Intuit Q4 2025 Earnings Report

Intuit EPS Results

• Actual EPS: $2.75
• Consensus EPS: $2.66
• Beat/Miss: Beat by +$0.09
• One Year Ago EPS: $1.99

Intuit Revenue Results

• Actual Revenue: $3.83 billion
• Expected Revenue: $3.75 billion
• Beat/Miss: Beat by +$85.10 million
• YoY Revenue Growth: +20.30%

Intuit Announcement Details

• Quarter: Q4 2025
• Date: 8/21/2025
• Time: After Market Closes
• Conference Call Date: Thursday, August 21, 2025
• Conference Call Time: 4:30PM ET

Intuit (NASDAQ:INTU) provides financial management and compliance products and services for consumers, small businesses, self-employed, and accounting professionals in the United States, Canada, and internationally. The company operates in four segments: Small Business & Self-Employed, Consumer, Credit Karma, and ProTax. The Small Business & Self-Employed segment provides QuickBooks services, that includes financial and business management online services and desktop software, payroll solutions, time tracking, merchant payment processing solutions, and financing for small businesses; and Mailchimp services, such as e-commerce, marketing automation, and customer relationship management. This segment also offers QuickBooks online services and desktop software solutions comprising QuickBooks Online Advanced, a cloud-based solution; QuickBooks Enterprise, a hosted solution; and QuickBooks Self-Employed solution; payment-processing solutions, including credit and debit cards, Apple Pay, and ACH payment services; and financial supplies and financing for small businesses, as well as electronic filing of federal and state income tax returns. The Consumer segment provides TurboTax income tax preparation products and services. The Credit Karma segment offers consumers with a personal finance platform that provides personalized recommendations of home, auto, and personal loans, as well as credit cards and insurance products. The ProTax segment provides Lacerte, ProSeries, and ProFile desktop tax-preparation software products; and ProConnect Tax Online tax products, electronic tax filing service, and bank products and related services. It sells products and services through various sales and distribution channels, including multi-channel shop-and-buy experiences, websites and call centers, mobile application stores, and retail and other channels. The company was founded in 1983 and is headquartered in Mountain View, California.

Intuit Q4 2025 Earnings Call Transcript

Key Takeaways

• Positive Sentiment: 16% full year revenue growth with strong operating margin expansion, driven by investments in data, AI, and their AI-driven expert platform.
• Positive Sentiment: Launched a transformative all-in-one business platform featuring a virtual team of AI agents and AI-enabled human experts, seeing millions of customer engagements and repeat usage rates above expectations.
• Positive Sentiment: Made significant progress in the $89 B mid-market with Intuit Enterprise Suite and QBO Advanced, doubling new build customers in Q4 and forging large accounting firm partnerships.
• Positive Sentiment: Consumer segment saw TurboTax Live revenue grow 47% and Credit Karma grow 32%, fueling year-round engagement and demonstrating the power of a unified consumer platform.
• Negative Sentiment: Mailchimp revenue declined slightly year-over-year, though the company expects to exit fiscal 2026 with double-digit growth after product and go-to-market enhancements.

Presentation

[Operator]

Good afternoon, everyone. My name is Bo, and I will be your conference operator. At this time, I would like to welcome everyone to Intuit's Fourth Quarter and Fiscal Year twenty twenty five Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question and answer period.

[Operator]

With that, I'll now turn the call over to Ms. Kim Watkins, Intuit's Vice President of Investor Relations. Please go ahead, ma'am.

[Kim Watkins, VP - IR at Intuit]

Great. Thanks, Bo. Good afternoon, and welcome to Intuit's fourth quarter fiscal twenty twenty five conference call. I'm here with Intuit's CEO, Sasan Ghadarzi and our CFO, Sandeep Ojala. Before we start, I'd like to remind everyone that our remarks will include forward looking statements.

[Kim Watkins, VP - IR at Intuit]

There are a number of factors that could cause Intuit's results to differ materially from our expectations. You can learn more about these risks in the press release we issued earlier this afternoon, our Form 10 ks for fiscal twenty twenty four and our other SEC filings. All of those documents are available on the Investor Relations page of Intuit's website at intuit.com. We assume no obligation to update any forward looking statement. Some of the numbers in these remarks are presented on a non GAAP basis.

[Kim Watkins, VP - IR at Intuit]

We reconcile the comparable GAAP and non GAAP numbers in today's press release. Unless otherwise noted, all growth rates refer to the current period versus the comparable prior year period and the business metrics and associated growth rates refer to worldwide business metrics. A copy of our prepared remarks and supplemental financial information will be available on our website after this call ends. With that, I'll turn the call over to Sasan.

[Sasan Goodarzi, CEO & Director at Intuit]

Great. Thank you, Kim, and thanks to all of you for joining us today. I'm incredibly proud of our momentum and strong fiscal year twenty twenty five results. Our full year revenue grew 16% with another year of strong operating margin expansion. Our years of investments in data, data services, AI and human intelligence coupled with strong execution against our AI driven expert platform strategy fueled these outstanding results.

[Sasan Goodarzi, CEO & Director at Intuit]

Looking ahead to fiscal year twenty twenty six, we are confident in delivering another strong year of double digit revenue growth and margin expansion. In the past year, we made significant progress powering prosperity for consumers, businesses and accountants. We launched a transformative all in one business platform with a virtual team of AI agents and AI enabled human experts that can manage lead the cash for customers, accelerated our innovation to mid market with the introduction of Intuit Enterprise Suite and new go to market capabilities and delivered breakthrough adoption of TurboTax Live as we disrupt the assisted tax category. Looking ahead, we're doubling down in these key areas. Starting with our business platform, we're making great progress delivering done for you experiences with expertise for our customers.

[Sasan Goodarzi, CEO & Director at Intuit]

Last month, we launched a transformative virtual team of AI agents that complete jobs on behalf of our customers, dramatically improving how businesses run and grow. Combined with our AI enabled human experts, these agents are automating workflows and proactively delivering real time insights to improve cash flow and fuel growth. Our redesigned user interface and new business feed highlights these real time insights and tasks completed by agents on behalf of the customer. We're seeing strong traction since the launch last month with customer engagement in the millions and repeat usage rates significantly above our expectations, demonstrating the value that we're providing to our customers. We're well positioned to consolidate our customers' tech stack and spend and significantly increase their ROI, where AI and human intelligence are doing the work to fuel their success.

