Intuit Inc. (Nasdaq: INTU), the global financial technology platform that makes Intuit TurboTax, Credit Karma, QuickBooks, and Mailchimp, announced financial results for the second quarter of fiscal 2...
Global Business Solutions Group Revenue Grew 19 percent
MOUNTAIN VIEW, Calif.: Intuit Inc. (Nasdaq: INTU), the global financial technology platform that makes Intuit TurboTax, Credit Karma, QuickBooks, and Mailchimp, announced financial results for the second quarter of fiscal 2025, which ended January 31.
"We are making great progress fueling the financial success of consumers, businesses, and accountants with our AI-driven expert platform," said Sasan Goodarzi, Intuit's chief executive officer. "Intuit Assist is delivering 'done-for-you' experiences to complete tasks, automate end-to-end workflows, and connect customers to AI-powered human experts, powering their prosperity."
Financial Highlights
For the second quarter, Intuit:
Unless otherwise noted, all growth rates refer to the current period versus the comparable prior-year period, and the business metrics and associated growth rates refer to worldwide business metrics.
Snapshot of Second-quarter Results
| GAAP | Non-GAAP | ||||
| Q2 FY25 | Q2 FY24 | Change | Q2 FY25 | Q2 FY24 | Change |
Revenue | $3,963 | $3,386 | 17% | $3,963 | $3,386 | 17% |
Operating Income | $593 | $369 | 61% | $1,260 | $1,000 | 26% |
Earnings Per Share | $1.67 | $1.25 | 34% | $3.32 | $2.63 | 26% |
Dollars are in millions, except earnings per share. See “About Non-GAAP Financial Measures” below for more information regarding financial measures not prepared in accordance with Generally Accepted Accounting Principles (GAAP). |
"We delivered very strong second quarter fiscal 2025 results as we leverage AI to deliver breakthrough experiences for our customers and increase productivity across our platform," said Sandeep Aujla, Intuit's chief financial officer. "We are confident in delivering double-digit revenue growth and expanding margin this year, and we are reiterating our full year guidance for fiscal 2025."
Business Segment Results
Global Business Solutions Group
Global Business Solutions Group revenue grew to $2.7 billion, up 19 percent, and Online Ecosystem revenue increased to $2.0 billion, up 21 percent.
Credit Karma
Credit Karma revenue grew 36 percent to $511 million in the quarter, driven by strength in credit cards, personal loans, and auto insurance.
Consumer Group
Consumer Group revenue of $509 million was up 3 percent in the quarter.
Capital Allocation Summary
In the second quarter, the company:
Forward-looking Guidance
Intuit reiterated guidance for the full fiscal year 2025. The company expects:
The company also reiterated full fiscal year 2025 segment revenue guidance:
Intuit announced guidance for the third quarter of fiscal year 2025, which ends April 30. The company expects:
Conference Call Details
Intuit executives will discuss the financial results on a conference call at 1:30 p.m. Pacific time on February 25. The conference call can be heard live at https://investors.intuit.com/news-events. Prepared remarks for the call will be available on Intuit’s website after the call ends.
Replay Information
A replay of the conference call will be available for one week by calling 800-757-4764, or 402-220-7226 from international locations. There is no passcode required. The audio call will remain available on Intuit’s website for one week after the conference call.
About Intuit
Intuit is the global financial technology platform that powers prosperity for the people and communities we serve. With approximately 100 million customers worldwide using products such as TurboTax, Credit Karma, QuickBooks, and Mailchimp, we believe that everyone should have the opportunity to prosper. We never stop working to find new, innovative ways to make that possible. Please visit us at Intuit.com and find us on social for the latest information about Intuit and our products and services.
About Non-GAAP Financial Measures
This press release and the accompanying tables include non-GAAP financial measures. For a description of these non-GAAP financial measures, including the reasons management uses each measure, and reconciliations of these non-GAAP financial measures to the most directly comparable financial measures prepared in accordance with Generally Accepted Accounting Principles, please see the section of the accompanying tables titled "About Non-GAAP Financial Measures" as well as the related Table B1, Table B2, and Table E. A copy of the press release issued by Intuit today can be found on the investor relations page of Intuit's website.
