Intuit Inc. stock research
FY2024 Q3
Intuit (INTU) Gross Margin — Quarter Ended Apr 30, 2024
Revenue and gross profit both increased compared to the prior quarter and the same quarter last year. Gross margin improved from the prior quarter and was slightly higher than the year-ago period, as revenue grew at a faster rate than cost of revenue.
Gross margin takeaway
Quarter ended Apr 30, 2024 · FY2024 Q3
Revenue and gross profit both increased compared to the prior quarter and the same quarter last year. Gross margin improved from the prior quarter and was slightly higher than the year-ago period, as revenue grew at a faster rate than cost of revenue.
- The strongest observable margin driver is the faster growth of revenue relative to cost of revenue, which lifted gross margin.
- Compared to the immediately preceding quarter, gross margin improved significantly. Compared to the same quarter one year earlier, gross margin was slightly higher.
Gross margin snapshot
The selected quarter's reported revenue, gross profit, direct costs, and margin comparisons.
Gross margin
84.2%
Gross profit
$5.7B
Revenue
$6.7B
Cost of revenue
$1.1B
Quarter-over-quarter change
+9.4 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 |
|---|---|---|---|---|
| Jul 31, 2023 | $2.7B | $2.0B | $713.0M | 73.7% |
| Oct 31, 2023 | $3.0B | $2.2B | $760.0M | 74.5% |
| Jan 31, 2024 | $3.4B | $2.5B | $855.0M | 74.7% |
| Apr 30, 2024 | $6.7B | $5.7B | $1.1B | 84.2% |
Quarterly comparisons
Compare the selected margin with the preceding quarter and the same fiscal quarter one year earlier.
Previous-quarter change
Jan 31, 2024
+9.4 pts
Year-over-year change
Apr 30, 2023
+0.5 pts
What the margin says
Filing-constrained interpretation of margin direction, comparisons, and what to monitor next.
The strongest observable margin driver is the faster growth of revenue relative to cost of revenue, which lifted gross margin.
Compared to the immediately preceding quarter, gross margin improved significantly. Compared to the same quarter one year earlier, gross margin was slightly higher.
Monitor the trend of cost of revenue relative to revenue in future periods.