Summary
Intuit reported fourth-quarter revenue of $4.35 billion, up 13.7% from the prior-year quarter. Operating income rose 40.1% to $475 million. Net income fell 4.7% to $363 million. Operating margin expanded to 10.9% from 8.8%. Operating cash flow for the quarter was $1.33 billion, up 249.3%. Deferred revenue was $1.07 billion, up 5.2%. The quarter's results included a restructuring charge, but the company still grew revenue at a double-digit pace.
Full-year revenue was $21.45 billion, up 13.9%. Operating income was $5.88 billion, up 19.5%. Net income was $4.57 billion, up 18.0%. Diluted EPS was $16.46, up 20.4%. Operating margin was 27.4%, up from 26.1%. Operating cash flow was $8.84 billion, up 42.4%. Capital expenditures were $175 million, up 108.3%. The company said its Big Bets grew 34 percent and represented 30 percent of full-year revenue. Global Business Solutions revenue increased 16 percent, Online Ecosystem revenue increased 19 percent, and Consumer revenue increased 11 percent. TurboTax revenue increased 7 percent, Credit Karma revenue increased 20 percent, and ProTax revenue increased 4 percent. TurboTax Live revenue increased 37 percent and represented 53 percent of total TurboTax revenue. Total U.S. TurboTax units fell 2 percent to 39.0 million, with desktop units down 7 percent to 4.1 million and online units down 2 percent to 34.9 million.
In the fourth quarter, Global Business Solutions revenue increased 14 percent, Online Ecosystem revenue increased 17 percent, and Consumer revenue increased 14 percent. TurboTax revenue increased 3 percent, Credit Karma revenue increased 16 percent, and ProTax revenue increased 6 percent. Credit Karma growth was driven by strength in personal loans, auto insurance, and credit cards. QuickBooks Online Accounting revenue increased 20 percent, and Online Services revenue increased 15 percent.
Intuit set full-year fiscal 2027 guidance. Total revenue is expected to be $23,279 to $23,512 million, or 9 to 10 percent growth. Global Business Solutions revenue is guided to $13,068 to $13,158 million, TurboTax to $5,377 to $5,453 million, Credit Karma to $2,919 to $2,973 million, ProTax to $659 to $662 million, Consumer to $8,955 to $9,088 million, and Mailchimp to $1,256 to $1,266 million. Operating income guidance is $7,408 to $7,490 million, and diluted EPS guidance is $20.12 to $20.36. For the first quarter of fiscal 2027, revenue guidance is $4,294 to $4,313 million, or 11 percent growth. Operating income guidance is $716 to $729 million, and diluted EPS guidance is $1.71 to $1.75. The company also provided non-GAAP guidance, but beginning in fiscal 2027 non-GAAP measures will include share-based compensation expense.
Management flagged risks including competition, AI development and deployment, reliance on third-party relationships, talent retention, cybersecurity and privacy, fraud, regulatory scrutiny, seasonality, tax policy changes, goodwill impairment, legal contingencies, and income tax estimates. The company is executing a 2026 restructuring plan to simplify its organizational structure and reduce its workforce. Effective August 1, 2026, Mailchimp became a separate operating segment, and share-based compensation will no longer be excluded from non-GAAP results. The company said it expects the seasonality of TurboTax and ProTax to continue to have a material impact on quarterly financial results.
