Intuit vs PayPal: Revenue, Profit and Business Model
Intuit reported $21.4B of revenue in FY2026 and $4.6B of net income. PayPal reported $33.2B of revenue in FY2025 and $5.2B of net income.
Latest financial snapshot
Financial summary
Intuit
Revenue rose from $7.7 billion in fiscal 2020 to $21.4 billion in fiscal 2026, helped by the Credit Karma (2020) and Mailchimp (2021) acquisitions and by organic growth in QuickBooks Online and TurboTax Live. Fiscal 2026 GAAP operating income grew 20% to $5.9 billion and non-GAAP operating income grew 18% to $8.9 billion; GAAP diluted EPS was $16.46. The company's 'Big Bets' (assisted tax, money/payments, and mid-market) grew 34% and made up 30% of revenue.
PayPal
PayPal is large and profitable, but growth has slowed. Revenue climbed from $21.45 billion in 2020 to $33.17 billion in 2025, yet annual growth fell from about 21% to about 4%. Net income reached $5.23 billion in 2025, up from $4.15 billion in 2024. In Q2 2026 revenue rose 5% to $8.68 billion (3% currency-neutral), total payment volume rose 10% to $486.4 billion, transaction margin dollars rose 1% to about $3.9 billion, and non-GAAP EPS was $1.38. Management then raised full-year 2026 non-GAAP EPS guidance to about $5.38 and guided to at least $6 billion of adjusted free cash flow, most of which goes to buybacks. The stock still trades at roughly 10 times earnings, which shows how skeptical investors are about long-term branded checkout growth.
Revenue and profit by year
Intuit
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2026 | $21.4B | $4.6B | 21.3% | +13.9% | Source |
| FY2025 | $18.8B | $3.9B | 20.5% | +15.6% | Source |
| FY2024 | $16.3B | $3B | 18.2% | +13.3% | Source |
| FY2023 | $14.4B | $2.4B | 16.6% | +12.9% | Source |
| FY2022 | $12.7B | $2.1B | 16.2% | +32.1% | Source |
| FY2021 | $9.6B | $2.1B | 21.4% | +25.4% | Source |
| FY2020 | $7.7B | $1.8B | 23.8% | +13.2% | Source |
| FY2019 | $6.8B | $1.6B | 23.0% | +12.6% | Source |
| FY2018 | $6B | $1.3B | 22.1% | +16.0% | Source |
| FY2017 | $5.2B | $985M | 19.0% | — | Source |
PayPal
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $33.2B | $5.2B | 15.8% | +4.3% | Source |
| FY2024 | $31.8B | $4.1B | 13.0% | +6.8% | Source |
| FY2023 | $29.8B | $4.2B | 14.3% | +8.2% | Source |
| FY2022 | $27.5B | $2.4B | 8.8% | +8.5% | Source |
| FY2021 | $25.4B | $4.2B | 16.4% | +18.3% | Source |
| FY2020 | $21.5B | $4.2B | 19.6% | +20.7% | Source |
| FY2019 | $17.8B | $2.5B | 13.8% | +15.0% | Source |
| FY2018 | $15.5B | $2.1B | 13.3% | +18.0% | Source |
| FY2017 | $13.1B | $1.8B | 13.7% | +20.8% | Source |
| FY2016 | $10.8B | $1.4B | 12.9% | — | Source |
Where the revenue comes from
Intuit
- Global Business Solutions (QuickBooks & Mailchimp)60
QuickBooks Online and Desktop subscriptions, payroll, payments, bill pay, lending, Intuit Enterprise Suite, and Mailchimp; $12.9 billion in fiscal 2026.
- TurboTax25
DIY and TurboTax Live assisted tax preparation; $5.3 billion in fiscal 2026, with TurboTax Live at 53%.
- Credit Karma12
Referral fees from lenders, card issuers, and insurers plus Credit Karma Money; $2.6 billion in fiscal 2026.
- ProTax3
Lacerte, ProSeries, and ProConnect software for tax professionals; $647 million in fiscal 2026.
PayPal
- Transaction RevenueDominant
Merchant fees and payment-related revenue from branded and unbranded volume.
