INTU

- S&P 500 earnings are expected to jump 26% in Q3 after a 51% surge in Q2. - Morningstar projected, citing Goldman Sachs research, that earnings growth could slow to 11% in 2027 and 2028. - AI is also blurring the line between growth and value stocks, with Intel and Applied Materials moving to growth in a Morningstar index, while Adobe, Uber, and Intuit are shifting toward value. The AI boom is doing more than lifting tech stocks; it is becoming a major driver of corporate earnings, raising questions about how sustainable the profit surge will be as Wall Street heads into the third-quarter reporting season. Morningstar, citing Goldman Sachs research, said in a new report that S&P 500 earnings are expected to rise 26% in the third quarter, following a massive 51% jump in Q2. Still, Goldman expects earnings growth to slow, forecasting about 11% growth in both 2027 and 2028. "Their takeaway: We aren't quite in an earnings bubble," Morningstar said in its report. See what 10M+ investors are talking about. Get the Stocktwits Daily Rip for what retail is watching right now, free to your inbox Morningstar analysts said AI capital expenditure, semiconductor margin expansion and gains from private investments are the top three factors currently supporting earnings that could eventually become headwinds. That puts companies such as Nvidia, Broadcom, Dell Technologies and Applied Materials, among others in focus, with hyperscalers continuing to pour billions of dollars into data centers, chips and computing infrastructure. Morningstar also highlighted a growing debate around whether the AI investment boom is pushing up Treasury yields by "crowding out" government debt. Pimco's analysis, however, challenges that argument, finding little evidence that individual AI-related debt deals have meaningfully moved Treasury yields. The AI bubble debate remains sharply divided. Michael Burry has questioned the sustainability of Big Tech's AI spending and financing, and believes the returns on investment might not be enough. Nvidia CEO Jensen Huang, by contrast, argues that AI has entered a "high production ramp" as products become useful and generate revenue, pushing back on the idea that the industry is simply hype. The market, too, is flashing some caution. Nvidia, the biggest beneficiary of the AI chip boom, has lagged the broader tech trade this year, while Big Tech cloud stocks are only now regaining momentum. Year to date, the Invesco QQQ Trust Series 1 (QQQ) has gained 21.6%, and the iShares Semiconductor ETF (SOXX) has risen 9.5%, with stocks such as Micron, SanDisk, Seagate, Intel, and Dell more than tripling. Meanwhile, AI is reshaping how investors classify technology stocks. Intel and Applied Materials have moved toward Morningstar's growth indexes as AI-driven demand improves their growth profiles, while Uber, Intuit and Adobe have shifted toward value after uncertainty around AI's impact on software weighed on their growth prospects. Dell offers another example. Its large-cap classification was split between growth and value after its growth metrics improved, even as it remained in the mega-cap value category against faster-growing giants such as Nvidia and Broadcom. Morningstar said that while AI remained a powerful earnings engine, investors may increasingly distinguish between profits generated by the current spending boom and sustainable earnings growth once that investment cycle matures. For updates and corrections, email newsroom[at]stocktwits[dot]com. Read Next: Stocktwits Tech Watch: Micron's Q4 Report, OpenAI Developer Conference Keep AI Trade In Focus This Week Yuvraj Malik has no position in any of the stocks mentioned in this article. StockTwits' news team content is for informational purposes only and is not intended as investment advice. For more, see our editorial policy. This article was originally published on StockTwits. Related: - MDB Stock Plunges After CEO Leaves For Meta – Analysts Weigh Enterprise Ties Against Ittycheria Return - MDB Stock Plunges After CEO Leaves For Meta – Analysts Weigh Enterprise Ties Against Ittycheria Return - SpaceX's Starship Reaches Orbit For First Time – Retail Calls It 'History In The Making'

A month has gone by since the last earnings report for Intuit (INTU). Shares have lost about 17.1% in that time frame, underperforming the S&P 500. But investors have to be wondering, will the recent negative trend continue leading up to its next earnings release, or is Intuit due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the latest earnings report in order to get a better handle on the important catalysts. Intuit delivered fourth-quarter fiscal 2026 non-GAAP earnings of $4.03 per share, which jumped 46.5% year over year and beat the Zacks Consensus Estimate of $3.59. Revenues rose 13.7% to $4.35 billion, topping the $4.27 billion estimate. QuickBooks Online Accounting benefited from higher effective prices, customer growth and mix shift. Total online payment volume, including bill pay, increased 32%, highlighting continued adoption of Intuit's money offerings. Global Business Solutions revenues reached $3.42 billion, up 14% year over year. Online Ecosystem revenues increased 17% to $2.60 billion. QuickBooks Online Accounting revenues advanced 20% to $1.32 billion, while Online Services revenues rose 15% to $1.28 billion. Money and payroll drove Online Services growth. Within money, payments, capital and bill pay contributed to the increase. QuickBooks Capital loan volume rose 54% to $1.9 billion, while Online Ecosystem revenues from QuickBooks Online Advanced and Intuit Enterprise Suite climbed 38%. Total online paying customers increased 3% at the end of fiscal 2026, about two percentage points below the prior year's growth rate. U.S. QuickBooks Online customers, excluding Self-Employed, rose 6%, sharpening management's focus on accelerating new-to-the-franchise additions. QuickBooks Free and QuickBooks Lite are central to that effort. Intuit said more than 20,000 customers were actively using QuickBooks Free or had converted to paid offerings as of the prior month. Intuit Enterprise Suite annualized revenues also surpassed $145 million in the fourth quarter, four times the year-ago level. Consumer segment revenues were $930 million, up 14% year over year. TurboTax revenues increased 3% to $153 million, Credit Karma revenues climbed 16% to $743 million, and ProTax revenues rose 6% to $34 million. Credit Karma growth was driven by personal loans, auto insurance and credit cards. For fiscal 2026, TurboTax Live revenues grew 37%, and customers increased 38%. Management is reshaping the DIY tax model after losing quality customers to lower-cost providers, with a more competitive price-value equation aimed at rebuilding the customer funnel. GAAP operating income increased to $475 million from $339 million a year ago. Non-GAAP operating income jumped 42.5% to $1.45 billion, while the non-GAAP operating margin expanded to 33.3% from 26.5%. Total costs and expenses rose 11.1% to $3.88 billion. The quarter included a $293 million restructuring charge. Research and development expense increased to $857 million from $801 million, while selling and marketing expense edged up to $1.26 billion from $1.25 billion. Intuit ended fiscal 2026 with $7.2 billion in cash and investments and $7.7 billion of debt. The company repurchased $2.1 billion of stock in the fourth quarter, up 179% year over year. Full-year repurchases totaled $5.5 billion, helping reduce weighted-average shares outstanding by 2%. The board approved a quarterly dividend of $1.38 per share, up 15% year over year, and Intuit retained $7.9 billion of repurchase authorization. Full-year operating cash flow increased to $8.84 billion from $6.21 billion. The company also issued $1.75 billion of senior notes in June to strengthen liquidity ahead of fiscal 2027 debt maturities. For fiscal 2027, Intuit expects revenues of $23.28 billion to $23.51 billion, implying growth of 9% to 10%. Global Business Solutions revenues are projected to rise 13% to 14%, while Consumer revenues are expected to grow 4% to 6%. TurboTax growth is forecast at 2% to 3%, Credit Karma at 11% to 13% and Mailchimp between down 1% and flat. Under the revised non-GAAP definition that includes share-based compensation, fiscal 2027 earnings are projected at $22.88 to $23.12 per share, representing growth of 23% to 24%. For the first quarter, revenues are expected at $4.29 billion to $4.31 billion, up about 11%, with non-GAAP earnings of $2.44 to $2.48 per share. It turns out, fresh estimates have trended downward during the past month. At this time, Intuit has a great Growth Score of A, though it is lagging a bit on the Momentum Score front with a B. Following the exact same course, the stock was allocated a score of B on the value side, putting it in the second quintile for this investment strategy. Overall, the stock has an aggregate VGM Score of A. If you aren't focused on one strategy, this score is the one you should be interested in. Estimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. Notably, Intuit has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Intuit Inc. (INTU) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Paychex (NASDAQ:PAYX) is set to report its earnings on Wednesday, September 23, 2026. The company has $41 billion in current market capitalization. Revenue over the last twelve months was $6.5 billion, and it was operationally profitable with $2.5 billion in operating profits and net income of $1.8 billion. While the post-earnings stock reaction will depend on how the results and outlook stack up against investor expectations, a detailed look at historical results can aid you if you are an event-driven trader. Here is how: either understand the historical odds and position yourself prior to the earnings announcement, or look at the correlation between immediate and medium-term returns post earnings and enter a trade one day after the announcement. See earnings reaction history of all stocks Ask yourself - Is holding PAYX stock risky? Of course it is. The Trefis High Quality Portfolio mitigates that risk. Paychex's Historical Odds Of Positive Post-Earnings Return Some observations on one-day (1D) post-earnings returns: There are 20 earnings data points recorded over the last five years, with 11 positive and 9 negative one-day (1D) returns observed. In summary, positive 1D returns were seen about 55% of the time. However, this percentage decreases to 50% if we consider data for the last 3 years instead of 5. Median of the 11 positive returns = 3.6%, and median of the 9 negative returns = -2.3% Additional data for observed 5-Day (5D) and 21-Day (21D) returns post earnings are summarized along with the statistics in the table below. Correlation Between 1D, 5D, and 21D Historical Returns A relatively less risky strategy (though not useful if the correlation is low) is to understand the correlation between short-term and medium-term returns post earnings, find a pair that has the highest correlation, and execute the appropriate trade. For example, 1D_21D shows the strongest correlation here, and it is negative: if the 1D post-earnings return is positive, a trader can position themselves in the opposite direction over the following 21D window. Here is some correlation data based on a 5-year and a 3-year (more recent) history. Note that these correlations are between subsequent windows, not the cumulative columns above: 1D_5D is the correlation between the 1D post-earnings return and the subsequent return from day 1 through day 5, 1D_21D is between the 1D return and the subsequent return from day 1 through day 21, and 5D_21D is between the 5D return and the subsequent return from day 5 through day 21. Is There Any Correlation With Peer Earnings? Sometimes, peer performance can have an influence on post-earnings stock reaction. Some of that pricing-in may even begin before the earnings are announced. Here is some historical data on the past post-earnings performance of Paychex stock compared with the stock performance of INTU, a peer that reported earnings just before Paychex. For fair comparison, peer stock returns also represent post-earnings one-day (1D) returns. Separately, if you want an upside with a smoother ride than an individual stock such as PAYX, consider the Trefis High Quality (HQ) Portfolio, with a collection of 30 stocks, which has a track record of comfortably outperforming its benchmark that includes all three - the S&P 500, S&P mid-cap, and Russell 2000 indices. Why is that? As a group, HQ Portfolio stocks provided better returns with less risk versus the benchmark index; less of a roller-coaster ride, as evident in HQ Portfolio performance metrics.

