Intuitive Surgical Inc (ISRG)

Pretax margin

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Earnings before tax but after interest (EBT) (ttm)	US$ in thousands	1,939,600	1,811,100	1,695,300	1,602,400	1,584,700	1,653,900	1,706,200	1,825,500	1,866,800	1,852,800	1,750,700	1,335,300	1,200,800	1,189,400	1,234,200	1,522,900	1,499,700	1,433,000	1,371,800	1,274,400
Revenue (ttm)	US$ in thousands	7,616,100	7,306,600	7,073,300	6,797,300	6,548,300	6,326,000	6,171,000	6,121,000	5,900,400	5,678,800	5,338,700	4,705,300	4,491,300	4,439,900	4,466,200	4,687,300	4,531,000	4,299,800	4,065,100	3,850,400
Pretax margin		25.47%	24.79%	23.97%	23.57%	24.20%	26.14%	27.65%	29.82%	31.64%	32.63%	32.79%	28.38%	26.74%	26.79%	27.63%	32.49%	33.10%	33.33%	33.75%	33.10%

December 31, 2023 calculation

Pretax margin = EBT (ttm) ÷ Revenue (ttm)
= $1,939,600K ÷ $7,616,100K
= 25.47%

Intuitive Surgical Inc's pretax margin has shown a fluctuating trend over the past eight quarters. In Q4 2023, the pretax margin was 27.50%, which increased slightly from the previous quarter but remained lower than the peak seen in Q2 2022. The company's pretax margin has generally been in the range of 25%-32% over this period, with peaks in Q2 2022 and a decline since then.

Overall, the pretax margin indicates the company's ability to generate profits before accounting for taxes relative to its revenue. The declining trend in pretax margin since Q2 2022 could suggest factors impacting profitability such as increased costs or competitive pressures. It will be important to monitor future financial reports to assess whether this trend continues or if there are potential strategies to improve profitability.