{"schemaVersion":1,"research":true,"symbol":"isrg","name":"Intuitive Surgical","topic":"moat","path":"/stock/isrg/moat","status":"published","version":4,"updatedAt":"2026-10-18T12:45:55.568Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"narrow","summary":"The passages support a narrow installed-base advantage reinforced by repeat instrument and service demand and penalties for exiting fixed-payment leases. Growing procedures and recurring revenue demonstrate current customer engagement, but cancellable usage-based leases limit contractual protection. Realized revenue per procedure and system ASP benefited from product mix; broad pricing power and exceptional durability remain unproven.","advantages":[{"mechanism":"switching_costs","claim":"Fixed-payment lease exit penalties create demonstrated financial switching friction, while growing instrument, service and operating lease revenue supports an installed-base relationship with repeat demand. These disclosures support a bounded advantage rather than proof that customers cannot switch platforms.","durability":"Lease terms generally extend from 12 to 84 months, and non-cancellable operating lease payments totaled $1,100.9 million at December 31, 2025. Recurring revenue growth continued through June 2026. Protection beyond contractual terms is less established because renewal rates, retraining costs and competitive replacement outcomes are absent.","risks":"Customers can exit usage-based arrangements early, and utilization risk remains with Intuitive. Third parties already offer modified instruments extending labeled life. Named robotic competitors include both product introducers and prospective entrants, without company-specific competitive outcomes. Reimbursement limits, hospital purchasing pressure and service-related litigation could weaken monetization. Favorable product mix demonstrates realized revenue improvement but does not establish unrestricted repricing.","invalidation":"The advantage would be undermined by sustained declines in instrument and service demand per installed system, material usage-based cancellations or lease-asset losses, widespread replacement by competing platforms, or legal changes enabling third-party servicing and instruments that materially reduce repeat revenue. Continued growth driven solely by new placements while existing-customer utilization and renewals deteriorate would also contradict the dependency thesis.","competitors":["CMR Surgical Ltd.","Distalmotion SA","Johnson & Johnson","Medtronic plc","Medicaroid Corporation","Noah Medical Corporation"],"evidenceIds":["e1","e2","e3","e4","e5","e6","e7"],"counterEvidenceIds":["e8","e9","e10","e11","e12","e13","e14","e15"]}],"evidence":[{"id":"e1","sourceId":"filing-2","location":"MD&A / fixed-payment lease termination penalties","excerpt":"Customers generally do not have the right to exit or terminate a fixed-payment lease without incurring a penalty."},{"id":"e2","sourceId":"filing-1","location":"Lease accounting / customer lease duration and collateral","excerpt":"Leases have terms that generally range from 12 to 84 months and are usually collateralized by a security interest in the underlying assets."},{"id":"e3","sourceId":"filing-1","location":"Lessor disclosures / non-cancellable operating lease payment schedule","excerpt":"Future lease payments (excluding non-lease elements and contingent payments related to usage-based arrangements) related to the non-cancellable portion of operating leases as of December 31, 2025, are as follows (in millions): Fiscal Year Amount 2026 $ 326.1 2027 269.7 2028 208.6 2029 151.1 2030 83.5 2031 and thereafter 61.9 Total $ 1,100.9 Lessee Information The Company enters into operating leases primarily for real estate, automobiles, and certain equipment."},{"id":"e4","sourceId":"filing-2","location":"MD&A / recurring revenue and product gross profit results","excerpt":"Recurring revenue during the periods presented was as follows: Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Instruments and accessories revenue $ 1,734.9 $ 1,474.1 $ 3,421.3 $ 2,841.8 Service revenue 472.4 391.2 906.1 754.2 Operating lease revenue 261.8 213.8 512.0 409.0 Total recurring revenue $ 2,469.1 $ 2,079.1 $ 4,839.4 $ 4,005.0 % of Total revenue 85% 85% 85% 85% 40 Gross Profit Product Our product gross profit during the periods presented was as follows (dollars in millions): Three Months Ended June 30, Six Months Ended June 30, 2026 2025 $ Change % Change 2026 2025 $ Change % Change Product gross profit (1) $ 1,642.9 $ 1,362.6 $ 280.3 21% $3,200.0 $2,582.3 $ 617.7 24% Product gross profit margin 67.9% 66.5% 67.3% 65.6% ________ (1) Includes the following expenses: Share-based compensation $ 28.8 $ 30.3 $ (1.5) (5)% $58.1 $60.5 $ (2.4) (4)% Intangible asset amortization $ 20.0 $ 2.3 $ 17.7 770% $25.8 $4.5 $ 21.3 473% Product gross profit margin increased for the three months ended June 30, 2026, compared to the three months ended June 30, 2025, primarily driven by IEEPA tariff refunds, lower logistics costs, and fixed overhead leverage, partially offset by higher intangible asset amortization."