Intuitive Surgical, Inc. (ISRG) quarterly cash flow statement — complete operating, investing & financing history
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 | Q2'21 |
|---|
| Cash from Operations | 911.9M | 892.5M | 841M | 715.4M | 581.6M | 822.6M | 706.5M | 620.5M | 265.4M | 228.3M | 548.4M | 665.7M | 371.4M | 437.9M | 383.2M | 446.7M | 223M | 567.7M | 501.4M | 542.7M |
| Operating CF Margin % | 32.91% | 31.14% | 33.57% | 29.32% | 25.81% | 34.08% | 34.66% | 30.87% | 14.04% | 11.84% | 31.45% | 37.91% | 21.9% | 26.46% | 24.61% | 29.35% | 14.99% | 36.61% | 35.73% | 37.07% |
| Operating CF Growth % | 56.79% | 8.5% | 19.04% | 15.29% | 119.14% | 260.32% | 28.83% | -6.79% | -28.54% | -47.86% | 43.11% | 49.03% | 66.55% | -22.86% | -23.57% | -17.69% | -53.31% | -9.53% | 82.59% | 136.06% |
| Net Income | 821.5M | 799.5M | 709.2M | 664.2M | 703.7M | 688M | 570.6M | 531.5M | 547.4M | 610.7M | 419.8M | 426M | 360.8M | 336.7M | 324.7M | 313.6M | 369.4M | 382.7M | 387.2M | 523M |
| Depreciation & Amortization | 200M | 220.9M | 160M | 155.3M | 140.9M | 124.7M | 116.2M | 111.8M | 109.3M | 123.2M | 108.6M | 97.3M | 92.7M | 106.2M | 89.8M | 86M | 83.8M | 80.9M | 82M | 75.6M |
| Stock-Based Compensation | 209.5M | 203.3M | 203.5M | 196.2M | 185.2M | 177M | 172.9M | 173.6M | 153.3M | 150.4M | 156.1M | 146.5M | 139.8M | 127.6M | 138.1M | 126.7M | 120.8M | 117.8M | 120.1M | 108.1M |
| Deferred Taxes | 339.3M | -39.5M | 88M | -29.5M | 100K | -30.8M | -64.7M | -32.6M | -7.2M | -219.8M | -43.3M | -27M | 9.3M | -83.3M | -61.9M | -25.7M | -14.4M | -22M | -16.6M | -68.7M |
| Other Non-Cash Items | -13.6M | -43.3M | -1.03B | -600K | -9M | 4.5M | -2.9M | -10.9M | 2.6M | 3M | 8M | 17M | 12.3M | 11.5M | 16.7M | 14.8M | 28.8M | 19.2M | 7.7M | 13.4M |
| Working Capital Changes | -644.8M | -248.4M | 709.5M | -270.2M | -439.3M | -140.8M | -85.6M | -152.9M | -540M | -439.2M | -100.8M | 5.9M | -243.5M | -60.8M | -124.2M | -68.7M | -365.4M | -10.9M | -79M | -108.7M |
| Change in Receivables | 25.1M | -267.5M | 9.9M | -47.7M | 3.6M | -74.1M | -42.8M | 18.8M | 2.2M | -166.6M | -59M | 22.4M | 16.9M | -92.1M | -11.2M | 67.4M | -123.4M | -87.6M | 4.9M | -45.3M |
| Change in Inventory | -266.6M | -253M | -316.2M | -283.1M | -211.1M | -179.1M | -261.5M | -209.8M | -179.6M | -184.3M | -239.6M | -161.5M | -127.1M | -127.5M | -173.6M | -125.4M | -120.1M | -66.8M | -96.8M | -51.2M |
| Change in Payables | 73.9M | -39.1M | 24.6M | -10.7M | 83.1M | -21.6M | 22.8M | 5.9M | -7.5M | 14M | -8.8M | 19.6M | 16.9M | -5M | 13.9M | 14.3M | -1.9M | 200K | -2.4M | 14.5M |
| Cash from Investing | -914.5M | -209.4M | 401M | 260.7M | 213.5M | -1.26B | -1.41B | -467.1M | -128.5M | -1.04B | -446.6M | 557.6M | 573.1M | 574.8M | 544.5M | 466.2M | -214.7M | -641M | -838.8M | -384.7M |
