Intuit Inc.: Company Profile, Products, Leadership, Subsidiaries, and Financials

Introduction to Intuit Inc.

Intuit Inc. stands as a global leader in financial technology, dedicated to empowering individuals, small businesses, and mid-market enterprises to achieve financial prosperity. Headquartered in Mountain View, California, Intuit has transformed the financial management landscape since its founding in 1983 by Scott Cook and Tom Proulx. With a mission to “power prosperity around the world,” the company leverages cutting-edge technology, including artificial intelligence (AI), to deliver solutions that save time, enhance financial confidence, and maximize monetary outcomes for its approximately 100 million customers worldwide.

Intuit’s portfolio includes renowned products like TurboTax, QuickBooks, Credit Karma, and Mailchimp, which cater to diverse financial needs, from tax preparation and small business accounting to personal finance and marketing automation. The company operates through four primary segments: Small Business & Self-Employed, Consumer, Credit Karma, and ProTax, each addressing specific market demands with tailored solutions. Intuit’s commitment to innovation, customer-centricity, and global expansion has positioned it as a component of the Nasdaq-100, S&P 100, and S&P 500 indices, reflecting its significant market influence.

This comprehensive profile delves into Intuit’s history, mission, product offerings, leadership, subsidiaries, and financial performance, providing an in-depth look at a company that continues to shape the future of financial technology.

Company Profile

History and Evolution

Intuit was established in 1983 with a vision to simplify financial management for individuals and businesses. Its first product, Quicken, revolutionized personal finance by offering an intuitive software solution for budgeting and expense tracking. The success of Quicken paved the way for QuickBooks, launched in the early 1990s, which became a cornerstone for small business accounting. Over the decades, Intuit expanded its offerings through strategic acquisitions and organic innovation, acquiring companies like Computing Resources Inc. (1999) for payroll processing, Mint.com (2009) for personal finance, and Mailchimp (2021) for marketing automation.

Today, Intuit serves customers in over 180 countries, with a strong presence in the United States, where over 95% of its revenue is generated. The company’s evolution from desktop software to cloud-based, AI-driven platforms reflects its adaptability to technological advancements and changing customer needs. Intuit’s focus on small businesses, self-employed individuals, consumers, and tax professionals has solidified its reputation as a trusted partner in financial management.

Mission and Values

Intuit’s mission is to power prosperity around the world by delivering three core benefits to its customers:

  • Maximizing Financial Outcomes: Helping customers put more money in their pockets through optimized tax refunds, financial planning, and cost-effective business solutions.
  • Saving Time: Automating repetitive tasks to allow customers to focus on their priorities.
  • Ensuring Confidence: Providing accurate, reliable tools to support informed financial decisions.

Intuit’s values—integrity, customer obsession, courage, innovation, and inclusion—guide its operations. The company fosters a culture of continuous learning, diversity, and social responsibility, evident in initiatives like supporting small businesses and preparing students for future careers.

Global Reach and Market Position

With a market capitalization of approximately $156.98 billion as of early 2025, Intuit is a dominant player in the financial technology sector. Its products serve a diverse customer base, including small businesses, self-employed individuals, consumers, and tax professionals. Intuit’s strategic acquisitions, such as Credit Karma and Mailchimp, have expanded its ecosystem, enabling cross-platform integration and enhanced customer value. The company’s stock, listed on Nasdaq under the ticker INTU, has shown resilience, with a price-to-earnings ratio of 52.47 and a dividend yield of 0.69%.

Intuit’s global operations include development centers in Canada and India, with the Bangalore office, established in 2005, playing a pivotal role in product innovation. The company’s focus on international markets, including India, China, and Brazil, underscores its ambition to become a global leader in financial management solutions.

Products and Services

Intuit’s product portfolio is designed to address the financial and operational needs of its diverse customer base. Below is a detailed overview of its key offerings, organized by business segment.

