Analysis of Solvency Ratios
Solvency ratios also known as long-term debt ratios measure a company ability to meet long-term obligations.
Solvency Ratios (Summary)
Intuit Inc., solvency ratios
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).
The solvency profile is characterized by a significant increase in leverage during 2022, followed by a period of gradual deleveraging and a projected increase in debt obligations by 2026. While the overall debt levels remain manageable, there is a clear trend of increasing financial leverage over the observed period.
- Debt Leverage Ratios
- Debt to equity, debt to capital, and debt to assets ratios all peaked in 2022. For instance, the debt to equity ratio rose from 0.21 in 2021 to 0.42 in 2022, before trending downward to 0.30 by 2025. A projected increase to 0.40 is anticipated for 2026. The inclusion of operating lease liabilities consistently elevates these ratios, indicating that lease obligations represent a material component of the total financial liabilities.
- Financial Leverage
- A sustained upward trend in financial leverage is observed, increasing from 1.57 in 2021 to a projected 1.94 in 2026. This suggests a strategic shift toward a more leveraged capital structure over the long term, despite the intermittent fluctuations observed in specific debt-to-equity metrics.
- Coverage Ratios
- Both interest coverage and fixed charge coverage ratios experienced a sharp decline between 2021 and 2023. The interest coverage ratio dropped from 89.14 in 2021 to 13.05 in 2023, while the fixed charge coverage ratio fell from 25.58 to 9.03 in the same period. Since 2023, a recovery trend has emerged, with the interest coverage ratio projected to reach 24.50 and the fixed charge coverage ratio projected to reach 16.12 by 2026, indicating an improving capacity to service debt and fixed obligations.
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Debt Ratios
Coverage Ratios
Debt to Equity
Intuit Inc., debt to equity calculation, comparison to benchmarks
| Jul 31, 2026 | Jul 31, 2025 | Jul 31, 2024 | Jul 31, 2023 | Jul 31, 2022 | Jul 31, 2021 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Short-term debt | 1,249) | —) | 499) | —) | 499) | —) | |
| Long-term debt | 6,420) | 5,973) | 5,539) | 6,120) | 6,415) | 2,034) | |
| Total debt | 7,669) | 5,973) | 6,038) | 6,120) | 6,914) | 2,034) | |
| Stockholders’ equity | 18,992) | 19,710) | 18,436) | 17,269) | 16,441) | 9,869) | |
| Solvency Ratio | |||||||
| Debt to equity1 | 0.40 | 0.30 | 0.33 | 0.35 | 0.42 | 0.21 | |
| Benchmarks | |||||||
| Debt to Equity, Competitors2 | |||||||
| Accenture PLC | — | 0.17 | 0.04 | 0.01 | 0.00 | 0.00 | |
| Adobe Inc. | — | 0.53 | 0.40 | 0.22 | 0.29 | 0.28 | |
| AppLovin Corp. | — | 1.70 | 3.36 | 2.61 | 1.72 | 1.53 | |
| Cadence Design Systems Inc. | — | 0.45 | 0.53 | 0.19 | 0.27 | 0.13 | |
| Datadog Inc. | — | 0.26 | 0.59 | 0.37 | 0.52 | 0.71 | |
| International Business Machines Corp. | — | 1.88 | 2.01 | 2.51 | 2.32 | 2.74 | |
| Microsoft Corp. | 0.24 | 0.26 | 0.29 | 0.31 | 0.39 | 0.50 | |
| Oracle Corp. | 3.23 | 4.67 | 9.98 | 84.33 | — | 16.08 | |
| Palantir Technologies Inc. | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Palo Alto Networks Inc. | 0.06 | 0.00 | 0.19 | 1.14 | 17.51 | 5.08 | |
| Salesforce Inc. | 0.25 | 0.15 | 0.17 | 0.20 | 0.19 | 0.07 | |
| ServiceNow Inc. | — | 0.12 | 0.15 | 0.20 | 0.30 | 0.43 | |
| Synopsys Inc. | — | 0.48 | 0.00 | 0.00 | 0.00 | 0.02 | |
| Workday Inc. | 0.38 | 0.33 | 0.37 | 0.53 | 0.41 | 0.55 | |
| Debt to Equity, Sector | |||||||
| Software & Services | — | 0.50 | 0.55 | 0.64 | 0.71 | 0.83 | |
| Debt to Equity, Industry | |||||||
| Information Technology | — | 0.52 | 0.61 | 0.66 | 0.70 | 0.83 | |
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).
1 2026 Calculation
Debt to equity = Total debt ÷ Stockholders’ equity
= 7,669 ÷ 18,992 = 0.40
2 Click competitor name to see calculations.
An analysis of the solvency position reveals a period of fluctuating leverage characterized by a significant spike in borrowing in 2022, followed by a multi-year stabilization phase and a subsequent increase in 2026. The overall solvency remains conservative, as the debt to equity ratio consistently remains below 0.50 throughout the observed period.
- Total Debt Trends
- Debt levels experienced a sharp escalation between 2021 and 2022, increasing from US$ 2,034 million to US$ 6,914 million. Following this peak, a trend of gradual reduction was observed over the next three years, with debt declining to US$ 5,973 million by 2025. This downward trend reversed in 2026, as total debt rose to its highest recorded level of US$ 7,669 million.
