Intuit Inc.

QuickBooks Online serves 7+ million subscribers on a recurring SaaS basis, and the Consumer segment has historically achieved high annual repeat rates from a compliance-driven user base. Total revenue grew in each fiscal year from FY2020 through FY2025, including through COVID disruption, with subscription-heavy Global Business Solutions representing roughly 59% of FY2025 revenue.

Global Business Solutions (QuickBooks, payroll, payments) generated roughly 59% of FY2025 revenue, Consumer (TurboTax) approximately 26%, and Credit Karma the remainder. Credit Karma and Consumer provide some structural diversification, but the QuickBooks and Consumer segments both share concentrated exposure to U.S. small business and household financial health.

International revenue represented approximately 8% of consolidated revenue in FY2025, FY2024, and FY2023, with all three main segments generating revenue primarily from U.S. customers. Near-complete dependence on one market concentrates exposure to U.S. economic conditions, IRS policy decisions, and domestic competitive dynamics.

Gross margin held near 81% in FY2025, reflecting the QuickBooks Online platform's asset-light delivery model where additional subscriptions require minimal incremental cost. R&D and marketing investment remain substantial, absorbing some of the gross-margin advantage at the operating level, but the incremental economics of the subscription business are strongly positive.

The QuickBooks platform delivers payroll, payments, and accounting in a mission-critical subscription bundle where switching away disrupts daily business operations. The Consumer tax segment is annually recurring and compliance-driven; Credit Karma's credit marketplace and financial products carry more transactional and ad-based characteristics, moderating the overall quality profile.