Intuit Inc. reported fiscal 2026 revenue of $21.4 billion, up 14%, but guided fiscal 2027 growth to just 9% to 10%, with TurboTax growing only 2% to 3%. The company is deliberately accepting lower initial revenue per DIY tax customer to attract and retain users, betting that cross-selling with Credit Karma and upgrades to TurboTax Live will boost monetization. Management noted that customers using both TurboTax and Credit Karma generate roughly twice the average revenue of single-product users, and TurboTax Live customers grew 38% in fiscal 2026. However, total U.S. TurboTax units fell 2% to 39.0 million, and the company lost quality DIY customers to lower-cost providers. Intuit ended July with $7.2 billion in cash and investments against $7.7 billion of debt, repurchased $5.5 billion of stock, and raised its dividend by 15%. Fiscal 2027 non-GAAP EPS guidance of $22.88 to $23.12 includes an estimated $5.81 impact from share-based compensation, which will no longer be excluded from non-GAAP measures.
Intuit IncTurboTax units fell 2% and lost quality DIY customers to lower-cost providers, with growth guided to only 2-3%.
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