- Stockholders' Equity Growth
- Equity demonstrated a strong and consistent upward trajectory from 2021 through 2025, growing from US$ 9,869 million to a peak of US$ 19,710 million. This steady expansion provided a significant buffer against the company's liabilities. However, a slight contraction was noted in 2026, with equity decreasing to US$ 18,992 million.
- Debt to Equity Ratio Dynamics
- The debt to equity ratio peaked at 0.42 in 2022, directly reflecting the surge in total debt. Between 2022 and 2025, a consistent decline in the ratio to 0.30 occurred, driven by the simultaneous reduction of debt and the growth of stockholders' equity. The ratio subsequently climbed to 0.40 in 2026, resulting from the combination of increased borrowing and a reduction in the equity base.
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Debt to Equity (including Operating Lease Liability)
Intuit Inc., debt to equity (including operating lease liability) calculation, comparison to benchmarks
| Jul 31, 2026 | Jul 31, 2025 | Jul 31, 2024 | Jul 31, 2023 | Jul 31, 2022 | Jul 31, 2021 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Short-term debt | 1,249) | —) | 499) | —) | 499) | —) | |
| Long-term debt | 6,420) | 5,973) | 5,539) | 6,120) | 6,415) | 2,034) | |
| Total debt | 7,669) | 5,973) | 6,038) | 6,120) | 6,914) | 2,034) | |
| Current portion of operating lease liabilities | 85) | 69) | 71) | 89) | 84) | 66) | |
| Operating lease liabilities, excluding current portion | 667) | 597) | 458) | 480) | 542) | 380) | |
| Total debt (including operating lease liability) | 8,421) | 6,639) | 6,567) | 6,689) | 7,540) | 2,480) | |
| Stockholders’ equity | 18,992) | 19,710) | 18,436) | 17,269) | 16,441) | 9,869) | |
| Solvency Ratio | |||||||
| Debt to equity (including operating lease liability)1 | 0.44 | 0.34 | 0.36 | 0.39 | 0.46 | 0.25 | |
| Benchmarks | |||||||
| Debt to Equity (including Operating Lease Liability), Competitors2 | |||||||
| Accenture PLC | — | 0.26 | 0.15 | 0.12 | 0.15 | 0.18 | |
| Adobe Inc. | — | 0.57 | 0.43 | 0.25 | 0.33 | 0.32 | |
| AppLovin Corp. | — | 1.72 | 3.41 | 2.66 | 1.76 | 1.57 | |
| Cadence Design Systems Inc. | — | 0.49 | 0.56 | 0.24 | 0.34 | 0.18 | |
| Datadog Inc. | — | 0.34 | 0.68 | 0.45 | 0.59 | 0.78 | |
| International Business Machines Corp. | — | 1.98 | 2.14 | 2.66 | 2.46 | 2.92 | |
| Microsoft Corp. | 0.29 | 0.33 | 0.36 | 0.39 | 0.47 | 0.58 | |
| Oracle Corp. | 3.94 | 5.33 | 10.85 | 88.84 | — | 16.61 | |
| Palantir Technologies Inc. | — | 0.03 | 0.05 | 0.07 | 0.10 | 0.11 | |
| Palo Alto Networks Inc. | 0.09 | 0.05 | 0.27 | 1.33 | 19.12 | 5.68 | |
| Salesforce Inc. | 0.30 | 0.20 | 0.23 | 0.25 | 0.25 | 0.15 | |
| ServiceNow Inc. | — | 0.19 | 0.24 | 0.30 | 0.44 | 0.60 | |
| Synopsys Inc. | — | 0.50 | 0.08 | 0.11 | 0.12 | 0.13 | |
| Workday Inc. | 0.49 | 0.37 | 0.41 | 0.58 | 0.46 | 0.68 | |
| Debt to Equity (including Operating Lease Liability), Sector | |||||||
| Software & Services | — | 0.58 | 0.63 | 0.73 | 0.81 | 0.93 | |
| Debt to Equity (including Operating Lease Liability), Industry | |||||||
| Information Technology | — | 0.58 | 0.67 | 0.72 | 0.76 | 0.90 | |
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).
1 2026 Calculation
Debt to equity (including operating lease liability) = Total debt (including operating lease liability) ÷ Stockholders’ equity
= 8,421 ÷ 18,992 = 0.44
2 Click competitor name to see calculations.
The solvency profile reflects a period of significant capital structure adjustment characterized by a substantial increase in leverage in 2022, followed by a multi-year period of deleveraging and equity growth, and a recent increase in debt obligations by 2026.
- Total Debt Trends
- Total debt, including operating lease liabilities, remained relatively low in 2021 at 2,480 million USD before surging to 7,540 million USD in 2022. This sharp increase was followed by a gradual decline over the next three years, reaching a low of 6,567 million USD in 2024 and stabilizing around 6,639 million USD in 2025. However, a renewed upward trend is observed in 2026, with debt increasing to 8,421 million USD.
- Stockholders’ Equity Growth
- Equity demonstrated consistent growth for five consecutive years, rising from 9,869 million USD in 2021 to a peak of 19,710 million USD in 2025. This represents a significant expansion of the company's capital base, which served to offset the increase in debt. A slight contraction in equity occurred in 2026, with the balance decreasing to 18,992 million USD.
- Debt to Equity Ratio Analysis
- The debt-to-equity ratio provides a clear view of the shifting solvency risk. The ratio spiked from 0.25 in 2021 to 0.46 in 2022, indicating a higher reliance on borrowed funds. Between 2022 and 2025, the ratio trended downward to 0.34, driven by a combination of debt reduction and equity accumulation. This improving trend was reversed in 2026, as the ratio climbed back to 0.44, resulting from the simultaneous increase in total debt and the decrease in stockholders' equity.
