การแถลงผลประกอบการไตรมาส 4 ปีงบประมาณ 2026 ของ Intuit (INTU): ตั้งเป้าการเติบโตของรายได้ปีงบประมาณ 2027 ไว้ที่ 9%-10%

Intuit (NASDAQ: INTU) สิ้นสุดปีงบประมาณ 2026 ด้วยการเติบโตของรายได้และกำไรในระดับสองหลัก โดยได้รับการสนับสนุนจากกลุ่มตลาดระดับกลาง (mid-market), Money และ Assisted Tax ทั้งนี้ ฝ่ายบริหารกำลังปรับเปลี่ยนลำดับความสำคัญของปีงบประมาณ 2027 ไปสู่การหาลูกค้าใหม่ โดยยอมรับการเติบโตของรายได้ในระยะสั้นที่ช้าลง และ ARPC ของ TurboTax DIY ที่ลดลง เพื่อเสริมความแข็งแกร่งให้กับส่วนแบ่งทางการตลาดและมูลค่าลูกค้าระยะยาว

ประเด็นสำคัญ

• รายได้ในปีงบประมาณ 2026 เติบโต 14% ขณะที่กำไรต่อหุ้นเจือจางตามมาตรฐาน GAAP และ Non-GAAP เพิ่มขึ้น 20% เท่ากัน ทั้งนี้ กลุ่มเดิมพันใหญ่ (Big Bets) อย่าง Assisted Tax, Money และตลาดระดับกลางของ Intuit เติบโตรวมกัน 34% และคิดเป็น 30% ของรายได้ประจำปี
• รายได้ไตรมาสที่ 4 เพิ่มขึ้น 14% สู่ระดับ 4.4 พันล้านดอลลาร์ กำไรจากการดำเนินงาน Non-GAAP เพิ่มขึ้น 43% สู่ระดับ 1.4 พันล้านดอลลาร์ และกำไรต่อหุ้นเจือจาง Non-GAAP เพิ่มขึ้น 47% สู่ระดับ 4.03 ดอลลาร์
• จำนวนลูกค้าที่ชำระเงินออนไลน์ทั้งหมดแตะระดับ 8.9 ล้านราย เพิ่มขึ้น 3% ซึ่งต่ำกว่าอัตราการเติบโตของปีก่อนหน้าประมาณ 2 จุดเปอร์เซ็นต์ โดยฝ่ายบริหารระบุว่าการหาลูกค้าใหม่เป็นเป้าหมายหลักในปีงบประมาณ 2027
• รายได้จากตลาดระดับกลางเติบโต 39% ขณะที่ลูกค้าในตลาดระดับกลางเพิ่มขึ้น 28% ส่วนรายได้แบบปรับเป็นรายปีของ Intuit Enterprise Suite ในไตรมาส 4 ทะลุ 145 ล้านดอลลาร์ ซึ่งเป็น 4 เท่าของระดับในปีก่อนหน้า
• ฝ่ายบริหารคาดว่ารายได้ปีงบประมาณ 2027 จะอยู่ที่ 2.3279 หมื่นล้านดอลลาร์ ถึง 2.3512 หมื่นล้านดอลลาร์ คิดเป็นการเติบโต 9%-10% โดยการชะลอตัวที่คาดการณ์ไว้นี้มีสาเหตุหลักมาจาก Desktop Ecosystem, TurboTax และ Credit Karma
• Intuit จะยอมรับ ARPC เริ่มต้นของ TurboTax DIY ที่ลดลง ขณะที่บริษัทปรับราคาและรูปแบบแพ็กเกจเพื่อรักษาและดึงดูดลูกค้ามากขึ้น ฝ่ายบริหารกล่าวว่า “ปัจจุบันเรื่องราคาเป็นเหตุผลอันดับ 1 ที่ทำให้ลูกค้าเลิกใช้ TurboTax”

ข้อมูลทางการเงินที่สำคัญ

ผลการดำเนินงานทางธุรกิจและการปฏิบัติการ

กลุ่มธุรกิจ Global Business Solutions

รายได้จากกลุ่ม Global Business Solutions เพิ่มขึ้น 16% สำหรับปีงบประมาณ 2026 หากไม่รวม Mailchimp เซกเมนต์นี้เติบโต 15% ในไตรมาส 4 และ 18% สำหรับทั้งปี ส่วนรายได้จาก Online Ecosystem ไม่รวม Mailchimp เพิ่มขึ้น 20% ในไตรมาส 4 และ 23% สำหรับทั้งปี

รายได้จาก QuickBooks Online Accounting เติบโต 20% ในไตรมาส 4 และ 23% สำหรับทั้งปี โดยได้รับแรงหนุนจากราคาที่มีผลบังคับใช้สูงขึ้น การเติบโตของจำนวนลูกค้า และส่วนผสมผลิตภัณฑ์ (product mix) ส่วนรายได้จาก Online Services เพิ่มขึ้น 15% ในไตรมาส 4 หรือ 21% หากไม่รวม Mailchimp โดยมี Money และ Payroll เป็นปัจจัยขับเคลื่อนหลัก

จำนวนลูกค้าที่ชำระเงินออนไลน์ทั้งหมดเติบโต 3% สู่ระดับ 8.9 ล้านราย จำนวนลูกค้า QuickBooks Online ในสหรัฐฯ ไม่รวมผู้ประกอบการอิสระ (self-employed) เพิ่มขึ้น 6% ขณะที่ ARPC ของ Online Ecosystem เพิ่มขึ้น 15% จากการใช้งานบริการที่มากขึ้นและการกำหนดราคาตามมูลค่า (value-based pricing)

ตลาดระดับกลางยังคงเป็นเครื่องยนต์ขับเคลื่อนการเติบโตที่สำคัญ โดยรายได้เพิ่มขึ้น 39% และจำนวนลูกค้าที่ใช้ QuickBooks Online Advanced ร่วมกับ Intuit Enterprise Suite เติบโต 28% ประมาณสามในสี่ของลูกค้าที่เพิ่มขึ้นมาจากอัปเกรดหรือการย้ายมาจากระบบ Desktop แม้ว่าลูกค้าตลาดระดับกลางรายใหม่ (new-to-the-franchise) จะเติบโตมากกว่า 30% ก็ตาม

รายได้แบบปรับเป็นรายปีของ Intuit Enterprise Suite ทะลุ 145 ล้านดอลลาร์ในไตรมาส 4 ซึ่งเป็น 4 เท่าของระดับในปีก่อนหน้า โดยเวอร์ชัน Construction Edition ช่วยเพิ่มการเติบโตของลูกค้าใหม่ในกลุ่มก่อสร้างให้กับ QuickBooks Online Advanced ถึง 19 จุดเปอร์เซ็นต์ ขณะที่สัญญาก่อสร้างใหม่ของ Intuit Enterprise Suite เพิ่มขึ้น 20%

