Intuit Inc. · NASDAQ:INTU
Intuit — Investor Day (2025)
136 slides from Intuit's investor day presentation, 2025
Slide 1: Intuit Investor Day
INTUIT Investor Day
Slide 2: Kim Watkins
Kim Watkins Clad 4 O
Slide 3: Agenda
Agenda Welcome Consumer Platform Growth Strategy Kim Watkins | VP, Investor Relations Mark Notarainni | EVP and GM, Consumer Group CONSUMER PLATFORM IMMERSION Company Growth Strategy Arundhati Singh | SVP, Consumer Group Product Management Sasan Goodarzi | CEO Delivering Our Financial Commitments Te
Slide 4: Forward-looking statements; Non-GAAP financial measures
Forward-looking statements These presentations contain forward-looking statements. There are a number of factors that could cause our results to differ materially from our expectations. Please see the section entitled “Cautions about forward-looking statements” in the Appendix accompanying this pres
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Slide 6: Leading the disruption
Leading the disruption 1980s 1990s 2000s 2010s 2019 - PRESENT Era of Era of DOS Era of Windows Era of Web Era of Mobile and Cloud Artificial Intelligence INTUIT FOUNDED Declared strategy Accelerating Doubling down and five Big Bets investments on three Big Bets 6
Slide 7: Culture of innovation driving accelerated growth
Culture of innovation driving accelerated growth FY25 Becoming 16% FY14 FY19 the system 8% Revenue Growth 13% Revenue Growth x Revenue Growth of intelligence 36% Non-GAAP 34% Non-GAAP Operating Margin Operating Margin 40% Non-GAAP Operating Margin GAAP operating margin of 31% in FY14, 27% in FY19, a
Slide 8: Strong revenue growth and margin expansion
Strong revenue growth and margin expansion GROWTH RATE Original FY25 Actual Prior Year FY25 Actual Guidance Revenue $18,831 $16,285 16% 12%–13% GAAP operating income $4,923 $3,630 36% 28%–30% Non-GAAP operating income $7,572 $6,402 18% 13%–14% GAAP diluted EPS $13.67 $10.43 31% 18%–20% Non-GAAP dilu
Slide 9: Reflections
Reflections PERFORMANCE Progress Made DRIVERS Progress Needed Talent Magnet, All-In-One Platform STRATEGY Assisted Tax Share, Mid-Market Penetration Pace of Innovation, Durable Growth Drivers EXECUTION Self-Contained Teams Accelerated growth to 16%, Op Margin 40% RESULTS New Customer Growth, Adoption
Slide 10: What matters most to our customers
What matters most to our customers Consumer Problems Business Problems Make ends meet Get, grow, and manage customers Maximize tax refund Get paid and pay bills Get capital Save more Pay and manage workforce Pay off debt Access advice Know where I stand Be compliant and organized Reduce my payments
Slide 11: Large market opportunity
Large market opportunity 6% Penetration $300B+ Total addressable market 11
Slide 12: Our opportunity is massive across a $327B TAM
Our opportunity is massive across a $327B TAM BUSINESSES Business Small Business FMS and platform solutions for SMBs (US and International) $186B • $69B US opportunity across FMS, assisted services, payments & bill pay, banking, workforce, capital, $97B and marketing solutions for small businesses •
Slide 13: Secular shifts creating massive opportunity
Secular shifts creating massive opportunity New generations Over-digitization AI everywhere of customers 13
Slide 14: Businesses struggle with over-digitization
Businesses struggle with over-digitization On average businesses use 7-25 Apps. Too many apps, data siloed, excessive cost. App #10 App #8 App #1 App #6 AP/Bill Pay More Apps Create Estimate Reporting and App #2 AI Tools Business Intelligence AR/Get Paid Industry Specific App #7 App #9 More Apps Inve
Slide 15: Game plan to deliver for customers
Game plan to deliver for customers MISSION VALUES 2030 GOALS TRUE NORTH GOALS STRATEGY BIG BETS METRICS 15
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Slide 17: Our Values
Our Values Integrity Without Customer Stronger We Care Courage Compromise Obsession Together And Give Back We speak the We are bold and We fall in love with our We champion diversity, We are stewards truth and assume fearless in how we customers’ problems. inclusion, and a of the future. best intent
Slide 18: Bold 2030 Goals
Bold 2030 Goals Prosperity Double household savings rate and improve business success rate >20 pts vs. industry Reputation Best-in-class Most Trusted Company Growth Accelerating revenue growth to 20% 18
Slide 19: Bold 2030 Goals
Bold 2030 Goals Prosperity FY23 FY24 FY25 Household savings rate1 6% 7% 8% Double household savings 1.6x avg 1.9x avg 1.9x avg US savings rate US savings rate US savings rate rate and improve business success rate >20 pts vs. industry Business success rate2 72% Non-QuickBooks 5-year survival rate 51
Slide 20: True North Goals
True North Goals Deliver best-we-can-be results in the current period for each key stakeholder while building the foundation for an even stronger future Employees Customers Communities Shareholders Empower the world’s top talent to Delight customers by solving Make a difference in Drive long-term gr
Slide 21: AI-Driven Expert Platform
AI-Driven Expert Platform More money No work Complete confidence 21
Slide 22: Big Bets to accelerate growth
Big Bets to accelerate growth 1 Deliver done-for-you experiences 2 Accelerate money benefits 3 Fuel success for mid-market businesses 22