},{"id":"e5","sourceId":"filing-2","location":"MD&A / procedure growth and instrument revenue per procedure","excerpt":"The increase in instruments and accessories revenue was primarily driven by approximately 15% higher da Vinci procedure volume, approximately 36% higher Ion procedure volume, and higher da Vinci instruments and accessories revenue per procedure, driven by the da Vinci 5 and da Vinci SP instruments and accessories mix."},{"id":"e6","sourceId":"filing-2","location":"MD&A / six-month service revenue results","excerpt":"Service revenue increased by 20% to $906 million for the six months ended June 30, 2026, compared to $754 million for the six months ended June 30, 2025."},{"id":"e7","sourceId":"filing-2","location":"MD&A / issuer attribution of service growth to installed base and product mix","excerpt":"The increase in service revenue was primarily driven by a larger installed base of systems producing service revenue and favorable product mix, particularly from da Vinci 5 surgical system placements."},{"id":"e8","sourceId":"filing-2","location":"MD&A / usage-based cancellation rights and system cost recovery risk","excerpt":"However, because of the variability in revenue recognized for usage-based lease arrangements, including our customers’ ability to exit or cancel those arrangements prior to the end of the lease term, there is no guarantee that we will recuperate the cost of the usage-based leased system, which, in turn, could adversely impact our gross profit margins if utilization of those systems is different from our expectations."},{"id":"e9","sourceId":"filing-1","location":"Risk factors / existing third-party modified instrument offerings","excerpt":"Third parties have offered, and may continue to offer, instruments that have been modified to support the use of some of our limited-use instruments beyond their labeled life."},{"id":"e10","sourceId":"filing-2","location":"MD&A / companies introducing robotic products or announcing entry","excerpt":"Companies that have introduced products in the field of robotic-assisted medical procedures, or have made explicit statements about their efforts to enter the field, include, but are not limited to, the following: Beijing Surgerii Robotics Company Limited; CMR Surgical Ltd.; Distalmotion SA; Harbin Sizhe Rui Intelligent Medical Equipment Co., Ltd.; Johnson & Johnson; Karl Storz SE & Co."},{"id":"e11","sourceId":"filing-2","location":"MD&A / continuation of named robotic company coverage","excerpt":"KG; Medicaroid Corporation; Medtronic plc; meerecompany Inc.; Noah Medical Corporation; Shandong Weigao Group Medical Polymer Company Ltd.; Shanghai Microport Medbot (Group) Co., Ltd.; Shenzhen Edge Medical Co., Ltd.; and SS Innovations International, Inc."},{"id":"e12","sourceId":"filing-2","location":"MD&A / potential China reimbursement pricing pressures","excerpt":"We cannot assure you that the rollout of the NHSA unified national framework or future actions by provincial or national healthcare agencies will not result in further pricing limits or pressures, which could have a material impact on procedure volumes and our instruments and accessories revenue in China."},{"id":"e13","sourceId":"filing-1","location":"Risk factors / consolidation of healthcare purchasing power","excerpt":"Numerous initiatives and reforms by legislators, regulators, and third-party payers to curb the rising cost of healthcare have catalyzed a consolidation of aggregate purchasing power within the markets in which we sell our products."},{"id":"e14","sourceId":"filing-1","location":"Legal proceedings / service and instrument repair antitrust complaints","excerpt":"Three class action complaints were filed against the Company in the Northern District of California Court alleging antitrust allegations relating to the service and repair of certain instruments manufactured by the Company."},{"id":"e15","sourceId":"filing-1","location":"Risk factors / difficulty adjusting pricing under longer contractual agreements","excerpt":"Impacts from inflationary pressures could be more pronounced and materially adversely impact aspects of our business where revenue streams and cost commitments are linked to contractual agreements that extend further into the future, as we may not be able to quickly or easily adjust pricing, reduce costs, or implement countermeasures."},{"id":"e16","sourceId":"filing-2","location":"MD&A / implemented China limits had no material impact as of the report date","excerpt":"As of the date of this report, the limits that have been implemented have not had a material impact on our business, financial condition, or results of operations, as only a small portion of our installed base in China is currently located in impacted provinces."