Intuit posts solid Q4 results with 41% revenue growth

The company reported strong results across categories, including Credit Karma, its Small Business and Self-Employed Group and its Consumer Group.
Written by Stephanie Condon, Senior Writer

Intuit on Tuesday published better-than-expected fourth-quarter financial results.

Non-GAAP earnings per share came to $1.97. Revenue was $2.56 billion, up 41% from $1.8 billion in the prior year, including the addition of Credit Karma. 

Analysts were looking for earnings of $1.68 per share on revenue of $2.32 billion. 

"We had a very strong fourth quarter capping off an outstanding fiscal 2021," CEO Sasan Goodarzi said in a statement. "Our momentum continues across the company with accelerated innovation focused on our customers' most important needs while creating durable growth opportunities for Intuit in the future." 

For the full year, Intuit reported earnings per share of $9.74 and total revenue to $9.6 billion, up 25% year-over-year.

The company's Q4 Consumer Group revenue came to $852 million, compared to $710 million in the prior year. For the full year, Consumer Group revenue grew 14% to $3.6 billion.

Small Business and Self-Employed Group revenue grew by 19% to $1.3 billion in Q4. For the full year, it grew by 16%.  

Within the Small Business and Self-Employed Group, QuickBooks Online accounting revenue grew 28% for the quarter and 25% for the year. Growth was driven primarily by customer growth, mix shift, and higher effective prices.

Online services revenue grew 35% for the quarter and 27% for the year. Growth was driven by QuickBooks Online payments and QuickBooks Online payroll.

The Paycheck Protection Program (PPP) generated non-recurring revenue of $4 million and $20 million in the fourth quarter and fiscal 2021, respectively, and $30 million in each of the fourth quarter and fiscal 2020.

Credit Karma revenue in Q4 came to $405 million, a quarterly record for the business. Both the core verticals (including credit cards and personal loans) and growth verticals (including home and auto loans and insurance) saw record-high revenue in the quarter. For the full year, Credit Karma revenue was $865 million.

For the first quarter of FY 2022, Intuit expects revenue growth of approximately 36% to 38%. For the full fiscal year 2022, the company expects revenue of $11.05 billion to $11.2 billion, a growth of approximately 15% to 16%.

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