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Debt to Capital
Intuit Inc., debt to capital calculation, comparison to benchmarks
| Jul 31, 2026 | Jul 31, 2025 | Jul 31, 2024 | Jul 31, 2023 | Jul 31, 2022 | Jul 31, 2021 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Short-term debt | 1,249) | —) | 499) | —) | 499) | —) | |
| Long-term debt | 6,420) | 5,973) | 5,539) | 6,120) | 6,415) | 2,034) | |
| Total debt | 7,669) | 5,973) | 6,038) | 6,120) | 6,914) | 2,034) | |
| Stockholders’ equity | 18,992) | 19,710) | 18,436) | 17,269) | 16,441) | 9,869) | |
| Total capital | 26,661) | 25,683) | 24,474) | 23,389) | 23,355) | 11,903) | |
| Solvency Ratio | |||||||
| Debt to capital1 | 0.29 | 0.23 | 0.25 | 0.26 | 0.30 | 0.17 | |
| Benchmarks | |||||||
| Debt to Capital, Competitors2 | |||||||
| Accenture PLC | — | 0.14 | 0.03 | 0.01 | 0.00 | 0.00 | |
| Adobe Inc. | — | 0.35 | 0.29 | 0.18 | 0.23 | 0.22 | |
| AppLovin Corp. | — | 0.63 | 0.77 | 0.72 | 0.63 | 0.60 | |
| Cadence Design Systems Inc. | — | 0.31 | 0.35 | 0.16 | 0.21 | 0.11 | |
| Datadog Inc. | — | 0.21 | 0.37 | 0.27 | 0.34 | 0.41 | |
| International Business Machines Corp. | — | 0.65 | 0.67 | 0.72 | 0.70 | 0.73 | |
| Microsoft Corp. | 0.19 | 0.21 | 0.23 | 0.24 | 0.28 | 0.33 | |
| Oracle Corp. | 0.76 | 0.82 | 0.91 | 0.99 | 1.09 | 0.94 | |
| Palantir Technologies Inc. | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Palo Alto Networks Inc. | 0.06 | 0.00 | 0.16 | 0.53 | 0.95 | 0.84 | |
| Salesforce Inc. | 0.20 | 0.13 | 0.15 | 0.16 | 0.16 | 0.06 | |
| ServiceNow Inc. | — | 0.10 | 0.13 | 0.16 | 0.23 | 0.30 | |
| Synopsys Inc. | — | 0.32 | 0.00 | 0.00 | 0.00 | 0.02 | |
| Workday Inc. | 0.28 | 0.25 | 0.27 | 0.35 | 0.29 | 0.35 | |
| Debt to Capital, Sector | |||||||
| Software & Services | — | 0.33 | 0.35 | 0.39 | 0.42 | 0.45 | |
| Debt to Capital, Industry | |||||||
| Information Technology | — | 0.34 | 0.38 | 0.40 | 0.41 | 0.45 | |
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).
1 2026 Calculation
Debt to capital = Total debt ÷ Total capital
= 7,669 ÷ 26,661 = 0.29
2 Click competitor name to see calculations.
The solvency profile exhibits a period of significant expansion and subsequent stabilization in leverage between 2021 and 2026. A notable spike in both total debt and total capital occurred in 2022, followed by a multi-year trend of gradual deleveraging that was reversed in 2026.
- Total Debt Trends
- Total debt increased sharply from 2,034 million US dollars in 2021 to 6,914 million US dollars in 2022. This was followed by a period of consistent, marginal decline over the next three years, reaching a low of 5,973 million US dollars in 2025. A substantial increase is observed in 2026, with debt rising to 7,669 million US dollars, the highest level within the analyzed period.
- Total Capital Evolution
- Total capital experienced a rapid expansion between 2021 and 2022, nearly doubling from 11,903 million US dollars to 23,355 million US dollars. From 2022 through 2026, the capital base maintained a steady upward trajectory, growing incrementally each year to reach 26,661 million US dollars by the end of the period.
- Debt to Capital Ratio Performance
- The debt to capital ratio reflects the volatility of the debt levels relative to the growing capital base. The ratio rose from 0.17 in 2021 to a peak of 0.30 in 2022. A downward trend followed, with the ratio contracting to 0.26 in 2023, 0.25 in 2024, and 0.23 in 2025, indicating an improvement in the solvency position. However, this trend reversed in 2026, as the ratio climbed back to 0.29, mirroring the increase in total debt.
