Intuit
Intuit Inc. is an American multinational financial technology company that develops and sells software and cloud-based services for tax preparation, small business accounting, personal finance management, and related financial tools, primarily targeting individuals, self-employed professionals, and small-to-medium enterprises.[1][2] Founded in 1983 by Scott Cook and Tom Proulx in Palo Alto, California, after Cook identified inefficiencies in manual household budgeting, the company launched its inaugural product, Quicken, a personal finance software that simplified checkbook reconciliation and financial tracking on early personal computers.[3][4] Headquartered in Mountain View, California, Intuit went public on Nasdaq in 1993 under the ticker INTU and has since expanded through strategic acquisitions, including Credit Karma in 2020 for approximately $7.1 billion to enhance consumer credit and financial advice services, and Mailchimp in 2021 for $12 billion to integrate email marketing capabilities for small businesses.[4][5][6] The company's core offerings, such as TurboTax for DIY and assisted tax filing, QuickBooks for bookkeeping, payroll, and invoicing, and acquired platforms like Credit Karma, serve around 100 million customers worldwide, driving revenue of $18.8 billion in fiscal year 2025 through a mix of subscriptions, transaction fees, and professional services.[7][8] Intuit has achieved market dominance in the U.S. small business software sector by emphasizing user-friendly interfaces and integration with emerging technologies like AI for automated categorization and predictive insights, though it has faced scrutiny over acquisitions like Credit Karma, which some analyses describe as diluting focus and increasing earnings volatility amid integration challenges.[9][10]History
Founding and Quicken Era (1980s–1990s)
Intuit was founded in 1983 by Scott Cook, a former Procter & Gamble brand manager, and Tom Proulx, a programmer, in Palo Alto, California. Cook conceived the idea after observing his wife's laborious manual tracking of household expenses, recognizing the potential for personal computers to automate checkbook balancing and budgeting. The duo bootstrapped the venture from Cook's attic, with Proulx coding the prototype on an Apple II while Cook handled marketing. Initial funding challenges persisted, as investors dismissed personal finance software as niche amid skepticism about consumer PC adoption.[11][3][12] Quicken, Intuit's debut product, launched in May 1984 for the Apple II, enabling users to digitize check registers, categorize transactions, and reconcile accounts with banks—features that streamlined finances previously managed via paper ledgers prone to errors. Ports to MS-DOS in 1985 and Macintosh in 1986 expanded accessibility, capitalizing on the PC boom. Early marketing emphasized simplicity for non-tech-savvy users, with direct-mail campaigns and retailer partnerships driving initial sales; by 1985, Quicken captured a dominant market share in personal finance software, unencumbered by direct rivals.[11][13][3] Throughout the late 1980s, Quicken's iterative updates—adding investment tracking and multi-account support—fueled explosive growth, making it one of the top-selling software titles worldwide, with annual revenues surpassing $30 million by 1990. Intuit prioritized customer feedback, offering free support and refunds, which built loyalty and organic adoption via user evangelism. This era solidified Quicken's lead, as the product's intuitive design contrasted with clunky alternatives, though Intuit remained privately held and lean, employing fewer than 100 staff by decade's end.[11][13][14] The 1990s Quicken era intensified with Microsoft's 1991 launch of Money, leveraging its OS bundling and bank partnerships to challenge Intuit's 90% market dominance. Intuit responded aggressively with $15 retailer rebates, superior check-printing capabilities, and a user-centric interface refined through usability testing, retaining retail shelf space and user base. Revenues hit $55 million in 1991 amid this rivalry, culminating in Intuit's 1993 IPO and Microsoft's aborted $1.5 billion acquisition bid in 1994, halted by U.S. antitrust scrutiny in 1995 over monopoly concerns in financial software. Quicken's resilience stemmed from its established ecosystem and innovation edge, not regulatory favoritism.[14][12][11]Launch of Core Products and Expansion (1990s–2000s)
