MOUNTAIN VIEW, Calif. - February 25, 2025 - 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.

•Grew total revenue to $4.0 billion, up 17 percent.

•Increased Global Business Solutions Group revenue to $2.7 billion, up 19 percent; grew Online Ecosystem revenue to $2.0 billion, up 21 percent.

•Grew Credit Karma revenue to $511 million, up 36 percent.

•Reported Consumer Group revenue of $509 million, up 3 percent, and ProTax Group revenue of $272 million, down 1 percent.

•Increased GAAP operating income to $593 million, up 61 percent.

•Grew Non-GAAP operating income to $1.3 billion, up 26 percent.

•Increased GAAP diluted earnings per share to $1.67, up 34 percent.

•Grew non-GAAP diluted earnings per share to $3.32, up 26 percent.

•Online Services revenue grew 19 percent, driven by growth in money, payroll, and Mailchimp offerings.

•QuickBooks Online Accounting revenue grew 22 percent in the quarter, driven by higher effective prices, customer growth, and mix-shift.

•Total international Online Ecosystem revenue grew 9 percent on a constant currency basis.

•Reported a total cash and investments balance of approximately $2.5 billion and $6.3 billion in debt as of January 31, 2025. The company entered into a $4.5 billion revolving credit facility on January 30, 2025 that it is using to fund its 5-Day Early refund offering. This facility expires on April 30, 2025.

•Repurchased $721 million of stock, and $3.6 billion remains on the company's share repurchase authorization.

•Received Board approval for a quarterly dividend of $1.04 per share, payable April 18, 2025. This represents a 16 percent increase per share compared to the same period last year.

•Revenue of $18.160 billion to $18.347 billion, growth of approximately 12 to 13 percent.

•GAAP operating income of $4.649 billion to $4.724 billion, growth of approximately 28 to 30 percent.

•Non-GAAP operating income of $7.241 billion to $7.316 billion, growth of approximately 13 to 14 percent.

•GAAP diluted earnings per share of $12.34 to $12.54, growth of approximately 18 to 20 percent.

•Non-GAAP diluted earnings per share of $19.16 to $19.36, growth of approximately 13 to 14 percent.

•Global Business Solutions Group: growth of 16 to 17 percent. This includes Online Ecosystem revenue growth of approximately 20 percent, and Desktop Ecosystem revenue growth in the low single digits.

•Consumer Group: growth of 7 to 8 percent.

•ProTax Group: growth of 3 to 4 percent.

•Credit Karma: growth of 5 to 8 percent.

•Revenue of $7.550 billion to $7.600 billion, growth of approximately 12 to 13 percent.

•GAAP diluted earnings per share of $9.22 to $9.28.

•Non-GAAP diluted earnings per share of $10.89 to $10.95.

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.

[A]The following table summarizes the total share-based compensation expense that we recorded in operating income for the periods shown. 

[B]We compute our provision for or benefit from income taxes by applying the estimated annual effective tax rate to income or loss from recurring operations and adding the effects of any discrete income tax items specific to the period.

•Amortization of acquired technology

•Amortization of other acquired intangible assets

•Restructuring charges

•Share-based compensation expense

•Gains and losses on executive deferred compensation plan liabilities

•Goodwill and intangible asset impairment charges

•Gains and losses on disposals of businesses and long-lived assets

•Professional fees and transaction costs for business combinations

•Gains and losses on debt securities and other investments

•Gains and losses on executive deferred compensation plan assets

•Income tax effects and adjustments

•Discontinued operations

Amortization of acquired technology and amortization of other acquired intangible assets. When we acquire a business in a business combination, we are required by GAAP to record the fair values of the intangible assets of the business and amortize them over their useful lives. Amortization of acquired technology in cost of revenue includes amortization of software and other technology assets of acquired businesses. Amortization of other acquired intangible assets in operating expenses includes amortization of assets such as customer lists and trade names.

Restructuring charges. This consists of costs incurred as a direct result of discrete strategic restructuring actions, including, but not limited to severance and other one-time termination benefits, and other costs, which are different in terms of size, strategic nature, and frequency than ongoing productivity and business improvements.

Share-based compensation expense. This consists of non-cash expenses for stock options, restricted stock units, and our Employee Stock Purchase Plan. When considering the impact of equity awards, we place greater emphasis on overall shareholder dilution rather than the accounting charges associated with those awards.

Gains and losses on executive deferred compensation plan liabilities. We exclude from our non-GAAP financial measures gains and losses on the revaluation of our executive deferred compensation plan liabilities.

Goodwill and intangible asset impairment charges. We exclude from our non-GAAP financial measures non-cash charges to adjust the carrying values of goodwill and other acquired intangible assets to their estimated fair values.

Gains and losses on disposals of businesses and long-lived assets. We exclude from our non-GAAP financial measures gains and losses on disposals of businesses and long-lived assets because they are unrelated to our ongoing business operating results.

Professional fees and transaction costs for business combinations. We exclude from our non-GAAP financial measures the professional fees we incur to complete business combinations. These include investment banking, legal, and accounting fees.

Gains and losses on debt securities and other investments. We exclude from our non-GAAP financial measures credit losses on available-for-sale debt securities and gains and losses on other investments.

Gains and losses on executive deferred compensation plan assets. We exclude from our non-GAAP financial measures gains and losses on the revaluation of our executive deferred compensation plan assets.

Income tax effects and adjustments. We use a long-term non-GAAP tax rate for evaluating operating results and for planning, forecasting, and analyzing future periods. This long-term non-GAAP tax rate excludes the income tax effects of the non-GAAP pre-tax adjustments described above, and eliminates the effects of non-recurring and period specific items which can vary in size and frequency. Based on our long-term projections, we are using a long-term non-GAAP tax rate of 24% for fiscal 2024 and fiscal 2025. This long-term non-GAAP tax rate could be subject to change for various reasons including significant acquisitions, changes in our geographic earnings mix, or fundamental tax law changes in major jurisdictions in which we operate. We will evaluate this long-term non-GAAP tax rate on an annual basis and whenever any significant events occur which may materially affect this rate.

Operating results and gains and losses on the sale of discontinued operations. From time to time, we sell or otherwise dispose of selected operations as we adjust our portfolio of businesses to meet our strategic goals. In accordance with GAAP, we segregate the operating results of discontinued operations as well as gains and losses on the sale of these discontinued operations from continuing operations on our GAAP statements of operations but continue to include them in GAAP net income or loss and net income or loss per share. We exclude these amounts from our non-GAAP financial measures.