Intuit — Fiscal 2026 Earnings Summary

Financial Performance

• Full-year fiscal 2026 total revenue increased 14% to $21.4 billion; fourth-quarter revenue increased 14% to $4.4 billion.
• Full-year GAAP operating income increased 20% to $5.9 billion; non-GAAP operating income increased 18% to $8.9 billion.
• Full-year GAAP earnings per share increased 20% to $16.46; non-GAAP earnings per share increased 20% to $24.27.
• Full-year Global Business Solutions revenue increased 16% to $12.9 billion; Online Ecosystem revenue increased 19% to $9.9 billion; Consumer revenue increased 11% to $8.6 billion.
• Fourth-quarter Global Business Solutions revenue increased 14% to $3.4 billion; Online Ecosystem revenue increased 17% to $2.6 billion; Consumer revenue increased 14% to $930 million.
• As of July 31, 2026, total cash and investments balance was $7.2 billion and total debt was $7.7 billion.
• Deferred revenue was $1.072 billion as of July 31, 2026, compared to $1.019 billion in the prior year.
• Net cash provided by operating activities for the twelve months ended July 31, 2026, was $8.838 billion.

Guidance and Future Outlook

• Full-year fiscal 2027 total revenue guidance is $23.279 billion to $23.512 billion, representing 9% to 10% growth.
• Full-year fiscal 2027 GAAP operating income guidance is $7.408 billion to $7.490 billion (26% to 27% growth); non-GAAP operating income guidance is $8.063 billion to $8.145 billion (17% to 18% growth).
• Full-year fiscal 2027 GAAP diluted EPS guidance is $20.12 to $20.36 (22% to 24% growth); non-GAAP diluted EPS guidance is $22.88 to $23.12 (23% to 24% growth).
• First quarter fiscal 2027 total revenue guidance is $4.294 billion to $4.313 billion (11% growth).
• First quarter fiscal 2027 GAAP operating income guidance is $716 million to $729 million (34% to 37% growth); non-GAAP operating income guidance is $902 million to $915 million (26% to 28% growth).
• First quarter fiscal 2027 GAAP diluted EPS guidance is $1.71 to $1.75 (8% to 10% growth); non-GAAP diluted EPS guidance is $2.44 to $2.48 (30% to 33% growth).
• Guidance reflects the Mailchimp segment reporting change and the inclusion of share-based compensation expense in non-GAAP measures starting fiscal 2027.

Business Segments and Product Lines

• "Big Bets" collectively grew 34% in fiscal 2026 and represented 30% of full-year revenue.
• QuickBooks Online Accounting revenue increased 23% for the full year and 20% in the fourth quarter.
• TurboTax revenue increased 7% for the full year to $5.3 billion; TurboTax Live revenue increased 37% and represented 53% of total TurboTax revenue.
• Credit Karma revenue increased 20% for the full year to $2.6 billion and 16% in the fourth quarter to $743 million.
• ProTax revenue increased 4% for the full year to $647 million and 6% in the fourth quarter to $34 million.
• Online Services revenue increased 16% for the full year and 15% in the fourth quarter.
• Total international online revenue increased 10% on a constant currency basis for both the full year and fourth quarter.
• Excluding Mailchimp, Global Business Solutions revenue increased 18% for the full year and 15% in the fourth quarter.
• Excluding Mailchimp, Online Ecosystem revenue increased 23% for the full year and 20% in the fourth quarter.
• Excluding Mailchimp, Online Services revenue increased 24% for the full year and 21% in the fourth quarter.
• TurboTax Federal Unit Data: Total U.S. TurboTax units were 39.0 million in fiscal 2026, a 2% decrease from 39.9 million in fiscal 2025.

Market and Competitive Landscape

• Management stated the strategy is to win as an AI-driven expert platform by creating a financial system of intelligence.
• The company serves approximately 100 million customers worldwide.

Risks and Challenges

• Risks include macroeconomic uncertainty, geopolitical conditions, and global economic instability.
• Potential governmental encroachment in the tax business and changes to tax rates or reform legislation.
• Risks related to the ability to develop, deploy, and use AI, including fraud by third parties using AI.
• Cybersecurity incidents, customer privacy concerns, and reliance on intellectual property.
• Risks associated with international operations, climate change, and fluctuations in tax business results due to seasonality.
• Risks related to the restructuring plan, including delays in implementation and potential business disruptions.

Management Commentary and Tone

• Sasan Goodarzi, Chairman and CEO, stated the company surpassed $20 billion in revenue for the full year, fueled by Big Bets, and is focused on scaling these bets and accelerating customer growth.
• Sandeep Aujla, CFO, emphasized a disciplined approach to investments, execution, and a commitment to delivering durable revenue growth, operating margin expansion, and growing capital returns.
• Management highlighted the strength of the platform and the growing contribution of Big Bets.

Other Key Points

• Effective August 1, 2026, Mailchimp is being managed as a separate operating segment and will be a separate reportable segment beginning in fiscal 2027.
• Effective August 1, 2026, share-based compensation expense will no longer be excluded from non-GAAP financial measures.
• Intuit repurchased $5.5 billion of stock during fiscal 2026, a 96% increase versus the prior year, resulting in a 2% reduction in weighted-average diluted shares outstanding.
• The company has a remaining share repurchase authorization of $7.9 billion.
• The Board approved a quarterly dividend of $1.38 per share, payable on October 16, 2026, representing a 15% increase versus the prior year.
• In June, Intuit issued $1.75 billion in senior notes to strengthen liquidity for debt maturing in fiscal 2027.
• Intuit will host its annual Investor Day on September 17, 2026, in Mountain View, CA.