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, 2026	Jul 31, 2025	Jul 31, 2024	Jul 31, 2023	Jul 31, 2022	Jul 31, 2021
Service	18,911)	16,400)	13,861)	12,317)	10,914)	7,935)
Product and other	2,537)	2,431)	2,424)	2,051)	1,812)	1,698)
Net revenue	21,448)	18,831)	16,285)	14,368)	12,726)	9,633)
Cost of service revenue	(4,016)	(3,624)	(3,250)	(2,908)	(2,196)	(1,564)
Cost of product and other revenue	(63)	(68)	(69)	(72)	(70)	(69)
Amortization of acquired technology	(174)	(156)	(146)	(163)	(140)	(50)
Cost of revenue	(4,253)	(3,848)	(3,465)	(3,143)	(2,406)	(1,683)
Gross profit	17,195)	14,983)	12,820)	11,225)	10,320)	7,950)
Selling and marketing	(5,534)	(5,035)	(4,312)	(3,762)	(3,526)	(2,644)
Research and development	(3,376)	(2,928)	(2,754)	(2,539)	(2,347)	(1,678)
General and administrative	(1,623)	(1,601)	(1,418)	(1,300)	(1,460)	(982)
Amortization of other acquired intangible assets	(485)	(481)	(483)	(483)	(416)	(146)
Restructuring	(293)	(15)	(223)	—)	—)	—)
Operating income	5,884)	4,923)	3,630)	3,141)	2,571)	2,500)
Interest expense	(256)	(247)	(242)	(248)	(81)	(29)
Interest and other income, net	389)	158)	162)	96)	52)	85)
Income before income taxes	6,017)	4,834)	3,550)	2,989)	2,542)	2,556)
Income tax provision	(1,451)	(965)	(587)	(605)	(476)	(494)
Net income	4,566)	3,869)	2,963)	2,384)	2,066)	2,062)

Based on: 10-K (reporting date: 2026-07-31), 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).

Net revenue exhibits a strong and consistent upward trajectory, increasing from 9,633 million US$ in 2021 to 21,448 million US$ by 2026. This growth is predominantly driven by service revenue, which expanded from 7,935 million US$ to 18,911 million US$ over the six-year period, while product and other revenue grew at a more moderate pace, reaching 2,537 million US$ in 2026.

Gross Profitability and Margin Trends: Gross profit increased substantially from 7,950 million US$ in 2021 to 17,195 million US$ in 2026. While the cost of revenue rose from 1,683 million US$ to 4,253 million US$, the gross margin remained high and relatively stable, indicating a strong ability to maintain pricing power and manage direct costs as the business scales.
Operating Expense Analysis: Operating expenses grew in tandem with revenue, with significant investments in growth and innovation. Selling and marketing expenses rose from 2,644 million US$ to 5,534 million US$, while research and development spending increased from 1,678 million US$ to 3,376 million US$. General and administrative expenses showed a steadier increase, rising from 982 million US$ to 1,623 million US$.
Operating Income and Efficiency: Operating income demonstrated significant growth, rising from 2,500 million US$ in 2021 to 5,884 million US$ in 2026. This reflects operating leverage, as the growth in operating income outpaced the growth in operating expenses. The introduction of restructuring charges in 2024, 2025, and 2026 indicates periodic organizational adjustments during this growth phase.
Financial Costs and Non-Operating Items: Interest expenses increased from 29 million US$ to 256 million US$ over the period. However, this was partially offset by an increase in net interest and other income, which peaked at 389 million US$ in 2026. Consequently, income before income taxes rose from 2,556 million US$ to 6,017 million US$.

Net income grew from 2,062 million US$ in 2021 to 4,566 million US$ in 2026. Despite a significant increase in the income tax provision, which rose from 494 million US$ to 1,451 million US$, the bottom-line growth remains robust. The net profit margin has remained remarkably consistent, demonstrating an ability to convert increased scale into proportional profit growth.

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Intuit Inc. (NASDAQ:INTU)

Income Statement