Intuit Inc. INTU used its 2026 Investor Day to reinforce a message: management expects fiscal 2027 to deliver growth despite a tougher operating backdrop. The company reaffirmed revenue growth of 9-10% and non-GAAP EPS growth of 23-24%, while outlining a longer-term plan centered on AI, higher-value services and deeper engagement across QuickBooks, TurboTax and Credit Karma. The market, however, has been far less patient. INTU closed at $313.13 on Sept. 17 and has lost roughly 52% year to date. That trails H&R Block HRB, which has risen nearly 3%, and Block XYZ, which has gained roughly 18%, year to date, showing how much skepticism is already reflected in Intuit’s shares after a reset in software valuations. That disconnect makes the investment case more interesting. The outlook remains healthy, the valuation has compressed materially and Intuit’s higher-growth businesses are scaling. Yet slower customer additions, tax-share pressure and a weak Mailchimp outlook keep execution risk firmly in focus. Image Source: Zacks Investment Research For fiscal 2027, Intuit expects revenues of $23.28-$23.51 billion, up 9%-10%. Global Business Solutions is projected to grow 13-14%, while Consumer growth is expected at 4%-6%. Credit Karma remains a key driver, with 11-13% growth expected, but TurboTax is guided to just 2-3% and Mailchimp to a range of down 1% to flat. Management also expects non-GAAP EPS of $22.88-$23.12, up 23-24%. This is below the Zacks Consensus Estimate of $23.49.First-quarter guidance indicates 11% revenue growth and 30-33% non-GAAP EPS growth to a range of $2.44 to $2.48, giving investors a near-term test of whether the full-year plan is on track. The consensus mark for the same presently stands at $2.46, which is within the guided range. The longer-term case rests on Intuit’s ability to turn its large data set and product ecosystem into higher-value automated services. At Investor Day, management highlighted assisted tax, money and mid-market offerings as its “Big Bets.” These growth engines expanded more than 30% in fiscal 2026 and now represent about 30% of total revenues. Intuit Intelligence is also being embedded across tax, accounting, payments and business workflows, which could raise engagement and average revenue per customer while reducing manual work. Management is targeting at least high-teens annual non-GAAP EPS growth over the longer term, which keeps earnings compounding central to the story. That strategy gives Intuit a broader growth path than HRB’s more tax-focused model and a different mix than XYZ’s payments and financial-services ecosystem. Still, HRB and XYZ remain useful reference points because both compete for parts of the consumer, small-business and financial-services wallet. The key concern is that monetization has been stronger than customer expansion. Intuit acknowledged that new-customer growth did not meet its expectations in fiscal 2026. TurboTax lost one point of IRS e-file share and three points of DIY tax e-file share, while Business Platform total online paid-customer growth slowed to 4%.Management’s priorities now include accelerating customer growth, broadening product entry points and scaling the Big Bets further. Those efforts need to convert into better volume growth, not just higher pricing and mix. INTU’s estimates for fiscal 2027 have been revised southward over the past month. However, the same for fiscal 2028 has been revised marginally upward over the past week. Image Source: Zacks Investment Research Intuit’s steep share-price decline has made its valuation more reasonable. On a forward 12-month Price/Sales basis, INTU trades at about 3.53X, below the Zacks Computer-Software industry average of 6.05X. However, it still commands a premium to H&R Block and Block, which trade at lower forward sales multiples. This premium reflects Intuit’s stronger recurring software mix, broader ecosystem and higher growth profile. The current valuation looks less demanding than before, but further upside will likely depend on stronger customer growth, sustained Global Business Solutions momentum and clearer monetization from Intuit Intelligence.Valuation Image Source: Zacks Investment Research For investors already in INTU, the best stance appears to be patient rather than aggressive. Reaffirmed guidance, strong Business Platform growth, AI-led automation and a lower valuation improve the risk-reward profile after the steep share-price reset. Still, slower new-customer growth, weaker TurboTax share trends and a flat-to-down Mailchimp outlook argue against chasing the stock before execution improves. The next checkpoints are fiscal first quarter delivery, stabilization in customer additions and evidence that Intuit Intelligence is driving measurable retention and monetization. With solid earnings growth balanced by execution questions, maintaining existing exposure while waiting for clearer proof of reacceleration looks reasonable from here.At present, INTU carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Intuit Inc. (INTU) : Free Stock Analysis Report H&R Block, Inc. (HRB) : Free Stock Analysis Report Block, Inc. (XYZ) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

MOUNTAIN VIEW, Calif., September 17, 2026--(BUSINESS WIRE)--Intuit Inc. (Nasdaq: INTU), the global financial technology platform that makes TurboTax, Credit Karma, QuickBooks, Mailchimp, Intuit Enterprise Suite, and Intuit Accountant Suite, reiterated its financial guidance for the first quarter and full year fiscal 2027 in conjunction with its Investor Day. The event is being held today at the company's Mountain View, CA headquarters and begins at 8:00 a.m. PT. "Intuit is creating the future of financial intelligence. With our AI-driven expert platform, we're bringing together decades of trusted data, deep financial expertise, domain-specific AI models and a network of human experts to fuel the financial success of consumers, businesses, and accountants," said Sasan Goodarzi, Intuit's chairman and chief executive officer. "As we look ahead, we have a significant runway. Our strategy is fueling the company's biggest growth drivers. We're focused on scaling our Big Bets and accelerating new customer growth to build durable, long-term growth for years to come." Intuit will discuss the company's business strategy, latest product innovations, and how we drive durable growth in an evolving AI landscape. Hear from Intuit executives, including: Sasan Goodarzi, chairman and chief executive officer Sandeep Aujla, executive vice president, chief financial officer Alex Balazs, executive vice president, chief technology officer Ashley Still, executive vice president and general manager, Small Business & Mid-Market Group David Hahn, executive vice president and general manager, Services Group Mark Notarainni, executive vice president and general manager, Consumer Group Reiterates First Quarter and Full Year Fiscal 2027 Guidance Intuit reiterated first quarter and full year fiscal 2027 guidance, previously announced on Aug. 25, 2026. Full Year Fiscal 2027 Guidance First Quarter Fiscal 2027 Guidance Investor Day: How to Participate The half-day event can be viewed live at https://investors.intuit.com/news-events. A replay will be available on Intuit’s Investor Relations website a few hours after the event ends. About Intuit Intuit is the global financial technology platform that powers prosperity for the consumers, businesses and accountants we serve, with products including TurboTax, Credit Karma, QuickBooks, Mailchimp, Intuit Enterprise Suite and Intuit Accountant Suite. Intuit's financial intelligence brings together decades of trusted data, deep financial expertise, AI, and human experts to help customers at every stage of their financial journey. This puts more money in their pockets, saves time by reducing manual work, and ensures they have complete confidence in every financial decision. For more information, visit Intuit.com. About Non-GAAP Financial Measures This press release and the accompanying tables include non-GAAP financial measures. For a description of these non-GAAP financial measures, including the reasons management uses each measure, and reconciliations of these non-GAAP financial measures to the most directly comparable financial measures prepared in accordance with Generally Accepted Accounting Principles, please see the section of the accompanying tables titled "About Non-GAAP Financial Measures" as well as the related Table 1. A copy of the press release issued by Intuit today can be found on the investor relations page of Intuit's website. Cautions About Forward-looking Statements This press release contains forward-looking statements, including expectations regarding: forecasts and timing of growth and future financial results of Intuit and its reporting segments; Intuit’s prospects for the business in fiscal 2027 and beyond; and Intuit's corporate tax rate; as well as all of the statements under the heading "Reiterates First Quarter and Full Year Fiscal 2027 Guidance." Because these forward-looking statements involve risks and uncertainties, there are important factors that could cause our actual results to differ materially from the expectations expressed in the forward-looking statements. These risks and uncertainties may be amplified by the effects of global developments and conditions or events, including macroeconomic uncertainty and geopolitical conditions, which have caused significant global economic instability and uncertainty. Given these risks and uncertainties, persons reading this communication are cautioned not to place any undue reliance on such forward-looking statements. These factors include, without limitation, the following: our ability to compete successfully; potential governmental encroachment in our tax business; our ability to develop, deploy, and use AI in our platform and offerings; our ability to adapt to technological change and to successfully extend our platform; our ability to predict consumer behavior; our ability to anticipate and solve new and existing customer problems; our reliance on intellectual property; our ability to protect our intellectual property rights; any harm to our reputation; risks associated with our environmental, social, and governance efforts; risks associated with acquisition and divestiture activity; the issuance of equity or incurrence of debt to fund acquisitions or for general business purposes; cybersecurity incidents (including those affecting the third parties we rely on); customer or regulator concerns about privacy and cybersecurity incidents; fraudulent activities by third parties, including through the use of AI; our failure to process transactions effectively; interruption or failure of our information technology; our ability to maintain critical third-party business relationships; our ability to attract and retain talent and the success of our hybrid work model; our ability to effectively develop and deploy AI in our offerings; any deficiency in the quality or accuracy of our offerings (including the advice given by experts on our platform); any delays in product launches; difficulties in processing or filing customer tax submissions; risks associated with international operations; risks associated with climate change; changes to, and evolving interpretations of public policy, laws, or regulations affecting our businesses; allegations of legal claims and legal proceedings in which we are involved; fluctuations in the results of our tax business due to seasonality and other factors beyond our control; changes in tax rates and tax reform legislation; global economic conditions (including, without limitation, inflation); exposure to credit, counterparty, and other risks in providing capital to businesses; amortization of acquired intangible assets and impairment charges; our ability to repay or otherwise comply with the terms of our outstanding debt; our ability to repurchase shares or distribute dividends; volatility of our stock price; our ability to successfully market our offerings; our ability to realize the anticipated benefits of our restructuring plan (Plan); risks related to the preliminary nature of the estimate of the charges to be incurred in connection with the Plan, which is subject to change; and risks related to any delays in the timing for implementing the Plan or potential disruptions to our business or operations as we execute on the Plan. More details about these and other risks that may impact our business are included in our Form 10-K for fiscal 2026 and in our other SEC filings. You can locate these reports through our website at https://investors.intuit.com. First-quarter and full-year fiscal 2027 guidance speaks only as of the date it was publicly issued by Intuit. Other forward-looking statements represent the judgment of the management of Intuit as of the date of this presentation. Except as required by law, we do not undertake any duty to update any forward-looking statement or other information in this presentation. INTUIT INC.ABOUT NON-GAAP FINANCIAL