Research Reports

Q2 total revenue of $4.7 billion, up 17% (prepared).
Global Business Solutions Group revenue grew 18% (21% excluding Mailchimp); online ecosystem revenue grew 21% (25% excluding Mailchimp) (CFO).
Online ecosystem revenue for QBO Advanced and Intuit Enterprise Suite grew ~40% (CFO).
QuickBooks Online accounting revenue grew 24% (CFO).
Online services revenue grew 18% (28% excluding Mailchimp); Money revenue driven by payments, total online payment volume (incl. bill pay) grew 29% (CFO).
Desktop ecosystem revenue grew 10%; Desktop enterprise revenue grew high teens (CFO).
Consumer Group revenue grew 15%: TurboTax +12%, Credit Karma +23%, ProTax +7% (CFO).
Non-GAAP operating income $1.5B vs $1.3B last year; non-GAAP diluted EPS $4.15 vs $3.32 last year (CFO).
Q2 share repurchases of $961M; Board approved quarterly dividend of $1.20 per share, up 15% (CFO).
Over 3 million customers used AI agents; all-time repeat engagement >85%; accounting agents categorized 237M transactions in January (CEO).
QuickBooks Live customer growth >50% in Q2 (CEO).
New IES contracts grew nearly 50% quarter-over-quarter; direct sales team expanding ~30% (CEO).
Mailchimp revenue down slightly; expected to return to double-digit growth beyond fiscal 2026 (CFO).

Full-year fiscal 2026: Total company revenue $20.997B–$21.186B (growth 12%–13%); Global Business Solutions Group revenue growth 14%–15%; Consumer Group revenue growth 8%–9% (TurboTax +8%, Credit Karma +10%–13%, ProTax +2%–3%); GAAP diluted EPS $15.49–$15.69; non-GAAP diluted EPS $22.98–$23.18 (CFO).
Q3 fiscal 2026: Total company revenue growth 10%; GAAP EPS $10.56–$10.62; non-GAAP EPS $12.45–$12.51 (CFO).

"We delivered an outstanding quarter with Q2 revenue growth of 17%, clear evidence our strategy is working with strong execution across our 3 Big Bets." (CEO)
"Our platform has become a service that delivers peace of mind, certainty and confidence." (CEO)
"We are a category of one because our platform is mission-critical to our customers' financial lives." (CEO)
"We maintain our aim to be in the market each quarter." (CFO)
"We have high confidence and a lot of momentum in achieving Global Business Solutions Group revenue guidance for the year." (CFO)

Metric	Value	Speaker/Context
Total revenue	$4.7B, +17%	CFO
Global Business Solutions Group revenue growth	18% (21% ex-Mailchimp)	CFO
Online ecosystem revenue growth	21% (25% ex-Mailchimp)	CFO
QBO Advanced + IES revenue growth	~40%	CFO
QuickBooks Online accounting revenue growth	24%	CFO
Online services revenue growth (ex-Mailchimp)	28%	CFO
Total online payment volume growth (incl. bill pay)	29%	CFO
Consumer Group revenue growth	15%	CFO
TurboTax revenue growth	12%	CFO
Credit Karma revenue growth	23%	CFO
Non-GAAP operating income	$1.5B	CFO
Non-GAAP diluted EPS	$4.15	CFO
Share repurchases (Q2)	$961M	CFO
Dividend per share (quarterly)	$1.20 (+15%)	CFO
AI agent repeat engagement	>85%	CEO
Transactions categorized by accounting agents (Jan)	237M	CEO
QuickBooks Live customer growth	>50%	CEO
New IES contracts QoQ growth	~50%	CEO
Direct sales team expansion	~30%	CEO

Topic: AI护城河、合作模式与税务季更新
Key points:
- 护城河来自专有数据（资金流、工时、货币流）和高风险领域的人类智能，数据不离开公司四墙。AI主要依赖知识工程与机器学习，而非LLM（Intuit财务大语言模型仅作补充）。
- 与Anthropic/OpenAI合作中，核心体验由自有AI驱动，第三方LLM仅处理上下文（如建筑公司定制看板），不参与核心金融决策；双方不分享收入，客户使用第三方LLM的经济条款与直接使用相同。
- 截至2月6日，IRS申报量同比下降5%，但管理层认为可能是时点性差异（IRS人员同比减27%），不预示全季趋势。
Mgmt stance: Bullish — 强调AI护城河未被LLM侵蚀反而增强；合作模式清晰（核心vs上下文）；税务季数据仅为时间调整，非结构性负面信号。

Topic: 经济健康指标与客户财务韧性
Key points:
- 小时工时：同比增约4%，1月增速环比10月改善。现金储备：总体稳定，中端市场和小型企业现金增加，微型企业略降。
- 营收健康：中端市场营收增速约6%，SMB低个位数增长，微型企业个位数下降。利润端：IT服务、制造业、批发贸易表现良好；广告、零售等非必需行业出现下滑。
- 客户多元化：覆盖多客户规模、行业与地域，缓冲经济波动。
Mgmt stance: Bullish — 引用量化指标（工时增4%、现金稳定、利润端改善）认为经济健康，且客户多元化增加韧性。