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INTUIT INC. (INTU) Q3 2025 Earnings Summary

Executive Summary

  • Q3 FY25 delivered strong top-line and profit expansion: revenue $7.75B (+15% y/y), GAAP EPS $10.02 (+19% y/y), non-GAAP EPS $11.65 (+18% y/y), and GAAP operating income $3.72B (+20% y/y) .
  • Results exceeded Wall Street consensus on both revenue and EPS; Intuit raised FY25 guidance across revenue, operating income, and EPS; Q4 guide implies continued double-digit growth. Bold beats vs S&P Global consensus are shown below (see Estimates Context) .*
  • Segment momentum was broad-based: Consumer Group $4.0B (+11% y/y), Global Business Solutions Group $2.8B (+19% y/y; Online Ecosystem $2.1B +20% y/y), Credit Karma $579M (+31% y/y), ProTax $278M (+9% y/y) .
  • Stock catalysts: outsized TurboTax Live growth (revenue +47% expected for FY25) and accelerated AI-agent roadmap across QuickBooks and Enterprise Suite; FY25 guidance raised materially, and dividend increased 16% y/y to $1.04/share .

What Went Well and What Went Wrong

What Went Well

  • TurboTax Live disruption: management expects TurboTax Live customers +24% and revenue +47% to ~$2.0B in FY25; “We had an outstanding year in tax…disrupt the assisted tax category” — CEO Sasan Goodarzi .
  • Business platform strength: GBSG Online Ecosystem +20% y/y with QuickBooks Online Accounting +21% (pricing, customer growth, mix); Online Services +18% (money, payroll) .
  • Credit Karma re-acceleration: revenue +31% y/y in Q3 driven by credit cards, personal loans, auto insurance; FY25 Credit Karma guidance raised to ~28% (from 5–8%) .

What Went Wrong

  • Mailchimp headwind: “Within Mailchimp, revenue was relatively flat versus a year ago…we expect it to take several quarters to deliver improved outcomes at scale” — CFO Aujla .
  • Mix and unit dynamics in DIY tax: online TurboTax units expected to decline ~1% and share of IRS returns to decline ~1 point, as focus shifts toward assisted; pay-nothing customers reduced to ~8M from >10M last year .
  • International Online Ecosystem growth decelerated (constant currency): 10% in Q1 → 9% in Q2 → 8% in Q3, indicating moderation in international momentum .

Financial Results

Revenue, EPS, and Operating Margins

MetricQ1 2025Q2 2025Q3 2025Q3 2024
Revenue ($USD Millions)$3,283 $3,963 $7,754 $6,737
GAAP EPS ($)$0.70 $1.67 $10.02 $8.42
Non-GAAP EPS ($)$2.50 $3.32 $11.65 $9.88
GAAP Operating Income ($USD Millions)$271 $593 $3,720 $3,105
Non-GAAP Operating Income ($USD Millions)$953 $1,260 $4,343 $3,712
GAAP Operating Margin (%)8.3% (271/3,283) 15.0% (593/3,963) 48.0% (3,720/7,754) 46.1% (3,105/6,737)
Non-GAAP Operating Margin (%)29.0% (953/3,283) 31.8% (1,260/3,963) 56.0% (4,343/7,754) 55.1% (3,712/6,737)

Note: Operating margins calculated from cited revenue and operating income.

Segment Breakdown (Q3 FY25)

SegmentRevenue ($USD Billions)Y/Y Growth
Consumer Group$4.0 +11%
Global Business Solutions Group (GBSG)$2.8 +19%
Online Ecosystem (subset of GBSG)$2.1 +20%
Credit Karma$0.579 +31%
ProTax Group$0.278 +9%

KPIs and Operational Metrics

KPIQ3 FY25 / FY25 view
TurboTax Live revenue growth+47% to ~$2.0B (FY25)
TurboTax Live units growth+24% (FY25)
TurboTax Online paying units+~6% (FY25)
Average Revenue Per Return (ARPR)+~13% (FY25)
Pay-nothing customers~8M (down from >10M FY24) (FY25)
Online payment volume growth+18% y/y; +20% excl. leap day (Q3)
QBO Advanced & IES Online Ecosystem growth~+40% y/y (Q3)
QuickBooks Online Accounting revenue growth+21% y/y (Q3)

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
Revenue ($USD Billions)FY25$18.160–$18.347 $18.723–$18.760 Raised
GAAP Operating Income ($USD Billions)FY25$4.649–$4.724 $4.898–$4.918 Raised
Non-GAAP Operating Income ($USD Billions)FY25$7.241–$7.316 $7.543–$7.563 Raised
GAAP Diluted EPS ($)FY25$12.34–$12.54 $13.19–$13.24 Raised
Non-GAAP Diluted EPS ($)FY25$19.16–$19.36 $20.07–$20.12 Raised
Consumer Group revenue growthFY25~7–8% ~10% Raised
Credit Karma revenue growthFY25~5–8% ~28% Raised
GBSG revenue growthFY2516–17% (incl. Online ~20%, Desktop low single digits) ~16% (Online ~20%, Desktop mid-single digits) Maintained/updated mix
ProTax revenue growthFY25~3–4% ~3–4% Maintained
Revenue ($USD Billions)Q4 FY25—$3.723–$3.760 New
GAAP EPS ($)Q4 FY25—$0.84–$0.89 New
Non-GAAP EPS ($)Q4 FY25—$2.63–$2.68 New
DividendQ3 FY25—$1.04 per share (payable Jul 18, 2025), +16% y/y Increased