Slide 23: Intuit Platform Advantage
Intuit Platform Advantage Get Paid Grow Business 86M 10M Consumers Pay Bills Payments Small and mid-market businesses 70K Get Loans Capital 60B Tax and financial Machine learning attributes per consumer predictions per day Insurance Cash Mgmt. 15+ 625K LLMs available Save Payroll Customer/financial to
Slide 24: Intuit Platform Advantage
Intuit Platform Advantage Get Paid Grow Business Pay Bills Payments Get Loans Capital Insurance Cash Mgmt. Save Payroll Data and Data Services Artificial and Human Intelligence System of Intelligence Spend More money Time Tracking No work Taxes Complete confidence Accounting INTUIT PLATFORM 24
Slide 25: Our strategy drove strong momentum
Our strategy drove strong momentum More money No work Complete confidence INTUIT PLATFORM 25
Slide 26: Our strategy drove strong momentum
Our strategy drove strong momentum Done-For-You Experiences ~80% Repeat engagement 2X Faster for customers doing 12 hrs A month saved with across QB AI agents1 routine tasks with Intuit AI2 Accounting Agent3 More money No work 5 days 1.7M 12% Faster, on average, for Tax customer hours YoY reduction
Slide 27: Our strategy drove strong momentum: Consumer
Our strategy drove strong momentum All-In-One Platform for Consumers +24% TurboTax Live +47%TurboTax Live 41% of TurboTax revenue customers revenue is TurboTax Live More money No work +15% 1pt 38% Consumer platform TurboTax revenue Higher Intuit ARPC for Complete confidence revenue driven by Credit K
Slide 28: Our strategy drove strong momentum: Small Business
Our strategy drove strong momentum All-In-One Platform for Small Business +8%US QBO +14%Online +2X QB Live customers1 ecosystem ARPC customers More money No work +34% +37% Total online payment Online Money Portfolio Complete confidence volume across payments revenue, to $1.4B and bill pay, to $174B I
Slide 29: Our strategy drove strong momentum: Mid-Market
Our strategy drove strong momentum All-In-One Platform for Mid-Market +23% +40% $27K Growth in Mid-market Intuit Enterprise mid-market customers1 revenue growth1 Suite average revenue per contract More money No work 12 pts 9 pts ~300% Higher payroll Higher payments Projected return Complete confidenc
Slide 30: Intuit Operating System
Intuit Operating System Trends Ideas One Intuit Big Bets 6 year plan Forum (December) Priorities (8x Year) Input Goals Intuit Accountability Inspiration Leadership 3&1 - year plan Alignment Conference (Yearly) (May) Clarity Engagement Craft Skills Succession Site visits (14x Year) Intuit Org & Talen
Slide 31: Powering Prosperity Around the World
MISSION Powering Prosperity Around the World VALUES Integrity Without Compromise Courage Customer Obsession Stronger Together We Care and Give Back 2030 Prosperity Reputation Growth Double household savings rate and improve Best-in-class of Most Accelerating revenue growth to 20% GOALS business succ
Slide 32: Alex Balazs
Alex Balazs — ave
Slide 33: Key takeaways
Key takeaways Data, data services, and AI Years of investment in our data has allowed us to evolve are our durable advantage from a system of record to a system of intelligence. All-in-one platform and agentic A strong foundation of AI building blocks accelerates innovation. capabilities fuel growth
Slide 34: AI-Driven Expert Platform
AI-Driven Expert Platform More money No work Complete confidence 34
Slide 35: Evolution from a system of record to a system of intelligence
Evolution from a system of record to a system of intelligence AI-Driven Expert Platform Artificial Intelligence Human Intelligence System of Intelligence Intuit Platform 35
Slide 36: Our tech platform fuels done-for-you experiences
Our tech platform fuels done-for-you experiences Agility Innovation Velocity Empower Tech teams to move Accelerate innovation to Use capabilities and data quickly with few dependencies deliver customer solutions services to deliver solutions quickly with AI + HI 1. Prime members are Credit Karma mem
Slide 37: Supercharging the Intuit platform to give customers access to what they need
Supercharging the Intuit platform to give customers access to what they need Intuit’s Generative AI Operating System accelerates development of products to fuel growth GenOS AI Workbench development environment GenAI Runtime model orchestrator GenAI User Experience library Large language models (LLM
Slide 38: Jobs to Be Done
Business strategy Get & engage customers Stay compliant Pay bills & manage spending Save more Automated insights Jobs to Be Done Optimize spending Manage operations Manage sales & get paid Getting access to money Get taxes done Enhance productivity with AI & finances efficiently Build and manage team
Slide 39: Jobs to Be Done
Business strategy Get & engage customers Stay compliant Pay bills & manage spending Save more Automated insights Jobs to Be Done Optimize spending Manage operations Manage sales & get paid Getting access to money Get taxes done Enhance productivity with AI & finances efficiently Build and manage team
Slide 40: Jobs to Be Done
Business strategy Get & engage customers Stay compliant Pay bills & manage spending Save more Automated insights Jobs to Be Done Optimize spending Manage operations Manage sales & get paid Getting access to money Get taxes done Enhance productivity with AI & finances efficiently Build and manage team