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Debt to Capital (including Operating Lease Liability)
Intuit Inc., debt to capital (including operating lease liability) calculation, comparison to benchmarks
| Jul 31, 2026 | Jul 31, 2025 | Jul 31, 2024 | Jul 31, 2023 | Jul 31, 2022 | Jul 31, 2021 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Short-term debt | 1,249) | —) | 499) | —) | 499) | —) | |
| Long-term debt | 6,420) | 5,973) | 5,539) | 6,120) | 6,415) | 2,034) | |
| Total debt | 7,669) | 5,973) | 6,038) | 6,120) | 6,914) | 2,034) | |
| Current portion of operating lease liabilities | 85) | 69) | 71) | 89) | 84) | 66) | |
| Operating lease liabilities, excluding current portion | 667) | 597) | 458) | 480) | 542) | 380) | |
| Total debt (including operating lease liability) | 8,421) | 6,639) | 6,567) | 6,689) | 7,540) | 2,480) | |
| Stockholders’ equity | 18,992) | 19,710) | 18,436) | 17,269) | 16,441) | 9,869) | |
| Total capital (including operating lease liability) | 27,413) | 26,349) | 25,003) | 23,958) | 23,981) | 12,349) | |
| Solvency Ratio | |||||||
| Debt to capital (including operating lease liability)1 | 0.31 | 0.25 | 0.26 | 0.28 | 0.31 | 0.20 | |
| Benchmarks | |||||||
| Debt to Capital (including Operating Lease Liability), Competitors2 | |||||||
| Accenture PLC | — | 0.21 | 0.13 | 0.11 | 0.13 | 0.15 | |
| Adobe Inc. | — | 0.36 | 0.30 | 0.20 | 0.25 | 0.24 | |
| AppLovin Corp. | — | 0.63 | 0.77 | 0.73 | 0.64 | 0.61 | |
| Cadence Design Systems Inc. | — | 0.33 | 0.36 | 0.19 | 0.25 | 0.15 | |
| Datadog Inc. | — | 0.26 | 0.40 | 0.31 | 0.37 | 0.44 | |
| International Business Machines Corp. | — | 0.66 | 0.68 | 0.73 | 0.71 | 0.74 | |
| Microsoft Corp. | 0.23 | 0.25 | 0.27 | 0.28 | 0.32 | 0.37 | |
| Oracle Corp. | 0.80 | 0.84 | 0.92 | 0.99 | 1.08 | 0.94 | |
| Palantir Technologies Inc. | — | 0.03 | 0.05 | 0.06 | 0.09 | 0.10 | |
| Palo Alto Networks Inc. | 0.09 | 0.05 | 0.21 | 0.57 | 0.95 | 0.85 | |
| Salesforce Inc. | 0.23 | 0.16 | 0.19 | 0.20 | 0.20 | 0.13 | |
| ServiceNow Inc. | — | 0.16 | 0.19 | 0.23 | 0.31 | 0.37 | |
| Synopsys Inc. | — | 0.34 | 0.07 | 0.10 | 0.11 | 0.11 | |
| Workday Inc. | 0.33 | 0.27 | 0.29 | 0.37 | 0.32 | 0.41 | |
| Debt to Capital (including Operating Lease Liability), Sector | |||||||
| Software & Services | — | 0.37 | 0.39 | 0.42 | 0.45 | 0.48 | |
| Debt to Capital (including Operating Lease Liability), Industry | |||||||
| Information Technology | — | 0.37 | 0.40 | 0.42 | 0.43 | 0.47 | |
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).
1 2026 Calculation
Debt to capital (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= 8,421 ÷ 27,413 = 0.31
2 Click competitor name to see calculations.
The solvency profile reflects a significant expansion in the capital structure starting in 2022, followed by a period of gradual deleveraging and a recent increase in total liabilities. While the total capital base has grown consistently over the analyzed period, the reliance on debt has fluctuated, resulting in a variable debt-to-capital ratio.
- Debt to Capital Ratio Trends
- The ratio experienced a sharp increase from 0.20 in July 2021 to 0.31 in July 2022. Following this peak, a consistent downward trend was observed over the next three years, with the ratio declining to 0.28 in 2023, 0.26 in 2024, and reaching a low of 0.25 in July 2025. However, this trend reversed in July 2026, as the ratio returned to 0.31.
- Total Debt Dynamics
- Total debt, including operating lease liabilities, rose substantially from 2,480 million US dollars in 2021 to 7,540 million US dollars in 2022. This was followed by a period of relative stability and slight reduction, with debt levels fluctuating between approximately 6,567 million and 6,689 million US dollars from 2023 through 2025. A subsequent increase is noted in July 2026, where total debt reached its period peak of 8,421 million US dollars.
- Capital Base Expansion
- Total capital exhibited a strong upward trajectory, nearly doubling from 12,349 million US dollars in 2021 to 23,981 million US dollars in 2022. This growth continued steadily through 2026, reaching 27,413 million US dollars. The expansion of the capital base acted as a buffer that moderated the impact of debt increases on the overall solvency ratio between 2022 and 2025.
Overall, the financial data indicates a strategic shift toward a higher leverage position in 2022 and 2026, interspersed with a multi-year effort to optimize the balance between debt and equity. The return to a 0.31 ratio in 2026 suggests a renewed increase in borrowed funds relative to the total capital invested in the organization.
