Intuit Inc. (INTU) Income Statement

30Y historyFree accessUpdated daily

Revenue growth exhibits variable cadence, with 2026Q1 posting 18.3% year-over-year growth, while gross margins averaged 80.8% across the last ten quarters but operating margins remain volatile due to seasonal cost absorption.

Annual statement

INTU Income Statement

Intuit Inc. (INTU) annual income statement — 30-year revenue, gross profit & net income history

Annual Quarterly

Metric	TTM	Jul'25	Jul'24	Jul'23	Jul'22	Jul'21	Jul'20	Jul'19	Jul'18	Jul'17	Jul'16	Jul'15	Jul'14	Jul'13	Jul'12	Jul'11	Jul'10	Jul'09	Jul'08	Jul'07	Jul'06	Jul'05	Jul'04	Jul'03	Jul'02	Jul'01	Jul'00	Jul'99	Jul'98	Jul'97	Jul'96

Sales/Revenue	21.45B	18.83B	16.29B	14.37B	12.73B	9.63B	7.68B	6.78B	6.03B	5.18B	4.69B	4.19B	4.51B	4.17B	3.81B	3.85B	3.46B	3.18B	3.07B	2.67B	2.29B	2.04B	1.8B	1.6B	1.31B	1.26B	1.09B	847.6M	592.7M	598.9M	538.6M
Revenue Growth %	13.9%	15.63%	13.34%	12.9%	32.11%	25.45%	13.19%	12.6%	16.38%	10.29%	11.98%	-6.97%	8.03%	9.53%	-1.12%	11.46%	8.56%	3.5%	15.04%	16.57%	12.53%	13.07%	12.85%	21.71%	4.02%	15.33%	29.05%	43.01%	-1.04%	11.2%	36.11%
Cost of Goods Sold	4.09B	3.62B	3.46B	3.14B	2.41B	1.68B	1.38B	1.17B	977M	809M	752M	725M	668M	577M	760M	654M	604M	615.7M	624.26M	509.45M	426.19M	372.65M	361.6M	343.96M	296.83M	312.04M	77.98M	160.8M	94.4M	226.4M	109.3M
COGS % of Revenue	-	19.24%	21.28%	21.88%	18.91%	17.47%	17.95%	17.2%	16.22%	15.63%	16.02%	17.29%	14.82%	13.83%	19.96%	16.98%	17.48%	19.35%	20.3%	19.06%	18.59%	18.29%	20.06%	21.54%	22.62%	24.74%	7.13%	18.97%	15.93%	37.8%	20.29%
Gross Profit	17.36B	15.21B	12.82B	11.22B	10.32B	7.95B	6.3B	5.62B	4.99B	4.37B	3.94B	3.47B	3.84B	3.59B	3.39B	3.2B	2.85B	2.57B	2.45B	2.16B	1.89B	1.67B	1.44B	1.26B	1.02B	949.42M	1.02B	686.8M	498.3M	372.5M	429.3M
Gross Margin %	80.94%	80.76%	78.72%	78.13%	81.09%	82.53%	82.06%	82.8%	82.77%	84.37%	83.98%	82.71%	85.18%	86.17%	89.05%	83.02%	82.52%	80.65%	79.7%	80.94%	82.24%	81.71%	79.85%	78.9%	77.95%	75.26%	92.87%	81.03%	84.07%	62.2%	79.71%
Gross Profit Growth %	-	18.62%	14.21%	8.77%	29.81%	26.17%	12.18%	12.63%	14.17%	10.81%	13.7%	-9.67%	6.79%	5.99%	6.07%	12.14%	11.07%	4.74%	13.28%	14.73%	13.25%	15.71%	14.2%	23.19%	7.73%	-6.54%	47.91%	37.83%	33.77%	-13.23%	41.87%
Operating Expenses	11.2B	10.28B	9.19B	8.08B	7.75B	5.45B	4.13B	3.76B	3.49B	2.97B	2.7B	2.73B	2.32B	2.2B	2.03B	2.01B	1.99B	1.79B	1.74B	1.53B	1.31B	1.12B	996.09M	851.49M	778.29M	992.96M	869.95M	666.9M	481M	351.2M	435.2M
