Summary
Intuit closed fiscal 2025 with a fourth quarter that swung back to profitability on both the operating and net lines. Revenue for the quarter ended July 31, 2025 rose 20.3 percent to $3.83 billion. Operating income was $339 million, a swing to profit from an operating loss of $151 million in the prior-year quarter. Net income was $381 million, also a swing to profit from a net loss of $20 million. Operating margin for the quarter was 8.8%, up 13.6 percentage points from -4.7% a year earlier.
The full year was steadier. Revenue rose 15.6 percent to $18.83 billion. Operating income climbed 35.6 percent to $4.92 billion. Net income rose 30.6 percent to $3.87 billion, and diluted earnings per share rose 31.1 percent to $13.67. Full-year operating margin was 26.1%, up 3.9 percentage points from 22.3%. Non-GAAP operating income rose 18 percent to $7.6 billion, and non-GAAP diluted earnings per share rose 19 percent to $20.15.
Credit Karma revenue grew 34 percent in the quarter and 32 percent for the year, driven by strength in personal loans, credit cards, and auto insurance. The Global Business Solutions Group grew 18 percent in the quarter and 16 percent for the year, and its Online Ecosystem grew 21 percent in the quarter and 20 percent for the year. Excluding Mailchimp, Global Business Solutions grew 21 percent in the quarter and Online Ecosystem grew 26 percent. Consumer Group revenue rose 21 percent in the quarter and 10 percent for the year, with TurboTax Live revenue up 47 percent for the year. ProTax revenue rose 4 percent for the year.
Tax unit trends were mixed. TurboTax Live customers grew 24 percent, and TurboTax Online paying units grew 6 percent. Total U.S. TurboTax units fell 2 percent to 39.2 million from 39.9 million. Online units fell 1 percent to 34.9 million, and desktop units fell 4 percent to 4.3 million. Management tied the decline to yielding share among lower average revenue per return filers. Online ecosystem paying customers rose 5 percent as of July 31, 2025, and online ecosystem average revenue per customer rose 14 percent for the year.
Cash generation stayed strong. Operating cash flow for the full year was $6.21 billion, up 27.1 percent, though fourth-quarter operating cash flow slipped 8.6 percent to $381 million from $417 million. Deferred revenue, current portion only, was $1.02 billion, up 16.9 percent. Capital expenditures for the year were $84 million, down 56 percent. The company ended the year with roughly $4.6 billion in cash and investments and $6.0 billion in total debt. It repurchased $2.8 billion of stock during fiscal 2025, added a $3.2 billion repurchase authorization for a total of $5.3 billion, and raised the quarterly dividend 15 percent to $1.20 per share.
Guidance for the full fiscal year 2026 points to revenue growth of approximately 12 to 13 percent, GAAP operating income growth of approximately 17 to 19 percent, and GAAP diluted earnings per share growth of approximately 13 to 15 percent. For the first quarter of fiscal 2026, the company expects revenue growth of approximately 14 to 15 percent. Full-year segment guidance calls for Global Business Solutions growth of 14 to 15 percent, Consumer growth of 8 to 9 percent, Credit Karma growth of 10 to 13 percent, and ProTax growth of 2 to 3 percent.
The risk list is familiar but real. Management flags competition from AI-driven entrants, dependence on third-party relationships, a tight talent market, platform availability, privacy and security exposure, increasingly sophisticated fraud, and heightened regulatory scrutiny. Consumer and ProTax results remain heavily seasonal, concentrated from November through April. Tax law changes, including the One Big Beautiful Bill Act enacted on July 4, 2025, add another layer of uncertainty, though the provisions effective in fiscal 2025 did not have a significant impact on the consolidated financial statements.
Forecast
Reported figures
GAAP, from SEC filings| Metric | Q4 FY2025 | Q3 FY2025 | QoQ | Q4 FY2024 | YoY |
|---|---|---|---|---|---|
| Revenue | $3.83B | $7.75B | -50.6% | $3.18B | +20.3% |
| Research & development | $801.0M | $707.0M | +13.3% | $725.0M | +10.5% |
| Sales & marketing | $1.25B | $1.62B | -22.7% | $1.10B | +13.3% |
| General & administrative | $424.0M | $394.0M | +7.6% | $377.0M | +12.5% |
| Total operating expenses | $3.49B | $4.03B | -13.4% | $3.33B | +4.7% |
| Operating income (loss) | $339.0M | $3.72B | -90.9% | -$151.0M | +324.5% |
| Operating margin | 8.8% | 48.0% | -39.1 pp | -4.7% | +13.6 pp |
| Net income (loss) | $381.0M | $2.82B | -86.5% | -$20.0M | +2005.0% |
| Net margin | 9.9% | 36.4% | -26.4 pp | -0.6% | +10.6 pp |
| Diluted EPS | $1.35 | $10.02 | -$8.67 | -$0.07 | +$1.42 |
Risks
MD&A states AI, including GenAI and agentic AI, is transforming financial technology and creating a more dynamic and highly competitive environment. Risk factors note competitors may use AI to reduce demand for Intuit's products or beat it to market.
Risk factors highlight the IRS free direct filing system and its stated exploration of expanded eligibility and state partnerships, plus the legacy IRS Free File Program, as publicly funded direct competitors that could cause Intuit to lose customers and revenue.
The EU AI Act went into force in February 2025, and Utah, Colorado, and California are applying or considering AI legal frameworks. Compliance may add significant costs and require changes to business practices.
Risk factors say fraudulent activities are increasing and becoming more sophisticated, including through AI, and a security incident could expose sensitive tax, financial, and identity data across Intuit's single-identity ecosystem. Credit Karma member data is subject to a 2014 FTC order requiring a comprehensive security program and biennial assessments for 20 years.
MD&A says future success depends on attracting, retaining, and developing highly skilled employees in technical and leadership roles. Risk factors note intense competition for AI, data science, and cybersecurity talent, especially in California and India, with equity awards potentially less effective if the stock price underperforms.
Risk factors note reliance on third-party partners, financial institutions, cloud providers, and distribution platforms like Apple's App Store and Google's Play Store, whose owners have wide discretion to change pricing, terms, and policies. Credit Karma partner activity can also decline.
QuickBooks Capital provides access to capital for small and mid-market businesses and purchases loans from third-party lenders, exposing Intuit to borrower repayment risk, credit model errors, and adverse macroeconomic conditions such as inflation and rising interest rates.
Adverse macroeconomic conditions, including inflation, rising interest rates, bank failures, and reduced consumer and small business spending, could delay purchases, reduce Credit Karma engagement, lower payment processing volumes, and decrease tax returns filed.
Consumer and ProTax revenue is heavily concentrated from November through April, and unanticipated changes to federal and state tax filing deadlines may exacerbate quarterly fluctuations.
Intuit tests goodwill annually in its fourth fiscal quarter, and future operating results below forecasts or a sustained decline in market capitalization could require impairment charges that materially decrease net income.
The One Big Beautiful Bill Act enacted July 4, 2025 reinstates immediate expensing of domestic R&D expenditures effective fiscal 2026, expected to significantly reduce deferred tax assets and income tax payable. OECD Pillar Two and other tax law changes add uncertainty.
SaaS KPIs
All quarters →Total Customers
Summary, forecast, risks and KPIs are extracted from INTUIT INC.'s SEC filings for Q4 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.