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Intuit (INTU) FY2022 results: revenue $12.7 billion, up 32.1% on the year

Intuit Inc. (INTU) reported revenue of $12.7 billion for fiscal 2022, the year ended 31 July 2022, up 32.1% on the year before. Net income was $2.1 billion, up 0.2%, and diluted earnings per share $7.28. The figures are the company's own, from the 10-K it filed with the SEC on 2 September 2022.

Revenue
$12.7 billion
+32.1% on the year
FY2015FY2022
Operating margin
20.2%
26.0% a year earlier
FY2015FY2022
Net income
$2.1 billion
+0.2% on the year
FY2015FY2022
Diluted EPS
$7.28
-3.7% on the year
FY2015FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ millionFY2022FY2021FY2020On the yearLast 8 years
Revenue12,7269,6337,679+32.1%
Cost of revenue2,2661,6331,356+38.8%
Gross profit10,4608,0006,323+30.8%
Gross margin82.2%83.0%82.3%
Research and development2,3471,6781,392+39.9%
Operating income2,5712,5002,176+2.8%
Operating margin20.2%26.0%28.3%
Interest expense81.029.014.0+179.3%
Pre-tax income2,5422,5562,198-0.5%
Income tax476494372-3.6%
Effective tax rate18.7%19.3%16.9%
Net income2,0662,0621,826+0.2%
Net margin16.2%21.4%23.8%
Diluted EPS$7.28$7.56$6.92-3.7%
$ 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

$ millionFY2022FY2021FY2020On the yearLast 8 years
Operating cash flow3,8893,2502,414+19.7%
Capital expenditure15753.059.0+196.2%
Free cash flow3,7323,1972,355+16.7%
Free cash flow margin29.3%33.2%30.7%
Cash from investing-5,421-3,965-97.0
Cash from financing1,732-3,1762,034
Depreciation and amortisation603312195+93.3%
Share-based compensation1,308753435+73.7%
Buybacks1,8611,005323+85.2%
Dividends paid774646561+19.8%
Dividend per share$2.72$2.36$2.12+15.3%
Diluted shares, weighted284m273m264m+4.0%
Shares outstanding at period end282m273m262m+3.2%

Balance sheet

$ millionFY2022FY2021FY2020On the yearLast 8 years
Shareholders' equity16,4419,8695,106+66.6%
Debt6,9142,0343,369+239.9%
Operating lease liabilities542380221+42.6%
Other liabilities3,8373,2332,235+18.7%
Total liabilities and equity27,73415,51610,931+78.7%
Fixed assets888780734+13.8%
Goodwill13,7365,6131,654+144.7%
Intangible assets7,0613,25228.0+117.1%
Investments5831,351627-56.8%
Loans540n/an/a
Cash and equivalents2,7962,5626,442+9.1%
Receivables446391149+14.1%
Other assets1,6841,5671,297+7.5%
Total assets27,73415,51610,931+78.7%

10-K for the year ended 31 July 2022, filed 2 September 2022: the filing.