Intuit runs a financial software platform serving roughly 100 million customers across four businesses: QuickBooks and related tools for small and mid-market companies, TurboTax for individual tax filing, Credit Karma for personal finance and loan matching, and Lacerte, ProSeries, and ProConnect Tax Online for professional accountants. Most of the money comes from subscriptions, customers pay a regular fee to keep using QuickBooks Online, payroll services, or TurboTax. Credit Karma earns revenue differently: it gets paid when a customer clicks a link and is approved for a credit card, personal loan, or insurance policy. Together these four segments generated $18.8 billion in revenue in fiscal 2025. The diagram below traces where the money flows through each part of the business.
Five years of financial data tell a clear story of consistent growth. Revenue rose from $9.6 billion in fiscal 2021 to $18.8 billion in fiscal 2025, nearly doubling in four years. That growth was not just about selling more products. The company has also steadily squeezed more revenue from each existing customer, with Online Ecosystem average revenue per customer rising 14% in fiscal 2025 alone.
Gross margins tell an equally important story. The share of each dollar kept after direct costs held near 80% across all five years, dipping to 79.3% in fiscal 2023 and recovering to 80.4% by fiscal 2025. That stability in a business growing this fast suggests the core software products do not get meaningfully more expensive to deliver as the customer base expands. Free cash flow followed revenue upward, climbing from $3.2 billion in fiscal 2021 to $6.1 billion in fiscal 2025.
One notable shift in the balance sheet came in fiscal 2022, when the company moved from a net cash position of $0.5 billion to net debt of $4.1 billion. That reflected the cost of acquiring Credit Karma, which closed in fiscal 2021, with debt drawn to fund the deal. Net debt has since declined to $3.1 billion by fiscal 2025 as free cash flow accumulated. The debt load does not appear to have constrained operations, but it is worth watching as the company continues to invest heavily in artificial intelligence infrastructure.
The risks facing Intuit are specific and documented. The most pressing comes from government competition. The IRS has built its own free tax filing system, and state governments are expanding similar programs. If those free options attract customers who currently pay for TurboTax, the Consumer segment, which generated $4.9 billion in revenue in fiscal 2025, faces direct pressure. The company's filing describes this as a high-severity risk.
Credit Karma carries its own distinct risk profile. Its revenue jumped 32% to $2.3 billion in fiscal 2025, driven by personal loans, credit cards, and auto insurance. But that revenue depends entirely on lenders and insurers being willing to approve customers and pay for the leads. When credit conditions tighten, as they did in fiscal 2023 when Credit Karma revenue grew only 5%, the segment can stall quickly. A second major risk cuts across all segments: Intuit holds tax returns, bank account numbers, and Social Security numbers for millions of customers. A serious data breach could trigger regulatory fines, customer losses, and legal costs that the 10-K describes as potentially material.
Intuit also faces a growing competitive threat from free and low-cost alternatives across every product category. Accounting software startups, embedded financial tools inside banking apps, and government-provided tax filing all compete for the same customers. The 10-K is explicit that competitors may match Intuit's features, use AI aggressively, or simply price products at zero. Finally, new AI regulations in the European Union and several U.S. states, including California and Colorado, could require costly changes to Intuit's AI products or expose the company to fines if it does not comply.
The company launched its agentic AI features inside QuickBooks and Intuit Enterprise Suite in fiscal 2025. These agents automate accounting tasks, payment workflows, and financial reporting for small and mid-market businesses. The strategy is to make these done-for-you experiences so useful that customers move up to higher-priced tiers and stay on the platform longer. Online Ecosystem paying customers grew 5% in fiscal 2025, but average revenue per customer grew 14%. That gap, between modest customer count growth and strong revenue per customer growth, is the clearest sign of how the pricing strategy is playing out so far.