Summary
Intuit closed fiscal 2023 with full-year revenue of $14.37 billion, up 12.9%. GAAP operating income was $3.14 billion, up 22.2%, and GAAP net income was $2.38 billion, up 15.4%. Diluted GAAP earnings per share came in at $8.42, up 15.7%. Operating cash flow for the full year was $5.05 billion, up 29.8%. The fourth quarter also showed a swing to profitability on a GAAP basis. Operating income was $17 million, up from a loss a year earlier. Net income was $89 million, up from a prior-year loss. Operating cash flow in the quarter was $842 million, up 148.4%, and the current portion of deferred revenue was $921 million, up 14.0% from the prior-year quarter.
The business mix continued to lean on small business and tax offerings. Small Business and Self-Employed Group revenue grew 24% for the full year, and Online Ecosystem revenue grew 30%. For the fourth quarter, Small Business and Self-Employed Group revenue increased 21%, with Online Ecosystem revenue also up 21%. QuickBooks Online accounting revenue grew 22% in the quarter and 26% for the year. Online services revenue grew 20% in the quarter and 34% for the year. Total international online revenue grew 12% in the quarter and 31% for the year on a constant currency basis. Consumer Group revenue grew 6% for the full year, but fourth-quarter Consumer Group revenue fell 12%. ProTax Group revenue grew 3% for the year.
Tax trends were mixed. TurboTax Online units declined 5% and total TurboTax units declined 5% for the year. Intuit said this was driven by taxpayers who filed to receive pandemic-era stimulus and tax credits in past years but did not file this season. TurboTax Live revenue grew 17% and TurboTax Live customers grew 12% for the year. Credit Karma revenue fell 9% for the full year and 11% in the fourth quarter. The company attributed the Credit Karma decline to macroeconomic headwinds in personal loans, auto insurance, home loans and auto loans, partially offset by growth in credit cards and Credit Karma Money.
Capital allocation stayed active. Intuit reported a total cash and investments balance of approximately $3.7 billion and total debt of $6.1 billion as of July 31. About $4.2 billion of that debt matures over the next 15 months, and the company is evaluating refinancing opportunities. It repurchased $2.0 billion of stock during fiscal 2023. The board approved a new $2.3 billion repurchase authorization, bringing total authorization to $3.8 billion. It also approved a quarterly dividend of $0.90 per share payable on October 17, 2023, a 15% increase versus last year.
Guidance points to slower but still solid growth for the full fiscal year 2024. The company expects full fiscal 2024 revenue growth of approximately 11% to 12%, with GAAP operating income growth of approximately 15% to 18% and GAAP diluted earnings per share growth of approximately 11% to 15%. Non-GAAP operating income growth is expected at approximately 12% to 14%, and non-GAAP diluted earnings per share growth at approximately 12% to 14%. Segment guidance calls for Small Business and Self-Employed Group growth of 16% to 17%, Consumer Group growth of 7% to 8%, ProTax Group growth of 3% to 4%, and Credit Karma from a decline of 3% to growth of 3%. For the first quarter of fiscal 2024, which ends Oct. 31, Intuit expects revenue growth of approximately 10% to 11%.
Risks remain familiar for the platform. The 10-K cites competition, rapid technological change, reliance on third-party intellectual property and business relationships, cybersecurity incidents, privacy concerns, fraud by third parties, and the need to attract and retain talent. The tax business remains highly seasonal, with revenue concentrated from November through April. Macroeconomic conditions, including inflation, can affect customer behavior and Credit Karma's lending partners, and rising interest rates continue to influence those partners. The company also flagged risks around litigation, changes in tax law, and debt obligations. It said it was compliant with required covenants as of July 31, 2023, but it has $4.2 billion of debt maturing over the next 15 months and is evaluating refinancing. Under the 2017 Tax Cuts & Jobs Act, mandatory capitalization of research and development costs increased fiscal 2023 income taxes payable and deferred tax assets. Intuit expects to pay approximately $700 million related to an IRS disaster-area tax deferral during the first quarter of fiscal 2024. The Inflation Reduction Act's corporate alternative minimum tax begins for Intuit in fiscal 2024, though the company does not expect a material impact. Annual goodwill impairment tests found no impairment in fiscal 2023, fiscal 2022, or fiscal 2021.
Forecast
Reported figures
GAAP, from SEC filings| Metric | Q4 FY2023 | Q3 FY2023 | QoQ | Q4 FY2022 | YoY |
|---|---|---|---|---|---|
| Revenue | $2.71B | $6.02B | -54.9% | $2.41B | +12.3% |
| Research & development | $680.0M | $604.0M | +12.6% | $627.0M | +8.5% |
| Sales & marketing | $840.0M | $1.20B | -30.2% | $807.0M | +4.1% |
| General & administrative | $341.0M | $332.0M | +2.7% | $334.0M | +2.1% |
| Total operating expenses | $2.69B | $3.24B | -16.8% | $2.49B | +8.3% |
| Operating income (loss) | $17.0M | $2.78B | -99.4% | -$75.0M | +122.7% |
| Operating margin | 0.6% | 46.2% | -45.5 pp | -3.1% | +3.7 pp |
| Net income (loss) | $89.0M | $2.09B | -95.7% | -$56.0M | +258.9% |
| Net margin | 3.3% | 34.7% | -31.4 pp | -2.3% | +5.6 pp |
| Diluted EPS | $0.31 | $7.38 | -$7.07 | -$0.20 | +$0.51 |
Risks
MD&A states AI is transforming financial technology and that disruptive start-ups, emerging ecosystems, and mega-platforms are harnessing new technology, while risk factors warn competitors may use AI to reduce demand for Intuit products and that flawed or biased AI algorithms could harm offerings.
Risk factors state the IRS announced in May 2023 a pilot project for the 2024 filing season to assess a direct online tax filing system, and the federal government could become a publicly funded direct competitor of the U.S. tax services industry and Intuit.
MD&A reports Credit Karma segment revenue decreased 9% in fiscal 2023 compared with fiscal 2022 and segment operating income decreased 19%, citing decreases in personal loan, home loan, auto insurance, and auto loan verticals and economic uncertainty and rising interest rates influencing partner lending behaviors.
Risk factors cite inflation, repeated Federal Reserve interest rate increases since 2022, bank failures, and reduced consumer and small business spending, which could delay purchases and reduce tax returns, payments volumes, and Credit Karma engagement.
Risk factors state fraudulent activities are increasing in amount and sophistication, may affect tax, payroll, payments, lending, and personal financial management, and could lead tax authorities to refuse electronic filing, which would significantly harm revenue and earnings.
Risk factors state competition is intense for employees with software as a service, fintech, mobile, data science, AI, and data security skills, especially in California and India, and the hybrid work model may affect retention.
MD&A reports interest expense of $248 million in fiscal 2023, up from $81 million in fiscal 2022, due to higher interest rates on the term loan and the term loan being outstanding for the entire fiscal 2023 versus nine months in fiscal 2022.
Risk factors state Intuit had $13.8 billion in goodwill and $6.4 billion in net acquired intangible assets at July 31, 2023, and annual goodwill impairment testing in the fourth fiscal quarter may result in charges not reasonably foreseen in prior periods.
Risk factors state tax revenue is heavily concentrated from November through April, and unanticipated changes to federal and state tax filing deadlines may exacerbate quarterly fluctuations.
SaaS KPIs
All quarters →Total Customers
Summary, forecast, risks and KPIs are extracted from INTUIT INC.'s SEC filings for Q4 FY2023 (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 2, 2026.