MOUNTAIN VIEW, Calif. – November 20, 2025 — Intuit Inc. (NASDAQ: INTU), the financial software giant behind TurboTax, Credit Karma, QuickBooks and Mailchimp, delivered a big beat for its fiscal first quarter of 2026 today, paired with an aggressive AI push, a higher dividend and a high‑profile refresh of its board of directors. [1]
The quarter, which ended October 31, 2025 (Intuit’s Q1 FY26 and effectively Q3 of calendar 2025), showed that the company’s “AI‑driven expert platform” strategy is now clearly flowing through to the top and bottom line — even as guidance for the coming quarter landed a bit below Wall Street’s earnings expectations. [2]
Key takeaways for Intuit (INTU) on November 20, 2025
- Q1 FY26 revenue rose 18% year over year to $3.89 billion, beating analyst estimates of roughly $3.76–$3.77 billion. [3]
- Non‑GAAP EPS climbed 34% to $3.34, ahead of the ~$3.09 consensus. GAAP EPS jumped to $1.59 from $0.70 a year ago. [4]
- Global Business Solutions revenue hit $3.0 billion (+18%), Online Ecosystem $2.4 billion (+21%) and Consumer revenue $894 million (+21%), with Credit Karma up 27% and TurboTax up 6%. [5]
- Q2 FY26 revenue guidance of ~14–15% growth is above Street forecasts, but EPS guidance of $3.63–$3.68 is below the ~$3.83 consensus. [6]
- Full‑year FY26 guidance is reiterated: 12–13% revenue growth and non‑GAAP EPS of $22.98–$23.18. [7]
- Dividend raised 15% to $1.20 per share and $851 million of stock repurchased in Q1; $4.4 billion remains under the buyback authorization. [8]
- Multi‑year OpenAI deal worth $100M+ and a broader AI partnership will embed Intuit apps directly into ChatGPT and deepen use of OpenAI’s frontier models. [9]
- ServiceNow CEO Bill McDermott and Nasdaq CEO Adena Friedman have been appointed to Intuit’s board, effective August 1, 2026; CEO Sasan Goodarzi will become board chair in January 2026. [10]
- Intuit filed its Q1 FY26 Form 10‑Q today, formalizing a new segment structure and outlining AI‑related opportunities and risks. [11]
Q1 FY26 results: strong top‑line growth and expanding margins
Intuit’s fiscal first quarter showed broad‑based strength across its platform:
- Total revenue: $3.885 billion, up 18% from $3.283 billion in the prior‑year quarter, and comfortably ahead of Wall Street expectations of about $3.77 billion. [12]
- GAAP operating income: $534 million, up 97% year over year.
- Non‑GAAP operating income: $1.258 billion, up 32%. [13]
- GAAP EPS: $1.59 vs. $0.70 a year ago.
- Non‑GAAP EPS: $3.34 vs. $2.50 a year ago and versus consensus around $3.09. [14]
Management framed the quarter as proof that its AI‑driven, “done‑for‑you” model is gaining traction. CEO Sasan Goodarzi described the performance as an “exceptional first quarter” powered by Intuit’s system of intelligence that blends data, AI and human expertise across TurboTax, Credit Karma, QuickBooks and Mailchimp. [15]
Segment performance
Global Business Solutions (QuickBooks, Mailchimp and related services)
- Revenue reached $3.0 billion, up 18%, with Online Ecosystem revenue at $2.4 billion, up 21%.
- Excluding Mailchimp, Global Business Solutions revenue grew about 20%, while Online Ecosystem revenue rose roughly 25%, highlighting strength in core QuickBooks offerings. [16]
- QuickBooks Online Accounting revenue grew 25%, supported by price increases, customer growth and a shift toward higher‑value plans.
- Online services such as payments and payroll grew 17%, and international online revenue rose 9% on a constant‑currency basis. [17]
Consumer (TurboTax, Credit Karma, ProTax)
This quarter reflects Intuit’s new unified Consumer segment, which now bundles TurboTax, Credit Karma and professional tax together under a single platform narrative. [18]
- Consumer revenue: $894 million, up 21% year over year.
