Intuit — Income Statement, Cash Flows & Balance Sheet
Is Intuit profitable?
Intuit delivered its strongest profit year on record, with revenue and net income both growing meaningfully.
| Metric | FY2023 | FY2024 | FY2025 | Change (FY24→FY25) |
|---|---|---|---|---|
| Total net revenue ($M) | $14,368 | $16,285 | $18,831 | +16% |
| Operating income ($M) | $3,141 | $3,630 | $4,923 | +36% |
| Operating margin | 21.9% | 22.3% | 26.1% | +3.8 pts |
| Net income ($M) | $2,384 | $2,963 | $3,869 | +31% |
Revenue grew at a healthy double-digit pace, but profit grew even faster — a sign that Intuit is gaining operating leverage (meaning costs are growing more slowly than revenue). The jump in operating margin from roughly 22% to 26% in a single year is particularly notable.
A large restructuring charge in FY2024 flatters the FY2025 comparison, but underlying improvement is still real.
| Item | FY2024 | FY2025 | Change |
|---|---|---|---|
| Restructuring charges ($M) | $223 | $15 | -$208 |
Intuit absorbed a $223 million workforce and office restructuring in FY2024, which depressed that year's profit. With those costs largely behind it, FY2025 results look cleaner — though even stripping out the restructuring, the underlying trend is one of genuine margin expansion.
Where does Intuit's revenue come from?
Global Business Solutions (QuickBooks and Mailchimp) is Intuit's largest and fastest-growing segment in dollar terms.
| Segment Revenue ($M) | FY2023 | FY2024 | FY2025 | Change |
|---|---|---|---|---|
| Global Business Solutions | $8,038 | $9,533 | $11,077 | +16% |
| Consumer (TurboTax) | $4,135 | $4,445 | $4,870 | +10% |
| Credit Karma | $1,634 | $1,708 | $2,263 | +32% |
| ProTax | $561 | $599 | $621 | +4% |
The business segment now accounts for nearly 59% of total revenue and is growing solidly. Credit Karma was the standout percentage grower this year, bouncing back strongly after a sluggish FY2024. TurboTax (Consumer) and ProTax — both tied to tax season — grow more steadily.
Within the business segment, online subscriptions are driving growth while the legacy desktop business holds its own.
| Product Line ($M) | FY2023 | FY2024 | FY2025 | Change |
|---|---|---|---|---|
| Online Ecosystem | $5,759 | $6,892 | $8,302 | +20% |
| Desktop Ecosystem | $2,279 | $2,641 | $2,775 | +5% |
The online business — cloud-based QuickBooks, payroll, payments, and Mailchimp — is the engine of growth, expanding at roughly four times the pace of the desktop business. The desktop business is stable rather than declining, which is a better outcome than many software companies experience during a cloud transition.
Does Intuit generate cash?
Intuit is a strong cash generator, and free cash flow (operating cash minus capital spending) grew sharply this year.
| Cash Flow Metric ($M) | FY2023 | FY2024 | FY2025 | Change |
|---|---|---|---|---|
| Operating cash flow | $5,046 | $4,884 | $6,207 | +27% |
| Capital expenditures (property + software) | $260 | $250 | $124 | -50% |
| Free cash flow (GAAP approx.) | ~$4,786 | ~$4,634 | ~$6,083 | +31% |
Operating cash flow comfortably exceeds reported net income, which is typically a healthy sign. Capital spending fell sharply as Intuit pulled back from facility investments, further boosting free cash flow.
Intuit returned significant cash to shareholders through buybacks and a growing dividend.
| Capital Return ($M) | FY2023 | FY2024 | FY2025 | Change |
|---|---|---|---|---|
| Share repurchases | $1,967 | $1,978 | $2,793 | +41% |
| Dividends paid | $889 | $1,034 | $1,189 | +15% |
| Total returned | $2,856 | $3,012 | $3,982 | +32% |
Intuit returned nearly $4 billion to shareholders in FY2025 — roughly two-thirds of its free cash flow — while still investing in the business and paying down debt.
How strong is Intuit's balance sheet?
Intuit carries a meaningful but manageable debt load, with no major maturities until FY2027.
| Debt Metric | FY2024 | FY2025 | Change |
|---|---|---|---|
| Long-term debt ($M) | $5,539 | $5,973 | +$434 |
| Short-term debt ($M) | $499 | $0 | -$499 |
| Net carrying value of debt ($M) | $6,038 | $5,973 | -$65 |
Intuit repaid $500 million in notes that matured in July 2025, leaving no debt due until FY2027. The remaining $6 billion is spread across maturities running out to 2053, and the company was compliant with all debt covenants. At roughly one times annual operating cash flow, the debt level is not alarming for a business of this scale.
Liquidity is ample, though the balance sheet is dominated by acquisition-related intangible assets.
| Balance Sheet Item ($M) | FY2024 | FY2025 | Change |
|---|---|---|---|
| Cash and investments (excl. customer funds) | $4,074 | $4,552 | +$478 |
| Goodwill + acquired intangibles | $19,664 | $19,282 | -$382 |
| Total assets | $32,132 | $36,958 | +$4,826 |
| Total stockholders' equity | $18,436 | $19,710 | +$1,274 |
Intuit holds a solid liquidity cushion with cash and investments well above near-term obligations, and the $1.5 billion revolving credit facility was fully undrawn. Worth noting: more than half of total assets consist of goodwill and acquired intangibles — largely from the Credit Karma and Mailchimp acquisitions — which carry no guarantee of realizable value if business conditions change.