Intuit Reports Fiscal Q4 Non-GAAP EPS of $4.03 Against Its Own $3.56-$3.62 Guide, and Redefines Non-GAAP for Fiscal 2027

by Henry Nakamura · August 26, 2026

Earnings Reporter, Earnings Dispatch

Intuit closed its fiscal year above its own forecast on every headline line. In an earnings release issued after Tuesday's closing bell, the company reported fiscal fourth-quarter revenue of $4.354 billion, up 14 percent from a year earlier, GAAP diluted earnings per share of $1.34, and non-GAAP diluted earnings per share of $4.03.

Each of those figures sits above the range Intuit set for itself. In its third-quarter release dated May 20, 2026, the company guided fiscal fourth-quarter revenue growth of approximately 11 to 12 percent, GAAP diluted EPS of $0.73 to $0.79, and non-GAAP diluted EPS of $3.56 to $3.62. Reported GAAP EPS came in at roughly seventy percent above the top of that GAAP range; reported non-GAAP EPS cleared the top of its range by 41 cents. That non-GAAP comparison is on a consistent basis: the accounting-policy change discussed below takes effect Aug. 1, 2026, the day after the fiscal year ended, and the fourth-quarter reconciliation in the release still excludes $507 million of share-based compensation, as the May guidance did.

A word on the calendar, because Intuit's labels do not line up with the calendar year. Intuit's fiscal fourth quarter of 2026 is the three months ended July 31, 2026 -- broadly the calendar months of May through July. Its fiscal 2026 full year ended on that same date. The fiscal 2027 outlook discussed below therefore covers the twelve months ending July 31, 2027, not the calendar year. These are also figures the company reported about itself in an unaudited press release, not independently established results: the audited versions arrive with Intuit's annual report on Form 10-K, and the reconciliation tables in the release are the company's own.

Consensus, as always, depends on who is compiling it. A Zacks-authored preview published Aug. 24 and accessed Aug. 26 put the Zacks Consensus Estimate for the quarter at $4.27 billion in revenue and $3.59 per share. That preview does not state whether the $3.59 mark is on a GAAP or a non-GAAP basis; it separately cites the company's own GAAP guidance of 73 to 79 cents alongside management's non-GAAP projection of $3.56 to $3.62, and the consensus figure sits inside the latter range rather than the former. Readers should note that the basis is inferred from context, not stated by the compiler. Other compilers -- LSEG, FactSet, Visible Alpha and Bloomberg among them -- build their consensus from different analyst panels and different treatment of adjustments, and their numbers routinely differ from one another. Readers comparing a reported figure against a consensus should always check which compiler produced it and on which basis.

Below the per-share lines, Intuit reported GAAP operating income of $475 million for the quarter against $339 million a year earlier, a 40 percent increase, and non-GAAP operating income of $1.448 billion. The gap between those two numbers is the reconciliation, and for the fourth quarter the company listed share-based compensation of $507 million, amortization of acquired technology of $43 million, amortization of other acquired intangible assets of $121 million, and restructuring costs of $293 million.

For the full fiscal year, Intuit reported revenue of $21.4 billion, up 14 percent; GAAP diluted EPS of $16.46, up 20 percent; non-GAAP diluted EPS of $24.27, also up 20 percent; GAAP net income of $4.566 billion; GAAP operating income of $5.9 billion, up 20 percent; and non-GAAP operating income of $8.9 billion, up 18 percent. At $21.448 billion, revenue landed above the $21.341 billion to $21.374 billion full-year range the company had raised to in May, and both EPS measures cleared the raised full-year ranges of $15.79 to $15.84 GAAP and $23.80 to $23.85 non-GAAP.

