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STOCKHOLDERS' EQUITY | 6 Months Ended
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Jun. 30, 2025
Equity [Abstract] |
STOCKHOLDERS' EQUITY | STOCKHOLDERS’ EQUITY Stockholders’ Equity The following tables present the changes in stockholders’ equity (in millions):
| Three Months Ended June 30, 2025
| Common Stock |  | Additional Paid-In Capital |  | Retained Earnings |  | Accumulated Other Comprehensive Income (Loss) |  | Total Intuitive Surgical, Inc. Stockholders’ Equity |  | Noncontrolling Interest in Joint Venture |  | Total Stockholders’ Equity
| Shares |  | Amount |  |  |  |  |  |
Beginning balance | 358.4 |  |  | $ | 0.4 |  |  | $ | 9,993.7 |  |  | $ | 7,139.4 |  |  | $ | (27.1) |  |  | $ | 17,106.4 |  |  | $ | 101.3 |  |  | $ | 17,207.7 |
Issuance of common stock through employee stock plans | 0.4 |  |  | — |  |  | 49.4 |  |  | — |  |  | — |  |  | 49.4 |  |  | — |  |  | 49.4 |
Shares withheld related to net share settlement of equity awards | (0.1) |  |  | — |  |  | (0.4) |  |  | (15.8) |  |  | — |  |  | (16.2) |  |  | — |  |  | (16.2) |
Share-based compensation expense related to employee stock plans | — |  |  | — |  |  | 198.6 |  |  | — |  |  | — |  |  | 198.6 |  |  | — |  |  | 198.6 |
Repurchase and retirement of common stock | (0.3) |  |  | — |  |  | (4.5) |  |  | (176.5) |  |  | — |  |  | (181.0) |  |  | — |  |  | (181.0) |
Net income attributable to Intuitive Surgical, Inc. | — |  |  | — |  |  | — |  |  | 658.4 |  |  | — |  |  | 658.4 |  |  | — |  |  | 658.4 |
Other comprehensive income | — |  |  | — |  |  | — |  |  | — |  |  | 30.1 |  |  | 30.1 |  |  | 0.3 |  |  | 30.4 |
Net income attributable to noncontrolling interest in joint venture | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 5.8 |  |  | 5.8 |
Ending balance | 358.4 |  |  | $ | 0.4 |  |  | $ | 10,236.8 |  |  | $ | 7,605.5 |  |  | $ | 3.0 |  |  | $ | 17,845.7 |  |  | $ | 107.4 |  |  | $ | 17,953.1 |
| Three Months Ended June 30, 2024
| Common Stock |  | Additional Paid-In Capital |  | Retained Earnings |  | Accumulated Other Comprehensive Income (Loss) |  | Total Intuitive Surgical, Inc. Stockholders’ Equity |  | Noncontrolling Interest in Joint Venture |  | Total Stockholders’ Equity
| Shares |  | Amount |  |  |  |  |  |
Beginning balance | 354.7 |  |  | $ | 0.4 |  |  | $ | 8,903.0 |  |  | $ | 5,067.9 |  |  | $ | (8.7) |  |  | $ | 13,962.6 |  |  | $ | 83.8 |  |  | $ | 14,046.4 |
Issuance of common stock through employee stock plans | 0.6 |  |  | — |  |  | 71.5 |  |  | — |  |  | — |  |  | 71.5 |  |  | — |  |  | 71.5 |
Shares withheld related to net share settlement of equity awards | — |  |  | — |  |  | (0.4) |  |  | (13.1) |  |  | — |  |  | (13.5) |  |  | — |  |  | (13.5) |
Share-based compensation expense related to employee stock plans | — |  |  | — |  |  | 175.6 |  |  | — |  |  | — |  |  | 175.6 |  |  | — |  |  | 175.6 |
Net income attributable to Intuitive Surgical, Inc. | — |  |  | — |  |  | — |  |  | 526.9 |  |  | — |  |  | 526.9 |  |  | — |  |  | 526.9 |
Other comprehensive income (loss) | — |  |  | — |  |  | — |  |  | — |  |  | (14.8) |  |  | (14.8) |  |  | (0.2) |  |  | (15.0) |
Net income attributable to noncontrolling interest in joint venture | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 4.6 |  |  | 4.6 |
Ending balance | 355.3 |  |  | $ | 0.4 |  |  | $ | 9,149.7 |  |  | $ | 5,581.7 |  |  | $ | (23.5) |  |  | $ | 14,708.3 |  |  | $ | 88.2 |  |  | $ | 14,796.5 |
| Six Months Ended June 30, 2025
| Common Stock |  | Additional Paid-In Capital |  | Retained Earnings |  | Accumulated Other Comprehensive Income (Loss) |  | Total Intuitive Surgical, Inc. Stockholders’ Equity |  | Noncontrolling Interest in Joint Venture |  | Total Stockholders’ Equity
| Shares |  | Amount |  |  |  |  |  |