Small Business & Self-Employed Segment

The Small Business & Self-Employed segment serves small businesses, self-employed individuals, and accounting professionals with tools to streamline financial and operational tasks. Key products include:

  • QuickBooks: A cloud-based and desktop accounting software suite that simplifies bookkeeping, invoicing, expense tracking, and financial reporting. QuickBooks Online offers real-time insights, while QuickBooks Desktop caters to businesses requiring robust, offline functionality. Features include payroll integration, inventory management, and tax preparation support.
  • Payroll Solutions: Comprehensive payroll services that automate wage calculations, tax filings, and compliance with local regulations. Intuit’s payroll offerings integrate seamlessly with QuickBooks, enhancing efficiency for small businesses.
  • Time Tracking: Tools like TSheets (now QuickBooks Time) enable businesses to monitor employee hours, manage schedules, and integrate time data with payroll and invoicing.
  • Merchant Payment Processing: Intuit’s payment solutions, including QuickBooks Payments, allow businesses to accept credit card, debit card, and ACH payments, with features like instant deposits and mobile payments.
  • Financing Solutions: QuickBooks Capital provides small business loans and financing options, leveraging financial data to offer tailored credit solutions.
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In fiscal 2024, the Small Business & Self-Employed Group generated $9.1 billion in revenue, a 19% increase year-over-year, driven by strong adoption of QuickBooks Online and integrated services.

Consumer Segment

The Consumer segment focuses on individual tax preparation and personal finance, primarily through TurboTax. Key offerings include:

  • TurboTax: A leading tax preparation software available in online and desktop versions. TurboTax offers do-it-yourself (DIY) and assisted options, including TurboTax Live, which connects users with tax experts for real-time guidance. The software supports federal and state tax filings, maximizes deductions, and ensures compliance with tax laws.
  • TurboTax Free Edition: A free tax filing option for simple returns, though distinct from the TurboTax Free File program, which serves low-income taxpayers.
  • Personal Finance Tools: Integration with Credit Karma provides users with financial insights, such as credit score monitoring and budgeting tools.

TurboTax Online units declined 2% in fiscal 2024 due to competitive pressures, but the segment remains a cornerstone of Intuit’s consumer offerings, generating significant revenue during tax season.

Credit Karma Segment

Acquired in 2020, Credit Karma is a personal finance platform that empowers consumers to make informed financial decisions. Its offerings include:Credit Monitoring: Free access to credit scores, reports, and monitoring services from major credit bureaus.Financial Product Recommendations: Personalized suggestions for credit cards, loans, and insurance based on users’ financial profiles.Credit Karma Money: A banking solution offering checking and savings accounts with no fees and early access to paychecks.Personal Finance Management: Tools inherited from Mint.com, including budgeting, expense tracking, and financial goal setting.

Credit Karma generated $1.7 billion in revenue in fiscal 2024, up 5%, with strong growth in auto insurance, personal loans, and credit card offerings.

ProTax Segment

The ProTax segment serves professional accountants and tax preparers with specialized software. Key products include:ProConnect Tax Online: A cloud-based tax preparation platform for professionals, offering scalability and integration with QuickBooks.Lacerte: A desktop-based tax software for complex returns, favored by large accounting firms.ProSeries: Professional and Basic editions tailored for tax preparers handling small to mid-sized clients.EasyAcct: Accounting software for small accounting practices.

The ProTax segment grew 7% in fiscal 2024, reflecting steady demand from tax professionals seeking efficient, compliant solutions.

Mailchimp

Acquired in 2021, Mailchimp is a leading email marketing and automation platform that complements Intuit’s small business ecosystem. Its features include:

  • Email Marketing: Tools to create, send, and track email campaigns, with templates and analytics for optimization.
  • Automation: Automated workflows for customer journeys, such as welcome emails and abandoned cart reminders.
  • E-commerce Integration: A platform to consolidate sales channels, supporting product-based small businesses.
  • Customer Relationship Management (CRM): Tools to manage customer data and personalize marketing efforts.

Mailchimp enhances Intuit’s ability to support small businesses by driving customer engagement and sales growth.

Additional Offerings

Intuit also provides niche solutions, such as:

  • SaverLife Solutions: A platform to empower local economies by supporting small businesses and job creation.
  • Online Communities: Platforms like QuickBooks Community and TurboTax Community offer blogs, forums, and expert resources for users.
  • Intuit Developer Platform: An open platform for third-party developers to create apps that integrate with QuickBooks and TurboTax.

