INTU · Q1 2026 Earnings

Bullish

Intuit

Reported November 20, 2025

30-second summary

Q1 revenue grew 18% to $3.885B, beating Intuit's own guide by $109–141M, with Credit Karma +27% (vs the 10–13% FY band) and GBSG Online Ecosystem +21%. Non-GAAP EPS of $3.34 cleared the high end of the guide by $0.22. Management reaffirmed every FY26 line — revenue, both EPS bases, both operating income lines, and every segment growth rate — which is the choice that matters: a clean Q1 beat sized at ~$140M was banked rather than passed through to the FY.

Headline numbers

EPS

Q1 FY2026

$3.34

Revenue

Q1 FY2026

$3.88B

+18.0% YoY

Gross margin

Q1 FY2026

78.8%

Operating margin

Q1 FY2026

13.7%

Key financials

Q1 FY2026

Metric	Q1 FY2026	YoY	Q4 FY2025	QoQ
Revenue	$3.88B	+18.0%	$3.83B	+1.4%
EPS	$3.34	—	$2.75	+21.5%
Gross margin	78.8%	—	—	—
Operating margin	13.7%	—	8.8%	+485bps

Guidance

Guidance is issued for both next quarter and the full year. Both may appear below.

Actuals vs prior guidance

Metric	Period	Prior guide	Actual	Δ	Result
Revenue	Q1 FY2026	$3.744 billion to $3.776 billion (14-15% YoY growth)	$3.885 billion	+$0.109 billion to +$0.141 billion above guide (18% YoY actual vs 14-15% guided)	Beat
Non-GAAP Diluted EPS	Q1 FY2026	$3.05 to $3.12	$3.34	+$0.22 to +$0.29 above guide	Beat
GAAP Diluted EPS	Q1 FY2026	$1.19 to $1.26	$1.59	+$0.33 to +$0.40 above guide	Beat

New guidance

Metric	Period	Guide	YoY
Revenue	Q2 FY2026	—	—

Reaffirmed unchanged this quarter: Revenue ($20.997 billion to $21.186 billion (12-13% YoY growth)), Non-GAAP Diluted EPS ($22.98 to $23.18 (14-15% growth)), GAAP Diluted EPS ($15.49 to $15.69 (13-15% growth)), GAAP Operating Income ($5.782 billion to $5.859 billion (17-19% growth)), Non-GAAP Operating Income ($8.611 billion to $8.688 billion (14-15% growth)), Global Business Solutions Revenue Growth (14 to 15 percent (15.5 to 16.5% excluding Mailchimp)), Consumer Revenue Growth (8 to 9 percent (TurboTax 8%, Credit Karma 10-13%, ProTax 2-3%))

Segment performance

Q1 FY2026

Segment	Q1 FY2026	YoY
Global Business Solutions	$3B	+18.0%
Online Ecosystem	$2.4B	+21.0%
Consumer	$0.894B	+21.0%
Credit Karma	$0.651B	+27.0%
TurboTax	$0.198B	+6.0%
Online Services Revenue Growth	17%	—
International Online Revenue Growth (Constant Currency)	9%	—
ProTax Revenue Growth	15%	—

Platform metrics

Q1 FY2026

Segment	Q1 FY2026
Total Customers	approximately 100 million

Profitability

Q1 FY2026

Segment	Q1 FY2026
Non-GAAP Operating Margin	32.4%

Other KPIs

Q1 FY2026

Segment	Q1 FY2026
Share Repurchases	$851M
Dividend Per Share	$1.20 quarterly

Management tone

Q2 (AI agents framed) → Q3 (clean raise across every segment, AI as operating model) → Q4 (AI agents live, forward growth bar reset) → Q1 (system of intelligence, IES contract count +50% QoQ, FY guide held).

The most striking shift this quarter is the language Intuit uses about itself. Last quarter the AI agents were "live with millions engaged"; this quarter management says "It's now clear we are delivering done-for-you experiences with AI and HI that will eventually do everything for our customers, powering their growth, saving them time and money, and consolidating their tech stack." The rebrand to "system of intelligence" is a positioning move — Intuit is no longer claiming to be a software vendor with AI features, it is claiming to be the operational backbone that everything else plugs into. The Q4 print had similar ambition but more hedging; this quarter the hedge is gone.

The mid-market disclosure shifted from anecdote to a hard number for the first time. A quarter ago management cited "nearly 2x" sequential growth in new build customers — directionally bullish but not auditable. This quarter the disclosure is precise: "the total number of IES contracts at the end of the quarter was nearly 50% higher than it was at the end of Q4." A 50% sequential contract growth rate for an enterprise product is the kind of number that either gets walked back next quarter or compounds into a disclosed revenue dollar by Q3 — both are interesting outcomes. Management also pulled forward the Forrester 300% three-year ROI study from a Q&A reference last quarter into a prepared-remarks anchor this quarter.

