Intuit Inc Investor Day 2026

Welcome to Intuit's 2026 Investor Day. I am Kendra Goodenough, head of investor relations here, and it is so good to see so many familiar faces and all of you here in sunny Mountain View. Those of us joining online, welcome as well. Happy to have everyone here today. We have a packed agenda for you, so I am going to take just a minute to walk you through what you can expect for the day. We are going to start off with Sasan Goodarzi, who is going to take us through our company growth strategy. He is also going to share a little bit of how Intuit Intelligence really comes to life in our offerings.

After that, we are going to hand it over to Alex Balazs, who is going to talk about technology and click in a little bit deeper on how that differentiates us and how that really fuels our innovation across the different businesses you are going to hear today. We will then move over to our business platform team, where you will hear from presenters including Ashley Still, David Hahn, Arundhati Singh, Wyatt Jenkins, and they are going to take you through what we are doing to fuel growth in our mid-market business, the power of our account network, how money is at the center of everything we offer customers, and what we are doing to accelerate customer growth across the platform. We will take a quick break at that point, and then we will move over to our consumer platform team, where you will hear from Mark Notarainni as well as Nick Tsoukas.

They are going to talk about what we are doing to rebuild the DIY tax funnel across both TurboTax and Credit Karma, and what we are doing to disrupt the assisted tax market as well. After that, we will have our CFO, Sandeep Aujla, on stage, where he will talk about the financial perspective of all of this and how we think about our financial commitments to all of you as our shareholders. After that, we will take one more quick break before we bring Sasan and Sandeep back on stage to do a Q&A session to answer all of your questions. Next, I have three quick housekeeping items for you all. The first one is the Wi-Fi. The Intuit guest network is available. There is no passcode needed. Second, restrooms are on your back left back there by the elevators. Third, the presentation today is available on our Intuit Investor Relations website.

Next, I am going to bring the slide up with all the words, so time for our standard disclaimers. Please review the disclaimers about forward-looking statements, non-GAAP financial measures, and other important information. I would also like to remind you that effective August 1, 2026, Mailchimp is a separate reportable segment, and share-based compensation expense is no longer excluded from non-GAAP financial measures. In this presentation, all prior period financial measures have been revised to reflect these changes. This includes actually non-financial disclosures as well, such as our total online paid customer growth year-over-year, which for FY 2026 is 4% when excluding Mailchimp versus 3% as previously disclosed. Additional information for the revised financial measures can be found on the company's fact sheet on Intuit's investor relations website at investors.intuit.com. Okay. With that, I think we are ready to start the day.

I am privileged and honored to get to introduce our Chairman and CEO, Sasan Goodarzi.

Well, good morning. So great to see so many familiar faces in the room, and good morning to everybody and good afternoon to everybody on the webcast. My team and I will do three things today. One, we are going to walk through our assessment of what is going well and areas where we are constructively dissatisfied. The second thing we will do is to walk through specific plans as to how we are going to scale our big bets and accelerate new customer growth. Then the third thing we will do is talk about our report card, what we are doing to monitor our performance for our customers internally every single day, and what you can hold us accountable for every quarter. With that, let us jump right in. First, I want to start with our overall results. They were strong, fueled by our big bets.

However, we fell short of our new customer targets, which impacted our tax performance, where it came in below our expectations. Let me dig into both of them. Let me start with our big bets. This is an area where, if you recall a handful of years, we laid out our AI strategy across the company, and we declared three big bets that really allowed us to go into new markets. One was to disrupt the assisted tax segment, where it is about a $35 billion plus total addressable market. Two, to have money benefits become core part of our platform beyond tax and accounting, and three, to move into mid-market.

It has taken us quite a bit of focus, investments, and talent to build out our platform, to build out our go-to-market motions, and what you can see a handful of years later, it is a meaningful part of the company. It is 30% of the company, and it is growing 30%. The summary on this page after years of work is we have expanded our TAM, we now have a growth engine that is fueling growth in the company, and we have expanded our margins. When you look at each of the bets, they are meaningful in their own right. They are multi-billion dollars, each and every one of them growing over 30%.

And when you look at new customer growth for the big bets, while a meaningful part has come from upgrades within our base, we have new to the franchise growing over 15% in assisted tax, and in mid-market, new to the franchise is growing over 30%. So really the headline news for our big bets is it's having a meaningful impact. The penetration is low, and we're excited about what's possible as we look ahead. Let's now talk about new customer growth, where we are disappointed with what we achieved in the past year, as it was below our internal goals. Let me first focus on tax. The way we keep score in tax is total IRS share gains.

And while we gained share in assisted tax, where we lost share was in DIY, and we lost quality DIY customers, and the number one reason why customers left us was price. The second is our core growth in QBO slowed in the U.S. and internationally. I will remind you, a handful of years ago, we were taking share in tax and DIY tax, and our new customers were growing at 20% in the business group. So we know how to do this. It's now being able to do both, scale our bets and drive new customer growth. As we stepped back and diagnosed, how do we ensure that we're setting up Intuit for durable long-term growth, competitively positioned to win? There's a few things that are worth talking about at the highest level before we jump going deeper on each of them.

The first is, as I just talked about, our bets are having a meaningful impact to growth. All of our innovation, which is fueled by AI, is having a significant customer benefit, which is helping us drive ARPC growth, and because we are continuing to reinvent our work internally, we're growing our margins and we're expanding EPS. At the same time, the three areas where we need to make progress are, one, we need to scale our bets. It's 30% of the company, and we need to make it a far bigger and more meaningful part of the company. The second is accelerate new customer growth, and third is, you will see today the incredible innovation we have in market and the pipeline of innovation that we have, it's to monetize the breakthrough adoption of that innovation.

So, what we're going to focus on today, in the context of what I shared a moment ago, is, one, how are we going to scale our big bets? And how are we going to accelerate new customer growth? Couple of things that I'll say upfront before I personally jump in and talk about it at the company level. With our big bets, this has been people and time. It's taken years to build out our platform capabilities, our go-to-market motions, understand which cohorts that we can win with, and now it's about continuing to scale them. With new customer growth, this is a moment in time where now that we've built out our talent, our capabilities, and the investments in our big bets, it's now time to do what we did before, which is new customer growth.

New customer growth is something that we must couple with scaling our bets because we are at a size and a scale where we have built out the talent. We now have our position to really build out our base so that we can drive durable growth as we look ahead. We will dig into both of these in a moment. Let me start with our strategy that is all grounded in what we are focused on with our customers. We are focused on helping consumers with their end-to-end needs, which is from building credit with Gen Z, to all the way to building wealth, which is defined by each consumer.

The second for businesses is to help them from leads all the way to cash. Last but not least, with accountants, it is to help them with not only automation of their firm, but also how they shift to advisory services to drive their revenue growth. In this context, our total addressable market is significant. In the last couple of years, our penetration has gone from 6% to 7% penetration. In context of a $300 billion TAM, the size of the opportunity is equal as it relates to what we can do with the consumer platform and what we can do with the business platform. The thing that is very important to us is our purpose, why we wake up every single morning, and it is to power the prosperity of those that we serve.