Intuit Inc.

Strong full-year performance; FY27 growth expected to decelerate (but EPS to keep growing) - FY2026 revenue grew 14%; operating margin expanded and GAAP + non-GAAP EPS grew 20% (both). - Q4 revenue was $4.4B (+14% YoY); GAAP EPS $1.34 (flat vs prior year), while non-GAAP EPS $4.03 (+47% YoY) (notably aided by non-GAAP operating results). - FY2027 outlook: total revenue $23.279B–$23.512B (~9%–10% growth) → deceleration vs FY2026; segment themes drive this (Desktop ecosystem, TurboTax, Credit Karma slower). - FY2027 EPS: GAAP diluted EPS $20.12–$20.36 (+22%–24%); non-GAAP diluted EPS $22.88–$23.12 (+23%–24%) → investors may like that EPS growth remains robust even as revenue growth slows.

Core strategic pivot: accelerate “new-to-the-franchise” customer acquisition while scaling AI “Big Bets” - Management stated FY2026 results highlighted a key gap: need to grow new customers faster (customer acquisition/growth deceleration). - Strategy for FY2027 is a deliberate reallocation of execution + investment toward: - Widen the front door (QuickBooks Free and QuickBooks Lite) - Increase mid-market reach (more direct acquisition, industry playbooks, accountant network effects) - Scale platform adoption (Intuit Intelligence, money + workforce services) - “Big Bets” framing remains: (1) scale done-for-you experiences, (2) put money at center, (3) win in mid-market.

Business (QuickBooks/mid-market) momentum is real, but customer growth remains the watch item - FY2026 “Big Bets” (assisted tax, money, mid-market) grew 34% and represented 30% of full-year revenue. - Mid-market progress: - Mid-market customers grew 28%; ~3/4 of additions came from upgrades/migrations (existing base-driven). - Management expects to increase spend for more direct new-to-the-franchise acquisition to broaden durable growth sources. - Evidence points (surprising/positive): - “New-to-the-franchise” mid-market customers grew >30%. - Intuit Enterprise Suite annualized revenue > $145M in Q4, 4x last year. - Industry proof: Construction Edition drove +19 points growth in QuickBooks Online Advanced customer additions; enterprise construction contracts +20%. - Key risk/negative: total paying customer growth was only +3% in FY2026 (management said that’s ~2 points lower than the prior year), reinforcing the acquisition gap.