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Intuitive Surgical cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$1.1B in Q3 2026 · $3.6B over twelve months

Operating cash flow$1.2B
Capital spending−$113M
Free cash flow+$1.1B
Cash / net income2.3×
Cash conversion cycle223 days

Analysis

In Q3 2026, Intuitive Surgical generated $1.2B of operating cash flow and spent $113M on capital projects, leaving free cash flow of $1.1B. That is $375M more than in Q3 2025 ($736M).

Over the twelve months to Sep 30, 2026, operating cash flow was $4.1B; the largest uses were buybacks ($4.6B), acquisitions ($531M), capital spending ($492M); besides operations, cash came from other investing ($1.8B), shares issued ($360M); the cash balance rose by $173M.

Operating cash flow was $1.2B against net income of $524M — 2.3× profit, cash ran ahead of reported earnings. The largest differences: other liabilities +$595M, inventory −$307M, stock-based pay +$213M.

Its cash conversion cycle was 223 days (receivables 51 + inventory 198 − payables 27).

Free cash flow

Intuitive Surgical: free cash flow by quarterIntuitive Surgical: free cash flow by quarter$511MQ4 2024$465MQ1 2025$560MQ2 2025$736MQ3 2025$730MQ4 2025$809MQ1 2026$948MQ2 2026$1.1BQ3 2026
Operating cash flow less capital spending.
Intuitive Surgical: operating cash flow against capital spendingIntuitive Surgical: operating cash flow against capital spendingOperating cash flowCapital spending$823M$312MQ4 2024$582M$117MQ1 2025$715M$155MQ2 2025$841M$105MQ3 2025$892M$162MQ4 2025$912M$103MQ1 2026$1.1B$113MQ2 2026$1.2B$113MQ3 2026
Latest (Q3 2026): Operating cash flow $1.2B, Capital spending $113M.

Capital allocation, year by year

Intuitive Surgical: where the cash came from (up) and went (down), by fiscal yearIntuitive Surgical: where the cash came from (up) and went (down), by fiscal yearOperating cash flowShares issuedCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow $2.1BFY2021: Shares issued $201MFY2021: Capital spending −$340MFY2021: Acquisitions −$22.7M$2.3BFY2021FY2022: Operating cash flow $1.5BFY2022: Shares issued $146MFY2022: Capital spending −$532MFY2022: Acquisitions −$12.8MFY2022: Buybacks −$2.6B$1.6BFY2022FY2023: Operating cash flow $1.8BFY2023: Shares issued $192MFY2023: Capital spending −$1.1BFY2023: Acquisitions −$8.9MFY2023: Buybacks −$416M$2.0BFY2023FY2024: Operating cash flow $2.4BFY2024: Shares issued $315MFY2024: Capital spending −$1.1BFY2024: Acquisitions −$1.0M$2.7BFY2024FY2025: Operating cash flow $3.0BFY2025: Shares issued $223MFY2025: Capital spending −$540MFY2025: Acquisitions −$13.9MFY2025: Buybacks −$2.3B$3.3BFY2025
Over these 5 years operating cash flow totalled $10.8B; the largest uses were buybacks ($5.3B) and capital spending ($3.6B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$4.0B
Debtnone
Net cash$4.0B

Intuitive Surgical funds itself: free cash flow was $3.6B over the last twelve months, with $4.0B of cash and investments and no debt on the balance sheet.

Where the cash came from and went

Intuitive Surgical: sources (+) and uses (−) of cash, Q3 2026Intuitive Surgical: sources (+) and uses (−) of cash, Q3 2026Buybacks−$3.0BOther investing$2.0BOperating cash flow$1.2BCash drawn (+) / kept (−)−$217MCapital spending−$113MShares issued$96.4MTaxes on employees’ shares−$13.1MExchange rates−$11.6MAcquisitions$9.6MOther financing−$1.2M
Intuitive Surgical: sources (+) and uses (−) of cash, TTM to Q3 2026Intuitive Surgical: sources (+) and uses (−) of cash, TTM to Q3 2026Buybacks−$4.6BOperating cash flow$4.1BOther investing$1.8BAcquisitions−$531MCapital spending−$492MTaxes on employees’ shares−$392MShares issued$360MCash drawn (+) / kept (−)−$173MOther financing−$21.3MExchange rates$8.8M

From profit to cash

Intuitive Surgical: net income to operating cash flow, Q3 2026Intuitive Surgical: net income to operating cash flow, Q3 2026Net income$524MStock-based pay$213MReceivables−$53.4MInventory−$307MPayables$4.7MEmployee-related liabilities$80.1MDeferred revenue$7.4MPrepaid and other assets$11.3MOther liabilities$595MOperating cash flow$1.2B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 20265119827223
Q2 20265119430216
Q1 20265118128204
Q4 20254517326192
Q3 20254618830204
Q2 20254617830195
Q1 20254917227194
Q4 20244517725198

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksShares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$1.2B−$113M$9.6M−$3.0B$96.4M−$217M$1.1B
Q2 2026$1.1B−$113M—−$320M$65.6M−$754M$948M
Q1 2026$912M−$103M−$528M−$1.1B$122M$1.4B$809M
Q4 2025$892M−$162M−$12.7M−$201M$76.6M−$558M$730M
Q3 2025$841M−$105M—−$1.9B$90.0M$597M$736M
Q2 2025$715M−$155M−$1.2M−$181M$49.4M−$829M$560M
Q1 2025$582M−$117M——$134M−$555M$465M
Q4 2024$823M−$312M−$1.0M—$61.9M$384M$511M

Intuitive Surgical: income statement and cash flow

Intuitive Surgical, Q3 2026: revenue $3.0B (+22% year over year), operating margin 19.4%. The chart follows the revenue to costs, profit and cash.

Intuitive Surgical: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.