Examining the Intuit Performance and Financial Results of Intuit 1100

Examining the Performance and Financial Results of Intuit




As a leader in financial software for consumers, small businesses, and accounting professionals, Intuit has demonstrated impressive growth and financial results over the company’s nearly 40-year history. Intuit’s offerings, which include TurboTax, QuickBooks, Mint, Credit Karma and Mailchimp, serve a large global customer base of individuals and small businesses managing critical finance-related tasks.


By examining key metrics like revenue, operating income, customer count and product adoption, we can better understand Intuit’s market traction and impact. The company’s financial data illustrates effective execution of its strategy focused on customer-driven innovation to provide integrated financial solutions. Let’s take a closer look at Intuit’s results.


Revenue Growth


A key indicator of Intuit’s success is the company’s strong track record of revenue growth. For the 2022 fiscal year ending July 31, Intuit generated total net revenue of $12.7 billion, up 32 percent compared to the prior year. This consistent top-line growth demonstrates the broad demand for Intuit’s offerings and its ability to consistently expand its customer base.


Over the last five fiscal years, Intuit’s annual revenue has nearly doubled from $6.8 billion in 2018 to almost $13 billion in 2022. Compound annual revenue growth over this period exceeded 16 percent. Driving gains is Intuit’s mix of new customer acquisition across products and expansion of services to existing subscribers.


Intuit has also significantly grown revenues across business segments, including its Small Business and Self-Employed Group led by QuickBooks Online and its Consumer Group comprised of TurboTax and Credit Karma. In 2022, Consumer Group revenues were up 15 percent while Small Business revenue grew 43 percent.




In tandem with growing the top line, Intuit has successfully increased profitability markers like operating income over time. For fiscal year 2022, Intuit’s GAAP operating income rose 17 percent to $5.1 billion, demonstrating its ability to expand profits amid rising revenues. The company’s operating margin has held steady between 32-37 percent over the last five fiscal years.


Intuit has also produced strong gains in diluted earnings per share, which increased 28 percent in fiscal 2022 to $11.85 per share. The company’s balance sheet remains solid too, with ample cash and liquidity to support continued investments in product innovation and acquisitions. Intuit recently authorized an additional $3.5 billion in share repurchases as well.


Customer Base Growth


Central to Intuit’s revenue and profit growth has been its ongoing expansion of total customers worldwide. At the end of fiscal 2022, Intuit served approximately 67 million customers overall across its Small Business & Self-Employed, Consumer and Strategic Partner Groups.


Intuit’s Small Business & Self-Employed customer base, which includes QuickBooks, Mailchimp and Credit Karma business users, reached approximately 7.2 million at the end of fiscal 2022. This represents steady growth from 6.7 million customers in 2021 and 6 million in 2020. Within this segment, QuickBooks Online subscribers grew 19 percent year-over-year to almost 6.8 million.


Meanwhile, Consumer segment customers hit 59.8 million in fiscal 2022, up from 57 million in 2021. Growth has been fueled by the Credit Karma acquisition, which now accounts for over 37 million total members benefitting from free access to credit scores, monitoring and financial advice. TurboTax also saw solid user gains.


Product Adoption & Integration


Driving these customer increases is high demand for Intuit’s product portfolio, as evidenced by strong new subscriber growth and improved engagement across offerings.


For example, QuickBooks Online new subscribers grew 24 percent year-over-year in fiscal 2022. Within QuickBooks’ online ecosystem, total payments volume handled by QuickBooks Payments increased to $55 billion, up 45 percent compared to last year.


Consumer adoption has also climbed, with registered TurboTax Live users increasing 9 percent. Credit Karma is capitalizing on cross-sell opportunities and integrated signup with TurboTax. Across products, Intuit has benefited from bundled subscription options.


Financial Impact


Ultimately, Intuit estimates its solutions supported approximately $2.1 trillion in customer revenue in fiscal 2022. The company’s products have enabled consumers to pay off $123 billion in debt and $8 billion in late fees and interest since 2017. Intuit also facilitated $1.2 trillion in small business funding via QuickBooks Capital.


By managing critical money tasks, Intuit’s financial software provides substantial economic value from both a customer savings and revenue generation standpoint. The company quantifies this impact to showcase its broader role empowering financial prosperity.


Key Takeaways


Examining Intuit’s growth trajectory and financial metrics over the last several years highlights consistent progress across key areas:


– Strong top-line revenue growth

– Rising profits and margins

– Customer base expansion across segments

– High product demand and usage

– Tangible financial impact for consumers and businesses


Intuit’s ability to drive results has cemented its leadership in financial software and services. Ongoing gains across these critical performance indicators signal continued success converting customer needs into innovative solutions.


Looking Ahead


Intuit expects to build on its momentum in fiscal year 2023, forecasting total company revenue growth of approximately 31 to 33 percent. The company plans to continue strategic investments in AI-driven expert services and machine learning to enhance its offerings.


Intuit also aims to accelerate integration between its products like QuickBooks and Mailchimp to provide end-to-end solutions meeting more customer needs. And the company will pursue opportunities in “connected finances” to facilitate open data sharing under customer control.


By maintaining focus on its customer-driven strategy, Intuit is well-positioned for continued growth in financial software and services in the years ahead. The company’s results demonstrate proven ability to execute on this mission and deliver value.




As a pioneer in financial technology, Intuit’s operational and financial results over nearly four decades underscore the company’s success bringing essential money management capabilities to the mass consumer and SMB markets.


The company’s growth in revenues, profits, customers and product adoption confirms Intuit’s effectiveness at understanding evolving needs and innovating its offerings accordingly. Intuit’s measurable contributions enabling customers to save money and optimize finances further showcase its impact.


Strong past performance coupled with large market opportunities provide grounds to expect Intuit’s momentum to continue as consumers and businesses rely on Intuit’s tools to confidently manage their financial lives.

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