Executive Summary
Intuit reported a strong Q4 2025, with revenue of $3.831 billion, marking a 20.32% year-over-year increase and a substantial improvement in profitability metrics. The gross margin stood at 78.23%, and operating income was $339 million, yielding an operating margin of 8.85% and a net income of $381 million (net margin ≈ 9.95%). Diluted earnings per share were $1.35. Despite a seasonal QoQ decline in revenue (−50.59%), the year-over-year growth profile underscores the ongoing demand strength for Intuit’s core cloud-based solutions, including QuickBooks Online, TurboTax, and the Credit Karma suite. Free cash flow reached $356 million, supported by operating cash flow of $381 million and modest capital spending ($25 million) in the period. Balance-sheet resilience is evident in cash and cash equivalents of $2.884 billion and total assets of $36.958 billion, though the company carries meaningful leverage with total debt of $6.57 billion and net debt of $3.686 billion. FX translation effects were a notable cash headwind in the quarter, contributing to a $1.856 billion adverse impact on cash, underscoring elevated near-term currency risk for a globally diversified balance sheet. Management commentary, where available, highlighted continued momentum in core platforms and strategic investments, though transcript data is not provided in the current dataset. Overall, Intuit remains well-positioned to monetize its SMB software ecosystem and consumer tax platforms, with a disciplined capital allocation approach including stock buybacks and dividends.
Key Performance Indicators
QoQ: -50.59% | YoY:20.32%
QoQ: -54.70% | YoY:24.82%
QoQ: -90.89% | YoY:324.50%
QoQ: -86.49% | YoY:2 005.00%
QoQ: -86.52% | YoY:2 004.76%
Key Insights
Revenue: $3.831B; YoY: +20.32%; QoQ: −50.59%
Gross Profit: $2.997B; Gross Margin: 78.23%; YoY Gross Margin +24.82%; QoQ −54.70%
Operating Income: $339M; Operating Margin: 8.85%; YoY +324.50%; QoQ −90.89%
Net Income: $381M; Net Margin: 9.95%; YoY +2,005%; QoQ −86.49%
EPS Diluted: $1.35; EPS YoY +2,004.76%; QoQ −86.52%
EBITDA: $633M; EBITDA Margin: 16.52%
Cash Flow: Net cash provided by operating activities $381M; Free cash flow $356M; Cash at end of period $2.884B; Cash at beginning of ...
Financial Highlights
Revenue: $3.831B; YoY: +20.32%; QoQ: −50.59%
Gross Profit: $2.997B; Gross Margin: 78.23%; YoY Gross Margin +24.82%; QoQ −54.70%
Operating Income: $339M; Operating Margin: 8.85%; YoY +324.50%; QoQ −90.89%
Net Income: $381M; Net Margin: 9.95%; YoY +2,005%; QoQ −86.49%
EPS Diluted: $1.35; EPS YoY +2,004.76%; QoQ −86.52%
EBITDA: $633M; EBITDA Margin: 16.52%
Cash Flow: Net cash provided by operating activities $381M; Free cash flow $356M; Cash at end of period $2.884B; Cash at beginning of period $5.443B
Capital Allocation: Capital expenditures $25M; Stock repurchases −$746M; Dividends paid $−301M; Other financing activities +$1.624B; Net cash from financing activities +$142M; FX impact on cash −$1.856B
Balance Sheet: Total assets $36.958B; Cash & equivalents $2.884B; Short-term investments $1.668B; Total current assets $14.107B; Goodwill $13.98B; Intangible assets $5.303B; Total current liabilities $10.37B; Long-term debt $6.57B; Total liabilities $17.248B; Total stockholders’ equity $19.71B; Net debt $3.686B
Income Statement
| Metric |
Value |
YoY Change |
QoQ Change |
| Revenue |
3.83B |
20.32% |
-50.59% |
| Gross Profit |
3.00B |
24.82% |
-54.70% |
| Operating Income |
339.00M |
324.50% |
-90.89% |
| Net Income |
381.00M |
2 005.00% |
-86.49% |
| EPS |
1.36 |
2 004.76% |
-86.52% |
Management Commentary
Note: The earnings transcript data were not provided in the supplied information. Consequently, no verbatim management quotes are embedded here. The following themes are inferred from the reported results and typical management commentary for Intuit: (1) Core platform momentum — ongoing demand for QuickBooks Online and cloud-enabled Small Business & Self-Employed solutions, (2) Tax season resilience — TurboTax performance amid annual filing cycles, (3) Credit Karma and ProConnect potential for cross-sell and expanded margins, (4) Margin discipline and investment cadence — balancing investments in product enhancements with operating efficiency, (5) FX and currency translation considerations — material cash impact despite solid underlying profitability.
Transcript not available in the provided data.
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Transcript not available in the provided data.
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Forward Guidance
No formal forward guidance was provided in the dataset. Based on reported results and typical industry dynamics, the near-term drivers for Intuit include continued adoption of QuickBooks Online (SMB software), monetization of the Credit Karma platform, and the expansion of cloud-based tax and accounting solutions. Key risks include foreign exchange volatility, seasonality of the tax business, competitive pressures from peers (e.g., other SMB software suites and tax platforms), and macroeconomic uncertainty impacting SMB spending. Investors should monitor: (1) FX sensitivity and hedging effectiveness, (2) trajectory of SMB software adoption and churn, (3) Tax season timing and mix (TurboTax volume), (4) integration progress and monetization of Credit Karma, and (5) capital allocation signals (buybacks vs. investment).