Intuit (INTU)
Market Price (7/30/2026): $334.22 | Market Cap: $92.2 BilInvestor Relations Sector: Information Technology | Industry: Application Software
Intuit (INTU)
Market Price (7/30/2026): $334.22Market Cap: $92.2 BilSector: Information TechnologyIndustry: Application Software
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.4%, FCF Yield is 8.4% Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 27% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 38%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 37%, CFO LTM is 7.9 Bil, FCF LTM is 7.7 Bil Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -26% Stock buyback supportStock Buyback 3Y Total is 8.6 Bil Low stock price volatilityVol 12M is 47% Megatrend and thematic driversMegatrends include Cloud Computing, Fintech & Digital Payments, Automation & Robotics, Artificial Intelligence, Show more. | Weak multi-year price returns2Y Excs Rtn is -80%, 3Y Excs Rtn is -91% | Key risksINTU key risks include [1] significant regulatory scrutiny over its business practices, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.4%, FCF Yield is 8.4% |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 27% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 38%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 37%, CFO LTM is 7.9 Bil, FCF LTM is 7.7 Bil |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -26% |
| Stock buyback supportStock Buyback 3Y Total is 8.6 Bil |
| Low stock price volatilityVol 12M is 47% |
| Megatrend and thematic driversMegatrends include Cloud Computing, Fintech & Digital Payments, Automation & Robotics, Artificial Intelligence, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -80%, 3Y Excs Rtn is -91% |
| Key risksINTU key risks include [1] significant regulatory scrutiny over its business practices, Show more. |
Qualitative Assessment
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Intuit (INTU) stock has lost about 20% since 3/31/2026 because of the following key factors:
1. Disappointing Fiscal Q3 2026 TurboTax Performance and Weakened Fiscal 2026 Outlook. Intuit's stock experienced a significant drop following its fiscal Q3 2026 earnings report on May 20, 2026 (Intuit's fiscal Q3 2026 ended April 30, 2026). The company disclosed that its TurboTax business faced notable competitive and pricing pressures, particularly among price-sensitive do-it-yourself filers, acknowledging that it "lost on price." Intuit subsequently cut its fiscal year 2026 TurboTax revenue forecast to between $5.277 billion and $5.282 billion, attributing this to an expected 0.3% decline in total IRS tax filings (approximately 2 million returns), which represented the steepest industry contraction since the post-COVID era. This news contributed to a stock decline of approximately 20.02% on May 21, 2026, closing at $307.07.
2. Significant Workforce Reduction and Associated Restructuring Charges. Concurrent with the fiscal Q3 2026 earnings period, Intuit announced on May 20, 2026, a strategic restructuring initiative that included a layoff of approximately 17% of its global workforce, amounting to about 3,000 employees. This move was aimed at streamlining operations and sharpening the company's focus on key strategic priorities, including AI efforts. Intuit estimated that it would incur approximately $300 million to $340 million in restructuring charges, with the majority expected to be recognized in fiscal Q4 2026 (ending July 31, 2026). The initial report of these layoffs on May 20, 2026, prior to market open, led to an immediate stock decline of about 3.95%, with the share price closing at $383.93 that day.
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Intuit (INTU) stock has lost about 20% since 3/31/2026 because of the following key factors:
1. Disappointing Fiscal Q3 2026 TurboTax Performance and Weakened Fiscal 2026 Outlook. Intuit's stock experienced a significant drop following its fiscal Q3 2026 earnings report on May 20, 2026 (Intuit's fiscal Q3 2026 ended April 30, 2026). The company disclosed that its TurboTax business faced notable competitive and pricing pressures, particularly among price-sensitive do-it-yourself filers, acknowledging that it "lost on price." Intuit subsequently cut its fiscal year 2026 TurboTax revenue forecast to between $5.277 billion and $5.282 billion, attributing this to an expected 0.3% decline in total IRS tax filings (approximately 2 million returns), which represented the steepest industry contraction since the post-COVID era. This news contributed to a stock decline of approximately 20.02% on May 21, 2026, closing at $307.07.
2. Significant Workforce Reduction and Associated Restructuring Charges. Concurrent with the fiscal Q3 2026 earnings period, Intuit announced on May 20, 2026, a strategic restructuring initiative that included a layoff of approximately 17% of its global workforce, amounting to about 3,000 employees. This move was aimed at streamlining operations and sharpening the company's focus on key strategic priorities, including AI efforts. Intuit estimated that it would incur approximately $300 million to $340 million in restructuring charges, with the majority expected to be recognized in fiscal Q4 2026 (ending July 31, 2026). The initial report of these layoffs on May 20, 2026, prior to market open, led to an immediate stock decline of about 3.95%, with the share price closing at $383.93 that day.
