Slide 1: Fourth-quarter Fiscal 2026 Conference Call Remarks
1 Intuit Inc. Fourth-quarter Fiscal 2026 Conference Call Remarks August 25, 2026 Introduction Good afternoon and welcome to Intuit’s fourth-quarter fiscal 2026 conference call. I’m here with Intuit's CEO, Sasan Goodarzi, and our CFO, Sandeep Aujla. Before we start, I’d like to remind everyone that o
Slide 2: Fourth-quarter Fiscal 2026 Overview
2 Some of the numbers in these remarks are presented on a non-GAAP basis. We’ve reconciled the comparable GAAP and non-GAAP numbers in today’s press release. Unless otherwise noted, all growth rates refer to the current period versus the comparable prior-year period, and the business metrics and ass
Slide 3: Big Bets and shift toward new customer acquisition
3 Mid-Market—collectively grew 34 percent and represented 30 percent of full-year revenue. At the same time, our results highlighted areas where we need to further evolve. Namely, in key parts of our business, we need to grow new customers at a faster pace. As we enter fiscal year 2027, we are delib
Slide 4: Strategy to win as an AI-driven expert platform
4 I have a great deal of conviction in our strategy to win as an AI-driven expert platform by creating a unified financial system of intelligence. We bring together decades of trusted proprietary data, deep financial and industry expertise, and domain-specific models built for accuracy and complianc
Slide 5: Business platform growth strategy
5 For businesses and accountants, we’re helping them grow and run their businesses end-to-end, from accounting and human capital management to payments, bill pay, financing, and marketing automation. Across our business platform, that translates into a clear growth strategy: bring more new customers
Slide 6: Widening the front door with QuickBooks Free and Lite
6 As we enter fiscal year 2027, we are broadening our focus to acquire significantly more new-to-the-franchise customers to increase our market share while scaling our Big Bets to position the business platform for reacceleration over time. A key component of our new-to-the-franchise strategy is wid
Slide 7: Mid-Market progress and new-customer acquisition
7 Our progress in the Mid-Market has been strong and gives us a clear opportunity to broaden the sources of growth. Mid-Market customers grew 28 percent, with roughly three-quarters of the additions coming from upgrades or desktop migrations. This reflects our success moving existing QuickBooks cust
Slide 8: Industry-specific innovation and Intuit Accountant Suite
8 These results demonstrate that industry-specific innovation can be a meaningful new-customer growth lever, and we are moving quickly to scale this approach across more verticals. Accountants are another important part of scaling our Mid-Market new-customer pipeline. This year, they drove 25 percen
Slide 9: Unified financial platform and Intuit Intelligence
9 What makes this opportunity especially powerful is one unified financial platform serving businesses and accountants across their journey. From an entrepreneur just getting started to a complex mid-market business, we can bring customers onto the platform, solve more of their needs over time, and
Slide 10: AI-native experiences and Money and Workforce
10 performs scenario planning, and initiates workflows to get work done on their behalf, while bringing in human expertise when needed. The early proof is encouraging. Millions of customers are using our AI-native experiences, getting paid four days faster and reducing manual work by 30 percent. And
Slide 11: Payments growth and platform adoption
11 Pay, grew 30 percent to more than 225 billion dollars for the full year. And as customers grow with us, they adopt more of the platform. QuickBooks Online Advanced US customers have a 13-point higher payroll penetration rate and a 9-point higher payments penetration rate than core QuickBooks Onli
Slide 12: Consumer platform priorities
12 services. Our focus is to execute against both sides of the equation—bringing more customers onto the platform and growing the value of these relationships over time—to expand market share, drive higher ARPC, and position the business platform for durable long-term growth. Now shifting to our con
Slide 13: Consumer financial system of intelligence
13 Our financial system of intelligence enables us to do that by helping consumers make smarter financial decisions year-round, whether connecting them to the right credit cards, personal loans, auto loans, home loans and insurance, helping them manage their money, or filing their taxes. We already