Intuit introduced QuickBooks in 1992 as an accounting software product targeted at small businesses, initially released for MS-DOS and simplifying payroll and financial tracking compared to more complex enterprise solutions.[13] In 1993, the company acquired Chipsoft Inc., the creator of TurboTax personal tax preparation software, for approximately $225 million, establishing TurboTax as a flagship product and accelerating Intuit's dominance in consumer tax filing.[15] That same year, Intuit completed its initial public offering on NASDAQ, raising capital to fuel product development and market penetration.[13] Amid intensifying competition from Microsoft, which launched Money as a rival to Quicken and eyed broader financial software dominance, Intuit agreed in 1994 to a $1.5 billion stock-swap acquisition by Microsoft—the largest proposed software deal at the time—but the U.S. Department of Justice blocked it in 1995 on antitrust grounds, citing risks to competition in personal finance software.[16][17] The failed merger allowed Intuit to maintain independence, prompting Microsoft to compete directly until scaling back Money efforts in the 2000s; Intuit responded by enhancing QuickBooks features and acquiring complementary technologies, such as GALT Technologies in 1996 for web-based mutual fund data integration.[13] Entering the 2000s, Intuit shifted toward internet-enabled products to counter dot-com era pressures, launching online versions of TurboTax and QuickBooks Payroll in 1999 and debuting QuickBooks Online in 2000 to enable cloud-based access for remote users, though initial adoption faced skepticism due to reliability concerns.[18][19] The company expanded QuickBooks variants, releasing Basic and Pro editions around 2000 and Enterprise Solutions in 2002 for mid-sized firms with advanced reporting capabilities.[20] International efforts included acquiring Nihon Micom in 1997 for Japanese market entry and investing in the UK in 2001, but expansion remained constrained by regulatory variances and localization challenges, limiting significant non-U.S. growth during the decade.[13]Digital Transformation and Acquisitions (2010s)
During the 2010s, Intuit intensified its digital transformation by transitioning from desktop-centric products to cloud-based, subscription-oriented services, aiming to provide seamless, always-on access for small businesses and consumers. This shift was driven by recognition of stagnating growth in legacy software and the need for scalable, integrated platforms amid rising competition from web-native rivals. The company reoriented around software-as-a-service (SaaS) models, with QuickBooks Online emerging as a cornerstone; after early limitations, Intuit launched a comprehensive rebuild in 2013 under Project Harmony, resulting in a more intuitive interface, faster performance, and expanded features like real-time collaboration.[21][22] By fiscal 2016, QuickBooks Online subscribers grew over 40% year-over-year, reflecting accelerated adoption as small businesses prioritized mobility and automation.[23] Intuit supported this evolution through methodological changes and partnerships. Internally, it abandoned rigid Waterfall development for Agile processes around 2010, enabling iterative releases and customer feedback loops that reduced time-to-market for updates. Externally, a January 2010 alliance with Microsoft positioned Windows Azure as a preferred cloud platform for Intuit's small business apps, facilitating integration of productivity tools via the Intuit App Center and easing migration from on-premises QuickBooks. These efforts contributed to Intuit's online ecosystem expanding by 14% over the decade, while its market capitalization surged approximately 600% from 2010 levels, outpacing broader Nasdaq gains.[24][25][26][27] Acquisitions played a pivotal role in accelerating capabilities, with Intuit completing multiple deals—peaking at six in 2014 and five in 2013—to embed fintech, marketing, and analytics tools into its cloud suite. In May 2010, it acquired Medfusion for $91 million, enhancing patient-provider online communications to align with its Connected Services strategy for integrated ecosystems. Subsequent buys targeted small business digital needs, such as mobile payments via Check in 2014 (rebranded as QuickBooks Payments) and marketing automation through Demandforce in 2012, which added patient engagement features for service professionals. Later in the decade, acquisitions like Exactor in 2017 bolstered sales tax compliance for e-commerce, while Origami Logic in 2019 improved marketing attribution analytics, all feeding into data-driven enhancements for QuickBooks and TurboTax online.[28][29][30]Recent Developments and Strategic Shifts (2020s)
