Cash Flow Statement

The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

Intuit Inc., consolidated cash flow statement

US$ in millions

12 months ended:	Jul 31, 2025	Jul 31, 2024	Jul 31, 2023	Jul 31, 2022	Jul 31, 2021	Jul 31, 2020
Net income	3,869)	2,963)	2,384)	2,066)	2,062)	1,826)
Depreciation	172)	159)	160)	187)	166)	189)
Amortization of acquired intangible assets	637)	630)	646)	559)	197)	29)
Non-cash operating lease cost	75)	81)	90)	83)	62)	60)
Share-based compensation expense	1,968)	1,940)	1,712)	1,308)	753)	435)
Deferred income taxes	(435)	(554)	(628)	120)	(42)	(179)
Other	127)	92)	81)	2)	(39)	6)
Adjustments	2,544)	2,348)	2,061)	2,259)	1,097)	540)
Originations and purchases of notes receivable held for sale	—)	(96)	—)	—)	(41)	(566)
Sales and principal repayments of notes receivable held for sale	—)	98)	—)	—)	143)	482)
Accounts receivable	(71)	(52)	42)	(31)	(104)	(59)
Income taxes receivable	27)	(48)	64)	29)	(51)	53)
Prepaid expenses and other assets	(283)	(30)	(75)	(121)	30)	(31)
Accounts payable	73)	133)	(97)	(95)	206)	33)
Accrued compensation and related liabilities	(64)	257)	88)	(357)	(70)	100)
Deferred revenue	142)	(49)	111)	71)	22)	38)
Operating lease liabilities	(77)	(71)	(81)	(83)	(66)	(61)
Other liabilities	47)	(569)	549)	151)	22)	59)
Changes in operating assets and liabilities	(206)	(429)	601)	(436)	(11)	132)
Adjustments to reconcile net income to net cash provided by operating activities	2,338)	1,921)	2,662)	1,823)	1,188)	588)
Net cash provided by operating activities	6,207)	4,884)	5,046)	3,889)	3,250)	2,414)
Purchases of corporate and customer fund investments	(2,363)	(780)	(1,015)	(830)	(1,489)	(701)
Sales of corporate and customer fund investments	320)	526)	240)	1,524)	229)	130)
Maturities of corporate and customer fund investments	864)	676)	449)	234)	550)	596)
Purchases of property and equipment	(84)	(191)	(210)	(157)	(53)	(59)
Capitalization of internal use software	(40)	(59)	(50)	(72)	(72)	(78)
Acquisitions of businesses, net of cash acquired	(184)	(83)	(33)	(5,682)	(3,064)	—)
Originations and purchases of notes receivable held for investment	(3,992)	(2,538)	(1,983)	(933)	(232)	(243)
Sales of notes receivable originally classified as held for investment	562)	234)	—)	—)	—)	—)
Principal repayments of notes receivable held for investment	2,706)	2,068)	1,727)	519)	136)	287)
Other	(107)	(80)	(47)	(24)	30)	(29)
Net cash used in investing activities	(2,318)	(227)	(922)	(5,421)	(3,965)	(97)
Proceeds from issuance of long-term debt, net of discount and issuance costs	—)	3,956)	—)	4,700)	—)	1,983)
Repayments of debt	(500)	(4,200)	(1,009)	—)	(338)	(50)
Proceeds from borrowings under unsecured revolving credit facility	—)	100)	—)	—)	—)	1,000)
Repayments on borrowings under unsecured revolving credit facility	—)	(100)	—)	—)	(1,000)	—)
Proceeds from borrowings under secured revolving credit facilities	429)	180)	222)	182)	—)	—)
Repayments on borrowings under secured revolving credit facilities	—)	(25)	(23)	—)	—)	—)
Proceeds from issuance of stock under employee stock plans	398)	282)	228)	162)	196)	211)
Payments for employee taxes withheld upon vesting of restricted stock units	(982)	(1,002)	(633)	(611)	(383)	(244)
Cash paid for purchases of treasury stock	(2,772)	(1,988)	(1,967)	(1,861)	(1,005)	(323)
Dividends and dividend rights paid	(1,189)	(1,034)	(889)	(774)	(646)	(561)
Net change in funds receivable and funds payable and amounts due to customers	3,107)	3,436)	(197)	(56)	2)	19)
Other	(1)	(2)	(1)	(10)	(2)	(1)
Net cash provided by (used in) financing activities	(1,510)	(397)	(4,269)	1,732)	(3,176)	2,034)
Effect of exchange rates on cash, cash equivalents, restricted cash, and restricted cash equivalents	3)	(13)	—)	(22)	13)	(6)
Net increase (decrease) in cash, cash equivalents, restricted cash, and restricted cash equivalents	2,382)	4,247)	(145)	178)	(3,878)	4,345)
Cash, cash equivalents, restricted cash, and restricted cash equivalents at beginning of period	7,099)	2,852)	2,997)	2,819)	6,697)	2,352)
Cash, cash equivalents, restricted cash, and restricted cash equivalents at end of period	9,481)	7,099)	2,852)	2,997)	2,819)	6,697)