MEASURES The accompanying press release dated September 17, 2026 contains non-GAAP financial measures. Table 1 reconciles the non-GAAP financial measures in that press release to the most directly comparable financial measures prepared in accordance with Generally Accepted Accounting Principles (GAAP). These non-GAAP financial measures include non-GAAP operating income (loss), non-GAAP net income (loss), and non-GAAP net income (loss) per share. Non-GAAP financial measures should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. These non-GAAP financial measures do not reflect a comprehensive system of accounting, differ from GAAP measures with the same names, and may differ from non-GAAP financial measures with the same or similar names that are used by other companies. We compute non-GAAP financial measures using the same consistent method from quarter to quarter and year to year. We may consider whether other significant items that arise in the future should be excluded from our non-GAAP financial measures. Beginning in the first quarter of fiscal 2027, our non-GAAP financial measures no longer exclude share-based compensation expense. Share-based compensation is a recurring component of our compensation program, and we believe including this expense in our non-GAAP financial measures reflects our core operating results. We exclude the following items from all of our non-GAAP financial measures: Amortization of acquired technology Amortization of other acquired intangible assets Restructuring charges Gains and losses on executive deferred compensation plan liabilities Goodwill and intangible asset impairment charges Gains and losses on disposals of businesses and long-lived assets Professional fees and transaction costs for business combinations We also exclude the following items from non-GAAP net income (loss) and diluted net income (loss) per share: Gains and losses on debt securities and other investments Gains and losses on executive deferred compensation plan assets Income tax effects and adjustments Discontinued operations We believe these non-GAAP financial measures provide meaningful supplemental information regarding Intuit’s operating results primarily because they exclude amounts that we do not consider part of ongoing operating results when planning and forecasting and when assessing the performance of the organization, our individual operating segments, or our senior management. Segment managers are not held accountable for share-based compensation expense, amortization, restructuring, or the other excluded items and, accordingly, we exclude these amounts from our measures of segment performance. We believe our non-GAAP financial measures also facilitate the comparison by management and investors of results for current periods and guidance for future periods with results for past periods. The following are descriptions of the items we exclude from our non-GAAP financial measures. Amortization of acquired technology and amortization of other acquired intangible assets. When we acquire a business in a business combination, we are required by GAAP to record the fair values of the intangible assets of the business and amortize them over their useful lives. Amortization of acquired technology in cost of revenue includes amortization of software and other technology assets of acquired businesses. Amortization of other acquired intangible assets in operating expenses includes amortization of assets such as customer and user relationships and trade names and logos. Restructuring charges. This consists of costs incurred as a direct result of discrete strategic restructuring actions, including, but not limited to severance and other one-time termination benefits, and other costs, which are different in terms of size, strategic nature, and frequency than ongoing productivity and business improvements. Gains and losses on executive deferred compensation plan liabilities. We exclude from our non-GAAP financial measures gains and losses on the revaluation of our executive deferred compensation plan liabilities. Goodwill and intangible asset impairment charges. We exclude from our non-GAAP financial measures non-cash charges to adjust the carrying values of goodwill and other acquired intangible assets to their estimated fair values. Gains and losses on disposals of businesses and long-lived assets. We exclude from our non-GAAP financial measures gains and losses on disposals of businesses and long-lived assets because they are unrelated to our ongoing business operating results. Professional fees and transaction costs for business combinations. We exclude from our non-GAAP financial measures the professional fees we incur to complete business combinations. These include investment banking, legal, and accounting fees. Gains and losses on debt securities and other investments. We exclude from our non-GAAP financial measures credit losses on available-for-sale debt securities and gains and losses on other investments. Gains and losses on executive deferred compensation plan assets. We exclude from our non-GAAP financial measures gains and losses on the revaluation of our executive deferred compensation plan assets. Income tax effects and adjustments. We use a long-term non-GAAP tax rate for evaluating operating results and for planning, forecasting, and analyzing future periods. This long-term non-GAAP tax rate excludes the income tax effects of the non-GAAP pre-tax adjustments described above, and eliminates the effects of non-recurring and period specific items which can vary in size and frequency. Based on our long-term projections, we are using a long-term non-GAAP tax rate of 24% for fiscal 2026 and fiscal 2027. This long-term non-GAAP tax rate could be subject to change for various reasons including significant acquisitions, changes in our geographic earnings mix, or fundamental tax law changes in major jurisdictions in which we operate. We will evaluate this long-term non-GAAP tax rate on an annual basis and whenever any significant events occur which may materially affect this rate. Operating results and gains and losses on the sale of discontinued operations. From time to time, we sell or otherwise dispose of selected operations as we adjust our portfolio of businesses to meet our strategic goals. In accordance with GAAP, we segregate the operating results of discontinued operations as well as gains and losses on the sale of these discontinued operations from continuing operations on our GAAP statements of operations but continue to include them in GAAP net income or loss and net income or loss per share. We exclude these amounts from our non-GAAP financial measures. The reconciliations of the forward-looking non-GAAP financial measures to the most directly comparable GAAP financial measures in Table 1 include all information reasonably available to Intuit at the date of this press release. This table includes adjustments that we can reasonably predict. Events that could cause the reconciliation to change include acquisitions and divestitures of businesses, goodwill and other asset impairments, sales of available-for-sale debt securities and other investments, and disposals of businesses and long-lived assets. View source version on businesswire.com: https://www.businesswire.com/news/home/20260917914823/en/ Contacts InvestorsKendra GoodenoughIntuit [email protected] MediaKali FryIntuit [email protected]

Wrapping up Q2 earnings, we look at the numbers and key takeaways for the finance and hr software stocks, including Intuit (NASDAQ:INTU) and its peers. Organizations are constantly looking to improve organizational efficiencies, whether it is financial planning, tax management or payroll. Finance and HR software benefit from the SaaS-ification of businesses, large and small, who much prefer the flexibility of cloud-based, web-browser delivered software paid for on a subscription basis than the hassle and expense of purchasing and managing on-premise enterprise software. The 12 finance and hr software stocks we track reported a satisfactory Q2. As a group, revenues beat analysts’ consensus estimates by 2.2% while next quarter’s revenue guidance was 0.8% below. In light of this news, share prices of the companies have held steady as they are up 1.6% on average since the latest earnings results. Originally named after its founding product "Intuitive for the first-time user," Intuit (NASDAQ:INTU) provides financial management software and services including TurboTax, QuickBooks, Credit Karma, and Mailchimp to help consumers and small businesses manage their finances. Intuit reported revenues of $4.35 billion, up 13.7% year on year. This print exceeded analysts’ expectations by 2%. Despite the top-line beat, it was still a softer quarter for the company with full-year guidance of slowing revenue growth and full-year EPS guidance missing analysts’ expectations significantly. Intuit delivered the weakest full-year guidance update among its peers. The market seems disappointed with the results as the stock is down 12.5% since reporting and currently trades at $312.70. Read our full report on Intuit here, it’s free. Originally spun off from American Express in 2014 but maintaining the Amex GBT brand, Global Business Travel Group (NYSE:GBTG) provides end-to-end business travel and expense management solutions, connecting corporate clients with travel suppliers and offering specialized software services. American Express Global Business Travel reported revenues of $870 million, up 37.9% year on year, outperforming analysts’ expectations by 7.7%. The business had an exceptional quarter. American Express Global Business Travel delivered the biggest analyst estimate beat and fastest revenue growth in the group. However, the results were likely priced into the stock as it’s traded sideways since reporting. Shares currently sit at $9.49. Is now the time to buy American Express Global Business Travel? Access our full analysis of the earnings results here, it’s free. Powering the cards behind innovative fintech services like Block's Cash App, Marqeta (NASDAQ:MQ) provides a cloud-based platform that allows businesses to create customized payment card programs and process card transactions. Marqeta reported revenues of $176 million, up 17% year on year, exceeding analysts’ expectations by 1.5%. Still, it was a softer quarter as it posted revenue guidance for next quarter missing analysts’ expectations significantly. Marqeta delivered the weakest guidance update among its peers. As expected, the stock is down 10.8% since the results and currently trades at $16.00. Read our full analysis of Marqeta’s results here. Operating in a field where companies traditionally juggled multiple disconnected systems, Paylocity (NASDAQ:PCTY) provides cloud-based human capital management and payroll software solutions that help businesses manage their workforce and HR processes. Paylocity reported revenues of $444.7 million, up 11% year on year. This number beat analysts’ expectations by 3.1%. It was a strong quarter as it also produced an impressive beat of analysts’ adjusted operating income estimates and EBITDA guidance for next quarter beating analysts’ expectations. The stock is flat since reporting and currently trades at $142.99. Read our full, actionable report on Paylocity here, it’s free. Born from the vision to eliminate tedious manual spreadsheet work for accountants, BlackLine (NASDAQ:BL) provides cloud-based software that automates and streamlines financial close, intercompany accounting, and invoice-to-cash processes for accounting departments. BlackLine reported revenues of $187.8 million, up 9.2% year on year. This result was in line with analysts’ expectations. Taking a step back, it was a mixed quarter as it also produced accelerating customer growth but a significant miss of analysts’ billings estimates. BlackLine had the slowest revenue growth of the whole group. The company lost 1 customers and ended up with a total of 4,300. The stock is down 13.2% since reporting and currently trades at $28.75. Read our full, actionable report on BlackLine here, it’s free. Over the past year, investors have been forced to repeatedly answer the same question: what is the market’s biggest risk? The answer has changed several times, and each shift has reshaped market leadership. Late in 2025 and early 2026, artificial intelligence became the market’s primary uncertainty. Investors questioned whether AI would erode software pricing power and weaken competitive moats as AI made it easier to replicate once-differentiated products. By the spring, technology took a back seat to geopolitics. The U.S. conflict with Iran briefly became the market’s dominant narrative, raising concerns about oil prices, inflation, and global growth. 