Intuit Inc. Q1 FY2026 earnings call

• AI-driven expert platform strategy fueling growth, helping businesses and consumers manage various aspects. - Intuit Connect event showcased all-in-one business platform with AI agents and human experts. - Intuit Enterprise Suite marked one-year anniversary, with strong progress in serving industry-specific needs and partner partnerships. - Introduced Intuit Intelligence and Intuit Accountant Suite. - Virtual team of AI agents used by 2.8 million customers, with accounting agent saving customers up to 12 hours/month and payments agent speeding up payments by 5 days. - Mid-market growth: Online ecosystem revenue for QBO Advanced and Intuit Enterprise Suite up 40% in Q1. - Consumer platform momentum: 51% growth in Q1, Credit Karma strong with share gains in personal loans and credit cards, and various done-for-you innovations like Credit Spark and AI assistants. - Over 300 tests in Q1 bolster confidence in strategy.

Global Business Solutions Group: Revenue grew 18% during the quarter, with Online Ecosystem revenue up 21% in Q1 (25% excluding Mailchimp). All-in Ecosystem revenue for small businesses grew 18%. QuickBooks Online Accounting revenue grew 25% from higher effective prices, customer growth, and mix shift. Online services revenue grew 17% in Q1 (26% excluding Mailchimp), driven by payments, capital, bill pay, and payroll. Payments revenue grew due to customer growth, increased payment volume per customer, and higher pricing, with total online payment volume for payments and bill pay customers up 29%. Mailchimp revenue down slightly but targeting double-digit growth exiting fiscal 2026. Desktop ecosystem revenue grew 6% in Q1, expected low single digits in fiscal 2026. Consumer platforms: Q1 revenue grew 21%, driven by 27% TurboTax revenue growth, 6% Protex revenue growth, and 15% Credit Karma revenue growth. Credit cards accounted for 10 points of the 13-point growth, auto insurance for 3 points.

• Reaffirms fiscal 2026 guidance: total company revenue $20.997B to $21.186B (12%-13% growth). - Global Business Solutions Group revenue growth 14%-15% (15.5%-16.5% excluding Mailchimp). - Consumer Group revenue growth 8%-9% (TurboTax 8%, Credit Karma 10%-13%, Protex 2%-3%). - GAAP diluted EPS $15.49-$15.69 (13%-15% growth), non-GAAP diluted EPS $22.98-$23.18 (14%-15% growth). - Expect GAAP tax rate of approximately 23% in fiscal 2026.

• Remarks include forward-looking statements with factors that could cause results to differ materially from expectations, detailed in SEC filings available on Intuit's website.

Q: Kirk Materne asked about the OpenAI arrangement, including revenue share and data protection.

A: Sasan K. Goodarzi explained it's a game-changing partnership, Intuit apps will be integrated in ChatGPT, data privacy and security unchanged, no revenue share.

Q: Sitikantha Panigrahi inquired about mid-market IES productivity and partnership translation to revenue.

A: Sasan K. Goodarzi said they're pressing on awareness, platform innovation is accelerating, and accountants are key, expecting acceleration from partnerships in the back half.

Q: Brad Alan Zelnick asked about tax season learnings and TurboTax office footprint.

A: Sasan K. Goodarzi was bullish on tax season due to innovation, Sandeep Singh Aujla discussed 600 expert locations and asset-light local strategy.

Q: Keith Weiss asked about consumer durability in results.

A: Sasan K. Goodarzi and Sandeep Singh Aujla mentioned stability in data across customers, industry-specific trends, and platform impact.

Q: Mark Murphy asked about Credit Karma market share gains.

A: Sasan K. Goodarzi talked about TurboTax-Credit Karma integration, data and AI credit models, and ongoing runway.

Q: Daniel Jester asked about Mailchimp reacceleration.

A: Sandeep Singh Aujla said it's a mix of mid-market and smaller customers, with scaling go-to-market efforts.

Q: Aleksandr J. Zukin asked about margin leverage from AI.

A: Sandeep Singh Aujla discussed AI use across organizations to unleash productivity and disciplined capital allocation.

Q: Kasthuri Gopalan Rangan asked about accounting vs. online services growth delta.

A: Sandeep Singh Aujla attributed deceleration to pricing and lapping, with strong momentum in core business.

Q: Raimo Lenschow asked about Credit Karma and consumer health.

A: Sasan K. Goodarzi and Sandeep Singh Aujla talked about innovation, integration with TurboTax, and consumer trust.

Q: Michael Turrin asked about QBO pricing and margin.

A: Sandeep Singh Aujla discussed QBO pricing power, innovation resonance, and margin discipline.

Q: Steven Lester Enders asked about TurboTax in-person experience.

A: Sasan K. Goodarzi talked about showing up locally for reach and access.

Q: Brent John Thill asked about platform consolidation.

A: Sasan K. Goodarzi discussed platform benefits for small and mid-market businesses.

Q: Bradley Hartwell Sills asked about AI agent traction.

A: Sasan K. Goodarzi mentioned high discovery and repeat engagement, with payments and accounting agents having strong traction.

Q: Taylor Anne McGinnis asked about Q2 revenue guide.

A: Sandeep Singh Aujla discussed continuation of momentum in key segments and comp challenges.

Q: Arjun Rohit Bhatia asked about OpenAI partnership usage.

A: Sasan K. Goodarzi talked about being where the customer is and focusing on personalized experiences.