[Sasan Goodarzi, CEO & Director at Intuit]

With an all in one platform, we have all the pieces to help our customers grow, save time and save money while fueling Intuit's growth. Turning to mid market. We continue to make strong progress serving large and more complex customers, which represent an $89,000,000,000 TAM. We are focused on fueling the success of customers with $2,500,000 to $100,000,000 in annual revenue with our all in one platform, including QBO Advanced, Intuit Enterprise Suite and an ecosystem of connected services. Our comprehensive set of offerings is aimed at helping businesses achieve their growth goals, such as boosting productivity and improving profitability by automating complex tasks, workflows and functions delivering insights and recommendations.

[Sasan Goodarzi, CEO & Director at Intuit]

Many customers tell us they are over digitized with their data trapped in a number of desperate applications. This means they are spending too much time and money managing their business and not getting the benefits and return on their investments. Our data shows customers on our platform are spending billions per year on desperate apps. We are well positioned to consolidate our customers' data and spend on Intuit's platform to help fuel their growth and save money all in one place. With quarterly product releases for Intuit Enterprise Suite, we aim to rapidly penetrate our existing TAM while expanding into new verticals.

[Sasan Goodarzi, CEO & Director at Intuit]

Our July product lease was designed to supercharge customers' growth and profitability. The launch included improved multi entity capabilities and new AI driven done for you setup experience that dramatically reduces the amount of time it takes customers to get up and running and new features that give customers a holistic view of their business KPIs with streamlined intercompany transactions and allocation. We also launched AI agents in Intuit Enterprise Suite, including accounting, payments, finance and project management agents automating daily tasks, reducing hours of work to just minutes. Our done for you experiences are reducing manual work by up to 60% for customers when setting up projects. A recent Forrester study estimated that customers can see nearly a 300% return on investment over three years when using Intuit Enterprise Suite.

[Sasan Goodarzi, CEO & Director at Intuit]

As we evolve our go to market strategy for mid market, we're strengthening our partnership with the largest tech forward accounting firms. We're helping accountants serve their business customers more efficiently and grow their practices profitability. In Q4, we continued to see strong growth in IES deals through accountants. This quarter, we signed a partnership with a rapidly growing top 25 accounting and technology advisory firm. This particular firm serves more than 14,000 business clients representing a meaningful opportunity to acquire new customers over time.

[Sasan Goodarzi, CEO & Director at Intuit]

We have many other partnerships of similar scale in the pipeline. I'm pleased with the momentum we're seeing with Intuit Enterprise Suite. The total number of new build customers in Q4 was up nearly 2x versus Q3 with successful adoption by some very large customers, including one customer with over 200 entities that is also using payroll and payments. As we head into fiscal year twenty twenty six, we're nearing the one year mark of launching Intuit Enterprise Suite and I'm proud of the progress we've made with both our product and our go to market strategy, which positions us to penetrate the $89,000,000,000 mid market TAM. Turning to our consumer platform, we delivered an outstanding year.

[Sasan Goodarzi, CEO & Director at Intuit]

Consumer Group revenue grew 10% more than two point acceleration from last year. This was driven by breakthrough adoption of TurboTax Live, which grew 47%, well above our long term expectation of 15% to 20% revenue growth. This is the power of bringing data, AI and human intelligence together to provide better experiences for customers. Credit Karma grew 32% this year and also drove a point of tax revenue growth as we delivered a seamless customer experience across TurboTax and Credit Karma. Our results also demonstrate the incredible opportunity to win as one consumer platform to drive year round engagement and increase monetization by serving a broader set of needs from building credit to building wealth.

[Sasan Goodarzi, CEO & Director at Intuit]

The learnings we gained this year are fueling our investments and innovation to deliver durable double digit growth across our consumer platform. We have significant momentum across the company and I cannot be more excited about our opportunity ahead to accelerate growth. Our strategy and relentless focus on execution is working. We're leveraging data, data services, AI and human intelligence to become the all in one platform for consumers, businesses and accountants. Now let me hand it over to Sandeep.

[Sandeep Aujla, EVP & CFO at Intuit]

Thank you, Sussan. We delivered strong results in fiscal twenty twenty five across the company, including total revenue growth of 16%, a more than two point acceleration from fiscal twenty twenty four and GAAP and non GAAP operating income growing 3618% respectively. Our disciplined approach to managing the business allowed us to achieve strong margin expansion while driving breakthrough adoption in assisted attacks, introducing transformative AI agents across our business solutions and building our mid market go to market capabilities. Our fourth quarter results include revenue of $3,800,000,000 up 20%, GAAP operating income of $339,000,000 versus a loss of $151,000,000 last year non GAAP operating income of $1,000,000,000 up 39% GAAP diluted earnings per share of $1.35 versus a diluted loss per share of $07 last year and non GAAP diluted earnings per share of $2.8 Now turning to the business segments. Global Business Solutions Group revenue grew 18% during the quarter or 21% excluding Mailchimp and 16% for the full year or 18% excluding Mailchimp.

[Sandeep Aujla, EVP & CFO at Intuit]

All in ecosystem revenue grew 21% in Q4 or 26% excluding Mailchimp and 20% for the full year or 25% excluding Mailchimp. This demonstrates the power of our all in one platform and that the innovation we're delivering is resonating with our customers, particularly as we move up market. We are making progress consolidating customers' data and spending with us to help fuel their growth. Our robust growth in Online Ecosystem revenue was driven by strength across both online accounting and online services. QuickBooks Online Accounting revenue grew 23% in Q4 and 22% in fiscal twenty twenty five.

[Sandeep Aujla, EVP & CFO at Intuit]

Growth for the quarter and year was driven by higher effective prices, customer growth and mix shift. Online services revenue grew 19% in Q4 or 29% excluding Mailchimp. Growth in Q4 was driven by Money, which includes payments, capital and bill pay as well as payroll. For fiscal twenty twenty five, online services revenue grew 19% or 29% excluding Mailchimp driven by Money and Payroll. Within Money, revenue growth in the quarter reflects payments revenue growth, which was driven by customer growth and increase in total payment volume per customer and higher effective prices as well as QuickBooks Capital revenue growth.

[Sandeep Aujla, EVP & CFO at Intuit]

Total online payment volume growth in Q4 was 18%, relatively consistent with the range we have seen over the last several quarters. Within payroll, revenue growth in the quarter reflects customer growth, higher effective prices and mix shift. Within Mailchimp, the revenue was down slightly versus a year ago, in line with our expectations for the quarter. We remain focused to ensure the offering resonates with both mid market and small businesses. And we are confident in delivering platform that integrates the power of Mailchimp and QuickBooks.