Credit Karma's framing also evolved. In Q3 FY25 it was "a point of consumer revenue growth this year"; in Q4 FY25 the FY26 bar was reset to 10–13%, and management defended the reset without quantifying drivers. This quarter, with +27% delivered against the 10–13% band, the explanation hardens around platform integration: Credit Karma contributed "one full point of growth to TurboTax last season," Lightbox lets Intuit leverage financial institutions' proprietary credit models, and 45M MAUs engage 5+ times monthly. Management's "just getting started" line in Q&A — the first time that phrasing has been used for Credit Karma specifically — signals the FY26 guide is the floor, not the working assumption.

The OpenAI partnership disclosure is new and the Q&A answers were precise in a way that matters: no revenue share, customer data stays inside Intuit's infrastructure, Intuit trains its own LLMs. This is the cleanest articulation Intuit has given of where it sits in the AI stack — as a data and workflow layer that uses frontier models without surrendering the customer relationship.

What's notable for what isn't said: there is still no disclosed dollar figure for IES/QBO Advanced revenue (now seven quarters of "growing 40%" commentary without a hard number), and the FY guide reaffirmation despite a ~$140M Q1 beat is not defended in the press release language. The implicit message is that Q2–Q4 carry enough variability — tax season, Credit Karma comps, Mailchimp turnaround — that management isn't ready to call the beat structural.

Recurring themes management leaned on this quarter:

AI agents delivering done-for-you experiences at scale (2.8M customers)Mid-market expansion through Intuit Enterprise Suite and accountant partnershipsSystem of intelligence consolidating data, AI, and human expertiseMoney/payments acceleration (29% growth, 5-day faster payment)All-in-one platform strategy reducing customer tech stack fragmentationConsumer platform momentum from TurboTax Live (51% growth) and Credit Karma share gains

Risks management surfaced:

Execution risk on scaling AI agents and new Accountant Suite to general availabilityCompetition in mid-market ERP segment from legacy playersMailChimp revenue decline requiring turnaround to double-digit growthConsumer TAM penetration still nascent despite $142B opportunityDesktop ecosystem structural decline (low single digit growth expected)

Q&A highlights

Kirk Matern · Evercore ISI

Requested color on the OpenAI partnership structure, specifically regarding revenue share terms and data privacy protections for Intuit customers whose data may be used within OpenAI's platform.

Management clarified that there is no revenue share component; economics remain unchanged from current direct customer relationships. Data privacy and security principles are unchanged—customer data remains within Intuit's 'four walls' and is not shared with OpenAI. Intuit will train its own LLMs with customer data, while leveraging OpenAI's frontier models for enhanced experiences within ChatGPT.

No revenue share in the partnershipEconomics unchanged from today's direct customer modelCustomer data remains within Intuit's infrastructureIntuit maintains its own LLM training with customer data

Mark Murphy · J.P. Morgan

Asked about the sustainability of Credit Karma's market share gains of several percentage points in loan originations and credit card issuance, and whether Intuit can build a more holistic financial health score than traditional providers by leveraging TurboTax and QuickBooks data.

Management emphasized that Credit Karma's success stems from platform integration with TurboTax and AI-driven personalization, rather than standalone performance. Highlighted Lightbox as a key differentiator—a proprietary credit model repository where financial institutions trust Intuit with their models. Stated the company is 'just getting started' with significant runway ahead in market share gains and monetization opportunities.

Credit Karma contributed one full point of growth to TurboTax last season45 million monthly active users on Credit Karma, engaging 5+ times per monthLightbox enables leverage of financial institutions' proprietary credit modelsMarket share gains continue; significant runway remains

Brad Zelnick · Deutsche Bank

Requested learnings from tax extension season and details on TurboTax's in-person footprint expansion strategy, particularly how it supports the 15%-20% assisted growth target and how investment levels compare to prior year.

Management expressed high confidence in the upcoming tax season due to platform innovation across AI, data, and end-to-end experience improvements. Explained the expansion from 400 to 600 expert locations (plus 20 flagship stores including a New York flagship) as a local-first strategy to increase conversion by 5x when experts are within 50 miles. Described the approach as 'asset light' and scalable without long-term commitments, with costs included in existing guidance.

Expansion from 400 to 600 expert locations planned20 new flagship stores including flagship in New YorkCustomers convert 5x better with local expert within 50-mile radius39% of full-service customers prefer zero-touch approach

Keith Weiss · Morgan Stanley

Asked whether recent strong results reflect Intuit outperformance in a potentially shaky macro environment or actual consumer health, and requested validation of result durability throughout the year.

Management cited three sources of confidence: (1) stability in consumer/business data (profits, cash flows, payroll hours worked all up), (2) industry-specific variance with IT, construction, manufacturing up; real estate, lending down (aggregate stable), and (3) platform impact—businesses on Intuit platform are ~20 points more successful in profit margins. Emphasized product criticality and historical resilience during economic downturns. Highlighted charge volume strength (29% bill pay, 18% excluding bill pay).

Data covers 100 million consumers and 10+ million businessesPayroll hours worked up year-over-yearBusinesses on Intuit platform are nearly 20 percentage points more successful in profit margins vs. those not on platformCharge volume up 29% (bill pay), 18% (excluding bill pay)

Siti Panagraki · Mizuho

Inquired about mid-market growth drivers, specifically IES productivity metrics for the 250 sales headcount added, plans for additional hiring, and timing for accounting firm partnership revenue contribution.

