Intuit Inc. reported its financial results for the first quarter of fiscal 2025, ending October 31, 2024. The company achieved total net revenue of $3.283 billion, reflecting a 10% increase from $2.978 billion in the same quarter of fiscal 2024. This growth was driven by strong performance in its Global Business Solutions and Credit Karma segments.
The Global Business Solutions segment generated revenue of $2.544 billion, marking a 9% increase from $2.344 billion in the prior year. Meanwhile, the Credit Karma segment saw a significant revenue boost of 29%, rising to $524 million from $405 million in the same quarter of fiscal 2024.
Despite the revenue growth, Intuit's net income for the quarter decreased to $197 million, down from $241 million in the same period last year. Operating income also fell by 12%, totaling $271 million compared to $307 million in the first quarter of fiscal 2024.
On the balance sheet, total current assets increased to $10.726 billion from $9.678 billion as of July 31, 2024. Total assets rose to $33.193 billion, up from $32.132 billion in the previous quarter. However, total current liabilities also increased to $8.619 billion from $7.491 billion, indicating a rise in short-term obligations.
Intuit's common stock and additional paid-in capital grew to $20.619 billion, up from $20.251 billion, while retained earnings decreased slightly to $16.891 billion from $16.989 billion. Cash and cash equivalents saw a decline, falling to $2.872 billion from $3.609 billion.
The company reported a net cash provided by operating activities of $362 million for the three months ended October 31, 2024, a significant turnaround from a net cash used of $97 million in the same period of 2023. Additionally, Intuit declared dividends of $1.04 per share, totaling $295 million during the quarter.
About INTUIT INC.
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