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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- Common-Size Balance Sheet: Assets
- Analysis of Profitability Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Common Stock Valuation Ratios
- Capital Asset Pricing Model (CAPM)
- Dividend Discount Model (DDM)
- Selected Financial Data since 2005
- Return on Equity (ROE) since 2005
- Current Ratio since 2005
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Intuit Inc., consolidated income statement (quarterly data)
US$ in millions
Based on: 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), 10-K (reporting date: 2019-07-31), 10-Q (reporting date: 2019-04-30), 10-Q (reporting date: 2019-01-31), 10-Q (reporting date: 2018-10-31).
- Revenue Trends
- The overall net revenue exhibits a general increasing trend over the periods analyzed. Notably, there are fluctuations within individual quarters; for example, a significant spike occurs in the April periods of several years, particularly pronounced in April 2019 and April 2021, aligning with peaks in 'Service' revenue. 'Service' revenue consistently constitutes the majority of total net revenue and shows substantial growth spikes approximately every year. 'Product and other' revenue presents a more stable, moderate growth pattern with some periodic declines, indicating less volatility compared to 'Service' revenue.
- Cost of Revenue
- Costs related to revenue have similarly increased over time, with 'Cost of service revenue' showing marked growth in absolute values, particularly notable during quarters with high service revenue. This suggests cost increases proportional to expanded service offerings or volume. 'Cost of product and other revenue' remains relatively constant without significant growth, supporting the observation of steady product revenue behavior. Amortization costs related to acquired technology rise steeply starting in late 2020 and remain elevated, reflecting either acquisitions or investments in technology assets during this timeframe.
- Gross Profit
- Gross profit displays a parallel increasing trend to net revenue growth. Spikes in gross profit correspond closely with large increases in net revenue, especially in the April quarters. However, quarter-to-quarter variability is evident, with some declines corresponding to increased costs of revenue in certain quarters. Overall, the company maintains strong gross profitability, with expanding absolute values over time.
- Operating Expenses
- Selling and marketing expenses show a pronounced upward trend, with occasional periods of sharp increases, especially notable from early 2021 onwards. This suggests intensified investment in market expansion or promotional activities. Research and development expenses also rise steadily, demonstrating continuous investment in innovation or product development. General and administrative expenses increase modestly but steadily, representing consistent overhead growth proportional to company size. Significant amortization of other acquired intangible assets begins in late 2020, resulting in higher ongoing expenses and potentially connected to strategic acquisitions.
- Operating Income and Profitability
- Operating income exhibits considerable volatility with periods of both losses and gains. Noteworthy are substantial positive spikes closely aligned with revenue peaks, particularly in April quarters of 2019, 2021, and 2023, suggesting seasonal or campaign-related profitability surges. However, some quarters show operating losses or minimal income, indicating variability in operational efficiency or cost management. Despite fluctuations, the overall trajectory shows improvement in operating income levels over the full period.
- Interest and Tax Expenses
- Interest expense remains relatively low but shows gradual increases over time, with some spikes correlating with periods of higher operating activity. Interest and other income (loss), net, fluctuates but generally contributes positively to financial results, indicating ancillary income streams or investment returns. Income tax provision exhibits significant variability, with occasional large negative or positive values, possibly reflecting deferred tax assets or liabilities or shifts in taxable income. This variability contributes to uneven net income outcomes relative to operating income.
- Net Income
- Net income follows an upward trajectory with strong growth manifested in April quarters coinciding with revenue and gross profit spikes. Some quarters show negative or marginal net income, reflecting periods of higher expenses or tax impacts. However, the consistent recovery and growth in net income, especially in recent years, indicate improved overall profitability and financial health.
- Restructuring Costs
- Restructuring expenses appear only in the most recent quarters with sharply negative values, suggesting the initiation of cost-reduction or organizational changes aimed at future efficiency improvements. The magnitude of these costs is relatively small compared to overall expenses but signals strategic shifts within the company.