Intuit (NASDAQ: INTU) closed fiscal 2026 with a headline beat — revenue up 14% to $21.4 billion for the year and 14% to $4.4 billion in Q4 — yet shares slid roughly 7-9% after hours and traded down about 10% early Wednesday as management set fiscal 2027 revenue growth at just 9-10%, guided TurboTax to a 2-3% year, carved Mailchimp out as a separate reportable segment, and folded stock-based compensation back into non-GAAP results. The three combined turned a clean quarter into a re-set for how the Street models Intuit going forward.
Q4 and full-year: growth held, TurboTax units did not
For the fourth quarter ended July 31, 2026, Intuit reported total revenue of $4.4 billion, up 14% year over year, with Global Business Solutions up 14% to $3.4 billion, Online Ecosystem up 17% to $2.6 billion, and Consumer up 14% to $930 million. Credit Karma led Consumer with $743 million, up 16% on strength in personal loans, auto insurance, and credit cards, per the company’s 8-K exhibit filed with the SEC.
The full-year picture was similar: revenue $21.4 billion (+14%), GAAP operating income $5.9 billion (+20%), non-GAAP operating income $8.9 billion (+18%), GAAP EPS $16.46 (+20%), and non-GAAP EPS $24.27 (+20%). TurboTax revenue rose 7% to $5.3 billion, and TurboTax Live jumped 37% to reach 53% of total TurboTax revenue — the assisted-tax mix is now the majority. Credit Karma grew 20% to $2.6 billion.
Underneath those growth rates, however, TurboTax federal units shrank for the second straight year:
| U.S. TurboTax federal units (millions) | FY2026 | FY2025 | YoY |
|---|---|---|---|
| Desktop | 4.1 | 4.4 | -7% |
| Online | 34.9 | 35.5 | -2% |
| Total U.S. TurboTax units | 39.0 | 39.9 | -2% |
Unit shrink with revenue growth means Intuit is monetizing each filer harder — either through TurboTax Live upsell or higher effective prices. That works until it doesn’t; the FY27 guide implies management thinks it stops working for a while.
FY27 guide: the number the Street couldn’t swallow
Intuit set full-year fiscal 2027 total revenue at $23.28-$23.51 billion, or 9-10% growth — down from the 14% pace of both FY26 and Q4. Consumer growth (which houses TurboTax) is guided to just 4-6%, TurboTax itself to only 2-3%, and Credit Karma decelerates to 11-13%. The newly separate Mailchimp segment is guided flat to down 1%.
| FY27 revenue guidance ($M) | Low | High | YoY % | FY26 actual growth |
|---|---|---|---|---|
| Total revenue | 23,279 | 23,512 | 9% – 10% | 14% |
| Global Business Solutions | 13,068 | 13,158 | 13% – 14% | 16% |
| TurboTax | 5,377 | 5,453 | 2% – 3% | 7% |
| Credit Karma | 2,919 | 2,973 | 11% – 13% | 20% |
| ProTax | 659 | 662 | 2% | 4% |
| Consumer (total) | 8,955 | 9,088 | 4% – 6% | 11% |
| Mailchimp (new segment) | 1,256 | 1,266 | -1% – 0% | n/a |
The chart below shows how every reporting line except Mailchimp is guided below its FY26 growth rate.
Non-GAAP change: SBC comes back in
The other quiet bomb in the release: starting Aug. 1, 2026, Intuit is no longer excluding stock-based compensation from its non-GAAP figures. Management says it views SBC as a recurring compensation cost — a defensible position, and one consistent with the SEC’s long-standing Compliance & Disclosure Interpretations on non-GAAP financial measures, which warn against excluding recurring cash and non-cash costs.
Practically, this means FY27 non-GAAP EPS guidance of $22.88-$23.12 includes a $5.81 per-share SBC hit and $2,020 million on operating income. On an apples-to-apples methodology, non-GAAP EPS growth of 23-24% is genuinely healthy; on the surface, however, some models will show FY27 non-GAAP EPS below FY26’s $24.27 print and flag it as a miss even though nothing broke.
Mailchimp gets its own line
Effective Aug. 1, 2026, Mailchimp is a separate reportable segment. That is unusual language for a healthy business — companies typically break out a unit either to spotlight growth (rare in this case, given the flat-to-down guide) or to prepare it for divestiture or a wind-down. Intuit is not commenting on strategic alternatives, but the segment carve-out plus the negative growth guide will fuel speculation on the Sep. 17 Investor Day.
Capital returns: still aggressive
Intuit repurchased $5.5 billion of stock in FY26, up 96% from the prior year, cutting weighted-average diluted share count by roughly 2%. The board approved a $1.38 quarterly dividend, payable Oct. 16, 2026 — a 15% raise. Total buyback authorization remaining stands at $7.9 billion, and the company issued $1.75 billion of senior notes in June to term-out debt maturing in FY27.
Bottom line
Intuit did nothing wrong in Q4. It beat, TurboTax Live continued to scale, Credit Karma’s cyclical recovery kept going, and the buyback pace almost doubled. What sold the stock off was the arc — 14% growth stepping down to 9-10%, Mailchimp isolated, and a non-GAAP methodology change that will make headline comparisons ugly for a quarter or two. Whether that’s Intuit setting a beatable bar for FY27 or a genuine growth reset is the question the Sep. 17 Investor Day now has to answer.
Sources
- Intuit Q4 & Full Year Fiscal 2026 Earnings Press Release, SEC 8-K Exhibit 99.01, Aug. 25, 2026
- Intuit Q4 and Fiscal Year 2026 Earnings Conference Call — investor page
- Intuit — Q4 announcement & Investor Day date
- SEC Division of Corporation Finance — Non-GAAP Financial Measures Compliance & Disclosure Interpretations
Disclosure: This article is for informational purposes only and is not investment advice.