Slide 41: Jobs to Be Done
Business strategy Get & engage customers Stay compliant Pay bills & manage spending Save more Automated insights Jobs to Be Done Optimize spending Manage operations Manage sales & get paid Getting access to money Get taxes done Enhance productivity with AI & finances efficiently Build and manage team
Slide 42: Jobs to Be Done
Business strategy Get & engage customers Stay compliant Pay bills & manage spending Save more Automated insights Jobs to Be Done Optimize spending Manage operations Manage sales & get paid Getting access to money Get taxes done Enhance productivity with AI & finances efficiently Build and manage team
Slide 43: Jobs to Be Done
Business strategy Get & engage customers Stay compliant Pay bills & manage spending Save more Automated insights Jobs to Be Done Optimize spending Manage operations Manage sales & get paid Getting access to money Get taxes done Enhance productivity with AI & finances efficiently Build and manage team
Slide 44: Jobs to Be Done
Business strategy Get & engage customers Stay compliant Pay bills & manage spending Save more Automated insights Jobs to Be Done Optimize spending Manage operations Manage sales & get paid Getting access to money Get taxes done Enhance productivity with AI & finances efficiently Build and manage team
Slide 45: Early investments in data and AI capabilities are paying off
Early investments in data and AI capabilities are paying off Data & AI investments Dynamic usage of large Scale of clean data for customer attributes language models 180 Petabytes of data in the data lake 625K Customer/financial attributes per SMB 15+ LLMs available to developers 60B Machine learning
Slide 46: Data and AI accelerate and drive business impact
Data and AI accelerate and drive business impact Done-for-you experiences Money Mid-market ~4.4B GenOS requests $2T+ Invoices managed in QuickBooks 8M+ Enterprise scale transactions supported per customer per year 450K 496M 200+ Entities supported with Requests per day to power usage of agents Trans
Slide 47: Architecting the company for velocity
Architecting the company for velocity We have made progress with the key drivers of platform velocity. AI Agent Starter Kit and agentic capabilities 3.5K GenAI use cases created internally and externally Intuit CodeAssist trained on most highly leveraged capabilities Creates Intuit code across 60 hi
Slide 48: AI-powered workforce and tools drive velocity and efficiency
AI-powered workforce and tools drive velocity and efficiency 12x 40% 39% 15% 1 1,2 Increase in developer Faster coding with AI More code delivered Reduction in contact rate velocity over the past 5 years assistance on average per developer 1. Q4 FY25 compared to a year ago. 2. Delivered code refers t
Slide 49: Key takeaways
Key takeaways Data, data services, and AI Years of investment in our data has allowed us to evolve are our durable advantage from a system of record to a system of intelligence. All-in-one platform and agentic A strong foundation of AI building blocks accelerates innovation. capabilities fuel growth
Slide 50: Marianna Tessel
Marianna Tessel atvve,
Slide 51: Key takeaways
Key takeaways Massive opportunity The breadth of audiences and needs we serve unlocks a massive $186B TAM, across a large TAM with our penetration growing from 5% to 6% – and ample runway ahead. Our all-in-one platform unleashes growth for our customers with a virtual All-in-one platform serves team
Slide 52: Business Platform FY25 Results
FY25 RESULTS Business Platform 16% GBSG Revenue Growth to $11.1B KEY PLATFORM OUTCOMES 20% Online Ecosystem revenue growth to $8.3B 25% Online Ecosystem revenue growth ex. Mailchimp 40% Mid-market revenue growth1 37% Online Money Portfolio revenue growth to $1.4B 25% Online Payroll revenue growth to
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Slide 54: What matters most to our customers
What matters most to our customers Consumer Problems Business Problems Make ends meet Get, grow, and manage customers Maximize tax refund Get paid and pay bills Get capital Save more Pay and manage workforce Pay off debt Access advice Know where I stand Be compliant and organized Reduce my payments
Slide 55: The audiences we serve are broad and diverse
The audiences we serve are broad and diverse Customers’ complexity INDUSTRY GEOGRAPHY Construction, professional US, CA, UK, AU, ROW Small Business 1 services, retail, etc. TAX CLASSIFICATION EMPLOYEES LLC, S-Corp, etc. 0 (self) to 250+ Mid-Market BUSINESS TYPE BUSINESS STRUCTURE Service-based, Sing
Slide 56: We have a massive $186B opportunity to solve businesses' most pressing needs
We have a massive $186B opportunity to solve businesses’ most pressing needs Mid-Market Small Business $6B $29B $12B $13B $1B $26B $25B $19B $11B $13B $11B $18B Get Pay & Get Manage Access Be Customers Get Paid Capital Workforce Advice Compliant $31B $49B $37B $26B $12B $31B Note: Due to rounding, n
Slide 57: Businesses struggle with over-digitization
Businesses struggle with over-digitization On average businesses use 7-25 Apps. Too many apps, data siloed, excessive cost. App #10 App #8 App #1 App #6 AP/Bill Pay More Apps Create Estimate Reporting and App #2 AI Tools Business Intelligence AR/Get Paid Industry Specific App #7 App #9 More Apps Inve
