Intuitive Surgical, Inc. stock research
FY2025 Q1
Intuitive Surgical (ISRG) Gross Margin — Quarter Ended Mar 31, 2025
Revenue and gross profit were lower than the prior quarter but higher than the same quarter last year. Gross margin weakened compared with both periods.
Gross margin takeaway
Quarter ended Mar 31, 2025 · FY2025 Q1
Revenue and gross profit were lower than the prior quarter but higher than the same quarter last year. Gross margin weakened compared with both periods.
- Cost of revenue increased relative to revenue in the current quarter, resulting in a lower gross margin than both the preceding quarter and the year-ago quarter.
- Compared with the prior quarter, gross margin decreased; compared with the same quarter one year earlier, gross margin also decreased.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
64.7%
Gross profit
$1.5B
Revenue
$2.3B
Cost of revenue
$795.7M
Quarter-over-quarter change
-3.4 pts
Year-over-year change
-1.2 pts
Quarterly gross margin trend
A four-quarter view of the revenue and direct-cost bridge behind gross margin.
| Period | Revenue | Gross profit | Cost of revenue | Gross margin |
|---|---|---|---|---|
| Jun 30, 2024 | $2.0B | $1.4B | $637.2M | 68.3% |
| Sep 30, 2024 | $2.0B | $1.4B | $664.2M | 67.4% |
| Dec 31, 2024 | $2.4B | $1.6B | $771.3M | 68.0% |
| Mar 31, 2025 | $2.3B | $1.5B | $795.7M | 64.7% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Dec 31, 2024
-3.4 pts
Year-over-year change
Mar 31, 2024
-1.2 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
Cost of revenue increased relative to revenue in the current quarter, resulting in a lower gross margin than both the preceding quarter and the year-ago quarter.
Compared with the prior quarter, gross margin decreased; compared with the same quarter one year earlier, gross margin also decreased.
Monitor the trend in cost of revenue relative to revenue, as the current quarter showed a higher cost ratio.