Summary
Intuit closed fiscal 2024 with $16.28 billion in revenue, up 13.3% from the prior year. The fourth quarter alone produced $3.18 billion in revenue. Full-year GAAP operating income rose 15.6% to $3.63 billion, and net income rose 24.3% to $2.96 billion. Diluted earnings per share for the year were $10.43, up 23.9%. The fourth quarter was a different story. GAAP operating income swung to a loss of $151 million. Net income swung to a loss of $20 million. A restructuring charge tied to organizational changes announced in July drove the quarterly loss. The charge also weighed on full-year GAAP operating income.
The quarter's operating cash flow fell 50.5% to $417 million. For the full year, operating cash flow was $4.88 billion, down 3.2%. Deferred revenue was $872 million at July 31, 2024, down 5.3%. Full-year operating margin was 22.3%, up 0.4 percentage points. The fourth quarter operating margin was negative 4.7%.
Segment performance was mixed. Small Business and Self-Employed Group revenue grew 19% for the year and 20% for the quarter. Online Ecosystem revenue grew 20% for the year and 18% for the quarter. QuickBooks Online accounting revenue grew 19% for the year and 17% for the quarter. Online services revenue grew 21% for the year and 19% for the quarter. Total international online revenue grew 11% for the quarter and 13% for the year on a constant currency basis. Consumer Group revenue grew 7% for the year. TurboTax Live revenue grew 17% and represented approximately 30% of Consumer Group revenue. TurboTax Live customers grew 11%. TurboTax Online units declined 2% and total TurboTax units declined 1% for the year. Credit Karma revenue grew 5% for the year and 14% for the quarter. ProTax Group revenue grew 7% for the year. Total international net revenue was approximately 8% of consolidated total net revenue in fiscal 2024. The company renamed the Small Business and Self-Employed Group to the Global Business Solutions Group in August 2024.
On a non-GAAP basis, full-year operating income was $6.4 billion, up 16%, and diluted earnings per share was $16.94, up 18%. Guidance for fiscal 2025 calls for revenue growth of approximately 12 to 13 percent. Non-GAAP operating income is expected to be $7.241 billion to $7.316 billion, growth of approximately 13 to 14 percent. Non-GAAP diluted earnings per share is expected to be $19.16 to $19.36, growth of approximately 13 to 14 percent. GAAP operating income growth is guided at approximately 28 to 30 percent, and GAAP diluted earnings per share growth is guided at approximately 18 to 20 percent. For the first quarter of fiscal 2025, revenue growth is expected to be approximately 5 to 6 percent, with Small Business and Self-Employed Group revenue growth of 6 to 7 percent. The company expects online ecosystem revenue growth to accelerate to approximately 19 percent in the first quarter. First quarter non-GAAP diluted earnings per share is guided at $2.33 to $2.38. The company expects desktop ecosystem revenue to decline approximately 20 percent in the first quarter, lowering revenue by approximately $160 million. This includes approximately $50 million recognized in the first three quarters of fiscal 2024, approximately $60 million recognized in the fourth quarter of fiscal 2024, and approximately $50 million shifting from the first quarter of fiscal 2025 to later quarters. Desktop ecosystem revenue is expected to return to growth in the second quarter.
Risks include macroeconomic uncertainty, geopolitical conditions, competition, and the rapid evolution of AI. The company faces regulatory scrutiny, cybersecurity and fraud risks, and the need to attract and retain talent. Seasonality in Consumer and ProTax remains a material factor. The restructuring plan is expected to be substantially complete by the first quarter of fiscal 2025. Management also flagged the preliminary nature of restructuring estimates and potential disruptions as the plan is executed. The company also faces risks related to the hosting, collection, use, and retention of personal customer information and data. Fraudulent activities by third parties are an increasing concern. The regulatory environment is rapidly evolving and subject to heightened scrutiny. The company also faces risks related to potential governmental encroachment in its tax businesses and the ability to develop and deploy AI in its platform and products.
Forecast
Reported figures
GAAP, from SEC filings| Metric | Q4 FY2024 | Q3 FY2024 | QoQ | Q4 FY2023 | YoY |
|---|---|---|---|---|---|
| Revenue | $3.18B | $6.74B | -52.7% | $2.71B | +17.4% |
| Research & development | $725.0M | $671.0M | +8.0% | $680.0M | +6.6% |
| Sales & marketing | $1.10B | $1.42B | -22.2% | $840.0M | +31.4% |
| General & administrative | $377.0M | $355.0M | +6.2% | $341.0M | +10.6% |
| Total operating expenses | $3.33B | $3.63B | -8.2% | $2.69B | +23.7% |
| Operating income (loss) | -$151.0M | $3.10B | -104.9% | $17.0M | -988.2% |
| Operating margin | -4.7% | 46.1% | -50.8 pp | 0.6% | -5.4 pp |
| Net income (loss) | -$20.0M | $2.39B | -100.8% | $89.0M | -122.5% |
| Net margin | -0.6% | 35.5% | -36.1 pp | 3.3% | -3.9 pp |
| Diluted EPS | -$0.07 | $8.42 | -$8.49 | $0.31 | -$0.38 |
Risks
Intuit faces intense competition from large platforms and start-ups using AI to create personalized experiences and data-driven insights, which could reduce demand or prices. MD&A states AI is transforming financial technology and that future growth depends on innovating and introducing AI and GenAI, with no assurance expected benefits will be realized.
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. This and the legacy IRS Free File Program could make federal and state governments publicly funded direct competitors and cause Intuit to lose Consumer tax customers and revenue.
Increasing and changing regulation, including the EU Artificial Intelligence Act adopted in May 2024, may add significant compliance costs and require changes to business practices. The tax preparation industry also faces heightened federal and state attention that could restrict products, pricing, or operations.
Intuit operates in industries experiencing increasing and more sophisticated fraudulent activity, and MD&A states it continues to invest in security and anti-fraud measures. Fraud losses could be substantial, and loss of customer or government confidence could lead tax authorities to refuse electronic return processing.
Competition for skilled employees in software as a service, fintech, data science, AI, and security is intense, especially in California and India where many employees are located. Equity awards may become less effective if Intuit's stock price decreases or grows slower than talent competitors, and higher compensation costs may not be offset by productivity or revenue.
Growth increasingly depends on third-party partners, including financial institutions, credit reporting bureaus, and distribution platforms like Apple's App Store and Google's Play Store. Platform owners have wide discretion to change pricing or terms, and partner failures or consolidation could disrupt critical services.
In July 2024 management approved a reorganization to reallocate resources to key growth areas, including employee exits and closing real estate sites. The plan could disrupt operations or fail to achieve intended benefits, and related costs were recorded in fiscal 2024.
Intuit carries significant goodwill and net acquired intangible assets and tests goodwill annually in its fourth fiscal quarter. Future impairment charges could materially decrease net income and lower asset values.
SaaS KPIs
All quarters →Total Customers
Non-GAAP operating income
Small Business & Self-Employed Revenue
Summary, forecast, risks and KPIs are extracted from INTUIT INC.'s SEC filings for Q4 FY2024 (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.