Intuit Inc.
INTUBusiness Overview
ticker: INTU step: 01 generated: 2026-05-12 source: quick-research
Intuit Inc. (INTU) — Business Overview
Business Description
Intuit is the dominant US small-business financial software platform (QuickBooks, Mailchimp), the leader in DIY tax preparation (TurboTax), and a major consumer-finance platform (Credit Karma). The company is in the middle of an aggressive AI transformation built around Intuit Assist — generative-AI agents that perform complex financial tasks autonomously across the platform. FY25 (ended July 2025) revenue reached $18.8B (+16% YoY); FY26 guide is $21.0–21.2B (+12–13%). Operating margin continues to expand on AI-driven productivity and Live-tier mix shift.
Revenue Model
Four reportable segments (effective FY25 reorganization):
- Global Business Solutions (formerly Small Business & Self-Employed; ~$11B+ revenue) — QuickBooks Online + Desktop, QuickBooks Capital (lending), QuickBooks Payments, QuickBooks Live, Mailchimp marketing automation, payroll, time, e-commerce.
- Consumer (~$4.4B+) — TurboTax Online + Live (assisted) + Full Service + Premium.
- Credit Karma (~$2.3B, +32%) — Credit monitoring + product recommendations (credit cards, loans, insurance, savings) + Credit Karma Money checking.
- ProTax (~$0.6B) — Lacerte, ProSeries, ProConnect Tax Online for professional tax preparers.
Revenue mix is predominantly subscription SaaS + transaction-based; the Online Ecosystem (QuickBooks Online + TurboTax Online + Credit Karma) is the highest-growth and highest-margin combined platform layer.
Products & Services
- QuickBooks: Online (small biz accounting SaaS), Desktop (legacy), Capital (small-business lending), Payments (card-acceptance), Live (advisor + bookkeeper), Time tracking, Payroll.
- Mailchimp: Email marketing + automation + CRM (acquired $12B in 2021).
- TurboTax: DIY tax software, Live (CPA-assisted), Full Service (CPA does it), Premium.
- Credit Karma: Credit score + monitoring, product recommendation engine (credit cards, loans, mortgage, insurance, savings); Credit Karma Money checking account.
- Intuit Assist: Generative-AI agents across all products — autonomously executing bookkeeping, tax-prep, marketing, customer-service workflows.
- GenOS: Proprietary AI/LLM platform powering Intuit Assist.
- Lacerte / ProSeries / ProConnect: Tax-prep platforms for accounting professionals.
Customer Base & Go-to-Market
- Small businesses: ~9M global QuickBooks Online subscribers; tens of millions across QuickBooks Desktop legacy + Mailchimp.
- Consumers (tax): ~50M+ US tax filers use TurboTax (DIY + Live + Full Service); >50% US DIY market share.
- Credit Karma members: ~140M+ US members; growing internationally (Canada, UK).
- Tax professionals: ~250,000 tax-prep firms use Lacerte/ProSeries/ProConnect.
Distribution: Direct online (QuickBooks Online, TurboTax Online); Apple/Google Play stores for mobile; retail (Best Buy, Costco, Amazon for desktop boxed); accountant channel for QuickBooks Desktop. Live/Full Service tiers integrate human experts seamlessly with software.
Competitive Position
Intuit is the dominant US SMB financial-platform player with multi-product cross-sell economics. Structural advantages:
- Workflow lock-in via accounting/tax data — Once a small business adopts QuickBooks Online and connects bank/payment accounts, switching costs are extreme (years of transaction history, payroll, customer files, integration with banks/apps).
- Network effects via Mailchimp + QuickBooks integration — Combined marketing + commerce + accounting platform deepens stickiness.
- DIY tax dominance — TurboTax owns >50% of US DIY market; H&R Block is forced to bundle AI assist into paid tiers at no extra cost to compete.
- Credit Karma's data flywheel — 140M+ members + Intuit's tax data create unmatched US consumer financial profile depth.
- Intuit Assist + GenOS — Proprietary AI platform with first-mover advantage in financial-services agentic workflows; aligning with consumer/SMB AI adoption curve.
Competitive challenges:
- Xero — #1 small-business accounting platform internationally (Australia, New Zealand, UK); slower US gains.
- FreshBooks, Wave, Zoho Books, Sage — Niche competitors in SMB accounting.
- H&R Block — Defensive in tax DIY; opening AI Tax Assist for free across all paid tiers.
- Cash App Taxes (free) — Block's free DIY tax tool — caps TurboTax's free-tier monetization.
- Microsoft Copilot for Finance + Workday Adaptive + emerging AI-native SMB accounting (Pilot, Bench) — Future threats to QuickBooks dominance from AI-native upstarts.
