Analysis of Reportable Segments
Intuit Inc. operates in 3 segments: Global Business Solutions; Consumer; and ProTax.
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Segment Profit Margin
Intuit Inc., profit margin by reportable segment
| Jul 31, 2025 | Jul 31, 2024 | Jul 31, 2023 | Jul 31, 2022 | Jul 31, 2021 | Jul 31, 2020 | |
|---|---|---|---|---|---|---|
| Global Business Solutions | ||||||
| Consumer | ||||||
| ProTax |
Based on: 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).
- Global Business Solutions Segment Profit Margin
- The profit margin for this segment showed a generally positive trend over the six-year period. Starting at 51.63% in 2020, the margin increased steadily each year, reaching 76.44% by 2025. Notably, the margin rose significantly from 60.3% in 2024 to 76.44% in 2025, indicating enhanced profitability or improved operational efficiencies in the most recent year.
- Consumer Segment Profit Margin
- The Consumer segment's profit margin exhibited relative stability, with minor fluctuations from 65.78% in 2020 to 65.69% in 2024. There was a slight dip in 2021 to 62.78%, but the margin recovered in subsequent years. A sharp increase occurred between 2024 and 2025, where the margin escalated from 65.69% to 77.74%, suggesting a significant improvement in segment profitability in the latest period.
- ProTax Segment Profit Margin
- The ProTax segment maintained the highest profit margins among the three segments throughout the period. Margins were relatively steady, ranging between 70.15% and 71.95% from 2020 to 2023. However, a marked improvement is observed from 2023 onwards, with the margin rising from 70.41% in 2023 to 81.3% in 2024, and further to 85.83% in 2025. This upward trajectory indicates enhanced profitability or operational improvements within the ProTax segment in recent years.
- Overall Insights
- All three segments demonstrate a clear upward trend in profit margins toward the most recent years, with particularly strong growth from 2024 to 2025. The ProTax segment consistently reports the highest margins, but the other segments show substantial margin expansions as well. The increases observed may reflect strategic initiatives, cost optimizations, or favorable market conditions impacting all segments simultaneously. The marked margin improvements between 2024 and 2025 across all segments warrant further investigation to understand the underlying drivers.
Segment Profit Margin: Global Business Solutions
Intuit Inc.; Global Business Solutions; segment profit margin calculation
| Jul 31, 2025 | Jul 31, 2024 | Jul 31, 2023 | Jul 31, 2022 | Jul 31, 2021 | Jul 31, 2020 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Segment operating income | ||||||
| Net revenue | ||||||
| Segment Profitability Ratio | ||||||
| Segment profit margin1 | ||||||
Based on: 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).
1 2025 Calculation
Segment profit margin = 100 × Segment operating income ÷ Net revenue
= 100 × ÷ =
- Segment Operating Income
- The segment operating income demonstrates a consistent upward trajectory over the six-year period. Starting at $2,091 million in 2020, it increases steadily each year, reaching $8,467 million in 2025. This reflects substantial growth, with the compound annual increase indicating effective cost management and expansion within the segment.
- Net Revenue
- Net revenue also shows a clear positive trend, growing from $4,050 million in 2020 to $11,077 million in 2025. The incremental increases year-over-year suggest strong market demand and successful sales strategies that continuously enhance top-line performance.
- Segment Profit Margin
- The segment profit margin improves progressively from 51.63% in 2020 to a peak of 76.44% in 2025. Although there is a slight dip in 2022 compared to 2021, the overall trend is upward, indicating enhanced operational efficiency and profitability. The significant jump in margin, particularly in the last two years, underscores the segment's increasing ability to convert revenue into profit.
Segment Profit Margin: Consumer
Intuit Inc.; Consumer; segment profit margin calculation
| Jul 31, 2025 | Jul 31, 2024 | Jul 31, 2023 | Jul 31, 2022 | Jul 31, 2021 | Jul 31, 2020 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Segment operating income | ||||||
| Net revenue | ||||||
| Segment Profitability Ratio | ||||||
| Segment profit margin1 | ||||||
Based on: 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).