},{"id":"e17","sourceId":"filing-6","location":"MD&A / realized first-quarter system ASP improvement and mix attribution","excerpt":"The higher first quarter 2026 ASP was largely driven by favorable product mix, including from da Vinci 5 sales, partially offset by an unfavorable geographical mix."},{"id":"e18","sourceId":"filing-1","location":"Lease accounting / contractual per-procedure usage fees","excerpt":"For these usage-based lease arrangements, the lease fee is generally billed monthly in arrears based on a contractual per-use fee where usage is generally defined as the number of procedures performed with the system."},{"id":"e19","sourceId":"filing-2","location":"Unaudited cash flow statement / operating cash generation, investment and financing spending","excerpt":"CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) Six Months Ended June 30, in millions 2026 2025 Operating activities: Net income $ 1,649.2 $ 1,367.9 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and loss on disposal of property, plant, and equipment 371.2 289.6 Amortization of intangible and other assets 59.9 24.4 Accretion of discounts, amortization of premiums, and (gains) losses on investments, net (19.0) (27.4) Gain on sale of business and assets (7.9) — Deferred income taxes 370.3 (29.4) Share-based compensation expense 419.4 381.4 Changes in operating assets and liabilities, net of effects of acquisitions: Accounts receivable (49.8) (44.1) Inventory (514.6) (494.2) Prepaids and other assets (179.0) (141.8) Accounts payable 21.4 72.4 Accrued compensation and employee benefits (229.7) (114.9) Deferred revenue 44.7 48.8 Other liabilities 36.8 (35.7) Net cash provided by operating activities 1,972.9 1,297.0 Investing activities: Purchase of investments (1,349.1) (691.8) Proceeds from sales of investments 0.1 249.1 Proceeds from maturities of investments 1,106.0 1,190.0 Proceeds from sale of assets 46.0 — Purchase of property, plant, and equipment (215.9) (271.9) Acquisition of business, net of cash, and intellectual property and other investing activities (528.2) (1.2) Net cash provided by (used in) investing activities (941.1) 474.2 Financing activities: Proceeds from issuance of common stock relating to employee stock plans 187.4 183.7 Taxes paid related to net share settlement of equity awards (365.4) (386.3) Repurchase of common stock (1,443.5) (181.0) Other financing activities (20.1) — Net cash used in financing activities (1,641.6) (383.6) Effect of exchange rate changes on cash, cash equivalents, and restricted cash 8.1 (3.5) Net increase (decrease) in cash, cash equivalents, and restricted cash (601.7) 1,384.1 Cash, cash equivalents, and restricted cash, beginning of period 3,407.4 2,062.4 Cash, cash equivalents, and restricted cash, end of period $ 2,805.7 $ 3,446.5 Supplemental and non-cash disclosures: Equipment transfers, including operating lease assets, from inventory to property, plant, and equipment $ 419.3 $ 357.2 Acquisition of property, plant, and equipment in accounts payable and accrued liabilities 68.8 74.8 Unsettled common stock repurchases in accrued liabilities 63.5 — The accompanying notes are an integral part of these Condensed Consolidated Financial Statements (Unaudited)."},{"id":"e20","sourceId":"filing-2","location":"MD&A / cash, cash equivalents and investments","excerpt":"•As of June 30, 2026, we had $8.63 billion in cash, cash equivalents, and investments, compared to $9.03 billion as of December 31, 2025."},{"id":"e21","sourceId":"filing-2","location":"Balance sheet / common shares outstanding at June 2026 and December 2025","excerpt":"Common stock, 600.0 shares authorized, $0.001 par value, 353.9 shares and 355.1 shares issued and outstanding as of June 30, 2026, and December 31, 2025, respectively"},{"id":"e22","sourceId":"filing-2","location":"Share-based compensation / actual PSU grants and three-year vesting terms","excerpt":"Performance Stock Units The Company grants performance stock units (“PSUs”) to officers and other key employees subject to three-year cliff vesting and pre-established, quantitative goals."},{"id":"e23","sourceId":"filing-2","location":"Share-based compensation / completed vesting of 2023 PSU awards","excerpt":"The 2023 PSU awards vested in the first quarter of 2026."},{"id":"e24","sourceId":"filing-2","location":"Share-based compensation / 2025 PSU performance metrics","excerpt":"The 2025 PSU grant metrics are focused on relative adjusted operating margin as compared to selected peers, da Vinci and Ion procedure growth in 2026 compared to 2024, and da Vinci and Ion procedure growth in 2027 compared to 2024."},{"id":"e25","sourceId":"filing-3","location":"Executive compensation / actual compliance with officer ownership guidelines","excerpt":"Each of the individuals subject to the Officer Minimum Ownership Requirement met the guidelines as of December 31, 2025."