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Intuit’s Financial Performance

Overview

Intuit provides financial software and services for consumers, small businesses, accountants, and mid-sized companies. Its flagship products include QuickBooks, TurboTax, Credit Karma, Mailchimp, and Mint.

In the first nine months of fiscal year 2024 (August 1, 2023 to April 30, 2024), Intuit delivered strong financial results:

• Total revenue grew 12% to $13.1 billion
• Operating income rose 21% to $3.8 billion
• Net income increased 30% to $3.0 billion
• Diluted earnings per share grew 30% to $10.51

Key Financial Metrics

Revenue Growth: Intuit’s total revenue grew 12% compared to the same period last year, driven by 18% growth in its Small Business & Self-Employed segment and 8% growth in its Consumer segment. Key factors included customer growth, increased use of high-value software services, and price increases.

Profitability: Operating income rose 21% and net income grew 30%, reflecting solid revenue growth combined with well-managed expenses. Profits are being reinvested to drive future growth.

Cash Generation: Intuit generated $4.5 billion in cash from operations in the first nine months, enabling investments for growth while returning cash to shareholders through dividends and share repurchases.

Segment Performance

Small Business & Self-Employed: Total revenue grew 18% to $7.0 billion, led by QuickBooks Online Accounting revenue growth of 19%. Strong results reflected customer growth, increased monthly subscriptions, and improved retention.

Consumer: Total revenue rose 8% to $4.3 billion due to more customers using TurboTax Live expert assistance which carries higher prices. TurboTax Online retained its leading share among DIY tax prep software.

Credit Karma: Revenue grew 1% to $1.2 billion as growth in credit card marketing and financial services offset declines in lending verticals. Intuit is focused on better monetizing Credit Karma’s over 137 million members.

ProTax: Revenue increased 7% to $570 million driven by higher average revenue per customer.

Financial Position

As of April 30, 2024, Intuit held cash and investments totaling $4.7 billion, up $1 billion since year-end. The company has ample resources to fund operations, make acquisitions, and return cash to shareholders. Long-term debt declined slightly to $6.0 billion.

Outlook

Intuit reaffirmed its full-year fiscal 2024 guidance for revenue growth of approximately 15% to 16% versus last fiscal year. The company expects continued growth driven by its strategic bets in AI, platform expansion, and connecting customers with experts. While economic uncertainty could impact results, Intuit believes its essential software and resilience enable sustainable growth.

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