Income Tax Expense (Benefit)
Effective Income Tax Rate (EITR)
Components of Deferred Tax Assets and Liabilities
Deferred Tax Assets and Liabilities, Classification
Adjustments to Financial Statements: Removal of Deferred Taxes
Adjusted Financial Ratios: Removal of Deferred Taxes (Summary)
Adjusted Net Profit Margin
Adjusted Total Asset Turnover
Adjusted Financial Leverage
Adjusted Return on Equity (ROE)
Adjusted Return on Assets (ROA)

Intuit Inc., income tax expense (benefit), continuing operations

US$ in millions

12 months ended:	Jul 31, 2024	Jul 31, 2023	Jul 31, 2022	Jul 31, 2021	Jul 31, 2020	Jul 31, 2019
Federal	984)	970)	253)	399)	372)	271)
State	202)	208)	93)	121)	79)	67)
Foreign	36)	86)	31)	17)	21)	14)
Current	1,222)	1,264)	377)	537)	472)	352)
Federal	(523)	(559)	85)	(33)	(47)	(23)
State	(97)	(99)	18)	(11)	(47)	(4)
Foreign	(15)	(1)	(4)	1)	(6)	(1)
Deferred	(635)	(659)	99)	(43)	(100)	(28)
Provision for income taxes	587)	605)	476)	494)	372)	324)

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).

Download chart

Item	Description	The company
Current	Amount of current income tax expense (benefit) pertaining to taxable income (loss) from continuing operations.	Intuit Inc. current increased from 2022 to 2023 but then slightly decreased from 2023 to 2024.
Deferred	Amount of deferred income tax expense (benefit) pertaining to income (loss) from continuing operations.	Intuit Inc. deferred decreased from 2022 to 2023 but then slightly increased from 2023 to 2024.
Provision for income taxes	Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.	Intuit Inc. provision for income taxes increased from 2022 to 2023 but then slightly decreased from 2023 to 2024.

Intuit Inc., effective income tax rate (EITR) reconciliation

		Jul 31, 2024	Jul 31, 2023	Jul 31, 2022	Jul 31, 2021	Jul 31, 2020	Jul 31, 2019
	U.S. federal statutory income tax rate	21.00%	21.00%	21.00%	21.00%	21.00%	21.00%
	Annual effective tax rate	16.54%	20.24%	18.73%	19.33%	16.92%	17.22%

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).

Download chart

Item	Description	The company
Annual effective tax rate	Percentage of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.	Intuit Inc. annual effective tax rate increased from 2022 to 2023 but then decreased significantly from 2023 to 2024.

Intuit Inc., components of deferred tax assets and liabilities

US$ in millions

	Jul 31, 2024	Jul 31, 2023	Jul 31, 2022	Jul 31, 2021	Jul 31, 2020	Jul 31, 2019
Accruals and reserves not currently deductible	47)	31)	84)	48)	23)	13)
Capitalized research and development	1,321)	667)	—)	—)	—)	—)
Operating lease liabilities	137)	153)	168)	113)	64)	—)
Accrued and deferred compensation	132)	90)	84)	132)	112)	48)
Loss and tax credit carryforwards	204)	256)	224)	282)	114)	117)
Intangible assets	—)	—)	25)	33)	26)	—)
Share-based compensation	117)	94)	97)	59)	44)	47)
Other, net	20)	27)	23)	16)	13)	11)
Gross deferred tax assets	1,978)	1,318)	705)	683)	396)	236)
Valuation allowance	(227)	(235)	(244)	(205)	(132)	(107)
Deferred tax assets	1,751)	1,083)	461)	478)	264)	129)
Operating lease right-of-use assets	(105)	(128)	(149)	(96)	(55)	—)
Intangibles	(864)	(840)	(868)	(844)	(45)	(71)
Property and equipment	(38)	(8)	(9)	(10)	(22)	(20)
Other, net	(49)	(47)	(43)	(45)	(79)	(74)
Deferred tax liabilities	(1,056)	(1,023)	(1,069)	(995)	(201)	(165)
Net deferred tax assets (liabilities)	695)	60)	(608)	(517)	63)	(36)

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).

