Company Reports

Intuit held its annual investor day on Sept. 17, and management reaffirmed its long-term growth guidance of 10%-15% for global business solutions and 4%-8% for consumer. For fiscal 2027, growth guidance for the business platform and the consumer platform is 13%-14% and 4%-6%, respectively.

Intuit finished fiscal 2026 strong, with total revenue growing 14% year over year. Global business solutions and consumer posted double-digit revenue growth. GAAP operating margin expanded 130 basis points to 27.4% in fiscal 2026, despite TurboTax's underperformance this tax season.

Intuit owns an array of small business and tax software products that enjoy dominant market positions in their respective verticals. We think Intuit Enterprise Suite, the company’s entry-level enterprise resource planning platform that combines Mailchimp’s front-office and QuickBooks’ back-office functionalities, is a competitive product supporting Intuit’s expansion among midsize companies. In addition, Intuit’s done-for-you products, offering real-time AI and expert support across QuickBooks, Mailchimp, and TurboTax, should become an effective tool that lifts average revenue per customer.

Intuit owns an array of small business and tax software products that enjoy dominant market positions in their respective verticals. We think Intuit Enterprise Suite, the company’s entry-level enterprise resource planning platform that combines Mailchimp’s front-office and QuickBooks’ back-office functionalities, is a competitive product supporting Intuit’s expansion among midsize companies. In addition, Intuit’s done-for-you products, offering real-time AI and expert support across QuickBooks, Mailchimp, and TurboTax, should become an effective tool that lifts average revenue per customer.

Intuit's third-quarter total revenue grew 10% to $8.6 billion. Global business solutions' growth was in line at 15%. TurboTax underperformed in the 2026 tax season, with revenue up 7%. The weakness was partially offset by Credit Karma's 15% growth, leading to a total consumer revenue growth of 8%.

Intuit owns an array of small business and tax software products that enjoy dominant market positions in their respective verticals. We think Intuit Enterprise Suite, the company’s entry-level enterprise resource planning platform that combines Mailchimp’s front-office and QuickBooks’ back-office functionalities, is a competitive product supporting Intuit’s expansion among midsize companies. In addition, Intuit’s done-for-you products, offering real-time AI and expert support across QuickBooks, Mailchimp, and TurboTax, should become an effective tool that lifts average revenue per customer.

We have lowered our economic moat rating for Intuit to narrow from wide, following a review of the potential disruption to the global technology sector from artificial intelligence.

Intuit reported solid second-quarter results, with revenue growth of 17% and earnings per share of $2.48 easily beating guidance. We see broad-based strength across Intuit's portfolio. Online ecosystem and Credit Karma's year-over-year revenue expansion both stayed above 20%.

Intuit owns an array of small business and tax software products that enjoy dominant market positions in their respective verticals. We think Intuit Enterprise Suite, the company’s entry-level enterprise resource planning platform that combines Mailchimp’s front-office and QuickBooks’ back-office functionalities, is a competitive product supporting Intuit’s expansion among midsize companies. In addition, Intuit’s done-for-you products, offering real-time AI and expert support across QuickBooks, Mailchimp, and TurboTax, should become an effective tool that lifts average revenue per customer.

Intuit owns an array of small business and tax software products that enjoy dominant market positions in their respective verticals. We think Intuit Enterprise Suite, the company’s entry-level enterprise resource planning platform that combines Mailchimp’s front-office and QuickBooks’ back-office functionalities, is a competitive product supporting Intuit’s expansion among midsize companies. In addition, Intuit’s done-for-you products, offering real-time AI and expert support across QuickBooks, Mailchimp, and TurboTax, should become an effective tool that lifts average revenue per customer.

Intuit delivered a strong quarter with revenue up 18% year over year, easily topping guidance. Most notably, Credit Karma's 27% revenue expansion was a positive surprise. Booming demand for personal loans and credit cards led to the segment's sixth consecutive quarter of double-digit growth.