[Sandeep Aujla, EVP & CFO at Intuit]

We expect Mailchimp to exit fiscal twenty twenty six growing double digits. The overall addressable market for our business platform is over 180,000,000,000, roughly half of which is mid market. And we are well positioned to win as an all in one platform. Online Ecosystem revenue grew 21% in Q4 and 20% for the year. This includes approximately 40% growth for both the quarter and the year in Online Ecosystem revenue for QBO Advanced and Intuit Enterprise Suite to serve mid market.

[Sandeep Aujla, EVP & CFO at Intuit]

Online Ecosystem revenue for small businesses and the rest of the base grew a strong 18% for both the quarter and the year. Our Online Ecosystem revenue growth reflects the progress we're making with our strategy of serving both small and mid market businesses with more complex needs. We had an exceptional year driving 23% growth in combined QBO Advanced and Intuit Enterprise Suite customers and 8% growth in U. S. QBO customers excluding self employed.

[Sandeep Aujla, EVP & CFO at Intuit]

Overall, online paying customers grew 5% reflecting the headwinds we saw in our Mailchimp and international businesses, both areas where we have game plans to accelerate growth in the future. Online ecosystem ARPC growth accelerated more than three points in fiscal twenty twenty five to 14% reflecting our progress serving more complex customers. We feel great about the customer growth and ARPC expansion we saw this year with larger and more complex mid market customers in our base. Turning to desktop. Desktop ecosystem revenue grew 10% in Q4 and 5% for the full year.

[Sandeep Aujla, EVP & CFO at Intuit]

QuickBooks Desktop Enterprise revenue grew in the mid teens in Q4 and high single digits in fiscal twenty twenty five. Turning to our consumer platform. Consumer Group revenue of 4,900,000,000 grew 10% in fiscal twenty twenty five. This outstanding tax performance reflects breakthrough adoption of TurboTax Live with revenue growth of 47%, a 30 acceleration from last year and customer growth of 24%. We saw strong customer growth in full service consumer and business tax offerings, both outpacing overall TurboTax Live customer growth.

[Sandeep Aujla, EVP & CFO at Intuit]

The learnings we gained this year will help fuel durable growth in the future. In our ProTax Group, revenue was $621,000,000 in fiscal twenty twenty five, up 4%. Credit Karma revenue grew 34 in Q4 and 32% in fiscal twenty twenty five. On a product basis in Q4, personal loans accounted for 15 points of growth, credit cards accounted for 13 points and auto insurance accounted for five points. As Sasan mentioned earlier, Credit Karma drove a point of revenue growth in fiscal twenty twenty five as we delivered a seamless customer experience across TurboTax and Credit Karma.

[Sandeep Aujla, EVP & CFO at Intuit]

I am proud of the progress the team made innovating on behalf of our members and partners this year and I'm excited about the opportunity ahead. Shifting to a balance sheet and capital allocation. Our financial principles guide our decisions. They remain a long term commitment and are unchanged. We finished the quarter with approximately $4,600,000,000 in cash and investments and $6,000,000,000 in debt on our balance sheet.

[Sandeep Aujla, EVP & CFO at Intuit]

We repurchased $748,000,000 of stock during the fourth quarter and $2,800,000,000 during fiscal twenty twenty five. Depending on market conditions and other factors, our aim is to be in the market each quarter. The Board approved a quarterly dividend of $1.2 per share payable on 10/17/2025. This represents a 15% increase versus last year. Now shifting to fiscal twenty twenty six and Q1 guidance.

[Sandeep Aujla, EVP & CFO at Intuit]

Our fiscal twenty twenty six guidance includes total company revenue of $20,997,000,000 to $21,186,000,000 growth of 12% to 13%. Our guidance includes Global Business Solutions Group revenue growth of 14% to 15% or 15.5% to 16.5% revenue growth excluding Mailchimp. Our guidance also includes overall consumer group revenue growth of 8% to nine percent, including TurboTax growth of 8%, Credit Karma growth of 10% to 13% and ProTax growth of 2% to 3%. This guidance reflects the segment reporting change we shared today in our press release and fact sheet. GAAP diluted earnings per share of 15.49 to $15.69 growth of 13% to 15% and non GAAP diluted earnings per share of $22.98 to $23.18 growth of 14% to 15%.

[Sandeep Aujla, EVP & CFO at Intuit]

We expect a GAAP tax rate of approximately 23% in fiscal twenty twenty six. Our guidance for the 2026 includes total company revenue growth of 14% to 15%, GAAP earnings per share of $1.19 to $1.26 and non GAAP earnings per share of $3.05 to $3.12 You can find our full fiscal twenty twenty six and Q1 guidance details in our press release and on our fact sheet. We are also reiterating our long term growth expectations for each of our businesses. First, Global Business Solutions Group. With the momentum we see in Online Ecosystem revenue growth, we are reiterating our long term revenue growth expectations for the Global Business Solutions Group of 15% to 20%.

[Sandeep Aujla, EVP & CFO at Intuit]

This includes online paying ARPC growth of 10% to 20% and online paying customer growth of 5% to 10%. Second, TurboTax. We had a strong tax season and we see significant runway ahead to penetrate our TAM, particularly in assisted tax, which we expect to be the key driver of future growth. We are reiterating the TurboTax long term revenue growth rate of 6% to 10% in this interim period with TurboTax Live revenue expected to grow 15% to 20%. Finally, Credit Karma.

[Sandeep Aujla, EVP & CFO at Intuit]

We are reiterating our long term revenue growth expectations of 10% to 15% reflecting the current size and scale of the business, our focus on delivering year round benefits that lead to engagement, monetization and TurboTax growth. With that, I'll turn it back over to Sasan.

[Sasan Goodarzi, CEO & Director at Intuit]

Thank you, Sandeep. We are well on our way to becoming the global tech leader for enabling financial success for consumers, businesses and accountants. Given our early bet on AI, our low penetration of our large $300,000,000,000 TAM and the significant investments we've made in the last decade in data, data services, AI and AI enabled human intelligence, we are well positioned to power prosperity for our customers and deliver sustained double digit revenue growth with margin expansion. We look forward to unpacking why Intuit continues to have a very bright future with the best years yet to come at our Investor Day next month. With that, let's open it up to your questions.

[Operator]

Certainly. Thank you, Mr. Session. We'll go first this afternoon to Siti Panigrahi at Mizuho.

[Siti Panigrahi, Managing Director at Mizuho Securities]

Thank you. Sasan, that's a great end to fiscal twenty twenty five. Mainly I want to focus on the small business, your global business group, 18% growth ex Mailchimp. But as you look at fiscal twenty twenty six, what are the areas you're more excited about? And what do you learn in the fiscal twenty twenty five execution?