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Adobe's board chose continuity over disruption, naming insider Anil Chakravarthy CEO days before earnings, sending ADBE down 7% on AI strategy doubts. Workday fell 4% in sympathy despite raising full-year subscription guidance, while Intuit's strong Q4 confirms peer fundamentals aren't driving the selloff. Just released. Our analysts combed the entire stock market and named the ten best stocks to buy right now, and Adobe didn't make the cut. Enter your email to see the names that beat ADBE. The report is free. Enter your email and see if any of your stocks made the cut. An internal CEO pick landing days before an earnings report has Adobe (NASDAQ:ADBE) stock sliding on Friday morning while large-cap tech mostly holds its ground. The Invesco QQQ Trust (NASDAQ:QQQ) is up 0.01% to $717.78. The SPDR S&P 500 ETF Trust (NYSEARCA:SPY) is down 0.45% to $769.66, but today's price action primarily reads as a company-specific repricing rather than a broad software selloff. Adobe stock is down 7% to $264.81, giving back ground on the succession news heading into next week's report. At the same time, Workday (NASDAQ:WDAY) stock is down 4% to $199.30, trading lower in sympathy with the enterprise software cohort. Adobe stock was down 18% year to date through Thursday's close, and Intuit (NASDAQ:INTU) sits in the same debate about which software franchises generative artificial intelligence expands and which it hollows out. That's the frame investors keep coming back to on days like this. Adobe named Anil Chakravarthy, head of its Customer Experience Orchestration business, as its next president and chief executive officer, effective December 1, when he also joins the board. He succeeds Shantanu Narayen, who announced his planned departure in March after roughly two decades leading Adobe and becomes executive chair. Free Report, Just Released Why Didn't ADBE Make The Top 10 List? 24/7 Wall St has helped investors make money for over two decades, and our top analysts just finished ranking the definitive Top 10 Stocks To Buy Now. Not the ten biggest companies. Not the ten everyone is arguing about. The ten best stocks to buy right now. And ADBE didn't make the cut! The report is free, and you can see why we think each stock is a top investment today. Enter Your Email and See the Ten → Chakravarthy's unit built Adobe CX Enterprise, GenStudio and Brand Visibility, and he oversaw the integration of the Workfront and Semrush acquisitions. He spent four years as chief executive officer of Informatica before joining Adobe, with earlier stops at Symantec, VeriSign and McKinsey. The résumé runs deep in enterprise data and marketing software. On paper, Chakravarthy comes in well qualified. The concern sits in the timing and the message: the board settled continuity days before a scheduled report at a company already fighting an AI narrative overhang. Adobe stock has fallen across two consecutive calendar years on fear that generative AI erodes demand for Creative Cloud and Document Cloud. Stocktwits notes Adobe shares fell 20% over the course of 2025, and today's slide deepens that trajectory. Chakravarthy's record sits in enterprise data and marketing software, further from the creative tools where the AI threat is sharpest. Barclays captured the split, raising its Adobe price target to $295 from $250 while holding an Equal Weight rating. Next week's numbers can print fine, and the strategy narrative can still lag. Workday's slide today reads as a coincident tell rather than a fundamentals problem for the ERP name. Its most recent quarter beat on both lines and management raised full-year subscription revenue guidance. Adobe stock's session move sits against a year-to-date drop through Thursday's close of 18%, so this isn't a reset from a strong base. Adobe's Q2 FY2026 print showed AI-first annual recurring revenue (ARR) that tripled year over year to exceed $500 million, with total ARR at $27.1 billion. Workday stock is coming off a strong month, with its Q2 FY2027 subscription revenue of $2.471 billion growing 13.9% year over year. Workday said more than 5,500 customers are now using at least one of its organic agents. Intuit's Q4 FY2026 report delivered non-GAAP EPS of $4.03 on revenue of $4.35 billion, so recent peer fundamentals aren't the story pressuring Adobe today. Adobe is scheduled to report its fiscal third-quarter results on September 10 after the close. The Q3 FY2026 guide of revenue of $6.67 billion to $6.72 billion and non-GAAP EPS of $6.05 to $6.10 sets a bar that AI-first ARR commentary can either reinforce or undercut on the call. Traders can watch for signs that Workday's sympathy move fades once Adobe's print clears the wire, and Intuit's investor day on September 17 offers another read on how enterprise software peers are pricing AI upside. Meanwhile, investors sizing new positions here may want to keep their exposure modest until the earnings call clears and the strategy question gets addressed on the record. A CEO announcement answers who; the report has to answer what next. If you have cash sitting in your account right now, give this two minutes. After more than two decades of helping investors beat the market, our top analysts at 24/7 Wall St. put together a definitive report on the Top 10 Stocks To Buy Today. And ADBE wasn't one of them. They combed the entire market. It's not 10 ideas, not 10 stocks everyone is talking about, it's what their research points to as the 10 best stocks to buy right now, and it's free. Read more here and >;elm:context_link;itc:0;sec:content-canvas" data-yga="{"yLinkElement":"context_link","yModuleName":"content-canvas","yLinkText":"see which stocks made the list -->"}" class="link ">see which stocks made the list -->> Contact [email protected] for any questions or corrections.

Image source: The Motley Fool. Tuesday, Aug. 25, 2026 at 4:30 p.m. ET Vice President of Investor Relations - Kendra Goodenough Chief Executive Officer - Sasan Goodarzi Chief Financial Officer - Sandeep Aujla Operator: Good afternoon, ladies and gentlemen. My name is Bo, and I will be your conference operator today. At this time, I would like to welcome everyone to Intuit's Fourth Quarter and Fiscal Year-End 2026 Conference Call. [Operator Instructions] With that, I'll now turn the call over to Ms. Kendra Goodenough, Intuit's Vice President of Investor Relations. Please go ahead, ma'am. Kendra Goodenough: Good afternoon, and welcome to Intuit's Fourth Quarter Fiscal 2026 Conference Call. I'm here with Intuit's CEO, Sasan Goodarzi; and our CFO, Sandeep Aujla. Before we start, I'd like to remind everyone that our remarks will include forward-looking statements. There are a number of factors that could cause Intuit's results to differ materially from our expectations. You can learn more about these risks in the press release we issued earlier this afternoon, our Form 10-K for fiscal 2025 and our other SEC filings. All of these documents are available on the Investor Relations page of Intuit's website at intuit.com. We assume no obligation to update any forward-looking statements. Some of the numbers in these remarks are presented on a non-GAAP basis. We've reconciled the comparable GAAP and non-GAAP numbers in today's press release. Unless otherwise noted, all growth rates refer to the current period versus the comparable prior year period, and the business metrics and associated growth rates refer to the worldwide business metrics. A copy of our prepared remarks and supplemental financial information will be available on our website after this call ends. With that, I'll turn the call over to Sasan. Sasan Goodarzi: Thanks, Kendra, and thanks to all of you for joining us today. We closed fiscal year 2026 with solid results. Full year revenue grew 14%, and we expanded operating margin again this year. This drove full year GAAP and non-GAAP diluted earnings per share growth of 20% for both. Our Big Bets, assisted tax, money and mid-market collectively grew 34% and represented 30% of full year revenue. At the same time, our results highlighted areas where we need to further evolve, namely in key parts of our business, we need to grow new customers at a faster pace. As we enter fiscal year 2027, we are deliberately shifting our execution and investments towards accelerating customer acquisition and market share growth while continuing to scale the areas of the business that are working well. We have already taken decisive action. We are sharpening our product and lineup strategy to accelerate new customer growth while continuing to scale our Big Bets and increase adoption of platform services. These actions are designed to strengthen our competitive position and set Intuit up for durable growth over time. Today, I'll cover the opportunities we see ahead, the changes that we are making to capture them and our progress to date. I have a great deal of conviction in our strategy to win as an AI-driven expert platform by creating a unified financial system of intelligence. We bring together decades of trusted proprietary data, deep financial and industry expertise and domain-specific models built for accuracy and compliance to increasingly do the work for our customers and help them achieve better outcomes. Our innovation is creating a future where consumers, businesses and accountants can simply approve financial decisions or collaborate with a brilliant virtual team of AI and human experts while our platform works around the clock to power their prosperity. This is always-on financial intelligence. Our 3 Big Bets define where we are concentrating our focus: scale done-for-you experiences; putting money at the center of everything we do; and win in the mid-market. We are executing with greater speed against these 2 clear outcomes: grow new customers to capture market share; and increase adoption of platform services to drive higher ARPC. For businesses and accountants, we're helping them grow and run their businesses end-to-end from accounting and human capital management to payments, bill pay, financing and marketing automation. Across our business platform, that translates into a clear growth strategy, bring more new customers onto the platform from early entrepreneurs to mid-market businesses and grow with them over time as they adopt more services and their needs become more complex. In fiscal year 2026, we prioritized scaling our mid-market and money offerings focused on delivering greater value to our existing customer base. That delivered meaningful progress with revenue from our online money portfolio growing 31% and mid-market revenue growing 39%. That growth demonstrates the value that we are creating for existing customers as their needs become more complex. The opportunity now is to complement this strength by accelerating new to the franchise growth. Total online paying customers were 8.9 million at the end of fiscal year 2026, growing 3% year-over-year, which is about 2 points lower growth than in the prior year. As we enter fiscal year 2027, we are broadening our focus to acquire significantly more new-to-the-franchise customers to increase our market share while scaling our Big Bets to position the business platform for reacceleration over time. A key component of our new-to-the-franchise strategy is widening the front door with QuickBooks Free and QuickBooks Lite. These offerings create low-friction entry points to reach millions of businesses earlier in their journey and build a relationship with them from the start. We recently introduced QuickBooks Free and early results are encouraging. As of last month, we had more than 20,000 customers either actively using QuickBooks Free or who had converted to paid offerings with monetization driven by payments adoption and upgrades to more comprehensive offerings. This is the model we intend to scale, acquire more new customers earlier and grow with them as their needs become more complex. That model becomes even more valuable as customers grow in the mid-market, a nearly $90 billion total addressable market. Our progress in the mid-market has been strong and gives us a clear opportunity to broaden the sources of growth. Mid-market customers grew 28% with roughly 3/4 of the additions coming from upgrades or desktop migrations. This reflects our success moving existing QuickBooks customers into higher-value offerings with our go-to-market emphasis weighted towards our existing base. As we enter fiscal year 2027, we are deliberately increasing investment in direct new to the franchise acquisition to expand our reach and broaden the sources of mid-market growth. We have tangible proof points that give us confidence in our ability to accelerate direct acquisition. New-to-the-franchise mid-market customers grew over 30% this year and Intuit Enterprise Suite annualized revenue surpassed $145 million in Q4, a 4x increase from last year. Our industry-specific approach is also attracting new customers. The launch of Construction Edition drove an incremental 19 points of growth in QuickBooks Online Advanced customer additions in construction, while new Intuit Enterprise Suite contracts in construction increased 20%. These results demonstrate that industry-specific innovation can be a meaningful new customer growth lever, and we are moving