Key Points

• Intuit is well-positioned to expand the reach of its core services.

• The next step is to upsell and grow the ecosystem over time.

• The company is expanding beyond its core markets.

• 10 stocks we like better than Intuit ›

Intuit (NASDAQ: INTU) has come a long way from being just a tax software provider. Today, it's a deeply embedded financial platform powering small businesses, self-employed workers, consumers, and marketers. With flagship products like TurboTax, QuickBooks, Credit Karma, and Mailchimp, the company has built a sticky, interconnected ecosystem.

But what comes next? At its fiscal 2025 Investor Day, Intuit outlined three major growth levers: expanding its core services, increasing revenue per customer beyond its tax products, and expanding globally. Together, they form a durable growth playbook designed to sustain long-term performance.

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1. Expand its core services and increase penetration

Intuit's first growth lever is obvious: to deepen its presence in its core verticals -- tax, accounting, personal finance, and marketing -- by increasing penetration across both existing and underserved customer segments.

In the U.S., millions of small businesses, solopreneurs, and gig workers still don't use professional software to manage their accounting and finances. However, Intuit is providing a compelling reason for them to consider its suite of products, particularly as it integrates artificial intelligence (AI) into QuickBooks and TurboTax to simplify processes and minimize manual input. The goal is to make the first-time experience effortless -- whether that's auto-categorizing expenses or surfacing personalized tax deductions.

Moreover, the company has recognized that midmarket businesses will be a key growth category in the coming years, marking a shift from its previous focus on individuals and small businesses. Here, it leverages its years of experience and investment in its platforms, including QBO Advanced and Intuit Enterprise Suite, to help mid-market customers run and grow their businesses.

To put the opportunity size into perspective, the total addressable market (TAM) for its core services across its platform is $71 billion. Another way to look at it is that there is a TAM of 47 million small businesses and 242 million consumers who Intuit can target, leaving a long runway for converting non-digital or partially served users into full-paying customers.

Besides recruiting new customers, Intuit can expand its presence within already penetrated segments by encouraging customers to utilize more tools that are already available to them. For example, the company can encourage customers who have started with the bookkeeping function to eventually adopt adjacent tools, such as invoicing, payments, and payroll.

Needless to say, the opportunity is massive!

2. Upsell and grow the ecosystem

Getting customers started with the company, whether in QuickBooks or Mailchimp, is just the beginning point. The next crucial step is to get them to embark on a journey of adopting additional services within the ecosystem.

This effort could involve bundling TurboTax with QuickBooks for self-employed users, integrating Mailchimp into QuickBooks to streamline customer outreach, and utilizing Credit Karma insights to help businesses and consumers make more informed financial decisions. The idea is to provide an end-to-end solution to its customers, making it the sole trusted platform for customers to run their businesses.

Here, an important enabler is the use of AI. For instance, the rollout of Intuit Assist -- its generative AI assistant -- across all its products is meant to help businesses do more with less. Whether it's automating cash flow forecasts, resolving support queries, or surfacing personalized tax tips, AI isn't just enhancing the product; it's also improving the overall user experience, making it more compelling for customers to adopt new products.

Another key initiative is connecting customers to human experts. Through TurboTax Live and QuickBooks Live, Intuit is combining AI-powered tools with professional advice to support customers with their needs. These expert networks also create an upsell path for users who require more in-depth guidance while expanding Intuit's revenue streams beyond DIY software.

Similarly, by combining TurboTax and Credit Karma, Intuit is targeting the tax and financial solution industry, which has a TAM of $135 billion. Particularly, by leveraging data to match users with products such as loans, credit cards, insurance, and other financial products, Intuit is building a financial marketplace that could become the next leg of its growth story.

3. Expand globally

Intuit's third growth lever is international expansion. The logic is straightforward: Small businesses are prevalent everywhere, and most still lack access to modern financial software. The company is focused on replicating its U.S. playbook in markets such as Canada, the U.K., and Australia, starting with core accounting tools and layering on tax, payroll, and marketing as trust is built.

What makes this compelling is the company's ability to leverage its ecosystem model. Once a customer adopts one product, they're far more likely to use another. The more tools they adopt, the stickier they become. For perspective, expanding globally adds more than $300 billion in TAM for the company.

If successful, international could be the next long-term revenue engine, complementing Intuit's more mature U.S. operations.

What it means for investors

Intuit isn't just reinventing itself; it's scaling what already works. With its ecosystem strategy, growing use of AI, and expanding addressable market, the company is positioning itself to compound value for years to come. For long-term investors, this is a business worth keeping a close eye on.

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Key Points

• Intuit solves multiple customer pain points.

