Common-Size Income Statement
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- Statement of Comprehensive Income
- Analysis of Liquidity Ratios
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Reportable Segments
- Enterprise Value (EV)
- Dividend Discount Model (DDM)
- Selected Financial Data since 2005
- Price to Earnings (P/E) since 2005
- Analysis of Debt
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Intuit Inc., common-size consolidated income statement
Based on: 10-K (reporting date: 2026-07-31), 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).
An analysis of the common-size income statement reveals a strategic shift toward service-based revenue and a subsequent recovery in operational profitability over the observed period. After a contraction in margins between 2021 and 2022, there is a consistent upward trajectory in both operating and net income margins leading into 2026.
- Revenue Composition
- A progressive transition in the revenue mix is evident, with service revenue increasing from 82.37% in 2021 to a projected 88.17% by 2026. Conversely, product and other revenue streams have declined from 17.63% to 11.83% over the same period, indicating a stronger reliance on recurring service models.
- Gross Profitability and Cost of Revenue
- Gross profit margins experienced a decline from 82.53% in 2021 to a low of 78.13% in 2023. This compression was primarily driven by an increase in the cost of service revenue, which peaked at 20.24% in 2023. However, a recovery trend is observed from 2024 onward, with gross profit margins projected to reach 80.17% by 2026 as cost of revenue percentages gradually normalize.
- Operating Expense Trends
- Operating expenses show varying patterns of optimization. Selling and marketing expenses remained relatively stable, fluctuating between 25.80% and 27.71%. Research and development costs exhibited a general downward trend, decreasing from 17.42% in 2021 to 15.74% in 2026. General and administrative expenses demonstrated the most significant improvement in efficiency, falling from 10.19% in 2021 to 7.57% in 2026. Additionally, amortization of acquired intangible assets peaked in 2023 at 3.36% before trending downward to 2.26%.
- Operating and Net Income Performance
- Operating income margin saw a sharp decline from 25.95% in 2021 to 20.20% in 2022, followed by a steady expansion to a projected 27.43% by 2026. Net income followed a similar trajectory, dipping to 16.23% in 2022 and recovering to 21.29% by 2026. This recovery was supported by improved operating efficiencies, despite fluctuations in the income tax provision, which is projected to rise to 6.77% by 2026.