Deutsche Bank
Report published August 26, 2026
Intuit (INTU) F4Q Analysis: Strategy Reset, Margin Expansion, and Deutsche Bank Buy Rating
Source and citation context
- Issuer
- Deutsche Bank
- Report date
- August 26, 2026
- Analysis as of
- August 25, 2026
Authors / editors: Brad Zelnick, Bhavin Shah, Nick Giovacchini, Chris Fountain
Finvaulta summarizes Deutsche Bank's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.
Single Stock ReportEquitiesInformation Technology
Intuit delivered strong F4Q results but reset its strategy and FY27 top-line guidance to refocus on earlier customer acquisition. Deutsche Bank maintains a Buy rating while lowering its price target to $400 from $425.
Key Takeaways
- 1.Intuit reported solid F4Q results beating revenue and EPS expectations, but reset strategy and guidance to refocus on earlier-stage customer acquisition.
- 2.FY27 revenue guidance of $23,279-$23,512mn (9%-10% growth) came in below expectations due to lower growth targets in TurboTax and Global Business Solutions (GBS).
- 3.Non-GAAP operating profitability was a major bright spot, with FY27 implied operating margins expanding ~250 bps y/y and non-GAAP EPS guided to $22.88-$23.12.
Table of Contents
- What we liked/What we're watching on results
- What we liked/What we're watching on guidance
- Estimate changes, Valuation and Risks
- Appendix 1
Report data
Figure 1: 4Q Results - Intuit (INTU) Quarterly Results — as of August 25, 2026.
| Metric | Estimate | Context |
|---|---|---|
| F4Q Total Revenue | 4354 USD mn | Modestly ahead of DB estimate of $4,286mn and Street expectations of $4,276mn |
| F4Q Non-GAAP EPS | 4.03 USD | Ahead of Street expectations of $3.59 |
| FY27 Total Revenue Guidance | 23279-23512 USD mn | Below DB and Street estimates |
| Price Target | 400.00 USD | Lowered from $425.00 based on updated DCF model |
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Authors / Editors
Brad ZelnickBhavin ShahNick GiovacchiniChris Fountain
Reported Data Context
- F4Q Total Revenue: 4354 USD mn (F4Q26) · Source: Company Data
- F4Q Non-GAAP EPS: 4.03 USD (F4Q26) · Source: Company Data
- FY27 Total Revenue Guidance: 23279-23512 USD mn (FY27) · Source: Company Data
- Price Target: 400.00 USD (12-month) · Source: Deutsche Bank Research
Securities
INTU
Themes
SaaS Customer Acquisition vs ARPC ExpansionOperating Margin Expansion & EPS Durability
Regions
North AmericaUnited States