Intuit’s Revenue by Platform (2016-2022)

This statistic highlights Intuit’s Revenue by Platform, split between Desktop ecosystems and Online Ecosystems segments, reported on a quarterly basis from 2016 onwards.

Intuit is a global technology provider that helps small firms and consumers to overcome their crucial financial challenges by offering accounting and tax filing solutions and providing services to small businesses, individuals, and accountants.

Intuit’s Revenue by Platform

The following table shows Intuit’s Revenue by Platform in some of the recent quarters.

(All figures in millions, except percentages)

Intuit’s total revenue by platform increased from $1,181 million in Q1 2021 to $1,443 million in Q1 2022, marking a 22.18% growth on a year-on-year basis. It also grew by 15.25% compared to $1,252 million earned in Q4 2021.

The total revenue earned from the platforms is bifurcated into 2 categories as follows:

Desktop Ecosystem

The Desktop Ecosystem comprises revenue from:

• The company’s QuickBooks Desktop packaged software products- Desktop for Mac, Desktop pro, QuickBooks Point of Sale, and Desktop Premier.
• QuickBooks Desktop software subscription- ProAdvisor Program memberships for the accounting professionals who provide services to small businesses and QuickBooks Desktop Pro Plus, QuickBooks Enterprise, and QuickBooks Desktop Premier Plus.
• Desktop payroll products- QuickBooks Assisted Payroll, QuickBooks Basic Payroll, and QuickBooks Enhanced Payroll.
• Merchant payment processing services for small firms that use desktop services.
• Financial Supplies.
• Financing for small businesses.

Revenue Trend: The revenue generated from this category is 41% of the total revenue generated by the company. It increased from $560 million in Q1 2021 to $598 million in Q1 2022, marking a 6.8% growth on a year-on-year basis. It also grew by 24% compared to $482 million earned in Q4 2021. The main reason for the increase in Q1 2022 compared with Q1 2021 is due to the growth in the company’s QuickBooks Desktop Enterprise subscription services, which was partly offset by a reduction in Desktop unit sales. The company discontinued its QuickBooks Desktop packaged software products and now sells them on a subscription basis. Also, during Q1 2022 there was a rise in revenue from its Desktop Payment services and Desktop Payroll.

Online Ecosystem (QBO)

The Online Ecosystem comprises revenue from:

• QuickBooks Online, QuickBooks Online Advanced, QuickBooks Live, and QuickBooks Self-Employed financial and business management services.
• Small business payroll services- QuickBooks Online Payroll, Intuit Full-Service Payroll, Intuit Online Payroll.
• Merchant payment processing services for small firms that use online services.
• QuickBooks Cash, QuickBooks Commerce, and financing for small firms.

Revenue Trend: The revenue generated from this category is 59% of the total revenue generated by the company. It increased from $621 million in Q1 2021 to $845 million in Q1 2022, marking a 36% growth on a year-on-year basis. It also grew by 9.7% compared to $770 million earned in Q4 2021. The main reason for the increase in revenue in Q1 2022 compared with Q1 2021 is the increase in QuickBooks Online Accounting revenue, due to an increase in customers and higher effective rate with a shift in the mix of the company’s High-priced services. There was also a rise in online service revenue primarily because of an increase in revenue from the company’s payroll and payment services. Online payroll revenue increased due to increased customers and drift in the mix to the company’s full-service offerings. And finally, the online payment revenue increased because of an increase in customers and a rise in charge volume per customer.

About the Company

Intuit is an American software company that helps consumers, small businesses, and the self-employed to flourish by providing financial management and compliance products and services. The company was founded in 1983 and is headquartered in California, United States. The founders of the company are Scott Cook and Tom Proulx and it is listed on Nasdaq Global Select Market (“NASDAQ”) under the ticker symbol “INTU”.
The company also offers specialized tax products to the accounting professionals who are the key partners and help the company to serve small business customers. The business of the company is divided into four reportable segments which are Small Business and Self-Employed, Credit Karma, Consumer, and ProConnect. Intuit has 14,200 employees globally with 20 offices in nine countries and is serving more than 100 million customers across all the segments.

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