Slide 58: The connected end-to-end platform small and mid-market businesses rely on
OUR VISION The connected end-to-end platform that small and mid-market businesses rely on every day to run and grow their business. More Money | No Work | Complete Confidence Intuit Confidential and Proprietary 58 58
Slide 59: The all-in-one platform for every customer need
The all-in-one platform for every customer need Get Customers Pay & Get Paid Get Capital Manage Workforce Access Advice Be Compliant QB Live Marketing Invoicing Banking1 Bill Pay Term Loan2 Payroll Bookkeeping Live Setup Accounting In-Person Time QB Live Advanced Business Website Payments QB Money1
Slide 60: We reimagined the platform experience
We reimagined the platform experience 8.7M Done-For-You with Paying customers in AI & Human Experts our Online ecosystem 83% QBO retention (+1 pt YoY) automating workflows and always available expertise at the moment of need All Jobs To Be Done in one place, including 3rd parties Global1 $7,113.50 an
Slide 61: AI and human intelligence deliver revolutionary done-for-you experiences
AI and human intelligence deliver revolutionary done-for-you experiences Live Experts Seamless AI to expert handoff, expected to drive QB Live engagement 2X YoY growth in AI Agents QB Live subscribers Transformative virtual team of AI agents, expected to 22 pts drive platform adoption higher ecosyst
Slide 62: Seamless accounting workflows and business intelligence for better decisions
Seamless accounting workflows and business intelligence for better business decisions Accounting Agent Launched: AI-powered reconciliation and anomaly detection 12 hrs a month saved with Accounting Agent1 ~90% accuracy of AI transaction categorization Business Intelligence Launched: KPI scorecards, A
Slide 63: Robust money offerings fuel growth
Robust money offerings fuel growth 37% Online Money Portfolio revenue growth to $1.4B $174B Capital Total Online Payment Launched: Multi-product, Volume across Payments embedded 3P lender app and Bill Pay, 34% growth YoY1 $4B in financing accessed through QuickBooks Capital, +73% YoY2 Invoicing Launc
Slide 64: Expanded workforce solutions streamline team management
Expanded workforce solutions streamline team management 25% Online Payroll Revenue growth to $1.4B Workforce Solutions Launched: Payroll Agent, completed GoCo acquisition 18M total US workers paid annually on QuickBooks $336B payroll processed annually 64
Slide 65: Strategic progress in Mailchimp builds confidence in E2E platform
Strategic progress in Mailchimp builds confidence in E2E platform Progress in FY25 laid the groundwork for double-digit Mailchimp revenue growth by FY26 exit Product Launched: Omnichannel expansion, Marketing Agent, GenAI tools Go-to-market 83% Launched: AI conversion YoY growth in SMS tech for mid-m
Slide 66: Delivering undisputed customer benefits
Delivering undisputed customer benefits More Money No Work Complete Confidence PROOF POINT PROOF POINT PROOF POINT 74% of customers say 78% of customers are 71% of customers are more they have a better picture spending more time confident their books are of their financial health growing their businesse
Slide 67: AI and human intelligence expected to create meaningful long-term acceleration
AI and human intelligence expected to create meaningful long-term acceleration Platform SKU mix & Customer Direct adoption upgrades growth monetization Relevant services More agents and more Superior experience and Pricing for the increased recommended proactively sophisticated capabilities speed to
Slide 68: Ashley Still
Ashley Stil r bata/ ve
Slide 69: Mid-Market FY25 Results
FY25 RESULTS Mid-Market 40% Mid-Market1 Revenue Growth KEY OUTCOMES 23% Growth in mid-market customers1 to 349K $27K IES average revenue per contract >2x Uplift in IES average revenue per contract for upgraders2 12 pts Higher Payroll penetration for mid-market 1 9 pts Higher Payments penetration for
Slide 70: We serve a wide range of mid-market businesses
We serve a wide range of mid-market businesses EMERGING MID-MARKET MID-MARKET Dan Bianca Owner CEO & Founder BC Heating & Plumbing Baker Management LLC $6M annual revenue $24M annual revenue 14 employees 52 employees 1 entity 5 entities 10 apps 25 apps Our strategic focus is serving businesses with
Slide 71: Mid-market businesses struggle with increasing complexity
Mid-market businesses struggle with increasing complexity 10x more customers 8x more employees 6x more vendors ~25 apps used vs. small businesses vs. small businesses vs. small businesses to manage mid-market businesses end to end 71
Slide 72: Our expanded platform allows customers to grow with us
Our expanded platform allows t rke customers to grow with us -Ma Mid t a rke -M g Mid in erg Em LAUNCHED SEPT. 2024 Multi-entity consolidation Industry customization s usi nes AI-powered mid-market automation: a l l B ADVANCED Finance & Project Management agents Sm AI-powered Quote-to-cash with inte
Slide 73: Intuit Enterprise Suite is the modern, AI-powered ERP
Intuit Enterprise Suite is the modern, AI-powered ERP Integrated workflows in all-in-one platform Robust multi-entity Addresses workflow complexities Provides consolidated, and improves collaboration end-to-end view of the business AI-powered automation Completes advanced, specialized work on behalf o