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

Over the observed periods, net income demonstrates a consistent upward trend, increasing from $1,826 million in 2020 to $3,869 million in 2025, indicating strong profitability growth. Depreciation expenses remain relatively stable with minor fluctuations, suggesting steady asset usage.

Amortization of acquired intangible assets saw a significant increase between 2020 and 2022, peaking at $646 million in 2023 before slightly decreasing but remaining high through 2025. This trend corresponds with increased acquisition activities noted in the capital expenditure data. Share-based compensation expense exhibits a marked rise from $435 million in 2020 to nearly $2,000 million by 2025, reflecting possibly expanding employee incentive programs or equity compensation structures.

Deferred income taxes fluctuate, showing negative values in some years and positive in others, possibly indicating changing tax positions or timing differences. Other non-cash adjustments contribute moderately to overall adjustments which have generally increased, reaching over $2,500 million by 2025, contributing to reconciliation with net income in operating cash flow.

Changes in operating assets and liabilities are variable, with some years showing negative impacts and others positive, notably a strong positive change in 2023 but negative impacts in subsequent years. This volatility affects cash flow from operations, which overall has trended upward significantly, reflecting improved cash generation from core business activities.

Investing activities reveal substantial outflows, especially in acquisitions of businesses, which spiked dramatically in 2021 and 2022 before returning to lower levels. Purchases of notes receivable held for investment show increasing amounts, reaching nearly $4,000 million in 2025, while sales and principal repayments of these notes have also increased, indicating active management of investment portfolios. Capital expenditures and software capitalization remain relatively moderate but stable, with no significant spikes.

Financing activities are characterized by notable volatility and shifts. There are considerable inflows from issuance of long-term debt in certain years juxtaposed with significant debt repayments, especially in 2023 and 2024. Stock issuance under employee stock plans generally increases over time, while cash paid for treasury stock and dividends steadily rise, increasing financial commitments to shareholders. The net cash flow from financing activities swings between positive and negative values, evidencing dynamic capital structure management.

Cash and cash equivalents experienced substantial fluctuations. After a large increase in 2020, there was a decline in 2021 followed by relative stability until a dramatic increase from 2024 into 2025. This accumulation of cash balances denotes strong liquidity positions in recent periods.

Overall, the data reflect a company exhibiting robust profitability and increasing cash flow generation from operations, balanced against substantial investing outflows related to acquisitions and note receivable investments. Financing activities show active debt and equity management with an emphasis on returning value to shareholders while maintaining liquidity. The trends indicate strategic growth investments funded by operational cash flow complemented by debt and equity financing, supporting ongoing expansion and shareholder remuneration.

Profitability: Consistent growth in net income from 2020 to 2025, reflecting improved earnings performance.
Non-cash Expenses: Marked increase in amortization of intangibles and share-based compensation, signifying acquisitions and equity incentives.
Operating Cash Flow: Strong upward trend supported by higher net income and increasing adjustments, demonstrating strong cash generation capability.
Investing Activities: Large acquisition spend in early years and increasing note receivable investments indicating expansion; moderate capital expenditures.
Financing Activities: Substantial debt issuance and repayments with rising dividends and treasury stock purchases indicating active capital and shareholder return management.
Liquidity: Fluctuating but overall increasing cash balances culminating in strong liquidity by 2025.

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Intuit Inc. (NASDAQ:INTU)

Cash Flow Statement