Intuit Inc.

Strong FY26 execution, but investor focus is shifting to customer growth - Intuit reported FY26 revenue +14% and GAAP & non-GAAP diluted EPS +20% (GAAP and non-GAAP both). - Operating margin expanded (CFO cited GAAP operating income +20% and non-GAAP +18% for the year). - “Big Bets” (done-for-you, money at the center, mid-market) grew 34% and represented 30% of FY revenue—a clear success case Intuit wants to scale further.

Key challenge (the “bad”/pressure point): customer acquisition slowed - Total online paying customers were 8.9M, +3% YoY, which management said is ~2 percentage points lower than the prior year. - CEO explicitly said results highlighted “areas where we need to further evolve,” especially growing new customers faster. - This is the core reason FY27 guidance decelerates: management is reallocating investment and execution toward new-to-the-franchise acquisition.

FY27 forecast: revenue growth decelerates, profit still grows - FY27 total revenue forecast: ~$23.279B–$23.512B (~9%–10% growth)—management emphasized deceleration versus FY26. - Segment outlook: - Global Business Solutions: +13% to +14% - Consumer: +4% to +6% - TurboTax revenue growth: +2% to +3% (reflecting model changes, DIY economics, and fewer upgrades) - Desktop ecosystem: down low-single digits (continued migration to online / QBO Advanced) - EPS forecast (still “good”): - GAAP diluted EPS: $20.12–$20.36 (~+22%–24%) - Non-GAAP diluted EPS: $22.88–$23.12 (~+23%–24%) - Q1 FY27: revenue growth around ~11%, GAAP diluted EPS $1.71–$1.75; non-GAAP $2.44–$2.48.