Intuit (INTU) FY2021 results: revenue $9.6 billion, up 25.4% on the year
Intuit Inc. (INTU) reported revenue of $9.6 billion for fiscal 2021, the year ended 31 July 2021, up 25.4% on the year before. Net income was $2.1 billion, up 12.9%, and diluted earnings per share $7.56. The figures are the company's own, from the 10-K it filed with the SEC on 8 September 2021.
Revenue
$9.6 billion
+25.4% on the year
FY2014FY2021
Operating margin
26.0%
28.3% a year earlier
FY2014FY2021
Net income
$2.1 billion
+12.9% on the year
FY2014FY2021
Diluted EPS
$7.56
+9.2% on the year
FY2014FY2021
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2021
FY2020
FY2019
On the year
Last 8 years
Revenue
9,633
7,679
6,784
+25.4%
Cost of revenue
1,633
1,356
1,147
+20.4%
Gross profit
8,000
6,323
5,637
+26.5%
Gross margin
83.0%
82.3%
83.1%
Research and development
1,678
1,392
1,233
+20.5%
Operating income
2,500
2,176
1,854
+14.9%
Operating margin
26.0%
28.3%
27.3%
Interest expense
29.0
14.0
15.0
+107.1%
Pre-tax income
2,556
2,198
1,881
+16.3%
Income tax
494
372
324
+32.8%
Effective tax rate
19.3%
16.9%
17.2%
Net income
2,062
1,826
1,557
+12.9%
Net margin
21.4%
23.8%
23.0%
Diluted EPS
$7.56
$6.92
$5.89
+9.2%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2021
FY2020
FY2019
On the year
Last 8 years
Operating cash flow
3,250
2,414
2,324
+34.6%
Capital expenditure
53.0
59.0
76.0
-10.2%
Free cash flow
3,197
2,355
2,248
+35.8%
Free cash flow margin
33.2%
30.7%
33.1%
Cash from investing
-3,965
-97.0
-635
Cash from financing
-3,176
2,034
-965
Depreciation and amortisation
312
195
205
+60.0%
Share-based compensation
753
435
401
+73.1%
Buybacks
1,005
323
556
+211.1%
Dividends paid
646
561
501
+15.2%
Dividend per share
$2.36
$2.12
$1.88
+11.3%
Diluted shares, weighted
273m
264m
264m
+3.4%
Shares outstanding at period end
273m
262m
260m
+4.4%
Balance sheet
$ million
FY2021
FY2020
FY2019
On the year
Last 8 years
Shareholders' equity
9,869
5,106
3,749
+93.3%
Debt
2,034
3,369
436
-39.6%
Operating lease liabilities
380
221
n/a
+71.9%
Other liabilities
3,233
2,235
2,098
+44.7%
Total liabilities and equity
15,516
10,931
6,283
+41.9%
Fixed assets
780
734
780
+6.3%
Goodwill
5,613
1,654
1,655
+239.4%
Intangible assets
3,252
28.0
54.0
+11,514.3%
Investments
1,351
627
637
+115.5%
Cash and equivalents
2,562
6,442
2,116
-60.2%
Receivables
391
149
87.0
+162.4%
Other assets
1,567
1,297
954
+20.8%
Total assets
15,516
10,931
6,283
+41.9%
10-K for the year ended 31 July 2021, filed 8 September 2021: the filing.