Beginning balance | 356.6 |  |  | $ | 0.4 |  |  | $ | 9,681.3 |  |  | $ | 6,803.3 |  |  | $ | (51.3) |  |  | $ | 16,433.7 |  |  | $ | 95.9 |  |  | $ | 16,529.6 |
Issuance of common stock through employee stock plans | 2.8 |  |  | — |  |  | 183.7 |  |  | — |  |  | — |  |  | 183.7 |  |  | — |  |  | 183.7 |
Shares withheld related to net share settlement of equity awards | (0.7) |  |  | — |  |  | (8.2) |  |  | (378.1) |  |  | — |  |  | (386.3) |  |  | — |  |  | (386.3) |
Share-based compensation expense related to employee stock plans | — |  |  | — |  |  | 384.5 |  |  | — |  |  | — |  |  | 384.5 |  |  | — |  |  | 384.5 |
Repurchase and retirement of common stock | (0.3) |  |  | — |  |  | (4.5) |  |  | (176.5) |  |  | — |  |  | (181.0) |  |  | — |  |  | (181.0) |
Net income attributable to Intuitive Surgical, Inc. | — |  |  | — |  |  | — |  |  | 1,356.8 |  |  | — |  |  | 1,356.8 |  |  | — |  |  | 1,356.8 |
Other comprehensive income | — |  |  | — |  |  | — |  |  | — |  |  | 54.3 |  |  | 54.3 |  |  | 0.4 |  |  | 54.7 |
Net income attributable to noncontrolling interest in joint venture | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 11.1 |  |  | 11.1 |
Ending balance | 358.4 |  |  | $ | 0.4 |  |  | $ | 10,236.8 |  |  | $ | 7,605.5 |  |  | $ | 3.0 |  |  | $ | 17,845.7 |  |  | $ | 107.4 |  |  | $ | 17,953.1 |
| Six Months Ended June 30, 2024
| Common Stock |  | Additional Paid-In Capital |  | Retained Earnings |  | Accumulated Other Comprehensive Income (Loss) |  | Total Intuitive Surgical, Inc. Stockholders’ Equity |  | Noncontrolling Interest in Joint Venture |  | Total Stockholders’ Equity
| Shares |  | Amount |  |  |  |  |  |
Beginning balance | 352.3 |  |  | $ | 0.4 |  |  | $ | 8,576.4 |  |  | $ | 4,743.0 |  |  | $ | (12.2) |  |  | $ | 13,307.6 |  |  | $ | 89.7 |  |  | $ | 13,397.3 |
Issuance of common stock through employee stock plans | 3.6 |  |  | — |  |  | 251.9 |  |  | — |  |  | — |  |  | 251.9 |  |  | — |  |  | 251.9 |
Shares withheld related to net share settlement of equity awards | (0.6) |  |  | — |  |  | (7.0) |  |  | (233.1) |  |  | — |  |  | (240.1) |  |  | — |  |  | (240.1) |
Share-based compensation expense related to employee stock plans | — |  |  | — |  |  | 328.4 |  |  | — |  |  | — |  |  | 328.4 |  |  | — |  |  | 328.4 |
Net income attributable to Intuitive Surgical, Inc. | — |  |  | — |  |  | — |  |  | 1,071.8 |  |  | — |  |  | 1,071.8 |  |  | — |  |  | 1,071.8 |
Other comprehensive income (loss) | — |  |  | — |  |  | — |  |  | — |  |  | (11.3) |  |  | (11.3) |  |  | (0.6) |  |  | (11.9) |
Cash dividends declared and paid by joint venture | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (8.0) |  |  | (8.0) |
Net income attributable to noncontrolling interest in joint venture | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 7.1 |  |  | 7.1 |
Ending balance | 355.3 |  |  | $ | 0.4 |  |  | $ | 9,149.7 |  |  | $ | 5,581.7 |  |  | $ | (23.5) |  |  | $ | 14,708.3 |  |  | $ | 88.2 |  |  | $ | 14,796.5 |
Stock Repurchase Program The Company’s Board of Directors (the “Board”) has authorized an aggregate of $13.0 billion of funding for the Company’s common stock repurchase program (the “Repurchase Program”) since its establishment in March 2009. The most recent authorization occurred in May 2025, when the Board increased the authorized amount available under the Repurchase Program to $4.0 billion, including amounts remaining under previous authorization. As of June 30, 2025, the remaining amount of share repurchases authorized by the Board under the Repurchase Program was approximately $3.8 billion. The following table summarizes stock repurchase activities (in millions, except per share amounts):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Shares repurchased | 0.3 |  |  | — |  |  | 0.3 |  |  | — |
Average price per share | $ | 517.7 |  |  | $ | — |  |  | $ | 517.7 |  |  | $ | — |