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Debt to Assets
Intuit Inc., debt to assets calculation, comparison to benchmarks
| Jul 31, 2026 | Jul 31, 2025 | Jul 31, 2024 | Jul 31, 2023 | Jul 31, 2022 | Jul 31, 2021 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Short-term debt | 1,249) | —) | 499) | —) | 499) | —) | |
| Long-term debt | 6,420) | 5,973) | 5,539) | 6,120) | 6,415) | 2,034) | |
| Total debt | 7,669) | 5,973) | 6,038) | 6,120) | 6,914) | 2,034) | |
| Total assets | 36,786) | 36,958) | 32,132) | 27,780) | 27,734) | 15,516) | |
| Solvency Ratio | |||||||
| Debt to assets1 | 0.21 | 0.16 | 0.19 | 0.22 | 0.25 | 0.13 | |
| Benchmarks | |||||||
| Debt to Assets, Competitors2 | |||||||
| Accenture PLC | — | 0.08 | 0.02 | 0.00 | 0.00 | 0.00 | |
| Adobe Inc. | — | 0.21 | 0.19 | 0.12 | 0.15 | 0.15 | |
| AppLovin Corp. | — | 0.50 | 0.62 | 0.61 | 0.56 | 0.53 | |
| Cadence Design Systems Inc. | — | 0.24 | 0.28 | 0.11 | 0.15 | 0.08 | |
| Datadog Inc. | — | 0.15 | 0.28 | 0.19 | 0.25 | 0.31 | |
| International Business Machines Corp. | — | 0.40 | 0.40 | 0.42 | 0.40 | 0.39 | |
| Microsoft Corp. | 0.14 | 0.14 | 0.15 | 0.16 | 0.18 | 0.21 | |
| Oracle Corp. | 0.52 | 0.57 | 0.62 | 0.67 | 0.69 | 0.64 | |
| Palantir Technologies Inc. | — | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Palo Alto Networks Inc. | 0.04 | 0.00 | 0.05 | 0.14 | 0.30 | 0.31 | |
| Salesforce Inc. | 0.13 | 0.09 | 0.10 | 0.12 | 0.12 | 0.04 | |
| ServiceNow Inc. | — | 0.06 | 0.07 | 0.09 | 0.11 | 0.15 | |
| Synopsys Inc. | — | 0.28 | 0.00 | 0.00 | 0.00 | 0.01 | |
| Workday Inc. | 0.17 | 0.17 | 0.18 | 0.22 | 0.18 | 0.21 | |
| Debt to Assets, Sector | |||||||
| Software & Services | — | 0.22 | 0.23 | 0.25 | 0.26 | 0.28 | |
| Debt to Assets, Industry | |||||||
| Information Technology | — | 0.23 | 0.25 | 0.26 | 0.26 | 0.29 | |
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).
1 2026 Calculation
Debt to assets = Total debt ÷ Total assets
= 7,669 ÷ 36,786 = 0.21
2 Click competitor name to see calculations.
The company's solvency profile between July 2021 and July 2026 is characterized by a period of rapid leverage expansion followed by a gradual phase of deleveraging and a subsequent increase in total liabilities. The balance sheet evolved from a low-debt position to a more leveraged structure, though asset growth played a critical role in moderating the overall solvency risk.
- Debt to Assets Ratio Trends
- The debt to assets ratio experienced significant volatility over the analyzed period. A sharp increase is observed from 0.13 in 2021 to a peak of 0.25 in 2022. Following this peak, a consistent downward trend occurred over three years, reaching a low of 0.16 by July 2025. This trend reversed in 2026, with the ratio climbing back to 0.21.
- Total Debt Dynamics
- Total debt increased substantially from US$ 2,034 million in 2021 to US$ 6,914 million in 2022. This was followed by a period of incremental reduction, with debt levels declining slightly each year to reach US$ 5,973 million in 2025. A notable resurgence in borrowing occurred in 2026, where total debt rose to its highest point in the period at US$ 7,669 million.
- Asset Growth and Solvency Mitigation
- Total assets demonstrated strong growth, rising from US$ 15,516 million in 2021 to US$ 36,958 million in 2025. This expansion in the asset base was a primary driver in lowering the debt to assets ratio between 2022 and 2025, as asset accumulation outpaced the nominal levels of debt. A slight contraction in total assets to US$ 36,786 million in 2026, coupled with increased borrowing, contributed to the uptick in the solvency ratio at the end of the period.
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Debt to Assets (including Operating Lease Liability)
Intuit Inc., debt to assets (including operating lease liability) calculation, comparison to benchmarks
| Jul 31, 2026 | Jul 31, 2025 | Jul 31, 2024 | Jul 31, 2023 | Jul 31, 2022 | Jul 31, 2021 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Short-term debt | 1,249) | —) | 499) | —) | 499) | —) | |
| Long-term debt | 6,420) | 5,973) | 5,539) | 6,120) | 6,415) | 2,034) | |
| Total debt | 7,669) | 5,973) | 6,038) | 6,120) | 6,914) | 2,034) | |
| Current portion of operating lease liabilities | 85) | 69) | 71) | 89) | 84) | 66) | |
| Operating lease liabilities, excluding current portion | 667) | 597) | 458) | 480) | 542) | 380) | |
| Total debt (including operating lease liability) | 8,421) | 6,639) | 6,567) | 6,689) | 7,540) | 2,480) | |
| Total assets | 36,786) | 36,958) | 32,132) | 27,780) | 27,734) | 15,516) | |
| Solvency Ratio | |||||||
| Debt to assets (including operating lease liability)1 | 0.23 | 0.18 | 0.20 | 0.24 | 0.27 | 0.16 | |
| Benchmarks | |||||||
| Debt to Assets (including Operating Lease Liability), Competitors2 | |||||||
| Accenture PLC | — | 0.13 | 0.07 | 0.06 | 0.07 | 0.08 | |
| Adobe Inc. | — | 0.23 | 0.20 | 0.14 | 0.17 | 0.17 | |
| AppLovin Corp. | — | 0.51 | 0.63 | 0.62 | 0.57 | 0.54 | |
| Cadence Design Systems Inc. | — | 0.26 | 0.29 | 0.14 | 0.18 | 0.11 | |
| Datadog Inc. | — | 0.19 | 0.32 | 0.23 | 0.28 | 0.34 | |
| International Business Machines Corp. | — | 0.43 | 0.43 | 0.44 | 0.42 | 0.42 | |
| Microsoft Corp. | 0.17 | 0.18 | 0.19 | 0.19 | 0.21 | 0.25 | |
| Oracle Corp. | 0.64 | 0.65 | 0.67 | 0.71 | 0.73 | 0.66 | |
| Palantir Technologies Inc. | — | 0.03 | 0.04 | 0.05 | 0.07 | 0.08 | |
| Palo Alto Networks Inc. | 0.05 | 0.02 | 0.07 | 0.16 | 0.33 | 0.35 | |
| Salesforce Inc. | 0.16 | 0.12 | 0.14 | 0.15 | 0.15 | 0.10 | |
| ServiceNow Inc. | — | 0.09 | 0.11 | 0.13 | 0.17 | 0.21 | |
| Synopsys Inc. | — | 0.30 | 0.05 | 0.07 | 0.07 | 0.08 | |
| Workday Inc. | 0.21 | 0.19 | 0.20 | 0.24 | 0.20 | 0.26 | |
| Debt to Assets (including Operating Lease Liability), Sector | |||||||
| Software & Services | — | 0.26 | 0.27 | 0.29 | 0.30 | 0.32 | |
| Debt to Assets (including Operating Lease Liability), Industry | |||||||
| Information Technology | — | 0.26 | 0.28 | 0.28 | 0.29 | 0.31 | |
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).
