[Management View]
Intuit reported strong revenue growth for FY2025, with full-year revenue increasing by 16% and Q4 revenue up by 20% to $3.8 billion. GAAP operating income for Q4 was $339 million, reversing a loss of $151 million from the previous year. Non-GAAP operating income increased by 18% for FY2025 and 39% for Q4. The company emphasized the success of its AI-driven platform and mid-market expansion as key drivers of growth.

[Outlook]
For FY2026, Intuit projects total company revenue of $20.997 billion to $21.186 billion, representing 12%-13% growth. GAAP diluted EPS is expected to be between $15.49 and $15.69, up 13%-15%. The company anticipates double-digit growth for the Global Business Solutions Group and Credit Karma, with Mailchimp expected to exit FY2026 with double-digit revenue growth.

[Financial Performance]
Intuit's Q4 GAAP diluted EPS was $1.35, compared to a loss of 7¢ in the prior year. Non-GAAP diluted EPS reached $2.75, an increase of 38% in Q4. Global Business Solutions Group revenue grew 18% in Q4, or 21% excluding Mailchimp. TurboTax Live revenue surged 47%, with customer growth of 24%. Credit Karma revenue advanced 32% for FY2025 and 34% in Q4.

[Q&A Highlights]
Question 1: Sasan, that's a great end to fiscal 2025. Mainly, I want to focus on the small business, your global business group, the 18% growth excluding Mailchimp. But as you look at fiscal 2026, what are the areas you are more excited about, and what did you learn in the fiscal 2025 execution? And if I could add one more to this, there's concern about this lead generation with the slowdown in SEO search.
Answer: First, the customer growth in the U.S. at 8% and mid-market at 23% is strong, and we are excited about addressing headwinds around Mailchimp and International. Second, our all-in-one platform with AI agents and AI-enabled human agents gives us confidence in driving growth. Third, mid-market growth at 40% and product launches provide durable growth potential. AI search plays into our favor, with traffic up significantly and AI search being 1% of overall traffic. Credit Karma is not reliant on SEO search, and our growth comes from recommendations, with search being less than 15% of our overall portfolio.

Question 2: What should our expectations be for monetization around those agents? Is it still too early? Or what should the time frame be that we should be thinking about those ramping up into the revenue base? And then on the other side of the equation, Mailchimp has been a drag through FY '25. Any inklings you could give us on what's driving that confidence in getting that business back to a double-digit growth rate?
Answer: We have high expectations for future monetization of AI agents, but have not assumed anything in our guidance for this year. Engagement and repeat engagement are above expectations. Mailchimp is expected to exit FY2026 with double-digit growth, driven by sales playbook improvements and product enhancements, with the highest customer satisfaction since acquisition.

Question 3: Are there any crosscurrents out there that are sort of offsetting that to what you would have thought maybe at the beginning of the year, obviously tariffs with Europe? Just anything you could give us some context on because it seems like you have some really nice momentum in some of your early state.
Answer: We will circle back to Kirk Materne.

Question 4: Can you maybe talk about or just sort of outline the product and go-to-market priorities around IES in '26? Just thinking about some of the momentum behind the business and potential acceleration in '26.
Answer: We are focused on mining our existing customer base, creating a flywheel effect with accountant partners, and accelerating product releases to penetrate and expand our addressable market. The July product release was significant, and we are excited about adding Ashley to accelerate progress.

Question 5: How ready are your customers to implement these agents? And does that require some work on your end? Or is it fairly sort of plug-and-play kind of thinking through what we might expect in 2026 and 2027?
Answer: Customers care about growing their business and making decisions, not just AI. AI agents help with tasks like unpaid invoices and cash flow improvements. The Forrester study shows a 300% ROI over three years when consolidating data, tech stack, and spend on our platform.

Question 6: Can you talk a little bit about Credit Karma? Obviously, a fantastic year for that business. I think there's some concern, obviously, with that business that it can be potentially more cyclical than other parts of your business. But the double-digit guide for next year against what are very tough comps seems to give some indication that you guys feel good about how that's sort of operating.
Answer: Credit Karma's strategic acquisition aims to create one consumer platform for year-round engagement. Share gains in credit card and personal loan performance are driven by data and AI investments. Innovation in tax, insurance, prime customers, and money provides confidence in durable growth.