OpEx % of Revenue	-	54.61%	56.43%	56.26%	60.89%	56.58%	53.72%	55.47%	57.93%	57.43%	57.52%	65.1%	51.53%	52.7%	53.36%	52.25%	57.54%	56.21%	56.5%	57.09%	57.16%	55.18%	55.27%	53.32%	59.31%	78.72%	79.53%	78.68%	81.15%	58.64%	80.8%
Selling, General & Admin	7.16B	6.64B	5.73B	5.06B	4.99B	3.63B	2.73B	2.52B	2.3B	1.97B	1.81B	1.77B	1.59B	1.53B	1.41B	1.39B	1.32B	1.22B	1.15B	1.03B	934.35M	808.91M	747.29M	652.19M	562.35M	522.49M	487.66M	382.2M	319.2M	199.5M	366.8M
SG&A % of Revenue	-	35.24%	35.19%	35.23%	39.18%	37.64%	35.51%	37.21%	38.14%	38.11%	38.5%	42.25%	35.4%	36.61%	37.13%	36.15%	38.32%	38.19%	37.55%	38.66%	40.75%	39.7%	41.46%	40.84%	42.85%	41.42%	44.58%	45.09%	53.86%	33.31%	68.1%
Research & Development	3.38B	2.93B	2.75B	2.54B	2.35B	1.68B	1.39B	1.23B	1.19B	998M	881M	798M	714M	647M	618M	620M	573M	566.23M	605.82M	472.52M	398.98M	305.24M	281.13M	255.82M	203.52M	207.09M	169.08M	143.4M	108.6M	93M	0
R&D % of Revenue	-	15.55%	16.91%	17.67%	18.44%	17.42%	18.13%	18.18%	19.68%	19.28%	18.77%	19.04%	15.85%	15.51%	16.23%	16.1%	16.58%	17.79%	19.7%	17.68%	17.4%	14.98%	15.6%	16.02%	15.51%	16.42%	15.46%	16.92%	18.32%	15.53%	-
Other Operating Expenses	4M	720M	706M	483M	416M	146M	6M	6M	6M	2M	12M	160M	13M	24M	0	0	91M	7.49M	-23M	19.96M	-22.71M	10.25M	-32.33M	-56.52M	12.42M	263.39M	213.2M	141.3M	53.2M	58.7M	68.4M
Operating Income	6.18B	4.92B	3.63B	3.14B	2.57B	2.5B	2.18B	1.85B	1.56B	1.42B	1.24B	738M	1.3B	1.21B	1.17B	1.01B	863M	682.06M	650.77M	637.57M	575.07M	524.1M	420.38M	338.62M	50.5M	-43.54M	145.9M	19.9M	17.3M	10.3M	-5.9M
Operating Margin %	28.8%	26.14%	22.29%	21.86%	20.2%	25.95%	28.34%	27.33%	25.89%	27.39%	26.46%	17.61%	28.81%	28.96%	30.67%	26.15%	24.98%	21.43%	21.16%	23.85%	25.08%	25.72%	23.33%	21.2%	3.85%	-3.45%	13.34%	2.35%	2.92%	1.72%	-1.1%
Operating Income Growth %	-	35.62%	15.57%	22.17%	2.84%	14.89%	17.37%	18.85%	10.01%	14.17%	68.29%	-43.14%	7.45%	3.42%	15.99%	16.69%	26.53%	4.81%	2.07%	10.87%	9.73%	24.67%	24.14%	570.53%	215.99%	-129.84%	633.15%	15.03%	67.96%	274.58%	56.93%
EBITDA	6.91B	5.73B	4.42B	3.95B	3.32B	2.86B	2.39B	2.08B	1.81B	1.65B	1.48B	969M	1.5B	1.44B	1.41B	1.25B	1.12B	956.73M	867.23M	776.3M	692.08M	642.44M	513.81M	436.72M	128.36M	282.08M	359.1M	161.2M	70.5M	69M	62.5M
