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Operating Expense Breakdown
Details spending on R&D, sales and marketing, and general administration to show how the company is allocating cash; rising R&D and sales spend can fuel long-term growth but may pressure short-term profitability if not matched by revenue gains.R&D has been accelerating faster than SG&A, signaling deliberate investment behind da Vinci 5, SP/XiR and ION — management explicitly said R&D will outpace SG&A. SG&A also trends up with pronounced December-quarter step‑ups tied to comp and seasonal costs; guidance for 11–13% non‑GAAP op‑expense growth and ~$880–$900M of noncash stock comp makes future quarters sensitive to timing. Investors should watch whether procedure/revenue momentum sustains to absorb higher R&D intensity and avoid margin pressure once one‑time items (tariff refund, Foundation gift) are excluded.
Date | Research and Development | Selling, General, and Administrative |
|---|---|---|
Jun 30, 2026 | $370.60M | $617.90M |
Mar 31, 2026 | $361.90M | $613.30M |
Dec 31, 2025 | $352.90M | $687.10M |
Sep 30, 2025 | $329.40M | $573.30M |
Jun 30, 2025 | $313.30M | $561.20M |
Mar 31, 2025 | $316.20M | $563.40M |
Dec 31, 2024 | $294.70M | $612.60M |
Sep 30, 2024 | $286.00M | $510.60M |
Jun 30, 2024 | $280.10M | $525.30M |
Mar 31, 2024 | $284.50M | $491.50M |