Income Tax Expense (Benefit)
Effective Income Tax Rate (EITR)
Components of Deferred Tax Assets and Liabilities
Deferred Tax Assets and Liabilities, Classification
Adjustments to Financial Statements: Removal of Deferred Taxes
Adjusted Financial Ratios: Removal of Deferred Taxes (Summary)
Adjusted Net Profit Margin
Adjusted Total Asset Turnover
Adjusted Financial Leverage
Adjusted Return on Equity (ROE)
Adjusted Return on Assets (ROA)

Intuit Inc., income tax expense (benefit), continuing operations

US$ in millions

12 months ended:	Jul 31, 2023	Jul 31, 2022	Jul 31, 2021	Jul 31, 2020	Jul 31, 2019	Jul 31, 2018
Federal	970)	253)	399)	372)	271)	197)
State	208)	93)	121)	79)	67)	38)
Foreign	86)	31)	17)	21)	14)	14)
Current	1,264)	377)	537)	472)	352)	249)
Federal	(559)	85)	(33)	(47)	(23)	44)
State	(99)	18)	(11)	(47)	(4)	(1)
Foreign	(1)	(4)	1)	(6)	(1)	—)
Deferred	(659)	99)	(43)	(100)	(28)	43)
Provision for income taxes	605)	476)	494)	372)	324)	292)

Based on: 10-K (reporting date: 2023-07-31), 10-K (reporting date: 2022-07-31), 10-K (reporting date: 2021-07-31), 10-K (reporting date: 2020-07-31), 10-K (reporting date: 2019-07-31), 10-K (reporting date: 2018-07-31).

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Item	Description	The company
Current	Amount of current income tax expense (benefit) pertaining to taxable income (loss) from continuing operations.	Intuit Inc. current decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.
Deferred	Amount of deferred income tax expense (benefit) pertaining to income (loss) from continuing operations.	Intuit Inc. deferred increased from 2021 to 2022 but then decreased significantly from 2022 to 2023.
Provision for income taxes	Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.	Intuit Inc. provision for income taxes decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.

Intuit Inc., effective income tax rate (EITR) reconciliation

	Jul 31, 2023	Jul 31, 2022	Jul 31, 2021	Jul 31, 2020	Jul 31, 2019	Jul 31, 2018
U.S. federal statutory income tax rate	21.00%	21.00%	21.00%	21.00%	21.00%	26.90%
Annual effective tax rate, before Tax Cuts and Jobs Act (2017 Tax Act)	20.24%	18.73%	19.33%	16.92%	17.22%	16.57%
Annual effective tax rate	20.24%	18.73%	19.33%	16.92%	17.22%	19.43%

Based on: 10-K (reporting date: 2023-07-31), 10-K (reporting date: 2022-07-31), 10-K (reporting date: 2021-07-31), 10-K (reporting date: 2020-07-31), 10-K (reporting date: 2019-07-31), 10-K (reporting date: 2018-07-31).

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Item	Description	The company
Annual effective tax rate, before Tax Cuts and Jobs Act (2017 Tax Act)	Percentage of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.	Intuit Inc. annual effective tax rate, before Tax Cuts and Jobs Act (2017 Tax Act) decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.

Intuit Inc., components of deferred tax assets and liabilities

US$ in millions

	Jul 31, 2023	Jul 31, 2022	Jul 31, 2021	Jul 31, 2020	Jul 31, 2019	Jul 31, 2018
Accruals and reserves not currently deductible	31)	84)	48)	23)	13)	12)
Capitalized research and development	667)	—)	—)	—)	—)	—)
Operating lease liabilities	153)	168)	113)	64)	—)	—)
Deferred revenue	—)	—)	—)	—)	—)	46)
Accrued and deferred compensation	90)	84)	132)	112)	48)	41)
Loss and tax credit carryforwards	256)	224)	282)	114)	117)	97)
Intangible assets	—)	25)	33)	26)	—)	—)
Share-based compensation	94)	97)	59)	44)	47)	49)
Other, net	27)	23)	16)	13)	11)	12)
Gross deferred tax assets	1,318)	705)	683)	396)	236)	257)
Valuation allowance	(235)	(244)	(205)	(132)	(107)	(93)
Deferred tax assets	1,083)	461)	478)	264)	129)	164)
Operating lease right-of-use assets	(128)	(149)	(96)	(55)	—)	—)
Intangibles	(840)	(868)	(844)	(45)	(71)	(65)
Property and equipment	(8)	(9)	(10)	(22)	(20)	(19)
Other, net	(47)	(43)	(45)	(79)	(74)	—)
Deferred tax liabilities	(1,023)	(1,069)	(995)	(201)	(165)	(84)
Net deferred tax assets (liabilities)	60)	(608)	(517)	63)	(36)	80)

Based on: 10-K (reporting date: 2023-07-31), 10-K (reporting date: 2022-07-31), 10-K (reporting date: 2021-07-31), 10-K (reporting date: 2020-07-31), 10-K (reporting date: 2019-07-31), 10-K (reporting date: 2018-07-31).