1 2025 Calculation
Segment profit margin = 100 × Segment operating income ÷ Net revenue
= 100 × ÷ =
- Net revenue
- The net revenue of the segment has shown a consistent upward trend over the six-year period. Starting from $3,136 million in 2020, revenue increased steadily each year, reaching $4,870 million by 2025. This represents an overall increase of approximately 55.4%, indicating sustained growth in the segment's sales or service income.
- Segment operating income
- Operating income also exhibited a positive trend, rising from $2,063 million in 2020 to $3,786 million in 2025. This growth is consistent and even accelerates in the later years, particularly between 2024 and 2025, where there is a notable jump of around 29.6%. This suggests improvements in operational efficiency or a higher contribution margin from the segment's activities over time.
- Segment profit margin
- The segment profit margin experienced some fluctuation before showing a marked improvement in the final year. Initially, the margin was 65.78% in 2020, which slightly declined to 62.78% in 2021, possibly reflecting increased costs or investments. From 2022 onwards, the margin steadily improved, reaching 65.69% in 2024 and then increasing significantly to 77.74% in 2025. This sharp increase in the last year suggests either a considerable reduction in costs, an increase in pricing power, or a change in the revenue composition favoring higher-margin activities.
- Overall insights
- The data indicates strong and sustained growth in both revenue and operating income within the segment, accompanied by an improving profitability trend, particularly evident in the latest year. The significant jump in profit margin in 2025 is a key highlight, indicating enhanced operational leverage or business model improvements. The consistent revenue growth underpins the segment's expanding market presence or product/service effectiveness, while the profit margin recovery and surge denote optimized cost management and possibly strategic adjustments that favor higher profitability.
Segment Profit Margin: ProTax
Intuit Inc.; ProTax; segment profit margin calculation
| Jul 31, 2025 | Jul 31, 2024 | Jul 31, 2023 | Jul 31, 2022 | Jul 31, 2021 | Jul 31, 2020 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Segment operating income | ||||||
| Net revenue | ||||||
| Segment Profitability Ratio | ||||||
| Segment profit margin1 | ||||||
Based on: 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).
1 2025 Calculation
Segment profit margin = 100 × Segment operating income ÷ Net revenue
= 100 × ÷ =
The financial data for the period from July 31, 2020, to July 31, 2025, reveals notable trends in segment operating income, net revenue, and segment profit margin. Across these six years, the financial performance in this segment reflects steady growth and increasing profitability.
- Segment Operating Income
- There is a consistent upward trend in segment operating income, which increased from 346 million US dollars in 2020 to 533 million US dollars in 2025. This represents a significant growth over the five-year span, indicating improving operational efficiency and profitability in the segment.
- Net Revenue
- Net revenue also shows a steady increase each year, moving from 493 million US dollars in 2020 to 621 million US dollars in 2025. Although the growth rate is more moderate compared to operating income, it still indicates expanding business activity and customer base in the segment.
- Segment Profit Margin
- The profit margin exhibits a notable improvement, especially from 2023 onward. Initially fluctuating slightly around 70% during 2020 to 2023, it then rises sharply to 81.3% in 2024 and further to 85.83% in 2025. This increase suggests enhanced cost management or increased pricing power, leading to higher profitability relative to revenue.
Overall, the data indicates that the segment is experiencing strong growth in both revenue and operating income, accompanied by a significant improvement in profitability. The sharp increase in profit margin in the later years is particularly noteworthy, suggesting strategic or operational shifts that have positively impacted the segment's financial performance.
Net revenue
Intuit Inc., net revenue by reportable segment
US$ in millions
| Jul 31, 2025 | Jul 31, 2024 | Jul 31, 2023 | Jul 31, 2022 | Jul 31, 2021 | Jul 31, 2020 | |
|---|---|---|---|---|---|---|
| Global Business Solutions | ||||||
| Consumer | ||||||
| Credit Karma | ||||||
| ProTax | ||||||
| Total |
Based on: 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).