Slide 74: Powerful multi-everything at its core
Powerful multi-everything at its core Multi-entity consolidation Keaton Trager CFO, FEFA Financial LLC The multi-entity journal entry functionality was just an Customizable immediate cost-saver off the dimensions bat… Almost immediately, [we] uncovered efficiency improvements and improved the financia
Slide 75: Breakthrough workflow automation with advanced mid-market agents
Breakthrough workflow automation with advanced mid-market agents Project Management Teresa streamlines the entire Hendrickson bid-to-profit cycle with HoganTaylor LLP automated profitability tracking 60% The automation of tasks reduction in manual steps to set up a project through the Intuit Enterprise
Slide 76: Accelerating mid-market momentum with scalable GTM motions
Accelerating mid-market momentum with scalable GTM motions High-touch High-touch Robust Disruptive sales sales and and accountant industry customer customer success success partnerships playbooks 76
Slide 77: Increasing efficiency of mid-market sales and customer success motions
We're rapidly increasing efficiency of our mid-market sales & customer success motions 2.3X QoQ increase in mid-market sales productivity1 High-touch sales and >90% of IES contracts are upgraded from the QuickBooks base customer success >50% of IES customers are $10M+ in size of annual revenue <8 wks
Slide 78: Investing in accounting firm partnerships to deliver value at scale
We're investing in accounting firm partnerships to deliver value at scale 82% of US QBO customers with ~2X increase in IES deals High-touch Robust >$2.5M annual revenue work with an external accountant driven by accountants over the last six months1 sales and accountant customer success partnership F
Slide 79: Unlocking key verticals with disruptive industry playbooks
We’re unlocking key verticals with disruptive industry playbooks INDUSTRY PLAYBOOK High-touch Disruptive $25B+ TAM across top verticals1 sales and industry customer success playbooks Product differentiation AI-powered Agents that automate Focused go-to-market Industry ROI-driven traditional industry
Slide 80: We win on experience, price, and total cost of ownership
We win on experience, price, and total cost of ownership Total cost Experience Price of ownership 95% $30K-$50K ~300% of IES customers average IES implementation projected return on set up in 30 days1 cost savings vs. traditional ERPs investment over 3 years on IES2 1. Setup refers to implementation
Slide 81: Humble House Foods
CASE STUDY Humble House Foods $$ 10 3 annual revenue employees entities 24 13 Hours saved per month Years as a dedicated on consolidated P&L; QuickBooks customer, a whole day’s work now continuing to happens in minutes scale with IES FEATURES THAT STOOD OUT Multi-entity 3rd-party integrations We wer
Slide 82: Cornerstone Development Company
CASE STUDY Cornerstone Development Company $$$ 50-75 5 annual revenue employees entities 2 8 Additional FTE hiring Year journey with avoided, from enhanced QuickBooks – from Desktop data entry and accounting to Online, Advanced to IES workflows on IES FEATURES THAT STOOD OUT Multi-entity Payroll & Ti
Slide 83: Key takeaways
Key takeaways Massive opportunity The breadth of audiences and needs we serve unlocks a massive $186B TAM, across a large TAM with our penetration growing from 5% to 6% – and ample runway ahead. Our all-in-one platform unleashes growth for our customers with a virtual All-in-one platform serves team
Slide 84: Mark Notarainni
Slide 85: Key takeaways
Key takeaways Strong traction in a 15% YoY revenue growth in FY25 across the platform, tapping into a $142B market massive TAM with only 5% penetration. Momentum solving Addressing customers’ most pressing tax, money, and personal finance critical customer problems needs, powered by artificial intelli
Slide 86: Consumer Platform FY25 Results
FY25 RESULTS Consumer Platform 15% Revenue Growth to $7.8B DURABLE GROWTH OF OUR CORE BUSINESSES 10% Consumer Group revenue growth to $4.9B1 32% Credit Karma revenue growth to $2.3B1 ACCELERATION IN KEY GROWTH VECTORS 24% TurboTax Live customer growth, +13 pts YoY 47% TurboTax Live revenue growth, +
Slide 87: Transforming tax with artificial and human intelligence
Transforming tax US CONSUMER TAX INDUSTRY RETURNS (M)1 Assisted e-files with artificial and DIY e-files Other human intelligence 158 167 164 160 161 163 Momentum in the assisted tax category, extending consumer value with money and personal finance. 80 84 85 84 85 86 penetration of 86M assisted TAM, whe
Slide 88: Reporting share against e-files instead of returns
Reporting share against e-files instead of returns As the industry and TurboTax customers shift online, transition reporting share metrics against e-files US CONSUMER TAX INDUSTRY RETURNS (M)1 US CONSUMER TAX INDUSTRY RETURNS (M)2 TurboTax 40 40 42 43 48 50 47 45 44 43 TurboTax returns e-files 36 35 37
Slide 89: Credit Karma delivered strong growth
CREDIT KARMA REVENUE1 Credit Karma 18% CAGR delivered strong growth Impressive growth across multiple vectors YoY growth in Insurance revenue, driven by 106% personalized offers in Auto Insurance and industry strength, leading to greater diversification. +4 pts Increase in share of member origination
