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.

Intuit Inc., consolidated income statement

US$ in millions

12 months ended:	Jul 31, 2023	Jul 31, 2022	Jul 31, 2021	Jul 31, 2020	Jul 31, 2019	Jul 31, 2018
Product	1,970)	1,747)	1,698)	1,635)	1,623)	1,462)
Service and other	12,398)	10,979)	7,935)	6,044)	5,161)	4,502)
Net revenue	14,368)	12,726)	9,633)	7,679)	6,784)	5,964)
Cost of product revenue	(71)	(69)	(69)	(72)	(77)	(112)
Cost of service and other revenue	(2,909)	(2,197)	(1,564)	(1,284)	(1,070)	(850)
Amortization of acquired technology	(163)	(140)	(50)	(22)	(20)	(15)
Cost of revenue	(3,143)	(2,406)	(1,683)	(1,378)	(1,167)	(977)
Gross profit	11,225)	10,320)	7,950)	6,301)	5,617)	4,987)
Selling and marketing	(3,762)	(3,526)	(2,644)	(2,048)	(1,927)	(1,634)
Research and development	(2,539)	(2,347)	(1,678)	(1,392)	(1,233)	(1,186)
General and administrative	(1,300)	(1,460)	(982)	(679)	(597)	(664)
Amortization of other acquired intangible assets	(483)	(416)	(146)	(6)	(6)	(6)
Operating income	3,141)	2,571)	2,500)	2,176)	1,854)	1,497)
Interest expense	(248)	(81)	(29)	(14)	(15)	(20)
Interest and other income, net	96)	52)	85)	36)	42)	26)
Income before income taxes	2,989)	2,542)	2,556)	2,198)	1,881)	1,503)
Income tax provision	(605)	(476)	(494)	(372)	(324)	(292)
Net income	2,384)	2,066)	2,062)	1,826)	1,557)	1,211)

Based on: 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), 10-K (reporting date: 2018-07-31).

Download chart

Income statement item	Description	The company
Net revenue	Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.	Intuit Inc. net revenue increased from 2021 to 2022 and from 2022 to 2023.
Operating income	The net result for the period of deducting operating expenses from operating revenues.	Intuit Inc. operating income increased from 2021 to 2022 and from 2022 to 2023.
Income before income taxes	Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.	Intuit Inc. income before income taxes decreased from 2021 to 2022 but then increased from 2022 to 2023 exceeding 2021 level.
Net income	The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.	Intuit Inc. net income increased from 2021 to 2022 and from 2022 to 2023.

Intuit Inc. (NASDAQ:INTU)

Income Statement