1 2026 Calculation
Debt to assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= 8,421 ÷ 36,786 = 0.23
2 Click competitor name to see calculations.
An examination of the solvency metrics reveals a period of significant balance sheet expansion followed by a phase of gradual deleveraging and a subsequent increase in liabilities. The overall capital structure indicates a strategy of maintaining a relatively low debt-to-asset profile, although fluctuations in total debt have influenced the solvency ratio over the analyzed period.
- Total Debt Trends
- A substantial increase in total debt, including operating lease liabilities, occurred between July 2021 and July 2022, rising from 2,480 million to 7,540 million. Following this surge, debt levels entered a period of moderate decline and stabilization, remaining between 6,567 million and 6,689 million from 2023 through 2025. However, a significant uptick was recorded in July 2026, with total debt reaching 8,421 million.
- Total Asset Growth
- Total assets exhibited a sharp upward trajectory, increasing from 15,516 million in July 2021 to 27,734 million in July 2022. This growth trend continued steadily through July 2025, peaking at 36,958 million. By July 2026, the asset base remained largely stable, closing at 36,786 million.
- Debt to Assets Ratio Dynamics
- The debt to assets ratio peaked at 0.27 in July 2022, coinciding with the initial surge in liabilities. From 2022 to 2025, a consistent downward trend was observed, with the ratio improving to 0.18. This improvement was primarily driven by the continued expansion of the asset base while total debt remained stable. This trend reversed in July 2026, as the ratio climbed to 0.23, reflecting the increase in debt against a flat asset trajectory.
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Financial Leverage
Intuit Inc., financial leverage calculation, comparison to benchmarks
| Jul 31, 2026 | Jul 31, 2025 | Jul 31, 2024 | Jul 31, 2023 | Jul 31, 2022 | Jul 31, 2021 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Total assets | 36,786) | 36,958) | 32,132) | 27,780) | 27,734) | 15,516) | |
| Stockholders’ equity | 18,992) | 19,710) | 18,436) | 17,269) | 16,441) | 9,869) | |
| Solvency Ratio | |||||||
| Financial leverage1 | 1.94 | 1.88 | 1.74 | 1.61 | 1.69 | 1.57 | |
| Benchmarks | |||||||
| Financial Leverage, Competitors2 | |||||||
| Accenture PLC | — | 2.10 | 1.98 | 1.99 | 2.14 | 2.21 | |
| Adobe Inc. | — | 2.54 | 2.14 | 1.80 | 1.93 | 1.84 | |
| AppLovin Corp. | — | 3.40 | 5.39 | 4.27 | 3.07 | 2.88 | |
| Cadence Design Systems Inc. | — | 1.85 | 1.92 | 1.67 | 1.87 | 1.60 | |
| Datadog Inc. | — | 1.78 | 2.13 | 1.94 | 2.13 | 2.29 | |
| International Business Machines Corp. | — | 4.65 | 5.02 | 6.00 | 5.80 | 6.98 | |
| Microsoft Corp. | 1.71 | 1.80 | 1.91 | 2.00 | 2.19 | 2.35 | |
| Oracle Corp. | 6.16 | 8.23 | 16.20 | 125.24 | — | 25.03 | |
| Palantir Technologies Inc. | — | 1.20 | 1.27 | 1.30 | 1.35 | 1.42 | |
| Palo Alto Networks Inc. | 1.76 | 3.01 | 3.87 | 8.29 | 58.35 | 16.14 | |
| Salesforce Inc. | 1.90 | 1.68 | 1.67 | 1.69 | 1.64 | 1.60 | |
| ServiceNow Inc. | — | 2.01 | 2.12 | 2.28 | 2.64 | 2.92 | |
| Synopsys Inc. | — | 1.70 | 1.45 | 1.68 | 1.71 | 1.65 | |
| Workday Inc. | 2.32 | 1.99 | 2.04 | 2.41 | 2.31 | 2.66 | |
| Financial Leverage, Sector | |||||||
| Software & Services | — | 2.22 | 2.35 | 2.55 | 2.72 | 2.95 | |
| Financial Leverage, Industry | |||||||
| Information Technology | — | 2.25 | 2.44 | 2.53 | 2.65 | 2.87 | |
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).