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Slide 91: What matters most to our customers
What matters most to our customers Consumer Problems Business Problems Make ends meet Get, grow, and manage customers Maximize tax refund Get paid and pay bills Get capital Save more Pay and manage workforce Pay off debt Access advice Know where I stand Be compliant and organized Reduce my payments
Slide 92: Consumers face data overload and confusion managing personal finances
Consumers face data overload and confusion when managing personal finances TAX MONEY PERSONAL FINANCE 1 3 4 7 8 9 Taxes Money Trading and Credit Cards Personal, Auto, Insurance Management Investments and Home Loans Marketplace More Apps 2 5 6 10 11 and Experts Get Tax Peer-to-Peer Banking Budgeting a
Slide 93: Significant runway across a massive consumer TAM
Significant runway across a massive consumer TAM 5% Opportunity to grow revenue share across Penetration consumer tax, scale money offerings, and expand value and adoption in personal finance $142B revenue share of $47B tax TAM with 12% opportunity to further penetrate the $37B assisted consumer and b
Slide 94: Our platform engages consumers year-round to solve their most critical needs
Our platform engages consumers year-round to solve their most critical needs TAX MONEY PERSONAL FINANCE Maximize Make Ends Save Pay Off Know Reduce My Tax Refund Meet More Debt Where I Stand Payments Assisted local expertise Fast access to cash Credit Karma Money Debt Assistant Connected accounts Lo
Slide 95: Bringing together powerful brands, data, and scale
Bringing together powerful brands, data, and scale to better serve consumer needs Loans 40M tax e-files DIY Tax Credit Cards 149M members 13K tax experts Consumer 43M MAUs $105B tax refunds per year Platform daily machine 60B learning predictions $14B fast money refunds visibility into tax and financi
Slide 96: Consumer Platform Strategic Priorities
Consumer Platform Strategic Priorities Tax Money Personal Finance Accelerate Assisted adoption Fast access to refund AI-Powered, personalized guidance Scale Business Tax Do more with your money Expand in Prime and Insurance1 AI-powered tax prep Deliver connected accounts benefits Year-round tax insig
Slide 97: FY26 Tax Strategy
FY26 Tax Strategy Learnings LOCAL EXPERTS Assisted filers are 5x more likely to book with a local pro AI TAX PREP within 50 miles. 28% YoY growth in traffic to TurboTax front doors. FY26 Priorities Accelerate Assisted adoption Ignite Assisted demand generation through expansion of local experts unlock
Slide 98: FY26 Money Strategy
FY26 Money Strategy Learnings CASH FLOW INSIGHTS Customers getting fast access to refunds grew 3x YoY. INSTANT REFUND ACCESS Members who connected an account on Credit Karma grew 2x YoY, enabling them to receive personalized insights on how to optimize their spend and cash flow. FY26 Priorities Fast
Slide 99: FY26 Personal Finance Strategy
FY26 Personal Finance Strategy DONE-FOR-YOU-TAXES Learnings 3x YoY increase in Credit Karma members who used AI features CREDIT CARDS REWARDS OPTIMIZATION to obtain financial guidance and take out new products. Credit Karma members who engaged with tax insights were 3x more likely to start and comple
Slide 100: Proving the power of the Consumer Platform
Proving the power of the Consumer Platform Tax Money Personal Finance 1B+ $14B 10% Impressions from physical locations, Total fast refunds facilitated through Refund Share of credit cards and personal loans to serve the 80%+ of US filers within Advance and up to 5 Days Early offerings originations, r
Slide 101: Key takeaways
Key takeaways Strong traction in a 15% YoY revenue growth in FY25 across the platform, tapping into a $142B market massive TAM with only 5% penetration. Momentum solving Addressing customers’ most pressing tax, money, and personal finance critical customer problems needs, powered by artificial intelli
Slide 102: Sandeep Aujla
Sandeep Au
Slide 103: Key takeaways
Key takeaways Large TAM with ample With just 6% penetration across a $327B global TAM, we have a massive runway for growth opportunity, ample headroom for growth, and a clear strategy to win. Strong and durable Our three Big Bets represent durable growth engines, positioning us to deepen our TAM pen
Slide 104: Our financial principles are durable
Our financial principles are durable Grow organic Customer growth fueled by delivery of customer benefits. revenue double digits Grow average revenue per customer. Operating income dollars Revenue grows faster than expense. grow faster than revenue Acceptable LTV/CAC and payback period as we scale pla
Slide 105: Delivered strong FY25 results in line with our objectives
Delivered strong FY25 results in line FY25 OUTCOMES Growth with our objectives 16% 16% Intuit revenue growth to $18.8B Business platform revenue growth to $11.1B1 Last year’s objectives 15% Consumer platform revenue growth to $7.8B2 Double-digit revenue growth Profitability Fast-growing platform comp
Slide 106: We have ample runway across our massive $327B TAM
We have ample runway across our massive $327B TAM Intuit Platform BUSINESS PLATFORM CONSUMER PLATFORM $186B TAM $97B Small Business TAM $89B Mid-Market TAM $142B TAM $95B Consumer Finance TAM $47B Tax TAM Small Business TAM Mid-Market TAM Intuit Revenue Consumer TAM Intuit Revenue ($ in billions) $6