Cautions About Forward-looking Statements
This press release contains forward-looking statements, including expectations regarding: forecasts and timing of growth and future financial results of Intuit and its reporting segments; Intuit’s prospects for the business in fiscal 2025; timing and growth of revenue from current or future products and services; Intuit's corporate tax rate; the amount and timing of any future dividends or share repurchases; and the impact of strategic decisions on our business; as well as all of the statements under the heading “Forward-looking Guidance.”
Because these forward-looking statements involve risks and uncertainties, there are important factors that could cause our actual results to differ materially from the expectations expressed in the forward-looking statements. These risks and uncertainties may be amplified by the effects of global developments and conditions or events, including macroeconomic uncertainty and geopolitical conditions, which have caused significant global economic instability and uncertainty. Given these risks and uncertainties, persons reading this communication are cautioned not to place any undue reliance on such forward-looking statements. These factors include, without limitation, the following: our ability to compete successfully; potential governmental encroachment in our tax business; our ability to develop, deploy, and use artificial intelligence in our platform and products; our ability to adapt to technological change and to successfully extend our platform; our ability to predict consumer behavior; our reliance on intellectual property; our ability to protect our intellectual property rights; any harm to our reputation; risks associated with our environmental, social, and governance efforts; risks associated with acquisition and divestiture activity; the issuance of equity or incurrence of debt to fund acquisitions or for general business purposes; cybersecurity incidents (including those affecting the third parties we rely on); customer or regulator concerns about privacy and cybersecurity incidents; fraudulent activities by third parties using our offerings; our failure to process transactions effectively; interruption or failure of our information technology; our ability to maintain critical third-party business relationships; our ability to attract and retain talent and the success of our hybrid work model; any deficiency in the quality or accuracy of our offerings (including the advice given by experts on our platform); any delays in product launches; difficulties in processing or filing customer tax submissions; risks associated with international operations; risks associated with climate change; changes to public policy, laws or regulations affecting our businesses; legal proceedings in which we are involved; fluctuations in the results of our tax business due to seasonality and other factors beyond our control; changes in tax rates and tax reform legislation; global economic conditions (including, without limitation, inflation); exposure to credit, counterparty and other risks in providing capital to businesses; amortization of acquired intangible assets and impairment charges; our ability to repay or otherwise comply with the terms of our outstanding debt; our ability to repurchase shares or distribute dividends; volatility of our stock price; our ability to successfully market our offerings; our expectations regarding the timing and costs associated with our plan of reorganization (“Plan”); risks related to the preliminary nature of the estimate of the charges to be incurred in connection with the Plan, which is subject to change; and risks related to any delays in the timing for implementing the Plan or potential disruptions to our business or operations as we execute on the Plan.
More details about these and other risks that may impact our business are included in our Form 10-K for fiscal 2024 and in our other SEC filings. You can locate these reports through our website at http://investors.intuit.com. Third-quarter and full-year fiscal 2025 guidance speaks only as of the date it was publicly issued by Intuit. Other forward-looking statements represent the judgment of the management of Intuit as of the date of this presentation. Except as required by law, we do not undertake any duty to update any forward-looking statement or other information in this presentation.