In the early 2020s, Intuit pursued aggressive expansion through major acquisitions to broaden its ecosystem beyond core tax and accounting software. The company completed its $7.1 billion acquisition of Credit Karma in December 2020, integrating personal finance and credit monitoring tools to enhance consumer offerings. This was followed by the $12 billion purchase of Mailchimp in September 2021, which added marketing automation capabilities aimed at small businesses, contributing to a combined $20 billion investment in transformative deals.[31] These moves reflected a strategic pivot toward building an interconnected platform for financial management, though they strained resources and prompted cost-cutting measures, including layoffs of several hundred employees in 2023 to fund AI initiatives.[31] By 2024, Intuit intensified its focus on artificial intelligence as a core differentiator, launching Intuit Assist for automated accounting tasks like invoice generation and client insights.[32] In July 2024, the company announced plans to eliminate 1,800 positions—10% of its workforce—while committing to rehire a similar number in AI and engineering roles, signaling a reorientation toward agentic AI systems for business automation.[33] This shift accelerated in 2025 with the rollout of GenOS updates in September, featuring custom financial large language models that reduced latency by 50% and improved accuracy by 5%, alongside AI agents in QuickBooks for tasks like payments, data cleanup, and CRM workflows.[34] Intuit's CEO emphasized AI-human collaboration in its "expert platform" strategy during earnings calls, aiming to automate routine processes while preserving expert oversight.[35] Financially, these investments underpinned robust growth, with fiscal year 2025 revenue reaching $18.831 billion, a 16% increase year-over-year, driven by 20% expansion in the fourth quarter ending July 2025.[36] The company forecasted double-digit revenue growth for fiscal 2026, supported by AI-enhanced products and mid-market expansions.[36] In April 2025, Intuit acquired HR platform GoCo to integrate human capital management into its payroll solutions, targeting small and mid-market businesses seeking unified SaaS tools.[37] At its September 2025 Investor Day, leadership outlined a vision for AI-driven prosperity, leveraging proprietary data across 100 million customers to power autonomous agents and predictive analytics.Products and Services
Tax Preparation Solutions
Intuit's tax preparation solutions center on TurboTax, a software platform designed for individual taxpayers and small businesses to prepare, e-file, and optimize federal and state income tax returns. Launched originally as TurboTax by Chipsoft in 1984, the product was acquired by Intuit in 1993 for approximately $165 million, integrating it into the company's portfolio alongside Quicken and establishing Intuit as a leader in consumer tax software.[15] TurboTax processes millions of returns annually, supporting features such as step-by-step guidance, deduction maximization, and electronic filing compliant with IRS e-file standards.[38] The platform offers tiered products tailored to varying complexity levels. The Free Edition handles simple Form 1040 returns without schedules, available to eligible users meeting income and form criteria. Paid versions include Deluxe for itemized deductions and credits, Premier for investments and rental properties, and Home & Business for self-employed filers integrating Schedule C data. TurboTax Online enables cloud-based filing with real-time calculations, while desktop versions provide offline access and data import from prior years or financial software like QuickBooks.[39] Introduced in recent years, TurboTax Live combines DIY tools with real-time expert review via video, and Full Service allows users to upload documents for complete preparation and filing by certified professionals, with TurboTax Live revenue reaching $2.0 billion in fiscal year 2025, up 47 percent year-over-year.[36] Core functionalities emphasize accuracy guarantees—Intuit reimburses IRS penalties for calculation errors—and AI-driven personalization, such as predictive refund estimates and audit risk alerts, backed by 100 percent accuracy claims for supported calculations.