Intuit Inc. (NASDAQ:INTU)

The annual financial data reveals notable movements in current assets and adjusted current assets over the six-year period. Both financial items exhibit a strong upward trajectory, particularly in the latter years.

Current Assets

The figure for current assets initially decreased from US$7,980 million in 2020 to US$5,157 million in 2021, reflecting a significant reduction during that year. This downward trend continued slightly to US$5,047 million in 2022. However, starting 2023, current assets began to rise again, increasing to US$5,557 million. The subsequent years displayed substantial growth, with values reaching US$9,678 million in 2024 and soaring to US$14,107 million in 2025.

Adjusted Current Assets

Adjusted current assets followed a similar pattern. The value was relatively stable compared to current assets in 2020, starting at US$7,992 million. A decrease occurred through 2021 and 2022, falling to US$5,253 million and US$5,078 million, respectively. Thereafter, a gradual recovery began, with amounts rising to US$5,564 million in 2023. This positive momentum accelerated in 2024 and 2025, with adjusted current assets reaching US$9,683 million and US$14,112 million, respectively.

The data suggests that both current assets and adjusted current assets encountered a period of contraction in the early part of the timeline, followed by a robust recovery and significant expansion. The pronounced increases in the final two years could indicate enhanced liquidity, improved asset management, or strategic acquisitions contributing to asset growth. The close alignment between current assets and adjusted current assets figures throughout the period implies consistent valuation adjustments or accounting treatments applied.

The annual financial data reveal a consistent upward trajectory in the total assets of the company over the examined period. Starting from approximately 10.9 billion US dollars in mid-2020, total assets grew to about 15.5 billion US dollars by mid-2021, representing a significant increase. This growth trend accelerated sharply into mid-2022, with total assets nearing 27.7 billion US dollars, essentially doubling within two years.

Following this rapid expansion, the total assets stabilized somewhat between mid-2022 and mid-2023, remaining relatively flat at around 27.7 billion US dollars. However, the upward momentum resumed thereafter, with assets increasing to over 32 billion US dollars by mid-2024 and continuing to 36.9 billion US dollars by mid-2025, indicating ongoing growth and asset accumulation.

The adjusted total assets exhibit a parallel trend, closely mirroring the raw total assets figures throughout the period. Starting marginally below the total assets figure in mid-2020, adjusted total assets rose along roughly the same scale, reaching approximately 15.6 billion US dollars by mid-2021 and over 27.7 billion US dollars by mid-2022. There was a slight dip from mid-2022 to mid-2023, with adjusted total assets declining minimally but rebounding to about 31.4 billion US dollars by mid-2024 and 35.7 billion US dollars by mid-2025.

The slight discrepancies between total assets and adjusted total assets remain relatively consistent, indicating adjustments or reclassifications that do not drastically alter the overall asset base picture. The data suggest a robust growth path in asset accumulation, particularly notable during the 2020-2022 period, with continued expansion following a brief plateau phase.

Total Assets Trend

Significant growth from 2020 to 2022, followed by stabilization and resumed growth through 2025.

Adjusted Total Assets Trend

Follows total assets closely, with minor variation, reflecting consistent adjustments alongside the growth trajectory.

Growth Pattern

Initial rapid increase, temporary plateau, then steady growth in subsequent years.

The financial data indicates a significant upward trend in both current liabilities and adjusted current liabilities over the analyzed periods.

Current Liabilities

The current liabilities decreased from 3,529 million USD in 2020 to 2,655 million USD in 2021, showing a reduction during that year. However, after 2021, there was a notable increase each year. The liabilities rose to 3,630 million USD in 2022 and continued to climb steadily to 3,790 million USD in 2023. The growth became more pronounced in subsequent years, with values reaching 7,491 million USD in 2024 and further escalating to 10,370 million USD in 2025.

Adjusted Current Liabilities

Adjusted current liabilities followed a comparable trend, initially decreasing from 2,877 million USD in 2020 to 1,971 million USD in 2021. Starting from 2021, the figures increased annually, rising to 2,822 million USD in 2022 and slightly to 2,869 million USD in 2023. Subsequently, there was a marked increase, with adjusted current liabilities reaching 6,619 million USD in 2024 and 9,351 million USD in 2025.