- Value-Added ServicesMaterial
Interest, credit products, fraud tools, merchant services, and other payments-adjacent products.
- Venmo and Consumer Financial ServicesGrowing
Consumer payment and commerce monetization around Venmo and wallet products.
Business model and strategy
Intuit
How it makes money
Intuit earns money from four product lines. QuickBooks charges small and mid-sized businesses monthly subscriptions and adds fees for payroll, payments processing, bill pay, and lending; together with Mailchimp's email and SMS marketing plans this formed the Global Business Solutions segment, which produced $12.9 billion (about 60%) of fiscal 2026 revenue.
Growth strategy
Intuit's growth plan centers on three Big Bets: shifting TurboTax customers to assisted TurboTax Live, expanding money movement (payments, bill pay, lending, Credit Karma Money), and winning mid-market businesses with Intuit Enterprise Suite and QuickBooks Advanced.
Competitive advantage
Intuit's advantage is the depth of its installed base. QuickBooks is the default ledger for millions of U.S. small businesses and is reinforced by the ProAdvisor network of accountants trained on the product, so switching means moving years of books, payroll, and payments history. TurboTax holds the largest share of U.S.
PayPal
How it makes money
PayPal makes most of its money from transaction revenue: fees merchants pay when customers check out with the PayPal or Venmo button (branded checkout), fees on unbranded card processing through Braintree, and consumer fees such as instant transfers, cross-border and currency conversion charges. Branded checkout carries the highest margin because PayPal controls the customer relationship;
Growth strategy
Under Enrique Lores, PayPal's 2026 plan has three parts. First, restore growth in branded checkout, which rose only about 2% in Q2 2026, by improving conversion, Fastlane guest checkout and agentic or AI-assisted commerce. Second, make Venmo and Braintree pull more weight: Venmo is being pushed into merchant payments and debit cards, while Braintree is priced for profit rather than volume.
Competitive advantage
PayPal's edge is a two-sided network: about 439 million active accounts at the end of 2025 on one side and millions of merchants on the other. Shoppers who already store cards and bank accounts in PayPal can pay without typing details, and merchants add the button because it can lift conversion with those shoppers. Processors such as Stripe and Adyen serve merchants but do not own a consumer wallet of that size.
Questions about Intuit vs PayPal
Which company has higher revenue — Intuit Inc. or PayPal Holdings, Inc.?
Intuit Inc. reported $21.4B (FY2026), while PayPal Holdings, Inc. reported $33.2B (FY2025). By last reported revenue, PayPal Holdings, Inc. is the larger business, with Intuit Inc. reporting a smaller revenue base. Note: these are from different fiscal years and are not a direct like-for-like comparison.
What is the market cap of Intuit Inc. vs PayPal Holdings, Inc.?
Intuit Inc.'s market capitalisation stands at $72.0B, while PayPal Holdings, Inc.'s is $47.0B. Intuit Inc. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to PayPal Holdings, Inc..
Which is more financially efficient — Intuit Inc. or PayPal Holdings, Inc.?
Intuit Inc. generates $1.18M / employee in revenue per employee, while PayPal Holdings, Inc. generates $1.39M / employee. PayPal Holdings, Inc. shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do Intuit Inc. and PayPal Holdings, Inc. make money?
Intuit Inc. and PayPal Holdings, Inc. generate revenue in fundamentally different ways. Intuit Inc.: Intuit earns money from four product lines. PayPal Holdings, Inc.: PayPal makes most of its money from transaction revenue: fees merchants pay when customers check out with the PayPal or Venmo button (branded checkout), fees on unbranded card processing through Braintree, and consumer fees such as instant transfers, cross-border and currency conversion charges.
Which company is valued higher relative to revenue — Intuit Inc. or PayPal Holdings, Inc.?
On a price-to-sales (P/S) basis, Intuit Inc. trades at 3.4x P/S and PayPal Holdings, Inc. at 1.4x P/S. Intuit Inc. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to PayPal Holdings, Inc.. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Intuit Inc. bigger than PayPal Holdings, Inc.?
By last reported revenue, PayPal Holdings, Inc. ($33.2B (FY2025)) is the larger company compared to Intuit Inc. ($21.4B (FY2026)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Intuit vs PayPal overview