Intuit makes software that helps people do their taxes, run small businesses, and manage their money. It earns most of its money from subscriptions — customers pay a recurring fee to use QuickBooks for accounting, TurboTax for taxes, Mailchimp for marketing, and Credit Karma for credit scores. The Global Business Solutions segment, which includes QuickBooks and Mailchimp, brought in 59% of total revenue in fiscal 2025. The Consumer segment, mostly TurboTax, added 26%. Credit Karma contributed 12%. The ProTax segment — software for professional accountants — made up the final 3%. Most of Intuit's revenue comes from online services, not one-time software sales, which means customers pay month after month or year after year. The diagram below traces where the money goes.

Five years of financial data tell a clear story of growth. Revenue climbed from $9.6 billion in fiscal 2021 to $18.8 billion in fiscal 2025 — nearly doubling in four years. Cash flow from operations grew from $3.2 billion to $6.2 billion over the same period. Free cash flow reached $6.1 billion in fiscal 2025, up from $3.2 billion in 2021. These are not small moves. The business is generating significantly more cash each year than it was just a few years ago.

Gross margin — the share of revenue left after the direct costs of delivering a product or service — stayed remarkably stable through this growth. It sat at 83% in 2021, dipped slightly to 79% in 2023 and 2024, and recovered to 80% in 2025. That stability matters. It means Intuit is not sacrificing profitability to chase growth. The revenue jump from fiscal 2021 to fiscal 2022, from $9.6 billion to $12.7 billion, was partly driven by Intuit completing its acquisition of Mailchimp, which significantly expanded the business. Net debt shifted from a net cash position of $500 million in 2021 to net debt of around $3 billion in recent years, reflecting the cost of that expansion, though the debt has been declining from its 2022 peak of $4.6 billion.

Not every part of the business grew at the same pace. QuickBooks Online Accounting revenue grew 22% in fiscal 2025, reaching $4.1 billion. Credit Karma nearly doubled its operating income, up 102% in fiscal 2025. The ProTax segment, serving professional accountants, grew just 4% — it is the smallest and slowest-moving piece. The fastest-growing contributor in fiscal 2025 was Credit Karma, which benefited from strength in personal loans, credit cards, and auto insurance.

The risks facing Intuit are specific and serious. The biggest regulatory threat comes from the IRS, which has been building its own free tax filing software for U.S. taxpayers. If that government tool gains wide adoption, TurboTax — which drives 26% of Intuit's revenue — could lose customers it has held for years. This is not a distant possibility. The IRS Direct File program has already been piloted and expanded. A second risk is data security. Intuit holds social security numbers, bank details, and full tax returns for tens of millions of people. A significant data breach would damage trust in ways that are difficult to repair. Third, Intuit's tax products are heavily seasonal — the vast majority of Consumer and ProTax revenue arrives between November and April. If Intuit's systems go down during that window, the damage is immediate and concentrated.

Intuit's fourth major risk is technology itself. The company is betting heavily that AI-powered tools will make its products more useful and harder to leave. But AI systems can produce wrong answers. If TurboTax or QuickBooks gives a customer bad financial advice because of a flawed AI model, the reputational damage could outweigh the efficiency gains. Finally, Intuit depends on Apple's App Store and Google's Play Store to distribute its mobile apps. If either platform changes its rules or fees, Intuit's ability to reach customers could shrink overnight.

The entire direction of Intuit's product strategy now runs through AI. The company declared its AI-driven expert platform strategy in 2019, restructured around it in 2024, and launched a new generation of AI agents in fiscal 2025. Revenue per customer in the Online Ecosystem grew 14% in fiscal 2025 — faster than the 5% growth in the number of paying customers. That means Intuit is earning more from each customer it already has, largely by moving them toward higher-priced, AI-enhanced tiers like TurboTax Live and QuickBooks Live Full-Service Bookkeeping. The bet is that customers will pay more for software that does more of the work for them.