[38] TurboTax dominates the U.S. consumer tax preparation market, capturing an estimated 70 percent share among self-filers and up to 90 percent in the DIY segment as of 2024.[40][41] In fiscal 2025, the broader Consumer Group—including TurboTax—generated $4.9 billion in revenue, contributing to Intuit's overall financial technology ecosystem through integrations with Credit Karma for refund advance loans and identity protection services.[36] The software supports over 40 federal forms and adapts to annual tax code changes, such as those from the 2017 Tax Cuts and Jobs Act or subsequent inflation adjustments, with updates released prior to filing season.[42] Intuit's approach has drawn criticism for practices that limit access to truly free filing. The company participated in the IRS Free File Alliance from 2001 but designed its free offerings to cover only a subset of eligible users—often excluding those with common deductions—while employing search engine optimization and interface "dark patterns" to direct users toward paid upgrades.[15] In 2022, the Federal Trade Commission sued Intuit for deceptive advertising of "free" services that charged millions of users fees for returns qualifying under IRS Free File thresholds, resulting in a 2024 settlement requiring Intuit to cease misleading claims and provide $141 million in refunds.[43] Intuit withdrew from the Free File program in 2021 amid scrutiny, and lobbied extensively against IRS Direct File—a proposed government-run free filing tool—spending nearly $1 million in Q1 2023 alone on related advocacy.[44] In April 2025, the Trump administration discontinued Direct File pilots, citing costs and complexity, which aligned with Intuit's position that private-sector tools better handle tax code intricacies.[45] Proponents of free government filing argue such opposition prioritizes revenue over public access, given that over 70 percent of taxpayers have simple returns eligible for free e-filing, though Intuit maintains its products deliver superior accuracy and support for complex scenarios.[46]Small Business and Accounting Tools
QuickBooks serves as Intuit's flagship accounting software for small businesses, providing tools for bookkeeping, invoicing, expense tracking, payroll processing, and financial reporting.[47] Launched in 1992, it targets small and medium-sized enterprises (SMEs) with scalable editions including QuickBooks Online, a cloud-based subscription service, and QuickBooks Desktop, which offers both perpetual licenses and subscription models for on-premise use.[48] Core functionalities encompass automated bank reconciliations, customizable invoicing with payment reminders, receipt capture via mobile app, and real-time dashboards for cash flow monitoring and profit/loss statements.[49] The software integrates payroll features allowing businesses to process employee payments, calculate withholdings, and file taxes directly, with add-ons for benefits administration and time tracking.[49] Over 800 third-party app integrations, including e-commerce platforms like Shopify and CRM tools like Salesforce, extend its utility for inventory management and sales tracking.[49] Recent enhancements include AI-driven Intuit Assist, which automates tasks such as invoice generation, expense categorization, and cash flow forecasting, reportedly aiding 78% of users in focusing on growth and 74% in gaining better financial insights.[49] QuickBooks commands a dominant market position, holding approximately 80% share in the U.S. small business accounting category as of 2023, outpacing competitors like Xero and Sage.[50] In fiscal year 2023, Intuit's Small Business and Self-Employed Group, driven largely by QuickBooks, generated $8 billion in revenue, comprising 56% of the company's total.[51] QuickBooks Online specifically saw 19% revenue growth in fiscal 2024, reflecting strong adoption amid digital shifts.[52] Beyond core accounting, QuickBooks connects with Intuit's ecosystem, such as Mailchimp for email marketing automation acquired in 2021 for $12 billion, enabling seamless customer data syncing for targeted campaigns tied to financial performance.[53] This integration supports SMEs in linking sales pipelines to accounting records, though primary emphasis remains on compliance-focused tools like tax liability estimates and audit trails to ensure accurate GAAP adherence.[47]Personal Finance and Credit Management