- Credit Karma revenue: $651 million, up 27%, helped by strong demand in personal loans, credit cards and auto insurance marketplaces. [19]
- TurboTax revenue: $198 million, up 6%, as Intuit pushes more AI‑assisted and expert‑assisted tax experiences.
- ProTax revenue: $45 million, up 15%. [20]
In short: the businesses powering small and mid‑sized companies and everyday consumers are both growing in the high teens to low twenties, underpinned by AI‑enhanced products.
Guidance: robust revenue outlook, cautious EPS for Q2
Intuit paired the beat with confident revenue guidance but more conservative profit guidance for the current quarter.
For Q2 FY26 (quarter ending January 31, 2026), the company expects: [21]
- Revenue growth of ~14–15% year over year — above analyst expectations of about 12.8% (LSEG).
- GAAP EPS of $1.76–$1.81.
- Non‑GAAP EPS of $3.63–$3.68, which undershoots the ~$3.83 consensus.
That mix — better‑than‑expected revenue but lighter EPS — is one reason several commentators characterized the quarter as “mixed” despite the clear beat on Q1 numbers. [22]
For the full FY26, Intuit reiterated its prior ranges: [23]
- Revenue: $20.997–$21.186 billion (about 12–13% growth).
- GAAP operating income: $5.782–$5.859 billion (17–19% growth).
- Non‑GAAP operating income: $8.611–$8.688 billion (14–15% growth).
- GAAP EPS: $15.49–$15.69 (13–15% growth).
- Non‑GAAP EPS: $22.98–$23.18 (14–15% growth).
Segment‑wise, the company still expects: [24]
- Global Business Solutions revenue up 14–15% (15.5–16.5% excluding Mailchimp).
- Consumer revenue up 8–9%, including TurboTax growth of ~8%, Credit Karma growth of 10–13% and ProTax growth of 2–3%.
CFO Sandeep Aujla reiterated that Intuit remains “confident in delivering double‑digit revenue growth and expanding margin this year,” underscoring management’s view that the AI investment cycle is compatible with improving profitability. [25]
Capital returns: higher dividend and heavy buybacks
Intuit continued to return large amounts of cash to shareholders in Q1 FY26:
- Total cash and investments: roughly $3.7 billion as of October 31, 2025.
- Total debt: about $6.1 billion. [26]
- Share repurchases: $851 million of stock bought back during the quarter, leaving about $4.4 billion still authorized. [27]
- Dividend: the board approved a quarterly dividend of $1.20 per share, payable January 16, 2026 — a 15% increase from the prior year’s payout. [28]
The company’s 10‑Q reiterates its intention to keep generating “significant cash from operations” and to continue returning excess cash via a mix of buybacks and dividends, after meeting operational and strategic needs. [29]
AI front and center: OpenAI deal, agentic platforms and QuickBooks AI agents
Today’s earnings and guidance came just days after Intuit revealed a multi‑year strategic partnership with OpenAI, valued at more than $100 million, aimed at “creating the future of financial intelligence” by bringing Intuit’s platform directly into ChatGPT. [30]
Under the deal:
- Intuit will deepen its use of OpenAI’s frontier models inside its proprietary GenOS generative AI operating system.
- ChatGPT users will be able to access Intuit apps inside ChatGPT to take specific financial actions — such as estimating tax refunds, exploring loan options or optimizing credit card rewards — using their real financial data, with permission. [31]
- OpenAI’s models will help power AI agents across the Intuit platform that can forecast cash flow, prepare taxes or manage payroll via natural language interactions. [32]
This follows a string of AI‑heavy announcements in recent weeks:
- In Canada, Intuit launched a “virtual team” of AI agents on QuickBooks, automating bookkeeping, customer lead management, financial summaries and (soon) sales tax workflows for small businesses. [33]
- On the consumer side, Intuit introduced an “agentic AI‑driven consumer platform” that combines Credit Karma and TurboTax to deliver year‑round, done‑for‑you money management, including new assistants like Credit Spark, Debt Assistant and automated tax filing flows. [34]
Intuit’s 10‑Q explicitly notes that the company expects to “continue to invest significant resources” in AI‑based products and services, positioning these capabilities as central to its long‑term growth thesis. [35]
Board shake‑up: Bill McDermott and Adena Friedman join, Goodarzi to become chair
Alongside earnings, Intuit announced a significant update to its governance:
- Bill McDermott, chairman and CEO of ServiceNow, and
- Adena Friedman, chair and CEO of Nasdaq
will both join Intuit’s board of directors effective August 1, 2026. [36]
In January 2026, at Intuit’s annual meeting, CEO Sasan Goodarzi will also become board chair, while director Vasant Prabhu will take the role of lead independent director. Current chair Suzanne Nora Johnson and director Ryan Roslansky will step down at that time. [37]
Bringing in leaders from ServiceNow and Nasdaq adds deep enterprise software and financial‑market expertise at a time when Intuit is pushing hard into AI‑enabled platforms for both businesses and consumers.
