Q2 2026 Intuit Inc Earnings Call

February 26, 2026

Prince operator today at this time I would like to welcome everyone to Intuit's second quarter fiscal year 2026 conference call.

All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question and answer period. If you would like to ask a question. During this time simply press Star then the number one on your telephone keypad. If you would like to withdraw your question Press Star two.

With that I will now turn the call over to Miss and Sylvie Senior view into its senior Vice President of Investor Relations corporate and strategic Finance. Please go ahead ma'am.

Thank you good afternoon, and welcome to Intuit second quarter fiscal 2026 conference call I'm here with Intuit's, Chairman and CEO. So sudden good Dara D N O CFO Sandeep osler.

Before we start I'd like to remind everyone that our remarks will include forward looking statements.

There are a number of factors that could cause intuit's results to differ materially from our expectations. You can learn more about these risks in the press release, we issued earlier. This afternoon, our Form 10-K for fiscal 2025, and all other SEC filings all of those documents are available on the Investor Relations page of Intuit's website at.

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We assume no obligation to update any forward looking statements.

Some of the numbers in these remarks are presented on a non-GAAP basis, we've reconciled the comparable GAAP and non-GAAP numbers in todays press release.

Unless otherwise noted all growth rates refer to the current period versus the comparable prior year period.

And the business metrics and associated growth rates refer to the worldwide business metrics.

A copy of our prepared remarks, and supplemental financial information will be available on our website. After this call ends with that I'll turn the call over to Tom. Thanks.

Thanks, Ann and thanks to all of you for joining US today, we delivered an outstanding quarter with Q2 revenue growth of 17% clear evidence our strategy is working with strong execution across our three big bets.

This performance underscores how our AI and human intelligence platform innovation is fueling intuit's growth and delivering significant customer benefits.

We are a category of one because our platform is mission critical to our customers' financial lives.

Our category accuracy compliance security reliability, a financial decision and the liability that comes with it are critical to our customers. It's our advantage and it's why we win.

It's fueling the success of our customers with innovation that enable businesses to operate from lead to cash and help consumers from credit building to wealth building all in one place with confidence that it's done right in a regulated environment.

This means intuit is delivering financial intelligence at scale, our success rests on our powerful combination of our proprietary data domain specific AI platform capabilities and AI powered human intelligence, which we'll refer to as hei.

And as we scale the business model strengthening the more customers, we engage the more insights, we gain which improve recommendations outcomes and value for every customer that creates a powerful network effect that reinforces our competitive advantage with our nearly 100 million customers in our system of AI agent.

And AI enabled experts fueling RPC growth and margin expansion.

Our system of intelligence combined AI and AI to deliver done for your experiences with accuracy compliance security reliability and data privacy that create a durable competitive advantage.

This foundation delivers what matters most to customers when it comes to financial insight money management taxes, bookkeeping, and accounting leading to a complete confidence in their high Stakes financial decisions. We're setting the standard for trusted financial intelligence and this advantage defines our leadership for years to come.

Our momentum is fueled by three big bets that represent the company's largest growth vectors across 300 billion Tam.

Our penetration today is 6%.

The first that is delivering done for you experiences powered by AI and hei, creating an entirely new category.

And accelerating money benefit by putting money at the center of everything that we do for our consumers and businesses.

And third feeling mid market success with a disruptive AI native ERP platform let.

Let me start with our all in one business platform, where we delivered done for you experiences powered by AI NHI driving growth saving customers time, and money and consolidating how they run their business in one place.

We are continuing to see momentum with our virtual team of AI agent over 3 million customers have leveraged agents to do the work for them with all time repeat engagement of more than 85%.

Sasan Goodarzi: combines AI and HI to deliver done-for-you experiences with accuracy, compliance, security, reliability, and data privacy that create a durable competitive advantage. This foundation delivers what matters most to customers when it comes to financial insights, money management, taxes, bookkeeping, and accounting, leading to a complete confidence in their high-stakes financial decisions. We're setting the standard for trusted financial intelligence, and this advantage defines our leadership for years to come. Our momentum is fueled by three big bets that represent the company's largest growth vectors across $300 billion in TAM, where our penetration today is 6%. The first bet is delivering done-for-you experiences powered by AI and HI, creating an entirely new category. Second, accelerating money benefits by putting money at the center of everything that we do for our consumers and businesses. Third, fueling mid-market success with a disruptive AI-native ERP platform.

Currency compliance security reliability and data privacy that create a durable competitive advantage. This.

In January alone, our accounting agent save time and deliver impact for our customers by categorizing over 237 million transaction.

This represents over half of all the transactions categorized that month, our business tax agent is putting more money directly back into our customers' pockets uncovering an average of over $1000 an incremental tax deduction.

Our momentum is fueled by three big bets that represent the company's largest growth vectors across 300 billion in Tam.

Our AI and AI capabilities are not only automating tasks and workflows, but driving consumption and adoption of services like payroll and powering quickbooks live customer growth of over 50% in Q2.

Our penetration today is 6%.

The first that is delivering done for you experiences powered by AI and hei, creating an entirely new category.

Given this success, we are rapidly scaling the rollout of Intuit intelligence, a revolutionary system of intelligence that fundamentally changes how customers engage with our platform to run their businesses leveraging intuit's proprietary data domain specific AI platform capabilities and human intelligence and delivers done for you.

Second accelerating money benefit by putting money at the center of everything that we do for our consumers and businesses.

And third fueling mid market success with a disruptive AI native ERP platform let.

Sasan Goodarzi: Let me start with our all-in-one business platform, where we deliver done-for-you experiences powered by AI and HI, driving growth, saving customers time and money, and consolidating how they run their business in one place. We are continuing to see momentum with our virtual team of AI agents. Over 3 million customers have leveraged agents to do the work for them, with all-time repeat engagement of more than 85%. In January alone, our accounting agents saved time and delivered impact for our customers by categorizing over 237 million transactions. This represents over half of all the transactions categorized that month. Our business tax agent is putting more money directly back into our customers' pockets, uncovering an average of over $1,000 in incremental tax deductions.

Let me start with our all in one business platform, where we deliver done for you experiences powered by AI NHI driving growth saving customers time, and money and consolidating how they run their business in one place.

<unk> says with complete customers customers can add anything for example, core my most profitable customers what are my top expenses and how can I reduce operating costs, how can I grow customers.

We are continuing to see momentum with our virtual team of AI agent over 3 million customers have leveraged agents to do the work for them with all time repeat engagement of more than 85%.

Intuit intelligence provides ground it answers and their own proprietary data and we will take action on their behalf through automation and with a seamless handoff to a trusted AI enabled human expert.

In January alone, our accounting agent save time and delivered impact for our customers by categorizing over 237 million transaction.

This represents a profound shift because now it's done for you with confidence and.

And because Intuit intelligence uses deterministic domain specific models that are built on decades of trusted proprietary data. Its recommendations are personalized accurate reliable and compliance. This is intelligence rooted and lift the financial reality not generic large language models.

Sasan Goodarzi: Our AI and HI capabilities are not only automating tasks and workflows, but driving consumption and adoption of services like payroll and powering QuickBooks Live customer growth of over 50% in Q2. Given this success, we are rapidly scaling the rollout of Intuit Intelligence, a revolutionary system of intelligence that fundamentally changes how customers engage with our platform to run their businesses. Leveraging Intuit's proprietary data, domain-specific AI platform capabilities, and human intelligence, it delivers done-for-you experiences with complete customers. Customers can ask anything. For example, Who are my most profitable customers? What are my top expenses, and how can I reduce operating costs? How can I grow customers? Intuit Intelligence provides grounded answers in their own proprietary data and will take action on their behalf through automation and with a seamless handoff to a trusted AI-enabled human expert.

Our AI and AI capabilities are not only automating tasks and workflows, but driving consumption and adoption of services like payroll and powering quickbooks live customer growth of over 50% in Q2.

The value of Intuit intelligence is unmistakable over the past year, our real world testing has shown that when AI NHI come together in a single integrated experience customers can achieve better outcomes and it positions intuit for sustained double digit revenue growth as it unlocks our town.

We're also making strong progress accelerating money benefit by putting money at the center of everything we do we saw total online payments volume our payments and bill pay customers grew 29%.

Leveraging intuit's proprietary data domain specific AI platform capabilities and human intelligence and delivers done for your experiences with complete customers customers can ask anything for example, who are my most profitable customers. What are my top expenses and how can I reduce operating costs, how can I grow.

<unk> continued momentum and helping our customers get paid faster and better manage their cash flow bill pay volume nearly doubled as we continue to see breakthrough adoption.

Turning to mid market, our disruptive AI native mid market platform is fueling the success of growing businesses and we are further scaling our investment in product innovation and go to market motions to accelerate customer adoption.

Customers Intuit intelligence provides ground it answers and their own proprietary data and we will take action on their behalf through automation and with a seamless handoff to a trusted AI enabled human expert.

Sasan Goodarzi: This represents a profound shift because now it's done for you with confidence. Because Intuit Intelligence uses deterministic, domain-specific models that are built on decades of trusted, proprietary data, its recommendations are personalized, accurate, reliable, and compliant. This is intelligence rooted in lived financial reality, not generic large language models. The value of Intuit Intelligence is unmistakable. Over the past year, our real-world testing has shown that when AI and HI come together in a single integrated experience, customers can achieve better outcomes, and it positions Intuit for sustained double-digit revenue growth as it unlocks our TAM. We're also making strong progress accelerating money benefits by putting money at the center of everything we do. We saw total online payments volume for our payments and bill pay customers grow 29%, reflecting continued momentum in helping our customers get paid faster and better manage their cash flow.

In Q2 online ecosystem revenue for <unk> advanced and Intuit Enterprise suite grew approximately 40%.

This represents a profound shift because now it's done for you with confidence.

And because Intuit intelligence uses deterministic domain specific models that are built on decades of trusted proprietary data.

The combination of continuous platform innovation and faster on boarding.

Is driving significant customer value.

Recommendations are personalized accurate reliable and compliance.

With our Intuit enterprise suite product release in February we are deepening our capabilities in the largest verticals within our nearly $90 billion mid market town.

This is intelligence rooted in live the financial reality not generic large language models.

We just launched construction addition for Intuit Enterprise suite. The first in a series of industry specific AI Native ERP solutions designed for the mid market.

Construction firms based highly complex financial and project workflows, yet many still rely on fragmented system and manual processes that limit visibility slowed decisions and increased risks as they scale.

We're also making strong progress accelerating money benefits by putting money at the center of everything we do we saw total online payments volume our payments and bill pay customers grew 29%, reflecting continued momentum in helping our customers get paid faster and better manage their cash flow bill pay volume nearly doubled as we can.

Built on our AI Native ERP financial platform. This construction addition brings financial and project data together in a single system, combining the rigor and control of an ERP with the flexibility speed and intelligence modern businesses need to operate and grow with confidence.

Sasan Goodarzi: Bill pay volume nearly doubled as we continue to see breakthrough adoption. Turning to mid-market, our disruptive AI-native mid-market platform is fueling the success of growing businesses. We are further scaling our investment in product innovation and go-to-market motions to accelerate customer adoption. In Q2, online ecosystem revenue for QBO Advanced and Intuit Enterprise Suite grew approximately 40%. The combination of continuous platform innovation and faster onboarding is driving significant customer value. With our Intuit Enterprise Suite product release in February, we are deepening our capabilities in the largest verticals within our nearly 90 billion mid-market TAM. We just launched a construction edition for Intuit Enterprise Suite, the first in a series of industry-specific AI-native ERP solutions designed for the mid-market.

To see breakthrough adoption.

Alere construction are family owned construction leader based in Colorado is using Intuit enterprise suite as a single source of truth across five divisions, turning fragmented financial data ended decision great insight by automating hundreds of intercompany invoices.

In Q2 online ecosystem revenue for <unk> advanced and Intuit Enterprise suite grew approximately 40%.

Reduced peak month, and reconciliation time by approximately 90% and reclaimed 16 to 18 hours of accounting work per week shifting their team from manual cleanup so real analysis.

The combination of continuous platform innovation and faster on boarding.

This is driving significant customer value.

With our Intuit enterprise suite product release in February we are deepening our capabilities in the largest verticals within our nearly $90 billion mid market town.

<unk> offers multi dimensional tracking across department locations projects and product line will layer now has the accurate P&L for each division with the visibility to support their goal of tripling revenue over the next three years.

We just launched construction addition for Intuit Enterprise suite. The first in a series of industry specific AI Native ERP solutions designed for the mid market.

Shifting to go to market, we're excited to expand our direct sales team by approximately 30% as we're seeing seller productivity continued to increase.

Sasan Goodarzi: Construction firms face highly complex financial and project workflows, yet many still rely on fragmented systems and manual processes that limit visibility, slow decisions, and increase risk as they scale. Built on our AI-native ERP financial platform, this construction edition brings financial and project data together in a single system, combining the rigor and control of an ERP with the flexibility, speed, and intelligence modern businesses need to operate and grow with confidence. Lallier Construction, a family-owned construction leader based in Colorado, is using Intuit Enterprise Suite as a single source of truth across five divisions, turning fragmented financial data into decision-grade insights. By automating hundreds of intercompany invoices, they've reduced peak month-end reconciliation time by approximately 90% and reclaimed 16 to 18 hours of accounting work per week, shifting their team from manual cleanup to real analysis.

Construction firms based highly complex financial and project workflows, yet many still rely on fragmented systems and manual processes that limit visibility slowed decisions and increased risks as they scale.

New Ias contracts grew nearly 50% quarter over quarter with a meaningful acceleration in new customers added to the franchise underscoring the significant headroom, we have for Ias beyond fueling expansion within our base.

We're also seeing continued momentum with our accountant partnerships. This quarter, we signed partnerships with several top 20 accounting firms eager to build a reseller practices, including Citral Cooperman and Eddie Bailey the.

<unk> construction and family owned construction leader based in Colorado is using Intuit enterprise suite as a single source of truth across five divisions, turning fragmented financial data entered decision great insight by automating hundreds of intercompany invoices.

The progress we are making with our early accounting partners supported in part by the launch of new wholesale billing capabilities drove accelerated growth with nearly a third of new contracts influenced by accountants recommendation in Q2 10 points higher than Q1.

Reduced peak month, and reconciliation time by approximately 90% and reclaimed 16 to 18 hours of accounting work per week shifting their team from manual cleanup so real analysis.

We continue to make progress with Intuit accounting suite, and AI native offering the transformers accounting firms efficiency and effectiveness in managing their clients' firm and workforce.

Sasan Goodarzi: Because IES offers multidimensional tracking across departments, locations, projects, and product lines, Lallier now has the accurate PNLs for each division, with the visibility to support their goal of tripling revenue over the next 3 years. Shifting to go-to-market. We're excited to expand our direct sales team by approximately 30% as we're seeing seller productivity continue to increase. New IES contracts grew nearly 50% quarter-over-quarter, with a meaningful acceleration in new customers added to the franchise, underscoring the significant headroom we have for IES beyond fueling expansion within our base. We're also seeing continued momentum with our accountant partnerships. This quarter, we signed partnerships with several top 20 accounting firms eager to build reseller practices, including Citrin Cooperman and Eide Bailly.

This platform significantly deepened our partnership with accountants and encourages them to migrate clients to <unk> advanced and Intuit enterprise suite fueling faster mid market penetration, we're seeing strong initial adoption and feedback, particularly around the incremental value firms are getting by managing their operations and gaining valuable insights.

Shifting to go to market, we're excited to expand our direct sales team by approximately 30% as we're seeing seller productivity continued to increase.

All in one place.

Turning to our consumer platform. Our strategy is to win is an all in one AI driven expert platform and service of building credit the wealth year round.

While overall IRS returns were down more than five through February six we delivered 12% turbotax revenue growth this quarter.

We're also seeing continued momentum with our account partnerships. This quarter, we signed partnerships with several top 20 accounting firms eager to build a reseller practices, including Citral Cooperman and Eddie Bailey the.

Two strategic areas of standout that contribute to our momentum winning in the assisted segment and the outsized role credit Karma is planning to accelerate tax growth.

Sasan Goodarzi: The progress we are making with our early accounting partners, supported in part by the launch of new wholesale billing capabilities, drove accelerated growth with nearly a third of new contracts influenced by accountants' recommendations in Q2, 10 points higher than Q1. We continue to make progress with Intuit Accountant Suite, an AI-native offering that transforms accounting firms' efficiency and effectiveness in managing their clients, firm, and workforce. This platform significantly deepens our partnership with accountants and encourages them to migrate clients to QBO Advanced and Intuit Enterprise Suite, fueling faster mid-market penetration. We're seeing strong initial adoption and feedback, particularly around the incremental value firms are getting by managing their operations and gaining valuable insights all in one place. Turning to our consumer platform, our strategy is to win as an all-in-one AI-driven expert platform in service of building credit to wealth year-round.

Starting with done for your experiences this season Turbo Tax's AI driven features such as dynamic navigation to streamline tax prep, a genting experiences like the stock basis agents and personalized recommendations are accelerating tax completion and delivering a faster more confident filing experience.

We continue to make progress with Intuit accounting suite and AI native offering.

Our AI powered automated data entry has been used so far by over 80% of our customers saving them significant time from manual data entry lapsed.

Transformers accounting firms efficiency and effectiveness in managing their clients' firm and workforce.

Last year, we saved our customers over 6 million hours of work, while putting more money in their pocket.

