Report published August 26, 2026
Intuit Inc. (INTU): Goldman Sachs Equity Research on FY27 Growth Reset & AI Transition
Source and citation context
- Issuer
- Goldman Sachs
- Report date
- August 26, 2026
- Analysis as of
- August 25, 2026
Authors / editors: Gabriela Borges, Noah Naparst, Praachi Arora
Finvaulta summarizes Goldman Sachs'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.
Goldman Sachs reiterates its Sell rating on Intuit Inc. (INTU) with a revised 12-month price target of $304, down from the current $357.46. While 4QFY26 results modestly beat estimates, FY27 revenue growth was guided below consensus as Intuit resets pricing across TurboTax DIY and expands its funnel with free QuickBooks tiers.
Key Takeaways
- 1.Goldman Sachs maintains a Sell rating on Intuit (INTU) while raising its 12-month price target to $304 from $276, citing low visibility into growth re-acceleration and early AI competition risks.
- 2.Intuit's 4QFY26 revenue modestly beat expectations by 2pp ($4,354mn vs Street $4,267mn), but FY27 revenue growth guidance of 8.5-9.6% was 2.5pp below consensus.
- 3.Intuit is resetting its DIY tax strategy by accepting lower upfront ARPC to regain share lost to low-cost alternatives like FreeTaxUSA, while transitioning to an AI-enabled software model.
Table of Contents
- Key Data
- GS Forecast
- GS Factor Profile
- Ratios & Valuation
- Growth & Margins (%)
- Price Performance
- Income Statement ($ mn)
- Balance Sheet ($ mn)
- Cash Flow ($ mn)
- EPS Recap
- Exhibit 1: 4QFY26 Actuals vs. Estimates
- Exhibit 2: Intuit's 1Q27 and FY27 Guidance vs. GS/Consensus
- Valuation, Price Target and Risks
- Disclosure Appendix
Report data
Exhibit 1: 4QFY26 Actuals vs. Estimates — as of August 25, 2026.
| Metric | Estimate | Context |
|---|---|---|
| 12-month Price Target | 304.00 USD | Price target raised from $276 to $304 based on 15X SNTM GAAP EPS. |
| 4QFY26 Total Revenue | 4354 USD millions | Reported revenue beat Goldman Sachs estimate by 1.7% and Street consensus by 2.0%. |
| 4QFY26 Adj. EPS (excl. SBC) | 4.03 USD | Adjusted EPS beat GS estimate of $3.61 and Street consensus of $3.58. |
| FY2027 Revenue Growth Guidance | 8.5-9.6% | Guidance midpoint reflects 9.1% growth vs Street pre-EPS consensus of 10.5%. |
| QuickBooks Online Paying Customer Growth | 3 % yoy | Online paying customer growth decelerated to 3% yoy, prompting new acquisition initiatives. |
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Authors / Editors
Reported Data Context
- 12-month Price Target: 304.00 USD (12-month forward) · Source: Goldman Sachs Global Investment Research
- 4QFY26 Total Revenue: 4354 USD millions (4QFY26) · Source: Company data, FactSet
- 4QFY26 Adj. EPS (excl. SBC): 4.03 USD (4QFY26) · Source: Company data, FactSet
- FY2027 Revenue Growth Guidance: 8.5-9.6 % (FY2027) · Source: Company data
- QuickBooks Online Paying Customer Growth: 3 % yoy (4QFY26) · Source: Company data
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