EBITDA Margin %	32.22%	30.44%	27.14%	27.47%	26.06%	29.72%	31.18%	30.65%	30.09%	31.95%	31.53%	23.12%	33.18%	34.52%	37.03%	32.41%	32.39%	30.06%	28.2%	29.04%	30.18%	31.53%	28.51%	27.34%	9.78%	22.36%	32.83%	19.02%	11.89%	11.52%	11.6%
EBITDA Growth %	20.55%	29.71%	11.96%	18.99%	15.86%	19.59%	15.15%	14.67%	9.61%	11.76%	52.73%	-35.18%	3.82%	2.13%	12.98%	11.53%	16.96%	10.32%	11.71%	12.17%	7.73%	25.04%	17.65%	240.22%	-54.5%	-21.45%	122.77%	128.65%	2.17%	10.4%	24.25%
D&A (Non-Cash Add-back)	636M	809M	789M	806M	746M	363M	218M	225M	253M	236M	238M	231M	197M	232M	242M	241M	256M	274.67M	216.46M	138.73M	117.01M	118.34M	93.43M	98.1M	77.86M	325.62M	213.2M	141.3M	53.2M	58.7M	68.4M
EBIT	6.3B	5.08B	3.79B	3.24B	2.62B	2.58B	2.22B	1.9B	1.59B	1.42B	1.24B	739M	1.33B	1.24B	1.19B	1.06B	876M	704.62M	750.27M	723.5M	575.07M	556.06M	442.92M	372.4M	212.05M	204.9M	145.9M	19.9M	17.3M	10.3M	-5.9M
Net Interest Income	-95M	-72M	-95M	-142M	-17M	28M	25M	31M	-1M	-23M	-39M	-19M	-27M	-30M	-41M	-50M	-52M	-30.68M	-13M	17.91M	31M	17.5M	0	0	0	0	0	0	0	0	0
Interest Income	277M	175M	147M	106M	64M	57M	39M	46M	19M	8M	0	8M	4M	0	9M	10M	9M	20.5M	39M	45M	31M	17.5M	0	0	0	0	0	0	0	0	0
Interest Expense	372M	247M	242M	248M	81M	29M	14M	15M	20M	31M	39M	27M	31M	30M	50M	60M	61M	51.18M	52M	27.09M	0	0	0	0	198.29M	302.24M	0	0	37.2M	11.5M	0
Other Income/Expense	-160M	-89M	-80M	-152M	-29M	56M	22M	27M	6M	-28M	-39M	-26M	0	-23M	-30M	-41M	-48M	-28.63M	47.22M	58.84M	41.17M	31.96M	32.13M	49.34M	20.05M	-53.8M	366.95M	597.4M	-37.2M	-500K	7.7M
Pretax Income	6.02B	4.83B	3.55B	2.99B	2.54B	2.56B	2.2B	1.88B	1.57B	1.39B	1.2B	712M	1.3B	1.19B	1.14B	966M	815M	653.43M	697.99M	696.41M	616.25M	556.06M	452.9M	387.96M	70.55M	-97.34M	512.85M	617.3M	-19.9M	9.8M	1.8M
Pretax Margin %	28.05%	25.67%	21.8%	20.8%	19.97%	26.53%	28.62%	27.73%	25.99%	26.85%	25.63%	16.98%	28.81%	28.41%	29.88%	25.08%	23.59%	20.53%	22.7%	26.05%	26.88%	27.29%	25.13%	24.29%	5.38%	-7.72%	46.89%	72.83%	-3.36%	1.64%	0.33%
Income Tax	1.45B	965M	587M	605M	476M	494M	372M	324M	237M	405M	397M	299M	447M	378M	374M	344M	276M	205.22M	245.58M	251.61M	234.59M	181.07M	128.29M	127.81M	16.93M	-229K	207.18M	240.8M	-7.7M	12.7M	16.2M
Effective Tax Rate %	24.12%	19.96%	16.54%	20.24%	18.73%	19.33%	16.92%	17.22%	15.13%	29.14%	33%	41.99%	34.44%	31.9%	32.86%	35.61%	33.87%	31.41%	35.18%	36.13%	38.07%	32.56%	28.33%	32.94%	24%	0.24%	40.4%	39.01%	38.69%	129.59%	900%