The data reflects that after a period of reduction from 2020 to 2021, both current liabilities and adjusted current liabilities grew substantially, particularly from 2023 onwards. This trend suggests escalating short-term financial obligations, which may have implications for liquidity management and operational financing strategies in the future periods analyzed.

Total liabilities

The total liabilities exhibit a fluctuating upward trend over the observed periods. Initially, there is a slight decline from $5,825 million in 2020 to $5,647 million in 2021. Subsequently, liabilities have more than doubled by 2022, rising sharply to $11,293 million. The value slightly decreases in 2023 to $10,511 million before increasing again to $13,696 million in 2024 and further to $17,248 million in 2025. This pattern suggests an overall increase in financial obligations, with some periods of moderation.

Adjusted total liabilities

Adjusted total liabilities follow a similar trajectory to the reported total liabilities, though consistently lower in absolute terms. From 2020 to 2021, adjusted liabilities decrease from $5,158 million to $4,430 million. Then, a sharp increase is observed in 2022 to $9,860 million, closely paralleling the total liabilities trend. The adjusted liabilities slightly decrease in 2023 to $9,581 million but then rise again to $12,630 million in 2024 and to $16,202 million in 2025. This pattern validates the overall trend in total liabilities and points to potentially significant adjustments impacting the financial obligations over time.

The financial data reveals a consistent upward trend in both stockholders’ equity and adjusted stockholders’ equity over the analyzed annual periods.

Stockholders’ equity

Starting at 5,106 million US dollars in 2020, stockholders’ equity increased significantly to 9,869 million in 2021. This upward momentum continued through subsequent years, reaching 16,441 million in 2022, then rising more moderately to 17,269 million in 2023. The growth sustained through 2024 and 2025, with values of 18,436 million and 19,710 million respectively. The data indicates a strong initial acceleration followed by steadier but continued growth in stockholders’ equity, reflecting an expanding equity base.

Adjusted stockholders’ equity

Adjusted stockholders’ equity data follows a similar pattern, presenting an increase from 5,720 million in 2020 to 11,174 million in 2021. The growth rate remained substantial in the next two years, reaching 17,894 million in 2022 and then slightly increasing to 18,142 million in 2023. The years 2024 and 2025 show a more gradual increase, ending at 18,809 million and 19,539 million respectively. This pattern parallels the trends of stockholders’ equity, but the adjusted figures are consistently higher, which suggests the adjustments involve recognized value increments or corrections not captured in the standard equity numbers.

Overall, both measures of equity show a strong financial position with continuous growth. The moderation in growth rates after 2022 may indicate maturation in capital accumulation or a strategic shift to more sustainable equity increases. The consistent gap between adjusted and standard equity highlights ongoing adjustments that enhance the perceived financial robustness.

Total Reported Debt

The total reported debt shows significant volatility over the analyzed period. It decreased sharply from 3,369 million USD in 2020 to 2,034 million USD in 2021, followed by a sharp increase to 6,914 million USD in 2022. Subsequently, it gradually declined from 6,120 million USD in 2023 to 5,973 million USD projected for 2025. This indicates a period of debt accumulation centered around 2022, with stabilization and slight reduction thereafter.

Stockholders' Equity

The stockholders' equity exhibited a strong upward trend throughout the entire period. Starting at 5,106 million USD in 2020, it nearly doubled to 9,869 million USD in 2021 and continued to grow substantially to 16,441 million USD in 2022. The growth trajectory remains positive with values reaching 19,710 million USD projected for 2025, reflecting increasing retained earnings, capital infusion, or value creation over time.

Total Reported Capital

Total reported capital, defined as the sum of total debt and stockholders' equity, mirrors the movements in debt and equity. It increased steadily from 8,475 million USD in 2020 to 23,355 million USD in 2022. The growth plateaus somewhat from 2022 to 2023, then resumes a gradual increase towards the forecasted 25,683 million USD in 2025, indicating an overall expansion in the company's capitalization base.