Money, Payments และ Capital

รายได้จากพอร์ตโฟลิโอ Online Money เติบโต 31% สำหรับปีงบประมาณ 2026 ยอดการชำระเงินออนไลน์ทั้งหมด ซึ่งรวมถึง Bill Pay เพิ่มขึ้น 30% สู่ระดับมากกว่า 2.25 แสนล้านดอลลาร์สำหรับทั้งปี และเพิ่มขึ้น 32% ในไตรมาส 4 หากไม่รวม Bill Pay ยอดการชำระเงินออนไลน์ในไตรมาส 4 เติบโต 21%

ปริมาณเงินกู้ของ QuickBooks Capital เพิ่มขึ้น 54% สู่ระดับ 1.9 พันล้านดอลลาร์ในไตรมาส 4 ทั้งนี้ ฝ่ายบริหารกล่าวว่าการเติบโตของรายได้ Capital ชะลอตัวลง เนื่องจาก Intuit ตั้งใจขายเงินกู้ในสัดส่วนที่สูงขึ้นให้แก่มิตรคู่ค้าแบบ forward-flow ซึ่งให้ผลตอบแทนด้านรายได้ (revenue yield) ต่ำกว่า

แพลตฟอร์มสำหรับผู้บริโภค (Consumer Platform)

รายได้กลุ่มผู้บริโภค (Consumer segment) เพิ่มขึ้น 14% ในไตรมาส 4 และ 11% สำหรับปีงบประมาณ 2026 รายได้ของ TurboTax เติบโต 7% สำหรับทั้งปี โดยได้รับแรงหนุนจาก Assisted Tax ส่วนรายได้ของ TurboTax Live เพิ่มขึ้น 37% ขณะที่จำนวนลูกค้าเติบโต 38% โดยมากกว่าสามในสี่ของลูกค้า TurboTax Live ที่เพิ่มขึ้นมาจากอัปเกรดจาก DIY และลูกค้า Live รายใหม่ (new-to-the-franchise) เพิ่มขึ้น 15%

รายได้ของ Credit Karma เติบโต 16% ในไตรมาส 4 และ 20% สำหรับทั้งปี นำโดยสินเชื่อส่วนบุคคล ประกันภัยรถยนต์ และบัตรเครดิต ในส่วนของข้อเสนอเพื่อการเติบโตด้านการเงินส่วนบุคคล เช่น ประกันภัยและสินเชื่อบ้าน เพิ่มขึ้น 44% ขณะที่บัญชีทางการเงินที่เชื่อมต่อเพิ่มขึ้น 104%

ฝ่ายบริหารยอมรับว่า TurboTax สูญเสียลูกค้า DIY คุณภาพสูงให้แก่ผู้ให้บริการที่มีราคาย่อมเยากว่า Intuit จึงวางแผนปรับปรุงราคาเริ่มต้น ทำให้โครงสร้างราคาเข้าใจง่ายขึ้น และขยายการจัดจำหน่ายผ่านช่องทางต่าง ๆ รวมถึงประสบการณ์แบบโมเดลภาษาขนาดใหญ่ (LLM) ชั้นนำ และพันธมิตรผู้ให้บริการระบบจ่ายเงินเดือน (payroll)

นอกจากนี้ บริษัทยังวางแผนใช้ TurboTax เป็นจุดเริ่มต้นที่กว้างขึ้นเข้าสู่แพลตฟอร์มผู้บริโภค โดยลูกค้าที่ใช้ทั้ง TurboTax และ Credit Karma สร้างรายได้เฉลี่ยต่อลูกค้าสูงกว่าผู้ใช้ผลิตภัณฑ์เดียวประมาณสองเท่า ขณะที่สมาชิก Credit Karma ที่ยื่นภาษีด้วย TurboTax เพิ่มขึ้นมากกว่า 50% ในปีงบประมาณ 2026

แนวทางของฝ่ายบริหาร (Guidance)

สำหรับไตรมาสที่ 1 ของปีงบประมาณ 2027 ฝ่ายบริหารคาดว่ารายได้จะเติบโตประมาณ 11% กำไรต่อหุ้นเจือจางตาม GAAP จะอยู่ที่ 1.71-1.75 ดอลลาร์ และกำไรต่อหุ้นเจือจาง Non-GAAP จะอยู่ที่ 2.44-2.48 ดอลลาร์

Intuit คาดว่าอัตรากำไรจากการดำเนินงานจะขยายตัวขึ้นจากการประหยัดต้นทุนกำลังคนและการปรับปรุงประสิทธิภาพ โดยถูกชดเชยบางส่วนด้วยค่าใช้จ่ายด้านการขาย การตลาด และนวัตกรรมผลิตภัณฑ์ที่เพิ่มขึ้น ทั้งนี้ ตั้งแต่ปีงบประมาณ 2027 เป็นต้นไป ค่าตอบแทนในรูปของหุ้น (share-based compensation) จะถูกนับรวมในตัววัดทางการเงินแบบ Non-GAAP โดยประมาณการกำไรต่อหุ้น Non-GAAP ตลอดทั้งปีรวมผลกระทบจากค่าตอบแทนในรูปของหุ้นจำนวน 5.81 ดอลลาร์ไว้แล้ว

ในช่วงสามปีข้างหน้า ฝ่ายบริหารคาดว่ารายได้ของ Global Business Solutions จะเติบโตในอัตราเติบโตต่อปีแบบทบต้น (CAGR) ที่ 10%-15% และรายได้กลุ่มผู้บริโภคจะเติบโตที่ 4%-8% CAGR นอกจากนี้ Intuit ยังตั้งเป้าการเติบโตของกำไรต่อหุ้น Non-GAAP ต่อปีไว้ที่ระดับสิบกว่าเปอร์เซ็นต์ปลาย ๆ (high teens) ขึ้นไป และคาดว่าค่าตอบแทนในรูปของหุ้นจะลดลงเหลือ 9% ของรายได้ภายในปีงบประมาณ 2028 และเหลือ 8% ภายในปีงบประมาณ 2030