1 2026 Calculation
Financial leverage = Total assets ÷ Stockholders’ equity
= 36,786 ÷ 18,992 = 1.94
2 Click competitor name to see calculations.
The financial position between July 31, 2021, and July 31, 2026, is characterized by substantial asset expansion and a gradual increase in financial leverage. While both assets and equity grew significantly over the period, the rate of asset growth exceeded that of equity growth, resulting in a higher reliance on liabilities to fund the balance sheet.
- Asset and Equity Growth
- Total assets experienced a significant surge from US$ 15,516 million in 2021 to US$ 36,786 million in 2026. The most pronounced increase occurred between 2021 and 2022, where assets grew by approximately 78%. Stockholders' equity followed a similar upward trend, rising from US$ 9,869 million in 2021 to a peak of US$ 19,710 million in 2025, before experiencing a slight contraction to US$ 18,992 million in 2026.
- Financial Leverage Trends
- The financial leverage ratio demonstrates a general upward trajectory, increasing from 1.57 in 2021 to 1.94 by 2026. Aside from a brief decline to 1.61 in 2023, the ratio rose consistently for three consecutive years between 2023 and 2026. This trend indicates a strategic shift toward a more leveraged capital structure.
- Solvency Implications
- The steady rise in the leverage ratio suggests that the growth in the asset base is being financed increasingly through debt or other liabilities rather than through retained earnings or new equity infusions. The peak leverage ratio of 1.94 in 2026 coincides with the observed dip in stockholders' equity, further amplifying the leverage effect at the end of the analyzed period.
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Interest Coverage
Intuit Inc., interest coverage calculation, comparison to benchmarks
| Jul 31, 2026 | Jul 31, 2025 | Jul 31, 2024 | Jul 31, 2023 | Jul 31, 2022 | Jul 31, 2021 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Net income | 4,566) | 3,869) | 2,963) | 2,384) | 2,066) | 2,062) | |
| Add: Income tax expense | 1,451) | 965) | 587) | 605) | 476) | 494) | |
| Add: Interest expense | 256) | 247) | 242) | 248) | 81) | 29) | |
| Earnings before interest and tax (EBIT) | 6,273) | 5,081) | 3,792) | 3,237) | 2,623) | 2,585) | |
| Solvency Ratio | |||||||
| Interest coverage1 | 24.50 | 20.57 | 15.67 | 13.05 | 32.38 | 89.14 | |
| Benchmarks | |||||||
| Interest Coverage, Competitors2 | |||||||
| Accenture PLC | — | 45.94 | 165.48 | 193.31 | 195.34 | 131.46 | |
| Adobe Inc. | — | 34.21 | 42.01 | 61.17 | 54.64 | 51.49 | |
| AppLovin Corp. | — | 20.09 | 5.95 | 2.38 | -0.19 | 1.45 | |
| Cadence Design Systems Inc. | — | 14.06 | 19.37 | 36.43 | 46.58 | 46.26 | |
| Datadog Inc. | — | 12.49 | 29.85 | 10.56 | -1.30 | 0.12 | |
| International Business Machines Corp. | — | 6.35 | 4.40 | 6.42 | 1.97 | 5.20 | |
| Microsoft Corp. | 55.39 | 52.84 | 37.72 | 46.38 | 41.58 | 31.31 | |
| Oracle Corp. | 5.30 | 5.01 | 4.39 | 3.65 | 3.84 | 6.28 | |
| Palantir Technologies Inc. | — | — | — | 69.33 | -87.97 | -133.20 | |
| Palo Alto Networks Inc. | — | 532.90 | 120.07 | 21.82 | -6.56 | -1.85 | |
| Salesforce Inc. | 30.38 | 28.35 | 18.49 | 3.20 | 7.93 | 21.49 | |
| ServiceNow Inc. | — | 99.30 | 76.57 | 43.00 | 15.78 | 9.89 | |
| Synopsys Inc. | — | 4.12 | 44.06 | 1,106.08 | 657.96 | 240.38 | |
| Workday Inc. | 9.85 | 6.60 | 4.12 | -1.54 | 1.97 | -3.00 | |
| Interest Coverage, Sector | |||||||
| Software & Services | — | 20.61 | 17.74 | 16.91 | 17.77 | 17.09 | |
| Interest Coverage, Industry | |||||||
| Information Technology | — | 25.81 | 19.15 | 17.37 | 22.18 | 19.66 | |
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).
1 2026 Calculation
Interest coverage = EBIT ÷ Interest expense
= 6,273 ÷ 256 = 24.50
2 Click competitor name to see calculations.
The analysis of solvency metrics reveals a period of significant volatility in interest coverage followed by a steady recovery phase. While the ability to service debt decreased sharply in the early part of the period, strong operational growth has since begun to restore the coverage margin.
- Earnings Before Interest and Tax (EBIT)
- A consistent upward trajectory is observed in EBIT, which grew from US$ 2,585 million in 2021 to a projected US$ 6,273 million by 2026. The most rapid acceleration occurs between 2024 and 2026, indicating substantial growth in operational profitability.
- Interest Expense
- Interest costs experienced a sharp increase between 2021 and 2023, rising from US$ 29 million to US$ 248 million. Following this spike, expenses have stabilized, maintaining a narrow range between US$ 242 million and US$ 256 million through 2026.
