Q4 FY2026 results
| Metric | Result | Change |
|---|---|---|
| Q4 Revenue | $4.4 billion | up 14% |
| Q4 Non-GAAP Diluted EPS | $4.03 | up 47% |
| Full Year Revenue Growth | 14% | Not stated |
| Mid-market Revenue Growth | 39% | Not stated |
| Total Online Payment Volume | more than $225 billion | up 30% |
Guidance and outlook
- Fiscal 2027 total company revenue is expected to be $23.279 billion to $23.512 billion, representing growth of 9% to 10%.
- Global Business Solutions segment revenue growth is expected to be 13% to 14%.
- Consumer segment revenue growth is expected to be 4% to 6%.
- GAAP diluted earnings per share is expected to be $20.12 to $20.36.
- Non-GAAP diluted earnings per share is expected to be $22.88 to $23.12.
How management sounded
Balanced (+3 on our -10 to +10 scale). Management is confident in their Big Bets and AI platform but candidly admitted to losing quality DIY customers and needing to reset growth expectations to prioritize new customer acquisition. Management sounded more upbeat than on 1% of the 190 calls we cover; most companies sound positive on their own calls, so the comparison says more than the label.
Q&A summary
Strategy and J-curve
Asked: Brad Zelnick from Deutsche Bank asked what supports confidence that this year is the bottom of the J-curve and not a structural AI-driven change.
Answer: Sasan Goodarzi stated they are resetting expectations to play offense, scaling Big Bets, and doubling down on new customer acquisition in areas where performance was lacking.
Tax Pricing
Asked: Kirk Materne from Evercore ISI asked if aggressive pricing in DIY tax would bleed into the assisted market.
Answer: Sasan Goodarzi explained that assisted and DIY markets have different structures, and they can compete on price in DIY while maintaining their value proposition in assisted.
Growth Deceleration
Asked: Raimo Lenschow from Barclays asked about the delta between long-term growth targets and current guidance.
Answer: Sasan Goodarzi clarified that they are creating the pressure by choosing to invest in new customer acquisition and mid-market growth to ensure durable long-term results.
Customer Growth
Asked: Taylor McGinnis from UBS asked about the drivers of the slowdown in online customer growth.
Answer: Sasan Goodarzi noted that while they focused on building their agentic platform and mid-market, they are now pivoting to accelerate new customer acquisition using tools like QuickBooks Free and QuickBooks Lite.
What to watch before the next call
- The impact of the new QuickBooks Free and QuickBooks Lite offerings on new customer acquisition rates.
- The transition of Mailchimp into a separate reportable segment starting in fiscal 2027.
- The effectiveness of the new AI-native tax experience in reversing the loss of DIY customers to low-cost providers.
