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INTUIT INC. (INTU) Q4 2025 Earnings Summary

Executive Summary

  • Q4 FY25 revenue and EPS beat: revenue $3.831B vs consensus $3.746B*, and non-GAAP EPS $2.75 vs consensus $2.66*, driven by 21% Online Ecosystem growth and 34% Credit Karma strength .
  • Full-year FY25 delivered 16% revenue growth to $18.8B, GAAP operating income up 36% to $4.9B, and non-GAAP operating income up 18% to $7.6B; management highlighted AI agents and assisted tax as key drivers .
  • FY26 guidance introduced: revenue $20.997–$21.186B (+12–13%), GAAP EPS $15.49–$15.69 (+13–15%), non-GAAP EPS $22.98–$23.18 (+14–15%), with GBS +14–15% and Consumer +8–9% (TurboTax +8%, Credit Karma +10–13%) .
  • Catalyst: Investor Day on Sep 18 and a new quarterly dividend of $1.20 (+15% y/y), alongside board approval of a new $3.2B buyback authorization (total authorization $5.3B) .
  • Management tone: confident on durable double-digit growth and margin expansion, with near-term monetization of AI agents excluded from FY26 guidance (prudence), but engagement running above expectations .

What Went Well and What Went Wrong

  • What Went Well
    • “We had an exceptional fiscal 2025… Our virtual team of AI agents and AI-enabled human experts are powering success for consumers and businesses” — CEO Sasan Goodarzi .
    • GBS Online Ecosystem up 21% in Q4; QuickBooks Online Accounting up 23% and Online Services up 19%, with strong Money (payments, capital, bill pay) and payroll contributions .
    • TurboTax Live achieved breakthrough adoption: FY25 revenue $2.0B (+47%) and customers +24%, with AI-enabled expert experiences lifting conversion and productivity .
  • What Went Wrong
    • Mailchimp remained a drag in FY25; management expects a gradual ramp with exit to double-digit growth by FY26 end and noted a subscription lag in revenue realization .
    • International online revenue growth was modest (+9% constant currency in Q4 and FY25), highlighting weaker momentum outside the U.S. .
    • Seasonality remains stark: Consumer Group revenue fell to $137M in Q4 post-tax season despite full-year strength, underscoring revenue concentration in Q3 .

Financial Results

MetricQ2 2025Q3 2025Q4 2025
Revenue ($USD Billions)$3.963 $7.754 $3.831
GAAP Diluted EPS ($)$1.67 $10.02 $1.35
Non-GAAP Diluted EPS ($)$3.32 $11.65 $2.75
GAAP Operating Income ($USD Billions)$0.593 $3.720 $0.339
MarginsQ2 2025Q3 2025Q4 2025
EBIT Margin %15.1%*48.0%*8.9%*
EBITDA Margin %19.2%*50.1%*13.2%*

S&P Global disclaimer: *Values retrieved from S&P Global.

Segment Breakdown (Q4 FY25)

SegmentQ4 2025 Revenue ($USD Billions)YoY Growth
Global Business Solutions Group (GBS)$3.0 +18%
Online Ecosystem (subset of GBS)$2.2 +21%
GBS ex-Mailchimp (growth)—+21%
Online Ecosystem ex-Mailchimp (growth)—+26%
Credit Karma$0.649 +34%
Consumer Group$0.137 +21%

Segment Trend Across Quarters

SegmentQ2 2025 ($B)Q3 2025 ($B)Q4 2025 ($B)
GBS$2.7 $2.8 $3.0
Online Ecosystem$2.0 $2.1 $2.2
Credit Karma$0.511 $0.579 $0.649
Consumer Group$0.509 $4.0 $0.137

KPIs

KPIPeriodValue
QuickBooks Online Accounting revenue growthQ4 FY25+23%
Online Services revenue growthQ4 FY25+19% (29% ex-Mailchimp)
Total online payment volume growthQ4 FY25+18%
TurboTax Live revenueFY25$2.0B (+47%)
TurboTax Live customersFY25+24%
TurboTax Online paying unitsFY25+6%
ARPRFY25+13%
Pay-nothing customersFY25~8M
Dividend per shareQ4 FY25$1.20 (payable Oct 17, 2025)
Cash & investments / Total debt7/31/2025~$4.6B / $6.0B

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
Revenue ($B)FY26—$20.997–$21.186 New
GAAP Operating Income ($B)FY26—$5.782–$5.859 New
Non-GAAP Operating Income ($B)FY26—$8.611–$8.688 New
GAAP Diluted EPS ($)FY26—$15.49–$15.69 New
Non-GAAP Diluted EPS ($)FY26—$22.98–$23.18 New
GBS revenue growthFY26—+14–15% (ex-Mailchimp +15.5–16.5%) New
Consumer revenue growthFY26—+8–9% (TurboTax +8%; Credit Karma +10–13%; ProTax +2–3%) New
Revenue growthQ1 FY26—+14–15% New
GAAP EPS ($)Q1 FY26—$1.19–$1.26 New
Non-GAAP EPS ($)Q1 FY26—$3.05–$3.12 New
Q4 FY25 (reference) Revenue ($B)Q4 FY25$3.723–$3.760 Actual $3.831 Beat vs guide
Q4 FY25 (reference) GAAP EPS ($)Q4 FY25$0.84–$0.89 Actual $1.35 Beat vs guide
Q4 FY25 (reference) Non-GAAP EPS ($)Q4 FY25$2.63–$2.68 Actual $2.75 Beat vs guide
Dividend per shareQ3 vs Q4 FY25$1.04 (Q3 approval) $1.20 (Q4) Raised

