Common-Size Income Statement
Quarterly Data
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Intuit Inc., common-size consolidated income statement (quarterly data)
Based on: 10-Q (reporting date: 2026-04-30), 10-Q (reporting date: 2026-01-31), 10-Q (reporting date: 2025-10-31), 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).
The common-size income statement reveals a strong seasonal pattern in revenue composition and profitability, characterized by significant fluctuations between quarterly cycles. A long-term shift is evident as the business model transitions more heavily toward service-based revenue at the expense of product and other revenue streams.
- Revenue Composition and Seasonality
- Service revenue exhibits a cyclical peak during the April and July quarters, frequently exceeding 85% of net revenue. Conversely, product and other revenue reach their lowest points during these same periods, often falling below 15%. Over the observed period, there is a general trend toward a higher concentration of service revenue, with the baseline for non-peak quarters increasing from approximately 68-72% in 2019-2020 to approximately 79-83% by 2024-2026.
- Gross Profitability and Cost of Revenue
- Gross profit margins remain high, typically oscillating between 74% and 86%. The highest margins correlate with the peak in service revenue, suggesting that service offerings carry a higher margin than product offerings. The cost of service revenue is the primary driver of the cost of revenue, fluctuating between 13% and 24% of net revenue. Amortization of acquired technology has shown a gradual increase as a percentage of revenue since 2019, indicating a sustained impact from previous acquisitions.
- Operating Expenditure Trends
- Selling and marketing expenses show substantial volatility, peaking in the January and October quarters (often exceeding 30% of revenue) and troughing in April (often dropping near 20%). Research and development spending follows a similar seasonal trajectory, reaching its lowest points in April, where it frequently drops to approximately 10% of revenue. General and administrative expenses demonstrate a long-term downward trend, decreasing from 12.53% in October 2019 to 4.78% by April 2026, suggesting improved operational leverage over time.
- Operating and Net Income Volatility
- Operating income is characterized by extreme quarterly variance. Significant peaks occur in April, with operating margins frequently reaching between 42% and 48%. In contrast, several other quarters show significantly lower margins or operating losses, such as in July 2024 (-4.74%) and January 2021 (-1.59%). Net income closely mirrors this volatility, with peaks in April often exceeding 30% of net revenue. The impact of income tax provisions also fluctuates, with significant tax benefits or provisions affecting the final net income percentage in various quarters.
- Non-Operating Items and Restructuring
- Interest expenses have generally increased as a percentage of revenue from 2019 through 2023 before stabilizing. Amortization of other acquired intangible assets has also increased since 2019, peaking around 5% of revenue in 2022. Restructuring charges appeared as a notable expense in July 2024, accounting for 7% of net revenue, which contributed to the operating loss observed in that period.