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Side-by-side financial comparison of ICON PLC (ICLR) and Intuitive Surgical (ISRG). Click either name above to swap in a different company.
Intuitive Surgical is the larger business by last-quarter revenue ($2.8B vs $2.0B, roughly 1.4× ICON PLC). Intuitive Surgical runs the higher net margin — 29.8% vs 0.1%, a 29.7% gap on every dollar of revenue. On growth, Intuitive Surgical posted the faster year-over-year revenue change (23.0% vs 0.6%). Over the past eight quarters, Intuitive Surgical's revenue compounded faster (17.4% CAGR vs 0.6%).
ICON plc is an Irish headquartered multinational healthcare intelligence and clinical research organisation. As of February 2025 had approximately 41,900 employees in 55 countries.
Intuitive Surgical, Inc. is an American biotechnology company that develops, manufactures, and markets robotic products designed to improve clinical outcomes of patients through minimally invasive surgery, most notably with the da Vinci Surgical System. The company is part of the Nasdaq-100, S&P 100 and S&P 500. As of 31 December 2021, Intuitive Surgical had an installed base of 6,730 da Vinci Surgical Systems, including 4,139 in the U.S.
ICLR vs ISRG — Head-to-Head
Income Statement — Q3 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $2.0B | $2.8B |
| Net Profit | $2.4M | $826.0M |
| Gross Margin | — | 66.1% |
| Operating Margin | 4.2% | — |
| Net Margin | 0.1% | 29.8% |
| Revenue YoY | 0.6% | 23.0% |
| Net Profit YoY | -98.8% | 17.4% |
| EPS (diluted) | $0.03 | $2.28 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | — | $2.8B | ||
| Q4 25 | — | $2.9B | ||
| Q3 25 | $2.0B | $2.5B | ||
| Q2 25 | $2.0B | $2.4B | ||
| Q1 25 | $2.0B | $2.3B | ||
| Q4 24 | — | $2.4B | ||
| Q3 24 | $2.0B | $2.0B | ||
| Q2 24 | $2.1B | $2.0B |
| Q1 26 | — | $826.0M | ||
| Q4 25 | — | $794.8M | ||
| Q3 25 | $2.4M | $704.4M | ||
| Q2 25 | $183.0M | $658.4M | ||
| Q1 25 | $154.2M | $698.4M | ||
| Q4 24 | — | $685.7M | ||
| Q3 24 | $197.1M | $565.1M | ||
| Q2 24 | $146.9M | $526.9M |
| Q1 26 | — | 66.1% | ||
| Q4 25 | — | 66.4% | ||
| Q3 25 | — | 66.4% | ||
| Q2 25 | — | 66.3% | ||
| Q1 25 | — | 64.7% | ||
| Q4 24 | — | 68.0% | ||
| Q3 24 | — | 67.4% | ||
| Q2 24 | — | 68.3% |
| Q1 26 | — | — | ||
| Q4 25 | — | 30.2% | ||
| Q3 25 | 4.2% | 30.3% | ||
| Q2 25 | 10.4% | 30.5% | ||
| Q1 25 | 11.0% | 25.7% | ||
| Q4 24 | — | 30.4% | ||
| Q3 24 | 14.1% | 28.3% | ||
| Q2 24 | 10.8% | 28.2% |
| Q1 26 | — | 29.8% | ||
| Q4 25 | — | 27.7% | ||
| Q3 25 | 0.1% | 28.1% | ||
| Q2 25 | 9.1% | 27.0% | ||
| Q1 25 | 7.7% | 31.0% | ||
| Q4 24 | — | 28.4% | ||
| Q3 24 | 9.7% | 27.7% | ||
| Q2 24 | 6.9% | 26.2% |
| Q1 26 | — | $2.28 | ||
| Q4 25 | — | $2.19 | ||