},{"id":"e26","sourceId":"filing-3","location":"Executive compensation / equity interests counted toward ownership guidelines","excerpt":"For purposes of determining stock ownership levels, the following forms of equity interests are included: (i) shares owned outright by the CEO, President, or Executive Vice President or by his or her spouse or children sharing the same household; (ii) shares held in trust for the benefit of the CEO, President, or Executive Vice President or for the benefit of his or her spouse or children sharing the same household; (iii) shares held through a fund or other entity as to which the CEO, President, or Executive Vice President has control; (iv) common stock, stock units, or other stock equivalents obtained through the exercise of stock options or vesting of Company equity awards; and (v) shares of common stock underlying outstanding restricted stock and restricted stock unit awards, in each case, that vest solely based on the passage of time or where the performance goals have been achieved."},{"id":"e27","sourceId":"filing-3","location":"Corporate governance / disclosed governance practices and director nominees","excerpt":"•Strong Board independence (8 out of 10 director nominees are independent) •Lead independent director •Executive Chair and CEO positions are separate •100% of Board committee members are independent •All directors stand for election annually for one-year terms •Majority voting and director resignation policy in uncontested director elections •Newly revised and comprehensive Code of Business Conduct and Ethics •Proactive Board oversight of enterprise risks and risk management program •Bylaws provide for proxy access for stockholders •Single class of stock with equal voting rights •Robust stock ownership requirements for directors and executive officers •Stockholder right to call a special meeting •Simple majority vote for charter and bylaw amendments •Prohibition on transactions involving hedging, pledging, or short sales under our Insider Trading Policy Stockholder Engagement We value the opinions of our stockholders and remain committed to engaging with our investors in ongoing, constructive dialogue."},{"id":"e28","sourceId":"filing-3","location":"Corporate governance / existing incentive compensation clawback policy","excerpt":"We have a Clawback Policy that complies with the SEC and Nasdaq listing standards and provides that the Company shall recover certain erroneously paid incentive-based compensation, including cash incentive or performance-vesting equity compensation of our current and former executive officers in the event that the Company is required to prepare an accounting restatement."},{"id":"e29","sourceId":"filing-1","location":"Independent auditor report / effective internal control opinion at December 31, 2025","excerpt":"Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control - Integrated Framework (2013) issued by the COSO."},{"id":"e30","sourceId":"filing-1","location":"Legal proceedings / January 2025 trial outcome on SIS antitrust claims","excerpt":"On January 28, 2025, after the close of both plaintiff’s and Intuitive’s cases in chief, the Court found in Intuitive’s favor on all of SIS’s antitrust claims and stayed Intuitive’s counterclaims."},{"id":"e31","sourceId":"filing-1","location":"Legal proceedings / February 2025 notice of appeal","excerpt":"On February 27, 2025, SIS filed a Notice of Appeal to the Ninth Circuit Court of Appeals."},{"id":"e32","sourceId":"filing-2","location":"MD&A / June 2026 Ion installed-base growth","excerpt":"•As of June 30, 2026, we had an Ion system installed base of approximately 1,096 systems, an increase of 21% compared to an installed base of approximately 905 systems as of June 30, 2025."}],"changes":["Retain the previous narrow verdict, with explicit differentiation between penalized fixed-payment exits and cancellable usage-based arrangements.","Pricing is now assessable from observed mix-driven increases in system ASP and instrument revenue per procedure, although like-for-like pricing power remains unproven.","Add actual PSU grants and vesting, ownership-guideline compliance, governance practices, and cash deployment evidence to assess management.","Recognize the favorable SIS trial outcome alongside its disclosed appeal; allegations alone do not establish misconduct or realized moat erosion."],"limitations":["Assessment uses only supplied passages. Source dates retain dateKind filed; the latest supplied operating report was filed July 21, 2026. Later developments are unestablished.","Named company coverage combines introduced products and announced entry. It does not establish each company's commercialization status, comparative performance, market share or realized displacement of Intuitive.","Repeat demand and customer dependency are assessed indirectly from procedures, recurring revenue and contractual