Intuit Inc Q1 2026 Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Kirk Materne - Evercore Inc - Analyst : Congrats on a nice start to the year, and Kim, congrats on your next venture. So Sasan, the question for you, a lot of questions from clients this week on the OpenAI arrangement and deal you announced. Can you just give us a little bit more color on if there's any sort of revenue share as part of this deal? I think there's also some questions about sort of how data, obviously, you guys have always been very protective of customer data, how does that stay with Intuit as people are now using Intuit solutions within Open AI? Can you just give us maybe a little bit more color on those aspects of the new partnerships?

Question: Siti Panigrahi - Mizuho Securities USA LLC - Analyst : Congrats again and a great start to this year. I wanted to dig into the mid-market, Sasan, which is one of your drivers for the aspirational goal to accelerate growth. First on IES side, it's been a year and you had 250 cell set. How is the productivity has been going on? And any plan to add more headcounts to this mid-market? And also the partnership we announced. When should we start seeing that translate to revenue?

Question: Brad Zelnick - Deutsche Bank AG - Analyst : Congrats on a fantastic run. It's been great and look forward to your next chapter. Maybe, Sasan, for you, can you talk us through any of the learnings that came out of this extension season on tax and those might apply to seasons ahead? And maybe for Sandeep, we saw the announcements around the TurboTax office footprint expanding which seems to clearly reflect leaning in on local search. How are you thinking about the investments necessary to sustain 15% to 20% assisted growth this year? And maybe how do they compare to last year?

Question: Keith Weiss - Morgan Stanley - Analyst : Congratulations on a really strong start to the fiscal year. And I'll ask my congratulations to Kim Watkins. Truly has been a great partner to the financial community at Intuit in relations and best luck on the new endeavors. You guys had a really solid quarter. We saw it in the Global Business Solutions. There's a lot of concern out there about the health of the overall US consumer. And I know you guys get a lot of signal. So can you help us walk through if any of your signal turned or if this was more so into it just doing very well in what could be a shaky environment. Help us get a little bit more confidence about the durability of these see results throughout the year.

Question: Mark Murphy - JPMorgan Chase & Co - Analyst : Congrats on the great results and also to him in your future endeavors. Sasan, the Credit Karma market share gains of several points in loan originations and credit card issuance are pretty staggering because the size of those markets is just -- is utterly vast. Could you speak to whether you see ongoing runway to continue that type of motion where you're chipping away a couple of few points of share every year maybe by leveraging the TurboTax customer base and that data maybe by leveraging QuickBooks and the -- the cash flow data has to be of interest to lenders. At the end of the day, do you think you can create a more holistic financial health score than the traditional providers have?

Question: Daniel Jester - Bank of Montreal - Analyst : And also my congrats to Kim. Best of luck. On Mailchimp, I appreciate the additional color on the progress that has been made there, specifically in the middle market. As we think about the reacceleration to double digits by year-end, is that something that could be accomplished solely through middle market improvement? Or does this have to broaden out and also include the smaller customers coming back to the full wall?

Question: Alex Zukin - Wolfe Research LLC - Analyst : I apologize for the background noise. I guess maybe can we speak to some of the margin leverage and efficiencies that you're seeing from deploying some increasing leverage and just any other efficiencies that you're seeing that are durable given continued outperformance on margins that we're seeing now for, I think, like the third or fourth straight quarter. Anything you can add there would be super helpful.

Question: Alex Zukin - Wolfe Research LLC - Analyst : Excellent. I just want to get a big shout out to Kim. It's been a true pleasure working with you and can't wait to see where your next adventure takes you.

