Dollar Amounts
USD (Millions)
Balance sheet data in USD (millions)
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Over the five-year period INTUIT’s balance sheet scaled materially: total assets rose from $15.5B in 2021 to $37.0B in 2025 (≈+138%). The largest single-step increase occurred between 2021 and 2022 (≈+79%), after which assets were roughly flat in 2023 and then grew steadily ~15% p.a. in 2024–25. Stockholders’ equity increased in absolute terms from $9.9B to $19.7B (+100%), but equity grew more slowly than assets overall, and its share of the balance sheet fell from ~64% of assets in 2021 to ~53% in 2025. Total liabilities climbed even faster, from $5.6B to $17.2B (+205%), with a major build in 2022 and continued sizable increases in 2024–25. As a result leverage has risen: liabilities-to-assets moved from ~0.36 (2021) to ~0.47 (2025). For a SaaS/financial software company like Intuit this pattern can reflect growing deferred revenue (subscription cash collected in advance), financing for acquisitions or share repurchases, and larger working-capital needs as scale increases. The company’s absolute equity strength provides a cushion, but the rising reliance on liabilities warrants attention to the composition of those liabilities (debt vs. deferred revenue) and to cash-generation/margin trends that will determine whether the higher leverage is a prudent growth-financing choice or a source of financial risk.
This analysis is for informational purposes only and does not constitute financial advice or recommendations for any investment decisions. Please consult with a qualified financial professional for personalized guidance.