Intuit Inc. outlined plans to rebuild its customer acquisition engine at its fiscal 2027 investor day on September 17, a reset of the company's growth strategy after years of relying heavily on higher spending from existing customers. Stifel maintained a Hold rating and a $300 price target on Intuit following the investor day, saying the go-to-market rebuild will take multiple quarters. Fiscal 2026 revenue jumped 14% to $21.4 billion, with the company's Big Bets businesses growing 34% and accounting for 30% of overall revenue, but online paying customers rose only 3% year over year to 8.9 million, a slowdown of about two points from the prior year, while average revenue per customer across the online ecosystem climbed 15%. Intuit has introduced QuickBooks Free and QuickBooks Lite to offer lower entry points, and more than 20,000 customers were already actively using QuickBooks Free or had converted to paid offerings by late fiscal 2026. The company has acknowledged that price has become a major reason customers left its TurboTax DIY offering, leaving it to attract new users while addressing pricing-related churn without undermining monetization gains.
Intuit IncIntuit resets growth strategy to rebuild customer acquisition as online paying customers grew only 3% to 8.9M, with new QuickBooks Free/Lite entry points and pricing-related TurboTax churn.
Stifel Financial Corporation