[Siti Panigrahi, Managing Director at Mizuho Securities]

And if I could add one more to this, there is concern about this lead generation with the slowdown in SEO search. Would love to hear your views in terms of what you're seeing in your QuickBooks business.

[Sasan Goodarzi, CEO & Director at Intuit]

Yes, sure. Thank you for the question. First of all, there's three things I would point out that gives confidence as we for the business group as we head into the fiscal year that we're in. One, the customer growth that we saw in U. S.

[Sasan Goodarzi, CEO & Director at Intuit]

QBO of 8%, the customer growth that we saw in mid market of 23% is quite strong and we're excited about what that will mean moving forward. As we address some of the headwinds that you heard Sandeep talk about around Mailchimp International. So that's one area that we're very excited about. I would say the second is just the fact that we now have an all in one platform. We have all the pieces in really in one place to help a customer from lead the cash.

[Sasan Goodarzi, CEO & Director at Intuit]

And when you look at the fact that we just launched our new business feeds with a virtual team of AI agents and AI enabled human agents, and the fact that we have several million customers that are already engaging that gives us a lot of confidence as we look ahead durably relative to the growth that we can drive particularly penetration of services. And the third is mid market. I mean, you look at mid market holistically 40% growth in context of the overall 20% growth that we had in online for the year and the acceleration that we have with our product launches and our go to market capability that gives us not only confidence for 2026, but really beyond durably in terms of what's possible. So that's on the business group front. In terms of AI search, it actually plays into our favor.

[Sasan Goodarzi, CEO & Director at Intuit]

And let me just share a couple of stats. One, and this is across by the way our platform, not just QuickBooks, our traffic is actually up quite significantly this year. And AI search is 1% of our overall traffic. And the top 25% brands actually have a 10x visibility in AI search, so which is when you look at brands like QuickBooks and Credit Karma and TurboTax and Mailchimp, it actually plays into our favor. And then the last couple of things I would say is Credit Karma is not at all reliant on SEO search at all because it's we have 100,000,000 folks that are in app and so less than 1% is SEO search.

[Sasan Goodarzi, CEO & Director at Intuit]

So that's not really impacted at all. And last but not least, the final thought I would leave you with is the essence of us being an AI driven expert platform company and an AI company, we've actually been all over this in terms of thinking through how we think about tagging our content, how we show up, so that not only do we show up in the AI apps, but over time when it becomes a bigger part of our search, today it's only 1%, that we play a far bigger role. And maybe I lied, let me make one last point. The majority of our growth comes from recommendations and search overall is actually less than sort of 15% of our overall portfolio as a whole. So I just wanted to make sure that that point landed as well.

[Siti Panigrahi, Managing Director at Mizuho Securities]

Thank you. Thanks for that color.

[Sasan Goodarzi, CEO & Director at Intuit]

Yes. Thank you, Citi.

[Operator]

Thank you. We'll go next now to Keith Weiss of Morgan Stanley.

[Keith Weiss, Equity Analyst at Morgan Stanley]

Excellent. Thank you guys for taking the question and congratulations on a really strong overall FY 2025, a lot of the pieces coming together. Looking forward into FY 2026, really one question but in two parts. Eric, on one side of the equation, you guys released a lot of really interesting functionality with new agents a couple of weeks back. What should our expectations be for monetization around those agents?

[Keith Weiss, Equity Analyst at Morgan Stanley]

Is it still too early or what should the timeframe we should be thinking about those ramping up into the revenue base? And then on the other side of the equation, Mailchimp has been a drag through FY 2025. That was the one bad part of the equation. You guys sound really confident we're going to come back to double digit growth. Any inklings you could give us on what's driving that confidence in getting that business back to a double digit growth rate so it's no longer a drag on this overall GBS revenues anymore?

[Sasan Goodarzi, CEO & Director at Intuit]

Yes, absolutely, Keith. So let me take your first question, which is just around our launch of our all in one platform with the virtual team of AI agents and human experts. A couple of things I would say, we have high expectations around monetization in the future. We have not assumed anything really in our guidance for this year. So that's the first and foremost.

[Sasan Goodarzi, CEO & Director at Intuit]

Second, it's actually thus far above our expectations in terms of engagement. As I mentioned earlier, we just launched this in July and we have a couple of million customers that have been engaging with the AI agents, which is actually quite significant after one month of launch. And the repeat engagement, the discovery of our apps is actually above our expectations. What we're really focused on right now is just making the experience adoption of our services And we are giving our teams time to make that because that's the first step is you want engagement and repeat engagement and discovery, which is above our expectations. The second is monetization.

[Sasan Goodarzi, CEO & Director at Intuit]

So we think it's going to play a very big role because when you look at the billions of dollars that are actually spent by our customers on our platform on services that are not ours, we are quite confident that we can consolidate not only the tech stack, but the tech spend, which is where the monetization comes in. So I would have expectations for the future, not this year. We didn't count on it in our guidance just to be prudent. The second thing is you're absolutely right, Mailchimp is a drag on our growth and we expect to exit this fiscal year fourth quarter in double digits. And what you should expect by the way is a slow ramp throughout the year.

[Sasan Goodarzi, CEO & Director at Intuit]

And there are two things that we see today that give us confidence. One is our sales playbook and the number of sales folks that we've added is starting to really pay off going after larger customers mid market. And that'll be a big driver of growth in the future. To the product improvements that we've already made, but a lot more that are coming, we're actually seeing green shoots. We have the highest customer satisfaction that we've had ever since we've acquired the business based on the launches that we've had.

[Sasan Goodarzi, CEO & Director at Intuit]

So those things are green shoots that give us confidence that as we look into our trajectory that we would exit double digits in the fourth quarter.

[Keith Weiss, Equity Analyst at Morgan Stanley]

Awesome. Thank you, guys.

[Sasan Goodarzi, CEO & Director at Intuit]

Yes. Thank you, Keith.

[Operator]

Thank you. We'll go next now to Kirk Materne at Evercore ISI.

[Kirk Materne, Senior Managing Director - Equity Research at Evercore ISI]

I guess, Karl, for you, there's a lot of things going positively right now with Xtend with some of the partners contributing. I was just kind of wondering, are there any crosscurrents out there that are sort of offsetting that relative to what you would have thought maybe at the beginning of the year, obviously tariffs with Europe. Just anything you could give us some context on because it seems like you have some really nice momentum in some of your early state

[Sasan Goodarzi, CEO & Director at Intuit]

Hey, Kirk, was that question for Ross?

[Kim Watkins, VP - IR at Intuit]

Will Oh, can we open his line? Okay. We can come back to Kirk.

