Debt to Equity
since 2005
Calculation
Intuit Inc., debt to equity, long-term trends, calculation
| Debt to equity | = | Total debt1 | ÷ | Stockholders’ equity1 | |
|---|---|---|---|---|---|
| Jul 31, 2026 | 0.40 | = | 7,669) | ÷ | 18,992) |
| Jul 31, 2025 | 0.30 | = | 5,973) | ÷ | 19,710) |
| Jul 31, 2024 | 0.33 | = | 6,038) | ÷ | 18,436) |
| Jul 31, 2023 | 0.35 | = | 6,120) | ÷ | 17,269) |
| Jul 31, 2022 | 0.42 | = | 6,914) | ÷ | 16,441) |
| Jul 31, 2021 | 0.21 | = | 2,034) | ÷ | 9,869) |
| Jul 31, 2020 | 0.66 | = | 3,369) | ÷ | 5,106) |
| Jul 31, 2019 | 0.12 | = | 436) | ÷ | 3,749) |
| Jul 31, 2018 | 0.19 | = | 438) | ÷ | 2,354) |
| Jul 31, 2017 | 0.36 | = | 488) | ÷ | 1,354) |
| Jul 31, 2016 | 0.86 | = | 1,000) | ÷ | 1,161) |
| Jul 31, 2015 | 0.21 | = | 500) | ÷ | 2,332) |
| Jul 31, 2014 | 0.16 | = | 499) | ÷ | 3,078) |
| Jul 31, 2013 | 0.14 | = | 499) | ÷ | 3,531) |
| Jul 31, 2012 | 0.18 | = | 499) | ÷ | 2,744) |
| Jul 31, 2011 | 0.38 | = | 999) | ÷ | 2,616) |
| Jul 31, 2010 | 0.35 | = | 998) | ÷ | 2,821) |
| Jul 31, 2009 | 0.39 | = | 998) | ÷ | 2,556) |
| Jul 31, 2008 | 0.48 | = | 998) | ÷ | 2,073) |
| Jul 31, 2007 | 0.49 | = | 998) | ÷ | 2,035) |
| Jul 31, 2006 | 0.00 | = | —) | ÷ | 1,738) |
| Jul 31, 2005 | 0.00 | = | —) | ÷ | 1,695) |
Based on: 10-K (reporting date: 2026-07-31), 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), 10-K (reporting date: 2019-07-31), 10-K (reporting date: 2018-07-31), 10-K (reporting date: 2017-07-31), 10-K (reporting date: 2016-07-31), 10-K (reporting date: 2015-07-31), 10-K (reporting date: 2014-07-31), 10-K (reporting date: 2013-07-31), 10-K (reporting date: 2012-07-31), 10-K (reporting date: 2011-07-31), 10-K (reporting date: 2010-07-31), 10-K (reporting date: 2009-07-31), 10-K (reporting date: 2008-07-31), 10-K (reporting date: 2007-07-31), 10-K (reporting date: 2006-07-31), 10-K (reporting date: 2005-07-31).
1 US$ in millions
The capital structure of Intuit Inc. has undergone significant transformations between 2005 and 2026, characterized by a substantial expansion of stockholders' equity and intermittent periods of aggressive debt acquisition. While absolute debt levels have increased over the long term, the simultaneous growth in equity has generally maintained a conservative leverage profile.
- Total Debt Trends
- Debt levels remained relatively stagnant between 2007 and 2011, hovering around 998 million US$. A reduction occurred between 2012 and 2015, with debt falling to approximately 500 million US$. However, a significant shift in financing strategy is evident starting in 2020, where debt spiked to 3,369 million US$, followed by a more substantial increase to 6,914 million US$ by 2022. Recent figures indicate a stabilization around 6,000 million US$, with a projected increase to 7,669 million US$ by 2026.