ความเสี่ยงและประเด็นที่ต้องจับตา

• การเติบโตของลูกค้าที่ชำระเงินออนไลน์ชะลอตัวลงเหลือ 3% ซึ่งเพิ่มความสำคัญของการดำเนินการในส่วนของ QuickBooks Free, QuickBooks Lite และการหาลูกค้าในตลาดระดับกลางโดยตรง
• การแข่งขันจากผู้ให้บริการที่มีราคาย่อมเยากว่ามีส่วนทำให้สูญเสียลูกค้า TurboTax DIY คุณภาพสูง โดยการปรับเปลี่ยนราคาของ Intuit จะลด ARPC ของธุรกิจภาษีในปีงบประมาณ 2027 ก่อนที่จะเริ่มรับรู้ผลประโยชน์จากมูลค่าตลอดช่วงชีวิตของลูกค้า (lifetime value) ที่อาจเกิดขึ้น
• คาดว่าการเติบโตของ TurboTax Live จะชะลอตัวลงสู่ระดับสิบกว่าเปอร์เซ็นต์กลาง ๆ เนื่องจากยอดอัปเกรดจาก DIY ไปเป็น Assisted ชะลอตัวลงจากระดับที่แข็งแกร่งในช่วงสองปีที่ผ่านมา
• คาดว่ารายได้ของ Desktop Ecosystem จะลดลงเนื่องจากลูกค้าย้ายไปใช้ผลิตภัณฑ์ออนไลน์ ขณะที่ Mailchimp เผชิญกับอัตราการสูญเสียลูกค้า (churn) ที่เพิ่มขึ้น
• การขายเงินกู้ของ QuickBooks Capital ในสัดส่วนที่สูงขึ้นผ่านพันธมิตรแบบ forward-flow จะช่วยสนับสนุนการบริหารจัดการเงินทุน แต่น่าจะทำให้ผลตอบแทนด้านรายได้ (revenue yield) ลดลง
• ฝ่ายบริหารไม่ได้ผูกมัดกับกรอบเวลาที่แน่นอนสำหรับการกลับมาเร่งการเติบโตในปีงบประมาณ 2028 โดยย้ำว่าผลการดำเนินงานในแต่ละไตรมาสจะเป็นตัวกำหนดจังหวะความก้าวหน้า

ประเด็นสำคัญช่วงถาม-ตอบกับนักวิเคราะห์

นักวิเคราะห์ตั้งคำถามว่าปีงบประมาณ 2027 ถือเป็นจุดต่ำสุดของการปรับฐานการเติบโต หรือสะท้อนถึงแรงกดดันเชิงโครงสร้างจาก AI และคู่แข่งรายใหม่ โดย CEO Sasan Goodarzi ระบุว่าการปรับฐานครั้งนี้เป็นการตัดสินใจในเชิงรุก โดยโต้แย้งว่า Intuit สามารถขยายขนาด Big Bets ไปพร้อม ๆ กับการฟื้นฟูการดึงดูดลูกค้าใหม่ใน TurboTax DIY และกลุ่มระดับล่างของ QuickBooks อย่างไรก็ดี เขาย้ำว่าความสามารถในการดำเนินการตามแผนจะเป็นตัวตัดสินที่สำคัญ

เกี่ยวกับการกำหนดราคาของบริการภาษี ฝ่ายบริหารกล่าวว่า Assisted Tax และ DIY ตอบสนองลูกค้าที่มีความต้องการต่างกัน โดยลูกค้ากลุ่ม Assisted จะให้ความสำคัญกับการตรวจสอบโดยผู้เชี่ยวชาญ การลงนาม และความรับผิดชอบ ขณะที่ลูกค้ากลุ่ม DIY มีความไวต่อราคามากกว่า ทั้งนี้ Intuit ตั้งใจจะนำเสนอราคาเริ่มต้นสำหรับ DIY ที่สามารถแข่งขันได้มากขึ้น โดยไม่ใช้กลยุทธ์เดียวกันนี้กับ Assisted Tax

ฝ่ายบริหารได้อ้างถึงตลาดรวมที่สามารถเข้าถึงได้ (TAM) ของแพลตฟอร์มสำหรับธุรกิจมูลค่าเกือบ 2.00 แสนล้านดอลลาร์ โดยมีอัตราการเข้าถึงตลาดเพียง 7% เพื่อสนับสนุนโอกาสการเติบโตอย่างต่อเนื่องของ QuickBooks ทั้งนี้ การเริ่มต้นใช้งาน QuickBooks Free และ QuickBooks Lite ในช่วงแรกแตะระดับมากกว่า 20,000 รายที่เป็นลูกค้าที่ใช้งานอยู่หรือเปลี่ยนมาเป็นลูกค้าที่ชำระเงิน ณ เดือนที่ผ่านมา โดยการสร้างรายได้มาจากระบบการชำระเงินและการอัปเกรด

เมื่อถูกถามว่าการเติบโตจะกลับมาเร่งตัวขึ้นเมื่อใด ฝ่ายบริหารปฏิเสธที่จะกำหนดกรอบเวลาที่แน่นอนสำหรับปีงบประมาณ 2028 โดย Goodarzi กล่าวว่าควรประเมินความก้าวหน้าจากผลการดึงดูดลูกค้าและผลการดำเนินงานในแต่ละไตรมาสแทน

รายงานการประชุมผลประกอบการฉบับเต็ม

บทถอดเสียงฉบับเต็มของการประชุมทางโทรศัพท์ผลประกอบการ

คำชี้แจงจากฝ่ายบริหาร

Operator

Good afternoon, ladies and gentlemen. My name is Bo, and I will be your conference operator today. At this time, I would like to welcome everyone to Intuit's Fourth Quarter and Fiscal Year-end 2026 Conference Call. [Operator Instructions]

With that, I'll now turn the call over to Ms. Kendra Goodenough, Intuit's Vice President of Investor Relations. Please go ahead, ma'am.

Unknown Executive

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 our remarks will include forward-looking statements. There are a number of factors that could cause Intuit's results to differ materially from our expectations. You can learn more about these risks in the press release we issued earlier this afternoon, our Form 10-K for fiscal 2025 and our other SEC filings. All of these documents are available on the Investor Relations page of Intuit's website at intuit.com. We assume no obligation to update any forward-looking statement.

Some of the numbers in these remarks are presented on a non-GAAP basis. We 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 associated growth rates refer to the worldwide business metrics. A copy of our prepared remarks and supplemental financial information will be available on our website after this call ends.

With that, I'll turn the call over to Sasan.

Sasan Goodarzi

Thanks, Kendra, and thanks to all of you for joining us today. We closed fiscal year 2026 with solid results. Full year revenue grew 14%, and we expanded operating margin again this year. This drove full year GAAP and non-GAAP diluted earnings per share growth of 20% for both. Our Big Bets, assisted tax, money and mid-market collectively grew 34% and represented 30% 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 deliberately shifting our execution and investments towards accelerating customer acquisition and market share growth while continuing to scale the areas of the business that are working well. We have already taken decisive action. We are sharpening our product and lineup strategy to accelerate new customer growth while continuing to scale our Big Bets and increase adoption of platform services. These actions are designed to strengthen our competitive position and set Intuit up for durable growth over time.

Today, I'll cover the opportunities we see ahead, the changes that we are making to capture them and our progress to date. 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 compliance to increasingly do the work for our customers and help them achieve better outcomes. Our innovation is creating a future where consumers, businesses and accountants can simply approve financial decisions or collaborate with a brilliant virtual team of AI and human experts while our platform works around the clock to power their prosperity. This is always-on financial intelligence.

Our 3 Big Bets defined where we are concentrating our focus: scale done-for-you experiences, putting money at the center of everything we do and win in the mid-market. We are executing with greater speed against these 2 clear outcomes: grow new customers to capture market share and increase adoption of platform services to drive higher ARPC. For businesses and accountants who are helping them grow and run their businesses end-to-end, from accounting and human capital management to payments, [ build a ], financing and marketing automation. Across our business platform, that translates into a clear growth strategy, bringing more new customers onto the platform from early entrepreneurs to mid-market businesses and grow with them over time as they adopt more services and their needs to become more complex.

In fiscal year 2026, we prioritized scaling our mid-market and money offerings, focused on delivering greater value to our existing customer base. That delivered meaningful progress, with revenue from our online money portfolio growing 31% and mid-market revenue growing 39%. That growth demonstrates the value that we are creating for existing customers as their needs become more complex. The opportunity now is to complement that strength by accelerating new to the franchise growth.

Total online paying customers were 8.9 million at the end of fiscal year 2026, growing 3% year-over-year, which is about 2 points lower growth than in the prior year. As we enter fiscal year 2027, we are broadening our focus to acquire significantly more user 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 [ newer franchise ] strategy is widening the front door with QuickBooks Free and QuickBooks Lite. These offerings create low-friction entry points to reach millions of businesses earlier in their journey and build a relationship with them from the start. We recently introduced QuickBooks Free, and early results are encouraging. As of last month, we had more than 20,000 customers either actively using QuickBooks Free or who have converted the paid offerings with monetization, driven by payments adoption and upgrades to more comprehensive offerings. This is the model we intend to scale: acquire more new customers earlier and grow with them as their needs become more complex. That model becomes even more valuable as customers grow in the mid-market, a nearly $90 billion total addressable market.

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%, with roughly 3/4 of the additions coming from upgrades or desktop migrations. This reflects our success moving existing QuickBooks customers into higher-value offerings, with our go-to-market emphasis weighted towards our existing base.

As we enter fiscal year 2027, we are deliberately increasing investment in direct [ new to the ] franchise acquisition to expand our reach and broaden the sources of mid-market growth. We have tangible proof points that give us confidence in our ability to accelerate [ Direct's ] acquisition. [ New to the ] franchise mid-market customers grew over 30% this year. And Intuit Enterprise Suite annualized revenue surpassed $145 million in Q4, a 4x increase from last year.

Our industry-specific approach is also attracting new customers. The launch of Construction Edition drove an incremental 19 points of growth in QuickBooks Online Advanced customer additions in construction, while new Intuit Enterprise Suite contracts in construction increased 20%. 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 grew 25% of our new Intuit Enterprise Suite contracts. And to strengthen our network effect, this month, we launched breakthrough AI native innovation in Intuit Accountant Suite, bringing together practice management, portfolio-wide insights, books close and tax workflows in one experience. accountants using Intuit Accountant Suite report spending nearly 30% more of their high-value time on advisory work, and over 150,000 accountants are already on Intuit Accountant Suite platform. Together, these proof points give us confidence in our ability to expand our reach in the mid-market, not only by growing with businesses already on the platform, but by bringing significantly more new customers directly into the franchise.

What makes this opportunity especially powerful is 1 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 help them run more of their business in 1 place. And the more businesses and accountants we bring together on the platform, the stronger the network becomes, driving greater engagement customer growth and adoption of services while creating more value for both sides.

A foundational part of that advantage is Intuit Intelligence. Powered by our financial system of intelligence, it brings done-for-you experiences to life, moving us beyond software that simply records transactions to a platform that increasingly does the work for our customers. Intuit Intelligence combines the context of a customer's financial life and data with our deep domain and industry expertise, advanced models and workflows built for accuracy and compliance. It understands what is happening in a customer's business, anticipates what needs attention and turns insight into action. It keeps books current, surfaces anomalies, forecasts cash flow, performs scenario planning and initiates workflows to get worked on, 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 4 days faster and reducing manual work by 30%. And among more complex businesses, over 75% of Intuit Enterprise Suite customers use our AI agents every month to keep their books current, automate transaction work and close faster. Our focus now is to scale that value across a much larger customer base. As our customers grow, we have the opportunity to grow with them by managing more of their financial and workforce needs in 1 place. Money and Workforce help us deliver that value while creating a significant opportunity to deepen customer relationships as they adopt more [indiscernible].

We are seeing strong evidence of this today with significant opportunity ahead. Businesses managed over $2.7 trillion in invoices through QuickBooks every year, and total online payment volume, including Bill Pay, grew 30% to more than $225 billion for the full year. And as customers grow with us, they adopt more of the platform. QuickBooks Online Advanced U.S. customers have a 13-point higher payroll penetration rate and a 9-point higher payments penetration rate than core QuickBooks Online customers. This demonstrates the opportunity to grow the value of a customer relationship over time by solving more of their needs on 1 platform.

We continue to expand that opportunity by putting money at the center of the platform. Our recent launch of the Intuit Business Credit Card brings another critical financial capability directly into QuickBooks experience, creating more opportunities to deepen engagement and drive additional value for customers. As we look ahead, our priorities across the business platform are clear. We will widen the front door with QuickBooks Free and QuickBooks Lite to accelerate new to the franchise customer growth, continue to expand our reach and momentum in mid-market, scale consumption and engagement of Intuit Intelligence and drive greater adoption of Money and Workforce services. Our focus is to execute against both sides of the equation, bringing more customers onto the platform and growing the value of those relationships over time to expand market share, drive higher ARPC and position the business platform for durable long-term growth.

Now shifting to our consumer platform. Revenue grew 11% this year, and we are seeing strong growth across assisted tax, personal finance and money. At the same time, we lost quality DIY customers to lower-cost providers. I will unpack that shortly.

We now understand what needs to change and are focused to rebuild that customer funnel while continuing to scale the areas where we are seeing strong momentum. Our growth opportunity is to use TurboTax and Credit Karma as powerful entry points to bring more consumers into the platform, grow our share of total IRS e-filers and deepen those relationships across their financial lives to drive higher platform ARPC over time.

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're already having a significant scale to build from. This year, we helped customers file 39 million tax returns, facilitated over $120 billion in tax refunds and leveraged more than 70,000 tax and financial attributes per consumer to deliver deeply personalized experiences.

We see significant opportunities to expand the value of these relationships. Today, approximately 1 out of every 9 credit card and personal originations in the U.S. comes through our AI-powered platform. Over the last 2 years, our share increased approximately 3 points in credit cards and 4 points in personal loans as we gain share with both consumers and financial [ plate ] partners. Revenue for our personal finance key growth offerings, insurance and home loans, grew 44% this year while connected financial accounts grew 104%. Consumer money revenue grew 26%, and we delivered more than $29 billion in fast money refunds this tax season, up 79%.

This is the power of 1 consumer platform. The more customers engage with us across their financial lives, the more context we have to deliver personalized value and the more opportunities we have to grow the relationship beyond a single tax transaction.

Now let me address how we're evolving our tax growth model. Historically, our DIY model optimized for tax revenue and ARPC [ repricing ] and upgrading customers into higher-value offerings over time. That model worked for many years, but the market has changed. Consumers have more low-cost alternatives, and we lost quality DIY customers to low-cost providers this year.

Price is now the #1 reason customers leave TurboTax. We now know what needs to change, and we are already putting that plan into action to rebuild the DIY funnel and grow our share of total IRS e-filers. We are making the entry experience more competitive and clear on price and expanding the 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 experience for the vast majority of tax situations, from document first intake that dramatically reduces the work of filing, to a copilot that can take action directly on the return and seamlessly hand off to an expert with full context while credit, deduction and compliance agents help customers maximize their outcomes with greater accuracy. This approach also changes how we think about the economics of the customer relationship. This means we are deliberately accepting lower initial DIY tax ARPC to acquire and retain more quality customers, grow e-filer share and create greater lifetime value as they engage across the consumer platform.

We know the value of winning these customers extends far beyond the tax return. Customers using both TurboTax and Credit Karma generate approximately twice the average revenue per customer of a single product customer. And Credit Karma members' filings with TurboTax grew more than 50% this year. These results demonstrate the opportunity to monetize consumer relationships beyond the tax. Our focus now is to term the changes we are making to pricing, packaging and distribution into significantly more quality DIY customers entering the franchise.

DIY is also an important funnel into assisted tax, 1 of the largest opportunities, and approximately 88% of TurboTax's total addressable market. We're disrupting this category with an AI-native virtual experience that combines the speed and productivity of AI with something customers deeply value and AI cannot replace: a trusted human expert who reviews, signs and takes accountability for their return. Our ability to deliver that human accountability efficiently at scale, together with competitive pricing and compelling year-round benefits, is a powerful differentiator.

TurboTax Live customers grew 38% this year. Over the last 2 years, we've been very successful in helping existing DIY customers realize the value of Assisted. More than 3/4 of TurboTax Live customer additions in fiscal year 2026 came from DIY upgrades into Live. While this demonstrates the value of our Assisted offers, the mix also makes it clear where our next opportunity lies.

Looking ahead, we expect DIY upgrades to moderate from these strong levels and more of our Assisted to growth to come from new to the franchise customers. We saw encouraging progress this year, with new to the franchise customers and Live growing 15%. We're investing to accelerate that growth by expanding our local efforts through targeted customer outreach, improved digital discoverability and referral programs, while remaining competitive on price and scaling our AI-native platform to help experts serve more customers with greater efficiency.

At the same time, rebuilding the DIY funnel gives us a larger pool of customers we can serve as their needs become more complex. Taken together, our priorities across the consumer platform are clear: rebuild and grow the DIY funnel with a more competitive price value equation; accelerate new to the franchise growth in Assisted; use TurboTax and Credit Karma to bring more consumers onto the platform; and deepen engagement across money and personal finance to grow platform ARPC. 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 with strong momentum across our Big Bets, while our results also highlighted where we need to accelerate progress, particularly in growing new customers. We understand the gaps. We have a clear plan to address them, and we're already taking decisive action.

Fiscal year 2027 is about executing this plan with speed and discipline. We are making deliberate investments today to strengthen our competitive position, accelerate customer growth and position Intuit for durable growth and reacceleration into the future. We know what we need to deliver, and we will hold ourselves accountable for the progress.

With that, let me turn it over to Sandeep.

Sandeep Aujla

Thank you, Sasan. Our fiscal 2026 results include total revenue growth of 14% and GAAP and non-GAAP operating income growth of 20% and 18%, respectively. Our full year GAAP and non-GAAP diluted earnings per share each grew 20%. Our fourth quarter results include: revenue of $4.4 billion, up 14%; GAAP operating income of $475 million versus $339 million last year; non-GAAP operating income of $1.4 billion, up 43%; GAAP diluted earnings per share of $1.34 versus $1.35 last year; and non-GAAP diluted earnings per share of $4.03, up 47%.

Now let me turn to the business segment results. Starting with the Global Business Solutions segment. We continue to make progress serving businesses with our all-in-one business platform and Intuit Intelligence that bring done-for-you experiences powered by AI and human expertise. GBS revenue grew 16% for the full year, in line with expectations. When excluding Mailchimp, GBS grew 15% during the quarter and 18% for the full year. Online Ecosystem revenue, excluding Mailchimp, grew 20% for the quarter and 23% for the year.

We saw continued momentum in mid-market again this quarter with Online Ecosystem revenue for QBO Advanced and Intuit Enterprise Suite growing 38%. Online Ecosystem revenue for our small businesses and the rest of the base grew 14% this quarter. Our overall growth in Online Ecosystem revenue was driven by strength across both Online Accounting and Online Services. QuickBooks Online Accounting revenue grew 20% in Q4, driven by higher effective prices, customer growth and mix shift. For the full year, revenue grew 23%. Online Services revenue grew 15% in Q4 or 21% excluding Mailchimp, driven by Money and Payroll. For the full year, revenue grew 16% or 24%, excluding Mailchimp.

Within Money, Q4 revenue growth was driven by Payments, Capital and Bill Pay. For Payments, revenue growth reflects an increase in total payment volume per customer, customer growth and higher revenue yield. We also had a onetime benefit from services provided to a new partner during their launch. This partnership will contribute to ongoing Money growth.

Total online payment volume, including Bill Pay, grew 32% in Q4, reflecting our continued momentum in payments and adoption of our Bill Pay offering. Online payment volume growth, excluding Bill Pay, was 21%. And in Capital, revenue growth continues to be driven by working capital loans to small businesses. Loan volume through QuickBooks Capital increased 54% to $1.9 billion this quarter. The Q4 deceleration in Capital revenue growth is due to a deliberate increase in the mix of loans that 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 [ attractive ] prices. And for Mailchimp, Q4 revenue was down slightly year-over-year. As shared in our press release today, Mailchimp will be a separate reportable segment beginning in fiscal 2027.

As you heard from Sasan, Customer growth is a key part of our strategy, and we understand the need to accelerate growth. Total online paying customers grew 3%. And U.S. QBO customers grew 6%, excluding self-employed. In mid-market, we saw 28% customer growth in combined QBO and Advanced -- QBO Advanced and Intuit Enterprise Suite customers. Upgrades within our existing franchise will remain an important part of mid-market growth as customers become -- customer needs become more complex.

At the same time, we are increasing focus on new to the franchise customer growth to expand market share and broaden the sources of durable growth over time. Online Ecosystem ARPC growth continued to accelerate in fiscal 2026 to 15%, 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% in Q4 and 6% for the full year. For QuickBooks Desktop Enterprise, revenue grew 4% in Q4 and 11% for the full year, with Q4 deceleration driven by more customers migrating to QBO Advanced given its compelling product capabilities.

Now turning to our Consumer segment. Q4 Consumer segment revenue was $930 million, growing 14%. And for the full year, growth was 11%. TurboTax revenue grew 7% for the full year, driven by momentum in the Assisted category. TurboTax Live revenue grew 37% for the full year, while customers grew 38%. We are pleased with our progress against our Big Bets to deliver done-for-you experiences to customers with a 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 business model and to better serve customers with our all-in-one platform, engaging them year-round to support smarter financial decisions. ProTax Group revenue was $647 million in fiscal 2026, up 4%. Credit Karma revenue grew 16% in Q4 and 20% for the full year. For the quarter, growth was driven by personal loans, auto insurance and credit cards.

Shifting to our balance sheet and capital allocation. Our financial principles guide our decisions, and they remain our long-term commitment. We finished the quarter with $7.2 billion in cash and investments and $7.7 billion of debt on our balance sheet. In June, we issued $1.75 billion 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 of stock repurchased during the fourth quarter, an increase of 179% compared to the same period last year. For the full year, share repurchases were $5.5 billion, up 96% versus last year. And these repurchases drove a 2% reduction in weighted average diluted shares outstanding has been more than offset dilution from share-based compensation. This acceleration reflects our strong conviction in Intuit's long-term growth opportunity, and we expect share repurchases to remain a significant component of our capital allocation strategy in fiscal 2027 and beyond.

The Board approved a quarterly dividend of $1.38 per share payable on October 16, 2026. This represents a 15% increase versus last year.

Now before I move to guidance, I want to share 2 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, share-based compensation expenses will no longer be excluded from our non-GAAP financial measures. We view share-based compensation as the recurring component of our competition program and believe including this expense in our non-GAAP financial measures reflects our core operating results. It also reinforces our focus on managing all expenses and driving operating leverage over time. Our fiscal 2027 and Q1 guidance reflect both of these changes, and additional information can be found on our fact sheet posted on our Investor Relations website.

Now turning to our fiscal 2027 guidance. Our guidance reflects deliberate choices to accelerate customer growth, increase market share and strengthen the long-term durability of our growth model. As a result, along with dynamics across our businesses that I will walk through, we expect total company revenue growth to decelerate in fiscal 2027.

Therefore, for fiscal 2027, we expect total company revenue of $23.279 billion to $23.512 billion or growth of 9% to 10%. The deceleration from the prior year is primarily driven by Desktop Ecosystem, TurboTax and Credit Karma. We expect Global Business Solutions segment revenue growth of 30% to 40%. For Online Accounting and Online Services, we will continue to increase customer value and deeper engagement, with growth driven by ARPC expansion due to higher effective prices and increased adoption of services. Online Accounting growth includes continued upgrades as customers need to become more complex, along with higher effective prices. At the same time, we are increasing our focus and investment and new to the franchise customers to broaden the sources of growth over time.

Online Services growth will continue to benefit from growth across Money and Payroll, partially offset by moderation in Capital revenue 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 continued migration of customers to online offerings, including QBO Advanced, where we can better serve their increasingly complex needs.

We expect Consumer segment revenue growth of 4% to 6%. TurboTax revenue growth will be 2% to 3%. Our guidance reflects the deliberate actions we are taking to improve the price value equation in DIY, broad quality customers and increase our share of total IRS e-filers while continuing to scale Assisted Tax. These actions result in lower tax ARPC in fiscal 2027, but are designed to strengthen the customer funnel and create greater value across the consumer platform over time.

Our TurboTax guide assumes total IRS filers remained flat year-over-year. TurboTax Live revenue growth should be mid-teens with a deceleration due to fewer DIY upgrades to Assisted Tax following strong success over the last 2 years [ FSI ] 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 revenue growth should be 11% to 13% as we continue to increase engagement and therefore, monetization across our platform, our guidance reflects a prudent stance on the pace at which we expect to continue gaining share of partner demand following the strong growth in fiscal 2026. ProTax revenue growth should be approximately 2%. And we expect Mailchimp revenue growth to be flat to down 1% year-over-year, with higher effective prices expected to offset the increased churn. As we realign our internal structure under which Mailchimp is managed, we are focused on maximizing its value and delivering strong profitability.

Now to operating margin. We expect margin expansion driven by savings from Workforce, changes announced last quarter and continued efficiency gains, both in how we serve our customers and how we work. We expect those savings to be partially offset by deliberate choices we are making this year to increase investments in areas such as sales and marketing as we focus on growing our new to the franchise customers as well as product innovation.

GAAP diluted earnings per share is expected to be $20.12 to $20.36 or a growth of 22% to 24%. And non-GAAP diluted earnings per share is expected to be $22.88 to $23.12 or growth of 23% to 24%. This includes a $5.81 impact from share-based compensation expenses. We expect a GAAP tax rate of approximately 27% in fiscal 2027.

For the first quarter of fiscal 2027, we expect total company revenue growth of approximately 11%, 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 the year, we are operating with a relentless focus on execution against the priorities we have laid out today. And as we look beyond fiscal 2027, our goal is to be a durable double-digit revenue growth company over the long term. The actions we are taking now are designed to strengthen the durability of our growth model. This will ensure we have all levers for growth available: volume, mix and price, but we are being prudent in the contribution we have seen from each in our long-term expectations.

Additionally, we are providing long-term expectations at the segment level only, as this allows us the flexibility to lean into investments where we see momentum and can therefore scale the most successful growth initiatives. First, the Global Business Solutions segment. We expect revenue to grow at a CAGR of 10% to 15% over the next 3 years. As noted, we have been prudent on the contribution we have seen for each lever of growth while focusing on strengthening the durability of our model. Growth will continue to be driven by Online Ecosystem, including scaling our mid-market business and increasing adoption of our Money and Workforce services.

Next, the Consumer segment. We expect revenue to grow at a CAGR of 4% to 8% over the next 3 years. Growth will be driven by increasing share of IRS e-filers, scaling Assisted Tax as we grow new to the franchise filers and driving consumer platform ARPC growth as we increase engagement of our personal finance offerings. Disciplined capital allocation has long been core to how we run the company, and that will remain true in the years ahead.

We are focused on investing with conviction in the highest-return growth opportunities while continuing to drive efficiency across every business. We are committed to delivering margin expansion at the company level even as the mix shifts to our services that include more AI capabilities and human 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 1 point over 3 years. We are on track to be at 9% of revenue by fiscal 2028. While share based compensation continues to be important to recruiting and retention tool for top talent, we will scale this cost at a slower rate than revenue. And today, we are furthering our commitment. We now expect share-based compensation as a percentage of revenue to be 8% by fiscal 2030. And lastly, we remain committed to delivering annual non-GAAP EPS growth of at least high teens over the coming years. This commitment has been updated due to the inclusion of stock-based compensation expenses, as noted earlier.

With that, I'll turn it back over to Sasan.

Sasan Goodarzi

Thank you, Sandeep. We're 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. Our priorities are clear. The organization is aligned, and we are executing with discipline to deliver measurable progress in fiscal year 2027.

Intuit has navigated periods of significant transformation before, and each time, we have emerged stronger by staying relentlessly focused on the customer and moving with speed. This moment gives us the same opportunity. I have tremendous belief in our team. We have the best people in the industry, and I know what we can achieve when the entire company is aligned on what matters most and moving with conviction. This is how we are operating in fiscal year 2027. I'm energized with what's ahead and by what the team can accomplish for our customers and our shareholders. We look forward to going deeper at Investor Day next month.

With that, let's turn it over to your questions.

Operator

[Operator Instructions] We'll go first this afternoon to Brad Zelnick with Deutsche Bank.

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Brad Zelnick

And Sasan and Sandeep, I appreciate you taking the opportunity to rebase the business in fiscal '27 focused on new customer acquisition and set up for an even brighter future. But what supports your confidence that this year is, in fact, the bottom of the J curve and that you're not experiencing some structural change perhaps brought on by AI?

Sasan Goodarzi

Yes, Brad, thanks for your question. I think the place I would start is I'm resetting expectations for the company because this is the perfect time to do it where we can play offense. And it comes down to 2 things. One, we're going to continue to scale our bets. They will continue to be the fastest-growing part of the company. And even within our Big Bets, we're going to really double down on acceleration of new to the franchise.

Now at the same time, with all of our AI investments we're making to make our experiences far better, we're really doubling down in core areas where I'm personally dissatisfied and hold myself accountable for the lack of performance, which is DIY tax and on the low end in the business group. And I would just tell you that, Brad, it's important to go back to history. When you think years past, we were very focused on market share gains and new customer acquisitions. And in TurboTax, we were growing customers double digits. In the Business Group, we were growing customers north of 20%.

We have to shift to really focus on building this agentic platform that we have built out to become the financial intelligence layer for our customers and really focusing our capital, our mind share on 3 bets: Assisted Tax, Money and Mid-market. And now that's 30% of the company growing 34%. Going forward, we're going to do both, and we know how to do both. And when we focus on the company on achieving the outcomes we set out to achieve, we've always demonstrated that we can achieve it.

I think what's very different is now we have a platform with a lot more services, a consumer platform with a lot more services, a business platform with a lot more services, serving new areas like assisted tax and mid-market. And I think with the focus on scaling Big Bets, the focus on taking market share, particularly, by the way, where the future of disruption can in fact come from AI, we will be the disruptor. And I'm eager to demonstrate that in the coming years. So that's our approach. It all comes down to [ say you in ] execution. So I would just say stay tuned.

Unknown Executive

So next question, please.

Operator

Certainly. We'll go next now to Kirk Materne of Evercore ISI.

S. Kirk Materne

Yes. And I appreciate the color on the forward guidance. I assume I'm maybe had some questions on is there a slippery slope in price for tax, meaning it makes a lot of sense to sort of go after and be aggressive at the DIY market from a price perspective. But does that cut into your ability to take price in the assisted market? And I realize you're sort of more of the price disruptor in that market. But I was just kind of wondering if you could walk us through that, just to make sure we have a sense of why sort of changing the strategy of the low end, does it also bleed up to maybe change the strategy in the high end as we look out a couple of years?

Sasan Goodarzi

Yes. Sure, Kirk. Let me take your questions as you stated it. The market structure and the consumer behavior is very different in the assisted versus DIY. And it comes down to 1 very, very important and simple thing. And that is those that choose to have somebody else to do their taxes for them are looking for someone to own the review, own the signature and own the accountability of the review.

And in that market, we have built out a virtual expert platform where what you have to be great at is scaling humans, and we've done that with AI. And so we can now do anybody's taxes for them at a very competitive price. And we now have the consumer platform benefits across money, across financial products to monetize beyond tax.

From a structure of the market, assisted is very different than DIY. I think if I go to DIY, the reason we're changing our approach is because we have lost quality customers, DIY customers, to low-cost providers. And we've demonstrated that we can deliver benefits and monetize across the consumer platform. And when you look at what we just talked about a moment ago, the customers that use both TurboTax and Credit Karma, their ARPC is twice what it is if you only use 1 product, and those customers grew 50%.

And so what we want to do is really double down on winning at the right price entry point in DIY tax because we know we can deliver benefits and monetize across the consumer platform. But also remember, by acquiring these customers, we can grow with them over time. 3/4 of our TurboTax Live customers actually came from DIY. So we've demonstrated the ability to deliver benefits and monetize. And for us, it's actually a proven model. And now we can do both, not only serve assisted and win, which is 90% of the total addressable market, but make sure that our top of the funnel, which is DIY, is very, very strong. And that's the choice that we're making strategically.

Operator

We'll go next now to Raimo Lenschow with Barclays.

Raimo Lenschow

I get all the comments on tax on the GBS business. This time last year, we talked about like 15% to 20% growth in the long run. Today, you're talking 10% to 15%. The 1 question I'm getting from a lot of investors is that kind of pressure from like new entrants coming in there? Or what's driving the big delta there? Could you just kind of clarify that a little bit?

Sasan Goodarzi

Yes, sure. We are creating the pressure. We are not being pressured to make the change. And the way I would sort of talk about it is, one, a lot of our growth in the business group is actually coming from mid-market. We grew 39%. New customers grew 28%. Our overall customers will be 28%, new customers to the franchise grew over 30%.

And mid-market customers are really important because of the adoption of services. When we look at our QuickBooks Advanced offering, which is in the mid-market, payroll penetration and payments penetration are 12 to 9 points higher. And so one, we want to continue to scale mid-market. We want to continue to drive the adoption of our services. And because of all of our AI-native sort of investments that we've made to become truly an AI-native ERP and serving both sides of the network, both the accountant and businesses, we want to continue to scale that. We want to continue to accelerate.

And this has, by the way, taken years of work to be able to position our platform both from a product standpoint and a go-to-market standpoint to be able to serve mid-market. And we now want to double down in the area where we were not as focused as we need to be on new customer acquisition. And I want to give my team, I want to give the company flexibility to make sure that we are competitively positioned in the [ low end ] with all of the investments that we're making across AI to truly become the financial business intelligence layer, I want to make sure that we win these customers at the low end. And frankly, with a trusted brand like us with a great product winning customers in the low end, I can grow with them over time.

And I want to reset expectations of a franchise that can grow at 10% to 15% to give my team, give the company the opportunity not only to scale mid-market, but to accelerate customer growth and accelerate market share. I'll remind you of the day...

[Technical Difficulty]

Operator

Ladies and gentlemen, thank you for standing by. We apologize for that technical difficulty. At this time, our speakers are back in conference. Please proceed.

Unknown Executive

I'll hand it back over to Sandeep to finish the response to that question.

Sandeep Aujla

Raimo, going to add a couple of factors to complement to what Sasan shared about the GBSG long term, 10% to 15%. Just a reminder to also keep in mind the Desktop is nearly a quarter of the GBSG business, and that is an ecosystem we expect is going to be declining. But outside of the Desktop, the areas that you have to underwrite confidence in the GBS, the mid-market only because it's a bit continue to grow at a very strong momentum as we shared.