[Operator]

We'll circle back around to Mr. Materne. We'll go next now to Alex McGrath of KeyBanc Capital Markets.

[Alexander Markgraff, VP - Equity Research at KeyBanc Capital Markets]

Just on can you maybe talk about or just sort of outline the product and go to market priorities around IES and '26? Just thinking about some of the momentum behind the business and potential acceleration in 2026?

[Sasan Goodarzi, CEO & Director at Intuit]

Yes, absolutely. There's really, I would say, threefold. One, we are very focused on the several 100,000 of customers that are in our base, up to about 800,000 folks in our base that are eligible for either QBO Advanced and or Intuit Enterprise Suite. And so we are very focused on continuing to mine those customers and that's a big part of what's driving the growth that we're experiencing now. Two, we've really most recently started creating a flywheel effect in having discussions with our accountant partners.

[Sasan Goodarzi, CEO & Director at Intuit]

That is those are sort of more longer term opportunities, but that's a really big opportunity for us, not just in FY 2026, but I would say beyond now that we're getting traction with Intuit Enterprise Suite and Advanced, but particularly Intuit Enterprise Suite across multiple verticals. And I would say last but not least, it's an important reminder for all of us that we're one year in with Intuit Enterprise Suite and we just had our largest launch in July because we do quarterly product releases. And really our focus is to do two things. One, to be able to accelerate penetrating our existing addressable market, but to actually start opening up our total addressable market. And we're of course very excited about Ashley being on board and accelerating our progress.

[Sasan Goodarzi, CEO & Director at Intuit]

But those are the key, I would say, products and go to market priorities.

[Alexander Markgraff, VP - Equity Research at KeyBanc Capital Markets]

Thank you.

[Sasan Goodarzi, CEO & Director at Intuit]

Yes, very welcome.

[Operator]

Thank you. We go next now to Arjun Bhatia of William Blair.

[Arjun Bhatia, Co-Group Head - Technology, Media & Communications at William Blair]

Yes, perfect. Thank you so much. So, Zan, for you on the some of the agentic capabilities and the AI that you're launching, it seems very interesting. I'm curious how you think about AI readiness amongst your base. Clearly, you're getting good engagement already, but already are your customers to kind of implement these agents?

[Arjun Bhatia, Co-Group Head - Technology, Media & Communications at William Blair]

And does that require some work on your end? Or is it fairly sort of a plug and play kind of thinking through what we might expect in 'twenty six and 'twenty seven?

[Sasan Goodarzi, CEO & Director at Intuit]

Yeah. Actually, love your question because it's sort of very customer back and I think it's important as we think about serving whether it's consumers, small or large businesses. The first thing I would say is people are using AI apps in their life, but they don't really care about AI. What they care about is help me grow my business, help me get customers, help me understand where I should focus my marketing dollars, help me understand what financial decisions. And that's what's most important.

[Sasan Goodarzi, CEO & Director at Intuit]

And so really let me bring that to life by just sharing an experience that is part of what we've launched with So for instance, the things you could see in our business feed is it will show the customer that they had 10 unpaid invoices and that we in essence based on their past permission executed a follow-up to go get that money for the customer. And then we actually when they click on it, they see how their cash flow has improved. Or in the flow the customer, we'll send them a notification and let them know that, hey, they're eligible for a line of credit based on the sales growth that they're seeing and we'll show them that sales growth. So really what the AI agents are giving us the ability to do is to help customers make decisions. And I think that's really what customers care about.

[Sasan Goodarzi, CEO & Director at Intuit]

It's less about is it an AI agent, but the fact that in moments of truth, we're actually helping them get paid, pay others, get access to line of credit, understand what decisions they can make to drive growth, which really I'll end with the last point and that is the Forrester study that we very intentionally shared in our script. And that is that what we're really after is helping customers consolidate their data, their tech stack and their spend all in one place. And when we do that, there is a 300% ROI over a three year period because in essence when the customer's data is all in one place with our AI agents, we have the ability to help them make better decisions to drive revenue growth or profitability through our business feed and AI agents doing the work. And or when everything is in one place, we can drive, we're automating tasks, we're automating workflows and it delivers efficiency. And last but not least, when we consolidate their tech stack, they actually spend more with us, but overall they spend less.

[Sasan Goodarzi, CEO & Director at Intuit]

And so that's the way I would think about it relative to our customers and what we're experiencing as we're engaging our customers with these new experiences.

[Sandeep Aujla, EVP & CFO at Intuit]

And Arjun, one other thing I would add to it, this is where we were super deliberate in how we introduced the GenTick experiences. We incorporate them into the lineup. So we exposed our customers to them as opposed to having the customers go and pick a separate offering to add on. So that deliberate decision is also what is helping customers see the productivity, see the better business outcomes and that's actually leading to conversations around what's the next set of agent experiences we involve because the customers are showing higher receptivity to it as Sasan mentioned significantly higher repeat usage than even our own internal expectations.

[Arjun Bhatia, Co-Group Head - Technology, Media & Communications at William Blair]

Okay, perfect. Very helpful. Thank you so much.

[Sasan Goodarzi, CEO & Director at Intuit]

Thank you.

[Operator]

Thank you. We go next now to Kirk Materne of Evercore ISI.

[Kirk Materne, Senior Managing Director - Equity Research at Evercore ISI]

Yes. Thanks. And sorry about earlier. Sasan, I was wondering if you could actually just talk a little bit about Credit Karma. Obviously, fantastic year for that business.

[Kirk Materne, Senior Managing Director - Equity Research at Evercore ISI]

I think there's some concern, obviously, with that business that it can be potentially more cyclical than other parts of your business. But the double digit guide for next year against what are very tough comps seems to give some indication that you guys feel good about how that's sort of operating. Just curious if you add a little bit more color to serve the confidence in the guide and maybe serve some of the new product lines that are coming about to make that perhaps a little bit less cyclical than it was perhaps before you bought it in the early days? Thanks.

[Sasan Goodarzi, CEO & Director at Intuit]

Yes, sure, Kirk. First, let me just start with the strategic nature of why we again acquired Credit Karma because it's just it's important to reground there. And that is what we're really ultimately after is to create one consumer platform so we can help customers with benefit delivery on an ongoing basis. And by the time it's tax time, we have really an opportunity do people's taxes for them right through the Credit Karma platform. So that's an important element because a lot of the innovation this already talked about, which is the contribution that had to tax is a very important part of the go forward, which is engaging customers year round.