Download chart

Item	Description	The company
Gross deferred tax assets	Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards.	Intuit Inc. gross deferred tax assets increased from 2022 to 2023 and from 2023 to 2024.
Deferred tax assets	Amount after allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards.	Intuit Inc. deferred tax assets increased from 2022 to 2023 and from 2023 to 2024.
Net deferred tax assets (liabilities)	Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, without jurisdictional netting.	Intuit Inc. net deferred tax assets (liabilities) increased from 2022 to 2023 and from 2023 to 2024.

Intuit Inc., deferred tax assets and liabilities, classification

US$ in millions

		Jul 31, 2024	Jul 31, 2023	Jul 31, 2022	Jul 31, 2021	Jul 31, 2020	Jul 31, 2019
	Long-term deferred income tax assets	698)	64)	11)	8)	65)	1)
	Long-term deferred income tax liabilities (included in Other long-term obligations)	3)	4)	619)	525)	2)	37)

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).

Download chart

Item	Description	The company
Long-term deferred income tax assets	Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, with jurisdictional netting and classified as noncurrent.	Intuit Inc. long-term deferred income tax assets increased from 2022 to 2023 and from 2023 to 2024.
Long-term deferred income tax liabilities (included in Other long-term obligations)	Amount, after deferred tax asset, of deferred tax liability attributable to taxable differences, with jurisdictional netting and classified as noncurrent.	Intuit Inc. long-term deferred income tax liabilities (included in Other long-term obligations) decreased from 2022 to 2023 and from 2023 to 2024.

Intuit Inc., adjustments to financial statements

US$ in millions

	Jul 31, 2024	Jul 31, 2023	Jul 31, 2022	Jul 31, 2021	Jul 31, 2020	Jul 31, 2019
Adjustment to Total Assets
Total assets (as reported)	32,132)	27,780)	27,734)	15,516)	10,931)	6,283)
Less: Noncurrent deferred tax assets, net	698)	64)	11)	8)	65)	1)
Total assets (adjusted)	31,434)	27,716)	27,723)	15,508)	10,866)	6,282)
Adjustment to Total Liabilities
Total liabilities (as reported)	13,696)	10,511)	11,293)	5,647)	5,825)	2,534)
Less: Noncurrent deferred tax liabilities, net	3)	4)	619)	525)	2)	37)
Total liabilities (adjusted)	13,693)	10,507)	10,674)	5,122)	5,823)	2,497)
Adjustment to Stockholders’ Equity
Stockholders’ equity (as reported)	18,436)	17,269)	16,441)	9,869)	5,106)	3,749)
Less: Net deferred tax assets (liabilities)	695)	60)	(608)	(517)	63)	(36)
Stockholders’ equity (adjusted)	17,741)	17,209)	17,049)	10,386)	5,043)	3,785)
Adjustment to Net Income
Net income (as reported)	2,963)	2,384)	2,066)	2,062)	1,826)	1,557)
Add: Deferred income tax expense (benefit)	(635)	(659)	99)	(43)	(100)	(28)
Net income (adjusted)	2,328)	1,725)	2,165)	2,019)	1,726)	1,529)

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).

Intuit Inc., Financial Data: Reported vs. Adjusted

Download chart

Intuit Inc., adjusted financial ratios

	Jul 31, 2024	Jul 31, 2023	Jul 31, 2022	Jul 31, 2021	Jul 31, 2020	Jul 31, 2019
Net Profit Margin
Reported net profit margin	18.19%	16.59%	16.23%	21.41%	23.78%	22.95%
Adjusted net profit margin	14.30%	12.01%	17.01%	20.96%	22.48%	22.54%
Total Asset Turnover
Reported total asset turnover	0.51	0.52	0.46	0.62	0.70	1.08
Adjusted total asset turnover	0.52	0.52	0.46	0.62	0.71	1.08
Financial Leverage
Reported financial leverage	1.74	1.61	1.69	1.57	2.14	1.68
Adjusted financial leverage	1.77	1.61	1.63	1.49	2.15	1.66
Return on Equity (ROE)
Reported ROE	16.07%	13.81%	12.57%	20.89%	35.76%	41.53%
Adjusted ROE	13.12%	10.02%	12.70%	19.44%	34.23%	40.40%
Return on Assets (ROA)
Reported ROA	9.22%	8.58%	7.45%	13.29%	16.70%	24.78%
Adjusted ROA	7.41%	6.22%	7.81%	13.02%	15.88%	24.34%

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).

