Intuit Inc. (NASDAQ:INTU)

The financial data reflects a series of significant trends in profitability, capital allocation, and efficiency over the observed periods.

Net Operating Profit After Taxes (NOPAT)

The net operating profit after taxes demonstrated a generally increasing trend across the years. Starting at $1,795 million in 2020, it rose steadily to $2,161 million in 2021 and $2,300 million in 2022. Although there was a decline to $2,022 million in 2023, the figure rebounded sharply to $2,668 million in 2024 and further increased to $3,531 million in 2025. This indicates that while there was a temporary dip in 2023, the company managed to enhance its operating profitability considerably by 2025.

Invested Capital

Invested capital showed a growth trajectory from $8,690 million in 2020 to a peak of $24,726 million in 2022. After a slight decrease to $23,712 million in 2023, it marginally increased to $24,948 million in 2024 before dropping slightly to $24,521 million in 2025. The substantial increase in invested capital from 2020 through 2022 implies a significant expansion or investment phase during that period, followed by a phase of stabilization and minor fluctuations through 2025.

Return on Invested Capital (ROIC)

ROIC, a measure of capital efficiency and profitability, exhibited a declining pattern from 20.65% in 2020 to a low of 8.53% in 2023. This downward trend suggests a decreasing efficiency in generating profits from invested capital. However, a recovery phase is observable, with ROIC increasing to 10.69% in 2024 and further to 14.4% in 2025, indicating improvements in operational efficiency and potentially better capital utilization in the latter years.

In summary, the company experienced substantial growth in both net operating profit and invested capital over the observed period, with a temporary dip in profitability metrics around 2023. While the return on invested capital declined markedly in the initial years, it showed signs of recovery starting in 2024. The ability to increase NOPAT significantly by 2025 alongside a stabilization of invested capital suggests an improvement in operational performance and capital management efficiency during the most recent periods.

Operating Profit Margin (OPM)

The operating profit margin exhibits a declining trend from 29.42% in 2020 to a low of 21% in 2022. Subsequently, there is a recovery phase where the margin increases to 23.08% in 2023, 24.3% in 2024, and further to 26.71% in 2025, indicating an improving efficiency in generating profit from operations over the latter years.

Turnover of Capital (TO)

Turnover of capital shows a consistent decrease from 0.89 in 2020 to 0.52 in 2022, reflecting a reduction in asset utilization efficiency during this period. After 2022, a gradual improvement is observed, rising to 0.61 in 2023, 0.65 in 2024, and reaching 0.77 in 2025, suggesting an enhancement in capital turnover in the latter years, although not returning to the initial levels.

1 – Effective Cash Tax Rate (CTR)

This indicator experiences fluctuations with an increase from 79.01% in 2020 to a peak of 85.26% in 2022, followed by a significant drop to 60.51% in 2023. Afterwards, it gradually rises again to 67.64% in 2024 and 69.66% in 2025. The variability reflects changing tax burdens relative to cash earnings, with the lowest effective tax impact occurring in 2023, potentially indicative of tax planning or regulatory impacts during this period.

Return on Invested Capital (ROIC)

ROIC demonstrates a notable decline from 20.65% in 2020 to 9.3% in 2022, reaching its lowest at 8.53% in 2023. Following this, a recovery trend is observed with increases to 10.69% in 2024 and 14.4% in 2025. Although the return improves, it remains below the initial 2020 value, signaling challenges in generating returns from invested capital despite recent improvements.

The financial data reveals several significant trends over the analyzed periods. There is a noticeable upward trajectory in net operating profit before taxes (NOPBT), starting from $2,271 million in 2020 and rising consistently to $5,069 million by 2025. This more than doubling of NOPBT indicates robust profitability growth over the six-year span.

Adjusted net revenue has also shown a strong increasing trend, rising from $7,721 million in 2020 to $18,978 million in 2025. The steady expansion of revenue demonstrates successful business scaling and possibly increased market demand or operational capacity.

