Income Statement
The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.
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Intuit Inc., consolidated income statement
US$ in millions
Based on: 10-K (reporting date: 2025-07-31), 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).
The financial data reveals a consistent upward trend in the company’s revenue streams, costs, and profitability over the analyzed periods.
- Revenue Trends
- Service revenue has shown a strong compound growth, rising from $6,044 million in 2020 to $16,400 million in 2025. Product and other revenue also increased but at a slower and less consistent pace, moving from $1,635 million in 2020 to $2,431 million in 2025. Overall net revenue grew substantially from $7,679 million in 2020 to $18,831 million in 2025, reflecting robust business expansion primarily driven by service revenue.
- Cost of Revenue
- Total cost of revenue increased correspondingly with revenue growth, going from $1,378 million in 2020 to $3,848 million in 2025. The cost of service revenue increased markedly, while costs associated with product and other revenue remained relatively stable. Amortization of acquired technology also showed significant growth, suggesting ongoing acquisition-related expenses.
- Profitability - Gross Profit
- Gross profit demonstrated a steady increase from $6,301 million in 2020 to $14,983 million in 2025, consistent with revenue growth. This indicates sustained gross margin improvement despite rising costs, driven mainly by higher service revenue.
- Operating Expenses
- Selling and marketing expenses expanded from $2,048 million in 2020 to $5,035 million in 2025, reflecting increased investment in market expansion and customer acquisition. Research and development spending similarly rose from $1,392 million to $2,928 million over the same period, underscoring a prioritization of innovation and product development. General and administrative expenses increased moderately with some fluctuation, peaking at $1,601 million in 2025. Significant amortization charges related to other acquired intangible assets were also incurred, impacting overall expense structure. Notably, restructuring charges appeared in 2024 and 2025, indicating cost restructuring initiatives.
- Operating Income
- Operating income grew steadily from $2,176 million in 2020 to $4,923 million in 2025, illustrating effective scalability of operations and expense management relative to revenue growth. The substantial increase in 2025 suggests enhanced operational efficiency or higher-margin activities.
- Interest and Taxation
- Interest expense escalated significantly, peaking at $248 million in 2023 and remaining elevated thereafter, which may imply increased debt levels. Interest and other income followed a variable pattern but showed overall growth, contributing positively to income before taxes. Income tax provision fluctuated over the period, rising in absolute terms from $372 million to $965 million, consistent with higher pre-tax income.
- Net Income
- Net income exhibited consistent growth from $1,826 million in 2020 to $3,869 million in 2025, nearly doubling over the period. This increase aligns with revenue growth and controlled expense expansion, highlighting effective profitability management despite rising costs and amortization.
Overall, the company has demonstrated strong growth in revenues and profitability with increasing investment in marketing, research, and acquisitions. Rising costs have been managed effectively to maintain healthy margins and growing net income. The presence of restructuring costs and increased interest expenses in later years suggests ongoing strategic adjustments and possible leveraged finance strategies.