| Capital Expenditures | -103.3M | -162.5M | -105.4M | -155.3M | -116.6M | -312M | -247.9M | -309.4M | -241.9M | -435.5M | -256.3M | -178.3M | -194.1M | -137.7M | -169.1M | -130.5M | -93.6M | -150.9M | -68.3M | -75.7M |
| CapEx % of Revenue | 3.73% | 5.67% | 4.21% | 6.36% | 5.17% | 12.93% | 12.16% | 15.39% | 12.79% | 22.58% | 14.7% | 10.15% | 11.44% | 8.32% | 10.86% | 8.57% | 6.29% | 9.73% | 4.87% | 5.17% |
| Acquisitions | -482.2M | -12.7M | 1.2M | -1.2M | 0 | -1M | 0 | 0 | 0 | -1.8M | 200K | -7.3M | -767.2M | -1.2M | 200K | -11.8M | -1.5M | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | -1.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 767.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | -1.35B | -137.5M | -1.84B | -147.8M | -235.8M | 49.4M | 98.2M | 50M | -46.7M | -31.5M | 61.8M | 63.3M | -381.2M | -963.5M | -926.8M | -482.1M | -199.9M | 18.6M | 68.3M | 58.3M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | -1B | -124.4M | -1.82B | -131.6M | 134.3M | 61.9M | 115.6M | 71.5M | 180.4M | -22.2M | 77.4M | 74.6M | -249.8M | -955.6M | -918M | -473.5M | -26.5M | 31.7M | 91.1M | 69.7M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -1.12B | -201M | -1.91B | -181M | 0 | 0 | 0 | 0 | 0 | -66.3M | 0 | 0 | -350M | -1B | -1B | -500.1M | -106.5M | 0 | 0 | 0 |
| Other Financing | -352.3M | -13.1M | -19.7M | -16.2M | -370.1M | -12.5M | -17.4M | -21.5M | -227.1M | -9.3M | -15.6M | -11.3M | -131.4M | -7.9M | -8.8M | -8.6M | -173.4M | -13.1M | -22.8M | -11.4M |
| Net Change in Cash | -1.36B | 561.4M | -597M | 829.3M | 554.8M | -383.9M | -620.5M | 199.7M | 97M | -852.8M | 165.3M | 1.29B | 565.1M | 46.7M | 2.8M | 433M | -187.8M | -55.8M | -268.8M | 212.9M |
| Free Cash Flow | 808.6M | 730M | 735.6M | 560.1M | 465M | 510.6M | 458.6M | 311.1M | 23.5M | -207.2M | 292.1M | 487.4M | 177.3M | 300.2M | 214.1M | 316.2M | 127.9M | 416.8M | 433.1M | 467M |
| FCF Margin % | 29.18% | 25.47% | 29.36% | 22.95% | 20.64% | 21.16% | 22.5% | 15.48% | 1.24% | -10.75% | 16.75% | 27.76% | 10.45% | 18.14% | 13.75% | 20.77% | 8.6% | 26.88% | 30.86% | 31.9% |
| FCF Growth % | 73.89% | 42.97% | 60.4% | 80.04% | 1878.72% | 346.43% | 57% | -36.17% | -86.75% | -169.02% | 36.43% | 54.14% | 38.62% | -27.98% | -50.57% | -32.29% | -69.47% | -26.31% | 106.04% | 289.49% |
| FCF per Share | 2.25 | 2.03 | 2.03 | 1.54 | 1.28 | 1.40 | 1.26 | 0.86 | 0.07 | -0.58 | 0.82 | 1.36 | 0.50 | 0.84 | 0.59 | 0.87 | 0.35 | 1.13 | 1.18 | 1.28 |
| FCF Conversion (FCF/Net Income) | 1.11x | 1.12x | 1.19x | 1.09x | 0.83x | 1.20x | 1.25x | 1.18x | 0.49x | 0.38x | 1.32x | 1.58x | 1.05x | 1.35x | 1.18x | 1.45x | 0.61x | 1.49x | 1.32x | 1.05x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |