Aug 25, 2026 earnings call — Accelerating new customer growth and Big Bets
Intuit expects fiscal 2027 revenue of $23.279 billion to $23.512 billion, growth of 9% to 10%.
Revenue $4.4B (est $4.3B) · EPS $4.03 (est $3.58) · Next-quarter revenue outlook $23.3B–$23.5B
Key quotes
"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."
"Our Big Bets, assisted tax, money and mid-market collectively grew 34% and represented 30% of full year revenue."
"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."
Analyst Q&A 7
Is this the bottom of the turnaround?
Q (Brad Zelnick · Deutsche Bank): He asked what supports management's confidence that fiscal 2027 is the bottom of the J curve and whether AI could have caused a structural change.
A: They said they are resetting expectations now so they can play offense. They will scale their fastest-growing bets, double down on new-to-the-franchise customers, and invest AI while fixing DIY tax and the low end of the business.
"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." — Sasan Goodarzi (CEO)
Will low DIY prices hurt assisted tax pricing?
Q (S. Kirk Materne · Evercore): He asked whether being aggressive on DIY tax pricing could limit ability to take price in the assisted market and if the low-end strategy would bleed into the high end.
A: They said assisted and DIY are different markets and customers who pick assisted want someone to own the review and signature. They built a virtual expert platform to scale humans with AI, and they plan to win at a competitive DIY entry price because they can monetize across the consumer platform and grow those customers over time.
"And in that market, we have built out a virtual expert platform where what you have to be great at is scaling humans." — Sasan Goodarzi (CEO)
Why lower long-term growth guide for business?
Q (Raimo Lenschow · Barclays): He asked why long-run growth for the business group was reduced from prior 15%–20% expectations to 10%–15% and whether new entrants are causing pressure.
A: They said they are driving the change, not being forced by competitors. Much of the business growth is coming from mid-market, and they want to keep scaling mid-market and the adoption of services enabled by their AI-native platform.
"One, a lot of our growth in the business group is actually coming from mid-market." — Sasan Goodarzi (CEO)
Why did online customer growth slow?
Q (Taylor McGinnis · UBS): He asked what is causing the slowdown in online customer growth and what gives confidence there is runway in QuickBooks given its size.
A: They pointed to a large total addressable market and recent focus on building their agentic platform and mid-market work. They said this work teaches them how to position product and go-to-market to accelerate both mid-market and low-end customer growth.
How will QuickBooks find more customers?
Q (Taylor McGinnis · UBS): He repeated the question about drivers of slower online customer growth and asked what gives comfort there is still runway for QuickBooks.
A: They said the TAM opportunity is real and they have learned how to drive mid-market growth. They also said recent product launches like QuickBooks Free and QuickBooks Lite are already attracting customers and helping monetization.
"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." — Sasan Goodarzi (CEO)
How conservative is the guidance cut?
Q (Sitikantha Panigrahi · Mizuho): She asked how much of the lower guidance for GBSG and tax is due to market pressure versus embedding conservatism, and whether AI risk or unforeseen issues are baked in.
A: They said they are resetting expectations to do two things: scale Big Bets and double down on new-to-franchise acquisition. They also said they will be competitive on the low end because they cannot accept losing quality DIY tax customers and they are being prudent in guidance to build a durable model.
"At the same time, we cannot accept the quality DIY customers that we lost in tax." — Sasan Goodarzi (CEO)
Will turnaround finish in 2027 or slip?
Q (Arjun Bhatia · William Blair): He asked whether fiscal 2027 is enough time to implement changes and see reacceleration, or whether the transition might slip into fiscal 2028.
A: They said progress on Big Bets is strong and they have already taken decisive actions on DIY tax and QuickBooks launches. They asked investors to judge by quarterly results and said they have confidence because they are scaling the bets and have driven new customer acquisition before.
"I have confidence because we're scaling the bets today." — Sasan Goodarzi (CEO)