Management outlined three growth levers: (1) awareness building (conferences, webinars), (2) platform innovation with vertical-specific customization (wealth, dentists, construction), and (3) accountant channel partnerships. Noted that productivity is improving across recent quarters with plans to add headcount in coming quarters. Stated partnerships are 'bets to come' with contribution expected in back half of year and into next year, and are not yet reflected in current guidance.

250 sales roles established for mid-market IESInternal sales staff redirected to large accounting firm coverageProductivity improving across recent quartersPlans to add headcount in coming quarters

Answers to last quarter's watch list

Whether Credit Karma's Q1 FY26 growth lands above the implied 10–13% FY band — Credit Karma grew 27% in Q1, well above the 10–13% FY band. The Q&A framing ("just getting started," 45M MAUs, Lightbox moat) signals management views the band as conservative. The FY guide was nonetheless reaffirmed unchanged. Status: Resolved positively

Q1 FY26 revenue inside or above $3.744B–$3.776B — Q1 revenue came in at $3.885B, $109M above the high end, on 18% YoY growth vs the 14–15% guided range. The "less pricing" framing from Q4 looks volume-neutral at minimum and likely volume-positive given Credit Karma's snap higher. Status: Resolved positively

FY26 GBSG ex-Mailchimp tracking toward the 15.5–16.5% bar — GBSG grew 18% in Q1 reported (which includes Mailchimp drag). Online Ecosystem +21%, QBO Accounting +25%, Online Services +17%. The ex-Mailchimp figure was not disclosed in the press release, but the reported 18% on the 14–15% bar (which embeds Mailchimp) implies ex-Mailchimp is comfortably inside or above the 15.5–16.5% band. Status: Resolved positively

Mailchimp's quarterly growth trajectory toward the "exit FY26 at double digits" commitment — management reiterated the "continue to target double-digit growth for Mailchimp exiting fiscal 2026" commitment in the press release qualitative statements. No quarterly growth rate for Mailchimp was disclosed this quarter. Status: Continue monitoring

AI agent monetization disclosure — Intuit disclosed 2.8M customers using AI agents, the accounting agent saves up to 12 hours/month, and the payments agent gets customers paid 5 days faster on average. No ARPU, attach rate, or revenue contribution figures yet. The customer count is the first hard number on agent adoption, but the monetization gap remains. Status: Continue monitoring

Non-GAAP operating margin tracking toward the implied ~41% FY26 — Q1 non-GAAP operating margin came in at 32.4%, which is below the FY ~41% bar but consistent with seasonal mix (Q1 is the lowest-margin quarter pre-tax-season). FY guide for non-GAAP operating income reaffirmed at $8.611B–$8.688B, which on $20.997B–$21.186B of revenue implies ~41% — math intact. Status: Continue monitoring

Whether IES/QBO Advanced moves from "growing 40%" to a disclosed revenue dollar figure — still no dollar figure, but the disclosure improved: IES contracts at quarter-end were "nearly 50% higher than at the end of Q4," and the QBO Advanced/IES Online Ecosystem revenue grew ~40% in Q1 (same growth rate cited last quarter). Sequential contract count disclosure is a meaningful step forward, but the revenue dollar gap is now eight quarters old. Status: Continue monitoring

What to watch into next quarter

Whether the FY26 guide gets raised at Q2 — Q1 beat by ~$140M and Credit Karma is running at 2x the FY band. If management holds the FY at Q2 even after tax-season early reads, the implication is that H2 carries meaningful conservatism. If raised, the size of the raise relative to the Q1 beat is the read on how durable Credit Karma's 27% is.

Q2 FY26 revenue inside or above $4.519B–$4.549B, with Credit Karma sustaining at least high-teens growth — this is the cleanest test of whether Q1's 27% was a comp artifact or a trajectory.

Mailchimp's first disclosed quarterly growth rate — management reiterated the "exit FY26 at double digits" commitment but has not published a quarterly growth rate. Without one, the commitment is unverifiable until Q4.

IES contract count or revenue dollar figure — the 50% sequential contract growth disclosure raises the bar for next quarter; either the metric continues (and gets disclosed) or the disclosure cadence breaks.

AI agent monetization KPI — 2.8M customers using agents is the first hard adoption number. The next inflection signal is attach rate, ARPU lift, or revenue contribution. Without one of these by Q3, the agent narrative remains a usage story, not a monetization story.

Tax-season early read at Q2 — TurboTax Live customer count, full-service mix, and the conversion uplift from the 400→600 expert location expansion are the operating proof points behind the 8–9% Consumer guide.

Accountant partnership revenue contribution — management said partnership economics are not in current guidance and ramp in H2 / FY27. Any pull-forward into Q2 disclosure would be a clean upside catalyst.

Sources

Intuit Q1 FY2026 Earnings Press Release, filed with SEC on 2025-11-20 — https://www.sec.gov/Archives/edgar/data/896878/000089687825000046/fy26q1earningspressrelease.htm

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