Key Points
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Intuit is prioritizing customer acquisition alongside scaling its major growth initiatives, including upmarket QuickBooks, fintech services and assisted tax. These initiatives have each grown more than 30% and now account for nearly 30% of company revenue.
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The company expects near-term pressure from investments in lower-priced tax and QuickBooks offerings, but believes these initiatives will create higher customer lifetime value over time. Intuit is targeting durable double-digit revenue growth and high-teens EPS growth.
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AI is being integrated into Intuit’s financial workflows using proprietary customer data, with potential monetization through pricing, payments and additional services. Intuit also sees significant opportunity in assisted tax, which Aujla estimates represents 88% of the market.
Intuit (NASDAQ:INTU) is prioritizing growth in new-to-the-franchise customers while continuing to scale its larger “big bets,” Chief Financial Officer Sandeep Singh Aujla said at the Goldman Sachs Technology Conference.
Aujla said the company’s major strategic initiatives—including moving upmarket in QuickBooks, expanding fintech offerings and growing beyond do-it-yourself tax into assisted tax—have each grown more than 30% and now represent nearly 30% of company revenue. However, he said Intuit concluded it needed to improve its performance in acquiring new customers.
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“As a company that is north of $21 billion in revenue, we need to be exceptional at both,” Aujla said, referring to scaling major growth initiatives and attracting new customers. He described the addressable opportunity as $300 billion and said Intuit remains in the “early innings.”
Long-term growth investments and the “J curve”
Aujla said Intuit’s fiscal 2027 strategy includes investing in customer acquisition even when those investments pressure near-term revenue per customer. He characterized the approach as a “J curve,” in which initial revenue effects are followed by higher customer lifetime value over time.
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In tax, Intuit is seeking to be more competitive and transparent on pricing for consumers with adjusted gross income of about $50,000, a group Aujla said is price-sensitive and where the company lost market share. The company aims to monetize those customers beyond tax filing through offerings such as faster refund access, Credit Karma Money, credit cards, personal loans and insurance.