| Q3 25 | $0.03 | $1.95 | ||
| Q2 25 | $2.30 | $1.81 | ||
| Q1 25 | $1.90 | $1.92 | ||
| Q4 24 | — | $1.89 | ||
| Q3 24 | $2.36 | $1.56 | ||
| Q2 24 | $1.76 | $1.46 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $468.9M | — |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $9.3B | $17.6B |
| Total Assets | $16.5B | $20.1B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | — | $5.9B | ||
| Q3 25 | $468.9M | $4.9B | ||
| Q2 25 | $390.4M | $5.3B | ||
| Q1 25 | $526.7M | $4.5B | ||
| Q4 24 | — | $4.0B | ||
| Q3 24 | $695.5M | $4.2B | ||
| Q2 24 | $506.6M | $4.8B |
| Q1 26 | — | $17.6B | ||
| Q4 25 | — | $17.8B | ||
| Q3 25 | $9.3B | $16.9B | ||
| Q2 25 | $9.6B | $17.8B | ||
| Q1 25 | $9.5B | $17.1B | ||
| Q4 24 | — | $16.4B | ||
| Q3 24 | $9.8B | $15.6B | ||
| Q2 24 | $9.6B | $14.7B |
| Q1 26 | — | $20.1B | ||
| Q4 25 | — | $20.5B | ||
| Q3 25 | $16.5B | $19.4B | ||
| Q2 25 | $16.6B | $20.2B | ||
| Q1 25 | $16.7B | $19.2B | ||
| Q4 24 | — | $18.7B | ||
| Q3 24 | $17.2B | $17.7B | ||
| Q2 24 | $17.0B | $16.6B |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $387.6M | — |
| Free Cash FlowOCF − Capex | $333.9M | — |
| FCF MarginFCF / Revenue | 16.3% | — |
| Capex IntensityCapex / Revenue | 2.6% | — |
| Cash ConversionOCF / Net Profit | 164.59× | — |
| TTM Free Cash FlowTrailing 4 quarters | $1.0B | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | — | $892.5M | ||
| Q3 25 | $387.6M | $841.0M | ||
| Q2 25 | $146.2M | $715.4M | ||
| Q1 25 | $268.2M | $581.6M | ||
| Q4 24 | — | $822.6M | ||
| Q3 24 | $402.7M | $706.5M | ||
| Q2 24 | $218.6M | $620.5M |
| Q1 26 | — | — | ||
| Q4 25 | — | $730.0M | ||
| Q3 25 | $333.9M | $735.6M | ||
| Q2 25 | $113.9M | $560.1M | ||
| Q1 25 | $239.3M | $465.0M | ||
| Q4 24 | — | $510.6M | ||
| Q3 24 | $359.3M | $458.6M | ||
| Q2 24 | $182.3M | $311.1M |
| Q1 26 | — | — | ||
| Q4 25 | — | 25.5% | ||
| Q3 25 | 16.3% | 29.4% | ||
| Q2 25 | 5.6% | 23.0% | ||
| Q1 25 | 12.0% | 20.6% | ||
| Q4 24 | — | 21.2% | ||
| Q3 24 | 17.7% | 22.5% | ||
| Q2 24 | 8.6% | 15.5% |
| Q1 26 | — | — | ||
| Q4 25 | — | 5.7% | ||
| Q3 25 | 2.6% | 4.2% | ||
| Q2 25 | 1.6% | 6.4% | ||
| Q1 25 | 1.4% | 5.2% | ||
| Q4 24 | — | 12.9% | ||
| Q3 24 | 2.1% | 12.2% | ||
| Q2 24 | 1.7% | 15.4% |
| Q1 26 | — | — | ||
| Q4 25 | — | 1.12× | ||
| Q3 25 | 164.59× | 1.19× | ||
| Q2 25 | 0.80× | 1.09× | ||
| Q1 25 | 1.74× | 0.83× | ||
| Q4 24 | — | 1.20× | ||
| Q3 24 | 2.04× | 1.25× | ||
| Q2 24 | 1.49× | 1.18× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ICLR
| Other Customers | $681.3M | 33% |
| Clients1125 | $549.4M | 27% |
| Clients15 | $503.3M | 25% |
| Clients610 | $308.8M | 15% |
ISRG
| Instruments and accessories | $1.7B | 61% |
| Systems | $650.7M | 23% |
| Services | $433.7M | 16% |
