Intuit reported first‑quarter 2026 revenue of $3.89 billion, an 18% year‑over‑year increase from $3.23 billion in the same period last year. The jump was largely driven by a 25% rise in QuickBooks Online Accounting revenue and a 17% increase in Online Services, while Mailchimp revenue slipped slightly, reflecting a modest slowdown in that segment.
Adjusted earnings per share reached $3.34, beating the consensus estimate of $3.09 by $0.25, or 8.1%. The beat was supported by a 97% rise in GAAP operating income and a 32% increase in non‑GAAP operating income, indicating strong cost discipline amid continued investment in AI capabilities.
The Consumer segment generated $894 million in revenue, up 21% from $735 million in Q1 2025. Credit Karma contributed a 27% growth, driven by expansion in personal loans, credit cards, and auto insurance, underscoring the segment’s momentum.
Intuit maintained its full‑year 2026 guidance, projecting revenue of $20.997 billion to $21.186 billion and non‑GAAP diluted EPS of $15.49 to $15.69. The unchanged outlook signals management’s confidence in sustained demand for its AI‑enhanced platform.
Non‑GAAP operating margin expanded 340 basis points to 32.4%, reflecting a higher mix of high‑margin AI services and operational leverage as the company scales its platform.
CEO Sasan Goodarzi highlighted the company’s “system of intelligence” strategy, noting that customers care about results, not the AI agents themselves, and that 2.8 million customers are already using the virtual team of AI agents to automate routine tasks.
The market reaction was mixed; some investors took profits during regular trading, while after‑hours activity reflected optimism about the recent partnership with OpenAI announced on November 18, 2025.
Headwinds included a slight decline in Mailchimp revenue, low‑single‑digit growth in the QuickBooks Desktop ecosystem, and a deceleration in Online Services growth due to pricing contributions from the prior year. These factors suggest that while core AI‑driven segments are expanding, legacy product lines face modest pressure.
Overall, Intuit’s results demonstrate that its AI‑driven platform strategy is delivering double‑digit revenue growth and margin expansion, reinforcing confidence in the company’s long‑term trajectory despite some legacy product headwinds.
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