Why is the FY2027 non-GAAP guidance hard to compare with prior-year results?

Starting August 1, 2026, Intuit stopped excluding share-based compensation from its non-GAAP measures, and it also changed its segment reporting for Mailchimp. Share-based compensation is about $2.0 billion for FY27, so including it lowers non-GAAP operating income and EPS compared with the old definition. The company's guidance and growth rates are presented on the new basis, and the release provides GAAP-to-non-GAAP reconciliations to help investors bridge the change.

What drove the Q4 GAAP operating income and EPS results?

Q4 GAAP operating income was $475 million versus $339 million a year earlier, but it included a $293 million restructuring charge. GAAP diluted EPS for the quarter was $1.34, roughly flat with $1.35 a year ago, while excluding restructuring and other items the company reported strong underlying growth. Investors should weigh the restructuring cost against the expected benefits, which management did not quantify in this filing.

How strong is Intuit's balance sheet and liquidity position?

As of July 31, 2026, Intuit held $7.2 billion in cash and investments against $7.7 billion of total debt. The company issued $1.75 billion of senior notes in June 2026 to cover debt maturing in fiscal 2027. Cash and cash equivalents rose to $4.7 billion from $2.9 billion, and operating cash flow was $8.8 billion for the year, which supports continued buybacks and dividends.

What does the dividend and buyback activity signal about capital allocation?

Intuit repurchased $5.5 billion of stock in FY2026, up 96% year over year, which reduced weighted-average diluted shares by about 2%. The Board approved a quarterly dividend of $1.38 per share, a 15% increase, payable October 16, 2026 to holders of record on October 8, 2026. With $7.9 billion remaining under the repurchase authorization, management is signaling continued commitment to returning capital while investing in growth.

What should investors watch in the near term?

Key items include Q1 FY27 execution against guidance (revenue of $4.29–4.31 billion, 11% growth), the pace of Big Bets growth, TurboTax unit trends (total U.S. units fell 2% to 39.0 million), and Mailchimp's flat-to-declining outlook. Investors should also note the September 17, 2027 Investor Day, where management is expected to provide more detail on strategy and the new reporting framework.

INTU 8-K: Earnings & Results

01—Abstract

Summary

Summary of the 8-K filed August 25, 2026. Cited figures are marked; the original filing is the authoritative source.

Intuit (INTU) reported fiscal Q4 and full-year 2026 results (quarter ended July 31, 2026) with total revenue up 14% to $21.4 billion^a for the year and 14% to $4.4 billion in the fourth quarter.

Growth was led by Global Business Solutions (+16% full year to $12.9 billion^b) and Online Ecosystem (+19% to $9.9 billion), with management highlighting the 'Big Bets' portfolio growing 34% and representing 30% of full-year revenue. GAAP operating income rose 20% to $5.9 billion and GAAP diluted EPS rose 20% to $16.46, though Q4 GAAP operating income was depressed by a $293 million restructuring charge. Intuit also repurchased $5.5 billion of stock (up 96%) and declared a quarterly dividend of $1.38 per share, up 15% year over year.

The bigger news for investors is guidance and reporting changes. Effective August 1, 2026, share-based compensation (about $2.0 billion^c annually) will no longer be excluded from non-GAAP measures, and Mailchimp becomes a separate operating segment starting in fiscal 2027. Because of these changes, the company's new fiscal 2027 non-GAAP figures are not directly comparable to prior non-GAAP results.

On the revised basis, FY27 revenue is guided to $23.3 to $23.5 billion^d (9% to 10% growth), non-GAAP operating income to $8.06 to $8.15 billion (17% to 18% growth), and non-GAAP diluted EPS to $22.88 to $23.12 (23% to 24% growth). Mailchimp revenue is guided flat to down 1% for FY27, and Q1 FY27 revenue is guided to $4.29 to $4.31 billion (11% growth). The balance sheet reflects $7.2 billion in cash and investments against $7.7 billion of total debt as of July 31, 2026, with a $1.75 billion senior notes issuance in June to address fiscal 2027 maturities.

Investors should note that the company is leaning into investment in its Big Bets and customer growth, and that the 8-K provides a press release furnished under Item 2.02 and 8.01 rather than a filed document. Intuit will host its Investor Day on September 17, 2027 (per the release).

02—Key points

Key Highlights

FY2026 total revenue grew 14% to $21.4 billion; Q4 revenue grew 14% to $4.4 billion.
GAAP operating income rose 20% to $5.9 billion and GAAP diluted EPS rose 20% to $16.46; non-GAAP EPS rose 20% to $24.27 on the prior definition.
Big Bets grew 34% and represented 30% of full-year revenue; QuickBooks Online Accounting grew 23% for the year.
Non-GAAP reporting change: beginning August 1, 2026, share-based compensation (~$2.0B annually) is no longer excluded from non-GAAP measures, which lowers reported non-GAAP comparability with prior periods.
FY2027 guidance: GAAP revenue of $23.3–23.5B (9–10% growth), non-GAAP operating income of $8.06–8.15B (17–18%), and non-GAAP diluted EPS of $22.88–23.12 (23–24%).
Mailchimp becomes a separate reportable segment in fiscal 2027, with FY27 revenue guided flat to down 1%.
Capital returns: $5.5B in buybacks during FY2026 (up 96%), $7.9B remaining authorization, and a quarterly dividend increased 15% to $1.38 per share payable October 16, 2026.

03—Questions

Frequently Asked Questions

Why is the FY2027 non-GAAP guidance hard to compare with prior-year results?
Starting August 1, 2026, Intuit stopped excluding share-based compensation from its non-GAAP measures, and it also changed its segment reporting for Mailchimp. Share-based compensation is about $2.0 billion for FY27, so including it lowers non-GAAP operating income and EPS compared with the old definition. The company's guidance and growth rates are presented on the new basis, and the release provides GAAP-to-non-GAAP reconciliations to help investors bridge the change.
What drove the Q4 GAAP operating income and EPS results?
Q4 GAAP operating income was $475 million versus $339 million a year earlier, but it included a $293 million restructuring charge. GAAP diluted EPS for the quarter was $1.34, roughly flat with $1.35 a year ago, while excluding restructuring and other items the company reported strong underlying growth. Investors should weigh the restructuring cost against the expected benefits, which management did not quantify in this filing.
How strong is Intuit's balance sheet and liquidity position?
As of July 31, 2026, Intuit held $7.2 billion in cash and investments against $7.7 billion of total debt. The company issued $1.75 billion of senior notes in June 2026 to cover debt maturing in fiscal 2027. Cash and cash equivalents rose to $4.7 billion from $2.9 billion, and operating cash flow was $8.8 billion for the year, which supports continued buybacks and dividends.
What does the dividend and buyback activity signal about capital allocation?
Intuit repurchased $5.5 billion of stock in FY2026, up 96% year over year, which reduced weighted-average diluted shares by about 2%. The Board approved a quarterly dividend of $1.38 per share, a 15% increase, payable October 16, 2026 to holders of record on October 8, 2026. With $7.9 billion remaining under the repurchase authorization, management is signaling continued commitment to returning capital while investing in growth.
What should investors watch in the near term?
Key items include Q1 FY27 execution against guidance (revenue of $4.29–4.31 billion, 11% growth), the pace of Big Bets growth, TurboTax unit trends (total U.S. units fell 2% to 39.0 million), and Mailchimp's flat-to-declining outlook. Investors should also note the September 17, 2027 Investor Day, where management is expected to provide more detail on strategy and the new reporting framework.

04—Continue

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