[Sasan Goodarzi, CEO & Director at Intuit]

So one element is just tax and the confidence that gives us overall in the consumer platform. The other is because of all of our data and AI investments, we're actually taking share because of when you look at our credit card and personal loan performance, the majority of this actually great execution and where our share is increasing. And the primary reason why the share is increasing is because of all of our data and AI investments because we engage customers in app and we engage them at the right moment of truth knowing when they are seeking a financial product and we put choice in front of them and they're able to interact with us to better understand what is right for them. So that's an important element, which is share gains that gives us confidence. And it's been several quarters in a row where our execution is really outpacing what we even anticipated, which leads to the last thing that you asked about, which is cyclicality.

[Sasan Goodarzi, CEO & Director at Intuit]

I mean, we've been investing heavily in things that aren't as cyclical. One is tax that I talked about, is which the whole reason why we acquired the platform, but two is insurance. Three is prime customers that really when you look at the cyclicality of Credit Karma, the primary driver in the last several years was personal loans by those that are actually subprime or near prime, which is why we've been really focused on prime customers because they have a different set of needs. And so a lot of innovation around prime customers and insurance, as I mentioned a moment ago. And then last but not least is just around money.

[Sasan Goodarzi, CEO & Director at Intuit]

We're investing heavily to not only provide immediate and instant access, to people's money when it's refund time, but how do we then engage those customers year round when it comes to their money. And so it's a holistic set of those areas of innovation that gives us confidence, not just in Credit Karma, but just across our consumer platform as we look ahead.

[Kirk Materne, Senior Managing Director - Equity Research at Evercore ISI]

Super. Thanks Hassan. Congrats on a great year.

[Sasan Goodarzi, CEO & Director at Intuit]

Yeah. Thank you.

[Operator]

Thank you. We go next now to Taylor McGinniss of UBS.

[Taylor McGinnis, Equity Research Analyst at UBS Group]

Yeah. Hi. Thanks so much for taking my question. So if I look at the Global Solution business performance excluding Mailchimp, it was really strong in 4Q and it looks like that was driven by an acceleration in online. So first, can you maybe talk through the drivers of that performance and how durable you think some of those trends could be as we go into 2026?

[Taylor McGinnis, Equity Research Analyst at UBS Group]

And then secondly, as we look ahead into the guidance excluding Mailchimp, it implies a little bit of a decel. So maybe you could just walk us through how we should think about the implied what that implies for desktop versus online and some of the assumptions there? Thank you.

[Sandeep Aujla, EVP & CFO at Intuit]

Hey Taylor, it's Sandeep. In terms of the Q4, the acceleration that you correctly pointed out was across both accounting and services. On the accounting side, as we continue to scale in the mid market that aided as well as us introducing a new lineup in early July. So those are the two factors that drove on the accounting side. And on the services side, it was driven by our investments and innovation we've been driving across our money portfolio including innovations such as making all invoices payable, which is something we rolled out in Q4 and that is continuing to see good momentum.

[Sandeep Aujla, EVP & CFO at Intuit]

So again, these are things that are very durable and they will continue to pay off into the new fiscal year. In terms of your question on the how to think about the guidance ex Mailchimp, The area I would point to that is a key factor there between what we delivered in fiscal twenty twenty five and our guidance for fiscal twenty twenty six is less pricing. This is something that I discussed in Q4 as well if you remember is that once you look outside of our accounting platform in desktop and in services, we had less pricing heading into fiscal twenty twenty six than what we took in 2025. So the core momentum in the business remains strong and the delta is driven by less pricing actions.

[Taylor McGinnis, Equity Research Analyst at UBS Group]

Thank you so much.

[Sandeep Aujla, EVP & CFO at Intuit]

Absolutely.

[Operator]

Thank you. We go next now to Brad Zelnick of Deutsche Bank.

[Brad Zelnick, Managing Director at Deutsche Bank]

I was on mute. You would think you'd that I'd figure that out by now. Thanks a lot for taking the question. Can you maybe just help expand a little bit on improvements that underpin the confidence in the 15% to 20% TTL growth next year after such a fantastic year? Thanks.

[Sasan Goodarzi, CEO & Director at Intuit]

Yes. Hey, Brad. Let me maybe kick us off. It's really, I would say, comes down to two big things. One is mid market, 90,000,000,000 TAM.

[Sasan Goodarzi, CEO & Director at Intuit]

We're just scratching the surface with our penetration in that addressable market. Customers grew 23%. You look at overall online growth, which was 20%, up to now $8,000,000,000 over $8,000,000,000 40% growth in mid market. So that gives us a lot of confidence for years to come, not just FY 2026. I think the other one is with the launch that we had, which was sort of our all in one launch with a virtual team of AI agents and an AI enabled human experts, we now have all of our apps in one place to help customers manage from lead to cash.

[Sasan Goodarzi, CEO & Director at Intuit]

In fact, one of the reasons I mentioned earlier that we like where we are on a couple of million customers engaging discovery and repeat engagement is actually higher than what we had anticipated for only a month in, is that customers are actually surprised that we have all the apps that we have today because now it's all in one place. They visibly see it in one place when we're actually continuing to do more and more of the work for them. And there is a significant services adoption opportunity within that, Brad. And so those are the two big things that give us a lot of confidence looking ahead because large TAM, low penetration, and I just think our product launches are positioned well for durable growth for years to come.

[Brad Zelnick, Managing Director at Deutsche Bank]

Tassan, that was really helpful.

[Brad Zelnick, Managing Director at Deutsche Bank]

And shame on me, I didn't speak very clearly. I actually meant to say TurboTax Live and I abbreviated it TTL, but that was still very helpful. Thank you.

[Sasan Goodarzi, CEO & Director at Intuit]

Well, you know what, there's nothing like answering questions that did not get asked. Worries.

[Sasan Goodarzi, CEO & Director at Intuit]

Me, at least in Sandeep was listening, let me let him answer that question.

[Sandeep Aujla, EVP & CFO at Intuit]

No worries, Brad. You got cut off for the first part. So we were actually debating the 15 to 20. On TurboTax Live, look, had a phenomenal year in fiscal twenty twenty five and made tremendous progress across showing up local, across making sure we extended our brand equity towards assisted category and that showed up in the timing of our brand spend and delivering a better together experience with Credit Karma with many of those customers coming over and picking the assisted method. And across all of those, outstanding outcomes, but we also had tremendous learnings, which gives us the confidence that as we execute that playbook in the year ahead and execute even better that we continue to drive strong momentum in assisted tax category and that's where the confidence in the 15% to 20% comes.

[Brad Zelnick, Managing Director at Deutsche Bank]

Thank you both, really helpful.

[Operator]

Thank you. We go next now to Kash Rangan of Goldman Sachs.

