Intuit Reports 17% Revenue Growth to $3.96 Billion in Q2 Fiscal 2025

Intuit Inc. reported a significant increase in its financial performance for the second quarter of fiscal 2025, with total net revenue reaching $3.96 billion, a 17% increase compared to $3.39 billion in the same quarter of the previous fiscal year. The company's operating income also saw a substantial rise, climbing 61% to $593 million from $369 million year-over-year. Net income for the quarter was $471 million, up from $353 million, resulting in a diluted net income per share of $1.67, compared to $1.25 in the prior year.

For the first six months of fiscal 2025, Intuit's total net revenue increased by 14% to $7.25 billion, driven by strong performance in its Global Business Solutions segment, which reported revenue of $5.22 billion, also a 14% increase. The Consumer segment generated $685 million, a slight increase from $679 million, while Credit Karma's revenue surged 33% to $1.04 billion. The ProTax segment remained stable, with revenue of $311 million, down slightly from $316 million.

Strategically, Intuit has undergone significant organizational changes, including the renaming of its Small Business & Self-Employed segment to Global Business Solutions to better reflect its focus on serving small and mid-market businesses. The company also reorganized certain technology and customer success functions across its segments, resulting in a reclassification of expenses totaling $682 million from segment operating income to other corporate expenses for the first six months of fiscal 2025. Additionally, Intuit has continued to invest in artificial intelligence and generative AI technologies to enhance its product offerings and customer experiences.

Operationally, Intuit reported a total customer count of 280 million as of January 31, 2025, with a notable increase in QuickBooks Online subscribers. The company also highlighted a strong engagement in its online services, with QuickBooks Online revenue increasing by 22% year-over-year. The company’s cash, cash equivalents, and investments totaled $2.46 billion, a decrease from $4.07 billion at the end of the previous fiscal year, primarily due to stock repurchases and dividend payments.

Looking ahead, Intuit anticipates continued growth driven by its AI-driven expert platform strategy and the ongoing demand for its financial management products. The company remains focused on enhancing its offerings and expanding its market share, particularly in the small and mid-market business sectors. However, it acknowledges potential challenges from regulatory changes, competitive pressures, and macroeconomic conditions that could impact its future performance.