This year, our new AI agent automates, the rigorous manual work required for cost basis adjustments attached customers often choose to bypass due to its complexity lowering taxable income by an average of $12000 compared to those that filed without the agent.

All in one place.

Turning to our consumer platform our strategies to win is an all in one AI driven expert platform and service of building credit the wealth year round.

All of these improvements also fueled the productivity of our AI enabled experts serving customers in the assisted category.

Sasan Goodarzi: While overall IRS returns were down more than 5 points through February sixth, we delivered 12% TurboTax revenue growth this quarter. Two strategic areas are standouts that contribute to our momentum, winning in the assisted segment and the outsized role Credit Karma is playing to accelerate tax growth. Starting with done for you experiences. This season, TurboTax's AI-driven features, such as dynamic navigation to streamline tax prep, agentic experiences like the cost basis agents, and personalized recommendations are accelerating tax completion and delivering a faster, more confident filing experience. Our AI-powered automated data entry has been used so far by over 80% of our customers, saving them significant time from manual data entry. Last year, we saved our customers over 6 million hours of work while putting more money in their pocket. This year, our new AI agent automates the rigorous manual work required for cost basis adjustments.

And credit Karma domain specific AI agent such as our refund assistant.

While overall IRS returns were down more than five through February six we delivered 12% turbotax revenue growth this quarter.

Assistant and tax assistant are delivering done for your personal finance tax and money experiences with better financial outcomes. These.

Two strategic areas of standout that contribute to our momentum winning in the assisted segment and the outsized role credit Karma is planning to accelerate that growth.

These agents along with new features like cards optimizer and credit spark promote engagement throughout the year. In addition, our new AI powered year round tax insights are driving stronger tax and debt early.

Starting with done for your experiences. This season Turbotax is AI driven features such as dynamic navigation to streamline tax prep a genting experiences like the stock basis agents and personalized recommendations are accelerating tax completion and delivering a faster more confidence filing experience.

Early tax demand from credit Karma members has been exceptionally strong highlighting the strategic advantage of an integrated consumer platform.

Shifting to our go to market approach and tax our investment in proprietary data domain specific AI platform capabilities and AI enabled human intelligence, that's fundamentally transforming and disrupting the assisted tax category the.

Our AI powered automated data entry has been used so far by over 80% of our customers saving them significant time from manual data entry.

Last year, we saved our customers over 6 million hours of work, while putting more money in their pocket.

The tax category, which is seven times bigger than the DIY category is all about confidence when customers choose assisted they demand a human expert in their corner to deliver peace of mind and a high stakes regulated environment, where they faced significant liability if they get it wrong with our unique platform advance.

This year, our new AI agent automates, the rigorous manual work required for cost basis adjustments.

Sasan Goodarzi: A task customers often choose to bypass due to its complexity, lowering taxable income by an average of $12,000 compared to those that filed without the agent. All these improvements also fuel the productivity of our AI-enabled experts serving customers in the assisted category. In Credit Karma, domain-specific AI agents such as our Refund Assistant, Debt Assistant, and Tax Assistant are delivering done for you personal finance, tax, and money experiences with better financial outcomes. These agents, along with new features like Cards Optimizer and Credit Spark, promote engagement throughout the year. In addition, our new AI-powered year-round tax insights are driving stronger tax intent. Early tax demand from Credit Karma members has been exceptionally strong, highlighting the strategic advantage of an integrated consumer platform. Shifting to our go-to-market approach in tax.

Customers often choose to bypass due to its complexity lowering taxable income by an average of $12000 compared to those that filed without the agent.

<unk> intuit deliver certainty and customer confidence with expert level accuracy compliance and reliability backed by our guaranteed best money outcome.

All of the improvements also fueled the productivity of our AI enabled experts serving customers in the assisted category.

And credit Karma domain specific AI agent such as our refund assistant.

That's why we're expanding our local presence with AI powered virtual and in person filing options delay.

Assistant and tax assistant are delivering done for your personal finance tax and money experiences with better financial outcomes. These.

Delivering a uniquely warm modern experience with confidence the best price and faster access to money.

These agents along with new features like cards optimizer and credit spark promote engagements throughout the year. In addition, our new AI powered year round tax insights are driving stronger tax and debt early.

We now have approximately 600 local service centers, including several retail locations and one flagship store store, making local expertise more visible and accessible than ever.

Early tax demand from credit Karma members has been exceptionally strong highlighting the strategic advantage of an integrated consumer platform.

This expanded footprint is enabling us to serve customers, where they are and established our expertise locally driving more engagement with a previously untapped customer base.

Sasan Goodarzi: Our investment in proprietary data, domain-specific AI platform capabilities, and AI-enabled human intelligence is fundamentally transforming and disrupting the assisted tax category. The tax category, which is seven times bigger than the DIY category, is all about confidence. When customers choose assisted, they demand a human expert in their corner to deliver peace of mind in a high-stakes regulated environment where they face significant liability if they get it wrong. With our unique platform advantage, Intuit delivers certainty and customer confidence with expert-level accuracy, compliance, and reliability backed by our guaranteed best money outcome. That's why we're expanding our local presence with AI-powered virtual and in-person filing options, delivering a uniquely warm, modern experience with confidence, the best price, and faster access to money.

We have seen $5 1 million total unique visitors to landing pages and in store visits through February six.

That's compared to $4 2 million for the full season Pryor.

The tax category, which is seven times bigger than the DIY category is all about confidence when customers choose assistance they demand a human expert in their corner to deliver peace of mind and a high stakes regulated environment, where they faced significant liability if they get it wrong with our unique platform advance.

The majority of these are prior year assisted prospects and we're seeing strong early engagement with experiences that enable these visitors to connect with an expert immediately or schedule an appointment for later building a strong pipeline for our robust assisted offerings, including business tax.

Lastly, our fast money offerings reflect the seamless connection across our consumer platform that gives customers faster access to their largest paycheck of the year with credit Karma AI assistant consumers get always on financial guidance that helps them make smarter decisions and build stronger financial futures year round, we're seeing compelling.

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Two it delivers certainty and customer confidence with expert level accuracy compliance and reliability backed by our guaranteed best money outcome that.

That's why we're expanding our local presence with AI powered virtual and in person filing options Dilip.

Delivering a uniquely warm modern experience with confidence the best price and faster access to money.

Early demand for faster access to refund.

We're off to a strong start intact growing revenue, 12% in Q2, while IRS returns are down five points as of February six.

Sasan Goodarzi: We now have approximately 600 local service centers, including several retail locations and one flagship store, making local expertise more visible and accessible than ever. This expanded footprint is enabling us to serve customers where they are and establish our expertise locally, driving more engagement with a previously untapped customer base. We have seen 5.1 million total unique visitors to landing pages and in-store visits through 6 February. That's compared to 4.2 million for the full season prior. The majority of these are prior year assisted prospects, and we're seeing strong early engagement with experiences that enable these visitors to connect with an expert immediately or schedule an appointment for later, building a strong pipeline for our robust assisted offerings, including business tax.

We now have approximately 600 local service centers, including several retail locations and one flagship store store, making local expertise more visible and accessible than ever.

As anticipated, we're seeing higher consumer interest in our AI enabled expert assistance and fast money capabilities. We're pleased with early momentum winning in the assisted segment and driving incremental tax demand with credit karma, highlighting the flywheel effect across our consumer platform.

This expanded footprint is enabling us to serve customers, where they are and established our expertise locally driving more engagement with a previously untapped customer base.

We have seen $5 1 million total unique visitors to landing pages and in store visits through February six.

Our strategy is expanding our share of Tam increasing arpus.

And contributing to our company margin expansion, all fueled by AI and AI.

That's compared to $4 2 million for the full season Pryor.

Our platform has become a service that delivers peace of mind certainty and confidence.

Zooming out we're helping shape the future of financial intelligence by working with leading AI companies to meet consumers and businesses wherever they choose to work.

And get work done.

These companies partner with Intuit, because in a high stakes regulated environment, where customers place significant liability if they get it wrong they demand more and generic LLM recommendation. They require intelligence that is personalized accurate compliant reliable secure and drives real action on their behalf.

Sasan Goodarzi: Lastly, our fast money offerings reflect the seamless connection across our consumer platform that gives customers faster access to their largest paycheck of the year. With Credit Karma's AI assistant, consumers get always-on financial guidance that helps them make smarter decisions and build stronger financial futures year-round. We're seeing compelling early demand for faster access to refunds. We're off to a strong start in tax, growing revenue 12% in Q2, while IRS returns are down 5 points as of 6 February. As anticipated, we're seeing higher consumer interest in our AI-enabled expert assistance and fast money capabilities. We're pleased with early momentum, winning in the assisted segment and driving incremental tax demand with Credit Karma, highlighting the flywheel effect across our consumer platform. Our strategy is expanding our share of TAM, increasing ARPC, and contributing to our company margin expansion, all fueled by AI and HI.

In our category of one it's all about customer confidence and financial decisions and the combination of data.

Early demand for faster access to refund.

We're off to a strong start intact growing revenue, 12% in Q2, while IRS returns are down five points as of February six.

And human expertise is essential to success.

That's why we have built a system of intelligence with Apis and NCP that spans of customers' financial lives across our apps and data and is not confined to any one system or platform is designed to transcend and orchestrate across any system or app. So whether the data sits with intuit or elsewhere, we can connect that.

Our strategy is expanding our share of Tam increasing arpus.

Interpreted and help customers act with confidence.

Earlier this month, we launched all four of our apps and opening is App directory and this week, we announced a multiyear game changing partnership with Entropic, that's highly personalized experiences for consumers and businesses.

And contributing to our company margin expansion, all fueled by AI and AI our.

Sasan Goodarzi: Our platform has become a service that delivers peace of mind, certainty, and confidence. Zooming out, we're helping shape the future of financial intelligence by working with leading AI companies to meet consumers and businesses wherever they choose to work and get worked on. These companies partner with Intuit because in a high-stakes, regulated environment where customers face significant liability if they get it wrong, they demand more than generic LLM recommendations. They require intelligence that is personalized, accurate, compliant, reliable, secure, and drives real action on their behalf. In our category of one, it's all about customer confidence in financial decisions. The combination of data, AI, and human expertise is essential to success. That's why we have built a system of intelligence with APIs and MCP that spans a customer's financial life across their apps and data and is not confined to any one system.

Our platform has become a service that delivers peace of mind certainty and confidence.

Zooming out we're helping shape the future of financial intelligence by working with leading AI companies to meet consumers and businesses wherever they choose to work.

The Intuit platform will become the foundation, where businesses can build and customize secure accurate compliant AI agent for a long tail of industry specific need using on tropics, Claude agent builder and.

And get work done.

And two it will also bring personalized tax finance accounting and marketing capabilities to million of Bard and cohort users.

Our AI driven expert platform strategy is unlocking our Tam as evidenced by our strong first half revenue growth of 18%.

In our category of one it's all about customer confidence and financial decisions and the combination of data.

As a category of one leader, we provide the trusted foundation for high Stakes financial decisions delivering the reliability accuracy security compliance and privacy our customers rely on to act with confidence. This is the next chapter of Intuit service as software built on data.

And human expertise is essential to success.

And that's why we have built a system of intelligence with Apis and NCP that spans of customers' financial lives across our apps and data and is not confined to any one system or platform is designed to transcend and orchestrate across any system or app. So whether the data sits with intuit or elsewhere, we can connect it.

Sasan Goodarzi: Our platform is designed to transcend and orchestrate across any system or app, so whether the data sits with Intuit or elsewhere, we can connect it, interpret it, and help customers act with confidence. Earlier this month, we launched all four of our apps in OpenAI's app directory, and this week we announced a multi-year game-changing partnership with Anthropic to advance highly personalized experiences for consumers and businesses. Powered by Intuit's decade of deep domain expertise and proprietary data models, the Intuit platform will become the foundation where businesses can build and customize secure, accurate, compliant AI agents for a long tail of industry-specific needs using Anthropic's Claude Agent SDK. Intuit will also bring personalized tax, finance, accounting, and marketing capabilities to millions of Claude and Cowork users. Our AI-driven expert platform strategy is unlocking our TAM, as evidenced by strong first half revenue growth of 18%.

AI NHI delivering double digit revenue growth with expanding margins now let me turn it over to Sandeep.

Interpreted and help customers act with confidence.

For fun, we delivered a strong second quarter of fiscal 2026 across the company.

Second quarter results include revenue of $4 7 billion up 17% GAAP operating income of $855 million versus $593 million last year non-GAAP operating income of $1 5 billion versus $1 3 billion last year GAAP diluted earnings per share of $2 four.

<unk> expense versus $1 67, a year ago, and non-GAAP diluted earnings per share of $4 15 versus two versus $3.32 last year.

And two it will also bring personalized tax finance accounting and marketing capabilities to million of Quad and core users.

Reflecting our overall disciplined approach to managing the business, including continued efficiencies.

Our AI driven expert platform strategy is unlocking our Tam as evidenced by our strong first half revenue growth of 18%.

Turning to our business segments.

We continue to make progress serving businesses with our all in one platform and delivering done for your experiences with expertise.

Sasan Goodarzi: As a category of one leader, we provide the trusted foundation for high-stakes financial decisions, delivering the reliability, accuracy, security, compliance, and privacy our customers rely on to act with confidence. This is the next chapter of Intuit, service as software built on data, AI, and HI, delivering double-digit revenue growth with expanding margins. Now let me turn it over to Sandeep.

Global business solutions group revenue grew 18% during the quarter.

Or 21%, excluding mill chip, while online ecosystem revenue grew 21% in Q2 or 25% excluding mail chimp.

This is the next chapter of Intuit service as software built on data AI NHI delivering double digit revenue growth with expanding margins now let me turn it over to Sandeep.

This growth is underpinned by sustained momentum in mid market with online ecosystem revenue for <unk> advanced and Intuit enterprise suite, increasing 40%.

[Company Representative] (Intuit): Thanks, Sasan. We delivered a strong Q2 of fiscal 2026 across the company. Our Q2 results include revenue of $4.7 billion, up 17%, GAAP operating income of $855 million versus $593 million last year, non-GAAP operating income of $1.5 billion versus $1.3 billion last year, GAAP diluted earnings per share of $2.48 versus $1.67 a year ago, and non-GAAP diluted earnings per share of $4.15 versus $3.32 last year, reflecting our overall disciplined approach to managing the business, including continued AI efficiencies. Turning to our business segments. We continue to make progress serving businesses with our all-in-one platform and delivering done-for-you experiences with expertise.

Sandeep Aujla: Thanks, Sasan. We delivered a strong Q2 of fiscal 2026 across the company. Our Q2 results include revenue of $4.7 billion, up 17%, GAAP operating income of $855 million versus $593 million last year, non-GAAP operating income of $1.5 billion versus $1.3 billion last year, GAAP diluted earnings per share of $2.48 versus $1.67 a year ago, and non-GAAP diluted earnings per share of $4.15 versus $3.32 last year, reflecting our overall disciplined approach to managing the business, including continued AI efficiencies. Turning to our business segments. We continue to make progress serving businesses with our all-in-one platform and delivering done-for-you experiences with expertise.

For fun.

We delivered a strong second quarter of fiscal 2026 across the company.

<unk> noted we are seeing continued productivity gains from a dedicated mid market sales team and are expanding capacity by nearly 30%.

Second quarter results include revenue of $4 7 billion up 17% GAAP operating income of $855 million versus $593 million last year.

Ported attractive LTV to CAC economics.

non-GAAP operating income of $1 5 billion versus $1 3 billion last year.

OLED ecosystem revenue for small businesses and the rest of the base grew a strong 18%.

GAAP diluted earnings per share of $2 48 versus $1 67, a year ago and non-GAAP diluted earnings per share of $4 15 versus two versus $3.32 last year, reflecting our overall disciplined approach to managing the business, including.

In Q2, we delivered robust growth in both online accounting and online services.

Quickbooks online accounting revenue grew 24% from higher effective prices customer growth and mix shift.

Online services revenue grew 18% in Q2 or 28% excluding mail chimp.

<unk> continued efficiencies.

This growth was driven by money, which includes payments capital and bill pay as well as payroll.

Turning to our business segments.

We continue to make progress serving businesses with our all in one platform and delivering done for your experiences with expertise.

Within money revenue growth in the quarter reflects payments revenue growth, which was driven by customer growth.

[Company Representative] (Intuit): Global Business Solutions Group revenue grew 18% during the quarter, or 21%, excluding Mailchimp, while online ecosystem revenue grew 21% in Q2, or 25%, excluding Mailchimp. This growth is underpinned by sustained momentum in mid-market, with online ecosystem revenue for QBO Advanced and Intuit Enterprise Suite increasing 40%. As Sasan noted, we are seeing continued productivity gains from a dedicated mid-market sales team and are expanding capacity by nearly 30%, supported by attractive LTV to CAC economics. Online ecosystem revenue for small businesses and the rest of the base grew a strong 18%. In Q2, we delivered robust growth in both online accounting and online services. QuickBooks Online accounting revenue grew 24% from higher effective prices, customer growth, and mix shift. Online services revenue grew 18% in Q2, or 28%, excluding Mailchimp.