[Kash Rangan, Managing Director at Goldman Sachs]

Yes. I'm with the Brad guys. I thought I had TurboTax Live. But I love your explanation for the QuickBooks Online though. But Sasan, somewhat of a mundane topic, maybe back to the essentials of how Intuit goes to market with its QuickBooks business.

[Kash Rangan, Managing Director at Goldman Sachs]

I think people have been a little apprehensive about AI searches, AI overviews taking over from regular paid search, that sort of thing. Can you give us a primer on how is a go to market engine of QuickBooks and other products that do depend upon ads, Internet ads works in this new era? And how do you take advantage of or how do you make sure that you're not personal disadvantage and how do you take advantage of AI search taking over relative to normal paid search? Thank you so much.

[Sasan Goodarzi, CEO & Director at Intuit]

Yes. Thank you, Kash, for the question. First of all, I would just start with the fundamental premise that as an AI company, we're all over all things AI, inclusive of search and how you show up in search, whether it's across any platform. So that's really important in terms of just clarity, visibility and focus on search. The second thing I would say is generally, we have not been overly reliant on search.

[Sasan Goodarzi, CEO & Director at Intuit]

I mean, our specifically in the business group, our traffic was actually up double digits this past year, and less than 15% of that traffic was actually driven by search. So that's just important context to understand, the elements of where our traffic comes from because we've intentionally over the years actually have invested in many different channels to drive search down because of where customers are. So that's just again important to understand. With all of that said, as I mentioned earlier, AI search today is 1% of our overall search, but we have been doing a lot of work to ensure that over time we actually show up with where customers are no matter what platform they are on, whether it's social, whether it's search. And last but not least, the way to think about our business is almost in simplistic terms sort of three dimensions.

[Sasan Goodarzi, CEO & Director at Intuit]

One dimension is one to many, which is how we drive campaigns to help customers that are solopreneurs, that just started their business to be aware that we are an all in one platform and we can help them grow. The other is much more one to one for our mid market. And the one to one is our accountant channel, which is a large driver of growth and then one to one with businesses. And third, this is the power of our platform. We don't have to spend money on payments.

[Sasan Goodarzi, CEO & Director at Intuit]

We don't have to spend money on payroll. We don't have to spend money on FMS because we're a platform where it's all in one place. And when we draw a customer in with one benefit, we can then our AI agents can do the work to help customers, whether it's to get paid, whether it's to help them with payroll. And as you heard Sandeep talk about earlier, we're very intentional about what we make available in our SKUs to provide the capability and availability to our customers. But that's really the way to think about how we go to market, the way to think about search, how important it is to our business.

[Sasan Goodarzi, CEO & Director at Intuit]

And last but not least, we benefit because we're a top brand from AI searches as they grow over time.

[Sandeep Aujla, EVP & CFO at Intuit]

Also that Akash, to keep it one thing to keep in mind is Akash, I think it's an important consideration that search and AI traffic is not apples to apples. The AI traffic tends to be much higher consideration and commerce automatically better through the funnel. So that's a very important area that we are very cognizant of and making sure we are investing to get more of that AI traffic because it just makes the funnel automatically more efficient.

[Kash Rangan, Managing Director at Goldman Sachs]

Awesome. Thank you, Sandeep. And Sasan, I'm so glad that I stuck my neck out a few weeks ago and investors asked me about this. I said, anybody working for Sasan will have figured this out. Otherwise, they will not have a job. So I'm so glad you're on top of it. Thank you so much.

[Sasan Goodarzi, CEO & Director at Intuit]

Well, you for your confidence, my friend. I'll pass that on to the team.

[Operator]

Thank you. We'll go next now to Steve Enders of Citi.

[Steven Enders, Equity Research Analyst at Citi]

Okay, great. Thanks for taking the questions here. I I just want ask on just maybe SMB health and maybe what you're seeing out there from a macro perspective. Have you seen any change in terms of how what you're seeing from that perspective, either in your underlying data or from customers coming through? Just maybe what have you seen from a deal environment perspective?

[Sasan Goodarzi, CEO & Director at Intuit]

Yes, sure. A couple of things I would say. When you talk about businesses, you got to do it while talking about consumers, right? Because businesses spend with businesses, but consumers spend with businesses. So I'll just start with consumers first.

[Sasan Goodarzi, CEO & Director at Intuit]

And generally, what we see across our well over 100,000,000 customers is, you know, balances on things like credit cards is up, you know, 4% year over year. But please understand that, you know, over the last several years, it's been up double digits and credit scores, depending on your credit band, could be down about 10 points. And so consumers, it's a good job market, but they are very intentional about where they spend money, and they are stretched. When it comes to businesses, that we see on our platform, revenues are generally flat, but profits and cash flows are actually up year over year. Now that's across 10,000,000 customers.

[Sasan Goodarzi, CEO & Director at Intuit]

There are sectors that are performing far better, and then there are sectors that are performing well. And as you know, we're not concentrated in any particular sector, but sectors like real estate, advertising, manufacturing, depending on what you manufacture are down, whereas other sectors are up. So net net profits are up, cash flows are up across the millions of customers that we serve.

[Steven Enders, Equity Research Analyst at Citi]

Okay, perfect. Thanks for taking the question.

[Sasan Goodarzi, CEO & Director at Intuit]

You're very welcome.

[Operator]

Thank you. We'll go next now to Alex Zukin of Wolfe Research.

[Alex Zukin, MD & Software Equity Research at Wolfe Research LLC]

Sasan, maybe for you, kind of the following up on the prior question about just the general kind of macro picture for your customer base. If you think about how over the course of the next twelve eighteen months, you think about all of the functionality in the products and as well as in the AI functionality starting to mix shift your customers with a more kind of simplistic yet holistic offering into higher tiers of service. How much is it much pushes it versus pull? How does how does the agentic functionality unlock, that opportunity for you? And it seems like there's an opportunity, at least seemingly with AI search yielding better and in app selling and cross selling also driving more efficiency in the go to market process to also do that in a more margin positive way.

[Alex Zukin, MD & Software Equity Research at Wolfe Research LLC]

So maybe just comment on both of those aspects if you can.

[Sasan Goodarzi, CEO & Director at Intuit]

Yes, yes. Actually I love your question. So a couple of things I would say. One, every customer that we talk to and I personally talk to and accountants, they are overwhelmed with the number of apps that they have. They are overspending money on a bunch of different apps that is requiring them to spend more time than ever trying to figure out what is going on in their business.

