Stock Analysis on Net

Intuit Inc. (NASDAQ:INTU)

Income Statement 
Quarterly Data

Intuit Inc., consolidated income statement (quarterly data)

US$ in millions

Microsoft Excel
3 months ended: Jul 31, 2025 Apr 30, 2025 Jan 31, 2025 Oct 31, 2024 Jul 31, 2024 Apr 30, 2024 Jan 31, 2024 Oct 31, 2023 Jul 31, 2023 Apr 30, 2023 Jan 31, 2023 Oct 31, 2022 Jul 31, 2022 Apr 30, 2022 Jan 31, 2022 Oct 31, 2021 Jul 31, 2021 Apr 30, 2021 Jan 31, 2021 Oct 31, 2020 Jul 31, 2020 Apr 30, 2020 Jan 31, 2020 Oct 31, 2019
Service 3,291 6,971 3,249 2,889 2,670 6,048 2,693 2,450 2,340 5,404 2,418 2,155 2,143 5,078 2,148 1,610 2,258 3,640 1,081 956 1,522 2,559 1,151 812
Product and other 540 783 714 394 514 689 693 528 372 614 623 442 271 554 525 397 303 533 495 367 294 443 545 353
Net revenue 3,831 7,754 3,963 3,283 3,184 6,737 3,386 2,978 2,712 6,018 3,041 2,597 2,414 5,632 2,673 2,007 2,561 4,173 1,576 1,323 1,816 3,002 1,696 1,165
Cost of service revenue (834) (1,138) (880) (772) (733) (1,014) (796) (707) (656) (924) (708) (620) (543) (764) (503) (387) (434) (565) (331) (234) (302) (405) (310) (267)
Cost of product and other revenue (16) (18) (20) (14) (14) (17) (23) (15) (16) (17) (24) (15) (16) (18) (20) (15) (16) (16) (22) (15) (15) (16) (24) (17)
Amortization of acquired technology (44) (38) (37) (37) (36) (36) (36) (38) (41) (40) (41) (41) (41) (42) (42) (15) (15) (14) (14) (7) (5) (5) (6) (6)
Cost of revenue (894) (1,194) (937) (823) (783) (1,067) (855) (760) (713) (981) (773) (676) (600) (824) (565) (417) (465) (595) (367) (256) (322) (426) (340) (290)
Gross profit 2,937 6,560 3,026 2,460 2,401 5,670 2,531 2,218 1,999 5,037 2,268 1,921 1,814 4,808 2,108 1,590 2,096 3,578 1,209 1,067 1,494 2,576 1,356 875
Selling and marketing (1,251) (1,618) (1,204) (962) (1,104) (1,419) (1,020) (769) (840) (1,203) (924) (795) (807) (1,227) (942) (550) (845) (857) (580) (362) (424) (648) (593) (383)
Research and development (801) (707) (716) (704) (725) (671) (678) (680) (680) (604) (630) (625) (627) (600) (590) (530) (521) (464) (368) (325) (393) (332) (333) (334)
General and administrative (424) (394) (389) (394) (377) (355) (344) (342) (341) (332) (323) (304) (334) (465) (399) (262) (274) (289) (250) (169) (193) (181) (159) (146)
Amortization of other acquired intangible assets (121) (120) (120) (120) (123) (120) (120) (120) (121) (120) (121) (121) (121) (121) (121) (53) (54) (54) (36) (2) (1) (2) (1) (2)
Restructuring (1) (1) (4) (9) (223)
Operating income (loss) 339 3,720 593 271 (151) 3,105 369 307 17 2,778 270 76 (75) 2,395 56 195 402 1,914 (25) 209 483 1,413 270 10
Interest expense (59) (68) (60) (60) (60) (60) (57) (65) (68) (66) (65) (49) (32) (21) (21) (7) (7) (7) (7) (8) (7) (2) (3) (2)
Interest and other income (loss), net 86 32 38 2 71 27 42 22 46 22 23 5 8 (1) (5) 50 8 14 54 9 10 (3) 15 14
Income before income taxes 366 3,684 571 213 (140) 3,072 354 264 (5) 2,734 228 32 (99) 2,373 30 238 403 1,921 22 210 486 1,408 282 22
Income tax (provision) benefit 15 (864) (100) (16) 120 (683) (1) (23) 94 (647) (60) 8 43 (579) 70 (10) (23) (457) (2) (12) (41) (324) (42) 35
Net income 381 2,820 471 197 (20) 2,389 353 241 89 2,087 168 40 (56) 1,794 100 228 380 1,464 20 198 445 1,084 240 57

