Tax/accounting SaaS, scaling AI
Intuit Inc.
Intuit runs a consumer and small-business SaaS platform built around QuickBooks (small-business accounting), TurboTax (individual tax preparation), Credit Karma (personal finance) and Mailchimp (email marketing). Of its FY2025 (ended July 31, 2025) revenue of $18.831 billion, 59% came from the Global Business Solutions segment, which includes QuickBooks and Mailchimp, and 26% from the TurboTax-led Consumer segment. On the cost side, Intuit depends on public cloud infrastructure from Amazon Web Services and Google Cloud Platform, and has recently added a paid multi-year licensing deal for OpenAI's models.
INTU Updated Sep 5, 2026 4 AI consumers· 2 recurring
Per the valuechain.wiki graph, Intuit Inc. is directly linked to 3 companies (3 supply, 0 revenue relationships) and reaches 33 companies within two hops; the links are backed by 7 dated sources, 1 of them primary filings (as of 2026-09-05).
Financials & Segments
- Total revenue · $18.831B (FY2025, 10-K)
- Segments · Global Business Solutions (QuickBooks, Mailchimp) · Consumer (TurboTax) · Credit Karma · ProTax (tax professionals)
Revenue from
- Global Business Solutions customers (small/mid-market businesses) High confidence· Revenue share $11.1B · FY2025 · 10-K segment revenue table, Global Business Solutions segment total revenue (59% of total)
This segment (QuickBooks plus Mailchimp) serves small and mid-market businesses for accounting, invoicing, payments and email marketing. No individual named enterprise customers are disclosed, only the segment total. - Consumer segment customers (individual taxpayers) High confidence· Revenue share $4.9B · FY2025 · 10-K segment revenue table, Consumer segment total revenue (26% of total)
Centered on TurboTax, this segment's customers are individual tax filers in the U.S. and Canada. There are no named corporate customers, only the aggregate consumer base. - Credit Karma members (consumer financial-product seekers) High confidence· Revenue share $2.3B · FY2025 · 10-K segment revenue table, Credit Karma segment total revenue (12% of total)
Credit Karma earns per-action fees from financial institutions and insurers for qualified referrals (credit cards, loans, insurance), but the revenue is driven by member traffic, so it is classified here as the consumer/member segment. - ProTax customers (tax professionals and accountants) High confidence· Revenue share $621M · FY2025 · 10-K segment revenue table, ProTax segment total revenue (3% of total)
This segment serves professional accountants and tax preparers using Lacerte, ProSeries and ProConnect Tax Online; no individual accounting-firm names are disclosed.
Pays to
- OpenAI High confidence· Contract value $100M · 다년(발표 2025-11-18) · Officially announced floor value of the multi-year contract to deepen use of OpenAI's models in GenOS ($100M+)
In November 2025 Intuit and OpenAI announced a multi-year strategic partnership making TurboTax, Credit Karma, QuickBooks and Mailchimp directly usable inside ChatGPT. The companies disclosed a new $100M+ multi-year contract for Intuit to deepen its use of OpenAI's models in GenOS. The exact total is not disclosed; the announced figure is a floor.Confirms KO Alpha Biz Published Nov 19, 2025: Intuit (INTU.O) strategically partners with OpenAI, accelerating integration of personal finance services within ChatGPTConfirms EN Intuit Investor Relations Published Nov 18, 2025: Intuit and OpenAI Join Forces to Revolutionize Financial IntelligenceConfirms EN Constellation Research Published Nov 18, 2025: Intuit, OpenAI forge integration pact: Why it could be a $100 million win win - Amazon High confidence
The 10-K names Amazon Web Services as one of the public cloud providers Intuit uses to run its online offerings. FY2025 total purchase obligations of $4.892 billion are disclosed as being "primarily related to a cloud services agreement," but the split between AWS and Google Cloud is not disclosed. - Alphabet (Google) High confidence
The 10-K names Google Cloud Platform as the other public cloud provider Intuit uses to run its online offerings. As with Amazon, vendor-specific spend is not disclosed.