Forecast
Reported figures
GAAP, from SEC filings| Metric | Q4 FY2026 | Q3 FY2026 | QoQ | Q4 FY2025 | YoY |
|---|---|---|---|---|---|
| Revenue | $4.35B | $8.56B | -49.1% | $3.83B | +13.7% |
| Research & development | $857.0M | $840.0M | +2.0% | $801.0M | +7.0% |
| Sales & marketing | $1.26B | $1.79B | -29.5% | $1.25B | +1.0% |
| General & administrative | $391.0M | $409.0M | -4.4% | $424.0M | -7.8% |
| Total operating expenses | $3.88B | $4.54B | -14.5% | $3.49B | +11.1% |
| Operating income (loss) | $475.0M | $4.02B | -88.2% | $339.0M | +40.1% |
| Operating margin | 10.9% | 47.0% | -36.1 pp | 8.8% | +2.1 pp |
| Net income (loss) | $363.0M | $3.06B | -88.2% | $381.0M | -4.7% |
| Net margin | 8.3% | 35.8% | -27.5 pp | 9.9% | -1.6 pp |
| Diluted EPS | $1.31 | $11.09 | -$9.78 | $1.35 | -$0.04 |
Risks
Intuit faces intensifying competition from large platforms, startups and free or low-cost providers that use AI to cut demand for its products, and third parties may deploy AI in ways that reduce customer demand. MD&A states that existing and emerging technologies, including AI, are transforming financial technology and creating a more dynamic and highly competitive environment, and the filing warns there is no assurance that its AI innovations will be successful, adopted or monetizable.
Federal and state taxing authorities could become publicly funded direct competitors of the U.S. tax services industry. The filing notes the IRS free direct filing system was suspended but proponents continue to advocate for it, and the legacy IRS Free File Program could expand with increased awareness and government support, which could cause Intuit to lose customers and revenue.
Intuit hosts large amounts of sensitive customer data, including tax return information and bank account numbers, and states that malicious parties are using AI to create increasingly automated, targeted and coordinated attacks. Its use of Credit Karma user data is also subject to an FTC order requiring a comprehensive security program and biennial independent assessments through 2034, with failure risking fines and enforcement action.
In May 2026 management approved the 2026 Plan to simplify the organizational structure, reduce full-time workforce and close certain sites, with total estimated costs of approximately $315 million and a $293 million charge recorded during the twelve months ended July 31, 2026. Execution risk includes disruption to operations and the ability to grow technology teams in strategic locations.
Intuit provides access to capital to small and mid-market businesses and consumers and purchases some or all of those loans, exposing it to borrower default and fraudulent applications. MD&A reports QuickBooks Capital cost of revenue rose $115 million in fiscal 2026 due to increased loan volume, and $970 million was outstanding under secured revolving credit facilities at July 31, 2026.
Intuit depends on skilled employees in software as a service, fintech, data science, AI and cybersecurity, and faces intense global competition for that talent, especially in California and India where a significant number of employees are located. The filing notes equity awards may become less effective if the stock price underperforms talent competitors and that higher compensation costs may not be offset by improved productivity or revenue.
The legal and regulatory landscape for AI, privacy and data protection is complex and rapidly evolving, including the EU AI Act that went into force in 2025 and state frameworks in Utah, Colorado and California. Intuit also notes that some lending and payments offerings require licenses, and failure to obtain or maintain a license could materially harm its ability to operate in specific jurisdictions.
Intuit's tax offerings have significant seasonality, with revenue historically concentrated from November through April, and MD&A states this seasonality is expected to continue to have a material impact on quarterly financial results. Unanticipated changes to federal and state tax filing deadlines or the timing of tax form availability could further exacerbate quarterly fluctuations.
Intuit increasingly uses third-party platforms such as Apple's App Store, Google's Play Store and AI platforms for discovery and distribution, and those platform owners have wide discretion to change pricing, terms of service and other policies affecting visibility or availability of its offerings. It also relies on sole source or limited source relationships, including banks and financial institutions supporting critical services.
Intuit issued $1.75 billion of senior unsecured notes in June 2026 and had $6.75 billion of senior unsecured notes outstanding at July 31, 2026, with short-term debt of $1,249 million versus none at July 31, 2025. The credit facilities impose covenants, including a total gross debt to EBITDA ratio not greater than 4.00 to 1.00, and a ratings downgrade could increase borrowing costs.
SaaS KPIs
All quarters →Total Customers
Summary, forecast, risks and KPIs are extracted from INTUIT INC.'s SEC filings for Q4 FY2026 (10-Q / 10-K and the 8-K earnings release); GAAP figures in the summary are checked against the reported XBRL data. They can contain errors; the filings are authoritative. Processed Oct 1, 2026.