Regulatory and risk backdrop: what the 10‑Q adds
Intuit’s Form 10‑Q, also filed today, doesn’t reveal any surprise legal or regulatory bombshells, but it does highlight several themes investors will care about: [38]
- The company expects service revenue to become an even larger share of total revenue over time, reflecting the shift toward subscription and platform products.
- Management emphasizes heavy ongoing investment in AI, security and privacy, noting both the opportunity and the operational risk of deploying AI at scale.
- The risk section underscores potential regulatory scrutiny in tax, fintech and AI, as well as cyber‑security and fraud risks — including the possibility of fraud carried out using AI tools.
- Intuit reiterates that it expects to generate enough cash to cover working capital, capital expenditures, debt service and other needs for at least the next 12 months, while still funding buybacks and dividends.
The filing also formalizes the segment reorganization that moved TurboTax, Credit Karma and ProTax into one Consumer segment and shifted some marketing and data science functions between corporate and segment level, aligning reporting with the “all‑in‑one consumer platform” story the company has been telling in recent AI announcements. [39]
How the market is reacting to INTU stock
Market reaction around the release has been choppy:
- Ahead of earnings, INTU was trading around the mid‑$650s, with traders focused heavily on whether AI‑driven growth would offset cautious prior guidance. [40]
- One early post‑earnings take noted that shares closed down about 2% around $637, even as revenue and profit growth came in ahead of expectations, framing the move as a classic “good results, high expectations” reaction. [41]
- Reuters, by contrast, reported that shares were up nearly 3% in extended trading after the company guided Q2 revenue above estimates, highlighting how volatile sentiment has been intraday. [42]
- Analysis from StockStory/Finviz described the quarter as strong on revenue and billings but “mixed” overall, citing the softer EPS guidance for next quarter and noting that the stock was roughly flat around $640 immediately after the report. [43]
Put simply, the numbers were undeniably strong, but the mix of upbeat revenue guidance, lower‑than‑expected EPS guidance and very high expectations coming into the print has produced a nuanced, not uniformly euphoric, reaction in INTU shares.
What to watch next
Based on today’s news flow, here are the big questions investors and analysts are likely to focus on in the coming quarters:
- AI monetization vs. AI spending
- How quickly will AI‑powered agents, ChatGPT integrations and agentic consumer tools translate into incremental revenue — and do margins keep expanding as Intuit layers AI on top of existing platforms? [44]
- Credit Karma and Consumer momentum
- Credit Karma’s 27% revenue growth is a bright spot; investors will watch whether that pace is sustainable in a still‑uncertain macro environment, especially for credit products. [45]
- Mailchimp and marketing solutions
- Earlier in the year, Mailchimp’s softer performance had been a drag on growth expectations; today’s reiterated guidance suggests stability, but details from the earnings call and 10‑Q will matter. [46]
- Board and leadership transition
- How quickly Bill McDermott and Adena Friedman can influence Intuit’s enterprise and fintech strategy once they join in 2026, and how the CEO‑chair dual role for Goodarzi will be received from a governance perspective. [47]
- Regulatory and AI risk management
- With AI, tax and consumer‑finance regulation all evolving, Intuit’s ability to stay ahead of regulators — while still innovating quickly — will remain a key part of the investment debate. [48]
Important note
This article is for informational purposes only and does not constitute financial or investment advice. It summarizes publicly available information about Intuit Inc. as of November 20, 2025. Anyone considering buying or selling INTU or any other security should do their own research and, where appropriate, consult a qualified financial adviser.
References
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