Intuit (INTU) Q4 2024 earnings summary

Executive summary

• Achieved strong Q4 and FY24 results, with full-year revenue up 13% to $16.3B and Q4 revenue up 17% to $3.2B, driven by AI-powered platform strategy and investments in key growth areas.

• Small Business and Self-Employed Group (now Global Business Solutions) led growth, with 19% annual and 20% Q4 revenue increases.

• Non-GAAP operating income for FY24 was $6.4B, with a non-GAAP operating margin of 39.3%.

• Progressed on AI-driven expert platform strategy and five Big Bets for durable growth.

• Confident in delivering double-digit revenue growth and margin expansion in FY25, with less than 5% penetration of a $300B TAM.

Financial highlights

• FY24 revenue grew 13% to $16.3B; Q4 revenue was $3.2B, up 17% year-over-year.

• FY24 GAAP operating income was $3.1B–$3.6B; non-GAAP operating income was $6.4B.

• GAAP and non-GAAP EPS grew 24% and 18%, respectively; FY24 GAAP EPS was $10.43, non-GAAP EPS $16.94.

• Q4 GAAP operating loss of $151M due to a $223M restructuring charge; Q4 non-GAAP EPS was $1.99, up 21%.

• Cash and investments at $4.1B; debt at $6B as of July 31, 2024.

Outlook and guidance

• FY25 revenue guidance: $18.16B–$18.35B, up 12%–13%.

• FY25 GAAP EPS guidance: $12.34–$12.54 (up 18%–20%); non-GAAP EPS: $19.16–$19.36 (up 13%–14%).

• FY25 non-GAAP operating income expected between $7.24B–$7.32B.

• Segment FY25 revenue growth: Global Business Solutions 16%–17%, Consumer 7%–8%, ProTax 3%–4%, Credit Karma 5%–8%.

• Q1 FY25 revenue growth expected at 5%–6%, with Desktop Ecosystem revenue to decline ~20% due to revenue recognition changes.