Intuit's offerings in personal finance and credit management primarily center on Credit Karma, following the 2024 discontinuation of its Mint budgeting application. Credit Karma provides users with free access to credit scores and reports from TransUnion and Equifax, along with ongoing monitoring for changes and potential fraud alerts.[54] The platform delivers personalized financial recommendations, including pre-qualified offers for credit cards, personal loans, auto loans, and home loans, based on user credit profiles.[55] Launched in 2007 and acquired by Intuit for $7.1 billion in April 2020, Credit Karma expanded its scope beyond credit monitoring to include tools like Credit Karma Money, a spend account offering early direct deposit for paychecks and tax refunds—up to five days early for refunds when linked with TurboTax.[56] As of 2025, it features Intuit Assist, an AI-driven tool that analyzes user data to provide tailored advice on credit improvement, debt management, and savings opportunities across the credit spectrum.[57] Security measures include 128-bit encryption, multi-factor authentication, and account alerts, though the service has drawn criticism for aggressive marketing of financial products, which some users perceive as prioritizing affiliate revenue over neutral advice.[56] Prior to focusing on Credit Karma, Intuit operated Mint, a personal finance aggregator acquired in 2009 that tracked spending, created budgets, and monitored net worth by linking bank accounts, credit cards, and investments.[58] Mint ceased operations on March 23, 2024, after Intuit determined it overlapped with Credit Karma's evolving capabilities, prompting a migration of approximately 3.5 million users despite complaints over lost budgeting and transaction categorization features not fully replicated in Credit Karma.[59] Intuit cited strategic alignment and cost efficiencies as reasons for the shutdown, which exceeded internal expectations for user retention on Credit Karma.[59] Credit Karma's user base reached over 150 million members by 2023, contributing significantly to Intuit's consumer segment revenue through partnerships with lenders and data-driven insights.[60] While praised for democratizing credit access, the platform's VantageScore 3.0-based estimates (not FICO scores used by most lenders) require users to verify actual scores elsewhere for precision in applications.[55] Intuit continues to integrate Credit Karma with other products, such as TurboTax for refund optimization and QuickBooks for small business credit transitions.[61]Professional and Enterprise Offerings
QuickBooks Desktop Enterprise is an on-premises accounting software solution designed for mid-sized to large businesses requiring advanced inventory management, job costing, and multi-user support, accommodating up to 40 simultaneous users.[62] It integrates core functionalities such as payroll processing, time tracking, and customizable reporting, with tiered editions including Silver (basic accounting), Gold (adding enhanced payroll and insights), Platinum (incorporating advanced inventory and pricing rules), and Diamond (with additional automation and workflow tools).[63] Annual subscription pricing begins at approximately $1,703 for Silver (1-30 users) and scales to $4,668 for Diamond editions, depending on user count and add-ons like cloud hosting.[64][65] Intuit Enterprise Suite, launched on September 17, 2024, extends these capabilities into a cloud-based, AI-powered ERP platform tailored for growing enterprises and professional services firms handling multi-entity operations.[66] It unifies financial management, payroll, HR automation (including new-hire onboarding and benefits administration), payments, and marketing tools, emphasizing scalability for complex portfolios with real-time insights and reduced manual tasks.[67][68] This suite positions itself as an integrated alternative to disparate systems, particularly for accounting firms seeking portfolio-wide visibility.[69] For tax and accounting professionals, Intuit offers specialized desktop and cloud-based tools including ProSeries, Lacerte, and ProConnect Tax Online, which support high-volume return preparation with features like e-filing, error checks, and client data import from QuickBooks.[70] ProSeries provides flexible pricing via unlimited bundles for business and individual returns or pay-per-return options starting from basic plans, aimed at solo practitioners and small firms.[71] Lacerte targets larger practices with robust diagnostics and multi-state compliance, while ProConnect enables online collaboration and hosted access for efficiency in professional workflows.[72] These products emphasize IRS compliance and integration with Intuit's ecosystem, though adoption may vary based on firm size and preference for desktop versus cloud deployment.[70]International Operations
