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

Income Statement
Quarterly Data

Beginner level

The income statement presents information on the financial results of a company’s 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 (quarterly data)

US$ in millions

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3 months ended: Apr 30, 2021 Jan 31, 2021 Oct 31, 2020 Jul 31, 2020 Apr 30, 2020 Jan 31, 2020 Oct 31, 2019 Jul 31, 2019 Apr 30, 2019 Jan 31, 2019 Oct 31, 2018 Jul 31, 2018 Apr 30, 2018 Jan 31, 2018 Oct 31, 2017 Jul 31, 2017 Apr 30, 2017 Jan 31, 2017 Oct 31, 2016 Jul 31, 2016 Apr 30, 2016 Jan 31, 2016 Oct 31, 2015 Jul 31, 2015 Apr 30, 2015 Jan 31, 2015 Oct 31, 2014
Product 533  495  367  294  443  545  353  245  498  533  347  322  505  316  319  313  467  299  297  295  459  264  271  281  442  195  228 
Service and other 3,640  1,081  956  1,522  2,559  1,151  812  749  2,774  969  669  666  2,420  849  567  529  2,074  717  481  459  1,845  659  442  415  1,693  554  384 
Net revenue 4,173  1,576  1,323  1,816  3,002  1,696  1,165  994  3,272  1,502  1,016  988  2,925  1,165  886  842  2,541  1,016  778  754  2,304  923  713  696  2,135  749  612 
Cost of product revenue (16) (22) (15) (15) (16) (24) (17) (17) (19) (26) (15) (25) (27) (36) (24) (25) (29) (37) (29) (32) (30) (40) (29) (31) (33) (42) (33)
Cost of service and other revenue (565) (331) (234) (302) (405) (310) (267) (259) (330) (254) (227) (201) (272) (207) (170) (155) (205) (166) (151) (134) (181) (153) (131) (137) (161) (139) (119)
Amortization of acquired technology (14) (14) (7) (5) (5) (6) (6) (5) (5) (5) (5) (5) (5) (3) (2) (3) (3) (3) (3) (5) (5) (6) (6) (8) (8) (7) (7)
Cost of revenue (595) (367) (256) (322) (426) (340) (290) (281) (354) (285) (247) (231) (304) (246) (196) (183) (237) (206) (183) (171) (216) (199) (166) (176) (202) (188) (159)
Gross profit 3,578  1,209  1,067  1,494  2,576  1,356  875  713  2,918  1,217  769  757  2,621  919  690  659  2,304  810  595  583  2,088  724  547  520  1,933  561  453 
Selling and marketing (857) (580) (362) (424) (648) (593) (383) (381) (652) (548) (346) (308) (549) (469) (308) (265) (467) (405) (283) (266) (423) (356) (244) (280) (413) (344) (251)
Research and development (464) (368) (325) (393) (332) (333) (334) (333) (311) (295) (294) (311) (296) (286) (293) (263) (246) (243) (246) (235) (228) (205) (213) (215) (206) (188) (189)
General and administrative (289) (250) (169) (193) (181) (159) (146) (150) (170) (140) (137) (217) (159) (143) (145) (141) (146) (140) (126) (132) (149) (120) (117) (118) (131) (115) (119)
Amortization of other acquired intangible assets (54) (36) (2) (1) (2) (1) (2) (2) (1) (1) (2) (2) (2) (1) (1) —  (1) —  (1) (6) (3) (1) (2) (3) (3) (3) (3)
Goodwill and intangible asset impairment charges —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  (34) (114) —  — 
Operating income (loss) from continuing operations 1,914  (25) 209  483  1,413  270  10  (153) 1,784  233  (10) (81) 1,615  20  (57) (10) 1,444  22  (61) (56) 1,285  42  (29) (130) 1,066  (89) (109)
Interest expense (7) (7) (8) (7) (2) (3) (2) (3) (4) (4) (4) (4) (5) (6) (5) (3) (8) (11) (9) (9) (10) (9) (7) (6) (7) (7) (7)
Interest and other income (expense), net 14  54  9  10  (3) 15  14  19  17  6  —  11  7  5  3  3  3  (1) (2) 3  2  (5) (4) (2) 1  2  — 
Income (loss) from continuing operations before income taxes 1,921  22  210  486  1,408  282  22  (137) 1,797  235  (14) (74) 1,617  19  (59) (10) 1,439  10  (72) (62) 1,277  28  (40) (138) 1,060  (94) (116)
Income tax (provision) benefit (457) (2) (12) (41) (324) (42) 35  93  (419) (46) 48  123  (417) (40) 42  34  (475) 3  42  22  (429) 1  9  36  (404) 34  35 
Net income (loss) from continuing operations 1,464  20  198  445  1,084  240  57  (44) 1,378  189  34  49  1,200  (21) (17) 24  964  13  (30) (40) 848  29  (31) (102) 656  (60) (81)
Net income (loss) from discontinued operations —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  —  178  (5) —  116  (155) (6) (3)
Net income (loss) 1,464  20  198  445  1,084  240  57  (44) 1,378  189  34  49  1,200  (21) (17) 24  964  13  (30) (40) 1,026  24  (31) 14  501  (66) (84)

Based on: 10-Q (filing date: 2021-05-25), 10-Q (filing date: 2021-02-23), 10-Q (filing date: 2020-11-19), 10-K (filing date: 2020-08-31), 10-Q (filing date: 2020-05-21), 10-Q (filing date: 2020-02-24), 10-Q (filing date: 2019-11-21), 10-K (filing date: 2019-08-30), 10-Q (filing date: 2019-05-23), 10-Q (filing date: 2019-02-22), 10-Q (filing date: 2018-11-20), 10-K (filing date: 2018-08-31), 10-Q (filing date: 2018-05-22), 10-Q (filing date: 2018-02-22), 10-Q (filing date: 2017-11-20), 10-K (filing date: 2017-09-01), 10-Q (filing date: 2017-05-23), 10-Q (filing date: 2017-02-23), 10-Q (filing date: 2016-11-18), 10-K (filing date: 2016-09-01), 10-Q (filing date: 2016-05-24), 10-Q (filing date: 2016-02-25), 10-Q (filing date: 2015-11-20), 10-K (filing date: 2015-09-01), 10-Q (filing date: 2015-05-22), 10-Q (filing date: 2015-02-19), 10-Q (filing date: 2014-11-21).

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.’s net revenue increased from Q1 2021 to Q2 2021 and from Q2 2021 to Q3 2021.
Operating income (loss) from continuing operations The net result for the period of deducting operating expenses from operating revenues. Intuit Inc.’s operating income (loss) from continuing operations decreased from Q1 2021 to Q2 2021 but then increased from Q2 2021 to Q3 2021 exceeding Q1 2021 level.
Income (loss) from continuing operations 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.’s income (loss) from continuing operations before income taxes decreased from Q1 2021 to Q2 2021 but then increased from Q2 2021 to Q3 2021 exceeding Q1 2021 level.
Net income (loss) The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Intuit Inc.’s net income (loss) decreased from Q1 2021 to Q2 2021 but then increased from Q2 2021 to Q3 2021 exceeding Q1 2021 level.