• Intuit leverages AI to improve its products and operations.

• The company aims to become the trusted platform for business owners.

• These 10 stocks could mint the next wave of millionaires ›

Intuit (NASDAQ: INTU) might seem like just another software company on the surface. But under the hood, it's quietly becoming a powerhouse of consumer and small business finance. With platforms like TurboTax, QuickBooks, Credit Karma, and Mailchimp, Intuit is building a cohesive ecosystem that serves customers across taxes, accounting, personal finance, and marketing.

And now, with AI integrated across its ecosystem and operations, it may be entering a new phase of growth. Smart investors are starting to take notice, and for good reasons.

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Image source: Getty Images.

A platform solving critical pain points for its customers

Intuit is what you get when a product solves problems -- and has been doing it for decades. TurboTax is the default for U.S. DIY filers. QuickBooks dominates small business accounting. Credit Karma opens the door to consumer finance. Mailchimp provides SMBs with a low-friction way to reach their customers.

Each of these segments is sticky on its own. But together, they form a full-stack ecosystem that increasingly feeds into itself. For instance, a business that starts with QuickBooks might add TurboTax for filings and then Mailchimp to grow its customer base. By cross-selling additional products, Intuit solves a growing number of customer problems, making its platform indispensable to its customers.

The strength of Intuit's business model is evident in its financials. For the full year 2024, revenue and operating income grew by 13% and 16%, respectively. A solid set of numbers, even in a choppy macro environment, thanks to ongoing growth in subscribers and online ecosystem revenue growth.

That kind of resilience doesn't come from luck. It comes from a product suite that's becoming embedded in the financial lives of its users. As customers continue to rely on Intuit's ecosystem, the company is now laying the groundwork for its next growth lever: artificial intelligence (AI).

AI and automation are here to stay

AI is the most buzzworthy term in business today. While many tech companies discuss AI, Intuit has already integrated AI into many of its products and operations, with more to come in the future.

Intuit Assist, the company's generative AI layer, is now live inside all major products. It helps users complete tax forms, suggests bookkeeping entries, personalizes financial recommendations, and even automates marketing outreach. But what makes this interesting is not the surface-level functionality -- it's the business model leverage behind it.

By embedding AI into everyday workflows, Intuit enables customers to achieve more with fewer resources, resulting in higher revenue and lower costs. Doing that opens new avenues of growth while further increasing the switching cost for customers. For instance, with the help of AI-powered invoice reminders, customers receive payment 45% faster, resulting in improved cash flow and reduced bad debt.

Beyond customer satisfaction, the benefits of using AI are also evident internally. According to the company, developer velocity improved eightfold over the last four years, and marketing content creation time decreased by 50% following the introduction of generative AI solutions.

In short, AI is enhancing Intuit's products and making its operations more scalable. That's a rare double win -- and it's happening now, not in the future.

A long-term vision for growth

Under the leadership of CEO Sasan Goodarzi, Intuit laid out a clear long-term vision: to become the connected end-to-end platform that small and mid-market businesses rely on every day to run and grow their business, a strategic shift that could reshape how people manage their financial lives.

In other words, Intuit wants to be more than software. It aims to be the trusted platform that helps customers proactively address a wide range of problems, including reducing cash flow risks, automating tax savings, recommending financial products, and supporting business growth.

That ambition is backed by real assets: trusted brands, a suite of products and tools, deep AI capabilities, and direct relationships with millions of businesses and households. Particularly, with AI embedded across its ecosystem, Intuit can personalize every user interaction and deepen its relevance over time.

This vision, if executed well, could keep the company at the center of small owners' financial decision-making for years to come.

What it means for investors?

Intuit is an example of a company quietly executing and compounding its capabilities (and growth) over the years.

As a critical partner to millions of business owners, Intuit developed a highly sticky platform that's positioned to grow. Add to that its years of investments in AI, the tech company's prospects look extremely bright.

Smart investors are already paying attention, and so should we.

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Lawrence Nga has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Intuit. The Motley Fool has a disclosure policy.

In this video, we dive into how Intuit (NASDAQ: INTU) is harnessing the power of AI to create 'done-for-you' experiences for small business owners. With applications like TurboTax and QuickBooks, Intuit is not just keeping up with technology; it's taking charge of revolutionizing financial management.

Where to invest $1,000 right now? Our analyst team just revealed what they believe are the 10 best stocks to buy right now. Continue »

Should you invest $1,000 in Intuit right now?

Before you buy stock in Intuit, consider this:

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Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $532,771!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $593,970!*

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Kevin Jackson has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Intuit. The Motley Fool has a disclosure policy.