Key Markets and Adaptations
Intuit's primary international markets are Canada, the United Kingdom, and Australia, where the company has prioritized localization of its QuickBooks platform to capture small business demand.[73][74] In these regions, QuickBooks Online supports core accounting functions tailored to local needs, including integration with regional payment systems and compliance tools, contributing to Intuit's strategy of replicating U.S. success models abroad.[75] TurboTax operates prominently in Canada alongside the U.S., adapting to Canadian tax codes for individual and business filings, while remaining largely U.S.-centric elsewhere due to varying global tax complexities. QuickBooks extends to over 170 countries via its Online Accountant edition, with multi-currency support for 145 currencies to facilitate cross-border transactions, though deeper customizations are concentrated in the core markets.[76][77] Adaptations involve customizing products for local regulatory environments, such as payroll compliance, VAT handling in the UK and Australia, and GST in Canada and Australia.[78] Since 2015, Intuit reengineered QuickBooks Online for global scalability, incorporating language localization, product variations for regional standards, and business logic adjustments to align with diverse accounting practices without overcomplicating operations in focus markets.[79][80] For instance, in Australia, where Intuit marked 10 years of operations in 2023, QuickBooks integrates with local banking APIs and superannuation systems, enabling automated BAS reporting and payroll.[81] In the UK and Canada, enhancements include AI-driven compliance features for HMRC and CRA requirements, respectively, rolled out in updates as recent as July 2025.[82] These modifications prioritize empirical alignment with local fiscal rules over uniform global templates, supporting Intuit's ecosystem expansion via partnerships like GoCardless for direct debit in new regions.[83]Challenges and Regulatory Differences
Intuit's international operations encounter significant regulatory differences compared to the United States, particularly in tax compliance, accounting standards, and data protection. In many foreign markets, such as those in the European Union, businesses must adhere to value-added tax (VAT) systems with real-time reporting requirements, contrasting with the U.S. sales tax model that varies by state and lacks centralized mandates for electronic invoicing.[84] Similarly, countries like Australia require quarterly Business Activity Statements (BAS) integrated with Goods and Services Tax (GST), necessitating localized adaptations in QuickBooks to automate compliance, unlike the annual U.S. federal tax filings supported by TurboTax.[85] These differences demand ongoing software updates to align with jurisdiction-specific rules, including mandatory e-invoicing in nations like France, Italy, and Mexico, where invoices must be pre-validated by tax authorities before issuance.[86] Accounting standards further diverge internationally, with most countries adopting International Financial Reporting Standards (IFRS) rather than U.S. Generally Accepted Accounting Principles (GAAP). QuickBooks incorporates IFRS-compatible features, such as multi-entity consolidation and deferred tax calculations, to facilitate reporting for small businesses in IFRS-dominant regions like the UK and Canada.[87] Data privacy regulations pose another layer of variation; in the EU, the General Data Protection Regulation (GDPR) imposes stringent requirements on data processing, consent, and breach notifications, exceeding U.S. standards like those under the California Consumer Privacy Act (CCPA). Intuit has implemented GDPR-compliant practices, including data stewardship principles and tools for data subject access requests, to process personal information in QuickBooks for European users.[88] These regulatory disparities contribute to operational challenges, including elevated localization costs and the need for partnerships to ensure compliance. Intuit's expansion efforts incur higher expenses for developing region-specific features, such as integrating with local tax authorities or handling cross-border VAT/GST calculations, which can delay product rollouts and strain resources.[89] Risks from inconsistent enforcement, intellectual property vulnerabilities, and fluctuating currencies amplify these issues, potentially harming business outcomes in volatile markets.[89] To mitigate, Intuit collaborates with compliance specialists like Sovos for e-invoicing in high-regulation areas, but fragmented global rules limit scalability, with international revenue comprising a modest portion of total earnings—around 9% growth in online international revenue for fiscal 2025, compared to overall company growth of 16%.[90][36]Corporate Growth and Strategy