Question: Kash Rangan - Goldman Sachs Group Inc - Analyst : Hard to follow Alex Zukin, but I'm going to try my best. So I look on my congrats to Kim but also to Jeff, incoming he's been waiting for a while. So a well-deserved promotion. The question for you, Sasan is the delta and growth rates between accounting, which certainly is very, very strong. And online services, it's a little bit of a wider delta than whatever but maybe some of it has to do with Mailchimp in their -- I remember the bit old days into it, online services would typically grow faster than accounting because of the payroll payment attached that sort of thing. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. NOVEMBER 20, 2025 / 9:30PM, INTU.OQ - Q1 2026 Intuit Inc Earnings Call Is there a break in the pattern that explains this performance and that since you're getting going with IES, maybe there is a roughly heavy accounting finance emphasis and maybe these services will follow suit in the future? If you can just help me understand the cycle of what you're going through, that will be great. And since this is my last into call, I wish you many successes in your journeys ahead. Thank you.

Question: Kash Rangan - Goldman Sachs Group Inc - Analyst : Thank you. Much appreciated.

Question: Raimo Lenschow - Barclays Services Corp - Analyst : Thanks and following Kash is always an honor. Kim, all the best for you as well. A quick question for me was on Credit Karma. You talked about credit card loan is driving it, auto insurance a little bit. How do you think about it in terms of the health of the consumer, Sasan, you talked a little bit about it earlier, but like Credit Karma has been kind of performing a lot better than you guided for several quarters now. like how confident are you about what you're seeing there.

Question: Michael Turrin - Wells Fargo Securities LLC - Analyst : Just a quick part on the numbers, if I may. In terms of the QBO strength, you mentioned price is a leading factor there. So just any commentary you can add on how we should think about the shape of pricing contribution on that line throughout the rest of the fiscal year. And then on margin, fiscal Q1 was very strong. 2Q was a touch lower than we were maybe modeling. So can you just also speak to expense timing and whether there are marketing specific impacts to consider between those quarters as we're updating our forecast?

Question: Steven Enders - Citibank Cameroon SA (Douala Branch) - Analyst : Okay. Great. congrats to Kim as well. I guess I want to ask on the in-person, I guess, TurboTax experience that you're rolling out here. I guess what's the, I guess, hope or what's the kind of view of maybe how that changes I guess, the types of customers or could change the dynamics going through tax season here?

Question: John Byun - Jefferies LLC - Analyst : This is an John Byun on behalf of Brent Thill. Just had one question. So one of the advantages of interest platform is the ability to consolidate the dozens of apps for small businesses. I just wanted to see if you could talk about in the progress there and then maybe compare between the small businesses versus the mid-market, how are you reaching the potential? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. NOVEMBER 20, 2025 / 9:30PM, INTU.OQ - Q1 2026 Intuit Inc Earnings Call

Question: Brad Sills - Bofa Merrill Lynch Asset Holdings Inc - Analyst : I'll echo the congratulations to Kim on your next move. So many great agents in QuickBooks accounting agent payments, customer finance. The list just keeps going. Have you seen any -- any one in particular already use cases that you're seeing traction? And what would customers say as to kind of the ROI, some of the savings here? Any that have surprised you that, gosh, these are actually more effective than we thought and driving more value. And then what would that say about your kind of confidence in your ability to monetize these? Obviously, now it's through premium mix, but eventually through separate SKUs.

Question: Taylor McGinnis - UBS AG - Analyst : I appreciate all the help these last couple of years and wishing you all the best. So I'd like to unpack the strength of the 2Q revenue guide with the later start to the tax season this year and also a tougher credit comp, I think it would be helpful if you could just offer some additional color on the drivers of growth. Are there any segments where you're expecting growth to be more durable with the levels that we saw in 1Q or higher than implied in the full year guide?

Question: Arjun Bhatia - William Blair Capital Partners - Analyst : Perfect. Thank you so much. Sasan, if I can just go back to the OpenAI partnership for a second. I know this is just about to come live, but I'm curious if you would just venture to take a guess on when do you think customers would use Intuit apps inside ChatGPT versus when they would use kind of core or used into it within your own applications and use your Intuit intelligence capabilities, which also have sort of natural language answers. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. NOVEMBER 20, 2025 / 9:30PM, INTU.OQ - Q1 2026 Intuit Inc Earnings Call And I'm wondering if in your perspective, if that makes a difference at all or if your goal is kind of just to drive increase engagement and maybe that drives more attach of services and agentic adoption and all the other good things that come with increased usage?