Analysis of Reportable Segments
Intuit Inc. operates in 3 segments: Small Business & Self-Employed; Consumer; and ProTax.
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- Balance Sheet: Liabilities and Stockholders’ Equity
- Cash Flow Statement
- Common-Size Balance Sheet: Assets
- Analysis of Liquidity Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Enterprise Value to FCFF (EV/FCFF)
- Net Profit Margin since 2005
- Return on Assets (ROA) since 2005
- Debt to Equity since 2005
- Analysis of Debt
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Segment Profit Margin
Intuit Inc., profit margin by reportable segment
| Jul 31, 2024 | Jul 31, 2023 | Jul 31, 2022 | Jul 31, 2021 | Jul 31, 2020 | Jul 31, 2019 | |
|---|---|---|---|---|---|---|
| Small Business & Self-Employed | ||||||
| Consumer | ||||||
| ProTax |
Based on: 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), 10-K (reporting date: 2019-07-31).
The analysis of the annual reportable segment profit margin data reveals distinct trends across the three segments over the six-year period from July 31, 2019, to July 31, 2024.
- Small Business & Self-Employed Segment
-
This segment demonstrates a consistent upward trend in profit margin throughout the period. Starting at 48.74% in 2019, the margin increases almost every year, reaching 60.3% in 2024. The increase is particularly notable between 2023 and 2024, where the margin rose by approximately 3.92 percentage points. Overall, this trend indicates improving profitability and possibly enhanced operational efficiency or pricing power in this segment.
- Consumer Segment
-
The Consumer segment shows relatively stable profit margins over the timeframe examined. Values fluctuate minimally, ranging from a low of 62.78% in 2021 to a high of 65.78% in 2020, before ending slightly higher at 65.69% in 2024. Despite minor ups and downs, the margins hover consistently around the mid-60% level, suggesting steady performance with no significant volatility or large shifts in profitability.
- ProTax Segment
-
The ProTax segment exhibits a generally positive trend with modest margin growth from 69.33% in 2019 to 70.41% in 2023, with some fluctuations in between. A significant increase occurs in 2024 when the profit margin jumps sharply to 81.3%, representing a notable improvement. This marked rise could suggest major efficiency gains, cost reductions, or pricing enhancements in the most recent year, significantly elevating segment profitability.
In summary, all three segments display either stable or improving profit margins over the examined years. The Small Business & Self-Employed segment shows a steady increase, the Consumer segment maintains consistent stability, and the ProTax segment ends with a substantial margin improvement in the most recent year. These trends could reflect effective management strategies tailored to each segment’s operational characteristics.
Segment Profit Margin: Small Business & Self-Employed
Intuit Inc.; Small Business & Self-Employed; segment profit margin calculation
| Jul 31, 2024 | Jul 31, 2023 | Jul 31, 2022 | Jul 31, 2021 | Jul 31, 2020 | Jul 31, 2019 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Segment operating income | ||||||
| Net revenue | ||||||
| Segment Profitability Ratio | ||||||
| Segment profit margin1 | ||||||
Based on: 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), 10-K (reporting date: 2019-07-31).
1 2024 Calculation
Segment profit margin = 100 × Segment operating income ÷ Net revenue
= 100 × ÷ =
- Segment Operating Income
- The segment operating income shows a consistent and significant upward trend from 2019 to 2024. It rose from 1,722 million US dollars in 2019 to 5,748 million US dollars in 2024. This represents more than a threefold increase over the six-year period, indicating strong growth within the segment.
- Net Revenue
- Net revenue also exhibits a continuous increase over the years, expanding from 3,533 million US dollars in 2019 to 9,533 million US dollars in 2024. This upward movement highlights an expanding market presence and increasing sales volume in the segment.
- Segment Profit Margin
- The segment profit margin has improved steadily, rising from 48.74% in 2019 to 60.3% in 2024. Despite a slight dip in 2022, the overall trend is upward, reflecting more efficient operations or improved pricing power. The margin surpasses 60% in the most recent year, indicating strong profitability.