Intuit owns an array of small business and tax software products that enjoy dominant market positions in their respective verticals. We think Intuit Enterprise Suite, the company’s entry-level enterprise resource planning platform that combines Mailchimp’s front-office and QuickBooks’ back-office functionalities, is a competitive product supporting Intuit’s expansion among midsize companies. In addition, Intuit’s done-for-you products, offering real-time AI and expert support across QuickBooks, Mailchimp, and TurboTax, should become an effective tool that lifts average revenue per customer.

Intuit reaffirmed its fiscal 2026 revenue growth goal of 12%-13% and non-GAAP operating margin expansion goal of 80 basis points during its investor day. Management also announced a long-term target to accelerate revenue growth to 20% by 2030, or over 500 basis points over the next five years.

Intuit's 20% fourth-quarter and 16% full-year revenue growth both beat management's guidance. Full-year GAAP and non-GAAP operating margins expanded 380 and 90 basis points, respectively, thanks to the strong performance of TurboTax's and QuickBooks' premium offerings.

Intuit owns an array of small business and tax software products that enjoy dominant market positions in their respective verticals. We think Intuit Enterprise Suite, the company’s entry-level enterprise resource planning platform that combines Mailchimp’s front-office and QuickBooks’ back-office functionalities, is a competitive product supporting Intuit’s expansion among midsize companies. In addition, Intuit’s matchmaking systems, offering real-time expert support across QuickBooks, Mailchimp, and TurboTax, should become an effective tool that lifts average revenue per customer.

Wide-moat Intuit delivered strong third-quarter results for the 2025 tax season. Total revenue grew 15% to $7.8 billion, beating the previous guidance. We think Intuit’s outstanding performance amid an uncertain macroenvironment highlights the mission-critical nature of Intuit products to small businesses and taxpayers, which underpins the wide moat that Intuit enjoys. Given the strong momentum of Intuit’s assisted tax and small business offerings, we are raising our fair value estimate to $710 from $580. Shares currently look fairly valued to us following the 8% after-hours rally.

Intuit owns an array of small business and tax software products that enjoy dominant market positions in their respective verticals. We think Intuit Enterprise Suite, the company’s entry-level enterprise resource planning platform that combines Mailchimp’s front-office and QuickBooks’ back-office functionalities, is a competitive product supporting Intuit’s expansion among midsize companies. In addition, Intuit’s matchmaking systems, offering real-time expert support across QuickBooks, Mailchimp, and TurboTax, should become an effective tool that lifts average revenue per customer.

Intuit owns an array of small business and tax software products that enjoy dominant market positions in their respective verticals. We think Intuit Enterprise Suite, the company’s entry-level enterprise resource planning platform that combines Mailchimp’s front-office and QuickBooks’ back-office functionalities, is a competitive product supporting Intuit’s expansion among midsize companies. In addition, Intuit’s matchmaking systems, offering real-time expert support across QuickBooks, Mailchimp, and TurboTax, should become an effective tool that lifts average revenue per customer.

Wide-moat Intuit posted second-quarter results above our expectations. Total revenue went up by 17% year over year to $4.0 billion, giving the company a head start as it enters the peak tax season. Despite Intuit’s strong growth momentum, we are trimming our fair value estimate to $580 from $640 as we transfer coverage to a new analyst. We expect continued investments from the company to build the Intuit Enterprise Suite, turning midmarket into a new growth engine. We view Intuit’s shares as fairly valued following a 6% jump in after-hours trading.

Wide-moat Intuit started the year strong, with first-quarter results exceeding top and bottom-line estimates. However, the market reacted with a 6% drop after-hours, likely due to an unchanged fiscal 2025 outlook despite the positive results. We believe Intuit’s guidance is conservative, and the company is well-positioned to meet and exceed the targets. Management highlighted developments in artificial intelligence integration into its products—which we anticipate will take time to materially impact the business—while focusing on customer-centric innovation in a cautious spending environment. As we re-evaluate our forecasts and transfer coverage to a new analyst, we are raising our fair value estimate to $640 from $550, largely driven by a higher revenue growth forecast due to confidence in new strategies and AI-based product innovation.