- Stockholders' Equity Trajectory
- Equity exhibited a consistent upward trend from 2005 through 2013, rising from 1,695 million US$ to 3,531 million US$. A notable contraction occurred between 2014 and 2016, with equity reaching a period low of 1,161 million US$. From 2017 onward, a period of aggressive equity growth began, accelerating sharply after 2020. Equity expanded from 5,106 million US$ in 2019 to a projected 18,992 million US$ by 2026, reflecting a massive increase in the company's net asset base.
- Debt to Equity Ratio Analysis
- The debt to equity ratio has fluctuated in response to the divergent movements of debt and equity. The ratio reached its peak in 2016 at 0.86, driven by the simultaneous increase in debt and a significant decline in equity. Conversely, the ratio hit a low of 0.12 in 2019. Despite the substantial increase in total debt starting in 2020, the ratio has remained relatively low—ranging between 0.21 and 0.42 from 2021 to 2026—because the growth in stockholders' equity has outpaced the accumulation of debt. This suggests that the company has successfully scaled its operations and retained earnings or raised capital without excessively increasing its financial risk relative to its equity base.
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Comparison to Competitors
Intuit Inc., debt to equity, long-term trends, comparison to competitors
| Intuit Inc. | Accenture PLC | Adobe Inc. | AppLovin Corp. | Cadence Design Systems Inc. | Datadog Inc. | International Business Machines Corp. | Microsoft Corp. | Oracle Corp. | Palantir Technologies Inc. | Palo Alto Networks Inc. | Salesforce Inc. | ServiceNow Inc. | Synopsys Inc. | Workday Inc. | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Jul 31, 2026 | 0.40 | — | — | — | — | — | — | 0.24 | 3.05 | — | 0.06 | 0.25 | — | — | 0.38 |
| Jul 31, 2025 | 0.30 | 0.17 | 0.53 | 1.65 | 0.45 | 0.26 | 1.88 | 0.26 | 4.53 | 0.00 | 0.00 | 0.15 | 0.12 | 0.48 | 0.33 |
| Jul 31, 2024 | 0.33 | 0.04 | 0.40 | 3.22 | 0.53 | 0.59 | 2.01 | 0.29 | 9.98 | 0.00 | 0.19 | 0.17 | 0.15 | 0.00 | 0.37 |
| Jul 31, 2023 | 0.35 | 0.01 | 0.22 | 2.48 | 0.19 | 0.37 | 2.51 | 0.31 | 84.33 | 0.00 | 1.14 | 0.20 | 0.20 | 0.00 | 0.53 |
| Jul 31, 2022 | 0.42 | 0.00 | 0.29 | 1.69 | 0.27 | 0.52 | 2.32 | 0.39 | — | 0.00 | 17.51 | 0.19 | 0.30 | 0.00 | 0.41 |
| Jul 31, 2021 | 0.21 | 0.00 | 0.28 | 1.51 | 0.13 | 0.71 | 2.74 | 0.50 | 16.08 | 0.00 | 5.08 | 0.07 | 0.43 | 0.02 | 0.55 |