Based on: 10-K (reporting date: 2025-07-31), 10-Q (reporting date: 2025-04-30), 10-Q (reporting date: 2025-01-31), 10-Q (reporting date: 2024-10-31), 10-K (reporting date: 2024-07-31), 10-Q (reporting date: 2024-04-30), 10-Q (reporting date: 2024-01-31), 10-Q (reporting date: 2023-10-31), 10-K (reporting date: 2023-07-31), 10-Q (reporting date: 2023-04-30), 10-Q (reporting date: 2023-01-31), 10-Q (reporting date: 2022-10-31), 10-K (reporting date: 2022-07-31), 10-Q (reporting date: 2022-04-30), 10-Q (reporting date: 2022-01-31), 10-Q (reporting date: 2021-10-31), 10-K (reporting date: 2021-07-31), 10-Q (reporting date: 2021-04-30), 10-Q (reporting date: 2021-01-31), 10-Q (reporting date: 2020-10-31), 10-K (reporting date: 2020-07-31), 10-Q (reporting date: 2020-04-30), 10-Q (reporting date: 2020-01-31), 10-Q (reporting date: 2019-10-31).


Revenue Trends
The service revenue exhibits notable volatility, with significant increases followed by dips across the quarters. Peaks are observed in Apr 30, 2020; Apr 30, 2021; Apr 30, 2023; and Apr 30, 2025, indicating strong seasonal or event-driven demand. Product and other revenue shows smaller fluctuations and remains relatively stable, with slight growth over the observed period.
Cost of Revenue
Cost of service revenue generally trends upward in absolute value, mirroring the fluctuations in service revenue but with increasing magnitude, especially in later periods such as Apr 30, 2022, and Oct 31, 2024. Cost of product revenue is relatively stable with minor variations. Overall cost of revenue increases consistently, which could reflect rising expenses related to scaling business activities or inflationary effects.
Gross Profit
Gross profit closely follows the pattern of net revenue, with peaks corresponding to revenue surges. Despite higher costs, gross profit rises substantially during high revenue quarters, suggesting maintenance of healthy margins during growth phases. However, there are quarters where gross profit dips significantly, which implies margin pressure during those periods.
Operating Expenses
Selling and marketing expenses show a clear increasing trend over time, with occasional large jumps, indicating intensified efforts to acquire or retain customers. Research and development expenses remain steady with a gradual upward trajectory, highlighting ongoing investment in innovation. General and administrative expenses also rise consistently, reflecting scaling organizational needs or inflation. Notably, amortization of other acquired intangible assets spikes markedly starting Jan 31, 2021, suggesting recent acquisitions or changes in accounting treatment.
Restructuring Costs
Restructuring expenses appear sporadically in later periods starting Jan 31, 2025, with decreasing amounts over subsequent quarters. This indicates recent organizational changes or cost realignment efforts aimed at improving operational efficiency.
Profitability
Operating income fluctuates widely, with some quarters showing substantial profits (e.g., Apr 30, 2021; Apr 30, 2023; and Jul 31, 2025), but also several quarters with minimal or negative operating income, signaling variable operational performance. Interest expenses rise over time, increasing financial costs, although interest and other income contribute positively with some volatility. Income before taxes follows a similar pattern to operating income, reflecting operating results and financing impacts.
Income Tax and Net Income
Income tax provisions vary significantly, including some quarters with negative provisions (tax benefits). This tax volatility influences net income results, which, despite fluctuations, show overall growth and several high-profit quarters. Net income peaks align with strong operating income quarters, underscoring effective translation of operational success into bottom-line profitability.
Summary
The financial data demonstrates a pattern of cyclical revenue growth primarily driven by service offerings, accompanied by proportional cost increases. Operating expenses steadily rise, reflecting growth and investment in marketing and development. Profitability is uneven but generally improving when considering net income peaks in later periods. The appearance of restructuring costs in recent quarters suggests active efforts to enhance efficiency. Overall, the data indicates ongoing expansion with attention to managing costs and maintaining profitability amidst fluctuating market demands.