Financial ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by total revenue.	Intuit Inc. adjusted net profit margin ratio deteriorated from 2022 to 2023 but then slightly improved from 2023 to 2024.
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Intuit Inc. adjusted total asset turnover ratio improved from 2022 to 2023 but then slightly deteriorated from 2023 to 2024.
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	Intuit Inc. adjusted financial leverage ratio decreased from 2022 to 2023 but then increased from 2023 to 2024 exceeding 2022 level.
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity.	Intuit Inc. adjusted ROE deteriorated from 2022 to 2023 but then improved from 2023 to 2024 exceeding 2022 level.
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by adjusted total assets.	Intuit Inc. adjusted ROA deteriorated from 2022 to 2023 but then improved from 2023 to 2024 not reaching 2022 level.

Intuit Inc., Financial Ratios: Reported vs. Adjusted

Download chart

	Jul 31, 2024	Jul 31, 2023	Jul 31, 2022	Jul 31, 2021	Jul 31, 2020	Jul 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Net income	2,963)	2,384)	2,066)	2,062)	1,826)	1,557)
Net revenue	16,285)	14,368)	12,726)	9,633)	7,679)	6,784)
Profitability Ratio
Net profit margin¹	18.19%	16.59%	16.23%	21.41%	23.78%	22.95%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted net income	2,328)	1,725)	2,165)	2,019)	1,726)	1,529)
Net revenue	16,285)	14,368)	12,726)	9,633)	7,679)	6,784)
Profitability Ratio
Adjusted net profit margin²	14.30%	12.01%	17.01%	20.96%	22.48%	22.54%

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).

2024 Calculations

¹ Net profit margin = 100 × Net income ÷ Net revenue
= 100 × 2,963 ÷ 16,285 = 18.19%

² Adjusted net profit margin = 100 × Adjusted net income ÷ Net revenue
= 100 × 2,328 ÷ 16,285 = 14.30%

Download chart

Profitability ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by total revenue.	Intuit Inc. adjusted net profit margin ratio deteriorated from 2022 to 2023 but then slightly improved from 2023 to 2024.

	Jul 31, 2024	Jul 31, 2023	Jul 31, 2022	Jul 31, 2021	Jul 31, 2020	Jul 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Net revenue	16,285)	14,368)	12,726)	9,633)	7,679)	6,784)
Total assets	32,132)	27,780)	27,734)	15,516)	10,931)	6,283)
Activity Ratio
Total asset turnover¹	0.51	0.52	0.46	0.62	0.70	1.08
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Net revenue	16,285)	14,368)	12,726)	9,633)	7,679)	6,784)
Adjusted total assets	31,434)	27,716)	27,723)	15,508)	10,866)	6,282)
Activity Ratio
Adjusted total asset turnover²	0.52	0.52	0.46	0.62	0.71	1.08

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).

2024 Calculations

¹ Total asset turnover = Net revenue ÷ Total assets
= 16,285 ÷ 32,132 = 0.51

² Adjusted total asset turnover = Net revenue ÷ Adjusted total assets
= 16,285 ÷ 31,434 = 0.52

Download chart

Activity ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Intuit Inc. adjusted total asset turnover ratio improved from 2022 to 2023 but then slightly deteriorated from 2023 to 2024.

	Jul 31, 2024	Jul 31, 2023	Jul 31, 2022	Jul 31, 2021	Jul 31, 2020	Jul 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Total assets	32,132)	27,780)	27,734)	15,516)	10,931)	6,283)
Stockholders’ equity	18,436)	17,269)	16,441)	9,869)	5,106)	3,749)
Solvency Ratio
Financial leverage¹	1.74	1.61	1.69	1.57	2.14	1.68
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted total assets	31,434)	27,716)	27,723)	15,508)	10,866)	6,282)
Adjusted stockholders’ equity	17,741)	17,209)	17,049)	10,386)	5,043)	3,785)
Solvency Ratio
Adjusted financial leverage²	1.77	1.61	1.63	1.49	2.15	1.66

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).