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Item	Description	The company
Gross deferred tax assets	Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards.	Intuit Inc. gross deferred tax assets increased from 2021 to 2022 and from 2022 to 2023.
Deferred tax assets	Amount after allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards.	Intuit Inc. deferred tax assets decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.
Net deferred tax assets (liabilities)	Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, without jurisdictional netting.	Intuit Inc. net deferred tax assets (liabilities) decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.

Intuit Inc., deferred tax assets and liabilities, classification

US$ in millions

		Jul 31, 2023	Jul 31, 2022	Jul 31, 2021	Jul 31, 2020	Jul 31, 2019	Jul 31, 2018
	Long-term deferred income tax assets	64)	11)	8)	65)	1)	87)
	Long-term deferred income tax liabilities	4)	619)	525)	2)	37)	7)

Based on: 10-K (reporting date: 2023-07-31), 10-K (reporting date: 2022-07-31), 10-K (reporting date: 2021-07-31), 10-K (reporting date: 2020-07-31), 10-K (reporting date: 2019-07-31), 10-K (reporting date: 2018-07-31).

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Item	Description	The company
Long-term deferred income tax assets	Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, with jurisdictional netting and classified as noncurrent.	Intuit Inc. long-term deferred income tax assets increased from 2021 to 2022 and from 2022 to 2023.
Long-term deferred income tax liabilities	Amount, after deferred tax asset, of deferred tax liability attributable to taxable differences, with jurisdictional netting and classified as noncurrent.	Intuit Inc. long-term deferred income tax liabilities increased from 2021 to 2022 but then decreased significantly from 2022 to 2023.

Intuit Inc., adjustments to financial statements

US$ in millions

	Jul 31, 2023	Jul 31, 2022	Jul 31, 2021	Jul 31, 2020	Jul 31, 2019	Jul 31, 2018
Adjustment to Total Assets
Total assets (as reported)	27,780)	27,734)	15,516)	10,931)	6,283)	5,178)
Less: Noncurrent deferred tax assets, net	64)	11)	8)	65)	1)	87)
Total assets (adjusted)	27,716)	27,723)	15,508)	10,866)	6,282)	5,091)
Adjustment to Total Liabilities
Total liabilities (as reported)	10,511)	11,293)	5,647)	5,825)	2,534)	2,824)
Less: Noncurrent deferred tax liabilities, net	4)	619)	525)	2)	37)	7)
Total liabilities (adjusted)	10,507)	10,674)	5,122)	5,823)	2,497)	2,817)
Adjustment to Stockholders’ Equity
Stockholders’ equity (as reported)	17,269)	16,441)	9,869)	5,106)	3,749)	2,354)
Less: Net deferred tax assets (liabilities)	60)	(608)	(517)	63)	(36)	80)
Stockholders’ equity (adjusted)	17,209)	17,049)	10,386)	5,043)	3,785)	2,274)
Adjustment to Net Income
Net income (as reported)	2,384)	2,066)	2,062)	1,826)	1,557)	1,211)
Add: Deferred income tax expense (benefit)	(659)	99)	(43)	(100)	(28)	43)
Net income (adjusted)	1,725)	2,165)	2,019)	1,726)	1,529)	1,254)

Based on: 10-K (reporting date: 2023-07-31), 10-K (reporting date: 2022-07-31), 10-K (reporting date: 2021-07-31), 10-K (reporting date: 2020-07-31), 10-K (reporting date: 2019-07-31), 10-K (reporting date: 2018-07-31).

Intuit Inc., Financial Data: Reported vs. Adjusted

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Intuit Inc., adjusted financial ratios

	Jul 31, 2023	Jul 31, 2022	Jul 31, 2021	Jul 31, 2020	Jul 31, 2019	Jul 31, 2018
Net Profit Margin
Reported net profit margin	16.59%	16.23%	21.41%	23.78%	22.95%	20.31%
Adjusted net profit margin	12.01%	17.01%	20.96%	22.48%	22.54%	21.03%
Total Asset Turnover
Reported total asset turnover	0.52	0.46	0.62	0.70	1.08	1.15
Adjusted total asset turnover	0.52	0.46	0.62	0.71	1.08	1.17
Financial Leverage
Reported financial leverage	1.61	1.69	1.57	2.14	1.68	2.20
Adjusted financial leverage	1.61	1.63	1.49	2.15	1.66	2.24
Return on Equity (ROE)
Reported ROE	13.81%	12.57%	20.89%	35.76%	41.53%	51.44%
Adjusted ROE	10.02%	12.70%	19.44%	34.23%	40.40%	55.15%
Return on Assets (ROA)
Reported ROA	8.58%	7.45%	13.29%	16.70%	24.78%	23.39%
Adjusted ROA	6.22%	7.81%	13.02%	15.88%	24.34%	24.63%

Based on: 10-K (reporting date: 2023-07-31), 10-K (reporting date: 2022-07-31), 10-K (reporting date: 2021-07-31), 10-K (reporting date: 2020-07-31), 10-K (reporting date: 2019-07-31), 10-K (reporting date: 2018-07-31).

