Intuit Q4 FY2026 Earnings: Revenue Rises 14% but Tax Costs Weigh on GAAP EPS

Intuit (NASDAQ: INTU) reported fiscal Q4 2026 revenue of $4.354 billion, up 14% from $3.831 billion, while GAAP diluted EPS was $1.34 versus $1.35 a year earlier. GAAP operating income rose 40% to $475 million despite a $293 million restructuring charge, but a sharp year-over-year change in income taxes kept that operating improvement from reaching the bottom line. QuickBooks Online Accounting and Credit Karma remained important growth drivers.

Core Earnings Data

For the quarter ended July 31, 2026, revenue grew faster than total costs and expenses, which increased approximately 11% to $3.879 billion. That lifted GAAP operating margin by about 2.1 percentage points even with the restructuring charge.

Adjusted results improved more quickly because Intuit’s fiscal 2026 non-GAAP measures excluded restructuring, share-based compensation, acquired-intangible amortization, and certain other items. Share-based compensation alone was $507 million, compared with $490 million in the prior-year quarter.

Business and Segment Performance

Global Business Solutions and the Online Ecosystem led Intuit’s quarterly expansion. Growth excluding Mailchimp was higher than the reported rates, indicating that Mailchimp diluted the performance of both categories.

QuickBooks Online Accounting revenue increased 20%, driven by higher effective prices, customer growth, and mix shift. Online Services grew 15% on strength in money and payroll, while growth excluding Mailchimp reached 21%. International online revenue rose 10% on a constant-currency basis.

Mailchimp will become a separate reportable segment beginning in fiscal 2027. That change should make its performance more visible rather than blending it into Global Business Solutions and the Online Ecosystem.

Profitability, Liquidity, and Capital Allocation

Intuit ended fiscal 2026 with $7.2 billion in cash and investments and $7.7 billion in debt. The company issued $1.75 billion of senior notes in June to strengthen liquidity ahead of debt maturities in fiscal 2027.

During the full fiscal year—not the fourth quarter alone—Intuit repurchased $5.5 billion of stock, 96% more than in fiscal 2025. The company said repurchases more than offset share-based compensation dilution and reduced weighted-average diluted shares by 2%. It had $7.9 billion of remaining repurchase authorization at year-end.

The board also approved a quarterly dividend of $1.38 per share, up 15% year over year and payable October 16, 2026.

Higher Pre-Tax Profit Was Offset by a Tax Swing

The quarter’s main earnings divergence occurred below the operating line. Pre-tax income increased approximately 48% to $540 million, but net income declined about 5% to $363 million.

Intuit recorded a $177 million income tax provision in Q4 FY2026, compared with a $15 million tax benefit one year earlier—a $192 million adverse swing. The release did not provide a quarter-specific explanation for that change. For the full year, however, Intuit reported an effective tax rate of approximately 24%, versus 20% in fiscal 2025, citing state income taxes and nondeductible share-based compensation, partly offset by the federal research and experimentation credit.

The $293 million restructuring expense created another important difference between reported and adjusted profitability. Because non-GAAP results excluded that charge and $507 million of share-based compensation, the 47% increase in adjusted EPS should not be viewed as directly equivalent to the movement in GAAP EPS.

Fiscal 2027 Guidance

Intuit expects fiscal 2027 revenue growth of 9% to 10%, moderating from the 14% reported for fiscal 2026. Guidance points to continued expansion in Global Business Solutions and Credit Karma, while Mailchimp revenue is expected to range from a 1% decline to no growth.

The following full-year guidance reflects Mailchimp’s separation from Global Business Solutions and Intuit’s revised non-GAAP methodology.

For the first quarter, Intuit expects 11% revenue growth and faster growth in operating income. The company provided the following ranges.

Effective August 1, 2026, Intuit will no longer exclude share-based compensation from its non-GAAP measures. Fiscal 2027 non-GAAP operating income guidance includes $2.020 billion of share-based compensation expense, while non-GAAP EPS guidance includes a $5.81 impact. Q1 guidance includes $521 million and a $1.48 EPS impact, respectively. As a result, fiscal 2027 non-GAAP guidance is not directly comparable with the fiscal 2026 adjusted results presented above.

Management Perspective

CEO Sasan Goodarzi said Intuit’s company-defined “Big Bets” grew 34% and represented 30% of full-year revenue. Management plans to scale those initiatives, accelerate customer growth, and position Intuit as an AI-driven expert platform.

CFO Sandeep Aujla emphasized disciplined investment while pursuing durable revenue growth, operating-margin expansion, and increased capital returns. The guidance suggests that Intuit expects earnings to grow faster than revenue, although the reporting and non-GAAP methodology changes require careful interpretation.

Recent Insider Transactions

Aggregate data for the preceding six months showed 20,963 shares purchased and 2,571 sold, for net purchases of 18,392 shares across 27 transactions. That represented 0.30% of total insider holdings, but the aggregate figures do not establish why the transactions occurred.

Among the latest records with sufficient transaction details, three directors reported derivative-security exercises or conversions. These were not identified as open-market purchases or sales.

Risks Investors Should Monitor

• Slower companywide growth: Fiscal 2027 revenue guidance of 9% to 10% is below fiscal 2026’s 14% growth, increasing the importance of sustained execution in Global Business Solutions and Credit Karma.
• Mailchimp weakness: Mailchimp reduced the growth rates reported for the Online Ecosystem and related services in Q4, and fiscal 2027 guidance calls for a 1% decline to flat revenue.
• Tax and restructuring sensitivity: A $192 million unfavorable year-over-year tax swing prevented higher pre-tax income from translating into net-income growth, while the $293 million restructuring charge widened the gap between GAAP and adjusted results.
• Changing reporting conventions: Separate Mailchimp reporting and the inclusion of share-based compensation in non-GAAP measures will make fiscal 2027 comparisons with previously reported segment and adjusted figures less straightforward.
• Debt maturities and liquidity management: Intuit had $7.7 billion of debt against $7.2 billion of cash and investments and issued senior notes specifically to address fiscal 2027 maturities.

Summary

Intuit’s fiscal fourth quarter combined 14% revenue growth with faster operating-income expansion, led by QuickBooks Online Accounting, Online Services, and Credit Karma. GAAP EPS was nearly unchanged because the tax provision shifted sharply from the prior-year benefit, while restructuring and share-based compensation contributed to a wide gap between GAAP and adjusted results. The main fiscal 2027 issues are moderating total revenue growth, limited Mailchimp and TurboTax growth, and the effect of new segment and non-GAAP reporting conventions on comparability.