Earnings Call Themes & Trends

TopicQ1 FY25 (Nov 2024)Q2 FY25 (Feb 2025)Q3 FY25 (May 2025)Trend
AI/agentic “done-for-you”Intuit Assist delivering done-for-you experiences AI driving breakthrough experiences; productivity gains Launching cross-functional AI agents (customer, payments, project, accounting); pricing for value Accelerating
Mid-market strategy (QBO Advanced, IES)Platform building; TAM focus Online Ecosystem ~40% growth in mid-market cohort Multi-entity features; accounting-firm partnerships driving ~15% of IES deals Scaling
MailchimpOnline Services +19% incl. Mailchimp Online Services +19% (money, payroll, Mailchimp) Mailchimp revenue flat; multi-quarter path to improve Headwind
International Online Ecosystem+10% cc +9% cc +8% cc Moderating
Credit Karma+29% y/y +36% y/y +31% y/y; FY25 guide raised to ~28% Strong
Assisted tax disruption——TurboTax Live customers +24%, revenue +47%; go-to-market learnings and optimization Breakthrough year
Operating efficiency via AI—Company-wide productivity and margin expansion reiterated Developer coding up to 40% faster; targeted 100 bps margin expansion FY25 Improving

Management Commentary

  • “We’re redefining what’s possible with AI by becoming a one-stop shop of AI-agents and AI-enabled human experts…” — CEO Sasan Goodarzi .
  • “Reflecting this strength across our platform, we are raising our full-year guidance across all total company metrics for fiscal 2025.” — CFO Sandeep Aujla .
  • On AI agents: “Launching customer, payments, project management, and accounting agents…these agents talk to each other…pricing for value and module-based consumption” — CEO .
  • On mid-market: “Accountants have driven approximately 15% of all Intuit Enterprise Suite deals” — CEO .

Q&A Highlights

  • Assisted tax sustainability: Management highlighted breakthrough adoption in full-service and do-with-me, with improved conversion and expert productivity; acknowledged friction points (authentication flow) to further optimize acquisition of prior assisted customers .
  • AI monetization and OpEx curve: Multi-agent launch enables pricing for value and module-based fees; AI efficiencies support operating income growing faster than revenue with continued margin expansion .
  • Credit Karma visibility: Performance driven more by execution than macro; AI-powered matching (e.g., Lightbox) increased ARPC and partner spend across cards, loans, insurance .
  • Macro resilience and pricing power: >90% recurring subscription revenue; Intuit positioned as low-cost disruptor for assisted tax and mid-market, consolidating apps and lowering total cost of ownership .
  • Margin progression: Company-wide AI-driven productivity gains (developers coding up to 40% faster) underpin multi-year margin expansion potential .

Estimates Context

MetricQ1 2025 Consensus*Q1 ActualQ2 2025 Consensus*Q2 ActualQ3 2025 Consensus*Q3 Actual
Revenue ($USD Billions)$3.138*$3.283 $3.829*$3.963 $7.562*$7.754
Primary EPS ($)$2.36*$2.50 $2.58*$3.32 $10.91*$11.65
  • Q3 FY25: Bold beat on revenue (+$0.19B) and EPS (+$0.74) vs consensus; Q1 and Q2 also beat on revenue and EPS .*
  • Q4 FY25 guidance: revenue $3.723–$3.760B; GAAP EPS $0.84–$0.89; non-GAAP EPS $2.63–$2.68 .*

Values retrieved from S&P Global.*

Key Takeaways for Investors

  • Durable top-line momentum across Consumer, GBSG, and Credit Karma with broad-based execution; FY25 guidance raised materially, implying upward estimate revisions and supportive sentiment into Q4 .
  • TurboTax Live scaling rapidly (revenue +47% FY25e) as Intuit disrupts the assisted category; trajectory and mix shift should sustain ARPR growth and monetize expertise (near-term positive for EPS resilience) .
  • AI-agent launch across customer, payments, project, and accounting enables pricing-for-value and potential module-based consumption; this is a medium-term ARPC lever and competitive differentiator in mid-market .
  • Mailchimp is currently a growth headwind (flat y/y in Q3); watch for roadmap execution and integration benefits (IES, QuickBooks) over “several quarters” .
  • Credit Karma strength and raised FY25 guide (~28% growth) support diversified revenue engines beyond tax; execution-driven improvements in matching offers enhance visibility .
  • Operating leverage from AI and automation (developer productivity, customer success) underpins margin expansion (100 bps FY25 target) while investing for growth .
  • Capital allocation remains shareholder-friendly (repurchases, dividend +16% y/y; $1.04/share) with balanced cash/debt position (~$6.2B cash/investments; $6.4B debt as of Apr 30) .

Additional references and data sources:

  • Q3 FY25 8-K press release and exhibits (full results, guidance, financials) .
  • Q3 FY25 press release (Business Wire) .
  • Q3 FY25 earnings call transcript (prepared remarks and Q&A) –.
  • Prior quarters’ press releases for trend analysis: Q2 FY25 –; Q1 FY25 –.
  • Q3 FY25 relevant press: GoCo acquisition (workforce/HCM strategy) .

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