TLDR
- Intuit reported Q4 adjusted EPS of $4.03 on revenue of $4.35 billion, beating analyst estimates
- Stock closed down 3.2% at $345.88 after the earnings report
- FY2027 revenue guidance of $23.3B to $23.5B came in below analyst expectations of $23.7B
- The company acknowledged losing DIY TurboTax customers to lower-cost rivals due to pricing
- Intuit will include share-based compensation in non-GAAP figures going forward, reducing EPS comparability
Intuit (INTU) closed at $345.88 on Wednesday, down 3.2%, after the company posted better-than-expected quarterly results but offered a revenue outlook that fell short of Wall Street expectations.
For Q4, Intuit reported adjusted earnings of $4.03 per share on revenue of $4.35 billion. Analysts had expected $3.58 per share on $4.27 billion in revenue, so the beat was clear.
The problem was the forward guidance.
INTUIT $INTU Q4’26 EARNINGS HIGHLIGHTS
🔹 Revenue: $4.4B (Est. $4.27B) 🟢; +14% YoY
🔹 Adj. EPS: $4.03 (Est. $3.58) 🟢FY27 Guide:
🔹 Revenue: $23.3B-$23.5B (Est. $23.72B) 🟡
🔹 Adj. EPS: $22.88-$23.12 (Est. $27.32) 🔴Q1 Guide:
🔹 Revenue: $4.29B-$4.31B (Est. $4.36B) 🟡
🔹… pic.twitter.com/EkDpXXyTVz— Wall St Engine (@wallstengine) August 25, 2026
Intuit guided FY2027 total revenue of $23.3 billion to $23.5 billion, implying 9% to 10% growth. That is below analyst estimates of $23.7 billion and a step down from the 14% revenue growth the company posted in fiscal 2026.
The stock has now fallen around 48% in 2026, weighed down by broader concerns about AI disrupting core software products across the sector.
Pricing Pressure in TurboTax
CEO Sasan Goodarzi was upfront about one of the key issues: Intuit is losing quality DIY TurboTax customers to cheaper competitors, and pricing is the main reason.
Management said it plans to deliberately lower average revenue per customer in TurboTax to win back market share. FY2027 TurboTax revenue is guided to grow just 2% to 3% as a result of that strategy.
TurboTax Live, which had been a strong growth driver, is expected to slow to mid-teens growth in FY2027, down from 37% revenue growth and 38% customer growth in FY2026.
Goodarzi framed the approach as a long-term play. The idea is that cheaper entry points bring in more customers who can eventually be moved into higher-value financial products across the platform.
Strong Points in the Quarter
Not everything pointed down. Intuit’s “Big Bets” segments, which cover assisted tax, money, and mid-market, grew 34% and now make up 30% of full-year revenue.
The mid-market business stood out, with revenue up 39% and QuickBooks Online Advanced and Intuit Enterprise Suite customers rising 28%. Enterprise Suite annualized revenue topped $145 million in Q4, up fourfold from the prior year.
QuickBooks Capital loan volume rose 54% in Q4 to $1.9 billion. Total online payment volume hit more than $225 billion for the year, up around 30%.
Total online paying customers reached 8.9 million, up 3% year over year, though management flagged that this was about two percentage points below the prior year’s pace.
The company ended the quarter with $7.2 billion in cash and investments. It repurchased $5.5 billion in stock during the year and raised its quarterly dividend by 15% to $1.38 per share.
Intuit will also begin reporting Mailchimp as a separate segment starting next year. Mailchimp Q4 revenue was slightly down year over year, with management guiding flat to a 1% decline for FY2027.
For fiscal 2027, Intuit expects GAAP EPS of $20.12 to $20.36 and non-GAAP EPS of $22.88 to $23.12. The company also confirmed it will now include share-based compensation in its non-GAAP figures, a change it says will create roughly a $5.81 impact on FY2027 non-GAAP EPS.
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