3. Multiple Analyst Downgrades and Reduced Price Targets. In the period following Intuit's fiscal Q3 2026 results and the revised outlook, several prominent analyst firms downgraded the company's stock and significantly lowered their price targets, reflecting diminished confidence in its near-term growth prospects. For example, on July 28, 2026, TD Cowen downgraded Intuit from Buy to Hold and reduced its price target from $504.00 to $304.00, citing a challenging setup for the upcoming fiscal Q4 2026 earnings and persistent perceived risks related to artificial intelligence. Other firms, including Morgan Stanley and Stifel, also downgraded Intuit and cut their price targets, expressing concerns over the performance of the TurboTax business, shifts in pricing strategy, and increased competitive intensity.
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Stock Movement Drivers
Fundamental Drivers
The -22.4% change in INTU stock from 3/31/2026 to 7/29/2026 was primarily driven by a -27.0% change in the company's P/E Multiple.| (LTM values as of) | 3312026 | 7292026 | Change |
|---|---|---|---|
| Stock Price ($) | 429.15 | 333.13 | -22.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 20,121 | 20,925 | 4.0% |
| Net Income Margin (%) | 21.6% | 21.9% | 1.6% |
| P/E Multiple | 27.5 | 20.1 | -27.0% |
| Shares Outstanding (Mil) | 278 | 276 | 0.7% |
| Cumulative Contribution | -22.4% |
Market Drivers
3/31/2026 to 7/29/2026| Return | Correlation | |
|---|---|---|
| INTU | -22.4% | |
| Market (SPY) | 12.2% | -10.9% |
| Sector (XLK) | 25.3% | -14.5% |
Fundamental Drivers
The -49.2% change in INTU stock from 12/31/2025 to 7/29/2026 was primarily driven by a -54.9% change in the company's P/E Multiple.| (LTM values as of) | 12312025 | 7292026 | Change |
|---|---|---|---|
| Stock Price ($) | 656.26 | 333.13 | -49.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 19,433 | 20,925 | 7.7% |
| Net Income Margin (%) | 21.2% | 21.9% | 3.4% |
| P/E Multiple | 44.5 | 20.1 | -54.9% |
| Shares Outstanding (Mil) | 279 | 276 | 1.1% |
| Cumulative Contribution | -49.2% |
Market Drivers
12/31/2025 to 7/29/2026| Return | Correlation | |
|---|---|---|
| INTU | -49.2% | |
| Market (SPY) | 7.3% | 2.2% |
| Sector (XLK) | 15.8% | -2.3% |
Fundamental Drivers
The -57.2% change in INTU stock from 6/30/2025 to 7/29/2026 was primarily driven by a -68.1% change in the company's P/E Multiple.| (LTM values as of) | 6302025 | 7292026 | Change |
|---|---|---|---|
| Stock Price ($) | 777.83 | 333.13 | -57.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 18,184 | 20,925 | 15.1% |
| Net Income Margin (%) | 19.1% | 21.9% | 14.9% |
| P/E Multiple | 62.8 | 20.1 | -68.1% |
| Shares Outstanding (Mil) | 280 | 276 | 1.4% |
| Cumulative Contribution | -57.2% |
Market Drivers
6/30/2025 to 7/29/2026| Return | Correlation | |
|---|---|---|
| INTU | -57.2% | |
| Market (SPY) | 19.1% | 7.7% |
| Sector (XLK) | 32.1% | 3.3% |
Fundamental Drivers
The -25.4% change in INTU stock from 6/30/2023 to 7/29/2026 was primarily driven by a -64.2% change in the company's P/E Multiple.| (LTM values as of) | 6302023 | 7292026 | Change |
|---|---|---|---|
| Stock Price ($) | 446.72 | 333.13 | -25.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 14,070 | 20,925 | 48.7% |
| Net Income Margin (%) | 15.9% | 21.9% | 37.7% |
| P/E Multiple | 56.1 | 20.1 | -64.2% |
| Shares Outstanding (Mil) | 281 | 276 | 1.8% |
| Cumulative Contribution | -25.4% |
Market Drivers
6/30/2023 to 7/29/2026| Return | Correlation | |
|---|---|---|
| INTU | -25.4% | |
| Market (SPY) | 70.4% | 38.2% |
| Sector (XLK) | 95.2% | 33.1% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| INTU Return | 70% | -39% | 62% | 1% | 6% | -52% | -14% |
| Peers Return | 47% | 5% | 31% | 25% | -2% | -13% | 115% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 9% | 98% |
Monthly Win Rates [3] | |||||||
| INTU Win Rate | 67% | 25% | 58% | 33% | 58% | 29% | |
| Peers Win Rate | 70% | 43% | 60% | 57% | 43% | 46% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 43% | |
Max Drawdowns [4] | |||||||
| INTU Max Drawdown | -13% | -45% | -13% | -16% | -22% | -61% | |
| Peers Max Drawdown | -11% | -27% | -18% | -14% | -32% | -37% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: MSFT, ORCL, ADP, HRB, TRI. See INTU Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 7/29/2026 (YTD)