Slide 107: Business Platform FY25 Results
FY25 RESULTS Business Platform 16% GBSG Revenue Growth to $11.1B ONLINE ECOSYSTEM 20% Online Ecosystem revenue growth to $8.3B 25% Online Ecosystem revenue growth excluding Mailchimp to $7.0B PLATFORM ADOPTION 22% Online Accounting revenue growth to $4.1B 19% Online Services revenue growth to $4.2B
Slide 108: Scaling our base of small and mid-market businesses in key areas
Scaling our base of AREAS WE MADE CRITICAL PROGRESS IN FY25 small and mid-market +8% US QBO customers 1 +23% Mid-market customers businesses in key areas 2 +12% Customers with 2+ offerings We grew total Online paying customers 5% YoY, making critical progress in scaling high value QBO customers, whi
Slide 109: Expanding ARPC across our base
Expanding ARPC ONLINE CUSTOMER BASE Total Online paying customers across our base 8.7M Online Ecosystem ARPC up 14% YoY 5yr CAGR in FY25 to $9801 reflecting: 40% >$1,000 ARPC Strong adoption of our Online services Growth in the mid-market Pricing for value of expanded $200 - $1,000 14% and enhanced o
Slide 110: Scaling Online services as we deepen platform adoption
SERVICES % OF ONLINE REVENUE Online Accounting revenue Scaling Online Online Services revenue services as we deepen platform adoption 37% YoY Online Money Portfolio revenue growth, including Payments, Capital, and Bill Pay, scaling to $1.4B. 25% YoY Online Payroll revenue growth, scaling to $1.4B. 2
Slide 111: Serving and retaining high value Desktop customers
Serving and DESKTOP CUSTOMER BASE Non-Enterprise Desktop customers retaining high value QuickBooks Enterprise customers Desktop customers 1.0M 10% of total GBSG customers remain on QuickBooks Desktop today vs. 46% 10 years ago. 0.9M 100% of Desktop accounting revenue now subscription-based. High-ARP
Slide 112: Consumer Platform FY25 Results
FY25 RESULTS Consumer Platform 15% Revenue Growth to $7.8B 10% 32% Consumer Group Credit Karma revenue growth to $4.9B1 revenue growth $2.3B1 ASSISTED TAX 24% TurboTax Live customer growth, +13 pts YoY 47% TurboTax Live revenue growth, +30 pts YoY1 ONE CONSUMER PLATFORM 30% YoY increase in Credit Ka
Slide 113: Delivering strong ARPU expansion in TurboTax
AVERAGE REVENUE PER UNIT (ARPU) Paying ARPU Delivering strong Total ARPU ARPU expansion in TurboTax 6% online paying units growth 5% paying ARPU growth total ARPU growth as we serve higher value 12% customers, penetrate the Assisted TAM and drive adoption of new offerings $69 $113 $74 $122 $87 $126
Slide 114: TurboTax Live is fueling growth
TURBOTAX LIVE % OF REVENUE TurboTax Live TurboTax DIY revenue TurboTax Live revenue is fueling growth AI capabilities helped guide customers to the offering that was right for them, contributing to 24% TurboTax Live customer growth. 22% of Credit Karma members who filed with TurboTax for the first tim
Slide 115: Credit Karma returned to double-digit growth
Credit Karma returned to double-digit growth FY22 FY23 FY24 FY25 Members 129M 136M 143M 149M Average Monthly Active Users (MAUs) 42M 42M 43M 43M Frequency (Usage) 5.0x 5.1x 5.0x 5.0x Average visits per month, per MAU Average Revenue per MAU Driven by growth in: Transactions/MAU, $42 $38 $38 $51 Reve
Slide 116: Expanding ARPC across all offerings over time
Expanding ARPC across all offerings over time Driving the majority of revenue expansion through volume and mix, while maintaining our principle of pricing for value FY22 FY23 FY24 FY25 ARPC ARPC ARPC ARPC FY26–FY28 EXPECTED TRAJECTORY BUSINESS PLATFORM QBO Advanced $2,957 $3,140 $3,299 $3,713 & IES
Slide 117: Done-for-you experiences delivering meaningful value for customers
Done-for-you experiences delivering meaningful value for customers The power of artificial and human intelligence is driving impact for customers and for our business at scale Artificial intelligence Human intelligence 5 days 2X YoY growth in QuickBooks faster, on average, for businesses to get paid w
Slide 118: Disciplined investment driving operating income growth
Disciplined investment driving operating income growth FY25 % GAAP BASIS, UNLESS NOTED OTHERWISE LONG-TERM EXPECTATION OF REVENUE Revenue 100 Double-digit growth driven by customer and ARPC growth % flat to slightly up over time, with AI and automation to drive operational efficiencies Gross margin 80
Slide 119: Prioritizing investments in Big Bets to accelerate growth
Prioritizing investments in Big Bets to accelerate growth Investing in highest-yielding opportunities Prioritizing investments in Big Bets to drive durable growth Deliver done-for-you experiences over the long term, with a strategic focus on AI. Scaling investments in key initiatives as they show su
Slide 120: Strong track record of delivering profitable growth at scale
Strong track record of delivering profitable growth at scale Non-GAAP operating income GAAP operating income $7.6B 19% Non-GAAP Op Income Strong financial profile with $6.4B 3YR CAGR consistent margin expansion $5.5B Operating income dollars growth outpacing $4.5B revenue growth, in line with our financ
Slide 121: Internal platform efficiencies bolster margin expansion trajectory
