Intuit Inc. (NASDAQ:INTU)

The financial margins of the company reveal notable trends over the observed periods. The gross profit margin remains robust, mostly fluctuating slightly but showing a gentle decreasing trend from its peak above 82% in the earlier quarters of 2020 to a range closer to 78-79% in the recent quarters of 2024 and 2025. This suggests a relatively stable cost of goods sold in relation to revenue, though with mild margin compression over time.

The operating profit margin exhibits more volatility compared to the gross profit margin. It peaked at over 30% in early 2020, then declined significantly to around 18-20% in late 2022 before gradually recovering towards 24-26% in the latest quarters. This pattern indicates fluctuations in operating efficiency or varying operational costs, with a recent trend toward improvement in operational profitability.

The net profit margin follows a similar pattern to the operating margin, corroborating operating income trends in the overall net profitability. It was highest in the early part of the data around 25%, declined to 14-16% in late 2022 and early 2023, then exhibited a gradual recovery, reaching above 20% by the last quarter of 2024. This improvement in net profitability suggests better control on non-operating expenses or income tax management alongside operational enhancements.

Return on equity (ROE) shows remarkable variation, peaking near 37.5% in early 2020 but subsequently plunging to significantly lower values around 12-14% in the 2022 period. From this trough, it demonstrates a steady upward trajectory, reaching nearly 20% by early 2025. The initial high ROE points to strong shareholder value creation that temporarily weakened but has been recovering in recent quarters, reflecting improving profitability against equity.

Return on assets (ROA) mirrors the trend seen in ROE but with lower percentage values, indicating asset efficiency. Starting above 20% in early 2020, ROA fell to approximately 7% in 2022 and then showed consistent improvement, reaching just over 10% in early 2025. This rise suggests enhanced efficiency in asset utilization after a period of underperformance.

Gross Profit Margin

Stable but slightly decreasing from over 82% to around 78-79% across the period.

Operating Profit Margin

Experienced volatility with a peak near 30% early on, a decline in 2022, followed by recovery to mid-20% levels.

Net Profit Margin

Parallel to operating margin trends, net margins declined then improved, ending above 20%.

Return on Equity (ROE)

High peak early in the data set near 37.5%, then a significant drop and gradual recovery toward 20%.

Return on Assets (ROA)

Followed a downward then upward trend, improving asset utilization to above 10% in the latest quarters.

Overall, the data suggest the company experienced an initial strong profitability and efficiency phase in early 2020, followed by a period of margin contractions and lower returns, especially in 2022. The subsequent quarters demonstrate a clear recovery trajectory, indicating improvements in operational efficiency, cost management, and asset utilization, leading to restored profitability and returns toward previous levels.

Gross Profit

The gross profit shows a generally increasing trend over the analyzed periods, with some fluctuations in between. Starting from 875 million USD in October 2019, there is a marked rise to peaks such as 3578 million USD in April 2021 and further surges to over 6000 million USD in October 2024. However, these rises are interspersed with declines, for example, drops observed in July 2020, July 2022, and July 2023. Despite such variances, the overall trajectory depicts significant growth, indicating expanding profitability.

Net Revenue

Net revenue follows a pattern broadly similar to gross profit, showing steady and substantial growth over the periods reported. It starts at 1165 million USD in October 2019 and reaches multiple notable highs, including 4173 million USD in April 2021 and a pronounced peak of 7754 million USD in October 2024. The data reveals consistent increases in revenue, albeit with some intermittent declines or slowdowns occurring sporadically, for example, in July 2020 and July 2022. These patterns align with the gross profit movements, suggesting a correlation between revenue growth and profitability.

Gross Profit Margin

The gross profit margin data is partially missing for the earliest periods but is available starting in July 2020. From that point onward, the margin remains relatively stable, fluctuating narrowly between approximately 78.0% and 82.9%. The highest recorded margin is 82.85% in January 2021, after which it shows a gradual, slight decline but remains above 78% overall. The stability of gross profit margins suggests maintained efficiency in cost management relative to revenue despite the increasing scale of operations. Small variations over time could indicate shifts in product mix, pricing, or cost structures.