Operating profit margin (OPM), expressed as a percentage, exhibits some variability but remains generally healthy. Starting at 29.42% in 2020, the margin dips to a low of 21% in 2022 but then recovers gradually, reaching 26.71% by 2025. This fluctuation suggests that while revenue and profit have grown substantially, cost pressures or changes in operational efficiency may have temporarily impacted profitability margins around 2022, with improvements seen in the following years.

Net Operating Profit Before Taxes (NOPBT)

Consistent growth with an increase from $2.27 billion in 2020 to $5.07 billion in 2025.

Adjusted Net Revenue

Steady upward trend from $7.72 billion in 2020 to $18.98 billion in 2025, indicating strong revenue expansion.

Operating Profit Margin (OPM)

Relatively stable but shows a dip in 2022 to 21%, followed by recovery to 26.71% by 2025, reflecting operational efficiency fluctuations.

Overall, the data suggests strong operational performance, characterized by increasing revenue and profit levels. Despite some margin pressure around the midpoint, the improvement in later periods indicates effective management responses, maintaining a solid profitability position.

Adjusted Net Revenue

The adjusted net revenue demonstrates a consistent upward trend over the analyzed periods. Starting from $7,721 million in 2020, it increases each year, reaching $18,978 million in 2025. This steady growth reflects a significant expansion in revenue generation, with the most considerable incremental gains observed between 2021 and 2022, and continuing at a robust pace thereafter.

Invested Capital

The invested capital shows a rising tendency overall, increasing from $8,690 million in 2020 to $24,521 million in 2025. Notably, there is a sharp increase from 2021 to 2022, almost doubling from $12,248 million to $24,726 million. Following this peak, the invested capital remains relatively stable, with minor fluctuations, slightly decreasing in 2023 and 2025 but generally maintaining a high level compared to the initial year.

Turnover of Capital (TO)

The turnover of capital ratio starts at 0.89 in 2020 and declines significantly to 0.52 by 2022, indicating reduced efficiency in utilizing invested capital during this timeframe. However, from 2023 onwards, the ratio recovers steadily up to 0.77 in 2025. This pattern suggests an initial period of diminished capital efficiency coinciding with the rapid increase in invested capital, followed by a gradual improvement in how effectively the invested capital generates revenue.

Cash Operating Taxes

The cash operating taxes exhibit a fluctuating pattern over the observed periods. There is an initial increase from 477 million USD in 2020 to 545 million USD in 2021, followed by a notable decrease to 398 million USD in 2022. Subsequently, a sharp rise occurs, with cash operating taxes surging to 1320 million USD in 2023 and maintaining high levels at 1276 million USD in 2024, before increasing further to 1538 million USD in 2025. This suggests variable tax payments potentially influenced by changes in profitability or tax policies.

Net Operating Profit Before Taxes (NOPBT)

The net operating profit before taxes demonstrates a generally upward trend across the periods. Starting at 2271 million USD in 2020, it rises moderately to 2706 million USD in 2021 and stabilizes around 2698 million USD in 2022. From 2023 onwards, there is a significant increase, with NOPBT reaching 3342 million USD, then continuing upward to 3944 million USD in 2024, and markedly increasing to 5069 million USD in 2025. This reflects strong growth in operational profitability over time.

Effective Cash Tax Rate (CTR)

The effective cash tax rate shows a variable trend across the periods. It begins at 20.99% in 2020 and slightly decreases to 20.15% in 2021, followed by a more substantial decline to 14.74% in 2022. However, in 2023, the tax rate sharply increases to 39.49%, then decreases to 32.36% in 2024, and further declines to 30.34% in 2025. This volatility indicates changing tax burdens relative to operating profits, potentially influenced by changes in tax regulations or the timing of tax payments.

Summary

Overall, the data reflect a company experiencing strong growth in operating profit before taxes, notably from 2023 onwards. Cash operating taxes correspondingly increase but with more volatility, with a sharp rise starting in 2023. The effective cash tax rate varies substantially, peaking in 2023, which suggests fluctuating tax environments or strategic tax planning impacting the effective tax burden relative to profits. The patterns indicate an evolving tax situation aligned with rising profitability.