Intuit (NASDAQ:INTU) reported fiscal 2026 revenue growth of 14% and said it is shifting investment and execution in fiscal 2027 toward acquiring more new customers, after results showed slower growth in parts of its QuickBooks and TurboTax businesses.
For the full year, GAAP and non-GAAP diluted earnings per share each increased 20%, while the company again expanded operating margin. Intuit’s “big bets” in assisted tax, money and mid-market collectively grew 34% and accounted for 30% of full-year revenue, Chief Executive Officer Sasan Goodarzi said.
Fourth-Quarter Results and Segment Performance
Fourth-quarter revenue was $4.4 billion, up 14% year over year. GAAP operating income was $475 million, compared with $339 million a year earlier, while non-GAAP operating income rose 43% to $1.4 billion. GAAP diluted earnings per share was $1.34, compared with $1.35 in the prior-year quarter, and non-GAAP diluted EPS rose 47% to $4.03.
Global Business Solutions revenue increased 16% for fiscal 2026. Excluding Mailchimp, the segment grew 18% for the full year and 15% in the fourth quarter. Online ecosystem revenue excluding Mailchimp rose 23% for the year and 20% in the fourth quarter.
QuickBooks Online Advanced and Intuit Enterprise Suite online ecosystem revenue grew 38% in the fourth quarter, while online ecosystem revenue for small businesses and the rest of the customer base rose 14%. QuickBooks Online Accounting revenue increased 20% in the quarter and 23% for the year.
Online services revenue grew 15% in the fourth quarter, or 21% excluding Mailchimp, driven by Money and Payroll offerings. Total online payment volume, including Bill Pay, rose 32% in the quarter and 30% for the year to more than $225 billion. QuickBooks Capital loan volume increased 54% to $1.9 billion in the fourth quarter.
However, total online paying customers grew 3% at the end of fiscal 2026, about two percentage points slower than the prior year, according to Goodarzi. U.S. QuickBooks Online customers grew 6%, excluding self-employed customers.
QuickBooks Customer Acquisition Push
Intuit plans to widen the entry point to its business platform through QuickBooks Free and QuickBooks Lite. Goodarzi said that, as of the prior month, more than 20,000 customers were actively using QuickBooks Free or had converted to paid offerings, with monetization coming from payments adoption and upgrades.
The company also intends to invest more directly in acquiring mid-market customers. Mid-market customers increased 28% in fiscal 2026, although roughly three-quarters of additions came from upgrades or desktop migrations from within Intuit’s existing franchise. New-to-the-franchise mid-market customers grew more than 30%, while Intuit Enterprise Suite annualized revenue surpassed $145 million in the fourth quarter, four times the prior-year level.
Goodarzi said Intuit sees a nearly $90 billion mid-market total addressable market and nearly $200 billion of addressable opportunity across the business platform. Construction-focused offerings were among the company’s cited growth drivers: the Construction Edition added 19 percentage points of growth in QuickBooks Online Advanced customer additions in construction, while new Enterprise Suite construction contracts rose 20%.
Intuit also highlighted adoption of its AI-driven offerings. The company said millions of customers are using AI-native experiences, getting paid four days faster and reducing manual work by 30%. More than 75% of Intuit Enterprise Suite customers use AI agents monthly, according to Goodarzi.
TurboTax Adjusts to Lower-Cost Competition
Consumer segment revenue increased 11% for fiscal 2026 and 14% in the fourth quarter to $930 million. TurboTax revenue grew 7% for the year, while TurboTax Live revenue rose 37% and customers increased 38%.
Goodarzi said Intuit lost “quality DIY customers” to lower-cost tax providers and identified price as the top reason customers leave TurboTax. The company plans to make TurboTax’s entry-level experience more competitive on price, expand distribution through leading large-language-model experiences and payroll-provider partnerships, and introduce more AI-native tax features.
Intuit said it is prepared to accept lower initial DIY tax average revenue per customer in exchange for acquiring and retaining more customers, increasing its share of IRS e-filers and building lifetime value across TurboTax and Credit Karma. Customers using both products generate about twice the average revenue of single-product customers, Goodarzi said, while Credit Karma members filing through TurboTax increased more than 50% during the year.
Credit Karma revenue grew 20% for the full year, supported by personal loans, auto insurance and credit cards. Consumer money revenue grew 26%, and Intuit delivered more than $29 billion in fast-money tax refunds during the tax season, up 79%.
Fiscal 2027 Outlook and Capital Allocation
Chief Financial Officer Sandeep Aujla said fiscal 2027 guidance reflects deliberate investments in customer growth and market share, but also implies slower total company revenue growth. Intuit expects fiscal 2027 revenue of $23.279 billion to $23.512 billion, representing growth of 9% to 10%.
- Global Business Solutions revenue is expected to grow 13% to 14%.
- Consumer segment revenue is expected to grow 4% to 6%.
- TurboTax revenue is expected to grow 2% to 3%, reflecting lower DIY tax ARPC as Intuit adjusts pricing and packaging.
- TurboTax Live revenue is expected to grow in the mid-teens.
- Credit Karma revenue is expected to grow 11% to 13%.
- GAAP diluted EPS is projected at $20.12 to $20.36, while non-GAAP diluted EPS is projected at $22.88 to $23.12.
Desktop Ecosystem revenue is expected to decline in the low single digits as customers migrate to online products. Mailchimp, which will become a separate reportable segment beginning in fiscal 2027, is expected to have revenue that is flat to down 1%.
Intuit ended the quarter with $7.2 billion in cash and investments and $7.7 billion of debt. The company repurchased $5.5 billion of stock during fiscal 2026, up 96% from the prior year, and its board approved a quarterly dividend of $1.38 per share, up 15% year over year and payable Oct. 16, 2026.
Aujla said Intuit’s long-term goal remains durable double-digit company revenue growth. The company expects Global Business Solutions revenue to grow at a 10% to 15% compound annual rate over the next three years, while consumer revenue is expected to grow at a 4% to 8% compound annual rate.
About Intuit (NASDAQ:INTU)
Intuit Inc (NASDAQ: INTU) is a financial software company headquartered in Mountain View, California, that develops and sells cloud-based financial management and compliance products for individuals, small businesses, self-employed workers and accounting professionals. Founded in 1983 by Scott Cook and Tom Proulx, the company has grown from desktop tax and accounting software into a diversified provider of online financial tools. As of my latest update, Sasan Goodarzi serves as Chief Executive Officer.
Intuit’s product portfolio includes QuickBooks, its flagship accounting and business-management platform that offers bookkeeping, payroll, payments and invoicing capabilities; TurboTax, a tax-preparation and filing service aimed at individual taxpayers; and Mint, a consumer personal-finance and budgeting app.
