Intuit guides to slower 2027 growth

Intuit (INTU) projected fiscal 2027 revenue in a range of $23.28 billion to $23.51 billion, implying 9% to 10% growth. This outlook is below a cited analyst estimate of $23.72 billion, signaling slower expected expansion than the market had anticipated. The company also guided adjusted earnings per share for fiscal 2027 to between $22.88 and $23.12, compared with an analyst expectation of $27.32.

For the first quarter of fiscal 2027, Intuit (INTU) forecast revenue of $4.29 billion to $4.31 billion. That compares with an analyst estimate of $4.36 billion, indicating a softer near-term revenue trajectory as well. Following the release of this guidance, the stock experienced a sharp decline in after-hours trading.

Intuit expects revenue growth from its TurboTax business to slow meaningfully in fiscal 2027. The company forecast TurboTax revenue growth of 2% to 3% for the year, down from 7% growth in fiscal 2026. This deceleration is part of the broader moderation in the company’s top-line outlook.

Management linked the slower TurboTax growth in part to deliberate changes to attract more users. These changes are lowering average revenue per customer, putting pressure on the near-term revenue contribution from the tax-preparation franchise. The strategy is aimed at increasing customer adoption even as it dampens immediate revenue per user.

Intuit highlighted weaker performance in its marketing-platform offerings, including Mailchimp, as a driver of the softer outlook. The company said it expects Mailchimp revenue to be flat to down 1% in fiscal 2027, underscoring pressure in that part of the portfolio. In addition, Intuit pointed to a continued decline in its desktop products as another factor weighing on overall growth.

Starting in the first quarter of fiscal 2027, Intuit plans to report Mailchimp as a separate segment. The new reporting structure is expected to provide greater visibility into the performance of the marketing platform business. Management indicated that these dynamics in Mailchimp and desktop products are contributing to the overall revenue deceleration.

Despite the near-term slowdown, Intuit emphasized that it is prioritizing customer growth and market-share gains. The company said it is focusing on scaling its "Big Bets" and accelerating customer expansion across its platforms. These strategic investments are expected to weigh on sales and profitability metrics in the short term as Intuit adjusts pricing and product strategies.

Intuit framed the guidance as reflecting deliberate choices to balance investment and growth. While revenue forecasts for fiscal 2027 and the upcoming quarter fell short of analyst expectations, the company is pursuing initiatives aimed at broadening its customer base over time. In the most recently reported fourth quarter, revenue grew 13.6% to $4.35 billion, exceeding an estimate of $4.27 billion, showing that recent performance has been stronger than the forward-looking guidance suggests.