How Low Can It Go
| Event | INTU | S&P 500 |
|---|---|---|
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -43.9% | -24.5% |
| % Gain to Breakeven | 78.3% | 32.4% |
| Time to Breakeven | 583 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -36.3% | -33.7% |
| % Gain to Breakeven | 56.9% | 50.9% |
| Time to Breakeven | 101 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -20.8% | -19.2% |
| % Gain to Breakeven | 26.3% | 23.8% |
| Time to Breakeven | 52 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -24.3% | -12.2% |
| % Gain to Breakeven | 32.2% | 13.9% |
| Time to Breakeven | 223 days | 62 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -16.7% | -17.9% |
| % Gain to Breakeven | 20.1% | 21.8% |
| Time to Breakeven | 19 days | 123 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -37.1% | -53.4% |
| % Gain to Breakeven | 59.0% | 114.4% |
| Time to Breakeven | 445 days | 1085 days |
In The Past
Intuit's stock fell -6.5% during the 2025 US Tariff Shock. Such a loss loss requires a 7.0% gain to breakeven.
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Asset Allocation
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| Event | INTU | S&P 500 |
|---|---|---|
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -43.9% | -24.5% |
| % Gain to Breakeven | 78.3% | 32.4% |
| Time to Breakeven | 583 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -36.3% | -33.7% |
| % Gain to Breakeven | 56.9% | 50.9% |
| Time to Breakeven | 101 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -20.8% | -19.2% |
| % Gain to Breakeven | 26.3% | 23.8% |
| Time to Breakeven | 52 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -24.3% | -12.2% |
| % Gain to Breakeven | 32.2% | 13.9% |
| Time to Breakeven | 223 days | 62 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -37.1% | -53.4% |
| % Gain to Breakeven | 59.0% | 114.4% |
| Time to Breakeven | 445 days | 1085 days |
In The Past
Intuit's stock fell -6.5% during the 2025 US Tariff Shock. Such a loss loss requires a 7.0% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Intuit (INTU)
Intuit Inc. is a leading financial technology company that provides a comprehensive suite of financial management and compliance products and services. It primarily caters to consumers, small businesses, self-employed individuals, and accounting professionals in the United States, Canada, and internationally. The company's core mission is to empower its diverse customer base to manage their financial lives, from tax preparation and accounting to personal finance and business operations.
The company's offerings are widely recognized through its flagship products. For small businesses and self-employed individuals, Intuit offers QuickBooks, a powerful ecosystem of online services and desktop software for accounting, payroll, payment processing, and business banking. This includes solutions like QuickBooks Online, QuickBooks Enterprise, and QuickBooks Self-Employed. On the consumer side, Intuit is best known for TurboTax, which provides popular income tax preparation products and services.
Beyond these core offerings, Intuit also operates Credit Karma, a personal finance platform that delivers personalized recommendations for loans, credit cards, and insurance products to consumers. Its ProConnect segment supports accounting professionals with specialized tax-preparation software like Lacerte, ProSeries, and ProConnect Tax Online. Through these varied segments, Intuit addresses critical financial needs across a wide spectrum of users, selling its products through direct online channels, mobile apps, and retail partners.
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1. The Microsoft Office for personal and small business finances.
2. Like Shopify is the e-commerce platform for online stores, Intuit's QuickBooks is the financial platform for small businesses.
3. It's like the Salesforce for small business finances, combined with the digital H&R Block for personal taxes.
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- QuickBooks: Financial management and accounting software solutions for small businesses and self-employed individuals.