Major Acquisitions
Intuit's acquisition strategy has emphasized expanding its ecosystem for small businesses, personal finance, and tax services through targeted purchases of complementary technologies and user bases. One of the earliest pivotal deals was the 1993 acquisition of Chipsoft, the developer of TurboTax, for $225 million, which integrated personal tax preparation software into Intuit's portfolio and accelerated its growth in consumer financial tools.[91] In 2009, Intuit purchased Mint.com, a personal finance management platform, for $170 million, enhancing its capabilities in budgeting and financial tracking by adding over 1.5 million users and data aggregation features.[91] The 2020 acquisition of Credit Karma marked a significant escalation in scale, with Intuit agreeing to pay approximately $7.1 billion on February 24, 2020, and completing the deal on December 3, 2020, for $3.4 billion in cash plus 13.3 million shares of Intuit stock (valued at around $8.1 billion total at closing). This move brought Credit Karma's 100 million-plus users into Intuit's fold, enabling cross-selling of TurboTax and QuickBooks while bolstering credit monitoring and personalized financial product recommendations.[92][5] In 2021, Intuit acquired Mailchimp, an email marketing and automation platform, for a total consideration of approximately $12 billion announced on September 13, 2021, and closed on November 1, 2021, with $5.7 billion in cash and 10.1 million shares. The deal targeted small business marketing needs, integrating Mailchimp's tools with QuickBooks to facilitate customer acquisition and retention analytics, thereby diversifying revenue beyond core accounting and tax products.[93][94] More recent acquisitions include the 2025 purchase of GoCo, a human resources management software provider, aimed at enhancing QuickBooks' payroll and HR functionalities for small businesses, though specific terms were not publicly detailed. Similarly, in April 2025, Intuit acquired key technology and talent from Deserve, a fintech focused on credit infrastructure, to accelerate embedded finance innovations within its platforms. These bolt-on deals reflect Intuit's ongoing focus on AI-driven and modular expansions rather than standalone giants.[95][96]| Acquisition | Announcement Date | Completion Date | Approximate Value | Strategic Focus |
|---|---|---|---|---|
| Chipsoft (TurboTax) | 1993 | 1993 | $225 million | Tax software integration |
| Mint.com | 2009 | 2009 | $170 million | Personal finance tracking |
| Credit Karma | Feb 24, 2020 | Dec 3, 2020 | $7.1–$8.1 billion | Credit services and user base expansion |
| Mailchimp | Sep 13, 2021 | Nov 1, 2021 | $12 billion | Marketing automation for SMBs |
| GoCo | 2025 | 2025 | Undisclosed | HR and payroll enhancements |
Divestitures and Partnerships
In July 2013, Intuit sold its Intuit Financial Services unit, which provided demand deposit account processing, online bill pay, and mobile banking services to financial institutions, to private equity firm Thoma Bravo for $1.025 billion in cash.[97] This divestiture, along with the earlier sale of non-core assets, allowed Intuit to concentrate resources on its primary small business, consumer tax, and accounting software offerings, as the financial services segment had generated about $320 million in revenue in fiscal 2012 but required ongoing investment amid shifting regulatory and competitive pressures.[97] Earlier, on August 15, 2012, Intuit divested its "Grow Your Business" unit—encompassing websites and services for small business marketing and customer management—to Endurance International Group, streamlining its portfolio by exiting lower-margin web-hosting and e-commerce tools. As part of its $7.1 billion acquisition of Credit Karma in December 2020, Intuit was required by the U.S. Department of Justice to divest Credit Karma's tax preparation business, including its software and intellectual property, to Block (formerly Square) to preserve competition in digital tax filing services.