friction. Cohort retention, renewal rates, switching expenditures and competitive replacement data are absent.","Issuer operating disclosures support current advantages, but ecosystem differentiation and clinical superiority are not independently demonstrated here. Network effects, relative cost advantage, efficient scale and durable intellectual-property exclusion are unestablished.","Product mix affects observed monetization and ASP; like-for-like price changes, discounting, repricing clauses and price elasticity are missing. Margin improvement includes tariff refunds and cost effects.","Proxy passages establish existing policies and ownership-guideline compliance, but complete beneficial ownership and compensation tables are absent. Some qualifying ownership includes time-vesting awards. Proposed plan amendments are not treated as adopted merely because they appear in the proxy.","Supplied litigation passages establish a favorable trial outcome and an appeal, but do not establish the appeal's eventual disposition or resolution of other complaints."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":2,"rationale":"Fixed-payment exit penalties and substantial contracted payments create identifiable friction, reinforced by recurring instrument and service demand. Cancellable usage-based arrangements and missing competitive switching data limit the demonstrated breadth of the advantage.","evidenceIds":["e1","e3","e4","e8"]},{"criterion":"durability","grade":2,"rationale":"Multi-year leases and continued recurring revenue growth support persistence over a bounded period. Protection after expiry and long-term competitive resilience are not established.","evidenceIds":["e2","e3","e4","e8"]},{"criterion":"customer_dependency","grade":3,"rationale":"Recurring revenue represented 85% of revenue in both comparative six-month periods and increased across instruments, service and operating leases. Procedure growth and fixed-payment penalties demonstrate engagement and friction indirectly; no retention rate is inferred.","evidenceIds":["e1","e4","e5","e6"]},{"criterion":"erosion_resilience","grade":2,"rationale":"Procedures and recurring revenue grew despite competitive offerings, while implemented China limits had no material impact as disclosed. Modified third-party instruments and cancellable usage-based leases create concrete vulnerabilities; competitor displacement data remain absent.","evidenceIds":["e4","e5","e8","e9","e10","e11","e16"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":2,"rationale":"Higher first-quarter system ASP and higher second-quarter instrument revenue per procedure establish favorable realized monetization, principally from product mix. They do not isolate like-for-like price increases or demonstrate broad resistance to buyer pressure.","evidenceIds":["e5","e17","e13"]},{"criterion":"retention","grade":3,"rationale":"Growing procedures and recurring revenue demonstrate repeat demand indirectly, supported by penalties for fixed-payment exits. New placements contribute to growth, so these results do not establish cohort retention or renewal rates.","evidenceIds":["e1","e4","e5","e7","e8"]},{"criterion":"margin_resilience","grade":2,"rationale":"Product gross margin improved to 67.9% from 66.5% in the second quarter and to 67.3% from 65.6% over six months. The disclosed quarterly improvement reflects tariff refunds, logistics costs and overhead absorption, limiting evidence that pricing itself protected margins.","evidenceIds":["e4","e8","e15"]},{"criterion":"contractual_freedom","grade":2,"rationale":"Contractual per-use fees and fixed-payment exit penalties support negotiated monetization terms. Longer agreements can impede repricing, and usage-based customers can cancel. The evidence supports partial contractual control without demonstrating unilateral repricing freedom.","evidenceIds":["e1","e8","e15","e18"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"First-half operating cash flow of $1.97 billion supported $216 million of capital purchases, substantial acquisition-related spending and $1.44 billion of cash repurchases. Shares outstanding declined and liquidity remained substantial, but cash fell and acquisition returns and repurchase value creation are unestablished.","evidenceIds":["e19","e20","e21"]},{"criterion":"incentive_alignment","grade":3,"rationale":"Actual three-year PSU grants link rewards to procedure growth and relative operating margin; 2023 awards vested in early 2026. Officers met ownership guidelines at December 2025. This supports demonstrated alignment, with limitations from qualifying time-vesting awards and incomplete ownership detail.","evidenceIds":["e22","e23","e24","e25","e26"]},{"criterion":"execution","grade":3,"rationale":"Growth in procedures, service revenue, recurring revenue, Ion installed systems and operating cash flow demonstrates execution indirectly through operating