- Overall Analysis
- The segment demonstrates robust financial performance characterized by growing revenues, rising operating income, and expanding profit margins. The increase in both absolute profits and profit efficiency suggests successful management strategies and favorable market conditions contributing to sustained growth over the period reviewed.
Segment Profit Margin: Consumer
Intuit Inc.; Consumer; segment profit margin calculation
| Jul 31, 2024 | Jul 31, 2023 | Jul 31, 2022 | Jul 31, 2021 | Jul 31, 2020 | Jul 31, 2019 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Segment operating income | ||||||
| Net revenue | ||||||
| Segment Profitability Ratio | ||||||
| Segment profit margin1 | ||||||
Based on: 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), 10-K (reporting date: 2019-07-31).
1 2024 Calculation
Segment profit margin = 100 × Segment operating income ÷ Net revenue
= 100 × ÷ =
- Net Revenue
- Net revenue shows a consistent upward trend from 2019 to 2024. It increased from 2,775 million USD in 2019 to 4,445 million USD in 2024, reflecting steady growth each year. This indicates a strong performance in revenue generation within the segment over the analyzed period.
- Segment Operating Income
- Segment operating income also follows a positive trajectory, rising from 1,820 million USD in 2019 to 2,920 million USD in 2024. The growth appears stable and proportional to the increase in net revenue, suggesting effective management of operating expenses and cost control contributing to improved profitability.
- Segment Profit Margin
- The segment profit margin, expressed as a percentage, remains relatively stable across the years. Starting at 65.59% in 2019, it experienced a slight dip in 2021 to 62.78%, then recovered and stabilized around 65.6% in the subsequent years through 2024. This indicates that the segment has maintained consistent profitability relative to its revenue, despite minor fluctuations.
Segment Profit Margin: ProTax
Intuit Inc.; ProTax; segment profit margin calculation
| Jul 31, 2024 | Jul 31, 2023 | Jul 31, 2022 | Jul 31, 2021 | Jul 31, 2020 | Jul 31, 2019 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Segment operating income | ||||||
| Net revenue | ||||||
| Segment Profitability Ratio | ||||||
| Segment profit margin1 | ||||||
Based on: 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), 10-K (reporting date: 2019-07-31).
1 2024 Calculation
Segment profit margin = 100 × Segment operating income ÷ Net revenue
= 100 × ÷ =
- Net Revenue
- Net revenue exhibited a consistent upward trend over the six-year period. Starting at $476 million in 2019, it gradually increased each year, reaching $599 million by 2024. This steady growth indicates expanding sales or service demand within the segment.
- Segment Operating Income
- Operating income also rose over the same timeframe, growing from $330 million in 2019 to $487 million in 2024. The increase aligns with the rise in net revenue, suggesting effective management of operating costs or enhanced operational efficiency.
- Segment Profit Margin
- The profit margin showed relative stability from 2019 to 2023, fluctuating modestly between approximately 69% and 71%. However, a pronounced increase occurred in 2024, where the segment profit margin jumped sharply to 81.3%. This marked improvement points to a significant enhancement in segment profitability, possibly through cost control, pricing strategy, or favorable product mix changes.
- Overall Insights
- Over the six-year period, the segment demonstrated positive growth in both revenue and operating income. The steady revenue growth combined with relatively stable margins until 2023 indicates consistent performance. The substantial profit margin increase in the final year highlights a material improvement in operational profitability, underscoring a successful strategic or operational shift within the segment.
Net revenue
Intuit Inc., net revenue by reportable segment
US$ in millions
| Jul 31, 2024 | Jul 31, 2023 | Jul 31, 2022 | Jul 31, 2021 | Jul 31, 2020 | Jul 31, 2019 | |
|---|---|---|---|---|---|---|
| Small Business & Self-Employed | ||||||
| Consumer | ||||||
| Credit Karma | ||||||
| ProTax | ||||||
| Total |
Based on: 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), 10-K (reporting date: 2019-07-31).