- QuickBooks Payroll: Services for online payroll processing, direct deposit, and tax compliance for businesses.
- QuickBooks Payments: Payment processing solutions for businesses to accept credit/debit cards, Apple Pay, and ACH payments.
- QuickBooks Cash: A business bank account tailored for small businesses.
- TurboTax: Income tax preparation products and services designed for consumers.
- Credit Karma: A personal finance platform offering personalized recommendations for loans, credit cards, and insurance products.
- ProConnect Tax Software: Professional tax preparation software (e.g., Lacerte, ProSeries) and online tax products for accounting professionals.
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Intuit (symbol: INTU) serves a diverse customer base, selling its products and services to three major categories of customers:
- Small Businesses and Self-Employed Individuals: This category encompasses a vast number of small businesses across various sectors and independent contractors or self-employed individuals. Intuit provides them with comprehensive financial management, accounting, payroll, payment processing, and banking solutions, primarily through its QuickBooks ecosystem.
- Individual Consumers: This category includes millions of individual consumers who utilize Intuit's platforms for personal financial management and tax preparation. Key offerings for this group include TurboTax for income tax filing and the Credit Karma platform, which provides personalized recommendations for financial products such as home, auto, and personal loans, as well as credit cards and insurance.
- Accounting Professionals: Intuit caters to a significant segment of accounting professionals and tax preparers. These professionals use specialized software like Lacerte, ProSeries, ProFile, ProConnect Tax Online, and dedicated QuickBooks Accountant solutions to manage their clients' financial records and tax obligations efficiently.
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Sasan Goodarzi, Chairman and Chief Executive Officer
Sasan Goodarzi became Intuit's CEO in 2019, leading the company's transformation into an AI-driven expert and global financial technology platform. He joined Intuit in 2004 and held various leadership roles, including executive vice president and general manager of the Small Business and Self-Employed Group and chief information officer. Before Intuit, Mr. Goodarzi served as global president of the products group for Invensys and held senior leadership roles at Honeywell. He also co-founded and served as CEO of the technology startup Lazer Cables Inc.
Sandeep Aujla, Executive Vice President and Chief Financial Officer
Sandeep Aujla assumed the role of Chief Financial Officer for Intuit effective August 1, 2023. He oversees Intuit's financial strategy, operations, and investor engagement. Prior to his appointment as CFO, he served as Senior Vice President of Finance for Intuit's Small Business and Self-Employed Group and for Intuit's Technology organization. Before joining Intuit, Mr. Aujla held leadership roles in finance at Visa and had a background in investment banking at Goldman Sachs and Morgan Stanley.
Alex Balazs, Executive Vice President & Chief Technology Officer
Alex Balazs leads Intuit's global technology organization, encompassing engineering, architecture, security, and infrastructure. With over 20 years at Intuit, he has held roles including Chief Architect and Senior Vice President. He became CTO in 2019 and is recognized as the technical mind behind many of the company's core platforms, including QuickBooks and the AI-powered Intuit Assist.
Greg Johnson, Executive Vice President and General Manager, Consumer Group
Greg Johnson is the Executive Vice President and General Manager of Intuit's Consumer Group, a position he was appointed to in August 2018. He is responsible for leading the strategic direction and operations of this segment.
Lara Balazs, Chief Marketing Officer
As Intuit's Chief Marketing Officer, Lara Balazs is responsible for driving the company's growth initiatives and enhancing its brand presence.
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Here are the key risks to Intuit's business:
- Artificial Intelligence (AI) Disruption and Uncertainty: Intuit faces significant investor concern and market volatility due to the potential for AI to disrupt its traditional software business models in tax preparation and accounting. While Intuit is actively integrating AI into its products, there is uncertainty regarding whether these investments will translate into sustained profitability and competitive advantage. The company's reliance on AI also introduces new security vulnerabilities, such as prompt injection attacks, which could potentially expose sensitive financial data.
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Regulatory and Competitive Pressures:
- IRS Direct File Program: The expansion of the IRS's "Direct File" program poses a substantial competitive threat to Intuit's highly profitable TurboTax franchise. This government-offered free tax-filing system, already piloted in several U.S. states, could lead to a loss of customers, particularly those with simpler tax returns.
- FTC Scrutiny and Lawsuits: Intuit has faced legal challenges and regulatory actions from the Federal Trade Commission (FTC) concerning deceptive advertising practices related to its "free" tax products. Ongoing regulatory scrutiny could result in further lawsuits, stricter advertising limitations, and broader regulatory changes impacting the company's operations and product offerings.
