Revenue for Intuit highly profitable professional tax segment reached $253 million for the second quarter ended January 31, an increase of 6.8 percent from $237 million the prior year.
The bulk of revenue for the ProTax operations comes in the company’s second and third fiscal quarter. For fiscal 2022, those quarters comprised 90.1 percent of the segment’s revenue of $546 million.
Intuit does not discuss the factors in ProTax operations. However, professional tax software companies typically have annual price increases in what is a low-growth market.
Despite the fact that Pro Tax revenue is Intuit’s second-smallest segment—second only to QuickBooks Desktop Accounting—it is the most profitable with an operating margin of 70 percent for the year ended July 31, 2022 and 71 percent for fiscal 2021.
Bob Scott has provided information to the tax and accounting community since 1991, first as technology editor of Accounting Today, and from 1997 through 2009 as editor of its sister publication, Accounting Technology. He is known throughout the industry for his depth of knowledge and for his high journalistic standards. Scott has made frequent appearances as a speaker, moderator and panelist and events serving tax and accounting professionals. He has a strong background in computer journalism as an editor with two former trade publications, Computer+Software News and MIS Week and spent several years with weekly and daily newspapers in Morris County New Jersey prior to that. A graduate of Indiana University with a degree in journalism, Bob is a native of Madison, Ind