Intuit (NASDAQ:INTU) Q1 FY2026: Revenue Meets Estimates, EPS Beats, Workforce Cut 17%

Intuit (NASDAQ:INTU) reported fiscal Q1 CY2026 results after Wednesday's closing bell, matching Wall Street's revenue expectations while beating on non-GAAP EPS — but a 17% workforce restructuring plan and cautious full-year revenue guidance overshadowed the headline numbers. Shares fell sharply in after-hours trading following the release, according to ChartMill.

Q1 CY2026 Results

• Revenue: $8.56 billion, in line with analyst expectations and up 10.4% year over year.
• Non-GAAP EPS: $12.80 per share, coming in 1.8% above the analyst consensus estimate.
• Q2 Revenue Guidance: Intuit guided for approximately $4.27 billion in next-quarter revenue, 3.1% above analyst estimates, per Yahoo Finance reporting.
• Workforce Restructuring: The company announced a plan to reduce its workforce by 17%, according to ChartMill.
• SEC Filing: Intuit filed an 8-K on May 20, 2026 disclosing results of operations, departure of named executive officers, and other material events.

What Drove the Results

Revenue growth of 10.4% year over year met expectations, and the non-GAAP EPS beat signals that Intuit maintained cost discipline at the profit line. However, according to ChartMill, weak full-year revenue guidance was a key factor behind the negative after-hours reaction, suggesting investors were positioned for a more optimistic forward outlook.

The 17% workforce restructuring plan, disclosed alongside earnings, represents a significant operational shift for the company. The 8-K filing also noted the departure of named executive officers, adding a layer of leadership uncertainty to an already cautious guidance picture.

Wall Street View

Heading into the report, analyst sentiment on Intuit was firmly positive. As of May 1, 2026, the consensus stood at 12 Strong Buy ratings, 21 Buy ratings, and 8 Hold ratings, with zero Sell or Strong Sell recommendations — a distribution that had been unchanged from the prior month. Whether the restructuring announcement and revenue guidance prompt any rating or target revisions remains to be seen in the days ahead.

Investor Takeaway

Intuit delivered a technically solid quarter — revenue in line and EPS modestly ahead — but the combination of a cautious full-year revenue outlook and a sweeping 17% workforce reduction shifted investor focus toward execution risk rather than beat-and-raise momentum. The 8-K's disclosure of executive departures adds another variable for investors to monitor. With a broadly bullish analyst consensus already in place heading into the print, the degree to which Wall Street revises its views in response to the restructuring and guidance will be a key signal in the near term.