Common-Size Income Statement
Quarterly Data
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- Analysis of Profitability Ratios
- Analysis of Liquidity Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Present Value of Free Cash Flow to Equity (FCFE)
- Return on Equity (ROE) since 2005
- Return on Assets (ROA) since 2005
- Total Asset Turnover since 2005
- Analysis of Revenues
- Aggregate Accruals
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Intuit Inc., common-size consolidated income statement (quarterly data)
Based on: 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), 10-K (reporting date: 2019-07-31), 10-Q (reporting date: 2019-04-30), 10-Q (reporting date: 2019-01-31), 10-Q (reporting date: 2018-10-31).
- Revenue Composition
- The proportion of net revenue derived from services shows considerable variability but generally dominates total revenue, ranging roughly between 65% and 90%. There is a recurring pattern of higher service revenue shares alternating with declines, with peaks notably around Apr 2019, Apr 2021, and Jul 2024. In contrast, revenue from products and other sources inversely mirrors this pattern, consistently lower and ranging mostly between 10% and 35%.
- Cost Structure
- Cost of service revenue fluctuates markedly over the periods, varying between approximately -10% to -26% of net revenue. This cost category mirrors the variability seen in service revenue, responding to shifts in revenue composition or operating conditions. Cost of product revenue remains relatively low, typically under -2%, indicating a minimal cost allocation relative to product revenue share. Total cost of revenue exhibits similar fluctuations driven primarily by service cost variations, ranging from about -10.8% to nearly -28.3% of net revenue.
- Gross Profit Margins
- Gross profit margin percentages vary widely from about 71.7% to over 89%, reflecting the interplay of revenue streams and associated costs. Generally, higher gross profits coincide with periods of elevated service revenue percentages and relatively lower cost of service revenue, demonstrating sensitivity of gross margin to this revenue segment’s performance.
- Operating Expenses
- Selling and marketing expenses range broadly between approximately -20% and -38% of net revenue, showing periodic spikes and troughs aligned with revenue variability. Research and development costs show pronounced cyclical trends, mostly spanning from near -9.5% to -33.5%, often mirroring selling and marketing patterns but generally lower in magnitude. General and administrative expenses hover between -5% and -15%, indicating consistent expenditure with moderate fluctuation across the periods. Amortization of other acquired intangible assets shows increasing volatility and upward spikes starting from 2019 onward, reaching peaks around -5% and then moderating partially.
- Restructuring Costs
- Available data for restructuring costs is sparse but shows minor charges late in the series, particularly between Oct 2024 and Apr 2025, where expense percentages peak around -7%, though generally quite low or absent in earlier periods.
- Profitability Metrics
- Operating income exhibits significant volatility, ranging from negative values near -15% to highs above 54%. Peaks tend to follow periods with strong gross profit margins and controlled operating expenses. Income before taxes patterns closely the operating income trend but shows slightly higher volatility due to variations in interest and other income or expenses. Interest expense increased over time, particularly after 2019, with occasional spikes approaching -2%, indicating rising financial costs. Net income generally follows the same trends as operating income but shows more moderated peaks and troughs, ranging from about -4% to approximately 42%. This indicates effective management of tax and non-operating items, though tax provisions themselves are highly volatile, swinging from benefits near 4.7% to provisions exceeding -12%.
- Income Tax Provision
- Income tax provisions are notably inconsistent, with periods of positive benefits followed by significant charges. The tax effect sometimes offsets pre-tax income fluctuations but also adds to volatility in net income figures. The swings imply changes in tax planning, deferred tax recognition, or extraordinary tax events impacting net earnings unpredictably.
- Overall Trends and Insights
- The financial data reveals a firm with predominant reliance on service revenues which significantly affect cost structures and profitability. Variations in service revenue percentages correlate strongly with fluctuations in gross margin and operating profitability. Operating expenses tend to move cyclically, potentially reflecting investments in marketing and research aligned with business cycles or product/service launches. Increasing amortization expenses and interest costs in recent years suggest growing intangible asset bases and leverage, respectively. Profitability is clearly cyclical and sensitive to cost management and revenue mix changes. The pronounced volatility in tax impacts adds complexity to net income predictability. Periods of restructuring are minimal but present, indicating occasional strategic cost adjustments. Overall, the data suggest a business balancing growth and investment cycles with margin management under fluctuating revenue compositions and cost pressures.