- Data Privacy and Security Risks: As a provider of financial management and compliance products, Intuit handles a vast amount of sensitive personal and financial information. This makes the company a prime target for cyberattacks and data breaches. There have been reports of past data breaches and associated class-action lawsuits alleging that customer data, including Social Security numbers and financial details, was compromised. The increasing integration of AI further amplifies these security risks, as AI systems processing financial data could be vulnerable to new types of attacks.
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A clear emerging threat to Intuit, particularly impacting its Consumer segment (TurboTax), is the development and expansion of government-sponsored free tax filing services, such as the IRS Direct File pilot program in the United States. This initiative offers eligible taxpayers a direct and free method to file their federal income taxes, bypassing commercial tax preparation software providers like TurboTax. If such programs become widely adopted and expanded to cover more complex tax situations and states, they could significantly erode Intuit's market share and revenue from its dominant consumer tax preparation products.
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Intuit Inc. operates in several significant addressable markets across its four segments. Here's a breakdown of the market sizes for its main products and services:
Small Business & Self-Employed Segment (QuickBooks)
- Intuit's QuickBooks accounting software holds a commanding 80% market share among small businesses in the U.S.. Another source indicates an 81% market share in the U.S. accounting software market.
- The global accounting software market was valued at USD 19.01 billion in 2024 and is projected to grow to USD 42.17 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 10.5% during the forecast period.
- North America is a dominant region in the global accounting software market, holding a 35.77% market share in 2024, valued at USD 6.80 billion.
- The Small Business Accounting Software Market is projected to grow at a 6.92% CAGR from 2025 to 2035. North America is the largest market for small business accounting software, holding approximately 45% of the global market share.
- Intuit is also expanding into the mid-market segment, which has a total addressable market (TAM) of USD 89 billion globally. This is larger than the combined TAM for small businesses (USD 52 billion) and self-employed individuals (USD 44 billion).
Consumer Segment (TurboTax)
- Intuit's TurboTax holds an estimated 90% market share in the consumer tax preparation segment in the U.S.
- The global tax preparation software market was valued at USD 17.6 billion in 2024 and is estimated to reach USD 43 billion by 2034, growing at a CAGR of 9.2% from 2025 to 2034.
- The global tax management software market size was valued at USD 20.26 billion in 2025 and is projected to grow to USD 56.02 billion by 2034, with a CAGR of 11.80%. North America dominated this global market with a 34.70% share in 2025.
- The U.S. tax management software market is predicted to grow significantly, reaching an estimated value of USD 9.51 billion by 2032.
- Another estimate for the global tax software market size was USD 23.97 billion in 2025 and is expected to reach USD 69.3 billion by 2035, with an 11.2% CAGR from 2026-2035. North America is projected to account for a 33% revenue share by 2035.
Credit Karma Segment
- Intuit's acquisition of Credit Karma in 2020 was noted to roughly double Intuit's total addressable market (TAM) in personal finance products from USD 29 billion to USD 57 billion globally.
- The global Credit Scoring Market size was valued at USD 17.47 billion in 2024 and is expected to grow at a CAGR of 15.58% from 2025 to 2032, reaching nearly USD 55.64 billion by 2032.
- North America dominated the global credit scoring market in 2024. Within North America, the U.S. holds approximately 70% of the market share for credit scoring.
- A related market, the Credit Risk Assessment Market, was valued at USD 8.36 billion in 2024 and is predicted to increase to approximately USD 31.46 billion by 2034. North America dominated this market with a 36% share in 2024.
ProConnect Segment
- This segment targets accounting professionals with tax preparation software. The broader tax software market, which includes professional solutions, was valued at USD 20.95 billion in 2022 globally and is expected to reach USD 46.90 billion by 2030.
- Accounting and tax advisory firms are expected to record a fast 13.78% CAGR through 2030 within the tax software market.
- The global tax management software market, encompassing professional tools, was valued at USD 20.26 billion in 2025 and is projected to grow to USD 56.02 billion by 2034. North America held a 34.70% share of this market in 2025.
- Intuit's ProTax Group, specifically serving professionals, saw its revenue grow by 6.8% to reach USD 599 million in 2024. The ProTax Group is anticipated to grow by 3% to 4% in fiscal year 2025.