2024 Calculations

¹ Financial leverage = Total assets ÷ Stockholders’ equity
= 32,132 ÷ 18,436 = 1.74

² Adjusted financial leverage = Adjusted total assets ÷ Adjusted stockholders’ equity
= 31,434 ÷ 17,741 = 1.77

Download chart

Solvency ratio	Description	The company
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	Intuit Inc. adjusted financial leverage ratio decreased from 2022 to 2023 but then increased from 2023 to 2024 exceeding 2022 level.

	Jul 31, 2024	Jul 31, 2023	Jul 31, 2022	Jul 31, 2021	Jul 31, 2020	Jul 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Net income	2,963)	2,384)	2,066)	2,062)	1,826)	1,557)
Stockholders’ equity	18,436)	17,269)	16,441)	9,869)	5,106)	3,749)
Profitability Ratio
ROE¹	16.07%	13.81%	12.57%	20.89%	35.76%	41.53%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted net income	2,328)	1,725)	2,165)	2,019)	1,726)	1,529)
Adjusted stockholders’ equity	17,741)	17,209)	17,049)	10,386)	5,043)	3,785)
Profitability Ratio
Adjusted ROE²	13.12%	10.02%	12.70%	19.44%	34.23%	40.40%

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).

2024 Calculations

¹ ROE = 100 × Net income ÷ Stockholders’ equity
= 100 × 2,963 ÷ 18,436 = 16.07%

² Adjusted ROE = 100 × Adjusted net income ÷ Adjusted stockholders’ equity
= 100 × 2,328 ÷ 17,741 = 13.12%

Download chart

Profitability ratio	Description	The company
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity.	Intuit Inc. adjusted ROE deteriorated from 2022 to 2023 but then improved from 2023 to 2024 exceeding 2022 level.

	Jul 31, 2024	Jul 31, 2023	Jul 31, 2022	Jul 31, 2021	Jul 31, 2020	Jul 31, 2019
As Reported
Selected Financial Data (US$ in millions)
Net income	2,963)	2,384)	2,066)	2,062)	1,826)	1,557)
Total assets	32,132)	27,780)	27,734)	15,516)	10,931)	6,283)
Profitability Ratio
ROA¹	9.22%	8.58%	7.45%	13.29%	16.70%	24.78%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in millions)
Adjusted net income	2,328)	1,725)	2,165)	2,019)	1,726)	1,529)
Adjusted total assets	31,434)	27,716)	27,723)	15,508)	10,866)	6,282)
Profitability Ratio
Adjusted ROA²	7.41%	6.22%	7.81%	13.02%	15.88%	24.34%

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).

2024 Calculations

¹ ROA = 100 × Net income ÷ Total assets
= 100 × 2,963 ÷ 32,132 = 9.22%

² Adjusted ROA = 100 × Adjusted net income ÷ Adjusted total assets
= 100 × 2,328 ÷ 31,434 = 7.41%

Download chart

Profitability ratio	Description	The company
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by adjusted total assets.	Intuit Inc. adjusted ROA deteriorated from 2022 to 2023 but then improved from 2023 to 2024 not reaching 2022 level.

Intuit Inc. (NASDAQ:INTU)

Analysis of Income Taxes

Income Tax Expense (Benefit)

Effective Income Tax Rate (EITR)

Components of Deferred Tax Assets and Liabilities

Deferred Tax Assets and Liabilities, Classification

Adjustments to Financial Statements: Removal of Deferred Taxes

Intuit Inc., Financial Data: Reported vs. Adjusted

Adjusted Financial Ratios: Removal of Deferred Taxes (Summary)

Intuit Inc., Financial Ratios: Reported vs. Adjusted

Adjusted Net Profit Margin

Adjusted Total Asset Turnover

Adjusted Financial Leverage

Adjusted Return on Equity (ROE)

Adjusted Return on Assets (ROA)