Summary
Intuit Inc. reported strong financial performance for the third quarter and the first nine months of fiscal year 2023, reflecting continued growth across its key segments. Total net revenue for the quarter increased by 7% year-over-year to $6.02 billion, while year-to-date revenue saw a robust 13% increase to $11.66 billion. This growth was primarily driven by the Small Business & Self-Employed segment, which showed a significant 21% increase in quarterly revenue and a 26% year-to-date increase, bolstered by its online ecosystem. The Consumer segment also demonstrated resilience, with revenue up 6% year-to-date, largely due to a favorable product mix towards higher-priced offerings. Profitability also saw notable improvements. Operating income grew by 16% for the quarter and 18% year-to-date, reaching $2.78 billion and $3.12 billion, respectively. Diluted net income per share followed suit, increasing by 18% for the quarter to $7.38 and by 8% year-to-date to $8.11. The company's strong cash flow generation remains a key strength, with net cash provided by operating activities increasing by $654 million year-to-date. Intuit continues to focus on its AI-driven expert platform strategy, aiming to revolutionize speed to benefit, unlock smart money decisions, and be the center of small business growth.
Financial Highlights
52 data points| Revenue | $6.02B |
| R&D Expenses | $604.00M |
| Operating Expenses | $3.24B |
| Operating Income | $2.78B |
| Interest Expense | $66.00M |
| Net Income | $2.09B |
| EPS (Basic) | $7.44 |
| EPS (Diluted) | $7.38 |
| Shares Outstanding (Basic) | 281.00M |
| Shares Outstanding (Diluted) | 283.00M |
Key Highlights
- 1Total net revenue for the three months ended April 30, 2023, was $6,018 million, an increase of 7% compared to $5,632 million in the prior year period.
- 2For the nine months ended April 30, 2023, total net revenue was $11,656 million, an increase of 13% compared to $10,312 million in the prior year period.
- 3Operating income for the three months ended April 30, 2023, increased 16% to $2,778 million from $2,395 million in the prior year period.
- 4Net income for the three months ended April 30, 2023, increased 16% to $2,087 million from $1,794 million in the prior year period.
- 5Diluted net income per share for the three months ended April 30, 2023, was $7.38, an increase of 18% from $6.28 in the prior year period.
- 6The Small Business & Self-Employed segment revenue showed strong growth, increasing 21% year-over-year for the quarter and 26% year-to-date, driven by the Online Ecosystem.
- 7Net cash provided by operating activities for the nine months ended April 30, 2023, was $4,204 million, an increase of 18% from $3,550 million in the same period last year.