Summary
Intuit reported total revenue of $7.75 billion for the fiscal 2025 third quarter, up 15.1% from the prior-year quarter. GAAP operating income rose 19.8% to $3.72 billion. Net income increased 18.0% to $2.82 billion. Diluted EPS was $10.02, up 19.0%. Operating margin was 48.0%, up 1.9 percentage points from a year earlier. For the first nine months of fiscal 2025, revenue was $15.00 billion, up 14.5%. Operating income was $4.58 billion, up 21.2%. Net income was $3.49 billion, up 16.9%. Diluted EPS was $12.33, up 17.3%. Operating margin for the nine-month period was 30.6%, up 1.7 percentage points.
Segment results showed broad strength. Consumer Group revenue grew 11 percent. Global Business Solutions Group revenue grew 19 percent, and Online Ecosystem revenue increased 20 percent. QuickBooks Online Accounting revenue grew 21 percent, while Online Services revenue grew 18 percent. Credit Karma revenue grew 31 percent. ProTax revenue grew 9 percent. Management pointed to an outstanding tax season. For the full fiscal year, TurboTax Live revenue is expected to grow 47 percent, and TurboTax Live units are expected to grow 24 percent. TurboTax Online paying units are expected to grow approximately 6 percent on share gains from higher average revenue per return filers. Average revenue per return is expected to increase approximately 13 percent as more customers chose assisted offerings and faster access to refunds. Pay-nothing customers are expected to be approximately 8 million, down from over 10 million last year, as the company yields share with lower average revenue per return customers. Total TurboTax Online units are expected to decline approximately 1 percent, and TurboTax share of total IRS returns is expected to decline approximately 1 point.
Cash generation remained solid. Operating cash flow was $4.40 billion in the quarter, up 11.2%. For the first nine months, operating cash flow was $5.83 billion, up 30.4%. Capital expenditures were $35 million in the quarter, down 42.6%, and $99 million for the first nine months, down 52.4%. Deferred revenue was $957 million, up 13.5% from the prior-year quarter. The company repurchased $754 million of stock during the quarter and had $2.8 billion remaining on its share repurchase authorization. The board approved a quarterly dividend of $1.04 per share, payable July 18, 2025, a 16 percent increase per share from the same period last year.
Intuit raised full-year fiscal 2025 guidance across all total company metrics. For the full fiscal year, the company expects revenue of $18.723 billion to $18.760 billion, growth of approximately 15 percent, up from previous guidance of approximately 12 to 13 percent. Non-GAAP operating income is expected to be $7.543 billion to $7.563 billion, growth of approximately 18 percent, up from previous guidance of approximately 13 to 14 percent. Non-GAAP diluted EPS is expected to be $20.07 to $20.12, growth of approximately 18 to 19 percent, up from previous guidance of approximately 13 to 14 percent. Segment guidance for the full fiscal year calls for Global Business Solutions Group growth of approximately 16 percent, including Online Ecosystem revenue growth of approximately 20 percent and Desktop Ecosystem growth in the mid single digits. Consumer Group growth is expected at approximately 10 percent, up from previous guidance of 7 to 8 percent. ProTax Group growth is expected at approximately 3 to 4 percent. Credit Karma growth is expected at approximately 28 percent, up from previous guidance of 5 to 8 percent. For the fourth quarter of fiscal 2025, Intuit expects revenue of $3.723 billion to $3.760 billion, growth of approximately 17 to 18 percent, including Global Business Solutions Group Online Ecosystem revenue growth of approximately 21 percent. Non-GAAP diluted EPS for the fourth quarter is expected to be $2.63 to $2.68.
The company faces a long list of risks. These include competition, potential governmental encroachment in the tax business, the ability to develop and deploy artificial intelligence, technological change, consumer behavior, intellectual property protection, cybersecurity incidents, privacy concerns, fraud by third parties, reliance on third-party relationships, talent retention, product quality, regulatory scrutiny, legal proceedings, and macroeconomic uncertainty. Intuit also notes geopolitical conditions, inflation, credit and counterparty risks, debt covenants, and risks tied to its reorganization plan. The tax business remains highly seasonal, with Consumer and ProTax revenue concentrated from November through April. That seasonality is expected to continue to shape quarterly results.