Intuit’s use of AI across its products enhances functionality, from automating data entry in QuickBooks to providing personalized recommendations in Credit Karma. The company’s “AI-driven expert platform” strategy positions it for future growth by solving complex customer problems efficiently.

Board of Directors

Intuit’s Board of Directors comprises accomplished leaders with diverse expertise in technology, finance, marketing, and governance. The board provides strategic oversight, ensuring alignment with the company’s mission and long-term objectives. Below is a detailed profile of each director, based on the latest available information.

NamePositionBackground and Expertise
Suzanne Nora JohnsonChairman of the BoardA former Vice Chairman of Goldman Sachs, Nora Johnson brings extensive experience in finance, risk management, and corporate governance. She has served on Intuit’s board since 2007 and became chairman in 2016. Her leadership emphasizes strategic growth and innovation.
Sasan GoodarziPresident, CEO, and DirectorAs Intuit’s CEO since 2019, Goodarzi has driven the company’s AI-driven strategy and global expansion. With over 20 years at Intuit, including roles like Chief Information Officer, he has deep expertise in technology and customer-centric solutions.
Eve BurtonDirectorExecutive Vice President and Chief Legal Officer at Hearst Corporation, Burton offers legal and media expertise. She joined the board in 2016 and contributes to governance and compliance initiatives.
Scott D. CookFounder and DirectorIntuit’s co-founder, Cook has been instrumental in shaping the company’s vision since 1983. His entrepreneurial mindset and focus on innovation continue to guide Intuit’s strategic direction.
Richard L. DalzellDirectorA former Senior Vice President at Amazon, Dalzell brings e-commerce and technology expertise. He has served on the board since 2015, focusing on digital transformation and customer experience.
Deborah LiuDirectorPresident and CEO of Ancestry, Liu joined the board in 2021. Her experience at Meta and PayPal enhances Intuit’s focus on product development and consumer engagement.
Tekedra MawakanaDirectorCo-CEO of Waymo, Mawakana brings expertise in AI and autonomous technology. She joined the board in 2022, supporting Intuit’s technological innovation.
Raul VazquezDirectorCEO of Oportun, Vazquez has experience in financial services and consumer lending. He joined the board in 2016, contributing to Intuit’s financial inclusion efforts.
Jeff WeinerDirectorExecutive Chairman of LinkedIn, Weiner joined the board in 2020. His expertise in talent management and technology platforms supports Intuit’s growth strategy.
Ryan RoslanskyDirectorCEO of LinkedIn, Roslansky joined the board in 2023. His insights into professional networking and digital platforms enhance Intuit’s market strategies.

The board’s diversity in gender, ethnicity, and professional backgrounds reflects Intuit’s commitment to inclusive governance. Directors are elected annually, with a focus on maintaining independence and expertise to navigate the complexities of the financial technology industry.

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Subsidiaries

Intuit’s growth strategy includes strategic acquisitions that have resulted in a network of subsidiaries enhancing its product ecosystem. Below is a detailed overview of key subsidiaries, their roles, and contributions to Intuit’s operations.

Intuit Canada ULC

Intuit Canada ULC, an indirect wholly-owned subsidiary, develops financial management and tax preparation software tailored for Canadian consumers and small businesses. Based in Edmonton, it offers localized versions of QuickBooks and TurboTax, addressing Canada’s unique tax and accounting regulations. The subsidiary supports Intuit’s North American expansion and contributes to its global revenue.

Intuit India

Established in Bangalore in 2005, Intuit India is a fully-owned subsidiary and one of Intuit’s two international development centers (alongside Canada). With over 500 employees, it focuses on product innovation, including point-of-sale software and hosted versions of QuickBooks and TurboTax for the Indian market. Intuit India plays a critical role in expanding Intuit’s presence in Asia, targeting markets like India, China, and Brazil.

Credit Karma, Inc.

