MOUNTAIN VIEW — Financial company Intuit Inc., maker of TurboTax, Credit Karma, QuickBooks, and Mailchimp, announced strong results for the third quarter of fiscal 2025, which ended April 30. Shares were up 8% during Friday trading.
“We have exceptional momentum with outstanding performance across our platform. We’re redefining what’s possible with AI by becoming a one-stop shop of AI-agents and AI-enabled human experts to fuel the success of consumers and small and mid-market businesses,” said Sasan Goodarzi, Intuit’s chief executive officer. “We had an outstanding year in tax, including a significant acceleration in TurboTax Live revenue growth as we disrupt the assisted tax category.”
For the third quarter, Intuit:
- Grew total revenue to $7.8 billion, up 15 percent.
- Increased Consumer Group revenue to $4.0 billion, up 11 percent.
- Grew Global Business Solutions Group revenue to $2.8 billion, up 19 percent; grew Online Ecosystem revenue to $2.1 billion, up 20 percent.
- Increased Credit Karma revenue to $579 million, up 31 percent.
- Grew ProTax Group revenue to $278 million, up 9 percent.
For the full fiscal year, Intuit expects:
- TurboTax Live revenue to grow 47 percent to $2.0 billion, representing approximately 40 percent of total Consumer Group revenue, and TurboTax Live units to grow 24 percent.
- TurboTax Online paying units to grow approximately 6 percent on share gains from higher average revenue per return (ARPR) filers, and ARPR to increase approximately 13 percent, as more customers chose assisted offerings and faster access to refunds.
- Pay-nothing customers of approximately 8 million, down from over 10 million last year, due to yielding share with lower ARPR customers. As a result, total TurboTax Online units to decline approximately 1 percent, and TurboTax share of total IRS returns to decline approximately 1 point.
