Intuit Q2 Revenue Climbs 17% to $4.7B; $961M Buyback, Dividend Up 15%
Intuit reported Q2 revenue of $4.7 billion, up 17% year-over-year, with GAAP EPS rising to $2.48 and non-GAAP EPS to $4.15. The company repurchased $961 million of stock, raised its quarterly dividend by 15% to $1.20, and highlighted AI-driven growth in payments (+29%) and QuickBooks Live customers (+50%).
1. Financial Performance
Intuit reported Q2 revenue of $4.7 billion, up 17% year-over-year, with GAAP diluted EPS of $2.48 compared with $1.67 last year and non-GAAP diluted EPS of $4.15 against $3.32. GAAP operating income rose to $855 million from $593 million, while non-GAAP operating income increased to $1.5 billion from $1.3 billion.
2. Capital Returns and Balance Sheet
The company repurchased $961 million of stock in Q2 and raised its quarterly dividend by 15% to $1.20. It ended the quarter with approximately $3 billion in cash against $6.2 billion of debt, underlining a disciplined approach to capital allocation.
3. AI-Driven Growth Across Platforms
More than 3 million customers engaged AI agents with repeat usage exceeding 85%, and accounting agents categorized 237 million transactions in January. Management highlighted 29% growth in payments volume, a doubling of Bill Pay volume, 50% customer growth in QuickBooks Live, and 40% mid-market revenue growth for QuickBooks Online Advanced and Intuit Enterprise Suite.
4. Consumer Tax and Credit Services
Consumer Group revenue rose 15% driven by 23% growth in Credit Karma and 12% in TurboTax despite a decline in overall IRS filings, supported by AI features such as automated data entry used by over 80% of users. The company now operates around 600 AI-powered assisted tax centers, and a new cost basis agent saved customers an average of $12,000 in taxable income adjustments.