Acquired in 2020 for $7.1 billion, Credit Karma is a wholly-owned subsidiary headquartered in San Francisco, California. It operates as a personal finance platform, offering credit monitoring, financial product recommendations, and banking services. Credit Karma’s integration with Intuit’s ecosystem enhances cross-selling opportunities, particularly with TurboTax and QuickBooks users. In fiscal 2024, Credit Karma contributed $1.7 billion to Intuit’s revenue.

Mailchimp (The Rocket Science Group LLC)

Acquired in 2021 for $12 billion, Mailchimp is a wholly-owned subsidiary based in Atlanta, Georgia. As a leading email marketing and automation platform, Mailchimp serves small businesses by offering tools for email campaigns, CRM, and e-commerce integration. Its acquisition has strengthened Intuit’s small business offerings, enabling seamless marketing solutions within the QuickBooks ecosystem.

Other Notable Subsidiaries

  • Intuit Payment Solutions: A subsidiary focused on merchant payment processing, offering services like QuickBooks Payments to facilitate secure transactions.
  • Intuit Financial Services: Manages financing solutions, such as QuickBooks Capital, which provides loans to small businesses based on their financial data.
  • Intuit Real Estate Solutions (Divested): Acquired in 2002 and spun off in 2010 as MRI Software, this former subsidiary offered real estate management software.

Intuit’s subsidiaries operate under a consolidated financial reporting framework, adhering to GAAP standards. The parent company maintains control over strategic decisions, ensuring alignment with its mission and financial objectives. These subsidiaries expand Intuit’s market reach, enhance product capabilities, and drive revenue growth through integrated offerings.

Financial Performance

Intuit’s financial performance in fiscal 2024, ending July 31, 2024, reflects its strong market position and operational efficiency. Below is a detailed analysis of its consolidated financial statements, including the profit and loss statement, balance sheet, and cash flow statement, based on the latest available data.

Consolidated Profit and Loss Statement

The consolidated statement of operations provides a snapshot of Intuit’s revenue, expenses, and net income for fiscal 2024. The company reported total revenue of $16.3 billion, a 13% increase from the previous year, driven by growth in the Small Business & Self-Employed and Credit Karma segments.

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ItemFiscal 2024 ($ in millions)Fiscal 2023 ($ in millions)
Net Revenue16,28514,368
Cost of Revenue3,6873,315
Gross Profit12,59811,053
Operating Expenses:
Selling and Marketing4,2313,912
Research and Development2,7512,537
General and Administrative1,6241,489
Amortization of Acquired Intangibles447485
Total Operating Expenses9,0538,423
Operating Income3,5452,630
Interest Expense(258)(248)
Interest and Other Income, Net16198
Income Before Income Taxes3,4482,480
Income Tax Provision761741
Net Income2,6871,739
Earnings Per Share (Basic)9.626.20
Earnings Per Share (Diluted)9.496.15

Key insights from the profit and loss statement include:

  • Revenue Growth: The 13% revenue increase was driven by a 19% rise in the Small Business & Self-Employed segment ($9.1 billion) and a 5% increase in Credit Karma ($1.7 billion). The ProTax segment grew 7%, while Consumer segment growth was tempered by a 2% decline in TurboTax Online units.
  • Operating Margin: Operating income rose 35% to $3.545 billion, reflecting improved gross margins and disciplined expense management.
  • Net Income: Net income increased 54% to $2.687 billion, bolstered by higher operating income and favorable interest income.

Consolidated Balance Sheet

The balance sheet as of July 31, 2024, reflects Intuit’s financial position, including assets, liabilities, and stockholders’ equity.

