Intuit Inc. (INTU) Earnings & Analysis

Latest quarter

Intuit reported Q4 FY2026 revenue of $4.4 billion, compared with the consensus of $4.3 billion; the company’s revenue was 1.91% above the consensus. Adjusted EPS, as the consensus counts it, was $4.03, compared with consensus adjusted EPS of $3.59, or 12.3% above the consensus.

The company reported that revenue increased 13.7% from $3.8 billion in Q4 FY2025. CFO Sandeep Aujla said QuickBooks Online accounting revenue grew 20% in Q4, while online services revenue grew 15%, driven by money and payroll; Credit Karma revenue grew 16%. Intuit reported gross margin of 78.1%, up 1.4 percentage points from Q4 FY2025, and operating margin of 10.9%, up 2.1 percentage points. GAAP diluted EPS was $1.34, versus $1.35 a year earlier. Free cash flow was $1.3 billion, compared with $356.0 million in Q4 FY2025.

Adjusted EPS is the figure the consensus estimates, not the GAAP EPS above.

What management said on the call

CEO Sasan Goodarzi said Intuit is shifting execution and investment toward faster new-customer acquisition and market-share growth in fiscal 2027, while continuing to scale assisted tax, money and mid-market initiatives. He said total online paying customers reached 8.9 million at the end of fiscal 2026, growing 3%, and that the company would widen entry points through QuickBooks Free and QuickBooks Lite.

Goodarzi said Intuit is increasing direct acquisition investment in the mid-market after mid-market customer growth of 28% was driven largely by upgrades and desktop migrations. He said the company will seek to add customers earlier in their development and expand their use of platform services as their needs become more complex. He also said the company’s AI-native experiences are intended to automate financial work, including keeping books current and initiating workflows.

On the consumer business, Goodarzi said Intuit lost quality do-it-yourself tax customers to lower-cost providers and identified price as the leading reason customers leave TurboTax. He said the company is making the entry experience more competitive on price, expanding distribution, and accepting lower initial DIY tax revenue per customer to acquire and retain more customers. He said Intuit expects more assisted-tax growth to come from new-to-the-franchise customers as DIY upgrades moderate.

In response to a question about whether lower DIY pricing could affect assisted-tax pricing, Goodarzi said the assisted and DIY markets have different structures and that the company can provide assisted tax preparation at competitive prices while monetizing consumer relationships across its platform. CFO Sandeep Aujla said Intuit expects operating-margin expansion from workforce-related savings and efficiency gains, partly offset by increased sales, marketing and product-innovation investment.

Guidance

For FY2027, Intuit expects revenue of $23.3 billion to $23.5 billion, GAAP EPS of $20.12 to $20.36, and non-GAAP EPS of $22.88 to $23.12. The company expects Global Business Solutions revenue growth of 13.0% to 14.0%, consumer revenue growth of 4.00% to 6.00%, TurboTax revenue growth of 2.00% to 3.00%, and Mailchimp revenue from −1.00% to flat.

For Q1 FY2027, Intuit expects revenue growth of 11.0%, GAAP EPS of $1.71 to $1.75, and non-GAAP EPS of $2.44 to $2.48. The company said Mailchimp will become a separate reportable segment and share-based compensation will no longer be excluded from non-GAAP measures.