FY27 QB Pricing, commentary have us cautious on next year‘s GBS guide

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FY27 QB Pricing, commentary have us cautious on next year‘s GBS guide

Deutsche Bank

Research

Rating Company Date

Buy Intuit 16 June 2026

North America Reuters Bloomberg Rating Buy

United States INTU.OQ INTU US Price target (USD) 530.00 Price at 15 Jun 26 281.77

52-week range 807.39 – 276.73

TMT

Software Valuation & Risks

FY27 QB Pricing, commentary have us

cautious on next year's GBS guide BradResearchZelnickAnalyst

+1-212-250-8563

Intuit announced new prices for its QuickBooks products and services and at the

Bhavin Shah, CFA highest level, the FY27 price changes impact higher-tier SKUs more Research Analyst

meaningfully. QuickBooks Online Accounting SKUs from Essentials through +1-212-250-6775

Advanced will see 13-24% price increases, which we estimate will drive an

effective low-double-digit percentage (~12%) price increase, a touch below our Nick Giovacchini

Research Associate estimate for last year's price increase (~13%). Price changes go into effect in

+1-212-250-9075

August this year, slightly later than some increases going into effect in July last

year, likely creating a y/y headwind to QuickBooks Online Accounting growth in Chris Fountain

4Q from the difference in timing. Additionally, with the introduction of the Free Research Associate

and Ledger SKUs, Intuit could see some negative mix-shift impacts from newer +1-212-250-1575

customers coming on at a lower ARPC vs last year.

Other pricing changes include 1) Online Workforce (payroll) and Time PEPM fees

increasing, 2) reduced fees on Bill Pay offerings, and 3) announced the sunsetting

of QuickBooks Online Accountant at the end of CY26 in favor of Intuit Accountant

Suite (See exhibits below for full pricing details). We see the price changes as