[98] Intuit has pursued strategic partnerships to enhance its ecosystem, particularly in integrating financial tools with e-commerce and advisory services. In December 2024, Intuit expanded its alliance with Amazon, designating QuickBooks as the preferred financial management solution within Amazon Seller Central, enabling sellers to import sales data directly for real-time bookkeeping and analytics.[99] This integration aims to simplify operations for Amazon's seller base, which exceeds 2 million active third-party sellers, by leveraging Intuit's accounting expertise alongside Amazon's transaction data.[100] In October 2025, Intuit partnered with Aprio, a professional services firm, to deliver AI-powered advisory and technology solutions for mid-market businesses, focusing on scaling operations through joint services that combine QuickBooks data with Aprio's consulting on finance, tax, and compliance.[101] The collaboration targets efficiencies in areas like revenue recognition and profitability analysis, with initial rollouts planned over 12-24 months for shared clients transitioning to complex enterprise needs.[102] Earlier, in March 2025, Intuit formed an educational partnership with Marshall University to advance workforce training in financial technology and support economic development in West Virginia through curriculum development and small business resources.[103]Financial Performance
Revenue Trends and Profitability
Intuit has demonstrated consistent revenue growth over the past decade, with annual increases averaging approximately 13-16% in recent fiscal years, driven primarily by expansion in its Small Business and Self-Employed Group, particularly QuickBooks Online subscriptions, and the Consumer Group encompassing TurboTax.[36] For fiscal year 2025, ending July 31, 2025, total revenue reached $18.831 billion, reflecting a 15.63% increase from $16.285 billion in fiscal 2024.[104] This growth was supported by a 19% rise in Small Business and Self-Employed Group revenue and continued strength in online ecosystem offerings, which generated $8.3 billion for the year, up 20%.[36] Profitability has paralleled revenue expansion, with net income for fiscal 2025 at $3.869 billion, a 30.58% year-over-year increase from $2.963 billion in fiscal 2024, yielding net margins around 20.5%.[105] Operating margins have benefited from scalable software-as-a-service models and cost efficiencies, with non-GAAP operating income growth exceeding revenue pace in recent quarters; for instance, fiscal 2024 saw profit margins rise to 18% from 17% the prior year.[106] The company's return on equity stood at 19.6% as of recent reporting, underscoring effective capital utilization amid investments in AI-driven features and platform integrations.[107]| Fiscal Year | Revenue ($B) | YoY Growth (%) | Net Income ($B) | Net Margin (%) |
|---|---|---|---|---|
| 2023 | 14.368 | - | - | - |
| 2024 | 16.285 | 13.34 | 2.963 | 18 |
| 2025 | 18.831 | 15.63 | 3.869 | 20.5 |
Market Position and Valuation
Intuit holds a dominant position in the U.S. consumer tax preparation software market, with TurboTax commanding an estimated 60% market share amid increasing tax complexity.[110] Independent analyses place its share among self-filing individuals at around 70%, underscoring its entrenched leadership over competitors like H&R Block and TaxAct.[40] In small and medium-sized business (SMB) accounting, QuickBooks maintains a strong competitive edge, benefiting from network effects and integration with other Intuit offerings, though exact shares vary by subsegment and are not uniformly reported.[41] The company's market capitalization reached $187.3 billion as of October 23, 2025, positioning it among the largest software firms globally.[111] Valuation metrics reflect investor confidence in its recurring revenue model and growth prospects: the trailing price-to-earnings (P/E) ratio stood at 49.88, while the forward P/E was 29.50, compared to broader software industry averages.[112] The price-to-sales ratio of 10.25 further indicates a premium multiple, driven by high margins in its core segments but tempered by dependencies on seasonal tax cycles and potential regulatory pressures.[112]| Metric | Value (as of October 2025) |
|---|---|
| Market Capitalization | $187.3 billion |
| Trailing P/E Ratio | 49.88 |
| Forward P/E Ratio | 29.50 |
| PEG Ratio (5-year) | 1.92 |
| Price/Sales Ratio | 10.25 |