By segment for the fourth quarter, the company reported Global Business Solutions revenue of $3.4 billion, up 14 percent; Online Ecosystem revenue of $2.6 billion, up 17 percent; QuickBooks Online Accounting revenue up 20 percent; Consumer Group revenue of $930 million, up 14 percent; Credit Karma revenue of $743 million, up 16 percent; and ProTax revenue of $34 million, up 6 percent. On a full-year basis Global Business Solutions grew 16 percent to $12.9 billion, or 18 percent excluding Mailchimp; Consumer grew 11 percent to $8.6 billion; Credit Karma grew 20 percent to $2.6 billion; ProTax grew 4 percent to $647 million; and the Online Ecosystem grew 19 percent to $9.9 billion, or 23 percent excluding Mailchimp.

The most consequential sentence in the release is not a number at all. Intuit states that effective Aug. 1, 2026, share-based compensation expense will no longer be excluded from its non-GAAP financial measures. That single change resets what the phrase non-GAAP means at this company from the first day of fiscal 2027 onward, and it explains an arithmetic oddity that would otherwise look like a typographical error.

Here is the oddity. Intuit guides fiscal 2027 non-GAAP diluted EPS to $22.88 to $23.12 and calls that a 23 to 24 percent increase. But the fiscal 2026 non-GAAP diluted EPS printed in the same release is $24.27 -- a larger number. The same pattern shows up one line down: fiscal 2027 non-GAAP operating income is guided to $8.063 billion to $8.145 billion and described as 17 to 18 percent growth, against fiscal 2026 non-GAAP operating income of $8.935 billion. Neither growth rate is computed against the fiscal 2026 figure sitting directly above it. Both are computed against a recast fiscal 2026 base that adds share-based compensation back in.

The scale of that recast is available in the release, which footnotes roughly $2.056 billion of share-based compensation excluded from fiscal 2026 non-GAAP results. Subtracting that from the $8.935 billion of fiscal 2026 non-GAAP operating income -- Earnings Dispatch's own arithmetic on two figures the company published, not a number Intuit printed -- gives a recast base near $6.88 billion, against which the fiscal 2027 guide of $8.063 billion to $8.145 billion does represent growth in the high teens. The upshot for readers is simple and worth stating plainly: Intuit's fiscal 2027 non-GAAP guidance cannot be compared directly to its fiscal 2026 non-GAAP results without that adjustment, and any headline treating the guide as a year-over-year decline in profitability would be misreading a definitional change as a business one.

The GAAP line, which is unaffected by all of this, tells a cleaner story. Intuit guided fiscal 2027 GAAP diluted EPS to $20.12 to $20.36, a 22 to 24 percent increase over the $16.46 reported for fiscal 2026, and GAAP operating income to $7.408 billion to $7.490 billion, growth of 26 to 27 percent. Full-year fiscal 2027 revenue is guided to $23.279 billion to $23.512 billion, growth of 9 to 10 percent -- a step down from the 14 percent just delivered.

For the fiscal first quarter of 2027, the three months ending Oct. 31, 2026, Intuit guided revenue of $4.294 billion to $4.313 billion, growth of about 11 percent; GAAP diluted EPS of $1.71 to $1.75, an increase of 8 to 10 percent; and non-GAAP diluted EPS of $2.44 to $2.48, which the company frames as a 30 to 33 percent increase. That non-GAAP figure is already on the new basis that includes share-based compensation, and is not comparable to non-GAAP quarterly figures the company reported during fiscal 2026.

On capital returns, Intuit said it repurchased $5.5 billion of stock during fiscal 2026, a 96 percent increase over the prior year, and set a quarterly dividend of $1.38 per share payable Oct. 16, 2026, a 15 percent increase. In prepared remarks accompanying the release, chairman and chief executive Sasan Goodarzi said the company passed $20 billion in annual revenue, with growth driven by the initiatives Intuit labels its Big Bets, which he said grew 34 percent collectively and accounted for 30 percent of full-year revenue. Chief financial officer Sandeep Aujla described fiscal 2026 as evidence of the platform's strength and of the growing contribution from those same Big Bets. Intuit has said it will hold an investor day on Sept. 17, where the recast non-GAAP framework is likely to get a fuller airing.

This article does not describe Intuit's share-price reaction. The results landed after Tuesday's close, and as of publication Wednesday morning the U.S. market was open and no closing price for the session existed.