How did Intuit perform in fiscal 2025 compared with its guidance-relevant growth trends?

Intuit grew total revenue 16% to $18.8 billion in FY2025 and accelerated to 20% growth in Q4. Growth was led by the Global Business Solutions Group (up 16%) and Credit Karma (up 32%), while the Consumer Group grew 10%. Non-GAAP operating income rose 18% to $7.6 billion.

Why does the Q4 GAAP operating income comparison look so dramatic?

Q4 FY2024 GAAP operating income was a loss of $151 million because it included a $223 million restructuring charge. Q4 FY2025 GAAP operating income was $339 million, so the year-over-year change is shown as not meaningful. On a non-GAAP basis, Q4 operating income grew 39% to $1,016 million.

What does fiscal 2026 guidance imply for growth?

Intuit guided to revenue growth of about 12-13% and GAAP diluted EPS of $15.49-$15.69 (13-15% growth). Non-GAAP diluted EPS is expected at $22.98-$23.18, or 14-15% growth. This is a deceleration from FY2025's 16% revenue growth, and the guidance excludes about $2.2 billion of share-based compensation and about $483 million of acquired intangible amortization from the non-GAAP figures.

What is the new dividend and how much capital is available for buybacks?

The Board approved a quarterly cash dividend of $1.20 per share, payable October 17, 2025 to holders of record as of October 9, 2025, a 15% increase over last year. Intuit repurchased $2.8 billion of stock in FY2025 and approved a new $3.2 billion authorization, for a total authorization of $5.3 billion. Future dividends remain subject to Board determination.

What changes should investors expect in how Intuit reports its segments?

Effective August 1, 2025, Intuit combined its Consumer, Credit Karma and ProTax businesses into a single Consumer business. The new structure will be reflected in fiscal 2026 segment reporting, so prior-period segment comparisons may not be directly comparable. Investors can review the company's Investor Day materials on September 18, 2025 for further detail.

INTU 8-K: Earnings & Results

01—Abstract

Summary

Summary of the 8-K filed August 21, 2025. Cited figures are marked; the original filing is the authoritative source.

Intuit reported strong fourth-quarter and full-year fiscal 2025 results (fiscal year ended July 31, 2025).

Q4 revenue grew 20% to $3.8 billion^a, and full-year revenue rose 16% to $18.8 billion, with growth led by the Global Business Solutions Group (up 16% to $11.1 billion), Credit Karma (up 32% to $2.3 billion) and TurboTax Live (up 47% to $2.0 billion). GAAP operating income rose 36% to $4.9 billion for the year, while non-GAAP operating income grew 18% to $7.6 billion; GAAP diluted EPS was $13.67 (up 31%) and non-GAAP diluted EPS was $20.15 (up 19%). Q4 GAAP operating income swung to $339 million from a loss of $151 million a year earlier, which was distorted by a $223 million restructuring charge in the prior-year period.

For fiscal 2026, Intuit guided to revenue growth of roughly 12-13% ($21.0^b-21.2 billion), non-GAAP operating income growth of 14-15%, and non-GAAP diluted EPS of $22.98-$23.18. The first-quarter guidance calls for revenue growth of 14-15% and non-GAAP EPS of $3.05-$3.12. Management also highlighted capital returns: $2.8 billion of buybacks in fiscal 2025, a new $3.2 billion repurchase authorization (bringing total authorization to $5.3 billion), and a quarterly dividend of $1.20 per share, up 15% year over year, payable October 17, 2025.

Investors should note that the fiscal 2026 guidance implies deceleration from fiscal 2025's 16%^c revenue growth, and that the Consumer, Credit Karma and ProTax businesses are being combined into one Consumer segment effective August 1, 2025, which will change segment reporting. The company's Investor Day is scheduled for September 18, 2025, where further strategy and targets are likely to be discussed.

02—Key points

Key Highlights

FY2025 revenue rose 16% to $18.8 billion; Q4 revenue grew 20% to $3.8 billion, with Online Ecosystem revenue up 21% in the quarter.
FY2025 GAAP diluted EPS was $13.67 (up 31%) and non-GAAP diluted EPS was $20.15 (up 19%); non-GAAP operating income reached $7.6 billion.
Credit Karma revenue grew 32% for the year to $2.3 billion, and TurboTax Live revenue grew 47% to $2.0 billion, while total TurboTax units declined 2%.
FY2026 guidance calls for 12-13% revenue growth to $21.0-21.2 billion and non-GAAP diluted EPS of $22.98-$23.18 (14-15% growth).
Q1 FY2026 guidance projects 14-15% revenue growth and non-GAAP diluted EPS of $3.05-$3.12.
Capital returns: $2.8 billion of buybacks in FY2025, a new $3.2 billion repurchase authorization (total $5.3 billion), and a $1.20 quarterly dividend (up 15%) payable October 17, 2025.
Effective August 1, 2025, Consumer, Credit Karma and ProTax were combined into a single Consumer segment, changing fiscal 2026 segment reporting; Investor Day is set for September 18, 2025.

03—Questions

Frequently Asked Questions

How did Intuit perform in fiscal 2025 compared with its guidance-relevant growth trends?
Intuit grew total revenue 16% to $18.8 billion in FY2025 and accelerated to 20% growth in Q4. Growth was led by the Global Business Solutions Group (up 16%) and Credit Karma (up 32%), while the Consumer Group grew 10%. Non-GAAP operating income rose 18% to $7.6 billion.
Why does the Q4 GAAP operating income comparison look so dramatic?
Q4 FY2024 GAAP operating income was a loss of $151 million because it included a $223 million restructuring charge. Q4 FY2025 GAAP operating income was $339 million, so the year-over-year change is shown as not meaningful. On a non-GAAP basis, Q4 operating income grew 39% to $1,016 million.
What does fiscal 2026 guidance imply for growth?
Intuit guided to revenue growth of about 12-13% and GAAP diluted EPS of $15.49-$15.69 (13-15% growth). Non-GAAP diluted EPS is expected at $22.98-$23.18, or 14-15% growth. This is a deceleration from FY2025's 16% revenue growth, and the guidance excludes about $2.2 billion of share-based compensation and about $483 million of acquired intangible amortization from the non-GAAP figures.
What is the new dividend and how much capital is available for buybacks?
The Board approved a quarterly cash dividend of $1.20 per share, payable October 17, 2025 to holders of record as of October 9, 2025, a 15% increase over last year. Intuit repurchased $2.8 billion of stock in FY2025 and approved a new $3.2 billion authorization, for a total authorization of $5.3 billion. Future dividends remain subject to Board determination.
What changes should investors expect in how Intuit reports its segments?
Effective August 1, 2025, Intuit combined its Consumer, Credit Karma and ProTax businesses into a single Consumer business. The new structure will be reflected in fiscal 2026 segment reporting, so prior-period segment comparisons may not be directly comparable. Investors can review the company's Investor Day materials on September 18, 2025 for further detail.

04—Continue

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