Intuitive Surgical (ISRG) FY2025 10-K Annual Report
Intuitive Surgical (ISRG) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 3, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Intuitive Surgical FY2025 10-K Analysis
Business Overview
- • Core business: robotic-assisted minimally invasive surgical systems with integrated instruments, accessories, learning, and digital solutions
- • New product emphasis: launched da Vinci 5 system with force feedback, 10,000x computing power of Xi, and My Intuitive+ digital subscription package
- • Strategic shift: expanded digital ecosystem with My Intuitive app, SimNow VR simulator, Case Insights analytics, and Intuitive Hub edge computing
- • Quantitative metric: da Vinci 5 features integrated electrosurgical unit, Integrated Table Motion; new 8mm SureForm 30 Curved-Tip stapler introduced
- • Noteworthy fact: first commercial adoption of augmented reality 3D modeling service for pre-operative planning in kidney, prostate, lung, rectal procedures
Management Discussion & Analysis
- • Tariffs increased cost of revenues by $63.0M in 2025; ongoing tariff impact expected to rise in 2026
- • Installed base: 1,231 da Vinci 5 systems, 377 da Vinci SP systems as of Dec 31, 2025
- • Numerous regulatory clearances in 2024-2026 including FDA approvals for da Vinci 5 multi-port & SP systems for expanded procedures
- • Supply chain stress noted in Q4 2025 did not materially impact operations; elevated interest rates and tariff inflation are risks
- • Expansion in China constrained by government quotas and provincial pricing limits; pricing pressure and procedural volume impact possible
Risk Factors
- • UK medical device regulatory changes, new post-market rules effective June 16, 2025, with additional rules expected in 2026 potentially delaying UK market approval
- • China anti-corruption campaign in healthcare since July 2023 causing tender cancellations, reducing system placements in 2025 versus expectations
- • Tariffs on imports from Mexico (manufacturing base for majority of instruments) imposed in 2025 increasing product costs and reducing gross margins
- • Competition from Medtronic plc and Johnson & Johnson focusing on robotic-assisted surgical systems and alternative therapies reducing market share
- • Exposure to US Foreign Corrupt Practices Act, UK Bribery Act compliance risks in OUS operations with increasing business in China and complex local laws
Intuitive Surgical FY2025 Key Financial MetricsXBRL
Revenue
$10.1B
▲ +20.5% YoY
Net Income
$2.9B
▲ +23.0% YoY
Gross Margin
66.0%
▼ -146bp YoY
Operating Margin
29.3%
▲ +114bp YoY
Net Margin
28.4%
▲ +57bp YoY
ROE
16.0%
▲ +189bp YoY
Total Assets
$20.5B
▲ +9.2% YoY
EPS (Diluted)
$7.87
▲ +22.6% YoY
Operating Cash Flow
$3.0B
▲ +25.5% YoY
Source: XBRL data from Intuitive Surgical FY2025 10-K filing on SEC EDGAR. All figures in USD.
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