Slide 14: Evolving the tax growth model
14 grew 26 percent, and we delivered more than 29 billion dollars in Fast Money refunds this tax season, up 79 percent. This is the power of one consumer platform. The more customers engage with us across their financial lives, the more context we have to deliver personalized value and the more oppo
Slide 15: Distribution and AI-native tax experience
15 and expanding distribution so customers can discover and access TurboTax where they already are, including through leading LLM experiences and new payroll-provider partnerships. We are also fundamentally reinventing the tax experience with AI and expect to deliver a completely AI-native experienc
Slide 16: Assisted Tax opportunity
16 TurboTax grew more than 50 percent this year. These results demonstrate the opportunity to monetize consumer relationships beyond Tax. Our focus now is to turn the changes we are making to pricing, packaging and distribution into significantly more quality DIY customers entering the franchise. DI
Slide 17: Assisted growth and consumer priorities
17 this demonstrates the value of our assisted offers, the mix also makes clear where our next opportunity lies. Looking ahead, we expect DIY upgrades to moderate from these strong levels and more of our Assisted growth to come from new-to-the-franchise customers. We saw encouraging progress this ye
Slide 18: Closing the overview: fiscal 2027 execution
18 Our focus is on both sides of the equation - bringing more customers into the franchise and creating greater value from those relationships over time—to position the consumer platform for durable growth. Let me close with this. This is an important moment for Intuit. We finished fiscal year 2026
Slide 19: Fiscal 2026 and fourth-quarter results
19 Our fiscal 2026 results include total revenue growth of 14 percent, and GAAP and non-GAAP operating income growth of 20 percent and 18 percent, respectively. Our full year GAAP and non-GAAP diluted earnings per share each grew 20 percent. Our fourth quarter results include: ● Revenue of 4.4 bill
Slide 20: Global Business Solutions segment
20 Starting with the Global Business Solutions segment. We continue to make progress serving businesses with our all-in-one business platform and Intuit Intelligence, delivering done-for-you experiences powered by AI and human expertise. GBS revenue grew 16 percent for the full year, in line with ex
Slide 21: Online Services revenue
21 ● Online Services revenue grew 15 percent in Q4, or 21 percent excluding Mailchimp, driven by Money and Payroll. For the full year, revenue grew 16 percent, or 24 percent excluding Mailchimp. ○ Within Money, Q4 revenue growth was driven by payments, capital, and bill pay. For payments, revenue
Slide 22: Payroll, Mailchimp and customer growth
22 due to a deliberate increase in the mix of loans we sell through our forward-flow partners which have a lower revenue yield. ○ Within Payroll, Q4 revenue growth reflects mix-shift, customer growth, and higher effective prices. ○ And for Mailchimp, Q4 revenue was down slightly year over year. As
Slide 23: Ecosystem ARPC, Desktop and Consumer
23 Ecosystem ARPC growth continued to accelerate in fiscal 2026 to 15 percent driven by strong adoption of our Online Services, including adoption by mid-market customers, as well as value-based pricing for expanded and enhanced offerings. Turning to desktop. Desktop ecosystem revenue grew 3 percent
Slide 24: ProTax, Credit Karma and capital allocation
24 against our Big Bet to deliver done-for-you experiences to customers with our unique combination of AI and AI-driven human expertise. And the growing success of our local expert strategy this year sets a strong foundation to build on next year. For DIY, we are clear on the need to evolve our busi
Slide 25: Liquidity, repurchases and dividend
25 June, we issued 1.75 billion dollars in senior notes which further strengthens our liquidity to address debt maturing in fiscal 2027. ● We significantly increased our share repurchases in fiscal 2026 with 2.1 billion dollars of stock repurchased during the fourth quarter, an increase of 179 perc
Slide 26: Reporting changes and fiscal 2027 guidance
26 Now, before I move to guidance I want to share two reporting changes we are making effective August 1, 2026. First, as we are now managing Mailchimp as a separate operating segment from Global Business Solutions, Mailchimp will be a separate reportable segment beginning in fiscal 2027. Second, sh
