Intuit

The business is highly recurring and diversified across millions of SMBs and consumers, with subscription revenue rising as a share of mix. Fiscal 2025 delivered 16 percent revenue growth to 18.8 billion dollars, with Global Business Solutions up 16 percent, Online Ecosystem up 20 percent, Consumer up 10 percent, and Credit Karma up 32 percent.

The cash conversion profile is consistent, and capex is low. That said, TurboTax retains tax‑seasonality, and policy risk from Direct File introduces a tail uncertainty in consumer tax adoption. We view the small‑business engine as the primary stabilizer with long runway from mid‑market expansion.