Intuit Inc.
INTU · Nasdaq
Next quarter
Expected to report Nov 19, 2026 — estimated from last year’s reporting date.
Consensus is $2.47 EPS for Oct 2026 across 9 estimates, ranging $2.45 to $2.50.
INTU Jul 2026
- 2.36%
- -3.24%
- $2.12
- $2.17
- —
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Highlights
- Revenue: Fourth-quarter revenue rose 14% year over year to $4.35 billion, while fiscal 2026 revenue reached $21.45 billion, also up 14%.
- Earnings: The supplied reported EPS of $2.17 exceeded the $2.12 consensus by 2.36%; the release separately reported fourth-quarter GAAP diluted EPS of $1.34 and non-GAAP diluted EPS of $4.03.
- Business solutions: Fourth-quarter Global Business Solutions revenue increased 14% to $3.4 billion, led by 20% growth in QuickBooks Online Accounting and 15% growth in Online Services.
- Online ecosystem: Online Ecosystem revenue rose 17% to $2.6 billion; excluding Mailchimp, growth was 20%, with international online revenue up 10% on a constant-currency basis.
- Consumer mix: Consumer revenue grew 14% to $930 million, including 16% growth at Credit Karma to $743 million, while fourth-quarter TurboTax revenue increased 3% to $153 million.
- Full-year growth engines: Intuit’s Big Bets grew 34% collectively and represented 30% of fiscal 2026 revenue; full-year Credit Karma revenue rose 20% to $2.6 billion and QuickBooks Online Accounting revenue rose 23%.
- Fiscal 2027 outlook: Intuit guided to revenue of $23.28 billion-$23.51 billion, or 9%-10% growth, with GAAP diluted EPS of $20.12-$20.36, up 22%-24%.
- Capital returns: Intuit repurchased $5.5 billion of stock in fiscal 2026, reducing weighted-average diluted shares by 2%, and raised its quarterly dividend 15% to $1.38 per share.
Analysis
Intuit’s fiscal fourth quarter was a 14% top-line growth print with continued strength in its business and credit platforms, although the quarter’s earnings comparison is heavily shaped by seasonality and the company’s updated reporting framework. Revenue was $4.35 billion versus $3.83 billion a year ago and $4.65 billion in the prior quarter. GAAP operating income was $475 million, up from $339 million a year ago but sharply below $4.02 billion in the tax-seasonally stronger third quarter; net income was $363 million versus $381 million a year ago and $3.06 billion in Q3. The supplied reported EPS of $2.17 was ahead of the $2.12 consensus, a 2.36% surprise, while the release reports $1.34 of GAAP diluted EPS and $4.03 on its historical non-GAAP basis.
The defining feature was the divergence within the portfolio. QuickBooks and Credit Karma remained the principal growth engines, while TurboTax delivered only modest quarterly growth and total U.S. TurboTax units declined 2% for the year. Management is positioning fiscal 2027 around disciplined investment and AI-enabled products, guiding to 9%-10% revenue growth and 22%-24% GAAP EPS growth. Comparability will change: Mailchimp becomes a separate segment, and share-based compensation will no longer be excluded from non-GAAP measures.
Business platform growth
Global Business Solutions and the Online Ecosystem carried the quarter. The pattern points to continued monetisation and customer growth in the core small-business platform, with Mailchimp remaining a drag on reported growth relative to the underlying businesses.
- Global Business Solutions: Revenue increased 14% to $3.4 billion; excluding Mailchimp, growth was 15%.
- QuickBooks Online Accounting: Revenue grew 20% in the quarter, driven by higher effective prices, customer growth and mix shift.
- Online Services: Revenue increased 15%, led by money and payroll; excluding Mailchimp, growth was 21%.
- Online Ecosystem: Revenue rose 17% to $2.6 billion, or 20% excluding Mailchimp. Full-year Online Ecosystem revenue increased 19% to $9.9 billion.
- International: Total international online revenue increased 10% on a constant-currency basis.