outcomes. These results do not isolate management's contribution or establish acquisition integration success.","evidenceIds":["e4","e5","e6","e19","e32"]},{"criterion":"governance","grade":3,"rationale":"Disclosed practices include independent committees, a lead independent director, equal voting rights, annual elections and shareholder rights. An existing clawback policy and favorable audited internal-control opinion support oversight. The proxy's independent nominee count is not treated as a subsequent election result; litigation allegations are weighed alongside the favorable trial finding and appeal.","evidenceIds":["e27","e28","e29","e14","e30","e31"]}]}],"financialAssessments":[],"qualityPolicy":"quality-scores-2","sourcePolicy":"issuer-evidence-4","basisHash":"6eccda567da7e6e0a2c4d2e27f24583d5d6aa51069a00862e212e98fd435b0bc","updatedAt":"2026-10-18T12:45:55.568Z","sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/1035267/000103526726000010/isrg-20251231.htm","publishedAt":"2026-02-03","sha256":"cd0d4cad4d8b8eaaedbea623e15dba3ef8ac09761bf8c8eeb30e9c923f18fbb1","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/1035267/000103526726000058/isrg-20260630.htm","publishedAt":"2026-07-21","sha256":"d20e6381a12f3394e31817b225198a6246e6edb709173fc8bcbaa3b21549f3a7","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/1035267/000103526726000023/isrg-20260313.htm","publishedAt":"2026-03-13","sha256":"6c26f85ea74de8556c14bbbdf7859f4b9c6fca8cbfbb0d58546ef83e921971fa","dateKind":"filed"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/1035267/000103526725000017/isrg-20241231.htm","publishedAt":"2025-01-31","sha256":"f7751b9eaab2e3d5834d7fdee7565b008ba554d26628c9859725170cdccc084e","dateKind":"filed"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/1035267/000103526724000021/isrg-20231231.htm","publishedAt":"2024-01-31","sha256":"39bb442903154da09d06d907b40e13c66bd27cad0ea19475406114d71b86fec9","dateKind":"filed"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/1035267/000103526726000032/isrg-20260331.htm","publishedAt":"2026-04-22","sha256":"2a188706e245b4d66641f6ab1dc5580ae36ff77faf22ca83881eaa8aead9e631","dateKind":"filed"}],"model":"gpt-6.1-sol","providerId":"codex:1cc91509393cdd03ce70d9d2e15a61c5f3d70256beb78dc4a423982c02f88cb4","usage":{"input_tokens":89096,"cached_input_tokens":21120,"cache_write_input_tokens":0,"output_tokens":3805,"reasoning_output_tokens":100},"basisSupplement":{"previousHash":"67a3755df54b3d05214cb0e1e02a12e12e2f713a0124142584b62bfde3b83e03","checkedAt":"2026-10-18T16:49:32.080Z","rule":"dated historical and missing inputs only; accepted observations and research date retained"}},"signals":[{"period":"2021","end":"2021-12-31","values":{"gross_margin":69.32453021838496,"operating_margin":31.890860054990277,"roic":null,"fcf_margin":30.400518379713137,"sbc_revenue":7.866762403460534},"issues":{"ev_sales":"Reported borrowing balances are unavailable in the extracted statements for this period.","ev_ebitda":"Reported borrowing balances are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roic":"Reported borrowing balances are unavailable in the extracted statements for this period.","roiic":"Reported borrowing balances are unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","debt":"Reported borrowing balances are unavailable in the extracted statements for this 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FCF per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","ev_sales":"Reported borrowing balances are unavailable in the extracted statements for this period.","ev_ebitda":"Reported borrowing balances are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roic":"Reported borrowing balances are unavailable in the extracted statements for this period.","roiic":"Reported borrowing balances are unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","debt":"Reported borrowing balances are unavailable in the extracted statements for this period.","net_debt":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_equity":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_assets":"Reported borrowing balances are unavailable in the extracted statements for this period.","net_debt_ebitda":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_fcf":"Reported borrowing balances are unavailable in the extracted statements for this period.","interest_coverage":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2023","end":"2023-12-31","values":{"gross_margin":66.38733313681729,"operating_margin":24.80032565517048,"roic":null,"fcf_margin":10.522030853020029,"sbc_revenue":8.321051080136439},"issues":{"pfcf_growth":"TTM FCF per diluted share growth is zero or negative; a growth-adjusted multiple requires positive growth.","ev_sales":"Reported borrowing balances are unavailable in the extracted statements for this period.","ev_ebitda":"Reported borrowing balances