Sandeep Aujla: Global Business Solutions Group revenue grew 18% during the quarter, or 21%, excluding Mailchimp, while online ecosystem revenue grew 21% in Q2, or 25%, excluding Mailchimp. This growth is underpinned by sustained momentum in mid-market, with online ecosystem revenue for QBO Advanced and Intuit Enterprise Suite increasing 40%. As Sasan noted, we are seeing continued productivity gains from a dedicated mid-market sales team and are expanding capacity by nearly 30%, supported by attractive LTV to CAC economics. Online ecosystem revenue for small businesses and the rest of the base grew a strong 18%. In Q2, we delivered robust growth in both online accounting and online services. QuickBooks Online accounting revenue grew 24% from higher effective prices, customer growth, and mix shift. Online services revenue grew 18% in Q2, or 28%, excluding Mailchimp.

Global business solutions group revenue grew 18% during the quarter.

An increase in total payments volume per customer and higher effective prices.

Or 21%, excluding mill chip, while online ecosystem revenue grew 21% in Q2 or 25% excluding mill chimp.

Online payment volume, including Bill pay grew 29% in Q2, reflecting our continued momentum in payments and adoption of our bill pay offering.

This growth is underpinned by sustained momentum in mid market with online ecosystem revenue for <unk> advanced and Intuit enterprise suite, increasing 40%.

Payment volume growth, excluding <unk> was 17% largely consistent with the last several quarters, including a one point impact from the winter storms last month.

<unk> noted we are seeing continued productivity gains from a dedicated mid market sales team and are expanding capacity by nearly 30%.

Within apparel the revenue growth in the quarter reflects mixed shift customer growth and higher effective prices.

Ported attractive LTV to CAC economics.

Within mail Chimp revenue was down slightly versus a year ago as we continue to strengthen our platform for durable growth.

<unk> ecosystem revenue for small businesses and the rest of the base grew a strong 18%.

Encouraging momentum in the mid market with continued larger customer wins improved retention and growing adoption and usage of SMS.

In Q2, we delivered robust growth in both online accounting and online services.

Quickbooks online accounting revenue grew 24% from higher effective prices customer growth and mix shift.

At the same time progress improving churn and acquisition amongst smaller customers is taking longer than expected. We continue to focus on improving go to market a product experience and now expect mill chimp two returned to double digit growth sometime beyond fiscal 2026.

Online services revenue grew 18% in Q2 or 28% excluding mail chimp disc.

[Company Representative] (Intuit): This growth was driven by money, which includes payments, capital, and bill pay, as well as payroll. Within money, revenue growth in the quarter reflects payments revenue growth, which was driven by customer growth, an increase in total payments volume per customer, and higher effective prices. Total online payment volume, including bill pay, grew 29% in Q2, reflecting a continued momentum in payments and adoption of our bill pay offering. Online payment volume growth, excluding bill pay, was 17%, largely consistent with the last several quarters, including a one-point impact from the winter storms last month. Within payroll, the revenue growth in the quarter reflects mix shift, customer growth, and higher effective prices. Within Mailchimp, revenue was down slightly versus a year ago as we continue to strengthen the platform for durable growth.

Sandeep Aujla: This growth was driven by money, which includes payments, capital, and bill pay, as well as payroll. Within money, revenue growth in the quarter reflects payments revenue growth, which was driven by customer growth, an increase in total payments volume per customer, and higher effective prices. Total online payment volume, including bill pay, grew 29% in Q2, reflecting a continued momentum in payments and adoption of our bill pay offering. Online payment volume growth, excluding bill pay, was 17%, largely consistent with the last several quarters, including a one-point impact from the winter storms last month. Within payroll, the revenue growth in the quarter reflects mix shift, customer growth, and higher effective prices. Within Mailchimp, revenue was down slightly versus a year ago as we continue to strengthen the platform for durable growth.

This growth was driven by money, which includes payments capital and bill pay as well as payroll.

Within money revenue growth in the quarter reflects payments revenue growth, which was driven by customer growth.

Overall, we have high confidence in our strategy and the online ecosystem momentum is very strong this performance underscores the powerful traction across our growth vectors and positions intuit to lead and win.

An increase in total payments volume per customer and higher effective prices.

Online payment volume, including Bill pay grew 29% in Q2, reflecting our continued momentum in payments and adoption of our bill pay offering.

Turning to desktop desktop ecosystem revenue grew 10% in Q2 and desktop.

Enterprise revenue grew in the high teens in Q2.

Payment volume growth, excluding <unk> was 17% largely consistent with the last several quarters, including a one point impact from the winter storms last month.

We continue to expect desktop ecosystem revenue to grow low single digits in fiscal year 2026.

Turning to our consumer platform.

Within payroll revenue growth in the quarter reflects mixed shift.

We continue to make progress serving consumers with our all in one platform that engages them year round to make smarter financial decisions by delivering done for your experiences AI.

Estimate growth and higher effective prices.

Within mail Chimp revenue was down slightly versus a year ago as we continue to strengthen our platform for durable growth.

AI powered local tax expertise and faster access to money.

[Company Representative] (Intuit): We are seeing encouraging momentum in the mid-market, with continued larger customer wins. Improved retention and growing adoption and usage of SMS. At the same time, progress in improving churn and acquisition amongst smaller customers is taking longer than expected. We continue to focus on improving go-to-market and product experience, and now expect Mailchimp to return to double-digit growth sometime beyond fiscal 2026. Overall, we have high confidence in our strategy and the online ecosystem momentum is very strong. This performance underscores powerful traction across the growth vectors and positions Intuit to lead and win. Turning to Desktop. Desktop ecosystem revenue grew 10% in Q2, and Desktop Enterprise revenue grew in the high teens in Q2. We continue to expect Desktop ecosystem revenue to grow low single digits in fiscal year 2026. Turning to our Consumer platform.

Sandeep Aujla: We are seeing encouraging momentum in the mid-market, with continued larger customer wins. Improved retention and growing adoption and usage of SMS. At the same time, progress in improving churn and acquisition amongst smaller customers is taking longer than expected. We continue to focus on improving go-to-market and product experience, and now expect Mailchimp to return to double-digit growth sometime beyond fiscal 2026. Overall, we have high confidence in our strategy and the online ecosystem momentum is very strong. This performance underscores powerful traction across the growth vectors and positions Intuit to lead and win. Turning to Desktop. Desktop ecosystem revenue grew 10% in Q2, and Desktop Enterprise revenue grew in the high teens in Q2. We continue to expect Desktop ecosystem revenue to grow low single digits in fiscal year 2026. Turning to our Consumer platform.

Encouraging momentum in the mid market with continued larger customer wins improved retention and growing adoption and usage of SMS.

Q2 revenue grew 15% driven by credit Karma revenue, which grew 23%.

<unk> revenue grew 12%.

At the same time progress improving churn and acquisition amongst smaller customers is taking longer than expected. We continue to focus on improving go to market a product experience.

And protects revenue grew 7%.

Within credit Karma revenue growth reflects continued momentum with our members and partners.

On a product basis personal loans accounted for 10 points of growth credit cards accounted for nine point and auto insurance accounted for four points.

And now expect mill chimp to return to double digit growth sometime beyond fiscal 2026.

As a reminder, in the second half we are lapping the strong growth we saw in credit cards and personal loans a year ago.

<unk> shared we're off to a strong start in Texas season, and are excited about the opportunity ahead for our AI driven expert platform to deliver the best experience speed to money and best price for our customers.

Turning to desktop desktop ecosystem revenue grew 10% in Q2 and desktop.

Enterprise revenue grew in the high teens in Q2.

Now shifting to our balance sheet and capital allocation.

Our financial principles guided decisions they remain a long term commitment.

We continue to expect desktop ecosystem revenue to grow low single digits in fiscal year 2026.

Unchanged as we have shared before.

Executing on opportunities to drive margin expansion overtime, given our disciplined approach to capital management and ongoing efficiency gains from leveraging AI and automation.

Turning to our consumer platform.

[Company Representative] (Intuit): We continue to make progress serving consumers with our all-in-one platform that engages them year-round to make smarter financial decisions by delivering done-for-you experiences, AI-powered local tax expertise, and faster access to money. Q2 revenue grew 15%, driven by Credit Karma revenue, which grew 23%. TurboTax revenue grew 12%, and ProTax revenue grew 7%. Within Credit Karma, revenue growth reflects continued momentum with our members and partners. On a product basis, personal loans accounted for 10 points of growth, credit cards accounted for 9 points, and auto insurance accounted for 4 points. As a reminder, in the second half, we are lapping the strong growth we saw in credit cards and personal loans a year ago.

Sandeep Aujla: We continue to make progress serving consumers with our all-in-one platform that engages them year-round to make smarter financial decisions by delivering done-for-you experiences, AI-powered local tax expertise, and faster access to money. Q2 revenue grew 15%, driven by Credit Karma revenue, which grew 23%. TurboTax revenue grew 12%, and ProTax revenue grew 7%. Within Credit Karma, revenue growth reflects continued momentum with our members and partners. On a product basis, personal loans accounted for 10 points of growth, credit cards accounted for 9 points, and auto insurance accounted for 4 points. As a reminder, in the second half, we are lapping the strong growth we saw in credit cards and personal loans a year ago.

We continue to make progress serving consumers with our all in one platform that engages them year round to make smarter financial decisions, but delivering done for your experiences AI.

We finished the quarter with approximately $3 billion in cash and investments and $6 2 billion in debt on our balance sheet.

AI powered local tax expertise and faster access to money.

We repurchased $961 million of stock during the second quarter, given the current stock price and our strong confidence in the momentum of our business.

Q2 revenue grew 15% driven by credit Karma revenue, which grew 23%.

Terminix revenue grew 12%.

We are continuing to meaningful meaningfully increase our share repurchases this year.

And protects revenue grew 7%.

Within credit Karma revenue growth reflects continued momentum with our members and partners.

Pain, our aim to be in the market each quarter.

On a product basis personal loans accounted for 10 points of growth credit cards accounted for nine point and auto insurance accounted for four points.

The board approved a quarterly dividend of $1 20 per share payable on April 17 2026.

This represents a 15% increase versus last year.

As a reminder, in the second half we are lapping the strong growth we saw in credit cards and personal loans a year ago.

Moving to guidance, we are reaffirming our fiscal 2026 guidance. This includes total company revenue of $29 7 billion to $21 186 billion growth of 12% to 13%.

[Company Representative] (Intuit): As Sasan shared, we are off to a strong start in tax season and are excited about the opportunity ahead for our AI-driven expert platform to deliver the best experience, speed to money, and best price for our customers. Now shifting to our balance sheet and capital allocation. Our financial principles guide our decisions. They remain our long-term commitment and are unchanged. As we have shared before, we are executing on opportunities to drive margin expansion over time, given our disciplined approach to capital management and ongoing efficiency gains from leveraging AI and automation. We finished Q2 with approximately $3 billion in cash and investments and $6.2 billion in debt on our balance sheet. We repurchased $961 million of stock during Q2.

Sandeep Aujla: As Sasan shared, we are off to a strong start in tax season and are excited about the opportunity ahead for our AI-driven expert platform to deliver the best experience, speed to money, and best price for our customers. Now shifting to our balance sheet and capital allocation. Our financial principles guide our decisions. They remain our long-term commitment and are unchanged. As we have shared before, we are executing on opportunities to drive margin expansion over time, given our disciplined approach to capital management and ongoing efficiency gains from leveraging AI and automation. We finished Q2 with approximately $3 billion in cash and investments and $6.2 billion in debt on our balance sheet. We repurchased $961 million of stock during Q2.

<unk> include global business solutions group revenue growth of 14% to 15%.

Now shifting to our balance sheet and capital allocation.

Have high confidence and a lot of momentum and achieving global business solutions group revenue guidance for the year.

Our financial principles guided decisions. They remain a long term commitment and are unchanged as we have shared before.

Our guidance also includes overall consumer group revenue growth of 8% to 9%.

Executing on opportunities to drive margin expansion over time, given our disciplined approach to capital management and ongoing efficiency gains from leveraging AI and automation.

This outlook is supported by continued strength and momentum across the portfolio, including turbotax growth of 8% credit come a growth of 10% to 13% and pro tax growth of 2% to 3%, giving us high confidence in achieving our consumer group guidance for the year.

We finished the quarter with approximately $3 billion in cash and investments and $6 2 billion in debt on our balance sheet.

We repurchased $961 million of stock during the second quarter, given the current stock price and our strong confidence in the momentum of our business.

GAAP diluted earnings per share of $15 49.

[Company Representative] (Intuit): Given the current stock price and our strong confidence in the momentum in our business, we are continuing to meaningfully increase our share repurchases this year. We maintain our aim to be in the market each quarter. The board approved a quarterly dividend of $1.20 per share, payable on 17 April 2026. This represents a 15% increase versus last year. Moving to guidance. We are reaffirming our fiscal 2026 guidance. This includes total company revenue of $20.997 billion to $21.186 billion, growth of 12% to 13%. Our guidance includes Global Business Solutions Group revenue growth of 14% to 15%. We have high confidence and a lot of momentum in achieving Global Business Solutions Group revenue guidance for the year.

Sandeep Aujla: Given the current stock price and our strong confidence in the momentum in our business, we are continuing to meaningfully increase our share repurchases this year. We maintain our aim to be in the market each quarter. The board approved a quarterly dividend of $1.20 per share, payable on 17 April 2026. This represents a 15% increase versus last year. Moving to guidance. We are reaffirming our fiscal 2026 guidance. This includes total company revenue of $20.997 billion to $21.186 billion, growth of 12% to 13%. Our guidance includes Global Business Solutions Group revenue growth of 14% to 15%. We have high confidence and a lot of momentum in achieving Global Business Solutions Group revenue guidance for the year.

To $15.69 growth of 13% to 15%.

We are continuing to meaningful meaningfully increase our share repurchases this year.

And non-GAAP diluted earnings per share of $22 98 to $23 18.

Pain, our aim to be in the market each quarter.

Growth of 14% to 15%.

The board approved a quarterly dividend of $1 20 per share payable on April 17 2026.

We expect a GAAP tax rate of approximately 23% in fiscal 2026.

Our guidance for the third quarter of fiscal 2026 include total company revenue growth of 10%.

This represents a 15% increase versus last year.

Moving to guidance, we are reaffirming our fiscal 2026 guidance. This includes total company revenue of $29 7 billion to $21.

GAAP earnings per share of $10 56 to $10 62.

non-GAAP earnings per share of $12 45 to $12 51.

186 billion growth of 12% to 13%.

You can find our full year 2026, and Q3 guidance details in our press release and on our fact sheet.

<unk> include global business solutions group revenue growth of 14% to 15%.

Have high confidence and a lot of momentum and achieving global business solutions group revenue guidance for the year.

I'll turn it back over to Stefan great. Thank you Sandeep.

We're excited about our progress and the momentum across our growth factors and our opportunity to increase into its total share of our 300 billion Tam with that let's open it up to your questions.

[Company Representative] (Intuit): Our guidance also includes overall Consumer Group revenue growth of 8% to 9%. This outlook is supported by continued strength and momentum across the portfolio, including TurboTax growth of 8%, Credit Karma growth of 10% to 13%, and ProTax growth of 2% to 3%, giving us high confidence in achieving our Consumer Group guidance for the year. GAAP diluted earnings per share of $15.49 to $15.69, growth of 13% to 15%. Non-GAAP diluted earnings per share of $22.98 to $23.18, growth of 14% to 15%. We expect a GAAP tax rate of approximately 23% in fiscal 2026.

Sandeep Aujla: Our guidance also includes overall Consumer Group revenue growth of 8% to 9%. This outlook is supported by continued strength and momentum across the portfolio, including TurboTax growth of 8%, Credit Karma growth of 10% to 13%, and ProTax growth of 2% to 3%, giving us high confidence in achieving our Consumer Group guidance for the year. GAAP diluted earnings per share of $15.49 to $15.69, growth of 13% to 15%. Non-GAAP diluted earnings per share of $22.98 to $23.18, growth of 14% to 15%. We expect a GAAP tax rate of approximately 23% in fiscal 2026.

Our guidance also includes overall consumer group revenue growth of 8% to 9%.

Certainly Mr. <unk>. Thank you, Sir ladies and gentlemen at this time, if you would like to ask a question. Please press star one on your telephone if you would like to withdraw. Your question you can press star two we ask that you. Please limit yourself to one question, we'd like to get to as many people as we can we'll go first today to city panic Rohit with Mizuho.

GAAP diluted earnings per share of $15 49.

To $15 69 growth of 13% to 15%.

Thanks, Thanks for taking my question. So Sam you deliver a strong Q2 results no doubt about it but as you can see like no market is worried about.

non-GAAP diluted earnings per share of $22 98 to $23, an 18th growth of 14% to 15%.

That's something software in fact to your business.

We expect a GAAP tax rate of approximately 23% in fiscal 2026.

That's cool, but more tax can you help us understand like what is the disconnect where do you think market is wrong and where do you see the opportunity for you that you are not getting disrupted by yeah. He's either.

[Company Representative] (Intuit): Our guidance for the Q3 of fiscal 2026 include total company revenue growth of 10%, GAAP earnings per share of $10.56 to $10.62, and non-GAAP earnings per share of $12.45 to $12.51. You can find our full year 2026 and Q2 guidance details in our press release and on our fact sheet. With that, I'll turn it back over to Sasan.

Sandeep Aujla: Our guidance for the Q3 of fiscal 2026 include total company revenue growth of 10%, GAAP earnings per share of $10.56 to $10.62, and non-GAAP earnings per share of $12.45 to $12.51. You can find our full year 2026 and Q2 guidance details in our press release and on our fact sheet. With that, I'll turn it back over to Sasan.