Forecast
Reported figures
GAAP, from SEC filings| Metric | Q3 FY2025 | Q2 FY2025 | QoQ | Q3 FY2024 | YoY |
|---|---|---|---|---|---|
| Revenue | $7.75B | $3.96B | +95.7% | $6.74B | +15.1% |
| Research & development | $707.0M | $716.0M | -1.3% | $671.0M | +5.4% |
| Sales & marketing | $1.62B | $1.20B | +34.4% | $1.42B | +14.0% |
| General & administrative | $394.0M | $389.0M | +1.3% | $355.0M | +11.0% |
| Total operating expenses | $4.03B | $3.37B | +19.7% | $3.63B | +11.1% |
| Operating income (loss) | $3.72B | $593.0M | +527.3% | $3.10B | +19.8% |
| Operating margin | 48.0% | 15.0% | +33.0 pp | 46.1% | +1.9 pp |
| Net income (loss) | $2.82B | $471.0M | +498.7% | $2.39B | +18.0% |
| Net margin | 36.4% | 11.9% | +24.5 pp | 35.5% | +0.9 pp |
| Diluted EPS | $10.02 | $1.67 | +$8.35 | $8.42 | +$1.60 |
Risks
Intuit faces intense competition as AI and GenAI transform financial technology; MD&A says disruptive start-ups, emerging ecosystems, and mega-platforms are creating a more dynamic and highly competitive environment, and risk factors note competitors may deploy AI to reduce demand for Intuit's products or services.
The IRS has stated it will make its free direct filing system, piloted in 2024, a permanent option in 2025 and will explore expanding eligibility, including partnering with more states; federal and state governments could become publicly funded direct competitors of Intuit's tax business.
Intuit hosts large amounts of sensitive personal and financial data, and AI is enabling more automated, targeted, and coordinated attacks; Credit Karma is also subject to a 2014 FTC order requiring a comprehensive security program and biennial independent assessments for 20 years.
Fraudulent activity is increasing in amount and sophistication and could affect Intuit's tax, payroll, payments, lending, and personal financial management businesses; government authorities could refuse to allow Intuit to process tax returns electronically if fraud controls are inadequate.
The EU AI Act went into force in August 2024 and California enacted laws on AI transparency, privacy, and fairness; compliance may add significant costs and require changes to business practices, and IP validity and enforceability for AI use remains uncertain.
Competition for skilled employees in software as a service, fintech, data science, AI, and data security is intense, especially in California and India; equity awards may become less effective if Intuit's stock price decreases or increases slower than talent competitors.
Growth depends on third-party partners, including financial institutions, cloud providers, and app stores; Credit Karma revenue from financial institution partners is subject to adverse economic conditions, capacity limits, and competing products on their platforms, and some relationships are sole source.
Adverse macroeconomic conditions, including inflation, rising interest rates, unemployment, and reduced consumer spending, could delay purchases, reduce tax returns filed, lower Credit Karma engagement, and reduce payments volumes; the majority of revenue is derived from sales within the U.S.
Intuit provides capital to small and mid-market businesses by purchasing loans from third-party lenders; credit decisioning models may be flawed, borrowers may be unable to repay, and any interruption in financial institution funding could halt the offering.
Consumer and ProTax revenue is heavily concentrated from November through April around the traditional April tax filing deadline; unanticipated changes to federal and state filing deadlines could further exacerbate quarterly fluctuations.
Intuit has significant goodwill and acquired intangible assets, and it tests goodwill for impairment annually in its fourth fiscal quarter or more frequently if indicators arise; impairment charges may cause significant fluctuation in net income.
Intuit has significant indebtedness and may incur more debt; covenants restrict subsidiary indebtedness and require specified financial ratios, and credit rating downgrades could increase interest under the unsecured revolving credit facility.
Complex and evolving privacy and data protection regulations, including GDPR and growing U.S. state laws, plus cross-border transfer uncertainty, could require operational changes, limit use of third-party tools, and expose Intuit to fines and penalties.
Tax products have rigid development timetables and must incorporate late tax law changes; errors could cause compliance errors, launch delays, accuracy guarantee reimbursements, and reputational harm, and AI features may not function as designed.
SaaS KPIs
All quarters →Total Customers
Summary, forecast, risks and KPIs are extracted from INTUIT INC.'s SEC filings for Q3 FY2025 (10-Q / 10-K and the 8-K earnings release); GAAP figures in the summary are checked against the reported XBRL data. They can contain errors; the filings are authoritative. Processed Oct 1, 2026.