Intuitive Surgical Inc
intuitive.comWhat Do They Do?
Sells surgical instruments and accessories for minimally invasive procedures, alongside robotic-assisted surgical and lung-biopsy systems for hospitals and physicians.
10-K for FY2025, filed Feb 3, 2026We offer a comprehensive suite of stapling, energy, and core instrumentation for our da Vinci surgical systems. Our technology is designed…View ↗
Our robotic-assisted platforms extend the care teams’ capabilities to deliver minimally invasive care. These platforms include da Vinci…View ↗
In 2019, the FDA cleared our Ion endoluminal system, which is a flexible, robotic-assisted, catheter-based platform that utilizes…View ↗
Our direct sales organization is composed of a capital sales team, responsible for selling systems, and a clinical sales team, responsible…View ↗
How Do They Make Money?
It sells instruments and accessories when shipped or delivered and systems when the customer accepts delivery or installation; invoices are generally due 30 to 60 days after billing. Service contracts are billed in advance, while time-and-material work is billed when performed.
10-K for FY2025, filed Feb 3, 2026System sales. For systems (including system components and system accessories) sold directly to end customers, revenue is recognized when…View ↗
Instruments and accessories. Revenue from sales of instruments and accessories is recognized when control is transferred to the customers…View ↗
Service. Service revenue is recognized over the term of the service period, as the customer benefits from the services throughout the…View ↗
The Company invoices its customers based on the billing schedules in its sales arrangements. Payments are generally due 30 to 60 days from…View ↗
Deferred revenue for the periods presented primarily relates to service contracts where the service fees are billed up-front, generally…View ↗
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10-K for FY2025, filed Feb 3, 2026
FY2025 revenue by product or service ↗
$10.1B
-
10-K for FY2025, filed Feb 3, 2026
$10.1B ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Instruments and accessories
Sold outright
10-K for FY2025, filed Feb 3, 2026 |
60%
FY2022: 57%
|
Instruments and accessories, FY2025
$6B Sources
|
Sold outright |
|
Systems
Sold outright
10-K for FY2025, filed Feb 3, 2026 |
25%
FY2022: 27%
|
Systems, FY2025
$2.5B Sources
|
Sold outright |
|
Service
|
16%
FY2022: 16%
|
Service, FY2025
$1.6B Sources
|
Who Are Their Customers?
Hospitals and healthcare facilities buy through Intuitive’s direct sales teams in many markets; distributors also sell in some countries and for some government customers. Hospitals reorder instruments and accessories regularly, while Intuitive’s support teams provide installation, maintenance, and technical support.
10-K for FY2025, filed Feb 3, 2026We sell our products and services through direct sales organizations in the U.S., Europe (excluding Italy, Spain, Portugal, Greece, and…View ↗
Our direct sales organization is composed of a capital sales team, responsible for selling systems, and a clinical sales team, responsible…View ↗
Our customers place orders to replenish their supplies of instruments and accessories on a regular basis. Orders received are typically…View ↗
We have a network of field service and technical support engineers across the U.S., Canada, Europe, and Asia and maintain relationships…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 28 cents of every revenue dollar as net income in FY2025 and turned 25 cents into free cash flow.
10-K for FY2025, filed Feb 3, 2026
$2.9BView ↗
10-K for FY2025, filed Feb 3, 2026
$2.9BView ↗
10-K for FY2025, filed Feb 3, 2026
$2.5BView ↗
How Are They Changing?
- Net income
-
Sources
10-Q for Q3 FY2026, filed Oct 21, 2026
$522.8MView ↗
- ▼ −26%
- vs $704.4M in Q3 FY2025
10-Q for Q3 FY2026, filed Oct 21, 2026
Open tableView ↗
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Jul 16, 2026
Set full-year procedure growth and margin expectations
Expects worldwide da Vinci procedure growth of approximately 13.5% to 15.5% and non-GAAP gross margin of 68.0% to 69.0% for 2026.
Sources
8-K, filed Jul 16, 2026
Worldwide da Vinci procedure growth of approximately 13.5% to 15.5% in 2026. The Company expects to be closer to the midpoint of this…View ↗
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Mar 2, 2026
Acquired a European da Vinci and Ion distribution business
Expanded direct operations in Italy, Spain, Portugal, Malta, San Marino and associated territories.
Sources
8-K, filed Mar 2, 2026
SUNNYVALE, Calif., March 2, 2026 (GLOBE NEWSWIRE) -- Intuitive (NASDAQ:ISRG), a global technology leader in minimally invasive care and the…View ↗
Growing. Revenue grew 76% in 4 years, from $5.7B in FY2021 to $10.1B in FY2025, about 15% a year.
New da Vinci platform
The latest report describes a da Vinci platform with force feedback and digital features; the older report describes earlier da Vinci system models.
10-K for FY2022, filed Feb 10, 2023 10-K for FY2025, filed Feb 3, 2026There are several models of the da Vinci Surgical System: our fourth generation da Vinci X, da Vinci Xi, and da Vinci SP Surgical Systems…View ↗
Who Do They Compete With?
Competes with Beijing Surgerii Robotics, CMR Surgical, Distalmotion, Harbin Sizhe Rui Intelligent Medical Equipment, Johnson & Johnson, Karl Storz, Medicaroid, Medtronic, meerecompany, Noah Medical, Shandong Weigao Group Medical Polymer, Shanghai Microport Medbot (Group), Shenzhen Edge Medical, and SS Innovations International
10-K for FY2025, filed Feb 3, 2026Additionally, we currently face, or anticipate facing, competition from companies with products used in open or MIS surgeries, including…View ↗
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