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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- Balance Sheet: Liabilities and Stockholders’ Equity
- Cash Flow Statement
- Common-Size Balance Sheet: Assets
- Analysis of Solvency Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Common Stock Valuation Ratios
- Price to FCFE (P/FCFE)
- Debt to Equity since 2005
- Price to Book Value (P/BV) since 2005
- Analysis of Debt
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Intuit Inc., consolidated income statement (quarterly data)
US$ in millions
Based on: 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).
- Revenue Trends
- The total net revenue exhibits strong seasonal fluctuations and a general upward trend over the analyzed periods. Notably, there are significant spikes in certain quarters, such as April 2020, April 2022, and October 2025, where revenue peaks substantially higher than in other quarters. Service revenue dominates the total net revenue, consistently contributing a larger proportion compared to product and other revenue. Both service and product revenues exhibit growth patterns, though service revenue shows more pronounced volatility.
- Cost of Revenue and Gross Profit
- The cost of revenue, inclusive of service, product, and amortization of acquired technology, increases in tandem with revenue, reflecting higher operational scale. Periods of revenue peaks are generally accompanied by elevated costs, with the cost of service revenue being the major contributor within the cost structure. Amortization costs of acquired technology and other intangible assets show an increasing trend, especially from January 2021 onward, suggesting ongoing capital investments or acquisitions affecting expense profiles. Gross profit closely follows revenue trends, with strong increases in quarters of high revenue, although the gross margin variability indicates fluctuating cost control efficiencies.
- Operating Expenses
- Selling and marketing expenses demonstrate a rising trend, with some spikes correlating with revenue surges, implying intensified promotional efforts during growth phases. Research and development expenses remain relatively stable but show a slow upward trajectory, indicating consistent investment in innovation. General and administrative expenses increase gradually over the periods, reflecting possible scaling of corporate infrastructure. Amortization of other acquired intangible assets contributes steadily to operating expenses, adding to the overhead costs.
- Operating Income and Profitability
- Operating income shows considerable volatility, with large positive spikes during high-revenue quarters, particularly in April 2020, April 2022, and October 2025. There are several quarters with minimal or negative operating income, indicating periods of tightening margins or increased expenses. Despite fluctuations, the trend over time suggests growing profitability potential during peak seasons.
- Interest and Income Tax
- Interest expense gradually increases over time, reflecting possibly greater borrowings or financing costs. Interest and other income impact the net income variably, sometimes offsetting interest expenses. The income tax provision reveals substantial variability, with occasionally negative provisions indicating tax benefits in some quarters, possibly due to losses carried forward or tax planning strategies. Tax expense spikes notably in quarters with higher pre-tax income, consistent with increased profitability during these periods.
- Net Income
- Net income demonstrates marked seasonality, with pronounced increases corresponding to the periods of highest revenue and operating income. The company experiences sharp income spikes in April quarters notably in 2020, 2022, and 2025, reflecting strong underlying business performance during these times. Some quarters show reduced or negative net income, highlighting the impact of fluctuating costs and tax effects. Overall, the net income trend indicates growth with cyclical variations that align closely with revenue dynamics.
- Summary
- The financial data reveals a pattern of strong seasonal revenue peaks primarily driven by the service segment, accompanied by corresponding increases in costs and expenses. Operating performance and net income align with these peaks, signifying effective conversion of revenue into profits during key periods. Incremental increases in amortization and administrative expenses highlight ongoing investment and scaling efforts. The company experiences variability in tax expenses and interest costs, contributing to net income fluctuations. Overall, the financial trends illustrate growth potential with meaningful seasonal impacts and ongoing strategic investments.