Analysis of Reportable Segments
Intuit Inc. operates in 2 segments: Global Business Solutions and Consumer.
Segment Profit Margin
Intuit Inc., profit margin by reportable segment
| Jul 31, 2026 | Jul 31, 2025 | Jul 31, 2024 | Jul 31, 2023 | Jul 31, 2022 | Jul 31, 2021 | |
|---|---|---|---|---|---|---|
| Global Business Solutions | 76.86% | 76.52% | 75.24% | 56.38% | 54.16% | 55.25% |
| Consumer | 73.49% | 74.28% | 74.23% | 55.77% | 54.21% | 56.44% |
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).
An analysis of segment profit margins reveals a significant structural shift in profitability for both reportable segments beginning in 2024. Between 2021 and 2023, margins remained relatively stable, fluctuating within a narrow band between 54% and 56%. A substantial expansion occurred in 2024, with both segments shifting to a higher profitability plateau exceeding 74%.
- Global Business Solutions
- The profit margin for this segment exhibited stability from 2021 (55.25%) through 2023 (56.38%), despite a slight contraction in 2022 to 54.16%. A sharp increase was recorded in 2024, where the margin rose to 75.24%. This upward trajectory continued through 2025 and 2026, peaking at 76.86%, which indicates a sustained improvement in operational efficiency or a change in cost structure.
- Consumer Segment
- The Consumer segment followed a trend closely aligned with Global Business Solutions in the initial three-year period, moving from 56.44% in 2021 to 55.77% in 2023. A similar margin expansion occurred in 2024, elevating the profit margin to 74.23%. Unlike the Global Business Solutions segment, the Consumer segment's margin remained nearly flat through 2025 (74.28%) and experienced a slight contraction to 73.49% by 2026.
- Comparative Segment Performance
- While both segments experienced a simultaneous and dramatic increase in margins in 2024, Global Business Solutions transitioned into the higher-margin segment. By 2026, a divergence is observable: Global Business Solutions continued a marginal ascent, whereas the Consumer segment demonstrated a slight downward trend from its 2025 peak.
AI Ask an analyst for more
Segment Profit Margin: Global Business Solutions
Intuit Inc.; Global Business Solutions; segment profit margin calculation
| Jul 31, 2026 | Jul 31, 2025 | Jul 31, 2024 | Jul 31, 2023 | Jul 31, 2022 | Jul 31, 2021 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Segment operating income | 9,887) | 8,476) | 7,173) | 4,532) | 3,499) | 2,590) |
| Net revenue | 12,864) | 11,077) | 9,533) | 8,038) | 6,460) | 4,688) |
| Segment Profitability Ratio | ||||||
| Segment profit margin1 | 76.86% | 76.52% | 75.24% | 56.38% | 54.16% | 55.25% |
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
Segment profit margin = 100 × Segment operating income ÷ Net revenue
= 100 × 9,887 ÷ 12,864 = 76.86%
The Global Business Solutions segment exhibits a consistent upward trajectory in both net revenue and segment operating income over the period from July 31, 2021, to July 31, 2026. Net revenue grew from 4,688 million US dollars to 12,864 million US dollars, while segment operating income increased from 2,590 million US dollars to 9,887 million US dollars.
- Revenue and Income Growth Trends
- A steady increase in net revenue is observed annually, reflecting consistent growth in the segment's scale. Operating income has outpaced revenue growth, particularly in the latter half of the period, indicating a strong capacity to convert increased sales into profit.
- Profit Margin Analysis
- The segment profit margin remained relatively stable between 54.16% and 56.38% from 2021 through 2023. A significant inflection point occurred in 2024, with the margin rising sharply to 75.24%. This expansion continued at a more moderate pace, reaching 76.86% by 2026.
- Operating Leverage and Efficiency
- The substantial jump in profit margins between 2023 and 2024 suggests a marked improvement in operational efficiency or a shift in the cost structure. The ability to maintain margins above 75% from 2024 onward indicates high operating leverage, where incremental revenue growth results in disproportionately higher increases in operating income.
AI Ask an analyst for more
Segment Profit Margin: Consumer
Intuit Inc.; Consumer; segment profit margin calculation
| Jul 31, 2026 | Jul 31, 2025 | Jul 31, 2024 | Jul 31, 2023 | Jul 31, 2022 | Jul 31, 2021 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Segment operating income | 6,308) | 5,760) | 5,012) | 3,530) | 3,397) | 2,791) |
| Net revenue | 8,584) | 7,754) | 6,752) | 6,330) | 6,266) | 4,945) |
| Segment Profitability Ratio | ||||||
| Segment profit margin1 | 73.49% | 74.28% | 74.23% | 55.77% | 54.21% | 56.44% |
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
Segment profit margin = 100 × Segment operating income ÷ Net revenue
= 100 × 6,308 ÷ 8,584 = 73.49%
The Consumer segment demonstrates a sustained upward trajectory in both top-line revenue and bottom-line operating income over the analyzed period. A significant expansion in operational efficiency is evident, particularly starting in the fiscal year ending July 31, 2024, marking a transition to a higher profitability plateau.