Summary

The financial data illustrates a strong growth trajectory in both gross profit and net revenue over time, suggesting successful expansion and increasing market engagement. Although some volatility is observed in individual quarters, the overall trend is upward. The gross profit margin remains consistently high, indicating stable operational efficiency and effective cost control. Together, these trends point to a positive financial performance environment with continued growth and profitability.

The financial data reveals notable fluctuations and trends across the observed quarters in operating income, net revenue, and operating profit margin.

Operating Income (Loss)

The operating income exhibits volatility with periods of both positive earnings and losses. Initial quarters show a pattern of modest positive values followed by a dip into negative territory around early 2021. Subsequently, operating income recovers and demonstrates a general upward trajectory with some fluctuations, peaking in several later quarters with values exceeding previous highs. Toward the most recent quarters, there is a significant increase, indicating improving operational efficiency or revenue generation relative to costs. Despite occasional declines, the overall trend suggests gradual strengthening of operating income over time.

Net Revenue

Net revenue shows a consistent upward trend through the periods with substantial growth from the initial value of approximately 1,165 million US dollars to over 7,700 million US dollars in the latest quarters. The data indicates rapid revenue expansion particularly after early 2020, with occasional quarters showing slight plateaus or minor decreases but generally maintaining a strong ascending trajectory. This steady revenue growth likely provides a foundation for enhanced profitability in the longer term.

Operating Profit Margin

The operating profit margin, available starting mid-2020, demonstrates a stable to slightly improving trend. Initial available figures range between 18% and 30%, with some variability but no extreme deviations. Over time, margins maintain a healthy level, mostly within the low to mid-20% range, with a tendency to improve towards the most recent quarters, reaching over 26%. This suggests efficient cost management relative to revenue, contributing positively to profitability despite fluctuations in operating income levels.

In summary, the data reflects a company experiencing significant revenue growth with a generally improving ability to convert revenue into operating profit. While operating income figures show some variability including periods of losses, the longer-term pattern suggests operational improvements and increasing financial strength as evidenced by robust margins and expanding revenue.

Net Income

Net income demonstrates a high degree of volatility across the quarters. Initial values start modestly before experiencing a significant peak of 1,464 million US dollars in April 2021, followed by fluctuating periods of both positive and negative results, including a notable negative net income of -56 million US dollars in April 2022. Subsequently, there is a pronounced upward trend reaching a peak of 2,820 million US dollars in October 2024, with intermittent decreases such as -20 million US dollars in October 2024. Overall, the pattern reflects sharp fluctuations interspersed with several record high points in more recent quarters.

Net Revenue

Net revenue shows a general upward trajectory over the periods analyzed. Starting from 1,165 million US dollars in October 2019, revenue consistently rises, with some variability, to reach a high of 7,754 million US dollars by July 2025. The growth pattern is marked by substantial increases in various quarters, particularly around early 2021 and mid-2024. Despite some quarters showing moderate dips or slower growth, the overall trend indicates strong revenue expansion over the analyzed timeframe.

Net Profit Margin

The net profit margin data, available primarily from July 2020 onward, displays a relatively stable to gradually improving trend. Initial percentages around 23.78% decrease to approximately 14.1% in October 2022, suggesting a contraction in profitability relative to revenue during that period. However, subsequent quarters show a recovery trend, with margins climbing steadily to 20.55% by July 2025. This recovery indicates improving efficiency or profitability, even as net income and net revenue experience volatility.

Overall Analysis

The financials reveal a company experiencing dynamic shifts in profitability and income alongside steady revenue growth. While net revenue increases consistently, net income is subject to more significant fluctuations, including periods of loss, suggesting variable cost structures or one-time impacts. The net profit margin supports this view, illustrating a temporary decline, followed by recovery, implying management’s efforts to restore profitability. The data suggests operational resilience with increasing top-line strength tempered by episodic earnings volatility.