Key Facts
- Founded: 1983
- Headquarters: Mountain View, California
- Employees: ~18,800
- Exchange: NASDAQ
- Sector / Industry: Technology / Application Software
- Market Cap: ~$190B
- FY2025 Revenue: $18.8B (+16% YoY)
- FY2026 Revenue Guide: $20.997–21.186B (+12–13%)
- QuickBooks Online Subscribers: ~9M
- TurboTax Customers: 50M+ US filers
- Credit Karma Members: 140M+
- Fiscal year ends late July
Financial Snapshot
ticker: INTU step: 04 generated: 2026-05-12 source: quick-research
Intuit Inc. (INTU) — Financial Snapshot
(Intuit's fiscal year ends in late July; FY2025 = year ending ~July 2025.)
Income Statement Summary
| Metric | FY2023 | FY2024 | FY2025 | YoY (FY25) |
|---|---|---|---|---|
| Revenue | $14.4B | $16.3B | $18.8B | +16% |
| GAAP Operating Margin | ~24% | ~22% | 26.1% | +400 bps |
| GAAP Operating Income | $3.6B | $3.6B | $4.9B | +36% |
| Non-GAAP Operating Income | $5.7B | $6.4B | $7.6B | +18% |
| GAAP EPS | $7.81 | $10.45 | $13.67 | +31% |
| Non-GAAP Diluted EPS | $14.40 | $16.94 | $19.94 | +18% |
Segment Detail (FY2025)
| Segment | FY25 Revenue | YoY |
|---|---|---|
| Global Business Solutions Group | ~$11B+ | +18% |
| Online Ecosystem (within GBSG) | $2.2B | +21% |
| Consumer (TurboTax + Live) | ~$4.4B+ | +9% |
| Credit Karma | $2.3B | +32% |
| ProTax | ~$0.6B | mid-single-digit |
| Combined Platform Revenue | $14.9B | +19% |
Cash Flow & Capital Allocation (FY2025)
| Metric | Value |
|---|---|
| Operating Cash Flow | ~$6.5B |
| Free Cash Flow | ~$6.0B |
| Share Repurchases | $2.8B |
| New Buyback Authorization | $5.3B total ($3.2B added) |
| Q1 FY26 Dividend Hike | $1.04 → $1.20 (+15%) |
| Annual Dividend (FY26) | $4.80 |
| Dividend Yield | ~0.7% |
| Cash & Investments | ~$5B |
| Total Debt | ~$6B |
FY2026 Guidance
| Metric | 2026 Guide |
|---|---|
| Revenue | $20.997–21.186B (+12–13%) |
| GAAP Operating Income | $5.782–5.859B (+17–19%) |
| GAAP EPS | $15.49–15.69 (+13–15%) |
| Non-GAAP Diluted EPS | $22.98–23.18 (+14–15%) |
Key Ratios (approximate)
- P/E: ~30x (FY26 non-GAAP midpoint) | EV/EBITDA: ~25x | FCF Yield: ~3.2%
- Revenue Growth (FY25): +16% | FCF Margin: ~32%
- GAAP Operating Margin: 26.1% (expanding)
- Non-GAAP Operating Margin: ~40%
Growth Profile
FY25 delivered the largest operating-margin expansion in years (+400 bps GAAP to 26.1%) on AI-driven productivity + Live tier mix shift + Credit Karma reacceleration (+32%). The strategic narrative is the AI-native pivot: Intuit Assist + GenOS positioning Intuit as the agentic financial-services platform for SMB and consumer. FY26 guide of +12–13% revenue + +14–15% non-GAAP EPS confirms ongoing double-digit growth with operating leverage.
Credit Karma's +32% growth in FY25 was the standout — after several lackluster quarters in FY22–23 (driven by tightening credit cycles in lending), the +32% recovery signals the recommendation engine is now reaching efficient scale, with strong AI-driven personalization driving conversion rates higher.
Forward Estimates
FY2026 Guide:
- Revenue: $20.997–21.186B (+12–13%)
- Non-GAAP EPS: $22.98–23.18 (+14–15%)
Bull case: Intuit Assist drives faster Live tier conversion than expected; Credit Karma sustains 25%+ growth; Mailchimp integration deepens; QuickBooks Online subscriber count hits 10M+ by FY27; non-GAAP EPS reaches $27+ in FY27. Bear case: H&R Block AI Tax Assist (free across paid tiers) compresses TurboTax pricing power; Credit Karma growth decelerates as recommendation TAM matures; new AI-native SMB accounting upstarts erode QuickBooks share. Consensus targets ~$680–740 vs. trading ~$640–680 (~5–15% implied upside).
Deeper Financial Analysis
The fundamental tier adds 9 additional research dimensions for $INTU.