| Jul 31, 2020 | 0.66 | 0.00 | 0.31 | — | 0.14 | 0.60 | 2.99 | 0.62 | 5.93 | 0.13 | 2.80 | 0.09 | 0.58 | 0.03 | 0.51 |
| Jul 31, 2019 | 0.12 | 0.00 | 0.39 | — | 0.16 | 0.00 | 3.02 | 0.77 | 2.58 | — | 0.90 | 0.22 | 0.33 | 0.03 | 0.62 |
| Jul 31, 2018 | 0.19 | 0.00 | 0.44 | — | 0.35 | — | 2.73 | 0.97 | 1.33 | — | 1.99 | 0.21 | 0.60 | 0.13 | 0.94 |
| Jul 31, 2017 | 0.36 | 0.00 | 0.22 | — | 0.74 | — | 2.66 | 1.23 | 1.08 | — | 0.69 | 0.32 | 2.01 | 0.04 | 0.46 |
| Jul 31, 2016 | 0.86 | 0.00 | 0.26 | — | 0.93 | — | 2.31 | 0.76 | 0.93 | — | 0.64 | 0.36 | 1.31 | 0.06 | 0.45 |
| Jul 31, 2015 | 0.21 | 0.00 | 0.27 | — | 0.25 | — | 2.80 | 0.44 | 0.86 | — | 1.00 | 0.49 | 0.84 | 0.07 | 0.44 |
| Jul 31, 2014 | 0.16 | 0.00 | 0.22 | — | 0.52 | — | 3.44 | 0.25 | 0.52 | — | 1.00 | 0.79 | 1.04 | 0.02 | 0.41 |
| Jul 31, 2013 | 0.14 | 0.01 | 0.23 | — | 0.28 | — | 1.74 | 0.20 | 0.41 | — | 0.00 | 0.25 | 1.05 | 0.04 | 0.04 |
| Jul 31, 2012 | 0.18 | 0.00 | 0.23 | — | 0.49 | — | 1.76 | 0.18 | 0.38 | — | 0.00 | 0.35 | 0.00 | 0.05 | — |
| Jul 31, 2011 | 0.38 | 0.00 | 0.26 | — | 1.04 | — | 1.56 | 0.21 | 0.40 | — | — | 0.38 | — | 0.00 | — |
| Jul 31, 2010 | 0.35 | 0.00 | 0.29 | — | 1.99 | — | 1.24 | 0.13 | 0.48 | — | — | 0.45 | — | 0.00 | — |
| Jul 31, 2009 | 0.39 | 0.00 | 0.20 | — | 4.02 | — | 1.15 | 0.15 | 0.41 | — | — | 0.01 | — | 0.00 | — |
| Jul 31, 2008 | 0.48 | 0.00 | 0.08 | — | 4.91 | — | 2.52 | 0.00 | 0.49 | — | — | 0.00 | — | 0.00 | — |
| Jul 31, 2007 | 0.49 | 0.01 | 0.00 | — | 0.35 | — | 1.24 | 0.00 | 0.45 | — | — | 0.00 | — | 0.00 | — |
| Jul 31, 2006 | 0.00 | 0.03 | 0.00 | — | 0.45 | — | 0.80 | 0.00 | 0.39 | — | — | 0.00 | — | 0.00 | — |
| Jul 31, 2005 | 0.00 | 0.04 | 0.00 | — | 0.31 | — | 0.68 | 0.00 | 0.26 | — | — | 0.01 | — | 0.00 | — |
Based on: 10-K (reporting date: 2026-07-31), 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), 10-K (reporting date: 2019-07-31), 10-K (reporting date: 2018-07-31), 10-K (reporting date: 2017-07-31), 10-K (reporting date: 2016-07-31), 10-K (reporting date: 2015-07-31), 10-K (reporting date: 2014-07-31), 10-K (reporting date: 2013-07-31), 10-K (reporting date: 2012-07-31), 10-K (reporting date: 2011-07-31), 10-K (reporting date: 2010-07-31), 10-K (reporting date: 2009-07-31), 10-K (reporting date: 2008-07-31), 10-K (reporting date: 2007-07-31), 10-K (reporting date: 2006-07-31), 10-K (reporting date: 2005-07-31).
