Intuit Inc. stock research
FY2024 Q1
Intuit (INTU) Gross Margin — Quarter Ended Oct 31, 2023
Revenue and gross profit both increased relative to the prior quarter and the same quarter last year, while cost of revenue also rose. Gross margin improved slightly compared to both periods, reflecting a proportional shift in the relationship between revenue and cost of revenue.
Gross margin takeaway
Quarter ended Oct 31, 2023 · FY2024 Q1
Revenue and gross profit both increased relative to the prior quarter and the same quarter last year, while cost of revenue also rose. Gross margin improved slightly compared to both periods, reflecting a proportional shift in the relationship between revenue and cost of revenue.
- The gross margin improved compared to both the immediately preceding quarter and the same quarter one year earlier, driven by the relationship where revenue grew faster relative to cost of revenue.
- Compared to the previous quarter, revenue, gross profit, and cost of revenue were higher, and gross margin improved. Compared to the same quarter one year ago, all metrics were higher, and gross margin also improved.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
74.5%
Gross profit
$2.2B
Revenue
$3.0B
Cost of revenue
$760.0M
Quarter-over-quarter change
+0.8 pts
Year-over-year change
+0.5 pts
Quarterly gross margin trend
A four-quarter view of the revenue and direct-cost bridge behind gross margin.
| Period | Revenue | Gross profit | Cost of revenue | Gross margin |
|---|---|---|---|---|
| Jan 31, 2023 | $3.0B | $2.3B | $773.0M | 74.6% |
| Apr 30, 2023 | $6.0B | $5.0B | $981.0M | 83.7% |
| Jul 31, 2023 | $2.7B | $2.0B | $713.0M | 73.7% |
| Oct 31, 2023 | $3.0B | $2.2B | $760.0M | 74.5% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Jul 31, 2023
+0.8 pts
Year-over-year change
Oct 31, 2022
+0.5 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The gross margin improved compared to both the immediately preceding quarter and the same quarter one year earlier, driven by the relationship where revenue grew faster relative to cost of revenue.
Compared to the previous quarter, revenue, gross profit, and cost of revenue were higher, and gross margin improved. Compared to the same quarter one year ago, all metrics were higher, and gross margin also improved.
Monitor the trend in cost of revenue growth relative to revenue growth to see if the gross margin improvement can be sustained.