Our guidance for the third quarter of fiscal 2026 include total company revenue growth of 10%.

GAAP earnings per share of $10 56 to $10 62.

Going to benefit from.

And Sandy have a quick follow up I wanted to ask here that people.

And non-GAAP earnings per share of $12 45 to $12 51.

Turning to Q3 operating margin guidance in Q2, a strong because that let me say, it's just expensive.

You can find our full year 2026, and Q3 guidance details in our press release and on our fact sheet with that I'll turn it back over to <unk>, great. Thank you Sandeep.

Yes, Sidney Thanks for your question, let me take the first part of it first of all I would just start by restating that.

Sasan Goodarzi: Great. Thank you, Sandeep. We're excited about our progress and the momentum across our growth vectors and our opportunity to increase Intuit's total share of our $300 billion TAM. With that, let's open it up to your questions.

We're excited about our progress and the momentum across our growth factors and our opportunity to increase into its total share of our 300 billion Tam with that let's open it up to your questions.

We are a category of one in that category that we operate in is a regulated environment.

Operator: Certainly, Mr. Goodarzi. Thank you, sir. Ladies and gentlemen, at this time, if you would like to ask a question, please press star one on your telephone. If you would like to withdraw your question, you can press star two. We ask that you please limit yourself to one question. We'd like to get to as many people as we can. We'll go first today to Siti Panigrahi with Mizuho.

Our compliance and security and accuracy is everything for customers in fact customers demand.

Human expertise because what they are very focused on is in their high stakes decisions, whether it's a consumer business of any kind or an accountant.

Getting it wrong means huge huge liabilities for the customer and that's really the context behind the category, which really informs.

[Company Representative] (Intuit): Thanks, thanks for taking my question. Sasan, you delivered a strong Q2 results, no doubt about it. As you can see right now, market is worried about AI disrupting software and, in fact, your business, less QuickBooks but more tax. Can you help us understand, like, what is the disconnect? Where do you think market is wrong, and where do you see the opportunity for you and that you are not getting disrupted by AI, rather, you're going to benefit from AI? Sandeep, a quick follow-up that I wanna ask here, that people are pointing to your Q3 operating margin guidance. If it was Q2 as strong, is there any safety in expenses?

Siti Panigrahi: Thanks, thanks for taking my question. Sasan, you delivered a strong Q2 results, no doubt about it. As you can see right now, market is worried about AI disrupting software and, in fact, your business, less QuickBooks but more tax. Can you help us understand, like, what is the disconnect? Where do you think market is wrong, and where do you see the opportunity for you and that you are not getting disrupted by AI, rather, you're going to benefit from AI? Sandeep, a quick follow-up that I wanna ask here, that people are pointing to your Q3 operating margin guidance. If it was Q2 as strong, is there any safety in expenses?

Thanks, Thanks for taking my question. So Sam you deliver a strong Q2 results no doubt about it but as you can see like no market is worried about.

Our advantage, we have a regulatory driven advantage, we are customer driven advantage.

That's something softer in fact to your business.

But more tax can you help us understand like what is the disconnect where do you think market is wrong.

And when you look at where we are today, our entire platform is fueled by data AI NHI and in fact, when you look at the results that we're delivering where we ended last year. The momentum we've had the first half of the year.

Where do you see the opportunity for you that you are not getting disrupted by yeah.

Going to benefit from.

And Sandy have a quick follow up.

It is actually unlocking Tam, it's unlocking RPC and its unlocking margin expansion. So I think our results speak for themselves in terms of how it is fueling our success and our perspective is it is all about focusing on customers all about putting points on the board and it's also the thing I would.

Ask here that people.

People are pointing.

Turning to Q3 operating margin guidance in Q2, a strong is that a new system is expensive.

Sasan Goodarzi: Siddhi, thanks for your question. Let me take the first part of it. You know, first of all, I would just start by restating that we are a category of one in that the category that we operate in is a regulated environment. In that, compliance, security, and accuracy is everything for customers. In fact, customers demand human expertise because what they are very focused on is in their high-stakes decisions, whether it's a consumer, business of any kind, or an accountant, getting it wrong means huge liabilities for the customer. That's really the context behind the category, which really informs our advantage. You know, we have a regulatory-driven advantage, we have customer-driven advantage.

Yes, Sidney Thanks for your question, let me take the first part of it first of all I would just start by restating that.

<unk> out that's why companies like open AI companies like Entropic look to the partnership with us because at the end of the day, they see and understand that this is a business that comes with a lot of liability and an llm's.

We are a category of one in that category that we operate in is a regulated environment.

Our compliance and security and accuracy is everything for customers in fact customers demand.

<unk> creates.

Human expertise because what they are very focused on is in their high stakes decisions, whether it's a consumer business of any kind or an accountant.

The platform that we've created overnight, but most importantly, what we've really created is the combination of technology and human intelligence all in one so we have truly become.

Getting it wrong means huge huge liabilities for the customer.

A service that delivers high confidence and high certainty and I would just end with where I started that's why our results are so strong and that's why we're so bullish about not just the rest of the year, but frankly, our trajectory going into the future.

And that's really the context behind the category, which really informs.

Our advantage, we have a regulatory driven advantage, we are customer driven advantage and when you look at where we are today. Our entire platform is fueled by data AI NHI and in fact, when you look at the results that we're delivering where we ended last year. The momentum we've had the first half of the year.

Sasan Goodarzi: When you look at where we are today, our entire platform is fueled by data, AI, and HI. In fact, when you look at the results that we're delivering, where we ended last year, the momentum we've had the first half of the year, it is actually unlocking TAM. It's unlocking ARPC, and it's unlocking margin expansion. I think our results speak for themselves in terms of how it's fueling our success. You know, our perspective is it is all about focusing on customers, all about putting points on the board. The thing I would point out is it's why companies like OpenAI, companies like Anthropic, look to the partnership with us.

Let me touch on the margin, but before I touch on margin.

One kind of reinforces the fund's point around partnerships with being as big as you can see the partnerships we're doing other software companies they're doing.

<unk> looking to work with us and not against US. So I think that's a key component to keep in mind and the customer benefits that we are.

Delivering through our platform and.

Really resonating in fact, one of the things I would highlight.

<unk> always had the pieces AI in HR is a true differentiator because AI is the middle of the middle and to be end to end, particularly when you're making high stakes high liability financial decisions they need that uhm.

Would point out is this why are companies like open AI companies like Entropic look to the partnership with us because at the end of the day, they see and understand that this is a business that comes with a lot of liability and an llm's just creates the platform that we've created.

Sasan Goodarzi: Because at the end of the day, they see and understand that this is a business that comes with a lot of liability, and LLMs can't just create the platform that we've created overnight. Most importantly, what we've really created is the combination of technology and human intelligence all in one. We've truly become a service that delivers high confidence and high certainty. I would just end with where I started. That's why our results are so strong, and that's why we are so bullish about not just the rest of the year, but frankly, our trajectory going into the future.

AI working together and we've been testing this actually in our business platform in the marketplace.

They include AI, and AI and I would tell you. This was my biggest surprise I was pretty confident that there was a there there with our thesis.

Knight, but most importantly, what we've really created is the combination of technology and human intelligence all in one so we have truly become.

Customer reaction has been tremendous we are doing even though our own expectation and right now we're thinking driving corporate this AI and AI.

Into our lineup.

By seeing how well the tests are resonating. So I just wanted to add that point to your question on <unk>.

And our differentiator.

Now, let me touch on the margins as well.

Followed us for years and you know we operate two delivery margins for the full year I feel super confident in our guide for the full year I feel super confident in my ability to deliver the margin expansion for the full year and what you're seeing in Q3, a couple of things. One is we over delivered Q2. So if I mentioned it was a slow so you've been through the we will start to the tax.

[Company Representative] (Intuit): Hey, Siddy, let me touch on the margin. Before I touch on margin, the one thing I would reinforce is Sasan's point around the partnerships we're doing with these big LLMs. As you can see, the partnerships we are doing, other software companies are doing, these LLMs are looking to work with us and not against us. I think that's a key component to keep in mind. The customer benefits that we are delivering through our platform and are really resonating. In fact, one of the things I would highlight is, you know, we always had the thesis that AI and HI is a true differentiator, because AI is middle to middle, and to be end to end, particularly when you're making high-stakes, high-liability financial decisions, you need that HI plus AI working together.

Sandeep Aujla: Hey, Siti, let me touch on the margin. Before I touch on margin, the one thing I would reinforce is Sasan's point around the partnerships we're doing with these big LLMs. As you can see, the partnerships we are doing, other software companies are doing, these LLMs are looking to work with us and not against us. I think that's a key component to keep in mind. The customer benefits that we are delivering through our platform and are really resonating. In fact, one of the things I would highlight is, you know, we always had the thesis that AI and HI is a true differentiator, because AI is middle to middle, and to be end to end, particularly when you're making high-stakes, high-liability financial decisions, you need that HI plus AI working together.

Let me touch on the margin, but before I touch on margin.

One kind of reinforces the fund's point around partnerships with being as big as you can see the partnerships we're doing other software companies they're doing.

<unk> looking to work with us and not against it. So I think that's a key component to keep in mind and the customer benefits that we are.

Season until you had some cost marketing and customer success caused the move from Q2 to Q3 and secondly.

Delivering through our platform and.

The teams have looked at some of the test we saw a meaningful opportunity to ship some spend to maximize ROI into Q3, so thats really all that.

Really resonating in fact, one of the things I would highlight.

<unk> always had the pieces AI NHI is a true differentiator because AI is the middle of the middle and TB and demand, particularly when you're making high stakes higher liability financial decisions they need that.

Although you are seeing in the guide so take into account the Q2 over delivery and effect of our long tradition of ensuring we deliver margin for the full year and I feel pretty good about it.

AI working together and we've been testing this actually in our business platform in the marketplace.

[Company Representative] (Intuit): We've been testing this actually in our business platform in the marketplace, a lineup that includes AI and HI. I would tell you, this was my biggest surprise. I was pretty confident that they were there with our thesis, but the customer reaction has been tremendous, way outdoing even our own expectation. You know, right now we're thinking through how we incorporate this AI and HI into our lineup just by seeing how well the tests are resonating. I just wanted to add that point to your question on AI and our differentiator. Let me touch on the margins as well. Siddhi, you followed us for years, and you know we operate to delivering margins for the full year. I feel super confident in our guide for the full year.

Sandeep Aujla: We've been testing this actually in our business platform in the marketplace, a lineup that includes AI and HI. I would tell you, this was my biggest surprise. I was pretty confident that they were there with our thesis, but the customer reaction has been tremendous, way outdoing even our own expectation. You know, right now we're thinking through how we incorporate this AI and HI into our lineup just by seeing how well the tests are resonating. I just wanted to add that point to your question on AI and our differentiator. Let me touch on the margins as well. Siddhi, you followed us for years, and you know we operate to delivering margins for the full year. I feel super confident in our guide for the full year.

That's a great color. Thank you both.

They include AI, and AI and I would tell you. This was my biggest surprise I was pretty confident that they will they are there with our thesis.

Thank you we'll go next now to Brad Zelnick with Deutsche Bank.

Great. Thank you very much it's Nick on for Brad This evening and I. Appreciate you taking my question.

Customer reaction has been tremendous we are doing even though our own expectation and right now we're thinking driving corporate.

And actually to build on <unk> question, a bit here when you're talking about the power of AI into each I'd together as malls continue to improve how do you see that balance between AIA, NHI shifting and where do you intuit and its customer stand to benefit the most from these models as they continue to advance.

<unk> into our lineup.

By seeing how well the tests are resonating. So I just wanted to add that point to your question on <unk>.

And our differentiator.

Now, let me touch on the margins as well.

Hold us for years, we operated two delivery margins for the full year I feel super confident in our guide for the full year I feel super confident in my ability to deliver the margin expansion for the full year and what you're seeing in Q3, a couple of things. One is we over delivered Q2. So if I mentioned it was a small so you've been through the we will start to the tax.

Yes, I mean, thanks for your question, let me maybe break out break it apart into important segments of the company first.

[Company Representative] (Intuit): I feel super confident in my ability to deliver the margin expansion for the full year. What you're seeing in Q3, you know, a couple of things. One is we over-delivered Q2. As Sasan mentioned, it was a slow season to the slow start to the tax season, so you had some cost, marketing, and customer success cost that moved from Q2 to Q3. Secondly, as the teams looked at some of the tests, we saw a meaningful opportunity to shift some spend to maximize ROI into Q3. That's really all that you're seeing in the guide. Take into account the Q2 over-delivery and the fact of our long tradition of ensuring we deliver margin for the full year, and I feel pretty good about it.

Sandeep Aujla: I feel super confident in my ability to deliver the margin expansion for the full year. What you're seeing in Q3, you know, a couple of things. One is we over-delivered Q2. As Sasan mentioned, it was a slow season to the slow start to the tax season, so you had some cost, marketing, and customer success cost that moved from Q2 to Q3. Secondly, as the teams looked at some of the tests, we saw a meaningful opportunity to shift some spend to maximize ROI into Q3. That's really all that you're seeing in the guide. Take into account the Q2 over-delivery and the fact of our long tradition of ensuring we deliver margin for the full year, and I feel pretty good about it.

First and foremost.

Our entire disruption in the assisted tax segment by the way both assisted consumer tax and assisted business tax is entirely driven by data and AI NHI.

So until you had some cost marketing and customer success costs to move from Q2 to Q3 and secondly.

We are winning based on our scale of the best experience the best price in the past is access to money and as I said, a moment ago customers. I mean, if you look at the size of the assisted category, it's more than seven times. The do it yourself category and the reason is it customers demand a expert too.

The teams have looked at some of the test we saw a meaningful opportunity to shift some spend to maximize ROI into Q3, so thats really all that.

Although youre seeing in the guide so take into account the Q2 over delivery and the fact of our long tradition of ensuring we deliver margin for the full year and I feel pretty good about it.

Help them with their decisions and to help them with their liability and so one area based on seven years of investments that we've made that we're really benefiting from.

Sasan Goodarzi: That's a great color. Thank you both.

Siti Panigrahi: That's a great color. Thank you both.

That's a great color. Thank you both.

Operator: Thank you. We'll go next now to Brad Zelnick with Deutsche Bank.

Thank you we'll go next now to Brad Zelnick with Deutsche Bank.

Is disrupting the assisted tax segment right. This was.

[Analyst] (Deutsche Bank): Great. Thank you very much. It's Nick on for Brad this evening. Appreciate you taking my question. I'd actually like to build on Siddhi's question a bit here. When you're talking about the power of AI and HI together, as models continue to improve, how do you see that balance between AI and HI shifting? Where do Intuit and its customers stand to benefit the most from these models as they continue to advance?

Brad Zelnick: Great. Thank you very much. It's Nick on for Brad this evening. Appreciate you taking my question. I'd actually like to build on Siddhi's question a bit here. When you're talking about the power of AI and HI together, as models continue to improve, how do you see that balance between AI and HI shifting? Where do Intuit and its customers stand to benefit the most from these models as they continue to advance?

Great. Thank you very much it's Nick on for Brad. This evening and appreciate you taking my question and actually to build on <unk> question a bit here when you're talking about the power of AI and each I'd together as malls continue to improve how do you see that balance between AI and each is shifting and where do you intuit and its customer stand to benefit the most from these models as they continue.

A segment that grew 45% last year, well over $2 billion in size.

And we are seeing incredible traction not just through February six but you know we've.

We've got two months of tax season under our belt, we have about six weeks left and we're seeing incredible traction with our assist that offering so thats one significant area, where it's a tailwind for us and I think we are.

Yes.

Sasan Goodarzi: Yeah. I mean, thanks for your question. Let me maybe break it apart into important segments of the company. First and foremost, our entire disruption in the assisted tax segment, by the way, both assisted consumer tax and assisted business tax, is entirely driven by data, AI, and HI. We are winning based on our scale of the best experience, the best price, and the fastest access to money. As I said a moment ago, customers... I mean, if you look at the size of the assisted category, it's more than 7 times the do-it-yourself category. The reason is, customers demand a expert to help them with their decisions and to help them with their liability.

Yes, I mean, thanks for your question, let me maybe break out break it apart into important segments of the company.

We're just scratching the surface of the disruption and the second area is we're actually winning and mid market because our entire platform is based on AI NHI, where we are now fundamentally an AI native ERP platform, where we're doing the work for customers I mean, when you look at some of the customer benefits that we are.

First and foremost.

Our entire disruption in the assisted tax segment by the way both assisted consumer tax and assisted business tax is entirely driven by data and AI NHI.

Seeing.

From a reconciliation peak reconciliation being done.

90% faster at month end to 17 hours a week of accounting work that our platform does with not just AI, but our HIV that comes with that our platform is beyond self funding its actually digitizing and driving growth in mid market, which is why we're seeing the acceleration. That's why we're seeing accountants are actually embrace.

Help them with their decisions and to help them with their liability and so one area based on seven years of investments that we've made that we're really benefiting from it.

Sasan Goodarzi: One area, based on 7 years of investments that we've made that we're really benefiting from, is disrupting the assisted tax segment, right? This was a segment that grew 45% last year, well over $2 billion in size. We are seeing incredible traction, not just through 6 February, but, you know, we've had 2 months of tax season under our belt. We have about 6 weeks left, we're seeing incredible traction with our assisted offerings. That's one-Significant area where it's a tailwind for us. I think, you know, we're just scratching the surface of the disruption. The second area is we're actually winning in mid-market because our entire platform is based on AI and HI, where we are now fundamentally an AI native ERP platform where we're doing the work for customers.

