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Intuitive Surgical cash flow statement

In fiscal 2025, Intuitive Surgical's operations generated $3.03bn of cash; it spent $540m on capital projects, leaving free cash flow of $2.49bn. It returned $2.30bn through buybacks.

Cash flow statement

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2009Dec 20092010Dec 20102011Dec 20112012Dec 20122013Dec 20132014Dec 20142015Dec 20152016Dec 20162017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMSept 2026
Cash from operations3925466788148806658061,0871,1441,1701,5981,4852,0891,4911,8142,4153,0314,090
Depreciation and amortisation192429354652617182106157221280326382439600—
Stock-based pay97118136153169169168178209261336395449513593677788841
Capital spending53968311410510681541911874263423405321,0641,111540492
Free cash flow3394505957007755607251,0339539821,1731,1431,7509587501,3042,4913,598
Free cash flow after stock pay2423324585476073915578567447218377481,3014451576271,7032,757
Share buybacks1501993322381,1091,000184432,274027013402,60741602,2954,620

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

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Figures from Intuitive Surgical's SEC filings (10-K and 10-Q), retrieved October 23, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Intuitive Surgical.