- Interest Coverage Ratio
- The interest coverage ratio declined precipitously from 89.14 in 2021 to a low of 13.05 in 2023, primarily driven by the rapid escalation of interest expenses. However, a reversal of this trend is evident starting in 2024. Due to EBIT growth significantly outpacing the stabilized interest costs, the ratio is projected to recover to 24.50 by 2026.
Overall, the solvency position remains robust. Although the coverage ratio is lower than the 2021 peak, the current trend indicates an improving capacity to meet interest obligations as operational earnings expand.
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Fixed Charge Coverage
Intuit Inc., fixed charge coverage calculation, comparison to benchmarks
| Jul 31, 2026 | Jul 31, 2025 | Jul 31, 2024 | Jul 31, 2023 | Jul 31, 2022 | Jul 31, 2021 | ||
|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||
| Net income | 4,566) | 3,869) | 2,963) | 2,384) | 2,066) | 2,062) | |
| Add: Income tax expense | 1,451) | 965) | 587) | 605) | 476) | 494) | |
| Add: Interest expense | 256) | 247) | 242) | 248) | 81) | 29) | |
| Earnings before interest and tax (EBIT) | 6,273) | 5,081) | 3,792) | 3,237) | 2,623) | 2,585) | |
| Add: Operating lease cost | 142) | 111) | 108) | 124) | 105) | 75) | |
| Earnings before fixed charges and tax | 6,415) | 5,192) | 3,900) | 3,361) | 2,728) | 2,660) | |
| Interest expense | 256) | 247) | 242) | 248) | 81) | 29) | |
| Operating lease cost | 142) | 111) | 108) | 124) | 105) | 75) | |
| Fixed charges | 398) | 358) | 350) | 372) | 186) | 104) | |
| Solvency Ratio | |||||||
| Fixed charge coverage1 | 16.12 | 14.50 | 11.14 | 9.03 | 14.67 | 25.58 | |
| Benchmarks | |||||||
| Fixed Charge Coverage, Competitors2 | |||||||
| Accenture PLC | — | 11.72 | 13.46 | 10.98 | 12.25 | 10.41 | |
| Adobe Inc. | — | 25.40 | 26.20 | 30.56 | 26.79 | 25.59 | |
| AppLovin Corp. | — | 18.93 | 5.73 | 2.30 | -0.07 | 1.35 | |
| Cadence Design Systems Inc. | — | 9.12 | 11.13 | 14.79 | 15.50 | 13.77 | |
| Datadog Inc. | — | 2.93 | 5.09 | 2.47 | 0.09 | 0.55 | |
| International Business Machines Corp. | — | 4.50 | 3.13 | 4.32 | 1.52 | 3.13 | |
| Microsoft Corp. | 17.56 | 16.63 | 17.61 | 19.44 | 19.50 | 16.90 | |
| Oracle Corp. | 3.61 | 3.71 | 3.55 | 3.12 | 3.22 | 5.17 | |
| Palantir Technologies Inc. | — | 29.99 | 9.48 | 4.62 | -5.06 | -7.89 | |
| Palo Alto Networks Inc. | 6.15 | 18.52 | 12.78 | 7.20 | -1.18 | -1.09 | |
| Salesforce Inc. | 11.15 | 8.78 | 4.74 | 1.51 | 2.18 | 2.92 | |
| ServiceNow Inc. | — | 14.30 | 12.36 | 7.59 | 3.87 | 2.95 | |
| Synopsys Inc. | — | 3.47 | 12.88 | 14.38 | 12.91 | 9.29 | |
| Workday Inc. | 4.67 | 3.69 | 2.60 | -0.29 | 1.15 | -0.69 | |
| Fixed Charge Coverage, Sector | |||||||
| Software & Services | — | 10.45 | 9.93 | 9.38 | 9.33 | 9.14 | |
| Fixed Charge Coverage, Industry | |||||||
| Information Technology | — | 15.32 | 12.24 | 11.19 | 13.23 | 12.08 | |
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).
1 2026 Calculation
Fixed charge coverage = Earnings before fixed charges and tax ÷ Fixed charges
= 6,415 ÷ 398 = 16.12
2 Click competitor name to see calculations.
The analysis of solvency through fixed charge coverage reveals a U-shaped trajectory over the observed six-year period. While there was a significant initial contraction in the coverage margin, subsequent growth in operating earnings has restored the capacity to service fixed obligations, leading to an improved solvency profile in the latter years.
- Earnings Before Fixed Charges and Tax
- A consistent upward trend is observed, with earnings growing from 2,660 million in 2021 to 6,415 million in 2026. This sustained expansion indicates a strong increase in the fundamental profitability available to cover fixed costs.
- Fixed Charges
- Fixed obligations underwent a period of rapid increase between 2021 and 2023, rising from 104 million to 372 million. Following this surge, the charges entered a phase of relative stability, increasing modestly to 398 million by 2026.
- Fixed Charge Coverage Ratio
- The coverage ratio experienced a sharp decline from 25.58 in 2021 to a low of 9.03 in 2023, primarily driven by the rapid escalation of fixed charges outpacing earnings growth during that window. A recovery trend emerged in 2024, with the ratio climbing steadily to 11.14, 14.50, and ultimately 16.12 by 2026. This reversal demonstrates that earnings growth has regained dominance over fixed cost increases, widening the safety margin and enhancing the organization's long-term solvency position.
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