Unknown Executive

Thank you for the question, Raimo. And so we'll go to the next question, please.

Operator

Certainly. We'll take that question now from Siti Panigrahi of Mizuho. And it looks like we might have lost Siti. We will circle back to her. We'll go next now to Taylor McGinnis of UBS.

Taylor McGinnis

You placed a big emphasis on growing new customers, and you mentioned earlier that online customer growth decelerated to 3%. So could you just comment on what you are seeing as the drivers of that slowdown and what might have changed? And then secondly, just given the size of the QuickBooks business today, maybe you can talk about what's giving you guys comfort that...

[Technical Difficulty]

Operator

Ladies and gentlemen, again, sorry for the continued technical disruption. Again, we are back live in the conference. And Taylor, we are back on your question.

Taylor McGinnis

Perfect, yes. I'll just repeat it in case you guys missed the beginning of it, but you placed a big emphasis on the new customer growth, mentioned online customer growth, in particular, decelerated. So maybe you could just talk through the drivers of that? And then secondly, just given the size of the QuickBooks business, what gives you a runway that -- or comfort that there's still runway ahead?

Sasan Goodarzi

Yes. Taylor, let me jump in with the question. First and foremost, I would start with our TAM. We have a nearly $200 billion total addressable market, which is only penetrated by 7%. And so one, the TAM is quite significant.

Two, I would just remind us of the evolution where we've been really focused on building out our agentic platform and focused on mid-market. And really by focusing on mid-market, focusing on our services around Money and Workforce solutions. It's been a teacher of the cohort of customers we're winning with the go-to-market motions, the platform motions that have been in place. And that's really what's driving the significant growth going forward.

And we know how to acquire new customers. And this is why I would take us back to history, where we were growing double-digit customer growth on the low end. But now we're in a place where not only have we scaled our platform to be able to serve mid-market, we want to accelerate our growth in mid-market and accelerate our acquisition on the low end.

It's also taught us a lot around how to position our product and how to position the go to market. So with the introduction of QuickBooks Free and QuickBooks Lite, which has been recently introduced, we have over 20,000 customers through the last month that are active not only in QuickBooks Free and/or they have upgraded to upper SKUs, and we're monetizing payments.

And so one, the TAM opportunity is there. Two, we have really learned how to drive the growth that we need in mid-market, and we're going to continue to scale that. But then third, we have the right product with the right focus in our go-to-market to accelerate growth on the low end. And that's what gives us, one, confidence in building a competitive position and the durability of the model as we look ahead to set ourselves up for the future.

Unknown Executive

Thank you, Taylor. Next question, please.

Operator

Certainly. We'll go circle back now to Siti Panigrahi at Mizuho.

Sitikantha Panigrahi

Going back to the guidance, you sharply lowered both GBSG and tax. And how much of this really you're seeing the pressure in the market versus you're kind of getting some sort of conservative in your guidance? Specifically tax now 2% to 3% even with the TurboTax Live going mid-teens, you get almost 8-point growth. It seems like on the standard, again, you are expecting another double-digit decline. How much of that really seeing the pressure versus you could see some sort of pressure from AI or something unfortunate challenges you might see? That's [ all we expect into ] your guidance.

Sasan Goodarzi

Yes, Siti, I would start with, I'm resetting expectations so that we can now do 2 things well. One is what I'm actually quite happy about, which is our growth that's being generated by our Big Bets. So when you look at assisted tax, money portfolio across consumer and business platform and mid-market, it's at 30% of the company growing over 34%. I want to continue to scale that, and I want to actually double down on new to the franchise acquisition, which we talked about earlier.

At the same time, we cannot accept the quality DIY customers that we lost in tax. And so what we are doubling down on is ensuring that we can be competitive on the low end. Because we know there are 2 things that we can do well. One is provide benefits to these DIY customers that's beyond tax that we can also monetize. But also, these are customers that we can grow with over time.

A bunch of them over time go to TurboTax Live, which is the assisted segment. And so this really positions us competitively and durably to feed our growth model. And by resetting expectations, it gives the company, it gives our team a chance to really drive durable growth. And yes, we are being prudent with how we're thinking about our guidance. We're being prudent of how we're thinking about long-term expectations because I want to make sure that our say-do is there, and I want to make sure that we build a durable model going forward. And those are the reasons in which we've made these decisions and choices.

Unknown Executive

Thank you, Siti. Next question, please.

Operator

Certainly. We'll go next now to Arjun Bhatia with William Blair.

Arjun Bhatia

Sasan, maybe 1 for you just on timing. I think you sort of did a great job laying out the strategy and trying to get net new onto the platform. But when you think about the growth drop and the reacceleration, is fiscal 2027 enough to implement the changes you're looking to make in the business? Or is there a chance this transition can flip into perhaps fiscal '28 before we see the reacceleration in growth?

Sasan Goodarzi

Yes, it's a great question. I'll say 2 things as context before I answer your question. One, what I'm really happy about is our progress on our Big Bets, both the scale of revenue, the size and scale across the company. And now we have an opportunity to accelerate new customer acquisition even across our Big Bets. So it's important to start there because that's a significant and material part of the company. It's a very large TAM. We have a very strong innovation pipeline, and we want to continue to scale our Big Bets.

At the same time, I'm not happy in 2 areas: DIY tax and the fact that our online paying customers only grew 3%. And both of those, we know how to do well. And the history, again, is very important to look back on because these are both areas where we grew customers double digits. But because of our evolution to focus on our Big Bets, we now need to be able to do both because I'm not satisfied with where we are.

With that said, with both of them, we've already taken decisive actions and put the actions in place, both in terms of how we pursue winning quality DIY customers, and we already know how to monetize them. But also what we've already launched with QuickBooks Free and QuickBooks Lite that is driving up our traffic and the 20,000 customers that we -- I just shared earlier based on new launches. And those are important context relative to we're doing this from a position of strength. And because AI is fueling a lot of our innovation on the low end, I want to make sure that a trusted brand like ours, when it comes to compliance and accuracy, I want to be able to increase our share because these are the customers we can grow with over time.

In terms of answering your question about will this pay off by 2028 or is it going to take longer, I think I would just say, I'd rather say do speak for it. I want to talk to you guys about our results on a quarterly basis, share the progress that we are making. And I think you will then be the judge of how quickly we are executing against these plans.

I have confidence because we're scaling the bets today. I have confidence because we've driven new customer acquisition in the past. Now we focus the company on both. Let's watch our quarterly results. We'll update you, and you'll be the judge of how that's going to impact 2028.

Unknown Executive

And that was our last question. So Bo, I will hand it back over to you.

Operator

Thank you very much, Ms. Goodenough. Ladies and gentlemen. Again, that will conclude today's Intuit's Fourth Quarter and Fiscal Year 2026 conference call. We'd like to thank you all so much for your time and participation. You may disconnect at this time.