Deceleration In Online ServicesOnline Services excluding Mailchimp experienced a slowdown, with growth decelerating from 29% to 24% year-over-year.
Mixed Health In SMB DataSMB data suggesting mixed health could weigh on Online Services growth, especially Payments and Payroll, which may have an outsized impact to the quarter as Online Ecosystem makes up ~60% of Q1 revenues.
Stock PerformanceThe stock has underperformed large cap peers over the past three months, re-rated to 27x CY26 EPS or ~1.6x growth adjusted, well below comps and Intuit's historical median.