Intuitive Surgical (ISRG) Q3 2025 10-Q Quarterly Report
Filed: Oct 22, 2025Period ending Sep 30, 2025
Health Care
Orthopedic, Prosthetic & Surgical Appliances & SuppliesSEC EDGAR Intuitive Surgical (ISRG) 10-Q quarterly report for Q3 2025, filed with SEC EDGAR on Oct 22, 2025 for the fiscal period ending Sep 30, 2025. This page provides AI-powered analysis including management discussion & analysis (MD&A), risk factor updates, and key quarterly financial data such as revenue and net income extracted from XBRL.
Intuitive Surgical Q3 2025 10-Q Analysis
Management Discussion & Analysis
- • Revenue $2.51B Q3 2025, up 23% YoY from $2.04B Q3 2024; 9M revenue $7.20B up 21% from $5.94B YoY
- • Gross margin 66.4% Q3 2025 vs 67.4% Q3 2024; product margin 66.8% vs 67.5%; service margin 63.8% vs 66.9% (Q3 YoY)
- • Best segment: Instruments/accessories revenue up 20% to $1.52B Q3; worst margin: service margin declined 63.8% vs 66.9% Q3 YoY
- • Cash, cash equivalents, investments $8.43B as of 9/30/2025, down $0.40B since 12/31/2024; repurchased 4.0M shares for $1.92B in Q3
- • Management notes near-term headwinds: tariffs increased cost by $22M in Q3, supply constraints, hospital funding pressures, competition in China, expects continued capex $625M-$675M in 2025
Risk Factors
- • No new or changed risk factors this quarter compared to 2024 10-K
- • Carried-forward regulatory risk: compliance with evolving medical device regulations globally
- • Operational risk: dependence on product innovation and market acceptance for growth
- • Financial risk: impacts from currency fluctuations on international revenues and expenses
Intuitive Surgical Q3 2025 Quarterly FinancialsXBRL
Revenue
$2.5B
▲ +22.9% YoY▲ +2.7% QoQ
Net Income
$704M
▲ +24.7% YoY▲ +7.0% QoQ
Gross Margin
66.4%
▼ -105bp YoY▲ +5bp QoQ
Operating Margin
30.3%
▲ +200bp YoY▼ -14bp QoQ
Net Margin
28.1%
▲ +39bp YoY▲ +114bp QoQ
ROE
4.2%
Total Assets
$19.4B
EPS (Diluted)
$1.95
▲ +25.0% YoY▲ +8.3% QoQ
Operating Cash Flow
$841M
▲ +19.0% YoY▲ +17.6% QoQ
Source: XBRL data from Intuitive Surgical Q3 2025 10-Q filing on SEC EDGAR. All figures in USD.
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