Financial ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by total revenue.	Intuit Inc. adjusted net profit margin ratio deteriorated from 2021 to 2022 and from 2022 to 2023.
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Intuit Inc. adjusted total asset turnover ratio deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023.
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	Intuit Inc. adjusted financial leverage ratio increased from 2021 to 2022 but then slightly decreased from 2022 to 2023.
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity.	Intuit Inc. adjusted ROE deteriorated from 2021 to 2022 and from 2022 to 2023.
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by adjusted total assets.	Intuit Inc. adjusted ROA deteriorated from 2021 to 2022 and from 2022 to 2023.

Intuit Inc., Financial Ratios: Reported vs. Adjusted

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	Jul 31, 2023	Jul 31, 2022	Jul 31, 2021	Jul 31, 2020	Jul 31, 2019	Jul 31, 2018
As Reported
Selected Financial Data (US$ in millions)
Net income	2,384)	2,066)	2,062)	1,826)	1,557)	1,211)
Net revenue	14,368)	12,726)	9,633)	7,679)	6,784)	5,964)
Profitability Ratio
Net profit margin¹	16.59%	16.23%	21.41%	23.78%	22.95%	20.31%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted net income	1,725)	2,165)	2,019)	1,726)	1,529)	1,254)
Net revenue	14,368)	12,726)	9,633)	7,679)	6,784)	5,964)
Profitability Ratio
Adjusted net profit margin²	12.01%	17.01%	20.96%	22.48%	22.54%	21.03%

Based on: 10-K (reporting date: 2023-07-31), 10-K (reporting date: 2022-07-31), 10-K (reporting date: 2021-07-31), 10-K (reporting date: 2020-07-31), 10-K (reporting date: 2019-07-31), 10-K (reporting date: 2018-07-31).

2023 Calculations

¹ Net profit margin = 100 × Net income ÷ Net revenue
= 100 × 2,384 ÷ 14,368 = 16.59%

² Adjusted net profit margin = 100 × Adjusted net income ÷ Net revenue
= 100 × 1,725 ÷ 14,368 = 12.01%

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Profitability ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by total revenue.	Intuit Inc. adjusted net profit margin ratio deteriorated from 2021 to 2022 and from 2022 to 2023.

	Jul 31, 2023	Jul 31, 2022	Jul 31, 2021	Jul 31, 2020	Jul 31, 2019	Jul 31, 2018
As Reported
Selected Financial Data (US$ in millions)
Net revenue	14,368)	12,726)	9,633)	7,679)	6,784)	5,964)
Total assets	27,780)	27,734)	15,516)	10,931)	6,283)	5,178)
Activity Ratio
Total asset turnover¹	0.52	0.46	0.62	0.70	1.08	1.15
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Net revenue	14,368)	12,726)	9,633)	7,679)	6,784)	5,964)
Adjusted total assets	27,716)	27,723)	15,508)	10,866)	6,282)	5,091)
Activity Ratio
Adjusted total asset turnover²	0.52	0.46	0.62	0.71	1.08	1.17

Based on: 10-K (reporting date: 2023-07-31), 10-K (reporting date: 2022-07-31), 10-K (reporting date: 2021-07-31), 10-K (reporting date: 2020-07-31), 10-K (reporting date: 2019-07-31), 10-K (reporting date: 2018-07-31).

2023 Calculations

¹ Total asset turnover = Net revenue ÷ Total assets
= 14,368 ÷ 27,780 = 0.52

² Adjusted total asset turnover = Net revenue ÷ Adjusted total assets
= 14,368 ÷ 27,716 = 0.52

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Activity ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Intuit Inc. adjusted total asset turnover ratio deteriorated from 2021 to 2022 but then slightly improved from 2022 to 2023.

	Jul 31, 2023	Jul 31, 2022	Jul 31, 2021	Jul 31, 2020	Jul 31, 2019	Jul 31, 2018
As Reported
Selected Financial Data (US$ in millions)
Total assets	27,780)	27,734)	15,516)	10,931)	6,283)	5,178)
Stockholders’ equity	17,269)	16,441)	9,869)	5,106)	3,749)	2,354)
Solvency Ratio
Financial leverage¹	1.61	1.69	1.57	2.14	1.68	2.20
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted total assets	27,716)	27,723)	15,508)	10,866)	6,282)	5,091)
Adjusted stockholders’ equity	17,209)	17,049)	10,386)	5,043)	3,785)	2,274)
Solvency Ratio
Adjusted financial leverage²	1.61	1.63	1.49	2.15	1.66	2.24

Based on: 10-K (reporting date: 2023-07-31), 10-K (reporting date: 2022-07-31), 10-K (reporting date: 2021-07-31), 10-K (reporting date: 2020-07-31), 10-K (reporting date: 2019-07-31), 10-K (reporting date: 2018-07-31).