Slide 27: Fiscal 2027 revenue guidance
27 Therefore, for fiscal 2027, we expect total company revenue of 23.279 billion dollars to 23.512 billion dollars, or growth of 9 to 10 percent. The deceleration from the prior year is primarily driven by Desktop Ecosystem, TurboTax, and Credit Karma. ● We expect Global Business Solutions segment
Slide 28: Desktop and Consumer guidance
28 growth as we increase the mix shift to loans we sell through our forward-flow partners which have a lower revenue yield. For Desktop Ecosystem, we expect revenue to decline in the low single digits primarily due to the continued migration of customers to online offerings, including QBO Advanced,
Slide 29: Credit Karma, ProTax and Mailchimp guidance
29 should be mid-teens with the deceleration due to fewer DIY upgrades to assisted tax following strong success over the last two years as Sasan noted. We are focused on accelerating the growth of new-to-the-franchise customers given this is critical for durable long-term growth. ○ Credit Karma rev
Slide 30: Operating margin and EPS guidance
30 Now, to operating margin. We expect margin expansion driven by savings from the workforce changes announced last quarter and continued efficiency gains both in how we serve our customers and in how we work. We expect those savings to be partially offset by the deliberate choices we’re making this
Slide 31: Q1 guidance and long-term growth expectations
31 ● GAAP diluted earnings per share of $1.71 to $1.75, and ● Non-GAAP diluted earnings per share of $2.44 to $2.48, inclusive of a $1.48 impact from share-based compensation expenses. You can find our full fiscal 2027 and Q1 guidance details in our press release and in our fact sheet. As we enter
Slide 32: Three-year segment growth expectations
32 First, the Global Business Solutions segment. We expect revenue to grow at a CAGR of 10 to 15 percent over the next three years. As noted, we are being prudent on the contribution we assume for each lever of growth while focusing on strengthening the durability of our model. Growth will continue
Slide 33: Share-based compensation and EPS commitment
33 expertise, given our operating discipline, efficiency gains, and share-based compensation expense leverage. For share-based compensation, we committed last year to lower the percentage of revenue by at least one point over three years. We are on track to be at 9 percent of revenue by fiscal 2028.
Slide 34: Closing Comments
34 Closing Comments Thank you, Sandeep. We are laser-focused on the areas where our execution did not meet our expectations, particularly in new customer growth, while continuing to scale the Big Bets that are driving our momentum. The priorities are clear, the organization is aligned, and we are ex
Slide 35: Cautions About Forward-looking Statements
35 I’m energized by what’s ahead and by what this team can accomplish for our customers and our shareholders. We look forward to going deeper at Investor Day next month. Now, let’s open it up to your questions. Cautions About Forward-looking Statements These materials contain forward-looking stateme
Slide 36: Forward-looking statements (continued)
36 impact of AI on our business; changes to our products, including the continuing use of data and incorporation of AI, and their impact on our business; the amount and timing of any future dividends or share repurchases; our capital structure; our share-based compensation expense; availability and
Slide 37: Risk factors
37 factors include, without limitation, the following: our ability to realize the anticipated benefits of the Plan; risks related to the preliminary nature of the estimate of the charges to be incurred in connection with the Plan, which is subject to change; risks related to any delays in the timing
Slide 38: Risk factors (continued)
38 privacy and cybersecurity incidents; fraudulent activities by third parties, including through the use of AI; our failure to process transactions effectively; interruption or failure of our information technology; our ability to develop and maintain critical third-party business relationships; ou
Slide 39: Risk factors and guidance notice
39 and impairment charges; our ability to repay or otherwise comply with the terms of our outstanding debt; our ability to repurchase shares or distribute dividends; volatility of our stock price; and our ability to successfully market our offerings. More details about these and other risks that may