Intuit is spinning off Mailchimp and steering it towards zero growth.

      Intuit is separating Mailchimp from its core business, establishing it as its own segment. This marks the first time Intuit has issued a standalone forecast for the marketing tool, projecting zero growth. According to Intuit’s announcement on Tuesday, Mailchimp is expected to generate between $1,256 million and $1,266 million in fiscal 2027, translating to a decrease of 1% to no growth.

      This shift was detailed in the company’s fourth quarter results. As of August 1, 2026, Mailchimp will operate as an independent segment and will be reported separately in fiscal 2027. Intuit directed readers to its investor fact sheet for further specifics.

      The remainder of the company saw a growth of 14%. Intuit reported total revenue of $21.4 billion for the year ending July 31, up 14%, and its GAAP operating income increased by 20% to $5.9 billion. Chairman and CEO Sasan Goodarzi highlighted this achievement, stating, “We surpassed $20 billion in revenue for the full year with our Big Bets contributing a 34% growth and making up 30% of total revenue for the year.”

      However, the guidance for the upcoming year is more modest. Intuit anticipates revenues of $23,279 million to $23,512 million, indicating a growth rate of 9% to 10%.

      In contrast, fourth quarter GAAP earnings per share were reported at $1.34, slightly down from $1.35 the previous year, and GAAP net income decreased to $363 million from $381 million. While the subhead emphasizes the 14% revenue growth in the quarter, it does not address the earnings figures.

      Every growth statistic is presented with the exception of Mailchimp. A pattern emerges in the segment reports, with Intuit often citing figures twice—once including Mailchimp and once excluding it. Global Business Solutions revenue rose by 16% to $12.9 billion, and when excluding Mailchimp, it grew by 18%. Online Ecosystem revenue increased by 19% to $9.9 billion, or by 23% without Mailchimp. The largest disparity is found in Online Services, which reported a 16% growth as reported and 24% when excluding Mailchimp.

      Intuit does not provide standalone Mailchimp revenue figures for fiscal 2026 in the release, offering only the forecast for the following year.

      There is a $293 million restructuring cost mentioned in the fourth quarter, a significant increase from the $15 million recorded for the entire previous year. This entire amount was accounted for in just one quarter, with no charges reported in the first three quarters of fiscal 2026. The release does not highlight this figure; it appears in the financial tables and is referenced in a risk factor related to their “restructuring plan,” with a caution that the estimate is preliminary and may change. Intuit has not disclosed details about workforce changes, geographic impacts, savings targets, or specifics about the restructuring.

      Goodarzi’s assertion about the 34% growth tied to the Big Bets lacks support. Intuit does not specify what these Big Bets are, nor does it provide a breakdown or connect the 34% growth to any line in the financial statements. No tables include this figure, and no explanatory footnotes are provided. The implication of 30% of $21.4 billion suggests roughly $6.4 billion of revenue, yet this is not explicitly stated by Intuit.

      Further clarity may come during the investor day scheduled for September 17. Until then, the prominent figure in the results lacks sufficient explanation.

      TurboTax revenue climbed 7% to $5.3 billion, despite a decline in unit volumes. TurboTax processed 39 million U.S. federal returns, down from 39.9 million, and desktop units fell by 7%. The revenue increase is attributed to pricing and product mix, with TurboTax Live revenue soaring by 37%, now representing 53% of total TurboTax revenue for the first time.

      Intuit is also altering its reporting methods. Beginning August 1, the company will no longer exclude share-based compensation from its non-GAAP figures, which could affect year-over-year comparisons. Share-based compensation amounted to $2,056 million in fiscal 2026, and the guidance for next year incorporates $2,020 million, equating to $5.81 per share. As such, the guidance for non-GAAP earnings per share, ranging from $22.88 to $23.12, is positioned below the reported $24.27. Despite this, the release describes it as a growth of 23% to 24% from a restated base, a somewhat unusual approach that appears shareholder-friendly as most companies continue to include these adjustments.

      In Europe, Mailchimp is among the first choices for small businesses, alongside Klaviyo and HubSpot, which faced backlash