Intuit raises full-year outlook after strong Q3 FY2025 results

Overview

Intuit delivered strong third-quarter results, supported by a highly successful tax season and robust growth across its core platforms, including QuickBooks and Credit Karma. The company’s AI-powered product suite continues to gain traction with consumers and small businesses alike.

CEO Sasan Goodarzi commented: “We have exceptional momentum with outstanding performance across our platform. We’re redefining what’s possible with AI by becoming a one-stop shop of AI-agents and AI-enabled human experts to fuel the success of consumers and small and mid-market businesses. We had an outstanding year in tax, including a significant acceleration in TurboTax Live revenue growth as we disrupt the assisted tax category.”

Q3 FY2025 vs. Q3 FY2024:

Total revenue grew to $7.75bn (+15% YoY), with strength across all segments, with record performance during the tax season.
- Consumer Group revenue was $4.0bn (+11% YoY), with TurboTax Live revenue expected to grow 47% to $2.0bn by year-end, aided by increased adoption of assisted filing services and a shift away from lower-value users.
- Global Business Solutions Group revenue was $2.8bn (+19% YoY), with Online Ecosystem revenue up 20% YoY, with strong contributions from QuickBooks Online Accounting (+21% YoY) and payroll/money solutions (+18% YoY). International Online Ecosystem revenue up 8% YoY in constant currency.
- Credit Karma revenue was $579m (+31% YoY), a strong momentum driven by strength in credit cards, personal loans, and auto insurance categories.
- ProTax Group revenue was $278m (+9% YoY), reflecting solid demand from professional tax preparers.
GAAP operating income recorded a value of $3.72bn (+20% YoY), while non-GAAP operating income rose to $4.34bn (+17% YoY), driven by platform leverage and improved productivity.
Net income was also on an upward trend, reaching $2.82bn (+18% YoY).
GAAP diluted EPS increased to $10.02 (+19% YoY) and non-GAAP diluted EPS also grew to $11.65 (+18% YoY).
Net cash provided by operating activities were $5.83bn (vs. $4.47bn in Q3 FY2024), boosted by higher profitability and disciplined working capital management.
Intuit ended the quarter with $6.2bn in cash and investments, maintaining a strong liquidity position.
Total debt stood at $6.4bn as of April 30, reflecting a balanced capital structure.
The company repurchased $754m in shares during Q3 FY2025, as part of its ongoing capital return program.
A quarterly dividend of $1.04 per share was declared, payable on July 18, representing a 16% YoY increase.

Following its strong Q3 performance, Intuit raised its full-year fiscal 2025 guidance across all major financial metrics. The company now expects total revenue between $18.72bn and $18.76bn, representing approximately 15% YoY growth. GAAP operating income is projected at $4.90bn-$4.92bn (+35% YoY), while non-GAAP operating income is expected to reach $7.54bn-$7.56bn (+18% YoY). GAAP diluted EPS is forecasted at $13.19 to $13.24 (+26-27% YoY), and non-GAAP EPS at $20.07 to $20.12 (+18-19% YoY). Segment guidance was also revised upward, with expected growth of ~10% for the Consumer Group, ~16% for Global Business Solutions (including +20% growth in the Online Ecosystem), and a significantly upgraded outlook for Credit Karma at ~28%, up from the prior 5-8% range. ProTax Group is projected to grow by 3-4%. These updates reflect strong platform momentum, continued AI adoption, and higher engagement across Intuit’s ecosystem of financial tools.

In the after-market session on the day of the quarterly report publication, the stock price of INTU shares rose significantly, registering an increase of +8.07%, after the financial results exceeded the expectations of Wall Street analysts, but also after the forecasts were improved, despite the volatile period in the market. From a technical perspective, this jump confirms a clear breakthrough above the previous resistance zone ($670-$680), representing a new local maximum and the potential start of a new impulse phase. Also, this upward trend is accompanied by an RSI (63.29) that supports room for continuation, without yet signaling a dangerous overbought. In fact, since the beginning of this year, the share price has increased by approximately +7%. If the price remains above $700 in the next session, this scenario could attract new buyers and extend the trend. However, caution is recommended in risk management, given the distance from the 50- and 200-day moving averages and the accelerated movement.