Common-Size Income Statement
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- Income Statement
- Balance Sheet: Assets
- Common-Size Balance Sheet: Assets
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Reportable Segments
- Common Stock Valuation Ratios
- Enterprise Value (EV)
- Enterprise Value to FCFF (EV/FCFF)
- Present Value of Free Cash Flow to Equity (FCFE)
- Net Profit Margin since 2005
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Intuit Inc., common-size consolidated income statement
Based on: 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), 10-K (reporting date: 2019-07-31).
- Revenue Composition
- The proportion of revenue derived from services has shown a consistent upward trend, increasing from 76.08% in 2019 to a peak near 85.76% in 2022, before slightly declining to 85.12% by 2024. Conversely, the product and other revenue category has experienced a steady decline in its share, dropping from 23.92% in 2019 to around 14.88% in 2024. This indicates a strategic shift or stronger performance in service-related offerings over the years.
- Cost of Revenue
- The cost of service revenue as a percentage of net revenue gradually increased from -15.77% in 2019 to a high of -20.24% in 2023, followed by a slight decrease to -19.96% in 2024. Meanwhile, the cost related to product and other revenue diminished, reflecting reduced product revenue and possibly improved cost control, moving from -1.14% in 2019 down to -0.42% in 2024. The amortization of acquired technology increased notably between 2019 and 2022 but partially receded by 2024. Overall, total cost of revenue grew from -17.2% to around -21.28% by 2024, resulting in a decline in gross profit margin.
- Profitability Margins
- Gross profit margin has declined from 82.8% in 2019 to 78.72% in 2024, reflecting higher costs associated with revenue generation. Operating income as a percentage of net revenue peaked at 28.34% in 2020 but fell sharply to 20.2% in 2022 before modestly recovering to 22.29% in 2024. This fluctuation points to increasing operational expenses and possibly investments in growth areas.
- Operating Expenses
- Selling and marketing expenses exhibited a slight downward trend from -28.41% to about -26.48%, indicating some efficiency improvements. Research and development costs remained relatively stable, fluctuating narrowly around -18%. General and administrative expenses increased notably from -8.8% in 2019 to 11.47% in 2022, before declining again to 8.71% in 2024. The amortization of other acquired intangible assets saw a distinct rise between 2020 and 2022, peaking at -3.36%, then slightly decreasing by 2024. Restructuring costs appeared only in 2024 at -1.37%, suggesting recent organizational changes.
- Financial Income and Expense
- Interest expense grew from a minimal -0.22% in 2019 to a peak of -1.73% in 2023, subsequently reducing to -1.49% in 2024, indicating increased borrowing or financing costs with some recent alleviation. Interest and other income showed variability but trended upward overall from 0.62% to 0.99%, contributing modestly to income.
- Income and Taxation
- Income before income taxes declined from 27.73% in 2019 to 19.97% in 2022, followed by a partial recovery to 21.8% in 2024. The income tax provision as a percentage of net revenue fluctuated between -5.13% and -3.6%, generally trending downward, which may indicate improved tax efficiency. Net income followed a similar pattern to income before taxes, dropping from 22.95% in 2019 to a low of 16.23% in 2022, then increasing to 18.19% by 2024, suggesting some recovery in profitability.