Intuit (NASDAQ: INTU) Tops $20B in Full-Year Revenue, Issues Tempered FY2027 Outlook

Q4 and Full-Year Fiscal 2026 Results

Intuit (NASDAQ: INTU) reported fourth-quarter revenue of $4.35 billion, up 13.7% year over year, and crossed $21.4 billion in full-year fiscal 2026 revenue, also up 14% from the prior year. GAAP diluted EPS for the quarter came in at $1.34, essentially flat with the prior-year quarter's $1.35, while full-year GAAP diluted EPS grew 20% to $16.46.

Q4 2026 Key Metrics

• Total Q4 revenue: $4.35 billion, up 13.7% from $3.83 billion in Q4 2025
• GAAP operating income: $475 million, up 40.1% year over year, expanding GAAP operating margin by 2.0 percentage points to 10.9%
• Global Business Solutions revenue: $3.4 billion for Q4, up 14%; QuickBooks Online Accounting revenue rose 20%, driven by higher effective prices, customer growth, and mix shift
• Consumer segment revenue: $930 million for Q4, up 14%; Credit Karma contributed $743 million, up 16%, on strength in personal loans, auto insurance, and credit cards
• Full-year non-GAAP diluted EPS: $24.27, up 20% year over year; full-year GAAP net income reached $4.57 billion

What Drove the Results

Q4 delivered clear operating leverage: GAAP operating income of $475 million rose 40.1% on 13.7% revenue growth, expanding the operating margin to 10.9% from 8.9% a year earlier. Despite this, GAAP net income for the quarter dipped slightly to $363 million from $381 million in Q4 2025, as the income tax provision shifted from a $15 million benefit in the prior-year period to a $177 million charge. The effective tax rate for the full fiscal year was approximately 24%, compared to approximately 20% in fiscal 2025, with the increase driven largely by tax shortfalls on share-based compensation.

For the full year, Intuit's "Big Bets" collectively grew 34% and represented 30% of total revenue, per CEO Sasan Goodarzi's statement in the press release. TurboTax Live revenue grew 37% and represented 53% of total TurboTax revenue, while Credit Karma grew 20% to $2.6 billion for the year. The company repurchased $5.5 billion of stock in fiscal 2026, up 96% versus the prior year, reducing weighted-average diluted shares outstanding by 2%.

Fiscal 2027 Guidance and Structural Changes

For fiscal year 2027, Intuit guided total revenue of $23.28 billion to $23.51 billion, implying 9% to 10% growth, a step down from the 14% delivered in fiscal 2026. GAAP diluted EPS is projected at $20.12 to $20.36, up 22% to 24% year over year, with GAAP operating income of $7.41 billion to $7.49 billion. For the first quarter of fiscal 2027, revenue is expected in the range of $4.29 billion to $4.31 billion, representing 11% growth.

Intuit also announced two structural reporting changes effective August 1, 2026. Mailchimp will become a separate reportable segment in fiscal 2027, with FY2027 revenue guided at $1.26 billion, essentially flat year over year. Additionally, share-based compensation will no longer be excluded from non-GAAP financial measures, a change that adds $2.02 billion in SBC expense to the FY2027 non-GAAP operating income baseline. The board approved a quarterly dividend of $1.38 per share, payable October 16, 2026, a 15% increase versus the prior year.

Wall Street View

Headlines from Seeking Alpha and Investor's Business Daily noted that while Intuit's Q4 results beat targets, the FY2027 revenue growth outlook drew a cautious market reaction. Shares fell -3.37% on Tuesday, August 25, while the S&P 500 gained 0.32%. Intuit also announced it will host its annual Investor Day on September 17, 2026, at its Mountain View, California headquarters, where further strategic detail is expected from CEO Sasan Goodarzi and CFO Sandeep Aujla.

Investor Takeaway

Intuit delivered operationally clean results in fiscal 2026, with 14% revenue growth and 20% GAAP EPS expansion for the full year, and real operating leverage at the Q4 level. The more consequential question for investors is whether the guided deceleration to 9%-10% top-line growth in fiscal 2027, combined with the Mailchimp segment showing essentially flat revenue, reflects a temporary reset or a more durable moderation in momentum. The non-GAAP reporting change, which absorbs more than $2 billion in SBC into the adjusted figures going forward, also resets the baseline investors have historically used to track core profitability.