Intuit Inc

FY26 strong profitability + “Big Bets” momentum (what’s good): - Full-year revenue +14%; operating margin expanded; GAAP & non-GAAP diluted EPS both +20%. - Big Bets (assisted tax, money, mid-market) +34%, now ~30% of full-year revenue. - Early AI impact: customers using AI-native experiences get paid ~4 days faster and reduce manual work by ~30%; >75% of more complex Intuit Enterprise Suite customers use AI agents monthly.

Key strategic pivot in FY27: accelerate customer acquisition while scaling platforms (what to expect): - Management says FY27 is about growing new-to-the-franchise customers faster and increasing adoption of platform services (higher ARPC). - FY27 guidance assumes revenue growth decelerates: Total revenue $23.279B–$23.512B (+9% to +10%). - Why decel: desktop ecosystem, TurboTax, and Credit Karma decelerate year-over-year. - Segment expectations: - GBS +13% to +14%. - Consumer +4% to +6% (TurboTax +2% to +3%). - Desktop ecosystem low-single-digit decline (migration to online/QBO Advanced).

Commercial growth: shifting from upgrades to new customers; widening “front door” (opportunities): - Online ecosystem ARPC continues to grow (~15% in FY26, accelerating). - “Front door” strategy for small business: QuickBooks Free + QuickBooks Lite to acquire earlier; as of last month: >20,000 customers either actively using QuickBooks Free or converting to paid. - Mid-market: mid-market customers +28% in FY26; ~3/4 of additions from upgrades/migrations. - FY27 plan: increase direct new-to-franchise acquisition; proof points include mid-market new-to-franchise >30% growth and Intuit Enterprise Suite annualized revenue >$145M in Q4 (~4x YoY).