Earnings Call Themes & Trends

TopicQ2 FY25 (Prev-2)Q3 FY25 (Prev-1)Q4 FY25 (Current)Trend
AI agents/agentic experiencesEarly IES traction; sales productivity +60% Virtual team of AI agents; “done-for-you” experiences across platform Millions of customers engaging post-July launch; monetization excluded from FY26 guide (prudence) Accelerating adoption; revenue impact likely later
Mid-market (IES, QBO Advanced)Win rates ~2x vs smaller customers; multi-vertical wins ~40% Online Ecosystem growth from QBO Advanced + IES; strengthening accounting firm channel New build customers up ~2x vs Q3; large customer with 200+ entities; expanding go-to-market Scaling product + channel
MailchimpImproving but flat revenue; SMB UI simplification Flat; mid-market sales buildout; platform integration Expect exit FY26 double-digit; subscription lag cautions Gradual turnaround
Assisted tax (TurboTax Live)—TTL revenue +47%; customers +24%; ARPR +13% Reiterated TTL LT growth 15–20% Strong, durable growth vector
AI search/SEO——AI search 1% of traffic; top brands advantaged; <15% traffic from search overall Limited risk; tailwind
Credit Karma cyclicality—+31% Q3; diversified drivers Strategy to reduce cyclicality via tax integration, insurance, prime focus More durable mix
SMB macro——Consumer balances +4% y/y; credit scores down; SMB profits/cash flow up; revenues flat Mixed macro but resilient SMB cash flow

Management Commentary

  • “Our years of investments in data, data services, AI and human intelligence… fueled these outstanding results.” — CEO Sasan Goodarzi .
  • “We delivered strong business outcomes… driving breakthrough adoption in assisted tax, introducing transformative AI agents… and building our mid-market go-to-market capabilities, all while driving strong margin expansion.” — CFO Sandeep Aujla .
  • “We have high expectations around monetization [of AI agents]… we have not assumed anything really in our guidance for this year.” — CEO Sasan Goodarzi .
  • “We expect Mailchimp to exit fiscal 2026 growing double digits… expect a slow ramp throughout the year.” — CEO Sasan Goodarzi .

Q&A Highlights

  • AI agents monetization: Management excluded near-term revenue in FY26 guidance, but engagement and repeat usage are above expectations; focus first on adoption, then monetization via consolidating customers’ tech stack and spend .
  • Mailchimp playbook: Building mid-market sales capacity with improving SMB onboarding and time-to-benefit; subscription lag implies a few quarters before revenue scales; aiming to exit FY26 in double-digit growth .
  • SEO/AI search risk: AI search currently ~1% of traffic; overall search <15% of traffic; top brands advantaged in AI search; Credit Karma not reliant on SEO .
  • Credit Karma durability: Reducing cyclicality with tax integration, insurance, and prime customer focus; share gains driven by data and AI-driven in-app engagement .
  • SMB macro: Consumers stretched despite strong job market; SMB profits and cash flow are up, revenue flat across 10M customers, with sectoral dispersion .

Estimates Context

MetricQ2 2025 Consensus*Q2 2025 ActualQ3 2025 Consensus*Q3 2025 ActualQ4 2025 Consensus*Q4 2025 Actual
Revenue ($USD Billions)$3.829*$3.963 $7.562*$7.754 $3.746*$3.831
Primary EPS ($)$2.58*$3.32 (non-GAAP) $10.91*$11.65 (non-GAAP) $2.66*$2.75 (non-GAAP)
EBITDA ($USD Billions)$1.049*$0.759*$4.176*$3.884*$1.067*$0.504*

S&P Global disclaimer: *Values retrieved from S&P Global.

Implications: Successive beats on revenue and EPS across Q2–Q4 support estimate revisions higher, particularly for Online Ecosystem and TTL; management’s FY26 guidance de-risks near-term AI agent monetization by excluding it while signaling confidence in double-digit revenue and margin expansion .

Key Takeaways for Investors

  • Q4 beat and FY26 double-digit growth guide, with continued operating margin expansion, should support positive estimate momentum and sentiment into Investor Day (Sep 18) .
  • GBS Online Ecosystem strength (+21% in Q4) and mid-market scaling (QBO Advanced/IES ~40% growth in Q3) are driving ARPC expansion and mix shift to more complex customers .
  • TurboTax Live’s 47% FY25 growth and 24% customer expansion indicate durable assisted tax penetration; management reiterates 15–20% TTL LT growth .
  • Credit Karma growth (+34% Q4; +32% FY25) diversified by cards/loans/auto insurance, with strategic moves (tax integration, prime focus) to lower cyclicality .
  • Mailchimp remains a 2025 drag but is on a multi-quarter turnaround; expect gradual improvement and double-digit exit in FY26; monitor SMB UI simplification and mid-market sales capacity .
  • Near-term trading: beats vs consensus and raised prior Q4 guidance validated fundamentals; watch management detail on AI agents monetization, Mailchimp runway, and FY26 segment trajectory at Investor Day .
  • Medium-term thesis: AI-driven “done-for-you” platform plus mid-market ERP-like capabilities (IES) underpin share gains, ARPC expansion, and recurring revenue depth; capital returns (dividend/buybacks) add support .

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