Analysis of Property, Plant and Equipment
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Property, Plant and Equipment Disclosure
Intuit Inc., balance sheet: property, plant and equipment
US$ in millions
Based on: 10-K (reporting date: 2025-07-31), 10-K (reporting date: 2024-07-31), 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).
The analysis of property, plant, and equipment data over the six-year period reveals several notable trends and shifts in asset composition and valuation.
- Computer Software
- The value of computer software shows a modest increase from 870 million USD in 2020 to a peak of 911 million USD in 2022, followed by a gradual decline to 791 million USD by 2025. This suggests an initial period of investment or capitalization in software, with a reduction in net value later, possibly due to amortization or decreased new investments.
- Buildings
- Building assets remain relatively stable between 2020 and 2023, with values hovering around 372 to 382 million USD. A significant rise occurs in 2024 to 636 million USD, maintaining a similar level at 644 million USD in 2025. This sharp increase likely indicates new building acquisitions or significant capital improvements during this period.
- Leasehold Improvements
- This category exhibits steady growth from 298 million USD in 2020 to 404 million USD in 2023. A more pronounced increase occurs in 2024 to 495 million USD, followed by a slight decline to 479 million USD in 2025. The overall upward trend may reflect ongoing enhancements to leased properties, with the dip possibly due to depreciation or asset disposals.
- Equipment
- Equipment values decrease from 226 million USD in 2020 to 199 million USD in 2021, then experience minor fluctuations, ending at 175 million USD in 2025. The overall downward trend indicates reduced investment or accelerated depreciation affecting equipment assets.
- Furniture and Fixtures
- Furniture and fixtures demonstrate gradual growth from 93 million USD in 2020 to 104 million USD in 2023, followed by a substantial increase to 141 million USD in 2024 and a slight decrease to 139 million USD in 2025. This pattern suggests periodic investment peaks in furniture and fixtures with relative stabilization thereafter.
- Land
- Land values remain constant at 79 million USD from 2020 through 2023, then rise to 96 million USD in 2024 and maintain at that level in 2025. The increase may represent land acquisitions or revaluations.
- Capital in Progress
- Capital in progress shows significant volatility, increasing steadily from 90 million USD in 2020 to 360 million USD in 2023, but then plunging sharply to 17 million USD in 2024 before partially recovering to 39 million USD in 2025. This fluctuation could indicate the completion and capitalization of major projects followed by initiation of new projects at a lower scale.
- Property and Equipment, Cost
- The overall cost of property and equipment rises from 2.028 billion USD in 2020 to a peak of 2.441 billion USD in 2023, before slightly decreasing to 2.363 billion USD in 2025. This trend aligns with the observed investments, asset acquisitions, and project completions in preceding notes.
- Accumulated Depreciation and Amortization
- Accumulated depreciation and amortization increase from -1.294 billion USD in 2020 to -1.472 billion USD in 2023, indicating continued expense recognition over time. Notably, a decrease in accumulated depreciation to -1.363 billion USD in 2024 is observed, which may reflect asset disposals or accounting adjustments, followed by a rise to -1.402 billion USD in 2025.
- Property and Equipment, Net
- Net property and equipment value grows steadily from 734 million USD in 2020 to a high of 1.009 billion USD in 2024, before a minor decline to 961 million USD in 2025. This upward trend points to overall asset growth despite depreciation effects, with a slight reduction in the final year possibly relating to asset retirements or reclassifications.
Asset Age Ratios (Summary)
Intuit Inc., asset age ratios
Based on: 10-K (reporting date: 2025-07-31), 10-K (reporting date: 2024-07-31), 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).
- Average Age Ratio
- The average age ratio shows a declining trend from 66.39% in 2020 to 59.89% in 2024, indicating a reduction in the proportion of asset life that has elapsed. However, there is a slight increase to 61.84% in 2025, suggesting a modest aging of the asset base in the most recent period.
- Estimated Total Useful Life
- The estimated total useful life of the assets increased from 10 years in 2020 to 12 years in 2021 and 2022, followed by a further increase to 15 years in 2023. It then decreased to 14 years in 2024 and 13 years in 2025. This fluctuation suggests periodic reassessments of asset longevity, with a peak in 2023 before a downward revision in subsequent years.
- Estimated Age, Time Elapsed Since Purchase
- The estimated age of the assets generally increased from 7 years in 2020 to 9 years in 2023 and 2024, indicating assets are aging over time. However, a decrease to 8 years in 2025 may imply asset disposal or replacement occurring in the latest year.
- Estimated Remaining Life
- The estimated remaining life was relatively stable at 3 to 4 years from 2020 to 2022, then increased notably to 6 years in 2023 and 2024, before slightly declining to 5 years in 2025. This pattern indicates an extension of the useful life for the asset base around 2023 and 2024, with a slight reduction thereafter, aligning with changes seen in useful life and asset age.
Average Age
Based on: 10-K (reporting date: 2025-07-31), 10-K (reporting date: 2024-07-31), 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).
2025 Calculations
1 Average age = 100 × Accumulated depreciation and amortization ÷ (Property and equipment, cost – Land)
= 100 × ÷ ( – ) =
The financial data pertaining to property, plant, and equipment reveal distinct trends over the observed periods.
- Accumulated Depreciation and Amortization
- The accumulated depreciation and amortization steadily increased from US$1,294 million in 2020 to a peak of US$1,472 million in 2023. This indicates ongoing asset usage and aging. However, a decline is observed in 2024 to US$1,363 million, followed by a slight increase to US$1,402 million in 2025. This fluctuation might suggest adjustments in asset lifespan estimations or disposal of assets.