The financial data indicates noticeable fluctuations and evolving trends over the observed quarters. The net income demonstrates considerable volatility, with several peaks and troughs that suggest variable profitability periods. For example, net income showed strong surges in April 2020, April 2021, and July 2024, reaching values over a billion in millions of US dollars in some instances, while alternating with quarters displaying losses or relatively low profitability. This pattern could indicate sensitivity to external factors or cyclical operating conditions affecting earnings.

Stockholders’ equity displays a generally upward trajectory across the periods, reflecting growth in the company’s net asset base. Starting from a value slightly above 3600 million US dollars, the equity increased significantly, peaking around 20,000 million US dollars by mid-2025. This steady increase suggests ongoing capital accumulation, possibly through retained earnings and other equity injections, supporting a strengthening financial position despite fluctuations in net income.

The return on equity (ROE) metric was not available for the earliest periods but became consistently reported from mid-2020 onward. Initially, ROE was notably high, peaking around 37.5% in early 2020, before stabilizing into a range between approximately 11.7% and 19.6% in subsequent quarters. This stabilization at moderate levels implies a more consistent, albeit lower, profitability relative to shareholder equity over time. The gradual increase in ROE in the latest quarters points to improving efficiency in utilizing equity to generate profits.

Net Income

Highly variable, with significant spikes and occasional losses, indicating fluctuating profitability across quarters.

Three prominent peaks appear notably around Q2 2020, Q2 2021, and Q3 2024.

Stockholders’ Equity

Shows a clear and sustained upward trend, doubling from roughly 3,600 million to nearly 20,000 million over the timeframe.

This suggests overall growth in the company’s net worth and a strengthening capital base.

Return on Equity (ROE)

Initially high but decreases and stabilizes within a range of approximately 12% to 17% in most recent quarters.

Latest data shows a modest upward trajectory, indicating improving asset profitability.

In summary, while net income experiences pronounced volatility, the fundamental equity base grows consistently, providing a stable platform. The ROE figures suggest a maturing phase of profitability where returns are steadier but lower compared to the early observed spikes. This combination points to potentially improved risk management and operational consistency as the company adapts to evolving market conditions.

Net Income Trends

The net income shows significant volatility throughout the examined periods. Initial values start relatively low with 57 million USD in October 2019, followed by a notable increase reaching a peak of 1,464 million USD in April 2021. However, intermittent sharp declines and negative values are observed, such as -56 million USD in July 2022 and -20 million USD in October 2024. After periods of recovery, the net income achieves a substantial peak of 2,820 million USD in July 2025, indicating pronounced fluctuations marked by cyclical peaks and troughs.

Total Assets Analysis

Total assets present a general upward trend over time. Starting from 6,183 million USD in October 2019, assets grow steadily with occasional sharper increases, notably reaching 26,303 million USD by January 2022. Despite minor fluctuations, the asset base maintains growth, peaking at 36,958 million USD by July 2025. This reflects a consistent expansion in asset holdings, indicative of either asset acquisitions or valuation increases.

Return on Assets (ROA) Pattern

ROA data is absent in early periods but becomes available from July 2020 onward. The ratio begins at 16.7% and reaches as high as 20.26% in October 2020, followed by a decrease and stabilization in the range of approximately 6.93% to 10.47% in subsequent years. The relatively steady range in the later periods suggests consistent efficiency in generating earnings from assets despite net income volatility.

Overall Observations

There is evidence of robust asset growth alongside fluctuating profitability. The volatility in net income, including several negative figures, implies operational or market challenges impacting earnings intermittently. Nevertheless, ROA remains comparatively stable, indicating that asset utilization effectiveness has been maintained over the period. The increasing total assets could be contributing positively to future income potential, as evidenced by peak net incomes in the later years.