quickly to scale this approach across more verticals. Accountants are another important part of scaling our mid-market new customer pipeline. This year, they drove 25% of our new Intuit Enterprise Suite contracts. And to strengthen our network effect, this month, we launched breakthrough AI-native innovation in Intuit Accountant Suite, bringing together practice management, portfolio-wide insights, books close and tax workflows in one experience. Accountants using Intuit Accountant Suite report spending nearly 30% more of their high-value time on advisory work and over 150,000 accountants are already on Intuit Accountant Suite platform. Together, these proof points give us confidence in our ability to expand our reach in the mid-market, not only by growing with businesses already on the platform, but by bringing significantly more new customers directly into the franchise. What makes this opportunity especially powerful is one unified financial platform serving businesses and accountants across their journey. From an entrepreneur just getting started to a complex mid-market business, we can bring customers onto the platform, solve more of their needs over time and help them run more of their business in one place. And the more businesses and accountants we bring together on the platform, the stronger the network becomes, driving greater engagement, customer growth and adoption of services while creating more value for both sides. A foundational part of that advantage is Intuit Intelligence. Powered by our financial system of intelligence, it brings done-for-you experiences to life, moving us beyond software that simply records transactions to a platform that increasingly does the work for our customers. Intuit Intelligence combines the context of a customer's financial life and data with our deep domain and industry expertise, advanced models and workflows built for accuracy and compliance. It understands what is happening in a customer's business, anticipates what needs attention and turns insight into action. It keeps books current, surfaces anomalies, forecasts cash flow, performs scenario planning, and initiates workflows to get work done on their behalf while bringing in human expertise when needed. The early proof is encouraging. Millions of customers are using our AI-native experiences, getting paid 4 days faster and reducing manual work by 30%. And among more complex businesses, over 75% of Intuit Enterprise Suite customers use our AI agents every month to keep their books current, automate transaction work, and close faster. Our focus now is to scale that value across a much larger customer base. As our customers grow, we have the opportunity to grow with them by managing more of their financial and workforce needs in one place. Money and workforce help us deliver that value while creating a significant opportunity to deepen customer relationships as they adopt more services and drive higher ARPC over time. We are seeing strong evidence of this today with significant opportunity ahead. Businesses manage over $2.7 trillion in invoices through QuickBooks every year and total online payment volume, including bill pay, grew 30% to more than $225 billion for the full year. And as customers grow with us, they adopt more of the platform. QuickBooks Online Advanced U.S. customers have a 13-point higher payroll penetration rate and a 9-point higher payments penetration rate than core QuickBooks Online customers. This demonstrates the opportunity to grow the value of a customer relationship over time by solving more of their needs on one platform. We continue to expand that opportunity by putting money at the center of the platform. Our recent launch of the Intuit Business Credit Card brings another critical financial capability directly into QuickBooks experience, creating more opportunities to deepen engagement and drive additional value for customers. As we look ahead, our priorities across the business platform are clear. We will widen the front door with QuickBooks Free and QuickBooks Lite to accelerate new-to-the-franchise customer growth, continue to expand our reach and momentum in mid-market, scale consumption and engagement of Intuit Intelligence and drive greater adoption of money and workforce services. Our focus is to execute against both sides of the equation, bringing more customers onto the platform and growing the value of those relationships over time to expand market share, drive higher ARPC and position the business platform for durable long-term growth. Now shifting to our consumer platform. Revenue grew 11% this year, and we are seeing strong growth across assisted tax, personal finance and money. At the same time, we lost quality DIY customers to lower-cost providers. I will unpack that shortly. We now understand what needs to change and our focus is to rebuild that customer funnel while continuing to scale the areas where we are seeing strong momentum. Our growth opportunity is to use TurboTax and Credit Karma as powerful entry points to bring more consumers into the platform, grow our share of total IRS e-filers and deepen those relationships across their financial lives to drive higher platform ARPC over time. Our financial system of intelligence enables us to do that by helping consumers make smarter financial decisions year-round, whether connecting them to the right credit cards, personal loans, auto loans, home loans and insurance, helping them manage their money or filing their taxes. We're already having a significant scale to build from. This year, we helped customers file 39 million tax returns facilitated over $120 billion in tax refunds and leveraged more than 70,000 tax and financial attributes per consumer to deliver deeply personalized experiences. We see significant opportunity to expand the value of these relationships. Today, approximately 1 out of every 9 credit card and personal loan originations in the U.S. comes through our AI-powered platform. Over the last 2 years, our share increased approximately 3 points in credit cards and 4 points in personal loans as we gained share with both consumers and financial partners. Revenue for our personal finance key growth offerings, insurance and home loans grew 44% this year, while connected financial accounts grew 104%. Consumer money revenue grew 26%, and we delivered more than $29 billion in fast money refunds this tax season, up 79%. This is the power of one consumer platform. The more customers engage with us across their financial lives, the more context we have to deliver personalized value and the more opportunities we have to grow the relationship beyond a single tax transaction. Now let me address how we're evolving our tax growth model. Historically, our DIY model optimized for tax revenue and ARPC through pricing and upgrading customers into higher-value offerings over time. That model works for many years, but the market has changed. Consumers have more low-cost alternatives, and we lost quality DIY customers to low-cost providers this year. Price is now the #1 reason customers leave TurboTax. We now know what needs to change, and we are already putting that plan into action to rebuild the DIY funnel and grow our share of total IRS e-filers. We are making the entry experience more competitive and clear on price and expanding the distribution so customers can discover and access TurboTax where they already are, including through leading LLM experiences and new payroll provider partnerships. We are also fundamentally reinventing the tax experience with AI and expect to deliver a completely AI-native experience for the vast majority of tax situations from document-first intake that dramatically reduces the work of filing to a copilot that can take action directly on the return and seamlessly hand off to an expert with full context, while credit, deduction and compliance agents help customers maximize their outcomes with greater accuracy. This approach also changes how we think about the economics of the customer relationship. This means we are deliberately accepting lower initial DIY tax ARPC to acquire and retain more quality customers, grow e-file share and create greater lifetime value as they engage across the consumer platform. We know the value of winning these customers extends far beyond the tax return. Customers using both TurboTax and Credit Karma generate approximately twice the average revenue per customer of a single product customer and Credit Karma members filings through TurboTax grew more than 50% this year. These results demonstrate the opportunity to monetize consumer relationships beyond tax. Our focus now is to turn the changes we are making to pricing, packaging and distribution into significantly more quality DIY customers entering the franchise. DIY is also an important funnel into assisted tax, one of the largest opportunities and approximately 88% of TurboTax's total addressable market. We're disrupting this category with an AI-native virtual experience that combines the speed and productivity of AI with something customers deeply value and AI cannot replace, a trusted human expert who reviews, signs and takes accountability for their return. Our ability to deliver that human accountability efficiently at scale, together with competitive pricing and compelling year-round benefits is a powerful differentiator. TurboTax Live customers grew 38% this year. Over the last 2 years, we've been very successful in helping existing DIY customers realize the value of Assisted. More than 3/4 of TurboTax Live customer additions in fiscal year 2026 came from DIY upgrades into live. While this demonstrates the value of our assisted offers, the mix also makes it clear where our next opportunity lies. Looking ahead, we expect DIY upgrades to moderate from these strong levels and more of our assisted growth to come from new-to-the-franchise customers. We saw encouraging progress this year with new-to-the-franchise customers in live growing 15%. We're investing to accelerate that growth by expanding our local efforts through targeted customer outreach, improved digital discoverability and referral programs while remaining competitive on price and scaling our AI-native platform to help experts serve more customers with greater efficiency. At the same time, rebuilding the DIY funnel gives us a larger pool of customers we can serve as their needs become more complex. Taken together, our priorities across the consumer platform are clear: rebuild and grow the DIY funnel with a more competitive price value equation; accelerate new-to -the-franchise growth in Assisted ; use TurboTax and Credit Karma to bring more consumers onto the platform; and deepen engagement across money and personal finance to grow platform ARPC. Our focus is on both sides of the equation, bringing more customers into the franchise and creating greater value from those relationships over time to position the consumer platform for durable growth. Let me close with this. This is an important moment for Intuit. We finished fiscal year 2026 with strong momentum across our Big Bets, while our results also highlighted where we need to accelerate progress, particularly in growing new customers. We understand the gaps. We have a clear plan to address them, and we're already taking decisive action. Fiscal year 2027 is about executing this plan with speed and discipline. We are making deliberate investments today to strengthen our competitive position, accelerate customer growth and position Intuit for durable growth and reacceleration into the future. We know what we need to deliver, and we will hold ourselves accountable for the progress. With that, let me turn it over to Sandeep. Sandeep Aujla: Thank you, Sasan. Our fiscal 2026 results include total revenue growth of 14% and GAAP and non-GAAP operating income growth of 20% and 18%, respectively. Our full year GAAP and non-GAAP diluted earnings per share each grew 20%. Our fourth quarter results include revenue of $4.4 billion, up 14%; GAAP operating income of $475 million versus $339 million last year; non-GAAP operating income of $1.4 billion, up 43%; GAAP diluted earnings per share of $1.34 versus $1.35 last year; and non-GAAP diluted earnings per share of $4.03, up 47%. Now let me turn to the business segment results. Starting with the Global Business Solutions segment. We continue to make progress serving businesses with our all-in-one business platform and Intuit Intelligence, delivering done-for-you experiences powered by AI and human expertise. GBS revenue grew 16% for the full year, in line with expectations. When excluding Mailchimp, GBS grew 15% during the quarter and 18% for the full year. Online Ecosystem revenue, excluding Mailchimp, grew 20% for the quarter and 23% for the year. We saw continued momentum in mid-market again this quarter, with online ecosystem revenue for QBO Advanced and Intuit Enterprise Suite growing 38%. Online ecosystem revenue for small businesses and the rest of the base grew 14% this quarter. Our overall growth in online ecosystem