The data reveals consistent growth across all reported segments over the observed periods. The Global Business Solutions segment shows a steady and substantial increase in net revenue, nearly tripling from 4,050 million US dollars in July 2020 to 11,077 million US dollars projected in July 2025. This indicates strong ongoing demand and effective expansion in this segment.
The Consumer segment also experiences continuous growth, though at a more moderate pace compared to Global Business Solutions. Revenue increases from 3,136 million US dollars in 2020 to an estimated 4,870 million US dollars in 2025, reflecting a steady enhancement of consumer-related offerings or market penetration.
The Credit Karma segment first appears in the data in 2021, with reported revenue of 865 million US dollars. After an initial increase to 1,805 million in 2022, the segment experiences a slight decline in 2023 to 1,634 million, but then recovers and resumes growth, reaching 2,263 million by 2025. This fluctuation may suggest some volatility or transitional challenges, but the overall trend remains positive.
The ProTax segment demonstrates the most gradual growth among the segments tracked. Starting at 493 million US dollars in 2020, it steadily advances to 621 million in 2025. This incremental increase points to consistent, albeit modest, revenue gains in this area.
Total net revenue reflects the aggregated effect of all segments, showing robust overall expansion from 7,679 million US dollars in 2020 to a projected 18,831 million US dollars in 2025. This represents more than a doubling of total revenue within the five-year span, highlighting a broad-based growth trajectory.
- Key observations:
- There is a clear upward trend in revenue across all reportable segments.
- The Global Business Solutions segment contributes the largest proportion of growth.
- The Consumer and Credit Karma segments also show significant increases, with Credit Karma demonstrating some volatility but overall positive momentum.
- The ProTax segment grows at a slower, steady pace.
- Total company revenue more than doubles from 2020 through 2025, indicating strong overall financial performance.
Segment operating income
Intuit Inc., segment operating income by reportable segment
US$ in millions
| Jul 31, 2025 | Jul 31, 2024 | Jul 31, 2023 | Jul 31, 2022 | Jul 31, 2021 | Jul 31, 2020 | |
|---|---|---|---|---|---|---|
| Global Business Solutions | ||||||
| Consumer | ||||||
| Credit Karma | ||||||
| ProTax | ||||||
| Total |
Based on: 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).
- Global Business Solutions
- The operating income for Global Business Solutions has demonstrated consistent and substantial growth over the six-year period. Starting at $2,091 million in 2020, it increased steadily each year, reaching $8,467 million by 2025. The most significant year-over-year increase occurred between 2024 and 2025, where the income rose by $2,719 million, indicating accelerating growth momentum in this segment.
- Consumer
- The Consumer segment showed gradual and steady growth from $2,063 million in 2020 to $3,786 million in 2025. The increases were relatively moderate when compared to other segments, with an average annual growth that suggests stable performance without abrupt changes or volatility.
- Credit Karma
- Credit Karma's data is only available from 2021 onward, with an initial income of $182 million. There was a sharp increase to $531 million in 2022, followed by a slight decline in 2023 and 2024, where it decreased to $414 million. However, the segment rebounded significantly in 2025, reaching $835 million, indicating recovery and strong growth potential despite some volatility in the middle years.
- ProTax
- ProTax exhibited modest but consistent growth throughout the period, increasing from $346 million in 2020 to $533 million in 2025. The growth trend is steady, with small incremental increases year-over-year, reflecting a mature segment with stable operating performance.
- Total Operating Income
- Total operating income across all segments showed a robust upward trajectory, increasing from $4,500 million in 2020 to $13,621 million in 2025. This aggregate growth suggests strong overall financial health and expansion, driven primarily by the significant contributions from Global Business Solutions and the increasing performance of the Consumer and Credit Karma segments.