- Net Revenue Growth
- Net revenue experienced consistent year-over-year growth, increasing from 4,945 million in 2021 to 8,584 million by 2026. The growth trajectory remained positive throughout the period, with a notable acceleration in scale observed between 2024 and 2026.
- Operating Income Expansion
- Operating income grew from 2,791 million in 2021 to 6,308 million in 2026. While growth was steady between 2021 and 2023, a substantial inflection point occurred in 2024, where operating income increased by approximately 41.8% in a single year, rising from 3,530 million to 5,012 million.
- Segment Profit Margin Evolution
- The segment profit margin remained relatively stable within a range of 54.21% to 56.44% from 2021 through 2023. A sharp increase is observed in 2024, with the margin surging to 74.23%. This elevated level of profitability persisted through 2025 and 2026, ending at 73.49%, which indicates a significant and permanent improvement in the segment's cost structure or pricing power relative to its operating expenses.
AI Ask an analyst for more
Net revenue
Intuit Inc., net revenue by reportable segment
US$ in millions
| Jul 31, 2026 | Jul 31, 2025 | Jul 31, 2024 | Jul 31, 2023 | Jul 31, 2022 | Jul 31, 2021 | |
|---|---|---|---|---|---|---|
| Global Business Solutions | 12,864) | 11,077) | 9,533) | 8,038) | 6,460) | 4,688) |
| Consumer | 8,584) | 7,754) | 6,752) | 6,330) | 6,266) | 4,945) |
| Total | 21,448) | 18,831) | 16,285) | 14,368) | 12,726) | 9,633) |
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).
Total net revenue exhibits a consistent upward trajectory over the six-year period, growing from US$ 9,633 million in 2021 to US$ 21,448 million by 2026. This represents a total increase of approximately 122.6%, driven by sustained growth across both reportable segments.
- Global Business Solutions Performance
- The Global Business Solutions segment demonstrates the most aggressive and consistent growth profile. Revenue expanded from US$ 4,688 million in 2021 to US$ 12,864 million in 2026. While the growth rate peaked between 2021 and 2022, the segment maintained a steady expansion pace, consistently contributing the largest portion of total revenue from 2023 onwards.
- Consumer Segment Performance
- The Consumer segment shows a general increase in net revenue, rising from US$ 4,945 million in 2021 to US$ 8,584 million in 2026. However, the growth pattern is more volatile than that of Global Business Solutions, notably experiencing a period of stagnation between 2022 and 2023 before resuming a moderate growth trend through 2026.
- Revenue Composition and Segment Shift
- A significant shift in the revenue mix is observable. In 2021, the revenue contribution was nearly evenly split, with the Consumer segment slightly leading. By 2026, Global Business Solutions became the primary driver of total net revenue, accounting for approximately 60% of the total, while the Consumer segment's relative contribution declined to approximately 40%.
AI Ask an analyst for more
Segment operating income
Intuit Inc., segment operating income by reportable segment
US$ in millions
| Jul 31, 2026 | Jul 31, 2025 | Jul 31, 2024 | Jul 31, 2023 | Jul 31, 2022 | Jul 31, 2021 | |
|---|---|---|---|---|---|---|
| Global Business Solutions | 9,887) | 8,476) | 7,173) | 4,532) | 3,499) | 2,590) |
| Consumer | 6,308) | 5,760) | 5,012) | 3,530) | 3,397) | 2,791) |
| Total | 16,195) | 14,236) | 12,185) | 8,062) | 6,896) | 5,381) |
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).
Total operating income exhibits a consistent and accelerating upward trajectory over the analyzed six-year period. From July 31, 2021, to July 31, 2026, the total operating income is projected to grow from 5,381 million US$ to 16,195 million US$, representing a total increase of approximately 201%. A significant inflection point occurs between 2023 and 2024, where total operating income rises by approximately 51% in a single year.
- Global Business Solutions Performance
- The Global Business Solutions segment demonstrates the most aggressive growth pattern. Operating income for this segment increases from 2,590 million US$ in 2021 to a projected 9,887 million US$ by 2026. The growth is characterized by a substantial surge between 2023 and 2024, during which income grew from 4,532 million US$ to 7,173 million US$. By the end of the period, this segment emerges as the primary driver of overall profitability.
- Consumer Segment Performance
- The Consumer segment shows steady growth, though at a more moderate pace compared to Global Business Solutions. Operating income rises from 2,791 million US$ in 2021 to 6,308 million US$ in 2026. Similar to the other segment, a notable increase is observed between 2023 and 2024, with income rising from 3,530 million US$ to 5,012 million US$. Despite the consistent gains, the growth rate is lower than that of the business solutions arm.
- Segment Contribution Shift
- A strategic shift in the composition of operating income is evident. In 2021, the Consumer segment was the largest contributor, accounting for approximately 52% of total operating income, while Global Business Solutions accounted for 48%. By 2026, this dynamic reverses significantly, with Global Business Solutions projected to contribute approximately 61% of the total operating income, while the Consumer segment's share declines to roughly 39%.
AI Ask an analyst for more