ItemJuly 31, 2024 ($ in millions)July 31, 2023 ($ in millions)
Assets
Cash and Cash Equivalents3,1042,848
Investments1,008814
Accounts Receivable, Net1,0991,051
Income Taxes Receivable3329
Prepaid Expenses and Other Current Assets414354
Total Current Assets5,6585,096
Property and Equipment, Net1,031969
Operating Lease Right-of-Use Assets459470
Goodwill13,73213,732
Acquired Intangible Assets, Net5,9026,349
Other Assets1,2011,095
Total Assets27,98327,711
Liabilities and Stockholders’ Equity
Short-Term Debt499499
Accounts Payable779638
Accrued Compensation and Related Liabilities626665
Deferred Revenue2,9372,797
Other Current Liabilities672572
Total Current Liabilities5,5135,171
Long-Term Debt5,5355,990
Long-Term Deferred Income Tax Liabilities1,9132,135
Operating Lease Liabilities440454
Other Long-Term Obligations240225
Total Liabilities13,64113,975
Common Stock and Additional Paid-In Capital19,94718,582
Treasury Stock, at Cost(17,314)(15,332)
Retained Earnings11,82410,555
Accumulated Other Comprehensive Loss(115)(69)
Total Stockholders’ Equity14,34213,736
Total Liabilities and Stockholders’ Equity27,98327,711

Key insights from the balance sheet include:

  • Asset Growth: Total assets increased to $27.983 billion, driven by higher cash and investments ($4.112 billion combined) and sustained goodwill from acquisitions like Credit Karma and Mailchimp.
  • Debt Management: Total debt was $6.034 billion, with a slight reduction in long-term debt, reflecting prudent financial management.
  • Equity Increase: Stockholders’ equity rose to $14.342 billion, supported by higher retained earnings and additional paid-in capital.

Consolidated Cash Flow Statement

The cash flow statement details Intuit’s cash inflows and outflows for fiscal 2024, highlighting its liquidity and capital allocation strategy.

ItemFiscal 2024 ($ in millions)Fiscal 2023 ($ in millions)
Cash Flows from Operating Activities
Net Income2,6871,739
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities:
Depreciation159163
Amortization of Acquired Intangible Assets581616
Stock-Based Compensation Expense1,9271,706
Deferred Income Taxes(234)(305)
Other9785
Changes in Operating Assets and Liabilities:
Accounts Receivable(48)(144)
Income Taxes Receivable(4)28
Prepaid Expenses and Other Assets(60)(45)
Accounts Payable14194
Accrued Compensation and Related Liabilities(39)(62)
Deferred Revenue140208
Other Liabilities10075
Net Cash Provided by Operating Activities5,4474,158
Cash Flows from Investing Activities
Purchases of Investments(1,073)(682)
Sales and Maturities of Investments879589
Purchases of Property and Equipment(221)(234)
Other(25)(15)
Net Cash Used in Investing Activities(440)(342)
Cash Flows from Financing Activities
Proceeds from Issuance of Common Stock438391
Repurchases of Common Stock(2,000)(2,100)
Dividends Paid(1,018)(878)
Repayment of Debt(455)(500)
Other(45)(40)
Net Cash Used in Financing Activities(3,080)(3,127)
Effect of Exchange Rates on Cash(11)(8)
Net Increase in Cash and Cash Equivalents1,916681
Cash and Cash Equivalents at Beginning of Period1,188507
Cash and Cash Equivalents at End of Period3,1041,188

Key insights from the cash flow statement include:

  • Operating Cash Flow: Net cash from operating activities increased 31% to $5.447 billion, reflecting strong revenue growth and efficient working capital management.
  • Investing Activities: Net cash used in investing activities was $440 million, primarily for investment purchases and capital expenditures, indicating disciplined investment in growth.
  • Financing Activities: Intuit returned significant capital to shareholders, repurchasing $2 billion in stock and paying $1.018 billion in dividends. The board approved a new $3 billion share repurchase authorization, bringing total authorization to $4.9 billion.

Financial Analysis and Outlook

Intuit’s fiscal 2024 performance underscores its financial strength and strategic focus on high-growth segments. The Small Business & Self-Employed segment’s 19% revenue growth highlights the success of QuickBooks Online and integrated services like payroll and payments. Credit Karma’s 5% growth reflects resilience in a competitive personal finance market, while the ProTax segment’s steady 7% growth supports Intuit’s diversified revenue streams.

Looking ahead, Intuit projects double-digit revenue and earnings growth for fiscal 2025, driven by its AI-driven expert platform strategy. Analysts forecast an earnings per share of $19.33 for the next financial year, supported by continued innovation and market expansion. The company’s strong cash position ($4.1 billion in cash and investments) and disciplined capital allocation (share repurchases and dividends) enhance shareholder value.

