Analysis of Revenues
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Revenues as Reported
Intuit Inc., income statement, revenues
US$ in millions
Based on: 10-K (reporting date: 2025-07-31), 10-K (reporting date: 2024-07-31), 10-K (reporting date: 2023-07-31), 10-K (reporting date: 2022-07-31), 10-K (reporting date: 2021-07-31), 10-K (reporting date: 2020-07-31).
The revenue data over the analyzed periods reveals several key trends across different business segments.
- QuickBooks Online Accounting
- Demonstrates a consistent and robust growth trajectory, increasing from 1,354 million USD in 2020 to an estimated 4,120 million USD by 2025. This reflects strong demand and successful market penetration in cloud-based accounting solutions.
- Online Services
- Revenue in this segment significantly expands, particularly notable from 2021 onward, where it more than doubles from 1,051 million USD in 2021 to an estimated 4,182 million USD in 2025. This suggests that online service offerings are becoming increasingly critical to overall growth.
- Online Ecosystem
- This category, encompassing broader online offerings, shows parallel upward trends with revenue rising from 2,182 million USD in 2020 to 8,302 million USD by 2025, indicating strong integration and customer engagement with digital ecosystems beyond standalone services.
- QuickBooks Desktop Accounting
- Shows steady incremental growth from 755 million USD in 2020 to a projected 1,672 million USD in 2025, underscoring a continued relevance of desktop solutions, albeit at a slower growth pace compared to online offerings.
- Desktop Services and Supplies
- Revenues remain relatively flat, fluctuating marginally between 1,103 million USD and 1,252 million USD over the period, peaking around 2024 and then decreasing slightly, indicating a mature or possibly declining market segment.
- Desktop Ecosystem
- Reflects moderate growth with revenue rising steadily from 1,868 million USD in 2020 to 2,775 million USD in 2025, which suggests stable but slower expansion compared to the online ecosystem.
- Global Business Solutions
- Exhibits strong upward performance, increasing from 4,050 million USD in 2020 to an anticipated 11,077 million USD by 2025. This segment represents a significant portion of the overall revenue base and underscores successful scaling of business-to-business solutions.
- Consumer
- Consumer-driven revenue increases steadily from 3,136 million USD in 2020 to 4,870 million USD in 2025, indicating solid and sustained growth in consumer-focused products and services.
- Credit Karma
- Data starts in 2021 with 865 million USD and shows rapid initial growth to 1,805 million USD in 2022 before a slight dip in 2023 and 2024, followed by recovery to 2,263 million USD in 2025. This pattern may reflect a strong but somewhat volatile adoption cycle or market adjustments.
- ProTax
- Revenues display gradual growth from 493 million USD in 2020 to 621 million USD projected in 2025, representing a steady but modest increase typical of established tax preparation services.
- Net Revenue
- Overall net revenue shows a consistent and substantial upward trend, expanding from 7,679 million USD in 2020 to a projected 18,831 million USD in 2025. This indicates strong, diversified revenue growth across multiple segments, with particularly rapid expansion in online and global business solutions.
In summary, the data presents a clear shift towards online and global business services as key drivers of growth, while traditional desktop and consumable segments maintain stability with more moderate increases. The expanding online ecosystem and Credit Karma's growth reflect evolving consumer and business demands for integrated, cloud-based financial solutions.