The segment net revenue data over the six-year period reveals several notable trends and shifts in the revenue composition.
- Small Business & Self-Employed Segment
- This segment exhibited a consistent and robust growth trajectory. Starting at $3,533 million in 2019, revenues increased steadily each year, reaching $9,533 million by 2024. The growth rate accelerated notably from 2021 onward, with particularly strong increases between 2021 and 2024, indicating an expanding market presence or enhanced business offerings in this segment.
- Consumer Segment
- The consumer segment also showed continuous growth, albeit more moderate compared to the Small Business & Self-Employed segment. Revenues rose from $2,775 million in 2019 to $4,445 million in 2024, reflecting steady increases each year. The growth rate remained relatively stable without signs of acceleration or deceleration.
- Credit Karma Segment
- This segment demonstrated rapid emergence beginning in the fiscal year 2021, where revenue was first reported at $865 million. Revenue nearly doubled in the following year to $1,805 million in 2022, then experienced a modest decline in 2023 to $1,634 million, and a slight recovery to $1,708 million in 2024. This suggests initial rapid growth with some volatility or market adjustment in recent years.
- ProTax Segment
- ProTax displayed the slowest growth among the segments, increasing gradually from $476 million in 2019 to $599 million in 2024. The consistent but modest increments imply a stable yet mature revenue source with limited expansion potential during this period.
- Total Revenue Trends
- Total net revenue increased significantly from $6,784 million in 2019 to $16,285 million in 2024. This represents a more than doubling of total revenues over six years. The substantial increases in the Small Business & Self-Employed and Credit Karma segments were primary contributors to this overall growth, with Consumer and ProTax providing steady support. The data indicates successful diversification and scaling across multiple segments.
Segment operating income
Intuit Inc., segment operating income by reportable segment
US$ in millions
| Jul 31, 2024 | Jul 31, 2023 | Jul 31, 2022 | Jul 31, 2021 | Jul 31, 2020 | Jul 31, 2019 | |
|---|---|---|---|---|---|---|
| Small Business & Self-Employed | ||||||
| Consumer | ||||||
| Credit Karma | ||||||
| ProTax | ||||||
| Total |
Based on: 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), 10-K (reporting date: 2019-07-31).
- Small Business & Self-Employed Segment
- The operating income of the Small Business & Self-Employed segment displays a consistent and substantial upward trajectory over the analyzed period. Starting at $1,722 million in 2019, it rises steadily each year to reach $5,748 million by 2024. The segment's growth accelerates notably from 2021 onwards, with significant increases observed from 2022 to 2024, indicating strong performance and expansion within this business area.
- Consumer Segment
- The Consumer segment shows a steady yet more moderate increase in operating income compared to the Small Business & Self-Employed segment. Beginning at $1,820 million in 2019, the income grows annually but at a gradual pace, reaching $2,920 million by 2024. This consistent growth suggests stable demand and effective management, though the rate of expansion is less pronounced than in the Small Business & Self-Employed segment.
- Credit Karma Segment
- Credit Karma's operating income data are absent for the initial two years but become available starting in 2021 with $182 million. This segment experiences rapid growth in 2022, increasing to $531 million. However, this is followed by a decline to $428 million in 2023 and a further slight decrease to $414 million in 2024, indicating challenges in sustaining initial growth after a strong entry.
- ProTax Segment
- The ProTax segment exhibits stable growth over the entire period. Starting from $330 million in 2019, it increases gradually each year, reaching $487 million in 2024. This pattern reflects steady expansion and potentially reliable recurring revenues, contributing positively to overall operating income without significant volatility.
- Total Operating Income
- Total operating income demonstrates a clear and robust upward trend across the entire period, rising from $3,872 million in 2019 to $9,569 million in 2024. The total growth is driven primarily by the strong performance of the Small Business & Self-Employed segment and, to a lesser extent, by steady increases in the Consumer and ProTax segments. The initial surge and subsequent moderation in Credit Karma's contribution slightly temper total growth but do not significantly affect the positive overall trend.