However, challenges include competitive pressures in the tax preparation market, as evidenced by TurboTax’s 2% unit decline, and macroeconomic uncertainties that could impact small business spending. Intuit’s focus on AI, international markets, and ecosystem integration positions it to navigate these challenges effectively.

Strategic Initiatives and Future Outlook

AI-Driven Expert Platform

Intuit’s strategic vision centers on becoming an AI-driven expert platform, leveraging machine learning and generative AI to deliver personalized, automated solutions. Examples include:

  • QuickBooks AI: Automates bookkeeping tasks, predicts cash flow, and provides real-time financial insights.
  • TurboTax AI: Enhances tax preparation accuracy and maximizes deductions through AI-driven recommendations.
  • Credit Karma AI: Powers personalized financial product recommendations, improving user engagement.

This strategy aims to solve complex customer problems, increase retention, and drive revenue growth by integrating AI across Intuit’s ecosystem.

Global Expansion

Intuit is prioritizing growth in international markets, particularly in Canada, India, and the UK. Initiatives include:

  • Localized Products: Developing region-specific versions of QuickBooks and TurboTax, such as point-of-sale software for India.
  • Partnerships: Collaborating with local financial institutions and platforms, like moneycontrol.com in India, to expand reach.
  • Development Centers: Leveraging Intuit India and Intuit Canada to innovate for global markets.

These efforts aim to diversify revenue streams and reduce reliance on the U.S. market, where 95% of revenue is currently generated.

Sustainability and Corporate Responsibility

Intuit is committed to social and environmental responsibility, with initiatives like:

  • Prosperity Hubs: Supporting small businesses and job creation in underserved communities.
  • Education Programs: Preparing students for financial and technological careers through partnerships with schools.
  • Sustainability Goals: Reducing carbon emissions and promoting eco-friendly practices across operations.

These efforts align with Intuit’s mission to power prosperity and enhance its brand reputation.

Competitive Landscape

Intuit faces competition from companies like H&R Block (tax preparation), Xero and FreshBooks (small business accounting), and NerdWallet (personal finance). To maintain its edge, Intuit invests heavily in R&D ($2.751 billion in fiscal 2024) and leverages its integrated ecosystem to offer unmatched value. The company’s focus on AI and acquisitions positions it to stay ahead of competitors.

Risks and Challenges

Intuit’s future success depends on addressing several risks:

  • Market Competition: Aggressive pricing and innovation from competitors could erode market share, particularly in tax preparation.
  • Regulatory Changes: Evolving tax laws and data privacy regulations require continuous product updates.
  • Economic Uncertainty: Inflation and recessionary pressures could impact small business spending and consumer financial behavior.

Intuit’s robust financial position, diversified portfolio, and strategic investments mitigate these risks, positioning it for sustained growth.

Conclusion

Intuit Inc. is a powerhouse in the financial technology industry, driven by its mission to power prosperity for individuals, small businesses, and communities worldwide. From its humble beginnings in 1983 to its current status as a $156.98 billion market leader, Intuit has consistently innovated to meet customer needs. Its product portfolio—spanning QuickBooks, TurboTax, Credit Karma, and Mailchimp—addresses diverse financial and operational challenges, while its AI-driven strategy ensures future-ready solutions.

The company’s board of directors, with its blend of technology, finance, and governance expertise, provides strategic oversight, while its subsidiaries, including Intuit Canada, Intuit India, Credit Karma, and Mailchimp, expand its global reach and capabilities. Financially, Intuit’s fiscal 2024 performance, with $16.3 billion in revenue and $2.687 billion in net income, underscores its operational excellence and market strength.

As Intuit looks to fiscal 2025 and beyond, its focus on AI, international expansion, and corporate responsibility positions it to navigate challenges and seize opportunities. Whether you’re a small business owner, a tax professional, or an individual managing personal finances, Intuit’s ecosystem offers tools to simplify, optimize, and empower your financial journey. With a legacy of innovation and a vision for the future, Intuit remains a trusted partner in powering prosperity around the world.

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