revenue was driven by strength across both online accounting and online services. QuickBooks Online accounting revenue grew 20% in Q4, driven by higher effective prices, customer growth and mix shift. For the full year, revenue grew 23%. Online services revenue grew 15% in Q4 or 21% excluding Mailchimp, driven by Money and Payroll. For the full year, revenue grew 16% or 24% excluding Mailchimp. Within Money, Q4 revenue growth was driven by payments, capital and bill pay. For payments, revenue growth reflects an increase in total payment volume per customer, customer growth and higher revenue yield. We also had a onetime benefit from services provided to a new partner during their launch. This partnership will contribute to ongoing money growth. Total online payment volume, including bill pay, grew 32% in Q4, reflecting our continued momentum in payments and adoption of our bill pay offering. Online payment volume growth, excluding bill pay, was 21%. And in capital, revenue growth continues to be driven by working capital loans to small businesses. Loan volume through QuickBooks Capital increased 54% to $1.9 billion this quarter. The Q4 deceleration in capital revenue growth is due to a deliberate increase in the mix of loans we sell through our forward flow partners, which have a lower revenue yield. Within payroll, Q4 revenue growth reflects mix shift, customer growth and higher effective prices. And for Mailchimp, Q4 revenue was down slightly year-over-year. As shared in our press release today, Mailchimp will be a separate reportable segment beginning in fiscal 2027. As you heard from Sasan, customer growth is a key part of our strategy, and we understand the need to accelerate growth. Total online paying customers grew 3% and U.S. QBO customers grew 6%, excluding Self-Employed. In mid-market, we saw 28% growth in combined QBO and QBO Advanced and Intuit Enterprise Suite customers. Upgrades within our existing franchise will remain an important part of mid-market growth as customers become -- customer needs become more complex. At the same time, we are increasing focus on new-to-the-franchise customer growth to expand market share and broaden the sources of durable growth over time. Online ecosystem ARPC growth continued to accelerate in fiscal 2026 to 15%, driven by strong adoption of our online services, including adoption by mid-market customers as well as value-based pricing for expanded and enhanced offerings. Turning to Desktop. Desktop ecosystem revenue grew 3% in Q4 and 6% for the full year. For QuickBooks Desktop Enterprise, revenue grew 4% in Q4 and 11% for the full year, with Q4 deceleration driven by more customers migrating to QBO Advanced given its compelling product capabilities. Now turning to our Consumer segment. Q4 Consumer segment revenue was $930 million, growing 14% and for the full year, growth was 11%. TurboTax revenue grew 7% for the full year, driven by momentum in the assisted category. TurboTax Live revenue grew 37% for the full year, while customers grew 38%. We are pleased with our progress against our Big Bets to deliver done-for-you experiences to customers with a unique combination of AI and AI-driven human expertise. And the growing success of our local expert strategy this year sets a strong foundation to build on next year. For DIY, we are clear on the need to evolve our business model and to better serve customers with our all-in-one platform, engaging them year-round to support smarter financial decisions. ProTax Group revenue was $647 million in fiscal 2026, up 4%. Credit Karma revenue grew 16% in Q4 and 20% for the full year. For the quarter, growth was driven by personal loans, auto insurance and credit cards. Shifting to our balance sheet and capital allocation. Our financial principles guide our decisions, and they remain our long-term commitment. We finished the quarter with $7.2 billion in cash and investments and $7.7 billion of debt on our balance sheet. In June, we issued $1.75 billion in senior notes, which further strengthens our liquidity to address debt maturing in fiscal 2027. We significantly increased our share repurchases in fiscal 2026 with $2.1 billion of stock repurchased during the fourth quarter, an increase of 179% compared to the same period last year. For the full year, share repurchases were $5.5 billion, up 96% versus last year. And these repurchases drove a 2% reduction in weighted average diluted shares outstanding as we more than offset dilution from share-based compensation. This acceleration reflects our strong conviction in Intuit's long-term growth opportunity, and we expect share repurchases to remain a significant component of our capital allocation strategy in fiscal 2027 and beyond. The Board approved a quarterly dividend of $1.38 per share, payable on October 16, 2026. This represents a 15% increase versus last year. Now before I move to guidance, I want to share 2 reporting changes we are making effective August 1, 2026. First, as we are now managing Mailchimp as a separate operating segment from Global Business Solutions, Mailchimp will be a separate reportable segment beginning in fiscal 2027. Second, share-based compensation expenses will no longer be excluded from our non-GAAP financial measures. We view share-based compensation as a recurring component of our compensation program and believe including this expense in our non-GAAP financial measures reflects our core operating results. It also reinforces our focus on managing all expenses and driving operating leverage over time. Our fiscal 2027 and Q1 guidance reflect both of these changes and additional information can be found on our fact sheet posted on our Investor Relations website. Now turning to our fiscal 2027 guidance. Our guidance reflects deliberate choices to accelerate customer growth, increase market share and strengthen the long-term durability of our growth model. As a result, along with dynamics across our businesses that I will walk through, we expect total company revenue growth to decelerate in fiscal 2027. Therefore, for fiscal 2027, we expect total company revenue of $23.279 billion to $23.512 billion or growth of 9% to 10%. The deceleration from the prior year is primarily driven by desktop ecosystem, TurboTax and Credit Karma. We expect Global Business Solutions segment revenue growth of 13% to 14%. For online accounting and online services, we will continue to increase customer value and deepen engagement with growth driven by ARPC expansion due to higher effective prices and increased adoption of services. Online accounting growth includes continued upgrades as customers' needs become more complex, along with higher effective prices. At the same time, we are increasing our focus and investment in new-to-the-franchise customers to broaden the sources of growth over time. Online services growth will continue to benefit from growth across money and payroll, partially offset by moderation in capital revenue growth as we increase the mix shift to loans we sell through our forward flow partners, which have a lower revenue yield. For Desktop ecosystem, we expect revenue to decline in the low-single digits, primarily due to continued migration of customers to online offerings, including QBO Advanced, where we can better serve the increasingly complex needs. We expect Consumer segment revenue growth of 4% to 6%. Total -- sorry, TurboTax revenue growth will be 2% to 3%. Our guidance reflects the deliberate actions we are taking to improve the price value equation in DIY, grow quality customers and increase our share of total IRS e-filers while continuing to scale assisted tax. These actions result in lower tax ARPC in fiscal 2027, but are designed to strengthen the customer funnel and create greater value across the consumer platform over time. Our TurboTax guide assumes total IRS filers remain flat year-over-year. TurboTax Live revenue growth should be mid-teens with a deceleration due to fewer DIY upgrades to assisted tax following strong success over the last 2 years, as Sasan noted. We are focused on accelerating the growth of new-to-the-franchise customers given this is critical for durable long-term growth. Credit Karma revenue growth should be 11% to 13% as we continue to increase engagement and therefore, monetization across the platform. Our guidance reflects a prudent stance on the pace at which we expect to continue gaining share of partner demand following the strong growth in fiscal 2026. ProTax revenue growth should be approximately 2% and we expect Mailchimp revenue growth to be flat to down 1% year-over-year with higher effective prices expected to offset the increased churn. As we realigned our internal structure under which Mailchimp is managed, we are focused on maximizing its value and delivering strong profitability. Now to operating margin. We expect margin expansion driven by savings from workforce changes announced last quarter and continued efficiency gains both in how we serve our customers and how we work. We expect those savings to be partially offset by deliberate choices we are making this year to increase investments in areas such as sales and marketing as we focus on growing our new to the franchise customers as well as product innovation. GAAP diluted earnings per share is expected to be $20.12 to $20.36 or a growth of 22% to 24% and non-GAAP diluted earnings per share is expected to be $22.88 to $23.12 or growth of 23% to 24%. This includes a $5.81 impact from share-based compensation expenses. We expect a GAAP tax rate of approximately 27% in fiscal 2027. For the first quarter of fiscal 2027, we expect total company revenue growth of approximately 11%, GAAP diluted earnings per share of $1.71 to $1.75, and non-GAAP diluted earnings per share of $2.44 to $2.48, inclusive of a $1.48 impact from share-based compensation expenses. You can find our full fiscal 2027 and Q1 guidance details in our press release and in our fact sheet. As we enter the year, we are operating with a relentless focus on execution against the priorities we have laid out today. And as we look beyond fiscal 2027, our goal is to be a durable double-digit revenue growth company over the long term. The actions we are taking now are designed to strengthen the durability of our growth model. This will ensure we have all levers for growth available, volume, mix and price, but we are being prudent in the contribution we assume from each in our long-term expectations. Additionally, we are providing long-term expectations at the segment level only as this allows us the flexibility to lean into investments where we see momentum and can therefore scale the most successful growth initiatives. First, the Global Business Solutions segment. We expect revenue to grow at a CAGR of 10% to 15% over the next 3 years. As noted, we have been prudent on the contribution we are seeing for each lever of growth while focusing on strengthening the durability of our model. Growth will continue to be driven by online ecosystem, including scaling our mid-market business and increasing adoption of our money and workforce services. Next, the Consumer segment. We expect revenue to grow at a CAGR of 4% to 8% over the next 3 years. Growth will be driven by increasing share of IRS e-filers, scaling assisted tax as we grow new to the franchise filers and driving consumer platform ARPC growth as we increase engagement of our personal finance offerings. Disciplined capital allocation has long been core to how we run the company, and that will remain true in the years ahead. We are focused on investing with conviction in the highest return growth opportunities while continuing to drive efficiency across every business. We are committed to delivering margin expansion at the company level, even as our mix shifts towards services that include more AI capabilities and human expertise, given our operating discipline, efficiency gains and share-based compensation expense leverage. For share-based compensation, we committed last year to lower the percentage of revenue by at least 1 point over 3 years. We are on track to be at 9% of revenue by fiscal 2028. While share-based compensation continues to be an important recruiting and retention tool for top talent, we will scale this cost at a slower rate than revenue. And today, we are furthering our commitment. We now expect share-based compensation as a percentage of revenue to be 8% by fiscal 2030. And lastly, we remain committed to delivering annual non-GAAP EPS growth of at least high teens over the coming years. This commitment has been updated due to the inclusion of stock-based compensation expenses, as noted earlier. With that, I'll turn it back over to Sasan. Sasan Goodarzi: Thank you, Sandeep. We're laser-focused on the areas where our execution did not meet our expectations, particularly in new customer growth while continuing to scale the Big Bets that are driving our momentum. Our priorities are clear, the organization is aligned, and we are executing with discipline to deliver measurable progress in