Net Income	4.57B	3.87B	2.96B	2.38B	2.07B	2.06B	1.83B	1.56B	1.33B	971M	979M	365M	907M	858M	792M	634M	574M	447.04M	476.76M	440M	416.96M	381.63M	317.03M	343.03M	140.16M	-82.79M	305.66M	376.5M	-12.2M	68.3M	-20.7M
Net Margin %	21.29%	20.55%	18.19%	16.59%	16.23%	21.41%	23.78%	22.95%	22.06%	18.76%	20.86%	8.71%	20.13%	20.57%	20.8%	16.46%	16.61%	14.05%	15.5%	16.46%	18.18%	18.73%	17.59%	21.48%	10.68%	-6.56%	27.94%	44.42%	-2.06%	11.4%	-3.84%
Net Income Growth %	18.02%	30.58%	24.29%	15.39%	0.19%	12.92%	17.28%	17.16%	36.87%	-0.82%	168.22%	-59.76%	5.71%	8.33%	24.92%	10.45%	28.4%	-6.23%	8.35%	5.53%	9.26%	20.38%	-7.58%	144.74%	269.29%	-127.09%	-18.82%	3186.07%	-117.86%	429.95%	54.41%
Net Income (Continuing)	4.57B	3.87B	2.96B	2.38B	2.07B	2.06B	1.83B	1.56B	1.33B	985M	806M	413M	853M	807M	764M	652M	539M	448.21M	452.41M	444.81M	381.65M	374.98M	323.32M	260.15M	53.62M	-97.11M	305.66M	376.5M	-12.2M	-2.9M	-14.4M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0	173M	-48M	54M	35M	28M	-18M	10M	0	-5.41M	-1.34M	-691K	2.76M	-6.29M	82.88M	86.55M	0	0	0	0	71.2M	-6.3M
Minority Interest	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	1.55M	6.91M	1.33M	568K	0	0	0	0	35K	238K	200K	0	0	0
EPS (Diluted)	16.79	13.67	10.43	8.42	7.27	7.55	6.92	5.90	5.09	3.72	3.04	1.28	2.96	2.83	2.60	2.00	1.77	1.35	1.33	1.24	1.16	1.01	0.79	0.81	0.32	-0.20	0.73	0.97	-0.04	0.25	-0.08
EPS Growth %	20.01%	31.06%	23.87%	15.82%	-3.71%	9.1%	17.29%	15.91%	36.83%	22.37%	137.5%	-56.76%	4.59%	8.85%	30%	12.99%	31.11%	1.5%	7.26%	6.9%	14.85%	27.85%	-2.47%	153.13%	260%	-127.4%	-24.74%	2707.53%	-114.88%	427.23%	59.79%
EPS (Basic)	-	13.82	10.58	8.48	7.38	7.64	7.00	5.99	5.19	3.78	3.08	1.30	3.02	2.89	2.67	2.06	1.82	1.39	1.45	1.29	1.20	1.03	0.81	0.84	0.33	-0.20	0.76	1.01	-0.04	0.25	-0.08
Diluted Shares Outstanding	272M	283M	284M	283M	284M	273M	264M	264M	261M	261M	265M	286M	291M	303M	305M	317M	325M	330M	339M	355.81M	360.47M	376.8M	400.16M	423.5M	438M	413.96M	422.54M	399.63M	327.78M	278.78M	270.89M
Basic Shares Outstanding	272M	280M	280M	281M	280M	270M	261M	260M	256M	257M	262M	281M	285M	297M	296M	307M	316M	322M	329M	342.64M	347.85M	369.2M	390.91M	408.37M	424.73M	413.96M	401.54M	381.85M	314.29M	278.78M	270.89M
Dividend Payout Ratio	-	30.73%	34.9%	37.29%	37.46%	31.33%	30.72%	32.18%	30.62%	36.35%	32.48%	77.53%	24.26%	23.66%	22.47%	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-

