Company: ISRG
Filing Date: 2025-10-22
Form Type: 10-Q
Source: 0001035267-25-000209
Chunk: 80

Company: INTUITIVE SURGICAL INC
Filing Date: 2025-10-22
Form: 10-Q
Item: Item 1
Chunk 80
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 in accounts payable of $97 million, primarily due to more inventory purchases, and an increase in deferred revenue of $48 million, primarily due to an increased volume of sales contracts.

Investing Activities

Net cash provided by investing activities for the nine months ended September 30, 2025, consisted primarily of proceeds from maturities and sales of investments, net of purchases of investments of $1.25 billion, partially offset by $377 million paid for the acquisition of property, plant, and equipment. We invest predominantly in high quality, fixed income securities. Our investment portfolio may, at any time, contain investments in money market funds, U.S. treasury and U.S. government agency 

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securities, high-quality corporate notes and bonds, commercial paper, non-U.S. government agency securities, and taxable and tax-exempt municipal notes.

Financing Activities

Net cash used in financing activities for the nine months ended September 30, 2025, consisted primarily of cash used in the repurchase of 4.4 million shares of our common stock for $2.09 billion and cash used for taxes paid on behalf of employees related to net share settlements of vested employee equity awards of $406 million, partially offset by cash proceeds from stock option exercises and employee stock purchases of $274 million.

Capital Expenditures

We expect to continue to invest in infrastructure needed to scale and supply our customers with highly differentiated products manufactured in highly automated factories to facilitate outstanding performance in product quality, availability, and cost. A significant portion of this investment involves the construction of facilities to expand our manufacturing and commercial capabilities. We have also been vertically integrating key technologies to develop a more robust supply chain, enabling us to bring important products to market at attractive price points. These integration efforts include increased ownership of our imaging pipelines and investments in strategic instruments and accessories technologies that allow us to serve our customers better. We expect these capital investments to range between $625 million and $675 million in 2025, the majority of which will be facilities-related investments. We intend to fund these capital investments with cash generated from operations.

Critical Accounting Estimates

The discussion and analysis of our financial condition and results of operations are based upon our Financial Statements, which have been prepared in accordance with GAAP. The preparation of these Financial Statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues, and expenses. On an ongoing basis, we evaluate our critical accounting estimates. We base our estimates on historical experience and on various other assumptions