Our platform. The FERC is I want to amplify what Sandeep already said, but it's just a really really important point that that sandeep made as you recall.

Is disrupting the assisted tax segment right. This was.

A segment that grew 45% last year, well over $2 billion in size and we are seeing incredible traction not just through February six but you know we've.

Last year, we will doubt a.

A series of AI agents on our platform.

And those AI agents, where accounting agent payments agents finance agent the.

The accounting agent is saving customers 12 hours a month.

Our finance agents is delivering automated P&L and automated cash flow statements. It's saving customers 17 to 18 hours a week, we're putting more money and faster money I should say into our customers' pockets, whether it's our payments AI agent and or our tax agent, where it's actually help.

We're just scratching the surface of the disruption and the second area is we're actually winning and mid market because our entire platform is based on AI NHI, where we are now fundamentally an AI native ERP platform, where we're doing the work for our customers I mean, when you look at some of the customer benefits that we are.

Our customers with reducing the reductions and all of that is actually fueling quickbooks live it.

Sasan Goodarzi: I mean, when you look at some of the customer benefits that we are seeing, you know, from a reconciliation, peak reconciliation being done 90% faster at month end to 17 hours a week of accounting work that our platform does with not just AI, but our HI that comes with it. Our platform is beyond self-funding. It's actually digitizing and driving growth in mid-market, which is why we're seeing the acceleration. It's why we're seeing accountants actually embrace the our platform. The third is I wanna amplify what Sandeep already said, but it's just a really important point that Sandeep made. As you recall, last year, we rolled out a series of AI agents on our platform. Those AI agents were accounting agent, payments agent, finance agent.

Seeing.

It's up 50%.

From a reconciliation peak reconciliation being done.

Year over year, So that's where the AI NHI is feeling the customer.

The customer benefit, but it's actually completely self funding, which gives us a lot of pricing power and that's really the point Sandeep was making is what we have learned and beyond the benefits that we are delivering since last July and how it is actually fueling adoption and consumption of our AI services will just QB live.

Actually embrace.

Our platform. The FERC is I want to amplify what Sandeep already said, but it's just a really really important point that that sandeep made as you recall.

What we learned in taxes, when we actually offer it as a combined experienced both.

Technology, and human expertise customers actually playing to win and willing to pay more for it why because it comes down to helping.

Last year, we will doubt a.

A series of AI agents on our platform.

Helping them fueled our success, making sure that that they're confident in there.

Those AI agents, where accounting agent payments agents finance agent the.

The ability and so that's informing the future, which I wanted to just spend one more minute on the future.

Sasan Goodarzi: The accounting agent is saving customers 12 hours a month. Our finance agent is delivering automated PNLs and automated cash flow statements. It's saving customers 17 to 18 hours a week. We're putting more money, and faster money, I should say, into our customers' pockets, whether it's our payments, AI agent and/or our tax agent, where it's actually helping our customers with reducing their reductions. All of that is actually fueling QuickBooks Live. It's up 50% year-over-year. That's where AI and HI is fueling the customer, the customer benefit, but it's actually completely self-funding, which gives us a lot of pricing power.

The accounting agent is saving customers 12 hours a month.

Our finance agents is delivering automated P&L and automated cash flow statements, it's saving customers, 17% to 18 hours a week, we're putting more money and faster money I should say into our customers' pockets, whether it's our payments AI agent and or our tax agent, where it's actually helped.

Going to be we're assessing and we're going to be rolling out AI NHI now as part of our lineup with certain jobs that we will solve based on all the test results that we've seen where we will see over time, an increase and actually subscription prices, where it's actually saving customers a lot of money, but to actually see.

Our customers with reducing the reductions and all of that is actually fueling quickbooks live it.

Seeing consumption. So there are certain things we are going to include in the lineup and then certain things that we are seeing in our test results that will actually drive consumption of payments consumption of payroll and actually consumption of more expert services and so that.

It's up 50%.

Year over year, So that's where the AI NHI is feeling the customer.

The customer benefit, but it's actually completely self funding, which gives us a lot of pricing power and that's really the points Sandeep was making is what we have learned beyond the benefits that we are delivering since last July and how it is actually fueling adoption and consumption of our AI services, which has to be live.

That's a really sort of a primary example in assisted tax in mid market and really across our business platform. How AI NHI has actually fueling the growth that we're experiencing and that's what gives us confidence not just for the rest of the year, we have a lot of confidence in the year, but just as we look at the next two to five years.

Sasan Goodarzi: That's really the point Sandeep was making, is what we have learned beyond, you know, the benefits that we're delivering since that last July and how it's actually fueling adoption and consumption of our HI services, which is QB Live. What we learned in tests is that when we actually offer it as a combined experience, both technology and human expertise, customers are actually willing to pay more for it. Why? Because it comes down to helping them fuel their success, making sure that they're confident in their liability. That's informing the future, which I want to just spend one more minute on the future.

What we learned in taxes, when we actually offer it as a combined experience both technology and human expertise customer is actually pulling through.

Great. Thank you so much.

Thank you we'll go next now to Keith Weiss with Morgan Stanley.

To pay more for it why because it comes down to.

Excellent. Thank you guys for taking the question and congratulations on a really solid quarter.

Helping them fueled our success, making sure that that they're confident in there.

Can I ask about the new Entropic deal that you guys signed in the quarter.

Liability and so that's informing the future, which I wanted to just spend one more minute on the future.

That you guys are really excited about and we could see that excitement in the press release I would say investors are a little bit less excited.

Sasan Goodarzi: We're gonna be assessing, and we're gonna be rolling out AI and HI now as part of our lineup with certain jobs that we will solve based on all the test results that we've seen, where we'll see over time an increase in actually subscription prices, where it's actually saving customers a lot of money. We're actually seeing consumption. There are certain things we're gonna include in the lineup, and then certain things that we are seeing in our test results that will actually drive consumption of payments, consumption of payroll, and actually consumption of more expert services.

We're going to be we're assessing and we're going to be rolling out AI NHI now as part of our lineup with certain jobs that we will solve based on all the test results that we've seen where we will see over time, an increase and actually subscription prices, where it's actually saving customers a lot of money but to actually.

Because of the uncertainty that it brings and I think the core of the uncertainty.

Is the idea of.

The Fox into the Henhouse right.

Or is it <unk> in the anthropic model, they're going to be able to get access to all your good proprietary data access to all your customers do you see your workflows and therefore be able to replicate your business.

Seeing consumption. So there are certain things we're going to include in the lineup and then certain things that we are seeing in our test result that will actually drive consumption of payments consumption of payroll and actually consumption of more expert services and so that.

Can you talk about the one the relationship itself, what's so exciting from the Intuit part of the equation, but maybe touch on the control that you have like how do you keep that bear case scenario from happening how can we help you with maybe some of those concerns from investors.

Sasan Goodarzi: That's, you know, that's a really the sort of a primary example in assisted tasks in mid-market and really across our business platform, how AI and HI is actually fueling the growth that we're experiencing. That's what gives us confidence, not just for the rest of the year. We have a lot of confidence in the year, but just as we look at the next, you know, two to five years. Great. Thank you so much.

That's a really is a sort of a primary example in assisted tax and mid market and really across our business platform. How AI NHI has actually fueling the growth that we're experiencing and that's what gives us confidence not just for the rest of the year, we have a lot of confidence in the year, but just as we look at the next two to five years.

Yeah Keith Thanks. Thanks for your question I wanted to just start with the why why these partnerships and Sandeep touched on this but this is probably the most important premise that is important to be understood.

Brad Zelnick: Great. Thank you so much.

Great. Thank you so much.

Operator: Thank you. We'll go next now to Keith Weiss with Morgan Stanley.

Thank you we'll go next to Keith Weiss with Morgan Stanley.

Which is in this case, both open AI and Tropic, one they're wonderful partners, but too.

Keith Weiss: Excellent. Thank you guys for taking the question, and congratulations on a really solid quarter. I was gonna ask about the new Anthropic deal that you guys signed in the quarter. Something that you guys are really excited about. We could see that excitement in the press release. I would say investors are a little bit less excited because of the uncertainty that it brings. I think the core of the uncertainty is the idea of you're letting the fox into the henhouse, right? Is Anthropic and the Anthropic models gonna be able to get access to all your good proprietary data, access to all your customers, to your workflows, and therefore be able to replicate your business?

Excellent. Thank you guys for taking the question and congratulations on a really solid quarter.

They are very interested in this partnership because they actually see and understand.

Can I ask about the new Entropic deal that you guys signed in the quarter.

The regulatory environment, and the high Stakes financial decisions that customers make and how important accuracy and compliance and safety is.

That you guys are really excited about we could see that excitement in the press release I would say investors are a little bit less excited because of the uncertainty that it brings and I think the core of the uncertainty.

And the fact that customers actually demand that the combination of technology and human expertise and and that is not an easy thing to replicate frankly in some ways.

Is the idea of.

The Fox into the Henhouse right.

Or is it <unk> in the Entropic model, they're going to be able to get access to all your good proprietary data access to all your customers your workflows and therefore be able to replicate your business.

This addressable market is too small for them to even worry about and that's why they rely on us. So the why is really really important because they're heavily relying on us to.

To provide the experience which gets to the second question that you asked and that is where the first question that you asked and that is.

Keith Weiss: Can you talk about the one, the relationship itself, what's so exciting from the Intuit part of the equation, but maybe, like, touch on the control that you have? Like, how do you keep that bear case scenario from happening? How can we help soothe maybe some of those concerns from investors?

Can you talk about the one the relationship itself, what's so exciting from the Intuit part of the equation, but maybe touch on the control that you have like how do you keep that their case scenario from happening how can we help a student maybe some of those concerns from investors.

The way we the relationship is constructed and the way our platform is constructed.

Is that customers are when they engage they are using our platform in essence, it's through Apis and mcps Ware.

Sasan Goodarzi: Yeah. Keith, thanks for your question. I wanna just start with the why. Why these partnerships. Sandeep touched on this, but this is probably the most important premise that is important to be understood, which is, in this case, both OpenAI and Anthropic, one, they're wonderful partners, but two, they are very interested in this partnership because they actually see and understand the regulatory environment and the high-stakes financial decisions that customers make and how important accuracy, compliance, and safety is, and the fact that customers actually demand the combination of technology and human expertise. That is not an easy thing to replicate. Frankly, in some ways, this addressable market is too small for them to even worry about, and that's why they rely on us.

In the contract this is beyond how they experience works is that.

The data doesn't leave our four wall, the the AI capabilities, which our domain specific that we built doesn't leave our four walls.

And it's about delivering the experience that the customer needs, whether it's with an open AI or in this case anthropic and from an economic perspective, we only experienced in the relationship and and we don't share in the economics, while at the same time, we've committed to continued use of external L. L M, which is part of the.

Which is in this case, both open AI and Tropic, one they're wonderful partners, but to.

They are very interested in this partnership because they actually see and understand.

The regulatory environment, and the high Stakes financial decisions that customers make and how important accuracy and compliance and safety is.

<unk> and Tropic deal so.

And the fact that customers actually demand the combination of technology and human expertise and and that is not an easy thing to replicate frankly in some ways.

The elements of.

How the experience works is no customer data share no domain expertise of share and frankly to have zero interest in it because of where I started in the interest of the partnership with them and I think the last thing I will just end with is our fundamental.

This addressable market is too small for them to even worry about and that's why they rely on us. So the why is really really important because they're heavily relying on us to.

Sasan Goodarzi: The why is really, really important because they're heavily relying on us to provide the experience, which gets to the second question that you asked, and that is or the first question that you asked, and that is the way we the relationship is constructed and the way our platform is constructed, is that customers are engaged or using our platform. In essence, it's through APIs and MCPs where, and it's in the contract, this is beyond how the experience works, is that the data doesn't leave our four walls. The AI capabilities, which are domain-specific, that we've built, doesn't leave our four walls. And it's about delivering the experience that the customer needs, whether it's with an OpenAI or, in this case, Anthropic.

Goal is to be where the eyeballs are we want all of our platform capabilities to be where customers are.

To provide the experience which gets to the second question that you asked and that is where the first question that you asked and that is.

And we are working daily on improving the experiences it is yet to be determined.

The way we the relationship is constructed and the way our platform is constructed.

Whether or not customers actually will want to engage in their finances.

US through these apps.

Is that customers are when they engage they are using our platform in essence, it's through Apis, and mcps where and.

So we're working on the experience we are very excited about it. We believe the biggest opportunity is really new customer growth, but we actually need to determine whether or not customers are willing to engage with their finances through the apps, but that's what gives us a lot of excitement around the deal and Keith One thing I would add is you know.

In the contract and this is beyond how they experience works is that.

The data doesn't leave our four walls.

The AI capabilities, which our domain specific that we've built doesn't leave our four walls.

When customers think our investors think about the relationship we have with you.

In addition to everything so San mentioned motor we have comes from proprietary data and so cynosure that that data is not leaving our four wall that stays here. So that's not being impacted or more comes from being the core of the flow of funds, whether it's access to capital with our work by the employees, whether it's the money flow that's not been touched.

Sasan Goodarzi: From an economic perspective, we own the experience and the relationship, and we don't share in the economics, while at the same time, we've committed to continued use of external LLMs, which is part of the Anthropic deal. The elements of how the experience works is no customer data is shared, no domain expertise is shared, and frankly, they have zero interest in it because of where I started and the interest of the partnership with them. I think the last thing I will just end with is our fundamental goal is to be where the eyeballs are. We want all of our platform capabilities to be where customers are. We are working daily on improving the experiences.

<unk> and Tropic deal so.

The elements of how the experience works is is no customer data share no domain expertise of share and frankly to have zero interest in it because of where I started in the interest of the partnership with them and I think the last thing I will just end with is our fundamental goal.

This L. M. R. A moat comes from human intelligence being a massive differentiator, particularly in areas that we play with which is a high stakes financial decisions high liability regulatory decisions that the moat that remains with us. So that's the one where I would ask folks to step back and look at what generous the moat and how theyre mode remains unclear.

<unk> is to be where the eyeballs are we want all of our platform capabilities to be where customers are.

And in fact has been augmented in this new era of AI.

And we are working daily on improving the experiences is yet to be determined whether or not customers actually will want to engage in their finances with us through these apps.

Excellent. Thank you guys.

Sasan Goodarzi: It is yet to be determined whether or not customers actually will want to engage in their finances with us through these apps. We're working on the experience. We're very excited about it. We believe the biggest opportunity is really new customer growth, but we actually need to determine whether or not customers are willing to engage with their finances through the apps. That's what gives us a lot of excitement around the deal.

Thank you we'll go next now to Steve Enders with Citi.

Okay, great. Thanks, Ron Thanks for taking the questions.

So we're working on the experience we're very excited about it we believe the biggest opportunity is really new customer growth, but we actually need to determine whether or not customers are willing to engage with their finances through the apps, but that's what gives us a lot of excitement around the deal and Keith One thing I would add is you know.

Maybe I'll just kind of continue to have no way of thinking on the AI side just.

As you work and partner with these.

These model providers and then you have your own.

Internally generative capabilities as well just how do you think about what makes sense for you all to kind of focus on where does it make sense.

[Company Representative] (Intuit): Keith, one thing I would add is, you know, when customers think or investors think about the relationship we have with these LLMs, in addition to everything Sasan mentioned, the moat that we have comes from proprietary data. Sasan assured that that data is not leaving our four walls. That stays here, so that's not being impacted. Our moat comes from being the core of the flow of funds, whether it's access to capital, whether it's hours worked by the employees, whether it's the money flow, that's not being touched by these LLMs. Our moat comes from human intelligence being a massive differentiator, particularly in areas that we play with, which is high-stakes financial decisions, high liability, regulatory decisions. That's the moat that remains with us.

Sandeep Aujla: Keith, one thing I would add is, you know, when customers think or investors think about the relationship we have with these LLMs, in addition to everything Sasan mentioned, the moat that we have comes from proprietary data. Sasan assured that that data is not leaving our four walls. That stays here, so that's not being impacted. Our moat comes from being the core of the flow of funds, whether it's access to capital, whether it's hours worked by the employees, whether it's the money flow, that's not being touched by these LLMs. Our moat comes from human intelligence being a massive differentiator, particularly in areas that we play with, which is high-stakes financial decisions, high liability, regulatory decisions. That's the moat that remains with us.

When customers think our investors think about the relationship we have with you.

Rely on some of these third parties and maybe where it was kind of the rubber meet the road.

In addition to everything so Tom mentioned the moat that we have comes from proprietary data and since I'm sure that that data is not leaving our four wall that stays here. So that's not being impacted or more comes from being the core of the flow of funds, whether it's access to capital with our work by the employees, whether it's the money flow that's not being touched.

And what that means for the customer experience moving forward.

Yes, I'd say, that's a really great question and an element that I.

Got to share in answering Keith's question.

So we think about it.

And in the realm of context versus core and and for us.

This L. M. R. A moat comes from human intelligence being a massive differentiator, particularly in areas that we play with which is a high stakes financial decisions high liability regulatory decisions. That's a moat that remains with us, but that's the one where I would ask folks to step back and look at what generates the moat and how theyre more remains unclear.

Core is what we talked about which is we are all about delivering done for your experiences with AI and data and AI to help you from lead to cash and to help you from credit building.