Key Metrics

Growth RegimeMixed

ProfitabilityModerate

Balance SheetFortress

Cash FlowRobust

Top Statement Risk

AI disruption to core tax products

Verified Source

Metrics are mathematically derived from official filings.

SEC 10-K (2026Q4)

Tax-Season Driven Growth with Variable Cadence

Intuit's revenue growth is robust but uneven, with 2026Q1 posting an 18.3% year-over-year increase while 2026Q3 growth moderated to 10.4%, highlighting a heavy reliance on the seasonal tax filing cycle.

The trajectory is defined by massive seasonal spikes, particularly in the fiscal third quarter, which alone generated $8.6B in the latest period. Growth rates outside this peak quarter are generally stronger, suggesting the 'Big Bets' segments like Mailchimp and Credit Karma are contributing. However, the deceleration in the critical tax quarter warrants monitoring for signs of market saturation or competitive pressure.

Premium Gross Margins Mask Structural Opex

Gross margins averaged a high 80.8% across the last ten quarters, but operating margins swing wildly from -4.7% in 2024Q4 to 47.0% in 2026Q3 due to fixed-cost overhead.

The high gross margin reflects the inherent scalability of its software platform, which is a core tenet of its moat. However, the significant variability in operating margin is driven by the need to maintain a high level of R&D ($857M in 2026Q4) and SG&A ($1.7B) to support the product ecosystem year-round. This structure means the company's profitability is disproportionately determined by the success of a single quarter.

Powerful Operating Leverage in Peak Quarter

Operating income scaled to $4.0B in 2026Q3 from $3.7B in 2025Q3, demonstrating that incremental revenue flows directly to the bottom line when fixed costs are fully absorbed.

The operating leverage is extreme, with operating margin expanding to 47.0% in the latest peak quarter. This indicates successful management of the cost base relative to revenue growth. The leverage is most visible when comparing quarterly R&D and SG&A, which remain relatively flat, while revenue nearly doubles from Q2 to Q3. This dynamic underscores the high incremental margin on tax-season revenue.

High SBC Obscures Underlying Cash Profitability

Stock-based compensation reached $543M in 2026Q1, equal to 13.9% of that quarter's revenue, which materially dilutes GAAP net income despite the company's strong cash generation profile.

The quality of earnings is clouded by substantial and persistent SBC, which is a non-cash expense but a real economic cost to shareholders. When viewing net income margins, they are consistently lower than operating margins due to SBC and other non-operating items. Analysts must adjust for this to assess the true recurring earnings power of the software business.

Concentrated Profitability and Margin Dilution Risks

A key risk is that 2026Q3 contributed $3.1B of net income while the other three quarters combined for only $1.5B, revealing an unsustainable earnings concentration.

The short case would focus on this extreme seasonality, which makes the company vulnerable to a single bad tax season from regulatory changes or competition. Furthermore, the expansion into human-assisted 'Live' services and the integration of Mailchimp could introduce higher variable costs that pressure gross margins over time. The recent stock price weakness to a four-year low suggests the market is pricing in these structural challenges.

INTU — Frequently Asked Questions

Quick answers to the most common questions about buying INTU stock.

What was Intuit Inc.'s (INTU) revenue in 2025?

For fiscal year 2025, Intuit Inc. (INTU) reported total revenue of $18.83B. This represents a 3396.3% increase compared to $538.6M in 1996.

Is Intuit Inc. (INTU) profitable?

Intuit Inc. (INTU) is profitable, generating $3.87B in net income for the fiscal year ending 2025 with a net profit margin of 20.5%.

What is Intuit Inc.'s operating profit margin?

Intuit Inc. (INTU) reported an operating income of $4.92B, resulting in an operating profit margin of 26.1%. This margin reflects the operational efficiency of the business before interest and taxes.

What is Intuit Inc.'s gross profit and gross margin?

Intuit Inc. (INTU) generated $15.21B in gross profit for the year, representing a gross profit margin of 80.8%. This demonstrates the company's core pricing power and production efficiency.