Executive Summary
Intuit’s QQ4 2024 results show a pronounced quarterly revenue swing with a YoY gain but a sharp QoQ decline, alongside a GAAP operating loss and a net loss for the quarter. Revenue of $3.184 billion marked a 17.4% year-over-year increase but a 52.7% quarter-over-quarter drop, highlighting seasonality and possible quarterly mix shifts among fast-growing segments. Gross margin remained robust at roughly 75.4%, underscoring the strength of the company’s core software offerings, while operating income was negative by $151 million due to sustained investments in R&D and go-to-market initiatives. Despite near-term profitability headwinds, Intuit generated solid operating cash flow of $417 million and free cash flow of $375 million, supported by a balance sheet with cash and short-term investments totaling $4.074 billion and a net debt position of approximately $2.96 billion. Share repurchases of $281 million and dividends of $261 million during the quarter contributed to a constructive capital allocation strategy, though the equity story carries valuation multiples (P/S ~56.9x, P/B ~9.8x) that reflect the market’s growth expectations for its ecosystem (QuickBooks, TurboTax, Credit Karma, ProConnect). Management commentary for QQ4 is not included in the provided transcript data, limiting a qualitative read from call remarks.
Key Performance Indicators
QoQ: -52.74% | YoY:17.40%
QoQ: -56.74% | YoY:20.11%
QoQ: -104.86% | YoY:-988.24%
QoQ: -100.84% | YoY:-122.47%
QoQ: -100.84% | YoY:-122.31%
Key Insights
Revenue: $3.184B in QQ4 2024; YoY growth +17.40%; QoQ change -52.74%.
Gross Profit: $2.401B; Gross Margin ~75.41% (0.7541).
Operating Income: -$151M; Operating Margin -4.74% (−0.0474).
EBITDA: $128M; EBITDA Margin 4.02% (0.0402).
Net Income: -$20M; Net Margin -0.63% (−0.00628).
EPS (GAAP): -$0.071; Diluted EPS: -$0.07.
Cash Flow: Net cash provided by operating activities $417M; Free cash flow $375M; Capex $(42)M; De capex to FCF mix implied by depreciation and SB/CAPEX.
Balance Sheet Positio...
Financial Highlights
Revenue: $3.184B in QQ4 2024; YoY growth +17.40%; QoQ change -52.74%.
Gross Profit: $2.401B; Gross Margin ~75.41% (0.7541).
Operating Income: -$151M; Operating Margin -4.74% (−0.0474).
EBITDA: $128M; EBITDA Margin 4.02% (0.0402).
Net Income: -$20M; Net Margin -0.63% (−0.00628).
EPS (GAAP): -$0.071; Diluted EPS: -$0.07.
Cash Flow: Net cash provided by operating activities $417M; Free cash flow $375M; Capex $(42)M; De capex to FCF mix implied by depreciation and SB/CAPEX.
Balance Sheet Position: Cash & cash equivalents $3.609B; Short-term investments $465M; Total cash and short-term investments $4.074B; Total assets $32.132B; Total liabilities $13.696B; Total stockholders’ equity $18.436B.
Liquidity & Leverage: Current ratio 1.29x; Long-term debt $5.997B; Total debt $6.567B; Net debt $2.958B; Debt/Capitalization 26.3%; Cash conversion cycle -34.4 days; Dividend yield ~0.14%.
Valuation & Multiples: Price-to-book 9.83x; Price-to-sales 56.9x; Enterprise value multiple ~1,439x; Price-to-free cash flow cosmetic outlier given the FCF base; Dividend payout shown negative at -13.05% (implies buybacks more than dividends in the period).
CommentaryGap: No earnings transcript data provided; no management quotes available in the supplied dataset to corroborate narrative.
Income Statement
| Metric |
Value |
YoY Change |
QoQ Change |
| Revenue |
3.18B |
17.40% |
-52.74% |
| Gross Profit |
2.40B |
20.11% |
-56.74% |
| Operating Income |
-151.00M |
-988.24% |
-104.86% |
| Net Income |
-20.00M |
-122.47% |
-100.84% |
| EPS |
-0.07 |
-122.31% |
-100.84% |
Key Financial Ratios
operatingProfitMargin
2.26%
operatingCashFlowPerShare
$1.49
freeCashFlowPerShare
$1.34
dividendPayoutRatio
-1305%
priceEarningsRatio
-2266.07
Management Commentary
No earnings call transcript or management quotes provided in the data set. Unable to extract theme-based highlights or quotes. Note: there are no items in earningsTranscript and transcriptQuotes fields.
Forward Guidance
Forward-looking guidance is not contained in the provided dataset for QQ4 2024. As such, the assessment relies on observed metrics and historical trajectory. Potential near-term catalysts include: (1) stabilization or expansion of operating margins through mix shift toward higher-margin SaaS offerings and continued leverage of fixed costs; (2) sustained free cash flow generation supporting deleveraging, buybacks, and potential dividend growth; (3) continued growth in high-margin segments such as QuickBooks Online, Credit Karma, and ProConnect. Key uncertainties involve seasonality in consumer tax-related products, macroeconomic sensitivity affecting small-business software adoption, competitive pressure from fintech and SMB software players, and potential regulatory/tax policy shifts. Investors should monitor management commentary for progress on cost controls, mix shifts, and non-GAAP profitability improvements.