Intuit Inc.

What they do

Intuit operates two reportable segments as of the fiscal 2026 10-K: Global Business Solutions, which serves small and mid-market businesses and accountants with QuickBooks, Intuit Enterprise Suite, Intuit Accountant Suite, and Mailchimp, spanning financial management, payroll and time tracking, merchant payments, bill pay, checking accounts through an FDIC-member bank partner, and financing; and Consumer, which serves consumers and professional accountants through TurboTax DIY and assisted tax preparation, Credit Karma personal finance offerings, and ProTax. Effective August 1, 2025, the company combined its Consumer, Credit Karma, and ProTax businesses into a single Consumer segment, and effective August 1, 2026 it began managing Mailchimp as a separate operating segment from Global Business Solutions. Revenue comes from software subscriptions, services, and transaction-based offerings sold in the U.S., Canada, and internationally.

Revenue drivers

• Global Business Solutions — The largest segment, generating $12.9 billion in fiscal 2026, up 16 percent; excluding Mailchimp it rose 18 percent, and Online Ecosystem revenue within it reached $9.9 billion, up 19 percent (up 23 percent excluding Mailchimp). It monetizes QuickBooks Online Accounting, payroll, money and payments, and mid-market Intuit Enterprise Suite.
• TurboTax — Consumer tax preparation revenue of $5.3 billion in fiscal 2026, up 7 percent, with TurboTax Live up 37 percent and representing 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.
• Credit Karma — Personal finance platform revenue of $2.6 billion in fiscal 2026, up 20 percent. It monetizes personalized recommendations for credit card, home, auto, personal loan, and insurance products plus credit scores, reports, monitoring, and credit-building tools.
• ProTax — Professional accountant tax offerings in the U.S. and Canada generated $647 million in fiscal 2026, up 4 percent. This is the smallest of the disclosed product lines within the Consumer segment.

Recent performance

Fiscal 2026 total revenue rose 14 percent to $21.4 billion, with full-year revenue growth of 14 percent and fourth-quarter revenue also up 14 percent to $4.4 billion. Full-year GAAP operating income increased 20 percent to $5.9 billion and non-GAAP operating income rose 18 percent to $8.9 billion; GAAP diluted EPS increased 20 percent to $16.46 and non-GAAP EPS rose 20 percent to $24.27. Annual net income rose to $4.57 billion in fiscal 2026 from $3.87 billion in fiscal 2025, and operating cash flow rose to $8.84 billion from $6.21 billion. Fourth-quarter segment revenue included Global Business Solutions up 14 percent to $3.4 billion and Consumer up 14 percent to $930 million, with Online Ecosystem revenue up 17 percent to $2.6 billion.

Strategy

Management describes a strategy to be an AI-driven expert platform that combines proprietary data, domain-specific AI capabilities, and AI-enabled human tax and financial experts into a single system of intelligence that increasingly does the work for customers. The company highlights its "Big Bets," which collectively grew 34 percent in fiscal 2026 and represented 30 percent of full-year revenue. In May 2026 management approved a 2026 Plan reorganization to simplify the organizational structure, reduce full-time workforce, and close certain sites in service of growing technology teams in strategic locations; it recorded a $293 million restructuring charge in fiscal 2026 against total estimated costs of approximately $315 million. Segment reporting changes are ongoing, with Mailchimp becoming a separate reportable segment beginning in fiscal 2027. The company states it will continue investing significantly in product development and marketing, including products incorporating artificial intelligence.

Risks

• Intense competition — Intuit states it faces intense competition in all of its businesses from large established entities and emerging startups, some of which may deploy new technologies such as AI more effectively, undercut prices, or beat the company to market.
• TurboTax unit declines — Total U.S. TurboTax units declined 2 percent in fiscal 2026 to 39.0 million, with desktop units down 7 percent and online units down 2 percent, even as TurboTax revenue grew on price and mix.
• Restructuring and reorganization execution — The 2026 Plan, estimated at approximately $315 million in total costs, involves workforce reductions and site closures that management expects to be substantially complete by the first quarter of fiscal 2027, with execution risk to operations and cost savings.
• Macroeconomic and geopolitical uncertainty — The 10-K risk factors note that global developments and conditions, including macroeconomic and geopolitical conditions, have caused significant global economic instability and uncertainty that may amplify other risks to the business.

Outlook

CEO Sasan Goodarzi said the company heads into the next period focused on scaling its Big Bets, accelerating customer growth, and making deliberate choices to create a stronger foundation for durable long-term growth. CFO Sandeep Aujla said the company is focused on execution and a disciplined approach to investments, and remains committed to durable revenue growth, operating margin expansion, and growing capital returns to shareholders over the long term. The August 25, 2026 earnings release also states that the company set fiscal 2027 guidance, though the specific guidance figures are not included in the excerpt provided.