TABLE A INTUIT INC. GAAP CONSOLIDATED STATEMENTS OF OPERATIONS (In millions, except per share amounts) (Unaudited) | |||||||||||||||
| Three Months Ended |
| Six Months Ended | ||||||||||||
| January 31, 2025 |
| January 31, 2024 |
| January 31, 2025 |
| January 31, 2024 | ||||||||
Net revenue: |
|
|
|
|
|
|
| ||||||||
Service | $ | 3,249 |
|
| $ | 2,693 |
|
| $ | 6,138 |
|
| $ | 5,143 |
|
Product and other |
| 714 |
|
|
| 693 |
|
|
| 1,108 |
|
|
| 1,221 |
|
Total net revenue |
| 3,963 |
|
|
| 3,386 |
|
|
| 7,246 |
|
|
| 6,364 |
|
Costs and expenses: |
|
|
|
|
|
|
| ||||||||
Cost of revenue: |
|
|
|
|
|
|
| ||||||||
Cost of service revenue |
| 880 |
|
|
| 796 |
|
|
| 1,652 |
|
|
| 1,503 |
|
Cost of product and other revenue |
| 20 |
|
|
| 23 |
|
|
| 34 |
|
|
| 38 |
|
Amortization of acquired technology |
| 37 |
|
|
| 36 |
|
|
| 74 |
|
|
| 74 |
|
Selling and marketing |
| 1,204 |
|
|
| 1,020 |
|
|
| 2,166 |
|
|
| 1,789 |
|
Research and development |
| 716 |
|
|
| 678 |
|
|
| 1,420 |
|
|
| 1,358 |
|
General and administrative |
| 389 |
|
|
| 344 |
|
|
| 783 |
|
|
| 686 |
|
Amortization of other acquired intangible assets |
| 120 |
|
|
| 120 |
|
|
| 240 |
|
|
| 240 |
|
Restructuring |
| 4 |
|
|
| — |
|
|
| 13 |
|
|
| — |
|
Total costs and expenses [A] |
| 3,370 |
|
|
| 3,017 |
|
|
| 6,382 |
|
|
| 5,688 |
|
Operating income |
| 593 |
|
|
| 369 |
|
|
| 864 |
|
|
| 676 |
|
Interest expense |
| (60 | ) |
|
| (57 | ) |
|
| (120 | ) |
|
| (122 | ) |
Interest and other income, net |
| 38 |
|
|
| 42 |
|
|
| 40 |
|
|
| 64 |
|
Income before income taxes |
| 571 |
|
|
| 354 |
|
|
| 784 |
|
|
| 618 |
|
Income tax provision [B] |
| 100 |
|
|
| 1 |
|
|
| 116 |
|
|
| 24 |
|
Net income | $ | 471 |
|
| $ | 353 |
|
| $ | 668 |
|
| $ | 594 |
|
|
|
|
|
|
|
|
| ||||||||
Basic net income per share | $ | 1.68 |
|
|
If you liked this article and want to stay up to date with news from
InnovationOpenLab.com subscribe to ours
Free newsletter.
Related newsLast NewsRSA at Cybertech Europe 2024Alaa Abdul Nabi, Vice President, Sales International at RSA presents the innovations the vendor brings to Cybertech as part of a passwordless vision for… Italian Security Awards 2024: G11 Media honours the best of Italian cybersecurityG11 Media's SecurityOpenLab magazine rewards excellence in cybersecurity: the best vendors based on user votes How Austria is making its AI ecosystem growAlways keeping an European perspective, Austria has developed a thriving AI ecosystem that now can attract talents and companies from other countries Sparkle and Telsy test Quantum Key Distribution in practiceSuccessfully completing a Proof of Concept implementation in Athens, the two Italian companies prove that QKD can be easily implemented also in pre-existing… Most readH2O.ai Recognized on CRN’s 2025 AI 100 List for Second Consecutive YearH2O.ai, the world’s leading agentic AI, today announced that it was honored by CRN®, a brand of The Channel Company, with a spot on the 2025 AI 100 list.… HireRight Acquires ClearChecks to Build Market-Leading Background Screening…HireRight, a leading provider of global background screening services and workforce solutions, has completed the acquisition of ClearChecks, a background… Fiserv to Release First Quarter Earnings Results on April 24, 2025Fiserv, Inc. (NYSE: FI), a leading global provider of payments and financial services technology solutions, will announce its first quarter financial… Persefoni Pro Wins Innovation of the Year at the 2025 CleanTech Breakthrough…Persefoni AI, Inc., a leading sustainability management SaaS and AI platform, has won ‘Overall Climate Technology Innovation of the Year’ at the 2025… G11 Media Networks |