Internal platform efficiencies bolster margin expansion trajectory We leverage key services and capabilities, including AI, across our business as an integrated, AI-driven platform Technology Customer Success Go-To-Market 12X Development velocity $135M+ Expected FY26 efficiencies as ~90% Adoption of G
Slide 122: We have a track record of disciplined capital allocation
We have a track record of disciplined $8.5B capital allocation A healthy mix of capital uses Investing in organic growth drivers (R&D, infrastructure, $4.8B sales & marketing). $4.2B Selectively use acquisitions to accelerate speed and $3.7B velocity, growth in talent and technology, and fill out our
Slide 123: Returning cash to shareholders through share repurchases
Returning cash to Target shareholders through We limit repurchase amounts to: • Cash in excess of liquidity needs. share repurchases • Utilize grid to achieve favorable volume-weighted average price. Successfully offset dilution in FY25, • Subject to market conditions and other factors, with intent
Slide 124: Clear financial objectives going into FY26
Clear financial objectives going into FY26 Next year’s objectives Double-digit revenue growth, bolstered by AI-driven expert platform strategy. Fast-growing platform company addressing multiple customer needs with our offerings. Disciplined investments yield operating income dollars growing faster th
Slide 125: FY26 guidance: Double-digit revenue growth
FY26 guidance: Double-digit revenue growth GUIDANCE FY26 GROWTH Total Revenue $20,997–$21,186 12%–13% Global Business Solutions $12,633–$12,742 14%–15% Excluding Mailchimp 15.5%–16.5% Consumer $8,364–$8,444 8%–9% TurboTax $5,305–$5,330 8% Credit Karma $2,423–$2,475 10%–13% ProTax $636–$639 2%–3% $ i
Slide 126: FY26 guidance: Strong operating income growth
FY26 guidance: Strong operating income growth GUIDANCE FY26 GROWTH GAAP operating income $5,782–$5,859 17%–19% GAAP operating margin 27.5%–27.7% 140–150 bps Non-GAAP operating income $8,611–$8,688 14%–15% Non-GAAP operating margin 41.0% 80 bps GAAP diluted EPS $15.49–$15.69 13%–15% Non-GAAP diluted
Slide 127: Confident in delivering our long-term expectations
Confident in delivering our long-term expectations BUSINESS PLATFORM CONSUMER PLATFORM 15%–20% 6%–10% 10%–15% Global Business Solutions Group TurboTax Credit Karma Long-term expectation for Long-term expectation for Long-term expectation for annual revenue growth annual revenue growth annual revenue
Slide 128: Key takeaways
Key takeaways Large TAM with ample With just 6% penetration across a $327B global TAM, we have a massive runway for growth opportunity, ample headroom for growth, and a clear strategy to win. Strong and durable Our three Big Bets represent durable growth engines, positioning us to deepen our TAM pen
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Slide 130: About non-GAAP financial measures
About non-GAAP financial measures The accompanying presentation contains non-GAAP financial measures. Table 1, Table 2, and Table 3 reconcile the non-GAAP financial measures in the presentation to the most directly comparable financial measures prepared in accordance with Generally Accepted Accounting P
Slide 131: About non-GAAP financial measures (cont.)
About non-GAAP financial measures (cont.) We believe these non-GAAP financial measures provide meaningful supplemental information regarding Intuit’s operating results primarily because they exclude amounts that we do not consider part of ongoing operating results when planning and forecasting and whe
Slide 132: About non-GAAP financial measures (cont.)
About non-GAAP financial measures (cont.) Gains and losses on debt securities and other investments. We exclude from our non-GAAP financial measures credit losses on available-for-sale debt securities and gains and losses on other investments. Gains and losses on executive deferred compensation plan a
Slide 133: Table 1: Reconciliation of historical non-GAAP financial measures
Table 1: Reconciliation of historical non-GAAP financial measures to the most directly comparable GAAP financial measures (Dollars in millions, except per share amounts) Fiscal Fiscal Fiscal Fiscal Fiscal Fiscal See "About Non-GAAP Financial Measures" immediately 2025 2024 2023 2022 2019 2014 precedin
Slide 134: Table 2: Reconciliation of forward-looking guidance
Table 2: Reconciliation of forward-looking guidance for non-GAAP financial measures to projected GAAP revenue, operating income, operating margin, and EPS (Dollars in millions, except per share amounts) Forward-Looking Guidance GAAP Non-GAAP See “About Non-GAAP Financial Measures” immediately Range o
Slide 135: Table 3: Calculation of free cash flow
Table 3: Calculation of free cash flow (Dollars in millions) Fiscal Fiscal Fiscal Fiscal To supplement our statements of cash flows prepared in 2025 2024 2023 2022 accordance with GAAP, we use free cash flow to analyze cash flow generated from operations. We define free cash flow as net Net cash provided
Slide 136: Cautions about forward-looking statements
Cautions about forward-looking statements This presentation contains forward-looking statements, including expectations regarding: forecasts and timing of growth and future financial results of Intuit and its reporting segments; our prospects for the business in FY26 and beyond; our growth outside th