.9 | $1,045.1 |
| Other assets | $1,399.8 | $1,159.0 |
| Total assets | $19,351.8 | $18,743.2 |
| Accounts payable and other liabilities | $1,739.2 | $1,690.7 |
| Deferred revenue | $570.5 | $522.9 |
| Total liabilities | $2,309.7 | $2,213.6 |
| Stockholders’ equity | $17,042.1 | $16,529.6 |
| Total liabilities and stockholders’ equity | $19,351.8 | $18,743.2 |