Total Revenue Q3 2025

+15%

Total revenue increased to $7,754 million in Q3 2025 driven by robust growth across key segments—largely from improved Online Ecosystem performance in Global Business Solutions and solid gains in Credit Karma—supported by improvements seen in previous quarters. " "

Small Business & Self‑Employed (Global Business Solutions) Q3 2025

+19%

Revenue climbed to $2,849 million, reflecting the continuation of the strong push in Online Ecosystem revenue (including QuickBooks Online offerings) that began in Q2 2024 and was further reinforced by the rebranding and strategic expansion in Global Business Solutions. " "

Consumer Segment Q3 2025

+10.8%

Consumer segment revenue reached $4,048 million, up 10.8% YoY, which builds on earlier moderate gains and underscores improved customer experience and higher engagement during the tax season, compared to the modest 3% growth in Q2 2025. " "

Credit Karma Revenue Q3 2025

+19%

Revenue rose to $579 million as Credit Karma benefited from steady performance in its core verticals such as credit cards, even though previous quarters (like Q2 2025) documented even higher growth rates, indicating consistent gains amidst evolving macroeconomic conditions. " "

Operating Income Q3 2025

+20%

Operating income increased to $3,720 million, driven by revenue gains that outpaced the moderate expense increases, demonstrating the company’s ability to control costs and benefit from its strategic initiatives—a trend in line with prior quarter improvements. " "

Net Income Q3 2025

+18%

Net income grew to $2,820 million thanks to a combination of higher operating income and a balanced impact from tax expense adjustments, reflecting the compounded benefits of revenue growth seen in earlier periods along with controlled cost escalation. " "

Total Revenue Growth

FY 2025

12% to 13% "

15% "

raised

GAAP Operating Income Growth

FY 2025

28% to 30% "

35% "

raised

Non-GAAP Operating Income Growth

FY 2025

13% to 14% "

18% "

raised

GAAP Diluted EPS Growth

FY 2025

18% to 20% "

26% to 27% "

raised

Non-GAAP Diluted EPS Growth

FY 2025

13% to 14% "

18% to 19% "

raised

Total Company Revenue Growth

Q4 2025

no prior guidance

17% to 18% "

no prior guidance

GAAP EPS

Q4 2025

no prior guidance

$0.84 to $0.89 "

no prior guidance

Non-GAAP EPS

Q4 2025

no prior guidance

$2.63 to $2.68 "

no prior guidance

Assisted Tax Segment & TurboTax Live

Q2 discussions centered on an AI‐driven expert platform that streamlined the assisted tax process—with breakthroughs such as expert matching and faster tax completion " " " —while Q4 highlighted steady growth (e.g., 17% revenue growth, doubling full-service customers) and strategic positioning. " " "

Q3 featured breakthrough performance with TurboTax Live revenue surging by 47% and customer growth increasing by 24%. It also addressed customer friction (authentication issues) and emphasized enhanced integration of AI and expert services. " " "

Significant acceleration and breakthrough adoption are evident in Q3 relative to previous periods. The topic remains a prime growth driver with enhanced customer experience and increasing revenue momentum.

AI-Driven Innovation & Efficiency

In Q2, emphasis was placed on Intuit Assist and its role in automating workflows, leading to substantial cost savings and productivity gains, while Q4 stressed the integration of proprietary platforms like GenOS and the deployment of AI across Credit Karma, TurboTax, and business platforms. " " " "

Q3 highlighted the launch of multiple AI agents (customer, payment, project management, accounting) that streamline processes and boost productivity, while also acknowledging uncertainty amid economic challenges. " " "

There is a continued and evolving focus on AI integration, shifting from cost and workflow automation to broader operational integration and margin expansion. The sentiment remains positive, with incremental improvements in efficiency across the company.

Mid-Market Expansion & Intuit Enterprise Suite Growth

Q2 discussions presented the mid‐market as a $100 billion TAM, detailing strong traction, customer recapture, and strategic focus with concrete wins in displacing competitive solutions. " " " " Q4 emphasized a “Big Bet” with unified platform initiatives targeting more complex needs, despite noted execution challenges. " " " "

In Q3, the focus remains on expanding mid-market coverage—with continued efforts to recapture customers and secure partnerships with accounting firms—while candidly acknowledging ongoing execution challenges in scaling the offerings. " " " "

The theme demonstrates steady momentum. Consistent focus across periods shows that while strategic execution challenges remain, the commitment to mid-market expansion and customer recapture is unwavering and seen as a critical growth lever for the future.

Online Services and QuickBooks Online (QBO) Revenue Dynamics

Q2 highlighted robust online services growth (30% excluding Mailchimp) driven by the “money” category and mid-market contributions, while Q4 provided detailed multiples for QBO growth and also noted deceleration in certain segments (e.g., self‐employed) due to lapping effects. " " "

Q3 reported robust growth with online ecosystem revenue at 20% and QBO accounting revenue growing by 21%, fueled by higher effective prices and accelerated payment volumes. "

Positive growth acceleration is evident. While previous periods noted deceleration concerns and mixed performance in sub-segments, Q3’s emphasis on robust growth and acceleration in payment volumes indicates improved momentum in online services.

Consumer Group Performance

Q2 discussions reflected a modest start (3% growth) and optimism driven by tax season potential, while Q4 adopted a more cautious revenue guidance (6%-10%) despite strong tax season numbers, with adjustments rooted in macro conditions and customer mix effects. " " "

Q3 revealed strong tax season figures—11% revenue growth and a standout performance in TurboTax Live (47% revenue growth)—while maintaining conservative overall revenue guidance to account for challenges like shifting customer profiles. " " " " "

Sustained tax season optimism continues, but there is a persistent cautiousness in revenue guidance. The positive breakthroughs in TurboTax Live are tempered by concerns over customer mix, leading to a nuanced, mixed sentiment for the Consumer Group’s future.

Operational Restructuring and Workforce Reductions

Q4 explicitly discussed restructuring actions (an 8% workforce impact with a $223 million charge and office consolidations) aimed at repositioning resources for future growth, whereas Q2 focused on hiring trends and efficiency gains without mention of reductions. " " " "

Q3 did not mention any operational restructuring or workforce reductions; instead, the focus was on productivity gains achieved through AI and automation. "

The topic has faded from focus in Q3, suggesting that previous restructuring actions have either been concluded or shifted into longer‐term strategic adjustments. The absence of new restructuring commentary indicates a possible stabilization in the workforce strategy.

Regulatory and External Risks

Q2 included discussions of engagement with the administration regarding IRS initiatives, where leadership reassured there were no anticipated risks to TurboTax, while Q4 did not feature this topic. "

Q3 did not mention regulatory or external risks at all [—].

The topic appears to have disappeared from current discussions in Q3, implying that either the risks have been mitigated or they are no longer top of mind compared to other strategic priorities.

Mailchimp Revenue Growth Deceleration

Q2 highlighted deceleration in Mailchimp revenue due to lapping previous price changes, and Q4 expanded on this by noting the impact of previous pricing benefits and lineup changes. " " " "

In Q3, Mailchimp revenue was characterized as relatively flat with the deceleration noted but given less emphasis—earning only minimal mentions compared to its previous prominence. "

Deceleration remains present but is now less emphasized. The reduced focus in Q3 suggests that while the challenge persists, it is no longer viewed as a top-tier concern relative to more dynamic growth areas.