Consumer performance
Consumer growth accelerated at the segment level, but the quarterly result was driven more by Credit Karma than by TurboTax. The annual TurboTax unit decline indicates that price, mix and higher-value services remain important to revenue growth.
- Consumer revenue: Fourth-quarter revenue grew 14% to $930 million; fiscal-year revenue rose 11% to $8.6 billion.
- Credit Karma: Revenue increased 16% to $743 million in the quarter, with strength in personal loans, auto insurance and credit cards. Full-year revenue rose 20% to $2.6 billion.
- TurboTax: Quarterly revenue grew 3% to $153 million. For the full year, revenue increased 7% to $5.3 billion, with TurboTax Live revenue up 37% and representing 53% of TurboTax revenue.
- Units: Total U.S. TurboTax units declined 2% to 39.0 million in fiscal 2026, including a 7% decline in desktop units and a 2% decline in online units.
- ProTax: Revenue increased 6% to $34 million in the quarter and 4% to $647 million for the full year.
Fiscal 2027 guidance
The initial fiscal 2027 outlook calls for slower consolidated revenue growth than fiscal 2026, but materially faster GAAP operating-income and EPS growth. The reported non-GAAP figures will no longer exclude share-based compensation, making the new framework less directly comparable with historical non-GAAP results.
- Revenue: Fiscal 2027 guidance is $23.279 billion-$23.512 billion, representing 9%-10% growth.
- Operating income: GAAP guidance is $7.408 billion-$7.490 billion, up 26%-27%; the revised non-GAAP range is $8.063 billion-$8.145 billion, up 17%-18%.
- EPS: GAAP diluted EPS guidance is $20.12-$20.36, up 22%-24%; revised non-GAAP EPS guidance is $22.88-$23.12, up 23%-24%.
- Segment outlook: Global Business Solutions is expected to grow 13%-14%, Credit Karma 11%-13%, TurboTax 2%-3%, and Mailchimp is expected to decline 1% to be flat.
- First quarter: Revenue guidance is $4.294 billion-$4.313 billion, with GAAP diluted EPS of $1.71-$1.75 and revised non-GAAP EPS of $2.44-$2.48.
Profitability and accounting
Fiscal 2026 operating leverage was substantial on the full-year numbers, although fourth-quarter GAAP earnings include a $293 million restructuring charge. Intuit is also changing the basis on which it presents adjusted profitability.
- Full-year profitability: GAAP operating income increased 20% to $5.884 billion, while historical non-GAAP operating income increased 18% to $8.935 billion.
- Full-year EPS: GAAP diluted EPS rose 20% to $16.46, and historical non-GAAP diluted EPS rose 20% to $24.27.
- Fourth-quarter charge: Restructuring expense was $293 million in Q4 versus $1 million a year earlier, reducing GAAP operating income to $475 million.
- Share-based compensation: Fiscal 2026 expense was $2.056 billion, including $507 million in Q4. Beginning in fiscal 2027, Intuit will include it in non-GAAP measures; fiscal 2027 guidance includes approximately $2.0 billion.
- Tax rate: The fiscal 2026 effective tax rate was approximately 24%, compared with approximately 20% in fiscal 2025, which benefited from excess tax benefits related to share-based compensation.
Capital allocation
Intuit continued to return substantial capital while adding debt liquidity ahead of fiscal 2027 maturities. Repurchases exceeded equity dilution and remained the largest use of shareholder capital during the year.
- Repurchases: Intuit bought back $5.5 billion of stock in fiscal 2026, up 96% year over year, reducing weighted-average diluted shares outstanding by 2%.
- Authorization: $7.9 billion remained available under the share-repurchase authorization at the end of the fiscal year.
- Dividend: The board approved a quarterly dividend of $1.38 per share, payable October 16, 2026, representing a 15% year-over-year increase.
- Liquidity and debt: Cash and investments totaled $7.2 billion at July 31, 2026, against total debt of $7.7 billion. Intuit issued $1.75 billion of senior notes in June to strengthen liquidity for fiscal 2027 maturities.
- Cash generation: Operating cash flow increased to $8.838 billion from $6.207 billion in fiscal 2025.
