Common-Size Income Statement
Quarterly Data
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Intuit Inc., common-size consolidated income statement (quarterly data)
Based on: 10-K (reporting date: 2025-07-31), 10-Q (reporting date: 2025-04-30), 10-Q (reporting date: 2025-01-31), 10-Q (reporting date: 2024-10-31), 10-K (reporting date: 2024-07-31), 10-Q (reporting date: 2024-04-30), 10-Q (reporting date: 2024-01-31), 10-Q (reporting date: 2023-10-31), 10-K (reporting date: 2023-07-31), 10-Q (reporting date: 2023-04-30), 10-Q (reporting date: 2023-01-31), 10-Q (reporting date: 2022-10-31), 10-K (reporting date: 2022-07-31), 10-Q (reporting date: 2022-04-30), 10-Q (reporting date: 2022-01-31), 10-Q (reporting date: 2021-10-31), 10-K (reporting date: 2021-07-31), 10-Q (reporting date: 2021-04-30), 10-Q (reporting date: 2021-01-31), 10-Q (reporting date: 2020-10-31), 10-K (reporting date: 2020-07-31), 10-Q (reporting date: 2020-04-30), 10-Q (reporting date: 2020-01-31), 10-Q (reporting date: 2019-10-31).
- Revenue Composition
- The proportion of net revenue deriving from services versus products shows notable fluctuations over the periods. Service revenue percentages oscillate between approximately 67% and 90%, reflecting a dominant and somewhat variable contribution to total net revenue. In contrast, product and other revenue percentages demonstrate an inverse pattern, ranging from about 10% to 32%, indicating alternating emphasis between segments over time.
- Cost Structure and Gross Profit
- Cost of revenue as a percentage of net revenue displays significant variation, generally ranging from close to -14% up to -26%. Costs related to services have demonstrated volatility with periods of relative reduction around early 2020 followed by increases peaking near the latter part of 2022 and mid-2023. Product-related costs remain consistently low but also vary modestly across quarters. Amortization of acquired technology and other intangible assets constitutes a minor yet steadily present portion of costs, reflecting continual investment in technology and intangible asset amortization. Gross profit percentages maintain a broad range from approximately 74% to 85%, indicating that despite fluctuations in revenue mix and cost components, gross profitability remains robust and relatively stable within this band.
- Operating Expenses
- Selling and marketing expenses reveal wide fluctuations, often spanning from nearly -20% to almost -37% of net revenue, suggesting shifts in market investment and promotional efforts aligned with strategic priorities or market conditions. Research and development expenses also vary considerably, with percentages oscillating between around -9% to -29%, highlighting variable spending on innovation and product development. General and administrative costs range from about -5% to nearly -16%, reflecting significant volatility possibly linked to administrative scaling or restructuring activities. Additionally, restructuring charges appear toward the latter periods, albeit minimal, indicating some organizational adjustments or cost optimization efforts.
- Profitability Metrics
- Operating income as a percentage of net revenue reveals a highly cyclical and fluctuating pattern, with values ranging roughly between slightly positive near 0.6% to peaks above 47% in some quarters, but also including notable negative spikes below zero. Income before income taxes mirrors this variability closely, indicating that operating results are the primary drivers of pre-tax earnings trends. Interest expense remains a relatively small, but gradually increasing negative factor. Interest and other income show intermittent positive contributions, occasionally offsetting expenses. Income tax provision percentages are inconsistent and fluctuate between negative and positive values, reflecting variations in taxable income, tax strategies, or credits affecting effective tax rates. Net income percentages correlate strongly with operating income trends, demonstrating that overall profitability is subject to considerable volatility yet consistently remains positive in most quarters, ranging from under 1% to over 36% of net revenue.
- Summary Insights
- The financial data exhibits pronounced periodic fluctuations across nearly all major categories, indicating variable operational performance, cost management, and revenue mix changes. Service revenue predominates but varies significantly, while product revenue inversely fluctuates, suggesting possible shifting market focus or seasonality. Cost variability, especially in service costs and operating expenses such as selling and marketing and R&D, affects gross and operating profitability. Despite these swings, the company consistently achieves positive gross margins and generally positive net income margins, though with episodes of diminished profitability or losses at the operating income level. The patterns suggest a business environment with cyclical dynamics, requiring ongoing management adjustments to optimize cost structures and leverage revenue opportunities effectively.