Intuit, the developer of TurboTax and QuickBooks, has reported a 20.5% increase in net income for the third quarter ending 30 April 2025 (Q3 FY25), reaching $2.82bn compared to $2.34bn in the same period last year.
The financial technology company’s total revenue increased by 15% from $6.74bn in Q3 FY24 to $7.8bn during the reported quarter.
Intuit’s Consumer Group unit recorded an 11% rise in revenue, totalling $4bn. The Global Business Solutions Group saw a 19% increase, with revenues reaching $2.8bn, while the Online Ecosystem’s revenue grew by 20% to $2.1bn.
Credit Karma experienced a 31% surge in revenue to $579m, and ProTax Group’s revenue increased by 9% to $278m. Its quarterly revenue growth was driven by strong performance in the credit card, personal loan, and auto insurance sectors.
Intuit’s GAAP operating income rose by 20% to $3.7bn, while non-GAAP operating income saw a 17% uptick to $4.3bn. GAAP diluted earnings per share climbed by 19% to $10.02, and non-GAAP diluted earnings per share increased by 18% to $11.65.
For the entire fiscal year, TurboTax Live revenue is expected to grow by 47%, accounting for approximately 40% of total Consumer Group revenue. TurboTax Online units are anticipated to experience a slight decline of about 1%.
QuickBooks Online Accounting contributed significantly with a 21% increase due to higher pricing and customer growth.
In terms of capital allocation, Intuit held $6.2bn in cash and investments as of April’s end with reported debt at $6.4bn. The company repurchased $754m worth of stock and declared a quarterly dividend of $1.04 per share payable on July 18, marking a 16% increase from last year.
Looking forward, Intuit has raised its full fiscal year guidance. The company anticipates total revenue between $18.7bn and $18.7bn, reflecting approximately a 15% growth rate. Operating income expectations have been updated to reflect higher anticipated growth rates for both GAAP and non-GAAP figures.
For fiscal year 2025 guidance updates, Intuit forecasts the Global Business Solutions Group will grow by approximately 16%, while Consumer Group growth is expected around 10%.
ProTax Group is projected to grow by around 3-4%, with Credit Karma anticipated achieving a significant increase of approximately 28%.
For the upcoming fourth quarter ending 31 July, Intuit expects revenues between $3.72bn and $3.76bn, indicating growth of about 17-18%.
Intuit CEO Sasan Goodarzi said: “We have exceptional momentum with outstanding performance across our platform. We’re redefining what’s possible with AI by becoming a one-stop shop of AI-agents and AI-enabled human experts to fuel the success of consumers and small and mid-market businesses.
“We had an outstanding year in tax, including a significant acceleration in TurboTax Live revenue growth as we disrupt the assisted tax category.”