are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roic":"Reported borrowing balances are unavailable in the extracted statements for this period.","roiic":"Reported borrowing balances are unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","debt":"Reported borrowing balances are unavailable in the extracted statements for this period.","net_debt":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_equity":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_assets":"Reported borrowing balances are unavailable in the extracted statements for this period.","net_debt_ebitda":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_fcf":"Reported borrowing balances are unavailable in the extracted statements for this period.","interest_coverage":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2024","end":"2024-12-31","values":{"gross_margin":67.45848349516888,"operating_margin":28.123465954670085,"roic":null,"fcf_margin":15.610445277235662,"sbc_revenue":8.10335125297829},"issues":{"ev_sales":"Reported borrowing balances are unavailable in the extracted statements for this period.","ev_ebitda":"Reported borrowing balances are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roic":"Reported borrowing balances are unavailable in the extracted statements for this period.","roiic":"Reported borrowing balances are unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","debt":"Reported borrowing balances are unavailable in the extracted statements for this period.","net_debt":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_equity":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_assets":"Reported borrowing balances are unavailable in the extracted statements for this period.","net_debt_ebitda":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_fcf":"Reported borrowing balances are unavailable in the extracted statements for this period.","interest_coverage":"The reported inputs required for this metric are unavailable in the extracted statements for this period."}},{"period":"2025","end":"2025-12-31","values":{"gross_margin":65.99600584220096,"operating_margin":29.265651236499846,"roic":null,"fcf_margin":24.746887636988678,"sbc_revenue":7.831331286575854},"issues":{"ev_sales":"Reported borrowing balances are unavailable in the extracted statements for this period.","ev_ebitda":"Reported borrowing balances are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","roic":"Reported borrowing balances are unavailable in the extracted statements for this period.","roiic":"Reported borrowing balances are unavailable in the extracted statements for this period.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","debt":"Reported borrowing balances are unavailable in the extracted statements for this period.","net_debt":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_equity":"Reported borrowing balances are unavailable in the extracted statements for this period.","debt_assets":"Reported borrowing balances are unavailable in the extracted statements for this period.","net_debt_ebitda":"Reported borrowing balances are unavailable in the extracted statements 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period."}}],"sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/1035267/000103526726000010/isrg-20251231.htm","publishedAt":"2026-02-03","sha256":"cd0d4cad4d8b8eaaedbea623e15dba3ef8ac09761bf8c8eeb30e9c923f18fbb1","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/1035267/000103526726000058/isrg-20260630.htm","publishedAt":"2026-07-21","sha256":"d20e6381a12f3394e31817b225198a6246e6edb709173fc8bcbaa3b21549f3a7","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/1035267/000103526726000023/isrg-20260313.htm","publishedAt":"2026-03-13","sha256":"6c26f85ea74de8556c14bbbdf7859f4b9c6fca8cbfbb0d58546ef83e921971fa","dateKind":"filed"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/1035267/000103526725000017/isrg-20241231.htm","publishedAt":"2025-01-31","sha256":"f7751b9eaab2e3d5834d7fdee7565b008ba554d26628c9859725170cdccc084e","dateKind":"filed"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/1035267/000103526724000021/isrg-20231231.htm","publishedAt":"2024-01-31","sha256":"39bb442903154da09d06d907b40e13c66bd27cad0ea19475406114d71b86fec9","dateKind":"filed"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/1035267/000103526726000032/isrg-20260331.htm","publishedAt":"2026-04-22","sha256":"2a188706e245b4d66641f6ab1dc5580ae36ff77faf22ca83881eaa8aead9e631","dateKind":"filed"}],"history":[{"version":4,"updatedAt":"2026-10-18T16:49:32.080Z","verdict":"narrow","value":null},{"version":3,"updatedAt":"2026-10-18T16:35:43.872Z","verdict":"narrow","value":null},{"version":2,"updatedAt":"2026-10-18T02:27:49.793Z","verdict":"narrow","value":null},{"version":1,"updatedAt":"2026-10-18T02:18:02.026Z","verdict":null,"value":null}],"hasRequested":false,"requestStatus":"completed","researchIssue":null,"archivedMoat":null,"scope":"supported_catalog"}