Company profile
SEC EDGAR ↗- Industry
- Orthopedic, Prosthetic & Surgical Appliances & Supplies
- Listed
- Nasdaq: ISRG
- Incorporated
- DE
- Headquarters
- Sunnyvale, CA
- Fiscal year end
- Dec 31
Financials
FY2025- Revenue
- $10.1B
- Net income
- $2.86B
- Total assets
- $20.5B
| Fiscal year | Revenue | Net income | Total assets |
|---|---|---|---|
| FY2025 | $10.1B | $2.86B | $20.5B |
| FY2024 | $8.35B | $2.32B | $18.7B |
| FY2023 | $7.12B | $1.80B | $15.4B |
| FY2022 | $6.22B | $1.32B | $13.0B |
| FY2021 | $5.71B | $1.70B | $13.6B |
| FY2020 | $4.36B | $1.06B | $11.2B |
Reported fiscal years from SEC filings (10-K) — SEC EDGAR ↗. Stratrix is a strategy publication, not a real-time financial data service.
Run one of these yourself
The decisions Intuitive Surgical faced, as kits you can run.
Each pack takes one of these decisions and gives you the framework, a deck for the room, a model that resolves to one number, and the sourced cases behind it. $499, one-time.
The analyses
The Loss Leader · Business Model
Intuitive Profits on the da Vinci Itself; a Use-Counting Chip Holds 9,902 Hospitals
The myth says Intuitive subsidizes the $2M da Vinci to print money on instruments. The 10-K says otherwise: 67% blended gross margin, and a system priced at up to $3.1M that the math strongly suggests is no loss-leader. The real lock-in is a chip that counts your uses and 9,902 hospitals that can't walk away.
8 min
The Moat Anatomy · Moat & Competition
Intuitive's Patents Expired. Its Installed Base Kept Growing Anyway.
Everyone waited for patent expiry to unleash a flood of rivals against Intuitive Surgical. It came - and Intuitive's da Vinci fleet kept growing anyway, reaching 11,106 systems by end-2025, up from 9,902 a year earlier, well after the core patent-expiry window had closed. The moat was never the patents.
8 min