2023 Calculations

¹ Financial leverage = Total assets ÷ Stockholders’ equity
= 27,780 ÷ 17,269 = 1.61

² Adjusted financial leverage = Adjusted total assets ÷ Adjusted stockholders’ equity
= 27,716 ÷ 17,209 = 1.61

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Solvency ratio	Description	The company
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	Intuit Inc. adjusted financial leverage ratio increased from 2021 to 2022 but then slightly decreased from 2022 to 2023.

	Jul 31, 2023	Jul 31, 2022	Jul 31, 2021	Jul 31, 2020	Jul 31, 2019	Jul 31, 2018
As Reported
Selected Financial Data (US$ in millions)
Net income	2,384)	2,066)	2,062)	1,826)	1,557)	1,211)
Stockholders’ equity	17,269)	16,441)	9,869)	5,106)	3,749)	2,354)
Profitability Ratio
ROE¹	13.81%	12.57%	20.89%	35.76%	41.53%	51.44%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted net income	1,725)	2,165)	2,019)	1,726)	1,529)	1,254)
Adjusted stockholders’ equity	17,209)	17,049)	10,386)	5,043)	3,785)	2,274)
Profitability Ratio
Adjusted ROE²	10.02%	12.70%	19.44%	34.23%	40.40%	55.15%

Based on: 10-K (reporting date: 2023-07-31), 10-K (reporting date: 2022-07-31), 10-K (reporting date: 2021-07-31), 10-K (reporting date: 2020-07-31), 10-K (reporting date: 2019-07-31), 10-K (reporting date: 2018-07-31).

2023 Calculations

¹ ROE = 100 × Net income ÷ Stockholders’ equity
= 100 × 2,384 ÷ 17,269 = 13.81%

² Adjusted ROE = 100 × Adjusted net income ÷ Adjusted stockholders’ equity
= 100 × 1,725 ÷ 17,209 = 10.02%

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Profitability ratio	Description	The company
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity.	Intuit Inc. adjusted ROE deteriorated from 2021 to 2022 and from 2022 to 2023.

	Jul 31, 2023	Jul 31, 2022	Jul 31, 2021	Jul 31, 2020	Jul 31, 2019	Jul 31, 2018
As Reported
Selected Financial Data (US$ in millions)
Net income	2,384)	2,066)	2,062)	1,826)	1,557)	1,211)
Total assets	27,780)	27,734)	15,516)	10,931)	6,283)	5,178)
Profitability Ratio
ROA¹	8.58%	7.45%	13.29%	16.70%	24.78%	23.39%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted net income	1,725)	2,165)	2,019)	1,726)	1,529)	1,254)
Adjusted total assets	27,716)	27,723)	15,508)	10,866)	6,282)	5,091)
Profitability Ratio
Adjusted ROA²	6.22%	7.81%	13.02%	15.88%	24.34%	24.63%

Based on: 10-K (reporting date: 2023-07-31), 10-K (reporting date: 2022-07-31), 10-K (reporting date: 2021-07-31), 10-K (reporting date: 2020-07-31), 10-K (reporting date: 2019-07-31), 10-K (reporting date: 2018-07-31).

2023 Calculations

¹ ROA = 100 × Net income ÷ Total assets
= 100 × 2,384 ÷ 27,780 = 8.58%

² Adjusted ROA = 100 × Adjusted net income ÷ Adjusted total assets
= 100 × 1,725 ÷ 27,716 = 6.22%

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Profitability ratio	Description	The company
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by adjusted total assets.	Intuit Inc. adjusted ROA deteriorated from 2021 to 2022 and from 2022 to 2023.

Intuit Inc. (NASDAQ:INTU)

Analysis of Income Taxes

Income Tax Expense (Benefit)

Effective Income Tax Rate (EITR)

Components of Deferred Tax Assets and Liabilities

Deferred Tax Assets and Liabilities, Classification

Adjustments to Financial Statements: Removal of Deferred Taxes

Intuit Inc., Financial Data: Reported vs. Adjusted

Adjusted Financial Ratios: Removal of Deferred Taxes (Summary)

Intuit Inc., Financial Ratios: Reported vs. Adjusted

Adjusted Net Profit Margin

Adjusted Total Asset Turnover

Adjusted Financial Leverage

Adjusted Return on Equity (ROE)

Adjusted Return on Assets (ROA)