Comparison to Sector (Software & Services)
Intuit Inc., debt to equity, long-term trends, comparison to sector (software & services)
| Intuit Inc. | Software & Services | |
|---|---|---|
| Jul 31, 2026 | 0.40 | — |
| Jul 31, 2025 | 0.30 | 0.49 |
| Jul 31, 2024 | 0.33 | 0.55 |
| Jul 31, 2023 | 0.35 | 0.64 |
| Jul 31, 2022 | 0.42 | 0.71 |
| Jul 31, 2021 | 0.21 | 0.83 |
| Jul 31, 2020 | 0.66 | 0.95 |
| Jul 31, 2019 | 0.12 | 1.04 |
| Jul 31, 2018 | 0.19 | 1.07 |
| Jul 31, 2017 | 0.36 | 1.14 |
| Jul 31, 2016 | 0.86 | 0.90 |
| Jul 31, 2015 | 0.21 | 0.73 |
| Jul 31, 2014 | 0.16 | 0.54 |
| Jul 31, 2013 | 0.14 | 0.46 |
| Jul 31, 2012 | 0.18 | 0.44 |
| Jul 31, 2011 | 0.38 | 0.47 |
| Jul 31, 2010 | 0.35 | 0.46 |
| Jul 31, 2009 | 0.39 | 0.44 |
| Jul 31, 2008 | 0.48 | 0.56 |
| Jul 31, 2007 | 0.49 | 0.50 |
| Jul 31, 2006 | 0.00 | 0.31 |
| Jul 31, 2005 | 0.00 | 0.26 |
Based on: 10-K (reporting date: 2026-07-31), 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), 10-K (reporting date: 2019-07-31), 10-K (reporting date: 2018-07-31), 10-K (reporting date: 2017-07-31), 10-K (reporting date: 2016-07-31), 10-K (reporting date: 2015-07-31), 10-K (reporting date: 2014-07-31), 10-K (reporting date: 2013-07-31), 10-K (reporting date: 2012-07-31), 10-K (reporting date: 2011-07-31), 10-K (reporting date: 2010-07-31), 10-K (reporting date: 2009-07-31), 10-K (reporting date: 2008-07-31), 10-K (reporting date: 2007-07-31), 10-K (reporting date: 2006-07-31), 10-K (reporting date: 2005-07-31).
Comparison to Industry (Information Technology)
Intuit Inc., debt to equity, long-term trends, comparison to industry (information technology)
| Intuit Inc. | Information Technology | |
|---|---|---|
| Jul 31, 2026 | 0.40 | — |
| Jul 31, 2025 | 0.30 | 0.52 |
| Jul 31, 2024 | 0.33 | 0.61 |
| Jul 31, 2023 | 0.35 | 0.65 |
| Jul 31, 2022 | 0.42 | 0.70 |
| Jul 31, 2021 | 0.21 | 0.82 |
| Jul 31, 2020 | 0.66 | 0.95 |
| Jul 31, 2019 | 0.12 | 0.97 |
| Jul 31, 2018 | 0.19 | 0.82 |
| Jul 31, 2017 | 0.36 | 0.80 |
| Jul 31, 2016 | 0.86 | 0.65 |
| Jul 31, 2015 | 0.21 | 0.56 |
| Jul 31, 2014 | 0.16 | 0.38 |
| Jul 31, 2013 | 0.14 | 0.28 |
| Jul 31, 2012 | 0.18 | 0.24 |
| Jul 31, 2011 | 0.38 | 0.27 |
| Jul 31, 2010 | 0.35 | 0.24 |
| Jul 31, 2009 | 0.39 | 0.25 |
| Jul 31, 2008 | 0.48 | 0.28 |
| Jul 31, 2007 | 0.49 | 0.26 |
| Jul 31, 2006 | 0.00 | 0.19 |
| Jul 31, 2005 | 0.00 | 0.15 |
Based on: 10-K (reporting date: 2026-07-31), 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), 10-K (reporting date: 2019-07-31), 10-K (reporting date: 2018-07-31), 10-K (reporting date: 2017-07-31), 10-K (reporting date: 2016-07-31), 10-K (reporting date: 2015-07-31), 10-K (reporting date: 2014-07-31), 10-K (reporting date: 2013-07-31), 10-K (reporting date: 2012-07-31), 10-K (reporting date: 2011-07-31), 10-K (reporting date: 2010-07-31), 10-K (reporting date: 2009-07-31), 10-K (reporting date: 2008-07-31), 10-K (reporting date: 2007-07-31), 10-K (reporting date: 2006-07-31), 10-K (reporting date: 2005-07-31).