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September 3, 2025 • 3 min read
Intuit, the financial technology giant behind household names like QuickBooks, TurboTax, and Credit Karma, recently released its annual financial report for the fiscal year ending July 31, 2025. For anyone interested in the health of small businesses and consumer finances, this 10-K filing offers a detailed look under the hood. Let's dive into the numbers to see how the company performed.
Intuit posted impressive top-line results, with total revenue reaching $18.8 billion, a significant 16% increase from the $16.3 billion reported in fiscal 2024. This growth wasn't just on the surface; it translated directly to the bottom line. Net income, or the company's total profit, surged by 31% to $3.9 billion.
To better understand how Intuit generates its revenue and where the money goes, the following flow diagram visualizes the company's income statement from revenue sources down to net income.
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Intuit's business is organized into four key segments, and their performance tells a story of strategic focus and successful integration.
Global Business Solutions (59% of revenue): This is Intuit's largest segment, recently renamed from "Small Business & Self-Employed," and it's the home of the QuickBooks ecosystem. The segment grew by 16% to $11.1 billion. A key driver here is the continued migration to the cloud; the "Online Ecosystem" revenue, which includes QuickBooks Online, jumped 20% to $8.3 billion, demonstrating the strength of its subscription-based services for businesses.
Credit Karma (12% of revenue): The personal finance platform was the star performer, with revenue skyrocketing by 32% to $2.3 billion. This growth highlights the successful integration of the Credit Karma acquisition and its increasing role in connecting consumers with financial products like credit cards and loans.
Consumer (26% of revenue): This segment, which includes the popular TurboTax software, delivered solid growth of 10% to reach $4.9 billion. As a mature and highly seasonal business, this steady performance is crucial for the company's overall stability.
ProTax (3% of revenue): Serving professional accountants, this segment saw a modest 4% increase in revenue to $621 million.
While revenue growth is crucial, managing expenses is what ultimately drives profitability. Intuit's total costs and expenses rose to $13.9 billion, with significant investments in Selling and Marketing ($5.0 billion) and Research and Development ($2.9 billion).
However, the company showed improving efficiency. Total operating expenses as a percentage of revenue decreased from 56% in 2024 to 53% in 2025. This improved operational leverage allowed operating income to grow by a robust 36% to $4.9 billion.
No company operates without risk, and Intuit is no exception. In its filing, the company highlights the "intense competitive pressures" it faces from a wide range of players, from accounting firms to platform tech companies.
Furthermore, Intuit acknowledges the uncertainty surrounding the "development, deployment, and use of artificial intelligence." As a technology leader, successfully navigating the AI landscape will be critical for future innovation and maintaining its competitive edge.
In conclusion, Intuit's fiscal 2025 was a year of strong, profitable growth, fueled by its powerful online platforms and the standout performance of Credit Karma. The company is effectively capitalizing on the shift to digital financial management for both consumers and small businesses. Moving forward, its ability to continue innovating, particularly in AI, while fending off competition will be key to sustaining this momentum.
Last updated: September 3, 2025