[Company Representative] (Intuit): That's the one where I would ask folks to step back and look at, what generates the moat and how that moat remains untouched, and in fact, is being augmented in this new era of AI.

Sandeep Aujla: That's the one where I would ask folks to step back and look at, what generates the moat and how that moat remains untouched, and in fact, is being augmented in this new era of AI.

Whilst building and so all of our investments over the years with the proprietary data data models, our domain specific AI models, which by the way to a lesser extent, there's actually all of them. The majority of our AI capabilities has actually knowledge engineering and machine learning and of course, we built out our intuit financial largest language.

And in fact has been augmented in this new era of payout.

Sasan Goodarzi: Excellent. Thank you, guys.

Keith Weiss: Excellent. Thank you, guys.

Excellent. Thank you guys.

Operator: Thank you. We'll go next now to Steve Enders with Citi.

Thank you we'll go next now to Steve Enders with Citi.

Steve Enders: Okay, great. Thanks for taking the questions. Maybe I'll just kind of continue the line of thinking on the AI side. Just, you know, as you work and partner with these, you know, model providers and then you have your own internally built, you know, generative capabilities as well, just how do you think about what makes sense for you all to kind of focus on? Where does it make sense to rely on some of these third parties? And maybe where does kind of the rubber meet the road in terms of what that means for the customer experience moving forward?

Okay, great. Thanks, Ron Thanks for taking the questions.

Maybe I'll just kind of continue to have no way of thinking on the AI side just.

Models.

That really works in a very complementary way to deliver these experiences with confidence where theres a lot of our liability for customers, which is why there is so much demand and you know if you think about our category demand is high and supply is short because theres not too many that do what we do and to and that's core and and when.

As you work and partner with these.

With these model providers and I know you have your own.

Internally built.

Turning up the capability there as well just how do you think about what makes sense for you all to kind of focus on what does it make sense.

Rely on some of these third parties and maybe where it was kind of the rubber meet the road.

When you think about what's context is.

Terms of what that means for the customer experience moving forward.

Part of the alignment that we have like for instance, with Entropic where for mid market customers.

Sasan Goodarzi: Yeah, I'd say that's a really great question and an element that I, that I forgot to share in answering, Keith's question. We think about it in, in the realm of context versus core. For us, core is what we talked about, which is, we are all about delivering done-for-you experiences with AI, data, and HI, to help you from, you know, lead to cash and to help you from credit building, to wealth building. All of our investments over the years with the proprietary data models, our domain-specific AI models, which, by the way, to a lesser extent, is actually LLM. The majority of our AI capabilities is actually knowledge engineering and machine learning.

Yes, I'd say, that's a really great question and an element that I.

If there is a.

Forgot to share in answering Keith's question. So we think about it.

If there is a customer like a construction company that is looking to look at their project plan look at their lien waivers look at their subcontractor payments.

And in.

In the realm of contacts versus core and and for us.

<unk> is what we talked about which is we are all about delivering done for your experiences with AI and data and AI to.

And then they're looking to actually understand the combination of those and the impact it has to their cash flow our customer now on our platform because remember it's our AI models data models NHI that drive at the end experience and now they don't know what they are using but they are using some of the capabilities.

To help you from lead to cash and to help you from credit building.

I'll spell the and so all of our investments over the years with the proprietary data data models, our domain specific AI models, which by the way to a lesser extent, that's actually all of them. The majority of our AI capabilities has actually knowledge engineering and machine learning and of course, we built out our intuit financial largest language model.

With caught core to actually be able to create a dashboard to see that.

Although the long tail of things that that construction company needs to see and by the way every construction company wants to see different things ever roofer wants to see different things.

Sasan Goodarzi: Of course, we've built out our Intuit financial large language models that really works in a very complementary way to deliver these experiences with confidence, where there's a lot of liability for customers, which is why there's so much demand. You know, if you think about our category, demand is high and supply is short. There's not too many that do what we do end to end. That's core.

<unk>.

That really works in a very complementary way to deliver these experiences with confidence where theres a lot of our liability for customers, which is why there is so much demand and if you think about our category demand is high and supply is short because theres not too many that do what we do and to and that's core and <unk> and <unk>.

Every architect wants to see different things that's context for US right because we don't want to go out and build the long tail of things, but it actually allows us to disrupt.

Industry specific verticals. That's an example of context. Another example of context for Entropic and open AI context for them when our customers in their app is what's the customer's intent that's core to them.

Sasan Goodarzi: When you think about what context is, the part of the alignment that we have, like, for instance, with Anthropic, where for mid-market customers, if there is a customer, like a construction company that is looking to look at their project plan, look at their lien waivers, look at their subcontractor payments, and then they're looking to actually understand the combination of those and the impact it has to their cash flow, our customer now on our platform, because remember, it's our AI models, data models, and HI that drives the end experience, can now...

When you think about what kind of tax is.

Part of the alignment that we have like for instance, with Entropic where for mid market customers.

And once they identify what the customer wants then.

It becomes.

If there is a if there is a customer like a construction company that is looking to look at their project plan look at their lien waivers look at their subcontractor payments.

Very much our skills our experiences is what the customer use them. They are in our platform. So this is back to where I started this is very much about context versus core and four from from our perspective and the LLM providers, it's actually a very clear cut how we are partnering to deliver experiences for customers. So.

And then they're looking to actually understand the combination of those and the impact it has to their cash flow our customer now on our platform because remember it's our AI models data models NHI that drive at the end of the experience and now they don't know what they are using but they're using some of the capabilities.

Hopefully that helps but that's really the way we're executing the experiences and how the model is actually work.

Okay, that's great Hey, guys. Thanks for taking the question.

Sasan Goodarzi: They don't know what they're using, but they're using some of the capabilities, with Cowork to actually be able to create a dashboard to see the long tail of things that construction company needs to see. By the way, every construction company wants to see different things. Every roofer wants to see different things. Every architect wants to see different things. That's context for us, right? We don't want to go out and build the long tail of things, but it actually allows us to disrupt industry-specific verticals. That's an example of context. Another example of context is for Anthropic and OpenAI, context for them when a customer is in their app, is what's the customer's intent? That's core to them.

Yeah.

Thank you we'll go next to Mark Murphy with JP Morgan.

With a quad core to actually be able to create a dashboard to see that.

Thank you so much I'll add my congrats on you had mentioned twice that IRS returns are down 5% year over year through.

Although the long tail of things that that construction company needs to see and by the way every construction company wants to see different things ever roofer wants to see different things.

February six I assume you mean that more as a timing difference this season.

Every architect wants to see different things that's context for US right because we don't want to go out and build the long tail of things, but it actually allows us to disrupt.

Perhaps because I think some of the reports are showing that IRS stuffing is down 27%.

Versus last year, maybe it takes longer so is it just more backend loaded tax season or are you trying to signal anything about the the full tax season, and then secondly sandeep.

Industry specific vertical so that's an example of context. Another example of context for Entropic and open AI context for them when our customers in their app is what's the customer's intent that's core to them.

Can you comment on some of the the economic health indicators that some of you sometimes say like number of employees.

Sasan Goodarzi: Once they identify what the customer wants, then it becomes very much our skills, our experiences, is what the customer use, and they're in our platform. This is back to where I started. This is very much about context versus core. You know, from our perspective and the LLM providers, it's actually a very clear cut how we are partnering to deliver experiences for customers. Hopefully, that helps, but that's really the way we're executing the experiences and how the models actually work.

And once they identify what the customer wants then.

Worked.

Cash balances credit scores et cetera, just read or whether you think there's been any change there.

It becomes.

Very much our skills our experiences is what the customer using there in our platform. So this is back to where I started this is very much about context versus core and four from from our perspective and the LLM providers, it's actually a very clear cut how we are partnering to deliver experiences for customers. So.

Hey, Mark let me just take both of those.

Tucson.

So you add on top of my answer so on the first question.

We wanted to highlight with the fact that the IRS was down five point through February six.

It was simply we were highlighting the timing, but we wanted to showcase that hey look this is down $5 through February six at our business Turbotax revenue was up 12% now you can compare that to last year, Mark you followed us for years last year.

Hopefully that helps but that's really the way, we're executing the experiences and how the model actually works.

Alex Zukin: That's great to hear. Thanks for taking the question.

Steve Enders: That's great to hear. Thanks for taking the question.

Okay, that's great Hey, guys. Thanks for taking the question.

Sasan Goodarzi: Yep.

Yep.

About eight points through February seven and our business was up 4%. So we were just highlighting what's giving us the confidence going into this tax season, but that's purely timing and more just giving a comparison to external forces are performance and.

Operator: Thank you. We go next now to Mark Murphy with J.P. Morgan.

Operator: Thank you. We go next now to Mark Murphy with JPMorgan.

Thank you we'll go next to Mark Murphy with JP Morgan.

Mark Murphy: Thank you so much. I'll add my congrats. Sasan, you had mentioned twice that IRS returns are down 5% year-over-year through 6 February. I assume you mean that more as a timing difference this season, you know, perhaps because I think some of the reports are showing that IRS staffing is down 27% versus last year. Maybe it takes longer. Is it just more backend loaded tax season or are you trying to signal anything about the full tax season? Secondly, Sandeep, can you comment on some of the economic health indicators that you sometimes say, like number of employees, hours worked, the cash balances, credit scores, et cetera, just, you know, whether you think there's been any change there?

Thank you so much I'll add my Congrats Hassan do you had mentioned twice that IRS returns are down 5% year over year through.

February six I assume you mean that more as a timing difference this season.

Doing the similar time period.

Now getting to your goal.

Perhaps because I think some of the reports are showing that IRS stuffing is down 27%.

To your second question Mark remind me of your second question, sorry quickly blanked on it if you could just comment on some of the economic health indicators like cash balances hours or credit card because there isn't the reason I'm asking Sunday does the consumer confidence scores.

Versus last year, maybe it takes longer so is it just more backend loaded tax season or are you trying to signal anything about the the full tax season, and then secondly sandeep.

A minor bounce.

Can you comment on some of the the economic health indicators that you, sometimes say like number of employees.

Last month's, but outside of that they they've looked pretty awful for awhile in and yet you've had.

<unk> had a better more positive read on it and very very strong results and I'm just wondering if that's continuing.

There's worked.

Cash balances credit scores et cetera, just REIT or whether you think there's been any change there.

Although of course Mark.

So there are two metrics that I look at it as my on personal leading indicators when I look at the health of the business. One is and this mobile metrics like what are the stats on the number of hours being worked by the employees of our customers.

[Company Representative] (Intuit): Yeah. Hey, Mark. Let me just take both of those and see if Sasan has something to add on top of my answer. On the first question, what we wanted to highlight was the fact that the IRS was down 5 points through 6 February. That was simply we were highlighting the timing, but we wanted to showcase that, hey, look, IRS is down 5 points through 6 February, and our business, TurboTax revenue was up 12%. Now, you can compare that to last year. Mark, you've followed us for years. Last year, IRS was down about 8 points through 7 February, and our business was up 4%. We're just highlighting what's giving us the confidence going into this tax season.

Sandeep Aujla: Yeah. Hey, Mark. Let me just take both of those and see if Sasan has something to add on top of my answer. On the first question, what we wanted to highlight was the fact that the IRS was down 5 points through 6 February. That was simply we were highlighting the timing, but we wanted to showcase that, hey, look, IRS is down 5 points through 6 February, and our business, TurboTax revenue was up 12%. Now, you can compare that to last year. Mark, you've followed us for years. Last year, IRS was down about 8 points through 7 February, and our business was up 4%. We're just highlighting what's giving us the confidence going into this tax season.

Yeah, Hey, Mark let me just take both of those.

Tucson has something to add on top of my answer so on the first question. What we wanted to highlight with the fact that the IRS was down five point through February six.

<unk> are up.

That was simply we were highlighting the timing, but we wanted to showcase that hey look this is down five points in February six at our business Turbotax revenue was up 12% now you can compare that to last year, Mark you followed us for years.

Around four.

4% or thereabouts, which is actually stronger in January than it was in the October timeframe. So that I continue to feel good about them is to actually improve.

Improved from about.

The October timeframe. The second thing I looked at is what are the cash reserves because cash in on the balance sheet cash in the bank matter, so much and best stable mid.

We've done about eight points through February seven and our business was up 4%. So we were just highlighting what's giving us confidence going into this tax season, but that's purely timing and more just giving a comparison to external forces are performance and.

[Company Representative] (Intuit): That's purely timing and more just giving a comparison to external versus our performance in during that similar time period. Now getting to your second question, Mark, remind me of your second question? Sorry, quickly blanked on it.

Sandeep Aujla: That's purely timing and more just giving a comparison to external versus our performance in during that similar time period. Now getting to your second question, Mark, remind me of your second question? Sorry, quickly blanked on it.

Mid market and small businesses are actually up the micro businesses are down a bit so.

During the similar time period.

But net net across our overall F&B space, it's very stable and the other metrics that we look at a more secondary but still helpful. What's the business the revenue events remain stable over the last three months.

Now getting to your.

Getting to your second question Mark remind me of your second question I'm, sorry quickly blanked on it if you could just comment on some of the economic health indicators like cash balances hours or two critical because there isn't the reason I'm asking Sunday.

Mark Murphy: If you could just comment on some of the economic health indicators like cash balances...

[Company Representative] (Intuit): Oh, yeah.

Sandeep Aujla: Oh, yeah.

Mark Murphy: ... and hours worked and credit card. The reason I'm asking, Sandeep, is the consumer confidence scores, you know, there was a minor bounce last month, but outside of that, they've looked pretty awful for a while, and yet you've had-

Mid market is.

It kind of glib above.

The consumer confidence scores.

Around 6% S&P is up low.

As a minor bounce last months, but outside of that they they've looked pretty awful for awhile in and yet you had.

Single digit and micro is the down.

Single digit, but generally the healthy good.

[Company Representative] (Intuit): Yeah

Sandeep Aujla: Yeah

Mark Murphy: ... you know, you've had a better, more positive read on it and very, very strong results, and I'm just wondering if that's continuing.

Services non discretionary.

<unk> had a better more positive read on it and very very strong results and I'm just wondering if that's continuing.

<unk> is doing well advertising retail discretion is seeing some declines.

[Company Representative] (Intuit): Of course, Mark. There are two metrics that I look at as my own personal leading indicators when I look at the health of the business. One is, this is my Uber metrics, like what are the stats on the number of hours being worked by the employees of our customers? Those are up around 4% or thereabouts, which is actually stronger in January than it was in the October timeframe. That I continue to feel good about, and it's actually improved from about, you know, the October timeframe. The second thing I looked at is what are the cash reserves? Cause cash in on the balance sheet, cash in the bank matters so much, and that's stable. Mid-market and small businesses are actually up.

Sandeep Aujla: Of course, Mark. There are two metrics that I look at as my own personal leading indicators when I look at the health of the business. One is, this is my Uber metrics, like what are the stats on the number of hours being worked by the employees of our customers? Those are up around 4% or thereabouts, which is actually stronger in January than it was in the October timeframe. That I continue to feel good about, and it's actually improved from about, you know, the October timeframe. The second thing I looked at is what are the cash reserves? Cause cash in on the balance sheet, cash in the bank matters so much, and that's stable. Mid-market and small businesses are actually up.

Although of course Mark.

In summary on the profit side is up several points over the last three months through January and on the profit side. We are seeing good performance Baidu services manufacturing and wholesale trade so putting aside all the noise, we might see in the press and everything else when I look at the pure quantitative stacked in the business I continue to feel good about the health of.

So there are two metrics that I look at my own personal leading indicators when I look at the health of the business. One is and this mobile metrics like what are the stats on the number of hours being worked by the employees of our customers.

<unk> are up.

Around.

4% or thereabouts, which is actually stronger in January than it was in the October timeframe. So that I continue to feel good about it is to actually improve.

Our business on top of that also remind you Mark and you followed us for years so.

But the benefit we have a well diverse base of customers across multiple customer sizes multiple industries and multiple geographies, but that's all something Additionally.

Improved from about.

The October timeframe. The second thing I looked at is what are the cash reserves because cash in on the balance sheet cash in the bank matter, so much and best stable mid.

To keep in mind as you think about our business and the health of the economy.

Mid market and small businesses are actually up the micro businesses are down a bit so.

Wonderful. Thank you so much really appreciate it.

[Company Representative] (Intuit): The micro-businesses are down a bit, but net-net across overall SMB space is very stable. The other metrics that we look at are more secondary but still helpful is what's the business revenue, and that's remained stable over the last three months. You know, mid-market is up, kind of little above the, you know, around 6%. SMB is up low, single digit, micro is down, single digit, but generally the health is good. IT services, non-discretionary, discretionary is doing well. Advertising, retail, discretionary is seeing some declines. Summary on the profit side is up several points over the last three months through January. On the profit side, we've seen good performance by IT services, manufacturing, and the wholesale trade.

Sandeep Aujla: The micro-businesses are down a bit, but net-net across overall SMB space is very stable. The other metrics that we look at are more secondary but still helpful is what's the business revenue, and that's remained stable over the last three months. You know, mid-market is up, kind of little above the, you know, around 6%. SMB is up low, single digit, micro is down, single digit, but generally the health is good. IT services, non-discretionary, discretionary is doing well. Advertising, retail, discretionary is seeing some declines. Summary on the profit side is up several points over the last three months through January. On the profit side, we've seen good performance by IT services, manufacturing, and the wholesale trade.

