Intuit Inc.

FY2026 delivered strong growth + margin (good) - Revenue +14% YoY for the full year; GAAP and non-GAAP diluted EPS +20% YoY. - Q4 revenue $4.4B (+14% YoY); Q4 GAAP EPS $1.34 (flat-ish YoY) and non-GAAP EPS $4.03 (+47% YoY). - Operating leverage/margins improving: company highlighted operating margin expansion alongside EPS growth.

“Big Bets” are working, but growth has slowed due to customer acquisition (good + bad) - Big Bets (assisted tax, money, mid-market) grew +34% and were 30% of FY revenue. - Money portfolio: +31% online money revenue. - Mid-market: +39% mid-market revenue. - Key negative: customer growth is not keeping pace. - Total online paying customers: 8.9M, +3% YoY—described as ~2 percentage points slower than prior year. - Consumer DIY tax quality churn: lost quality DIY customers to lower-cost providers; price became #1 reason customers left TurboTax.

Management reset strategy: widen the “front door” to accelerate new-to-the-franchise customers (opportunity) - Business segment: broaden acquisition using QuickBooks Free and QuickBooks Lite. - Early results: >20,000 customers either actively using QuickBooks Free or converting to paid plans (monetization via payments/adoption/upgrades). - Mid-market expansion: momentum continues - Mid-market customers +28%; ~3/4 of additions from upgrades/migrations. - Company will increase direct new-to-the-franchise investment to add new sources of growth. - Proof points: new-to-the-franchise mid-market >30% growth; Intuit Enterprise Suite annualized revenue >$145M in Q4 (~4x YoY). - Platform/network effects pitch: scale Intuit Intelligence across a larger base; early proof includes faster payments (4 days faster), -30% manual work, and >75% of Enterprise Suite customers using AI agents monthly.