Intuit disclosed a decline in Mailchimp's revenue and announced a 17% workforce reduction, affecting about 3,100 roles, during its Q3 FY26 earnings call on May 20, 2026. The restructuring charges related to Mailchimp are expected to total around $300 million in the quarter ending July 31, 2026, according to saastr.com.
Intuit acquired Mailchimp in 2021 for approximately $12 billion, when the platform was generating $800 million in revenue and growing at about 20% annually. At the time, Intuit partly financed the deal with a $4.7 billion term loan. Mailchimp had reached roughly $1.06 billion in annualized revenue by Q4 FY22, but since then, Intuit has ceased disclosing Mailchimp-specific revenue figures. The company now reports growth metrics excluding Mailchimp, reflecting a strategic shift.
On the earnings call, Intuit highlighted that its Global Business Solutions segment grew 15% to $3.3 billion, or 17% excluding Mailchimp. Similarly, its Online Ecosystem grew 19% to $2.5 billion, or 22% excluding Mailchimp. The decline in Mailchimp's revenue preceded the rise of AI technologies, signaling challenges in maintaining growth within the competitive SaaS market. The workforce reduction was described as 'rightsizing' specific to Mailchimp operations.
The restructuring charges related to Mailchimp are expected to be recognized primarily in the quarter ending July 31, 2026, marking a significant shift in Intuit's approach to the once high-growth platform, as reported by saastr.com.