Yeah.

Thank you. We'll go next now to Alex Zukin with Wolfe Research.

But net net across our overall F&B space, it's very stable and the other metrics that we look at it more secondary but still helpful is what's the business the revenue events remain stable over the last three months.

Hey, guys.

Appreciate you taking the question maybe.

Just two quick ones for me I guess to the port to the part about AI. The partnerships that you've talked about obviously, some amazing growth again and G. B S. G. I wanted to ask how durable are some of the trends that youre seeing over the course of the next few quarters and even beyond that and then to the <unk>.

Mid market.

It kind of a glimmer above.

Around 6% S&P is up low.

Single digit and micro is the down.

Single digit, but generally the healthier good.

Services non discretionary discretionary is doing well advertising retail discretion is seeing some declines and summary on the profit side is up several points over the last three months through January and on the profit side. We've seen good performance Baidu services manufacturing and wholesale trade so putting aside all the noise, we might see in the press and every.

<unk> partnerships, specifically I think you did a great job laying out how it is going to improve their customer experience you've talked about how the data is not going to leave.

But maybe talk about just the specific monetization plans I would impact potentially gross margins.

[Company Representative] (Intuit): You know, putting aside all the noise we might see in the press and everything else, when I look at the pure quantitative stats in the business, I continue to feel good about the health of the business. On top of that, I'll also remind you, Mark, and you followed us for years, so you know this, but just for everyone's benefit, we have a well-diversed base of customers across multiple customer sizes, multiple industries, multiple geographies. That's also something additional and to keep in mind as you think about our business and the health of the economy.

Sandeep Aujla: You know, putting aside all the noise we might see in the press and everything else, when I look at the pure quantitative stats in the business, I continue to feel good about the health of the business. On top of that, I'll also remind you, Mark, and you followed us for years, so you know this, but just for everyone's benefit, we have a well-diversed base of customers across multiple customer sizes, multiple industries, multiple geographies. That's also something additional and to keep in mind as you think about our business and the health of the economy.

And then Sandeep just as a follow up on mail Chimp I think the language moved to returning to double digits beyond fiscal 'twenty six maybe just.

When I look at the pure quantitative stats in the business I continue to feel good about the health of.

The business on top of that also remind you Mark and you followed us for years so.

Give us a little bit more color there and your thoughts about the kind of both the key unlock and what happens if it can't do that.

One benefit we have a well diverse base of customers across multiple customer sizes multiple industries and multiple geographies, but that's all something additional.

Yeah, Alex that thanks for your question I'll jump in on the first one listened.

To keep in mind as you think about our business and the health of the economy.

The thing that is very exciting for us is.

Mark Murphy: Yeah, wonderful. Thank you so much. Really appreciate it.

Wonderful. Thank you so much really appreciate it.

AI NHI is foundational to our platform and fueling our growth.

Yeah.

Operator: Thank you. We go next now to Alex Zukin with Wolfe Research.

Thank you. We'll go next now to Alex Zukin with Wolfe Research.

And we talked a lot about what those proof points are it's not a side project for us we're not looking on the side to figure out how to monetize AI to make up for the core it is fundamental.

Alex Zukin: Hey, guys. Appreciate you taking the question. Maybe just two quick ones for me. Sasan, I guess to the part about AI, the partnerships that you've talked about, obviously some amazing growth again in GBSG. I wanted to ask, how durable are some of the trends that you're seeing over the course of the next few quarters and even beyond that? To the Anthropic partnership specifically, I think you did a great job laying out how it's gonna improve the customer experience. You've talked about how the data's not gonna leave. Maybe talk about just the specific monetization plans, how it impacts potentially gross margins. Sandeep, just as a follow-up on Mailchimp, I think the language moved to returning to double digits beyond fiscal 2026.

Hey, guys.

Appreciate you taking the question maybe.

Just two quick ones for me, so I guess to the port.

So the part about AI the partnerships that you've talked about obviously, some amazing growth again and G. B S. G. I wanted to ask how durable are some of the trends that youre seeing over the course of the next few quarters and even beyond that and then to the anthropic partnerships, specifically I think you did a great job laying.

Through our platform.

But that's just the position against three growth factors and so to answer your durability question, we feel very good about the durability of what we are saying one growth vector for US is how we are disrupting.

Just the tax which is both for consumers and business.

How it is going to improve their customer experience you've talked about how the data is not going to leave.

You saw in the last several years, our how our trajectory has fundamentally changed.

But maybe talk about just the specific monetization plans I would impact potentially gross margins.

And last year was a $2 billion plus business growing 45% and we're seeing incredible traction.

And then Sandeep just as a follow up on mail Chimp I think the language moved to returning to double digits beyond fiscal 'twenty six maybe just.

So far this year and by the way we've seen enough of the tax season.

How it is going to play out in our confidence in tax season.

Alex Zukin: Maybe just give us a little bit more color there and your thoughts about the kind of both the key unlock and what happens if it can't do that.

So very very durable and in fact everyday that passes we build momentum because of all the investments that we've made.

Give us a little bit more color there and your thoughts about the kind of both the key unlock and what happens if it can't do that.

Mid market is very durable.

Sasan Goodarzi: Yeah, Alex, thanks for your question. I'll jump in on the first one. Listen, the thing that is very exciting for us is AI and HI is foundational to our platform and fueling our growth. We've talked a lot about what those proof points are. It's not a side project for us. We're not looking on the side to figure out how to monetize AI to make up for the core. It is fundamental to our platform. That's juxtaposition against three growth vectors. To answer your durability question, we feel very good about the durability of what we are seeing.

All of our platform innovation with our go to market motion that we're that we're building and you can see it in our results right contracts quarter over quarter continue to be up 50%.

Yeah, Alex that thanks for your question I'll jump in on the first one listened.

The thing that is very exciting for us is.

Our accountants are now starting to contribute to new customers to the franchise, it's up 10 points over the last quarter new customers to the franchise is actually meaningful now it's not just our base and we have a long ways to go in our base and that's why we're expanding our sales force. So that's durable and then third is.

AI NHI is foundational to our platform and fueling our growth.

And we've talked a lot about what those proof points are it's not a side project for us we're not looking on the side to figure out how to monetize AI to make up for the core it is fundamental.

Through our platform.

I think Sandeep said, it really well with all of our AI NHI innovation on the business platform, we've actually been beyond the significant savings both time savings and money.

Sasan Goodarzi: You know, one growth vector for us is, how we're disrupting, assisted tax, which is both for consumers and business. You know, you saw in the last several years, you know, our, how our trajectory has fundamentally changed. Last year was a $2 billion plus business growing 45%, we're seeing incredible traction so far this year. By the way, we've seen enough of the tax season to know how it's gonna play out and our confidence in tax season. So that's very, very durable. In fact, every day that passes, we build momentum because of all the investments that we've made. Second, mid-market is very durable. With all of our platform innovation, with our go-to-market motion that we're building, you can see it in our results, right?

Impact that is having for businesses, which by the way makes our platform beyond self funding that gives us a lot of pricing power, we were very surprised to see in our testing that customers new customers.

<unk> tax, which is both for consumers and business.

And you saw in the last several years, our how our trajectory has fundamentally changed.

And last year was a $2 billion plus business growing 45% and we're seeing incredible traction.

And existing ones, who want the combination of both as part of the platform and that will impact how we think about not just subscription pricing, but consumption. So what.

So far this year and by the way we've seen enough of the tax season.

How it is going to play out in our confidence in tax season.

What we're seeing is very durable and not just for the next couple of quarters.

So that's very very durable and in fact everyday that passes we build momentum because of all the investments that we've made second mid market is very durable.

We've been focused on these three growth vectors for some time and we're seeing.

The impact of our investments last thing before I turn it over to Sandeep you asked about economics, both with open AI and anthropic and we do not share in any of the economics.

All of our platform innovation with our go to market motion that we're that we're building and you can see it in our results right contracts quarter over quarter continue to be up 50%.

Sasan Goodarzi: Contracts quarter-over-quarter continue to be up 50%. Our accountants are now starting to contribute to new customers to the franchise. It's up 10 points over the last quarter. New customers to the franchise is actually meaningful now. It's not just our base, and we have a long ways to go in our base, and that's why we're expanding our sales force. That's durable. Then third is, I think Sandeep said it really well. With all of our AI and HI innovation on the business platform, we've actually been beyond the significant savings, both time savings and money, impact that it's having for businesses which by the way, makes our platform beyond self-funding that gives us a lot of pricing power.

Whatever that usage is by our customers is the same economics at the customers come to us directly.

Our accountants are now starting to contribute to new customers to the franchise, it's up 10 points over the last quarter new customers to the franchise is actually meaningful now it's not just our base and we have a long ways to go and our base. That's why we're expanding our sales force. So that's durable and then third is.

And we're just really focused on the experience and I think we have a lot to prove together as to whether or not customers actually want to engage through.

Through these Hello lab ops, but we enjoy all of the economics. There is no margin expansion I think the thing you can.

Expect from US and we've said this earlier is continued margin expansion at the company level.

I think Sandeep said, it really well with all of our AI NHI innovation on the business platform, we've actually been beyond the significant savings both time savings and money.

Hey, Alex.

Build on that and also touch on your point around.

Mail Chimp question on mill Chimp when it comes to keep in mind. The margins are driven by the monetization. We've got three levers for monetization one is pricing for value.

The impact that it's having for businesses, which by the way makes our platform beyond self funding that gives us a lot of pricing power, we were very surprised to see in our testing that customers new customers.

<unk> shared that the accounting agent is saving people at 12 to 14 hours a month, we know that people in North America <unk> certified all been our best $900 plus a value. We are delivering so we can take a cut of that and thats great margin that goes to the bottom line secondly.

Sasan Goodarzi: We were very surprised to see in our testing that customers, new customers and existing ones want the combination of both as part of the platform. That will impact how we think about not just subscription pricing, but consumption. What we are seeing is very durable and not just for the next couple of quarters. You know, we've been focused on these three growth sectors for some time, and we're seeing the impact of our investments. Last thing before I turn it over to Sandeep, you asked about economics. Both with OpenAI and Anthropic, we do not share in any of the economics. Whatever the usage is by our customers, it's the same economics if the customers come to us directly. We're just really focused on the experience.

And existing ones and want the combination of both as part of the platform and that will impact how we think about not just subscription pricing but consumption. So.

What we're seeing is very durable and not just for the next couple of quarters.

Our agents are AI is serving up capabilities across our ecosystem at a time of need to be switching the conversation from being a sales pitch to helping address the customer need as an example, our customer could have apparel due tomorrow, but the invoices are going to get paid till next week with a click of a button. They can access to the capital loans payroll is done they employ.

We've been focused on these three growth vectors for some time and we're seeing.

The impact of our investments last thing before I turn it over to Sandeep you asked about economics, both with open AI and anthropic and we do not share in any of the economics.

And whatever that usage is by our customers is the same economics, if the customers come to us directly.

As a parent employees are happy next week, when the customers pay their invoices the agent automatically pays down the debt.

And we're just really focused on the experience and I think we have a lot to prove together as to whether or not customers actually want to engage through.

Sasan Goodarzi: I think we have a lot to prove together as to whether or not customers actually want to engage through these LLM apps. We enjoy all of the economics. There is no margin expansion. I think the thing you can expect from us, Sandeep said this earlier, is continued margin expansion at the company level.

Certainly and this is a key point for our call to keep in mind AI drives seamless connect.

Connection to HII, and we know in HIV, particularly keep alive, we see 22 points higher ecosystem attach. So in addition to HIV being a higher revenue upsell when they engage they have to pay us more for the human expert. We also know when the end up talking to human expert to end up.

Through these allo lab ops, but we enjoy all of the economics. There is no margin expansion I think the thing you can.

Expect from US Sandeep said this earlier is continued margin expansion at the company level.

[Company Representative] (Intuit): Hey, Alex, let me build on that and also touch on your point around Mailchimp or question on Mailchimp. When it comes to AI, keep in mind the margins are driven by the modernization. We've got three levers for modernization. One is pricing for value. When Sasan shared that the accounting agent is saving people 12 to 14 hours a month, we know that people in North America value their time around $75 an hour. That's $900 plus of value we're delivering, so we can take a cut of that, and that's great margin that goes to the bottom line. Secondly, our agents, our AI, is serving up capabilities across our ecosystem at a time of need. We're switching that conversation from being a sales pitch to helping address a customer need.

Sandeep Aujla: Hey, Alex, let me build on that and also touch on your point around Mailchimp or question on Mailchimp. When it comes to AI, keep in mind the margins are driven by the modernization. We've got three levers for modernization. One is pricing for value. When Sasan shared that the accounting agent is saving people 12 to 14 hours a month, we know that people in North America value their time around $75 an hour. That's $900 plus of value we're delivering, so we can take a cut of that, and that's great margin that goes to the bottom line. Secondly, our agents, our AI, is serving up capabilities across our ecosystem at a time of need. We're switching that conversation from being a sales pitch to helping address a customer need.

Hey, Alex.

Build on that and also touch on your point around.

Mail Chimp question on mill Chimp, when it comes to AI keep in mind. The margins are driven by the monetization. We've got three levers for monetization one is pricing for value.

Consuming even more of our ecosystem. So all of that stuff is topline massively accretive which will then drive the drive the margins now let me get to.

A good Camille champion look.

<unk> shared that the accounting agent is stemming people at 12 to 14 hours a month, we know that people in North America of all of your time runs starting Friday wasn't our best $900 plus a value. We are delivering so we can take a cut of that and thats great margin that goes to the bottom line secondly.

As a company we fall in love with that customer problem not the solution.

Focus and attachment as a business remains to that core customer problem versus an attachment to any one particular solution.

We are evaluating the path to continue to scale mail chimp.

Our agents are AI is serving up capabilities across our ecosystem at a time of needs to be switching the conversation from being a sales pitch to helping address the customer need as an example, our customer could have apparel due tomorrow, but the invoices are going to get paid till next week with a click of a button. They can access to the capital loans payroll is done they employ.

How we can best address the customer need and also value meal feed mill chimp fits as part of our set of offerings and we will continue to evaluate our portfolio offerings all options as I've shared before are on the table and we'll make sure we keep you.

[Company Representative] (Intuit): As an example, our customer could have a payroll due tomorrow, but the invoice is not gonna get paid till next week. With a click of a button, they get access to the capital loans, payroll is done, the employees are paid, employees are happy. Next week when the customers pay the invoices, the agent automatically pays down the debt. Thirdly, this is a key point for us all to keep in mind, AI drives a seamless connection to HI. We know in HI, particularly QB Live, we see 22 point higher ecosystem attach. In addition to HI being a higher revenue upsell when they engage, they have to pay us more for the human expert. We also know when they end up talking to a human expert, they end up consuming even more of our ecosystem.

Sandeep Aujla: As an example, our customer could have a payroll due tomorrow, but the invoice is not gonna get paid till next week. With a click of a button, they get access to the capital loans, payroll is done, the employees are paid, employees are happy. Next week when the customers pay the invoices, the agent automatically pays down the debt. Thirdly, this is a key point for us all to keep in mind, AI drives a seamless connection to HI. We know in HI, particularly QB Live, we see 22 point higher ecosystem attach. In addition to HI being a higher revenue upsell when they engage, they have to pay us more for the human expert. We also know when they end up talking to a human expert, they end up consuming even more of our ecosystem.

You all apprised as we narrow in on the options.

Sounds like a healthy flywheel thanks, guys.

There is a period employees the happy next week when the customers for the invoices the agent automatically pays down the debt.

Thank you. We'll go next now to Gabrielle Abortionists with Goldman Sachs.

Thirdly, and this is a key point for our call to keep in mind AI drives a seamless connection.

Hey, good afternoon. Thanks for taking my question just one I wanted to ask you a little bit of how you see the channel purpose knowledge intelligence tools evolving so specifically something like Quantico work, where do you see the boundary at some of your leading edge SMB customers.

I mean, the types of tasks that they can do with quota coworker general purpose intelligence tool versus where intuit really excels with some of the domain specific intelligence how does those two ecosystems working together. Thank you.

Consuming even more of our ecosystem. So all of that stuff is topline massively accretive which will then drive the drive the margins now let me get to.

[Company Representative] (Intuit): All of that stuff is top line, massively accretive, which will then drive the drive the margins. Let me get to get to Mailchimp. Look, as a company, we fall in love with the customer problems, not the solution. Our focus and our attachment as a business remains to that core customer problem versus an attachment to any one particular solution. We are evaluating the paths to continue to scale Mailchimp on how we can best address the customer need, and also evaluating how Mailchimp fits as part of our set of offerings, and we will continue to evaluate our portfolio offerings. All options, as I've shared before, are on the table, and we'll make sure we keep you all apprised as we narrow in on the options.

Sandeep Aujla: All of that stuff is top line, massively accretive, which will then drive the drive the margins. Let me get to get to Mailchimp. Look, as a company, we fall in love with the customer problems, not the solution. Our focus and our attachment as a business remains to that core customer problem versus an attachment to any one particular solution. We are evaluating the paths to continue to scale Mailchimp on how we can best address the customer need, and also evaluating how Mailchimp fits as part of our set of offerings, and we will continue to evaluate our portfolio offerings. All options, as I've shared before, are on the table, and we'll make sure we keep you all apprised as we narrow in on the options.

Yes, Gabriel Thank you for the question.

Good Camille champion look.

It's really.