[Sasan Goodarzi, CEO & Director at Intuit]

And even more important than all of that is their data is trapped in a bunch of different apps. And so really our opportunity and our biggest impact that we are having right now is with our all in one platform and that's why that Forrester study was so important that we shared in the script is to consolidate data, consolidate the tech stack and consolidate spend. And because by doing that, that 300% return on investment is driven consolidate data on our platform, our AI agents can do far better work to help customers with revenue growth and profitability growth. When we consolidate the tech stack, we can automate tasks and workflows to drive a lot more efficiency all in one place versus a bunch of different apps. And last but not least, when you sort of add up what a customer pays to have a bunch of different apps versus what they would pay us, and by the way, pay us end up paying us more, they end up saving money.

[Sasan Goodarzi, CEO & Director at Intuit]

So we have proof, substantial proof that that works. And I think to your question, it's a push and a pull. There's an element of with our AI agents and AI enabled human experts, we are ultimately what we are seeing and what we're looking to accelerate is how customers start doing more of their work on our platform versus using different apps. But we will also be working on how do you create a push, because ultimately you're working against human inertia. And although you have a lot of different apps, although you're spending a lot of money, the human inertia that has changed is hard.

[Sasan Goodarzi, CEO & Director at Intuit]

And so one of the things that we'll continue to look at is what we include in our lineup, and and what we need to do to motivate, inspire and drive, consolidation because now we have everything in in one place. So it is a push and a pull, and that's really how we're thinking about our ongoing execution of our lineup and evolution of our lineup as we look ahead.

[Alex Zukin, MD & Software Equity Research at Wolfe Research LLC]

Sounds like ERP for the SMB and it's working.

[Sasan Goodarzi, CEO & Director at Intuit]

Thank you, Alex.

[Operator]

Thank you. We'll go next now to Brad Sills of Bank of America.

[Bradley Sills, Managing Director at Bank of America Merrill Lynch]

Great. Thank you so much. I wanted to ask a question around the AI platform, maybe a little different angle.

[Bradley Sills, Managing Director at Bank of America Merrill Lynch]

You've had the invoice generator out for quite some time, but would love to hear about any traction you're seeing there and how that's performing? Could that be a leading indicator perhaps for other agents that might be coming over time?

[Sasan Goodarzi, CEO & Director at Intuit]

Yes, absolutely. I mean, I'll tell you what we saw very early on, which is one, customers that are using our invoice reminder, which I think is what you were asking about, we actually see 10% higher payments volume and conversion by those that are using the invoice reminder and they're getting paid five days early. And that I'm glad you asked about it the way you did because that's just a tangible example of how our Payments AI agent with that sliver of focus, which is invoice reminder can have a substantial impact on our customers. And really then if you expand that, what we're really focused on with our payments AI agent is how do we pay the customers' bills on their behalf? How do we help them with line of credit?

[Sasan Goodarzi, CEO & Director at Intuit]

How do we help them with instant deposit? How do we actually help create an estimate that's that's payment enabled upfront, and they don't have to lift a finger because they have a handwritten note that they picture take a picture of it, and we just create everything for them. So those are all the, you know, expanding beyond your question, the opportunities that we have with, launching a virtual team of AI agents.

[Bradley Sills, Managing Director at Bank of America Merrill Lynch]

Thank you, Sasan.

[Sasan Goodarzi, CEO & Director at Intuit]

Yes, very welcome.

[Operator]

Thank you. We'll go next now to Brent Thill of Jefferies.

[Brent Thill, MD & Tech Sector Leader - Software & Internet Research at Jefferies]

Sasan, the playbook to get Mailchimp back to growth, how do you think about this? What's the most important thing? I know you mentioned the user interface is a little too complicated for SMBs to use. How much longer is this going to take to get you back to growth in that business?

[Sandeep Aujla, EVP & CFO at Intuit]

Hey, Brandon, it's Sandeep. Why don't I take this one? So a couple of things. Let's start with areas where we are seeing really good progress on the Mailchimp side, which is in the mid market. As Hassan mentioned, we are scaling the Salesforce account management team there and getting really good ROI on that headcount and seeing really good progress there.

[Sandeep Aujla, EVP & CFO at Intuit]

The area where we continue to iterate fast and I feel really good about the progress the team is making and is showing up in the customer satisfaction scores going up and being some of the highest in recent history is on the small businesses. The small businesses are the bread and butter. And the angle there is to make sure the small business can get to its first and second benefit on our platform within the first thirty days or thereabouts. And that's where the team is helping make sure the offering is resonating, that they're able to navigate it, they're to see the benefit and we are making good progress and I feel good about it, which is why we are confident in this business exiting double digit this fiscal year. The one thing to keep in mind, it is a subscription business.

[Sandeep Aujla, EVP & CFO at Intuit]

So there is a six month lag in terms of these actions getting implementing and them showing up in the revenue scaling up. So that's why we think it'll be a couple of quarters at least before we start seeing the scaling up in revenue, but the momentum and the progress that we feel good about in Mailchimp.

[Brent Thill, MD & Tech Sector Leader - Software & Internet Research at Jefferies]

Great. Thanks.

[Operator]

Thank you. And ladies and gentlemen, that is all the time we have for questions this afternoon. Mr. Gudarzi, I'd like to turn things back to you, sir, for any closing comments.

[Sasan Goodarzi, CEO & Director at Intuit]

Yes. Hey, thank you everyone for attending. Thank you for all your great questions and we look forward to seeing everybody at Investor Day. Until then, be safe. Bye everybody.

[Operator]

Thank you. Again, ladies and gentlemen, that will conclude today's conference call. We'd like to thank you all so much for joining us today and wish you all a great remainder of your day.

Participants

Executives

• Kim Watkins, VP - IR
• Sasan Goodarzi, CEO & Director
• Sandeep Aujla, EVP & CFO

Analysts

• Siti Panigrahi, Managing Director at Mizuho Securities
• Keith Weiss, Equity Analyst at Morgan Stanley
• Kirk Materne, Senior Managing Director - Equity Research at Evercore ISI
• Alexander Markgraff, VP - Equity Research at KeyBanc Capital Markets
• Arjun Bhatia, Co-Group Head - Technology, Media & Communications at William Blair
• Taylor McGinnis, Equity Research Analyst at UBS Group
• Brad Zelnick, Managing Director at Deutsche Bank
• Kash Rangan, Managing Director at Goldman Sachs
• Steven Enders, Equity Research Analyst at Citi
• Alex Zukin, MD & Software Equity Research at Wolfe Research LLC
• Bradley Sills, Managing Director at Bank of America Merrill Lynch
• Brent Thill, MD & Tech Sector Leader - Software & Internet Research at Jefferies