Intuit (INTU) investor relations material

Key business performance and market trends

• Assisted tax category saw 38% customer growth and 36% revenue growth, now representing 51% of total TurboTax revenue.

• TurboTax customers starting in Credit Karma grew 54%, highlighting platform integration benefits.

• Early refund products delivered $25 billion to customers, supporting customer retention and satisfaction.

• DIY tax segment faced headwinds due to industry-wide contraction and high churn among value-seeking customers.

• E-file growth slowed to 1% from a historical 2%, with overall IRS category contracting by 30 basis points.

Strategic initiatives and product innovation

• AI-driven digital assistant enabled 15 million customer interactions, reducing call center volume and improving conversion.

• 93% of forms now processed automatically via LLM-based models, shifting TurboTax to an AI-first experience.

• Local expansion with 500+ service centers improved customer acquisition in the assisted category.

• Integration with OpenAI, Claude, and Gemini aims to meet customers where they seek information and streamline onboarding.

• Focus on advisory over workflow in assisted services, leveraging AI to automate data entry and enhance expert guidance.

Forward-looking statements and growth opportunities

• No change to long-term TurboTax Live growth target of 17%-20%.

• Continued focus on growing share in the assisted tax market, especially among 87 million assisted filers.

• Expansion into small business tax and deeper integration with Credit Karma to drive year-round engagement.

• Monetization strategies include value-added services such as fast money products and financial tools via Credit Karma.

• Ongoing investment in AI to improve efficiency, customer experience, and pricing competitiveness.