Adjusted Total Debt

Adjusted total debt follows a pattern similar to reported debt with some differences in magnitude. Initially declining from 3,636 million USD in 2020 to 2,480 million USD in 2021, it jumped to 7,540 million USD in 2022 before gradually declining to around 6,639 million USD expected in 2025. This confirms the significant increase in leverage around 2022, followed by moderate deleveraging or stable debt levels thereafter.

Adjusted Stockholders’ Equity

There is a consistent increase in adjusted stockholders’ equity from 5,720 million USD in 2020 to 19,539 million USD projected in 2025. The steady upward direction reflects a strengthening equity base, reinforcing the overall financial stability and capacity for growth. The rate of increase slows somewhat after 2022, indicating maturation in equity expansion.

Adjusted Total Capital

Adjusted total capital increased markedly from 9,356 million USD in 2020 to a peak of 25,434 million USD in 2022. Following a slight dip to 24,831 million USD in 2023, it resumes a moderate upward trend, reaching 26,178 million USD projected in 2025. This trend suggests an overall enlargement of the company's capital structure, with temporary stabilization during the post-2022 period.

Overall Analysis

The financial data reveals a notable surge in debt levels in 2022, both reported and adjusted, followed by a trend towards stabilization with modest declines projected through 2025. Simultaneously, the company’s equity base has expanded consistently, contributing to growth in total capital and adjusted capital. This combination of higher debt in 2022 paired with increasing equity suggests strategic financing actions, possibly to support expansion or investment initiatives. The later slight reduction in debt and continued equity growth indicates improving financial health and capitalization balance over time.

Net Revenue

The net revenue demonstrated a consistent upward trajectory over the analyzed period. Starting at 7,679 million US dollars in July 2020, it increased to 9,633 million in 2021, followed by a notable rise to 12,726 million in 2022. This trend continued with revenue reaching 14,368 million in 2023, 16,285 million in 2024, and further growing to 18,831 million in 2025. This steady increase indicates sustained growth in the company’s core revenue-generating activities over the six-year span.

Adjusted Net Revenue

The adjusted net revenue figures closely followed the pattern of net revenue, showing incremental growth each year. Beginning at 7,721 million US dollars in 2020, it rose to 9,660 million in 2021 and further increased to 12,848 million in 2022. The values continued to ascend to 14,480 million in 2023 and 16,235 million in 2024, peaking at 18,978 million in 2025. The adjusted metric consistently remained slightly higher than the reported net revenue, suggesting adjustments that positively impacted the reported income measures.

Overall, both net revenue and adjusted net revenue depict a clear and robust growth pattern, reflecting favorable business performance and potentially effective market positioning or expansion strategies. The persistent increase over the period signifies improving financial health and operational success, with no observed fluctuations or declines in revenue figures.

Net Income

Over the six-year period, net income exhibited a consistent upward trend. Starting at 1,826 million US dollars in 2020, it increased annually, reaching 3,869 million US dollars by 2025. The data indicates steady growth with a notable acceleration in the final two years, particularly between 2023 and 2025, where net income rose from 2,384 to 3,869 million US dollars, highlighting improving profitability.

Adjusted Net Income

Adjusted net income generally followed a positive trajectory, increasing from 1,781 million US dollars in 2020 to 3,320 million US dollars in 2025. However, unlike net income, adjusted net income experienced a decline in 2023, dropping to 1,818 million US dollars from 2,186 million in 2022, before recovering strongly in the following years. This dip suggests the presence of one-time or non-recurring adjustments during that year which impacted the adjusted figures more than the reported net income.

Comparative Analysis

Throughout most years, adjusted net income remained slightly below net income, except in 2021 and 2022, where adjusted figures surpassed net income. The divergence between these two metrics in 2023 implies adjustments had a significant negative impact on earnings for that year. The recovery of adjusted net income by 2025 aligns with the overall upward trend, suggesting operational improvements or reduced one-time charges.