Investments
- Mailchimp High confidence· Amount $12B · 2021-11-01 종결 · Total consideration for the Mailchimp acquisition (~$5.7B cash + ~$6.3B stock)
This acquisition closed November 1, 2021, for total consideration of roughly $12.0 billion: approximately $5.7 billion in cash plus about $6.3 billion in Intuit stock (10.1 million shares). Mailchimp is likewise not an existing wiki node; it was absorbed into Intuit's Global Business Solutions segment.Confirms KO AI Matters Published Apr 13, 2026: AI pioneer Intuit becomes the biggest "SaaSpocalypse" casualty: the AI paradoxConfirms EN Intuit Investor Relations Published Nov 1, 2021: Intuit Completes Acquisition of Mailchimp - Credit Karma High confidence· Amount $8.1B · 2020-12-03 종결 · Total consideration for the Credit Karma acquisition (~$3.4B cash + ~$4.7B stock/equity awards)
This acquisition closed December 3, 2020, for total consideration of roughly $8.1 billion: approximately $3.4 billion in cash plus about $4.7 billion in Intuit stock and equity awards (13.3 million shares). Credit Karma is not an existing node in the wiki; it is a formerly private company absorbed as an Intuit segment.Confirms EN Intuit Investor Relations Published Dec 3, 2020: Intuit Completes Acquisition of Credit Karma
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Intuit Inc. | node | +70.3 | -39.1 | +61.8 | +1.2 | +6.1 | -49.3 |
| Amazon | benef1 | +2.4 | -49.6 | +80.9 | +44.4 | +5.2 | +12 |
| SanDisk | benef2 | · | · | · | · | · | +633 |
| AMD | benef2 | +56.9 | -55 | +127.6 | -18.1 | +77.3 | +123 |
| Corning | benef2 | +5.9 | -11.6 | -1.2 | +60.6 | +87.8 | +77.2 |
| FedEx | benef2 | +0.7 | -31.6 | +49.1 | +13.5 | +5.1 | +39.6 |
| Jabil | benef2 | +66.4 | -2.5 | +87.4 | +13.3 | +58.7 | +36.3 |
| Alchip Technologies | benef2 | +14.3 | -8.7 | +365.1 | -18.9 | +0.8 | +36.1 |
| Globalstar | benef2 | +241.2 | +14.7 | +45.9 | +6.7 | +96.6 | +34.9 |
| SoftBank Group | benef2 | -37.8 | +23.7 | +6 | +46.4 | +81.5 | +31.6 |
| Entergy | benef2 | +17.1 | +3.6 | -6.1 | +56 | +25.3 | +18.2 |
| Norfolk Southern | benef2 | +27.3 | -15.6 | -1.6 | +1.6 | +25.6 | +15.6 |
| Colgate-Palmolive Company | benef2 | +2.1 | -5.4 | +3.8 | +16.6 | -11 | +14.4 |
| United Parcel Service, Inc. | benef2 | +30 | -16.2 | -6 | -15.9 | -15.9 | +8 |
| Celestica | benef2 | +37.9 | +1.3 | +159.8 | +215.2 | +220.3 | +5.7 |
| Procter & Gamble | benef2 | +20.5 | -5 | -0.9 | +17.3 | -12.3 | +4.5 |
| Amorepacific | benef2 | -30.1 | -5.7 | -18.4 | +9.9 | +8.2 | +4.1 |
| Microsoft | benef2 | +52.5 | -28 | +58.2 | +12.9 | +15.6 | +4 |
| Broadcom | benef2 | +56.5 | -13.3 | +104.2 | +110.5 | +50.6 | +3.8 |
| Exelon | benef2 | +41.5 | +8.3 | -14 | +9.2 | +20 | +1.9 |
| Vistra | benef2 | +19.6 | +5.1 | +70.7 | +261.5 | +17.7 | -7.2 |
| Fabrinet | benef2 | +52.7 | +8.2 | +48.4 | +15.5 | +107.1 | -10.5 |
| Abbott Laboratories | benef2 | +30.5 | -20.7 | +2.3 | +4.8 | +12.9 | -11.9 |
| Talen Energy | benef2 | · | · | · | +214.8 | +86.1 | -15.4 |
| Oracle | benef2 | +36.9 | -4.6 | +30.9 | +60 | +18.1 | -17.8 |
| Quantum Computing Inc | benef2 | -75.8 | -55.7 | -39.5 | +1712.7 | -38 | -21.9 |
| Rigetti Computing | benef2 | · | -92.9 | +35.1 | +1449.2 | +45.2 | -31.4 |
| D-Wave Quantum | benef2 | · | -85.3 | -38.9 | +854.5 | +211.3 | -36.6 |
| Nike | benef2 | +18.7 | -29 | -6 | -29.1 | -13.8 | -38.1 |
YTD as of 2026-09-04 · source: Yahoo Finance
This is where the hypothesis breaks hardest in this batch. Intuit fell 49.3% in 2026, the worst of the five and the exact opposite of Flex (+81.2%) in the same year. It rode software strength from +70.3% in 2021 through +61.8% in 2023, slowed to +1.2% in 2024 and +6.1% in 2025, then dropped. Unlike the gradual de-rating at Salesforce and Workday, this looks like a break. The structure explains it. All four revenue lines, QuickBooks for small business, TurboTax for consumers, Credit Karma and ProTax, sell to individuals and very small businesses, without the switching costs of enterprise accounts. Tax and accounting are also rule-based work, making them a first target for generative AI to attempt directly. On the cost side it connects to Amazon and Alphabet cloud and to OpenAI, though the 10-K states only that FY2025 purchase obligations of $4.892B arise mainly from cloud service agreements, without a vendor split. Adopting AI raises costs with certainty while it remains unproven whether that is a defence or an erosion. Record this node as the counter-example to chain propagation: in 2026 sitting at the demand end was repriced as a discount rather than a premium.
Analysis generated from returns as of 2026-09-04