Stock Analysis on Net
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Intuit Inc. (NASDAQ:INTU)

$24.99

Income Statement
Quarterly Data

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 (quarterly data)

US$ in millions

Microsoft Excel
3 months ended: Apr 30, 2026 Jan 31, 2026 Oct 31, 2025 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
Product and other
Net revenue
Cost of service revenue
Cost of product and other revenue
Amortization of acquired technology
Cost of revenue
Gross profit
Selling and marketing
Research and development
General and administrative
Amortization of other acquired intangible assets
Restructuring
Operating income (loss)
Interest expense
Interest and other income (loss), net
Income before income taxes
Income tax (provision) benefit
Net income

Based on: 10-Q (reporting date: 2026-04-30), 10-Q (reporting date: 2026-01-31), 10-Q (reporting date: 2025-10-31), 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).

The financial performance is characterized by extreme seasonality and a consistent long-term growth trajectory in both top-line revenue and gross profit. A recurring pattern is evident where the April quarter consistently generates the highest revenue and profit, aligning with cyclical demand, while the July and October quarters typically represent the lower end of the revenue spectrum.

Revenue Streams and Growth
Net revenue demonstrates a strong upward trend, growing from 1,165 million US$ in October 2019 to 8,558 million US$ by April 2026. Service revenue serves as the primary growth engine, exhibiting substantial scaling during peak periods. For instance, April quarterly service revenue rose from 2,559 million US$ in 2020 to 7,759 million US$ in 2026. Product and other revenue also grew, though it remains a significantly smaller portion of the total revenue mix, peaking at 799 million US$ in April 2026.
Gross Profitability and Cost Management
Gross profit mirrors the seasonality of net revenue, with peaks occurring every April. Gross margins remain robust, as the cost of revenue increases at a slower rate than total revenue. Cost of service revenue is the dominant component of total costs, while the cost of product revenue remains relatively flat. Amortization of acquired technology saw a significant step-up in January 2022, stabilizing around 40 to 44 million US$ per quarter in later periods.
Operating Expenditure Analysis
Operating expenses show a steady long-term increase across all categories. Research and development expenses grew consistently from approximately 330 million US$ per quarter in 2019 to 840 million US$ by 2026, indicating sustained investment in product evolution. Selling and marketing expenses exhibit higher volatility and correlate with revenue peaks, reaching a maximum of 1,793 million US$ in April 2026. General and administrative costs have scaled more linearly, increasing from 146 million US$ in October 2019 to 409 million US$ in April 2026.
Operating Income and Bottom-Line Volatility
Operating income is highly cyclical, with substantial surpluses in the April quarters and occasional losses or marginal gains in the July and October quarters. Operating losses were observed in July 2022 and July 2024, the latter of which was influenced by restructuring charges totaling 223 million US$. Net income exhibits extreme volatility compared to operating income, largely driven by significant fluctuations in income tax provisions and benefits, particularly the large tax provisions recorded during high-income April quarters.
Other Income and Financing
Interest expenses increased from 2 million US$ in October 2019 to a range of 60 to 70 million US$ in later periods, reflecting increased leverage or financing costs. This is partially offset by interest and other income, which showed a notable increase in the 2024-2026 period, peaking at 97 million US$ in April 2026.