TLDR
- Intuit reported Q1 revenue of $3.9 billion, up 18% year-over-year, driven by AI-powered platform expansion across its product suite.
- GAAP operating income nearly doubled to $534 million while GAAP diluted EPS jumped 127% to $1.59 compared to the prior year quarter.
- Global Business Solutions segment grew 18% to $3.0 billion, with QuickBooks Online Accounting revenue surging 25% from pricing, customer growth, and product mix.
- Consumer segment revenue rose 21% to $894 million, led by Credit Karma’s 27% growth to $651 million in the quarter.
- Management reaffirmed fiscal 2026 guidance calling for revenue between $20.997 billion and $21.186 billion, representing 12-13% annual growth.
Intuit posted first quarter results that showed the software company’s bet on artificial intelligence is starting to pay off. The company reported revenue of $3.9 billion for the period, an 18% increase from the same quarter last year.
CEO Sasan Goodarzi pointed to the company’s AI-driven expert platform as the engine behind the growth. The platform spans QuickBooks, TurboTax, Credit Karma, and Mailchimp, delivering what the company calls “done-for-you” automation for its customer base.
The bottom line looked even stronger. GAAP operating income hit $534 million, nearly double the prior year figure. GAAP diluted earnings per share came in at $1.59, up 127% from last year’s first quarter.
The Global Business Solutions segment delivered $3.0 billion in revenue, an 18% increase. Within that segment, the Online Ecosystem posted particularly strong results with 21% growth to $2.4 billion.
QuickBooks Online Accounting led the charge with 25% revenue growth. The gains came from a combination of higher prices, new customer additions, and shifts in product mix. Online Services, which includes payroll and payment processing, grew 17% during the quarter.
Broad-Based Growth Across Product Lines
International online revenue climbed 9% on a constant-currency basis. The Consumer segment showed equal strength, rising 21% to $894 million for the quarter.
Credit Karma was the standout in the Consumer group. The personal finance platform grew revenue 27% to $651 million. TurboTax contributed $198 million while ProTax added $45 million to the segment total.
The company’s balance sheet remained healthy. Intuit closed the quarter with $3.7 billion in cash and investments. During the period, the company bought back $851 million worth of its own shares.
The Board of Directors approved a quarterly dividend of $1.20 per share. The payment will go to shareholders of record as of January 6, 2026, with distribution set for January 16, 2026.
Looking Ahead to Fiscal 2026
CFO Sandeep Aujla stuck with the company’s full-year outlook for fiscal 2026. Management expects revenue to land between $20.997 billion and $21.186 billion. That range represents growth of 12% to 13% for the full year.
GAAP operating income is projected to increase 17% to 19%. Non-GAAP operating income could grow 14% to 15% according to company guidance.
The segment-level outlook remained unchanged. Global Business Solutions is expected to grow 14% to 15%. The Consumer segment should see growth of 8% to 9%, with Credit Karma specifically projected to grow 10% to 13%.
For the second quarter, Intuit is guiding to revenue growth of 14% to 15%. GAAP diluted earnings per share are expected to fall between $1.76 and $1.81 for the period.
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