Value of shares repurchased | $ | 181.0 |  |  | $ | — |  |  | $ | 181.0 |  |  | $ | — |
Accumulated Other Comprehensive Income (Loss), Net of Tax, Attributable to Intuitive Surgical, Inc. The components of accumulated other comprehensive income (loss), net of tax, attributable to Intuitive Surgical, Inc. are as follows (in millions):
| Three Months Ended June 30, 2025
| Gains (Losses) on Hedge Instruments |  | Unrealized Gains on Available-for-Sale Securities |  | Foreign Currency Translation Gains (Losses) |  | Employee Benefit Plans |  | Total
Beginning balance | $ | 0.6 |  |  | $ | 14.5 |  |  | $ | (27.7) |  |  | $ | (14.5) |  |  | $ | (27.1) |
Other comprehensive income (loss) before reclassifications | (11.8) |  |  | 7.1 |  |  | 37.8 |  |  | — |  |  | 33.1 |
Amounts reclassified from accumulated other comprehensive income (loss) | (3.5) |  |  | 0.3 |  |  | — |  |  | 0.2 |  |  | (3.0) |
Net current-period other comprehensive income (loss) | (15.3) |  |  | 7.4 |  |  | 37.8 |  |  | 0.2 |  |  | 30.1 |
Ending balance | $ | (14.7) |  |  | $ | 21.9 |  |  | $ | 10.1 |  |  | $ | (14.3) |  |  | $ | 3.0 |
| Three Months Ended June 30, 2024
| Gains on Hedge Instruments |  | Unrealized Losses on Available-for-Sale Securities |  | Foreign Currency Translation Gains (Losses) |  | Employee Benefit Plans |  | Total
Beginning balance | $ | 3.1 |  |  | $ | (33.9) |  |  | $ | 21.6 |  |  | $ | 0.5 |  |  | $ | (8.7) |
Other comprehensive income (loss) before reclassifications | 1.1 |  |  | 5.4 |  |  | (25.1) |  |  | — |  |  | (18.6) |
Amounts reclassified from accumulated other comprehensive income | 3.7 |  |  | 0.1 |  |  | — |  |  | — |  |  | 3.8 |
Net current-period other comprehensive income (loss) | 4.8 |  |  | 5.5 |  |  | (25.1) |  |  | — |  |  | (14.8) |
Ending balance | $ | 7.9 |  |  | $ | (28.4) |  |  | $ | (3.5) |  |  | $ | 0.5 |  |  | $ | (23.5) |
| Six Months Ended June 30, 2025
| Gains (Losses) on Hedge Instruments |  | Unrealized Gains (Losses) on Available-for-Sale Securities |  | Foreign Currency Translation Gains (Losses) |  | Employee Benefit Plans |  | Total
Beginning balance | $ | 11.0 |  |  | $ | (14.6) |  |  | $ | (33.1) |  |  | $ | (14.6) |  |  | $ | (51.3) |
Other comprehensive income (loss) before reclassifications | (27.8) |  |  | 36.2 |  |  | 43.2 |  |  | — |  |  | 51.6 |
Amounts reclassified from accumulated other comprehensive income | 2.1 |  |  | 0.3 |  |  | — |  |  | 0.3 |  |  | 2.7 |
Net current-period other comprehensive income (loss) | (25.7) |  |  | 36.5 |  |  | 43.2 |  |  | 0.3 |  |  | 54.3 |
Ending balance | $ | (14.7) |  |  | $ | 21.9 |  |  | $ | 10.1 |  |  | $ | (14.3) |  |  | $ | 3.0 |
| Six Months Ended June 30, 2024
| Gains (Losses) on Hedge Instruments |  | Unrealized Losses on Available-for-Sale Securities |  | Foreign Currency Translation Gains (Losses) |  | Employee Benefit Plans |  | Total
Beginning balance | $ | (2.5) |  |  | $ | (29.7) |  |  | $ | 19.4 |  |  | $ | 0.6 |  |  | $ | (12.2) |
Other comprehensive income (loss) before reclassifications | 5.2 |  |  | 1.1 |  |  | (22.9) |  |  | — |  |  | (16.6) |
Amounts reclassified from accumulated other comprehensive income (loss) | 5.2 |  |  | 0.2 |  |  | — |  |  | (0.1) |  |  | 5.3 |
Net current-period other comprehensive income (loss) | 10.4 |  |  | 1.3 |  |  | (22.9) |  |  | (0.1) |  |  | (11.3) |
Ending balance | $ | 7.9 |  |  | $ | (28.4) |  |  | $ | (3.5) |  |  | $ | 0.5 |  |  | $ | (23.5) |
The tax impacts for amounts recognized in other comprehensive income (loss) before reclassifications and reclassified from accumulated other comprehensive income (loss) relating to hedge instruments, available-for-sale securities, foreign currency translation gains (losses), and employee benefit plans for the three and six months ended June 30, 2025, and 2024, were not material to the Company’s Financial Statements.

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