As a company we fall in love with the customer problem not the solution focus and attachment as a business remains to that core customer problem versus an attachment to any one particular solution.

Fairly clean cut which is.

The moat that we have the advantage that we have to deliver for our customers is proprietary data its domain specific AI models, which is knowledge engineering and machine learning and our Intuit financial large language models coupled with.

We are evaluating the path to continue to scale mail chimp.

Or we can best address the customer need and also value meal feed mill chimp fits as part of our set of offerings and we will continue to evaluate our portfolio offerings all options as I've shared before are on the table and we'll make sure we keep.

Human expertise hei and as I mentioned earlier in an environment, where the regulatory environment. It's about high Stakes financial decisions, where the liability is high compliance and accuracy and privacy and security is everything for our customers and it's important to note that the facts are friendly.

You all apprised as we narrow in on the options.

Sasan Goodarzi: Sounds like a healthy flywheel. Thanks, guys.

Alex Zukin: Sounds like a healthy flywheel. Thanks, guys.

It sounds like a healthy flywheel thanks, guys.

Operator: Thank you. We'll go next now to Gabriela Borges with Goldman Sachs.

Thank you. We'll go next now to Gabrielle Abortionists with Goldman Sachs.

With our 300 billion in Tam.

Gabriela Borges: Hey, good afternoon. Thanks for taking my question. Sasan, I wanted to ask you a little bit of how you see the general purpose knowledge intelligence tools evolving, specifically something like Claude Cowork. Where do you see the boundary at some of your leading edge SMB customers between the types of tasks that they can do with Claude Cowork or a general purpose intelligence tool versus where Intuit really excels with some of the domain-specific intelligence? How do those two ecosystems work together? Thank you.

Hey, good afternoon. Thanks for taking my question just on I wanted to ask you a little bit of how you see the channel purpose knowledge intelligence tools evolving so specifically something like quarter kind of work, where do you see the boundary at some of your leading edge SMB customers between the types of tasks that they can do with quad core card general purpose.

People experts impact over half of the spend in that Tam because it's customer back and that structurally has not changed in the last 10 years that hasnt changed in the last six months and in fact based.

Based on our innovation on AI and <unk> as we talked about earlier, we're actually seeing an acceleration.

Intelligence tool versus where intuit really excels with some of the domain specific intelligence. How does this two ecosystems worked together. Thank you.

The need of combining both the technology and human expertise because of the notion of confidence and certainty.

Sasan Goodarzi: Yeah, Gabriela, thank you for the question. It's really fairly clean cut, which is the moat that we have, the advantage that we have to deliver for our customers is proprietary data. It's domain-specific AI models, which is knowledge engineering, machine learning, and our Intuit financial large language models, coupled with human expertise, HI. As I mentioned earlier, in an environment where it's a regulatory environment, it's about high stakes financial decisions where the liability is high, compliance, accuracy, privacy, and security is everything for customers. You know, it's important to note, because facts are friendly, that with our $300 billion in TAM, people, experts, impact over half of the spend in that TAM because it's customer back.

Yes, Gabriel Thank you for the question.

And things are done right, that's really the fine line.

It's really.

Fairly clean cut which is.

To specifically your question when we think about.

The moat that we have the advantage that we have to deliver for our customers is proprietary data its domain specific AI models, which is knowledge engineering machine learning and our Intuit financial large language models coupled with.

Why and open AI and traffic is so interested in us because we do that very very well and why we are interested in a partnership with them beyond being where the eyeballs are the example that I would use when you look at our capabilities versus like co op. Co work is we're actually very excited about that.

Human expertise H I N and as I mentioned earlier in an environment, where the regulatory environment. It's about high Stakes financial decisions, where the liability is high compliance and accuracy and privacy and security is everything for our customers and it's important to note that the facts are friendly.

Making the capabilities the cohort capabilities.

<unk> is available in our Intuit enterprise suite and why.

Because there are things that.

Claude co work does that we don't need to go build its context for us because.

If you take the example that I used earlier, which is a construction company I won't we use that example, but I'll use. The example, a very real example of a restaurant.

With our $300 billion in Tam.

People experts impact over half of the spend in that Tam because it's customer back and that structurally has.

That is located in a tourist area and wants to actually understand what are the tourist trends how does it get impacted by weather and ultimately how is that connected to taking their Pos data there.

Sasan Goodarzi: That structurally has not changed in the last 10 years. It hasn't changed in the last 6 months. In fact, based on our innovation on AI and HI, as we talked about earlier, we're actually seeing an acceleration of the need of combining both the technology and human expertise because of the notion of confidence and certainty in things done right. That's really the fine line, back to specifically your question, when we think about why an OpenAI and Anthropic is so interested in us because we do that very, very well, and why we are interested in a partnership with them.

Changed in the last 10 years that Hasnt changed in Alaska six months and in fact.

Based on our innovation on AI NHI as we talked about earlier, we're actually seeing an acceleration.

I'll put it into our platform data to get daily updates and forecast as to what their traffic into the restaurant could be well, we don't need to go build and al 11 for that but we can integrate which we our quad core work into our platform and the brains of our platform is delivering the accuracy and the complying.

The need of combining both the technology and human expertise because of the notion of confidence and certainty.

Things are done right, that's really the fine line.

To specifically your question when we think about.

But the <unk> cohort actually I'll allows the customer to see the specifics of what they need to be able to better run their business now the customer doesn't know what they're doing what they are using all they care about is they're asking or this kpis to be present to them. So that's where we're very clear in our partnership and by the way we both see the need of what's.

Why and <unk> and Entropic is so interested in us because we do that very very well and why we are interested in a partnership with them beyond being where the eyeballs are the example that I would use when you look at our capabilities versus like Claude co work is we're actually very excited about.

Sasan Goodarzi: Beyond being where the eyeballs are, the example that I would use, you know, when you look at our capabilities versus like Claude Cowork, is we're actually very excited about the making the capabilities, the Claude Cowork capabilities available in Intuit Enterprise Suite. Why? Because there are things that Claude Cowork does that we don't need to go build. It's context for us.

Context versus core and vice versa, and that's just a real life example of more.

Making the capabilities the.

Cohort capabilities available in Intuit enterprise suite and why.

More of the Lidar and Gabrielle if I can add my lens to it the way I'd think about it any financial recommendation any business core business recommendation anything you could think of as the office of the CFO I'll pick up the C O off people could.

Because there are things that.

Our quad cohort does that we don't need to go build its context for us because.

Sasan Goodarzi: You know, if you take the example that I used earlier, which is a construction company, I won't reuse that example, but I'll use the example, a very real example of a restaurant that is located in a tourist area and wants to actually understand what are the tourist trends, how does it get impacted by weather, and ultimately, how is that connected to taking their POS data, their Intuit platform data, to get daily updates and forecasts as to what their traffic into their restaurant could be.

If you take the example that I used earlier, which is a construction company I won't we use that example, but I'll use. The example, a very real example of a restaurant.

C E O is core to us so when we talk about our financial agents, having 17 to 18 hours a month six 9% reduction in the time to get to analysis, that's core accounting agent best core payment agent getting people paid five days, that's core Bureau agents identifying anomalies, having people multiple hours in getting the payroll and best core.

That is located in a tourist area and wants to actually understand what are the tourist trends how does that get impacted by weather and ultimately how is that connected to taking their Pos data. There are put into a platform data to get daily updates and forecast as to what their traffic into the restaurant.

I'll give you an example from the recency.

Biased, but it's a very.

A good example to make it real recently visited with a winery in Napa Big give you free shipping when you buy a case.

Sasan Goodarzi: We don't need to go build an LLM for that, but we can integrate, which we are, Claude Cowork into our platform, and it's the brains of our platform is delivering the accuracy and the compliance, but the LLMs of Claude Cowork actually allows the customer to see the specifics of what they need to be able to better run their business. Now, the customer doesn't know what they're doing, what they're using. All they care about is they're asking for this KPI to be present to them. That's where we're very clear in our partnership. By the way, we both see the need of what's context versus core and vice versa. That's just a real-life example of where the lines are.

To be well, we don't need to go build and LLM for that but we can integrate which we our quad core work into our platform and the brains of our platform is delivering the accuracy and the compliance, but the <unk> actually I'll allows the customer to see the specifics of what they need.

They have to decide do I ship this bottle from Napa to Denver ground, which is the low cost can be better margin or do a ship or two day air because they don't want the winds to get.

No.

Can use Claude on our platform so on our real estate right to see what the weather pattern is and then the agent could pick what what that shipping should be that's something that we don't need to build because it's thin sliver. That's what prompted the long tail. So that is not and that's more of the office of the shipping department. So that's not core to us it does.

Need to be able to better run their business out of the customer doesn't know what they're doing what they are using all they care about is they're asking or this case, the <unk> to be present to them. So that's where we're very clear in our partnership and by the way we both see the need of whats context versus core and vice versa, and that's just a real life example of more.

Very simply think about what's core versus what's context for us.

[Company Representative] (Intuit): Gabrielle, if I can add my lens to it, the way I think about it, any financial recommendation, any business, core business recommendation, anything you could think of as the office of the CFO, office of the COO, office of the CEO is core to us. When we talk about our financial agents saving 17 to 18 hours a month, 69% reduction the time to get to analysis, that's core. Accounting agent, that's core. Payment agent getting people paid 5 days fast, that's core. Payroll agent, identifying anomalies, saving people multiple hours in getting their payroll, that's core. Now, I'll give you an example from a recency bias, but it's a very good example to make it real. I recently visited with a winery in Napa. They give you free shipping when you buy a case.

Sandeep Aujla: Gabrielle, if I can add my lens to it, the way I think about it, any financial recommendation, any business, core business recommendation, anything you could think of as the office of the CFO, office of the COO, office of the CEO is core to us. When we talk about our financial agents saving 17 to 18 hours a month, 69% reduction the time to get to analysis, that's core. Accounting agent, that's core. Payment agent getting people paid 5 days fast, that's core. Payroll agent, identifying anomalies, saving people multiple hours in getting their payroll, that's core. Now, I'll give you an example from a recency bias, but it's a very good example to make it real. I recently visited with a winery in Napa. They give you free shipping when you buy a case.

Good example, thank you.

Thank you and ladies and gentlemen, we have time for one more question today, we will take that now from Daniel Jester with BMO capital markets.

Great. Thanks for squeezing me in appreciate it.

69% reduction in the time to get to analysis, that's core accounting Aegean best core payment agent getting people paid five days, that's core Bureau agent.

Maybe on the 600 service centers in the in person opportunity attack, maybe how how are you judging the success of that I think you know as you've been listening to the whole call. We've been hearing the combination of human plus intelligence means that that's the optimal way to see the path forward.

Anomalies saving people multiple hours in getting the payroll and desk or no I'll give you. An example from a recency.

Biased, but it's a very.

A good example to make it real recently visited with a winery in Napa Big give you free shipping when you buy a case.

So I guess as you think about the in person opportunity intact.

What's the takeaway so far this year and how you think about it going forward. Thank you.

[Company Representative] (Intuit): They have to decide, do I ship this bottle from Napa to Denver ground, which is the low cost to me, better margin, or do I ship it two-day air 'cause they don't want the wines to get frozen? Now, they can use Claude on our platform, so on our real estate, right? To see what the weather pattern is, and then the agent could pick what that shipping should be. That's something that we don't need to build 'cause a thin sliver as Hassan said, a long tail. That's more the office of the shipping department, so that's not core to us. That's kinda how I very simply think about what's core versus what's context for us.

Sandeep Aujla: They have to decide, do I ship this bottle from Napa to Denver ground, which is the low cost to me, better margin, or do I ship it two-day air 'cause they don't want the wines to get frozen? Now, they can use Claude on our platform, so on our real estate, right? To see what the weather pattern is, and then the agent could pick what that shipping should be. That's something that we don't need to build 'cause a thin sliver as Hassan said, a long tail. That's more the office of the shipping department, so that's not core to us. That's kinda how I very simply think about what's core versus what's context for us.

They have to decide do I ship this bottle from Napa to Denver ground, which is the low cost can be better margin or do a ship or two day or because they don't want the winds to get.

Yes. Thanks for the question first of all I'll start with the fact that we talked about it earlier because it was just again facts are friendly.

No.

Through.

Can use Claude on our platform so on our real estate right to see what the weather pattern is and then the agent could pick what what.

Early February we had over 5 million customers.

That visit at either our landing pages and or a store.

Shipping should be that's something that we don't need to build because it's thin sliver. That's what prompted the long tail. So that is not and that's more of the office of the shipping department. So that's not core to us. So that's kind of a call I very simply think about what's core versus much context for us.

Because of the 600.

Centers that you just alluded to and.

And that's through early February like February six all of last season. It was four point too.

So that that is a very important stat from the perspective of we want to be where the customers are so one by having the 600 locations. It allows us to actually show up locally.

Sasan Goodarzi: Good examples. Thank you.

Gabriela Borges: Good examples. Thank you.

Good example, thank you.

Operator: Thank you. Ladies and gentlemen, we have time for one more question today. We'll take that now from Daniel Jester with BMO Capital Markets.

Thank you and ladies and gentlemen, we have time for one more question today will take that now from Daniel Jester with BMO capital markets.

In search visually be be seen and two it gives customers confidence that where local albeit the majority of the engagement is entirely virtual so really we're tapping into a customer base.

Daniel Jester: Great. Thanks for squeezing me in. Appreciate it. Maybe on the 600 service centers and the in-person opportunity in tax, how are you judging the success of that? I think, you know, as we've been listening to the whole call, we've been hearing the combination of human plus intelligence means that that's the optimal way to see the path forward. I guess as you think about the in-person opportunity in tax, what, you know, what's the takeaway so far this year, and how are you thinking about it going forward? Thank you.

Great. Thanks for squeezing me in appreciate it.

Maybe on the 600 service centers in the in person opportunity intact, maybe how how are you judging the success of that I think you can listen to the whole call. We've been hearing the combination of human plus intelligent means that that is the optimal way to see the path forward.

That allows us to unlock the Tam based on all the capabilities that we now have across our.

Our platform with AI NHI, but that's the importance of the <unk>.

And again, it's all tech driven.

And and its powerful because of the traffic that it ignites for us.

So I guess as you think about the in person opportunity intact.

That's great. Thank you very much.

What's the takeaway so far this year and how you think about it going forward. Thank you.

Youre very welcome.

Thank you very much Mr. <unk> at this time, so I would like to turn the conference back to you for any closing comments.

Sasan Goodarzi: Yeah, thanks for the question. First of all, I'll start with the stat we talked about earlier because it's just, again, facts are friendly. You know, through early February, we had over 5 million customers that visited either our landing pages and/or a store because of the 600 centers that you just alluded to, and that's through early February, like 6 February. All of last season it was 4.2. That is a very important stat from the perspective of we wanna be where the customers are. One, by having these 600 locations, it allows us to actually show up locally in search, visibly be seen. Two, it gives customers confidence that we're local, albeit the majority of the engagement is entirely virtual.

Yes. Thanks for the question first of all I'll start with the fact that we talked about earlier because it is just again facts are friendly.

Okay Awesome well. Thank you everyone for your wonderful questions and we look forward to.

Through.

Early February we had over 5 million customers.

Being in between now and then and look forward to talking to you about our Q3 results. So until then be safe be good will talk to you soon bye everybody.

That visit at either our landing pages and or a store.

Thank you very much again, ladies and gentlemen that will conclude today's intuit's second quarter fiscal year 2026 conference call again. Thanks, so much for joining US everyone. We wish you all a great remainder of your day Goodbye.

Because of the 600.

Centers that you just alluded to.

And that's through early February like February six all of last season, it was $4 two.

So that is a very important stat from the perspective of we want to be where the customers are so one by having these 600 locations. It allows us to actually show up locally.

In search visually be be seen and two it gives customers confidence that where local albeit the majority of the engagement is entirely virtual so really we're tapping into a customer base.

Sasan Goodarzi: Really we're tapping into a customer base that allows us to unlock the TAM based on all the capabilities that we now have across our platform with AI and HI. That's the importance of the centers. Again, it's all tech-driven and it's powerful because of the traffic that it ignites for us.

That allows us to unlock the Tam based on all of the capabilities that we now have across our platform with AI NHI, but that's the importance of the the centers and again its all tech driven.

And Ah and its powerful because of the traffic that ignites for us.

Daniel Jester: Great. Thank you very much.

That's great. Thank you very much.

Sasan Goodarzi: You're very welcome.

Youre very welcome.

Yeah.

Operator: Thank you very much. Mr. Goodarzi, at this time, sir, I would like to turn the conference back to you for any closing comments.

Thank you very much Mr. <unk> at this time, Sir I would like to turn the conference back to you for any closing comments.

Sasan Goodarzi: Okay, awesome. Well, thank you everyone for your wonderful questions. We look forward to seeing you between now and then, and look forward to talking to you about our Q3 results. Until then, be safe, be good. We'll talk to you soon. Bye, everybody.

Okay Awesome well. Thank you everyone for your wonderful questions and we look forward to.

<unk> between now and then and look forward to talking to you about our Q3 results. So until then be safe be good will talk to you soon bye everybody.

Operator: Thank you very much. Again, ladies and gentlemen, that will conclude today's Intuit Q2 fiscal year 2026 Conference Call. Again, thanks so much for joining us, everyone. We wish you all a great remainder of your day. Goodbye.

Sasan Goodarzi: Goodbye.

Operator: Goodbye.

Goodbye.

Okay.

Yeah.

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