Intuit’s Revenue Breakdown by Segment (2016-2022)

This statistic highlights Intuit’s Revenue Breakdown by Segment, split across Consumer, ProConnect, Small Business & Self-Employed, reported on a quarterly basis from 2016 onwards.

Intuit’s Revenue Breakdown by Segment

The following table highlights the company’s revenue by segment for Q1 2022, Q4 2021, and Q1 2021.

(All figures in millions, except percentages)

Small Business & Self-Employed

The company generates most of its revenue from this segment. It helps, self-employed, small businesses as well as accounting professionals who advise and assist businesses, around the world. Its integrated platform comprises the following products and services:

• QuickBooks Online
• QuickBooks Desktop Software
• Employer Solutions (Payroll and Time Tracking)
• Payment Processing Solutions
• Capital for Small Businesses
• QuickBooks Cash
• Financial Supplies

Revenue from this segment marked an upsurge of about 22.18% on a quarter-on-quarter basis, amounting from $1,181 million in 2021 to $1,443 million in 2022. It also grew by 15.25% corresponding to $1,252 million earned in Q4 2021. This segment held about 90.81% of the total revenue earned by the company during Q1 2022.

Consumer

This segment comprises TurboTax products and services, which is facilitate customers to prepare and file their state and federal income tax returns quickly and precisely. They are designed to facilitate easy functioning, yet robust enough for complex tax returns. They are available either desktop or as online versions. Customers employing online services, if require further guidance along the way, can avail themselves of expert services all year round. The company also provides assisted services through experts who prepare, sign and file tax returns on behalf of customers. This segment also provides Mint offering, which is a personal finance service, helping customers to keep a track of their finances and daily financial behavior. The consumer segment mainly serves consumers residing in the U.S. and Canada.

Revenue from this segment marked a slight growth of about 0.84% on a quarter-on-quarter basis, amounting from $119 million in Q1 2021 to $120 million in Q1 2022. However, it declined hugely by 85.91% as compared to $852 earned in Q4 2021. The consumer segment held about 7.55% of the total revenues generated by the company during Q1 2022.

ProConnect

This segment comprises professional tax offerings which assist professional accountants mainly residing in U.S. and Canada. These offerings facilitate accountants to file for consumers, small businesses, commercial state, and federal tax returns, efficiently and electronically. It consists of ProSeries, Lacerte, ProConnect Tax Online in the U.S., and ProTax Online and ProFile in Canada. Its products and services are bifurcated below:

• Lacerte is devised for full-service accounting enterprises that address complicated returns.
• ProSeries is devised for year-round tax preparations handling relatively complex tax returns.
• ProConnect Tax Online is a cloud-based solution, devised for full-service year-round practices, addressing all forms of consumer and small business tax returns.
• ProFile is developed for year-round full-service accounting enterprises for consumer and business tax returns.
• ProTax Online is a cloud-based tax solution, devised for full-service year-round practices, addressing all forms of consumer and small business tax returns.

In addition, it also offers a wide range of tax-related services that go hand-in-hand in the process of preparing tax returns. It includes year-round document storage, e-signature, collaboration services, and bank products; and additional capabilities such as desktop hosting, fixed asset management, and third-party solutions for practice management. Revenue from this segment marked growth of about 13.04% on a quarter-on-quarter basis, amounting from $23 million in Q1 2021 to $26 million in Q1 2022. However, it decreased largely by 50% compared to $52 million earned in Q4 2021.

About the Company

Intuit Inc’s key region of operation lies in the United States, It offers financial management and compliance products and services for Individuals, Small businesses, and Accountants. Founded in 1983 by Scott Cook and Tom Proulx, the company is headquartered in Mountain View, California. The company currently has 20 offices and over 14,200 employees working worldwide. QuickBooks, Turbo Tax, and Mint are the company’s flagship products, assisting customers to operate their small businesses, send invoices and pay employees, separate business and personal expenses, file income taxes and track their money. On December 3, 2020, the company acquired Credit Karma Inc which provides personalized financial services to members including loans, insurance, credit cards, and checking and saving accounts via an FDIC member bank partner. The company’s common stock is traded on the “NASDAQ” stock exchange under the ticker symbol “INTU”.

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