- Property and Equipment, Cost
- The cost of property and equipment shows an upward trend from US$2,028 million in 2020 to US$2,441 million in 2023, suggesting investments and acquisitions during this timeframe. After 2023, a minor decline is noted, with costs reducing to US$2,372 million in 2024 and further slightly to US$2,363 million in 2025, which might imply a slowdown in capital expenditures or asset disposals.
- Land
- The value assigned to land remains constant at US$79 million from 2020 through 2023, then increases to US$96 million in both 2024 and 2025. This increase could reflect new land acquisitions or revaluation of existing land assets.
- Average Age Ratio
- There is a consistent decrease in the average age ratio from 66.39% in 2020 to 59.89% in 2024, indicating that the asset base is relatively becoming newer over this period, possibly due to new acquisitions or asset retirements. In 2025, there is a slight increase to 61.84%, which might reflect marginal aging of assets or changes in capitalization policies.
Estimated Total Useful Life
Based on: 10-K (reporting date: 2025-07-31), 10-K (reporting date: 2024-07-31), 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).
2025 Calculations
1 Estimated total useful life = (Property and equipment, cost – Land) ÷ Depreciation expense
= ( – ) ÷ =
- Property and Equipment, Cost
- The cost of property and equipment exhibited an overall upward trend from 2020 to 2023, increasing from $2,028 million to $2,441 million. However, this was followed by a slight decline in 2024 and 2025, when the cost decreased to $2,372 million and $2,363 million respectively. This indicates initial investments or acquisitions were made up to 2023, with stabilization or minor disposals occurring thereafter.
- Land
- Land value remained constant at $79 million during the period 2020 through 2023, after which it experienced an increase to $96 million in 2024 that remained stable through 2025. This could reflect an acquisition or revaluation of land assets starting in 2024.
- Depreciation Expense
- Depreciation expense fluctuated over the years, beginning at $189 million in 2020 and declining to $166 million in 2021. It rose again to $187 million in 2022, followed by decreases to $160 million in 2023 and $159 million in 2024. A subsequent increase to $172 million occurred in 2025. These variations suggest changes in asset base composition, depreciation methods, or reassessments of useful life during the periods.
- Estimated Total Useful Life
- The estimated total useful life of property and equipment extended from 10 years in 2020 to 12 years in 2021 and 2022, and then further to 15 years in 2023. A slight reduction followed, with estimates of 14 years in 2024 and 13 years in 2025. This trend indicates a reassessment of asset longevity, possibly as a result of capital improvements or changes in asset utilization, impacting the depreciation scheduling.
Estimated Age, Time Elapsed since Purchase
Based on: 10-K (reporting date: 2025-07-31), 10-K (reporting date: 2024-07-31), 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).
2025 Calculations
1 Time elapsed since purchase = Accumulated depreciation and amortization ÷ Depreciation expense
= ÷ =
- Accumulated Depreciation and Amortization
- The accumulated depreciation and amortization increased steadily from 2020 to 2023, rising from 1,294 million USD to 1,472 million USD. However, in 2024, there was a noticeable decline to 1,363 million USD, followed by a slight increase again in 2025 to 1,402 million USD. This fluctuation in the later years may suggest asset disposals, revaluations, or adjustments affecting the accumulated depreciation balance.
- Depreciation Expense
- The depreciation expense exhibited some variability over the observed period. Starting at 189 million USD in 2020, it decreased to 166 million USD in 2021, then increased to 187 million USD in 2022. It fell again in 2023 and 2024 to 160 and 159 million USD respectively, before rising to 172 million USD in 2025. This pattern suggests changes in the asset base, the depreciation methods, or the lifecycle stages of the assets.
- Time Elapsed Since Purchase
- The average time elapsed since purchase remained relatively stable, increasing from 7 years in 2020 to 9 years in 2023 and 2024, before decreasing slightly to 8 years in 2025. This stability indicates a relatively mature asset base with consistent replacement or acquisition patterns.
Overall, the data reflects a consistent accumulation of depreciation over the years with variations in depreciation expense likely driven by asset additions, disposals, or changes in depreciation policy. The average age of the assets suggests a stable asset turnover with occasional renewals or retirements impacting the depreciation profiles in the latest years.
Estimated Remaining Life
Based on: 10-K (reporting date: 2025-07-31), 10-K (reporting date: 2024-07-31), 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).
2025 Calculations
1 Estimated remaining life = (Property and equipment, net – Land) ÷ Depreciation expense
= ( – ) ÷ =
- Property and Equipment, Net
- The net value of property and equipment increased steadily from US$734 million in 2020 to a peak of US$1,009 million in 2024, indicating an overall growth in the company's investment in fixed assets. However, in 2025, there was a slight decline to US$961 million, suggesting possible disposals, impairments, or revaluations during that period.
- Land
- The value of land remained stable at US$79 million from 2020 through 2023. It then increased to US$96 million in 2024 and maintained this value in 2025. This rise may reflect acquisitions or revaluation adjustments related to land assets.
- Depreciation Expense
- Depreciation expense showed fluctuations over the six-year span. Starting at US$189 million in 2020, it decreased to US$166 million in 2021, suggesting slower asset consumption or changes in depreciation policies. It rose back to US$187 million in 2022, then declined again to US$160 million in 2023 and US$159 million in 2024. In 2025, the expense increased to US$172 million. This pattern indicates varying asset base usage and possibly different asset acquisition or disposal patterns annually.
- Estimated Remaining Life
- The estimated remaining life of the assets increased from 3 years in 2020 to 4 years in 2021 and 2022, then further extended to 6 years in 2023 and 2024. In 2025, it decreased slightly to 5 years. This suggests ongoing additions of newer assets with longer useful lives and possibly reestimations of asset useful lives over time.