fiscal year 2027. Intuit has navigated periods of significant transformation before, and each time we have emerged stronger by staying relentlessly focused on the customer and moving with speed. This moment gives us the same opportunity. I have tremendous belief in our team. We have the best people in the industry, and I know what we can achieve when the entire company is aligned on what matters most and moving with conviction. This is how we are operating in fiscal year 2027. I'm energized with what's ahead and by what the team can accomplish for our customers and our shareholders. We look forward to going deeper at Investor Day next month. With that, let's turn it over to your questions. Operator: [Operator Instructions] We'll go first this afternoon to Brad Zelnick with Deutsche Bank. Brad Zelnick: And Sasan and Sandeep, I appreciate you taking the opportunity to rebase the business in fiscal '27, focus on new customer acquisition and set up for an even brighter future. But what supports your confidence that this year is, in fact, the bottom of the J curve and that you're not experiencing some structural change perhaps brought on by AI? Sasan Goodarzi: Yes, Brad, thanks for your question. I think the place I would start is I'm resetting expectations for the company because this is the perfect time to do it where we can play offense. And it comes down to 2 things. One, we're going to continue to scale our bets. They will continue to be the fastest-growing parts of the company. And even within our Big Bets, we're going to really double down on acceleration of new-to-the-franchise. Now at the same time, with all of our AI investments that we're making to make our experiences far better, we're really doubling down in core areas where I'm personally dissatisfied and hold myself accountable for the lack of performance, which is DIY tax and on the low end in the business group. And I would just tell you that, Brad, it's important to go back to history. When you think years past, we were very focused on market share gains and new customer acquisitions. And in TurboTax, we were growing customers double digits. In the business group, we were growing customers north of 20%. We had to shift to really focus on building this agentic platform that we have built out to become the financial intelligence layer for our customers and really focusing our capital, our mind share on 3 bets: assisted tax, money, and mid-market. And now that's 30% of the company growing 34%. Going forward, we're going to do both, and we know how to do both. And when we focus on the company on achieving the outcomes we set out to achieve, we've always demonstrated that we can achieve it. I think what's very different is now we have a platform with a lot more services, a consumer platform with a lot more services, a business platform with a lot more services, serving new areas like assisted tax and mid-market. And I think with the focus on scaling Big Bets, with the focus on taking market share, particularly, by the way, where in the future, disruption can, in fact, come from AI, we will be the disruptor, and I'm eager to demonstrate that in the coming year. So that's our approach. It all comes down to say do and execution. So I would just say stay tuned. Kendra Goodenough: Thank you, Brad. Bo, next question, please. Operator: Certainly. We'll go next now to Kirk Materne of Evercore ISI. S. Kirk Materne: I appreciate the color on the forward guidance. Sasan, I assume I'm going to get some questions on is there a slippery slope in price for tax, meaning it makes a lot of sense to sort of go after and be aggressive at the DIY market from a price perspective. But does that cut into your ability to take price in the assisted market? And I realize you're sort of more of the price disruptor in that market. But I was just kind of wondering if you could walk us through that just to make sure we have a sense of why sort of changing the strategy at the low end doesn't also bleed up to maybe having changed the strategy in the high end as we look out a couple of years. Sasan Goodarzi: Yes. Sure, Kirk. Let me take your questions as you stated it. The market structure and the consumer behavior is very different in the assisted versus DIY. And it comes down to one very, very important and simple thing. And that is those that choose to have somebody else do their taxes for them are looking for someone to own the review, own the signature and own the accountability of the review. And in that market, we have built out a virtual expert platform where what you have to be great at is scaling humans. And we've done that with AI. And so we can now do anybody's taxes for them at a very competitive price, and we now have the consumer platform benefits across money, across financial products to monetize beyond tax. From a structure of the market, Assisted is very different than DIY. I think if I go to DIY, the reason we're changing our approach is because we have lost quality customers, DIY customers, to low-cost providers. And we've demonstrated that we can deliver benefits and monetize across the consumer platform. And when you look at what we just talked about a moment ago, the customers that use both TurboTax and Credit Karma, their ARPC is twice what it is if you only use one product, and those customers grow 50%. And so what we want to do is really double down on winning at the right price entry point in DIY tax because we know we can deliver benefits and monetize across the consumer platform. But also remember, by acquiring these customers, we can grow with them over time. 3/4 of our TurboTax Live customers actually came from DIY. So we've demonstrated the ability to deliver benefits and monetize. And for us, it's actually a proven model. And now we can do both, not only serve assisted and win, which is 90% of the total addressable market, but make sure that our top of the funnel, which is DIY, is very, very strong. And that's the choice that we're making strategically. Kendra Goodenough: Thank you, Kirk. Bo, next question, please. Operator: We'll go next now to Raimo Lenschow with Barclays. Raimo Lenschow: I get all the comments on tax on the GBS business. This time last year, we talked about like 15% to 20% growth in the long run. Today, you're talking 10% to 15%. The one question I'm getting from a lot of investors, is that kind of pressure from like new entrants coming in there? Or what's driving the big delta there? Could you just kind of clarify that a little bit? Sasan Goodarzi: Yes, sure. We are creating the pressure. We are not being pressured to make the change. And the way I would sort of talk about it is, one, a lot of our growth in the business group is actually coming from mid-market. We grew 39%. New customers grew 28% or overall customers grew 28%. New customers to the franchise grew over 30%. And mid-market customers are really important because of the adoption of services. When we look at our QuickBooks Advanced offering, which is in the mid-market, payroll penetration and payments penetration are 12 to 9 points higher. And so one, we want to continue to scale mid-market. We want to continue to drive the adoption of our services. And because of all of our AI-native sort of investments that we've made to become truly an AI-native ERP, and serving both sides of the network, both the accountant and businesses, we want to continue to scale that. We want to continue to accelerate. And this has, by the way, taken years of work to be able to position our platform, both from a product standpoint and a go-to-market standpoint to be able to serve mid-market. And we now want to double down in the area where we were not as focused as we need to be on new customer acquisition. And I want to give my team, I want to give the company flexibility to make sure that we are competitively positioned in the low end with all of the investments that we're making across AI to truly become the financial business intelligence layer, I want to make sure that we win these customers at the low end. And frankly, with a trusted brand like us with a great product, winning customers in the low end, I can grow with them over time. And I want to reset expectations of a franchise that can grow 10% to 15% to give my team, give the company the opportunity not only to scale mid-market, but to accelerate customer growth and accelerate market share. I'll remind you of the day [Technical Difficulty]. Operator: Ladies and gentlemen, thank you for standing by. We apologize for that technical difficulty. At this time, our speakers are back in conference. Please proceed. Kendra Goodenough: I'll hand it back over to Sandeep to finish the response to that question. Sandeep Aujla: I was going to add a couple of factors to complementary to what Sasan shared about the GBSG long-term 10% to 15%. Just a reminder to also keep in mind that desktop is nearly 1/4 of the GBSG business, and that is an ecosystem we expect is going to be declining. But outside of the desktop, the areas that you have to underwrite for confidence in the GBS, the mid-market, online ecosystem, they continue to grow at a very strong momentum as we shared. Kendra Goodenough: Thank you for the question, Raimo. And Bo, we'll go to the next question, please. Operator: Certainly. We'll take that question now from Siti Panigrahi of Mizuho. And it looks like we might have lost Siti. We will circle back to her. We'll go next now to Taylor McGinnis of UBS. Taylor McGinnis: You placed a big emphasis on growing new customers, and you mentioned earlier that online customer growth decelerated to 3%. So could you just comment on what you are seeing as the drivers of that slowdown and what might have changed? And then secondly, just given the size of the QuickBooks business today, maybe you can talk about what's giving you guys comfort that [Technical Difficulty]. Operator: Ladies and gentlemen, again, sorry for the continued technical disruption. Again, we are back live in the conference. And Taylor, we are back on your question. Taylor McGinnis: Perfect. Yes. I'll just repeat it in case you guys missed the beginning of it, but you placed a big emphasis on the new customer growth, mentioned online customer growth, in particular, decelerated. So maybe you could just talk through the drivers of that? And then secondly, just given the size of the QuickBooks business, what gives you runway that or comfort that there's still runway ahead? Sasan Goodarzi: Yes. Let me jump in with the question. First and foremost, I would start with our TAM. We have a nearly $200 billion total addressable market, which is only penetrated by 7%. And so one, the TAM is quite significant. Two, I would just remind us of the evolution where we've been really focused on building out our agentic platform and focused on mid-market. And really by focusing on mid-market, focusing on our services around money and workforce solutions, it's been a teacher of the cohort of customers we're winning with, the go-to-market motions, the platform motions that have been in place, and that's really what's driving the significant growth going forward. And we know how to acquire new customers. And this is where I would take us back to history where we were growing double-digit customer growth on the low end. But now we're in a place where not only have we scaled our platform to be able to serve mid-market, we want to accelerate our growth in mid-market and accelerate our acquisition on the low end. It's also taught us a lot around how to position our product and how to position the go-to-market. And so with the introduction of QuickBooks Free and QuickBooks Lite, which has been recently introduced, we have over 20,000 customers through the last month that are active, not only in QuickBooks Free and/or they have upgraded to upper SKUs, and we're monetizing payments. And so one, the TAM opportunity is there. Two, we have really learned how to drive the growth that we need in mid-market, and we're going to continue to scale that. But then third, we have the right product with the right focus in our go-to-market to accelerate growth on the low end. And that's what gives us, one, confidence in building a competitive position and the durability of the model as we look ahead to set ourselves up for the future. Kendra Goodenough: Thank you, Taylor. Bo, next question, please. Operator: Certainly. We'll go circle back now to Siti Panigrahi at Mizuho. Sitikantha Panigrahi: Going back to the guidance, you sharply lowered both GBSG and tax. And how much of this really you're seeing the pressure in the market versus you're kind of embedding some sort of conservatism into your guidance? Specifically tax, now 2% to 3%, even with TurboTax Live growing mid-teens, you get almost 8-point growth. It seems like on the standard, again, you are expecting another double-digit decline. How much of that really seeing the pressure versus you could see some sort of pressure from AI or something unforeseen challenges you might see? That's already baked into your guidance? Sasan Goodarzi: Yes, Siti, I would start with I'm resetting expectations so that we can now do 2 things well. One is what I'm actually quite happy about, which is our growth that's being generated by our Big Bets. So when you look at assisted tax money portfolio across consumer and business platform and mid-market, it's at 30% of the company growing over 34%. I want to continue to scale that, and I want to actually double down on new-to-the-franchise acquisition, which we talked about earlier. At the same time, we cannot accept the quality DIY customers that we lost in tax. And so what we are doubling down on is ensuring that we can be competitive on the low end because we know there are 2 things that we can do well. One is provide benefits to these DIY customers that's beyond tax that we can also monetize. But also, these are customers that we can grow with over time. A bunch of them over time go to TurboTax Live, which is the assisted segment. And so this really positions us competitively and durably to feed our growth model. And by resetting expectations, it gives the company, it gives our team a chance to really drive durable growth. And yes, we are being prudent with how we're thinking about our guidance. We're being prudent of how we're thinking about long-term expectations because I want to make sure that our say-do is there, and I want to make sure that we build a durable model going forward. And those are the reasons in which we've made these decisions and choices. Kendra Goodenough: Thank you, Siti. Bo, next question, please. Operator: Certainly. We'll go next now to Arjun Bhatia with William Blair. Arjun Bhatia: Sasan, maybe one for you just on timing. I think you sort of did a great job laying out the strategy and trying to get net new onto the platform. But when you think about the growth trough and the reacceleration, is fiscal 2027 enough to implement the changes you're looking to make in the business? Or is there a chance this transition can slip into perhaps fiscal '28 before we see the reacceleration in growth? Sasan Goodarzi: Yes, it's a great question. I'll say 2 things as context before I answer your question. One, what I'm really happy about is our progress on our Big Bets. Both the scale of revenue, the size and scale across the company. And now we have an opportunity to accelerate new customer acquisition even across our big bets. It's important to start there because that's a significant and material part of the company. It's a very large TAM. We have a very strong innovation pipeline, and we want to continue to scale our big bets. At the same time, I'm not happy in 2 areas: DIY tax and the fact that our online paying customers only grew 3%. And both of those, we know how to do well. And the history, again, is very important to look back on because these are both areas where we grew customers double digits. But because of our evolution to focus on our Big Bets, we now need to be able to do both because I'm not satisfied with where we are. With that said, with both of them, we've already taken decisive actions and put the actions in place, both in terms of how we pursue winning quality DIY customers, and we already know how to monetize them, but also what we've already launched with QuickBooks Free and QuickBooks Lite that is driving up our traffic and the 20,000 customers that we -- I just shared earlier based on new launches. And those are important context relative to we're doing this from a position of strength. And because AI is fueling a lot of our innovation on the low end, I want to make sure that a trusted brand like ours, when it comes to compliance and accuracy, I want to be able to increase our share because these are then customers we can grow with over time. In terms of answering your question about will this pay off by 2028? Or is it going to take longer? I think I would just say, I'd rather our say-do speak for it. I want to talk to you guys about our results on a quarterly basis, share the progress that we're making. And I think you will then be the judge of how quickly we are executing against these plans. I have confidence because we're scaling the bets today. I have confidence because we've driven new customer acquisition in the past. Now we focus the company on both. Let's watch our quarterly results. We'll update you, and then you'll be the judge of how that's going to impact 2028. Kendra Goodenough: Thank you, Arjun. And that was our last question. So Bo, I will hand it back over to you. Operator: Thank you very much, Ms. Goodenough. Ladies and gentlemen, again, that will conclude today's Intuit Fourth Quarter and Fiscal Year 2026 Conference Call. We'd like to thank you all so much for your time and participation. You may disconnect at this time. 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This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has positions in and recommends Intuit. The Motley Fool has a disclosure policy. Intuit (INTU) Q4 2026 Earnings Call Transcript was originally published by The Motley Fool

Interested in Intuit Inc.? Here are five stocks we like better. Intuit beat fiscal fourth-quarter expectations, but its fiscal 2027 guidance signaled slower revenue growth. Intuit’s lower TurboTax pricing, new QuickBooks entry points and Mailchimp reporting change are part of a broader customer-growth reset. Intuit’s mid-market momentum, artificial intelligence adoption and capital returns provide support as investors reassess the stock’s valuation. When a deeply entrenched market leader sheds nearly half its value in a matter of months, the broader market often starts pricing in a structural breakdown. For software giant Intuit Inc. (NASDAQ: INTU), a year-to-date decline approaching 48% has left many investors questioning the durability of its flagship accounting and tax franchises. Following a soft fiscal 2027 guidance update, Wall Street rushed to adjust price targets, citing competition in the do-it-yourself tax space and a sluggish outlook for Mailchimp. Looking past the headline, pessimism reveals a different story. → Boeing's $131B F-15 Win: Mach 1 Momentum or Just Altitude? Management is executing a deliberate, near-term operational reset designed to recapture top-of-funnel market share and realign core accounting practices. While this pivot is weighing on the valuation today, underlying double-digit growth in the mid-market ecosystem, combined with aggressive share repurchases and structural margin protection, suggests the market may be overdiscounting Intuit's fundamental durability. Navigating a corporate transition requires distinguishing between a broken business model and a misunderstood strategic pivot. Intuit recently closed out its fiscal 2026 with strong fourth-quarter results, delivering $4.35 billion in revenue and adjusted earnings of $4.03 per share, easily clearing consensus estimates. → Marvell’s Big AI Test Comes One Day After NVIDIA’s Blowout Quarter The market reaction, however, was anchored entirely to the fiscal 2027 outlook. Management guided for top-line revenue growth of 9% to 10%, a notable deceleration from the 14% growth achieved in the prior year. The resulting sell-off dragged Intuit stock down to a forward price-to-earnings ratio near 16.4, a contraction for an enterprise historically commanding a premium software multiple. Valuation compression of this magnitude often implies permanent market share loss or deteriorating cash flows. Yet, analyzing the underlying mechanics of the newly issued guidance provides a completely different picture, one of a management team willing to accept short-term optical pain to secure long-term ecosystem dominance. → Semtech Stock Rallies on Strong Q2 Results and Raised Guidance A significant portion of the earnings reset stems from a fundamental accounting realignment rather than a deterioration in cash flow. Intuit is no longer excluding stock-based compensation from its non-GAAP profitability metrics. This shift creates an optical hit of approximately $5.81 per share to the upcoming year's guidance. While the inclusion of stock-based compensation lowers reported non-GAAP earnings, it provides a much more transparent view of true operating costs. Intuit management is actively mitigating dilution fears by committing to scale stock-based compensation down to about 8% of total revenue by fiscal 2030. Beyond the accounting adjustments, Intuit is aggressively overhauling its consumer tax strategy. Pricing pressure from low-cost competitors has steadily siphoned away quality do-it-yourself tax customers. In response, leadership is deliberately sacrificing near-term average revenue per customer to rebuild the top of the sales funnel. By lowering initial pricing thresholds, TurboTax revenue growth will likely remain muted at around 2%-3% in the upcoming fiscal year. Sacrificing immediate margins to acquire customers is a classic software-as-a-service playbook, provided Intuit can monetize those users elsewhere. Intuit is proving it can do just that. Credit Karma members filing through TurboTax rose approximately 50% year-over-year, demonstrating strong cross-platform cooperation. Acquiring a do-it-yourself tax customer at a lower margin can be highly profitable when that same customer subsequently uses Credit Karma for personal loans or credit cards. This top-of-funnel strategy also extends to the business segment. The recent rollout of QuickBooks Free and QuickBooks Lite generated roughly 20,000 active or upgraded users within its first month. By capturing entrepreneurs at the very beginning of their business lifecycle, Intuit locks them into an ecosystem that can scale alongside their operational needs. At the same time, Intuit is spinning Mailchimp out into a standalone reporting segment, bracing for flat growth as it digests higher effective prices and persistent churn, effectively isolating the slower-growth unit from the core operations. While the consumer tax segment undergoes a pricing reset and Mailchimp faces restructuring, the core business-to-business ecosystem remains robust. Global Business Solutions revenue, excluding Mailchimp, expanded by roughly 20% in the fourth quarter. The most compelling fundamental data point lies within the mid-market segment. Combined customer growth across QuickBooks Online Advanced and Intuit Enterprise Suite hit roughly 28%. This growth is partially fueled by a planned migration of legacy desktop users to cloud-based platforms. Optically, a decline in desktop revenue can look like customer churn, but it actually reflects a structural upgrade in lifetime customer value as users transition to higher-tier, recurring-revenue software. Intuit is also quietly building a substantial economic moat through artificial intelligence (AI). An estimated 75% of Intuit Enterprise Suite customers now interact with Intuit AI agents monthly. Embedding artificial intelligence into daily accounting, payroll, and invoicing workflows creates exceptionally high switching costs. Competitors attempting to lure away these mid-market clients face the challenge of replacing a highly automated, deeply integrated financial operating system. This level of stickiness helps justify the strategic patience required while Intuit resets its lower-end consumer funnels. Transitioning a highly scaled software platform requires capital discipline, especially when deliberately slowing top-line growth to acquire market share. To protect operating margins during this reset, Intuit executed an approximate 17% workforce reduction. These efficiency gains provide the financial padding necessary to redeploy capital into targeted sales, marketing, and product innovation without eroding the bottom line. Management's confidence in forward cash flow generation is evident in its capital return program. Intuit authorized and executed an approximate $5.5 billion in share repurchases over the last fiscal year, representing an almost 96% increase from the prior period. Paired with a 15% increase in the quarterly dividend, which now yields a nearly 1.40% at a sustainable 29% payout ratio, Intuit is providing tangible downside protection for shareholders as the strategic pivot takes root. The upcoming September investor day serves as the next major catalyst for Intuit. Management will have the opportunity to map out the exact return-on-investment timeline for its top-of-funnel customer acquisition strategy and to demonstrate the monetization roadmap for its expanding artificial intelligence capabilities. Investors analyzing the current landscape might view the severe valuation discount as a compelling entry point, provided Intuit continues executing its mid-market and cross-platform growth initiatives. While Wall Street focuses on the immediate sting of guidance resets and accounting shifts, the underlying metrics suggest Intuit is working to fortify a durable, highly cash-generative ecosystem built to compete through the next cycle of financial software. The article "Intuit’s Earnings Reset May Be More Pivot Than Plunge" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.