Question 7: Can you maybe talk through the drivers of that performance? And how durable you think some of those trends could be as we go into 2026? And then secondly, as we look ahead into the guidance excluding Mailchimp, it implies a little bit of a deceleration. So maybe you could just walk us through how we should think about what that implies for desktop versus online and some of the assumptions there.
Answer: Q4 acceleration was driven by mid-market scaling and new lineup introductions. Durable trends will continue into FY2026. The guidance excluding Mailchimp reflects less pricing actions in desktop and services compared to FY2025.

Question 8: Can you maybe just help expand a little bit on improvements that underpin the confidence in the 15% to 20% TTL growth next year after such a fantastic year?
Answer: Mid-market growth and the all-in-one platform launch provide confidence for durable growth. TurboTax Live had a phenomenal year, with strong brand equity and better together experience with Credit Karma, driving momentum in the assisted tax category.

Question 9: How is the go-to-market engine of QuickBooks and other products that do depend upon ads, Internet ads work in this new era, and how do you take advantage of or how do you make sure that you are not at a personal disadvantage, and how do you take advantage of AI search taking over relative to normal paid search?
Answer: Intuit is focused on AI search and visibility. Traffic was up double digits, with less than 15% driven by search. AI search is 1% of overall search, and we are investing to show up in AI apps. The go-to-market strategy includes one-to-many campaigns, one-to-one accountant channels, and leveraging the all-in-one platform for growth.

Question 10: Have you seen any change in terms of what you are seeing from that perspective? Either in your underlying data or from customers coming through? Just maybe what have you seen from a deal environment perspective?
Answer: Consumers are stretched, with credit card balances up 4% year over year. Business revenues are generally flat, but profits and cash flows are up. Sectors like real estate, advertising, and manufacturing are down, while others are up.

Question 11: If you think about how over the course of the next twelve to eighteen months, you think about all of the functionality and the products and as well as in AI functionality starting to mix shift your customers with a more kind of simplistic yet holistic offering into higher tiers of service. How much is it how much push is it versus pull? How does the agentic functionality unlock that opportunity for you?
Answer: Customers are overwhelmed with apps and overspending. The all-in-one platform consolidates data, tech stack, and spend, driving a 300% ROI over three years. It is a push and pull strategy to motivate and inspire consolidation.

Question 12: You have had the invoice generator out for quite some time, but would love to hear about any traction you are seeing there. And how that's performing and could that be a leading indicator perhaps for other agents that might be coming over time?
Answer: Customers using the invoice reminder see 10% higher payments volume and get paid five days earlier. The payments AI agent expands to tasks like paying bills, providing lines of credit, and creating payment-enabled estimates.

Question 13: The playbook to get Mailchimp back to growth, how do you think about this? What's the most important thing? I know you mentioned the user interface is a little too complicated for SMBs to use. How much longer is this going to take to get you back to growth in that business?
Answer: Progress in mid-market scaling and small business customer satisfaction improvements are key. The subscription business has a six-month lag, but we expect Mailchimp to exit double digits this fiscal year.

[Sentiment Analysis]
Analysts and management expressed confidence in Intuit's growth prospects, particularly in the mid-market and AI-driven platform. The tone was optimistic, with a focus on durable growth and strategic investments.

[Quarterly Comparison]
| Metric | Q4 FY2025 | Q4 FY2024 |
|---------------------------------|-----------|-----------|
| Revenue | $3.8B | $3.17B |
| GAAP Operating Income | $339M | -$151M |
| Non-GAAP Operating Income | $1B | $720M |
| GAAP Diluted EPS | $1.35 | -$0.07 |
| Non-GAAP Diluted EPS | $2.75 | $1.99 |
| Global Business Solutions Group | +18% | +16% |
| TurboTax Live Revenue | +47% | +17% |
| Credit Karma Revenue | +34% | +25% |

[Risks and Concerns]
- Mailchimp's performance has been a drag, but improvements are expected.
- SEO search slowdown and reliance on AI search.
- Consumer credit card balances and credit scores indicate financial stress.

[Final Takeaway]
Intuit's FY2025 results demonstrate strong revenue and earnings growth, driven by the adoption of its AI-driven platform and mid-market expansion. The company is well-positioned for continued growth in FY2026, with strategic investments in AI, data services, and human intelligence. Management's confidence in future monetization and the ability to consolidate customer technology spend and data on its platform provides a solid foundation for sustained double-digit growth and margin expansion.