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Intuit (INTU) is expected to drive future revenue growth over the next 2-3 years through several key strategies:
- AI-Driven Expert Platform and "Done-for-You" Experiences: Intuit is heavily investing in combining artificial intelligence (AI) with human expertise to create "done-for-you" experiences across its product ecosystem, including TurboTax, QuickBooks, and Credit Karma. This strategy aims to automate tasks, simplify financial management, and enhance customer engagement through features like AI agents and virtual expert platforms, ultimately driving adoption and increasing efficiency.
- Mid-Market Expansion: A significant driver of growth is Intuit's focus on expanding into the mid-market segment with solutions like QuickBooks Online Advanced and the Intuit Enterprise Suite (IES). This targets businesses with annual revenues ranging from $2.5 million to over $100 million, an underserved market with substantial opportunities. The company is developing industry-specific AI-native ERP solutions and an all-in-one platform to consolidate tech stacks and automate workflows for these larger businesses, leading to strong revenue and customer growth in this segment.
- Growth in Online Ecosystem Services: Intuit is focused on increasing the adoption and attach rates of its online services, particularly payments, payroll, and other money offerings within its QuickBooks Online ecosystem. By deepening its platform capabilities and encouraging customers to utilize more integrated tools, Intuit aims to increase revenue per customer and enhance the stickiness of its offerings.
- Customer Growth and Increased Penetration in Core Services: Intuit plans to expand its presence in its core verticals, including tax, accounting, personal finance, and marketing, by attracting new customers and increasing penetration among existing and underserved segments. This involves reaching more small businesses, self-employed individuals, and gig workers who do not currently use professional financial software. Growth in segments like TurboTax Live, Credit Karma, and QuickBooks Online Accounting, supported by customer acquisition and effective pricing strategies, is integral to this driver.
- International Expansion: Intuit is pursuing international growth by replicating its successful domestic strategies in key markets such as Canada, the U.K., and Australia. This involves initially offering core accounting tools and then layering on additional services like tax, payroll, and marketing as customer trust and adoption grow within these regions.
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Share Repurchases
- Intuit repurchased $2.8 billion of stock during fiscal year 2025.
- The company repurchased $2.0 billion in stock in both fiscal year 2024 and fiscal year 2023.
- As of February 26, 2026, Intuit has $3.5 billion remaining on its share repurchase authorization.
Share Issuance
- Stock-based compensation has historically offset share repurchases, contributing to the lack of a significant reduction in the total share count over time.
- Intuit recognized excess tax benefits on share-based compensation of $143 million in fiscal year 2025 and $183 million in fiscal year 2024.
- The weighted average shares outstanding increased in fiscal year 2022, partly due to shares issued as part of the Mailchimp acquisition.
Outbound Investments
- Intuit completed the acquisition of Relevvo in June 2025, a company specializing in AI and cloud-based account-based marketing solutions.
- Other recent acquisitions include Deserve and GoCo.io in April 2025, and Zendrive in June 2024.
- A significant acquisition was Mailchimp in September 2021 for $12 billion, which continued to impact financials and share count in the subsequent fiscal years.
Capital Expenditures
- Intuit's annual capital expenditures were $124 million in fiscal year 2025, $250 million in fiscal year 2024, and $260 million in fiscal year 2023.
- The trailing twelve months (TTM) annual capital expenditures as of March 11, 2026, amounted to $144 million.
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 195.56 |
| Mkt Cap | 100.9 |
| Rev LTM | 21,263 |
| Op Inc LTM | 5,738 |
| FCF LTM | 3,456 |
| FCF 3Y Avg | 3,076 |
| CFO LTM | 6,670 |
| CFO 3Y Avg | 5,623 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 11.0% |
| Rev Chg 3Y Avg | 8.8% |
| Rev Chg Q | 10.1% |
| QoQ Delta Rev Chg LTM | 3.6% |
| Op Inc Chg LTM | 16.3% |
| Op Inc Chg 3Y Avg | 14.0% |
| Op Mgn LTM | 27.2% |
| Op Mgn 3Y Avg | 25.9% |
| QoQ Delta Op Mgn LTM | 0.4% |
| CFO/Rev LTM | 36.5% |
| CFO/Rev 3Y Avg | 35.2% |
| FCF/Rev LTM | 21.3% |
| FCF/Rev 3Y Avg | 22.9% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 100.9 |
| P/S | 5.1 |
| P/Op Inc | 17.3 |
| P/EBIT | 16.1 |
| P/E | 20.9 |
| P/CFO | 13.8 |
| Total Yield | 6.4% |
| Dividend Yield | 2.0% |
| FCF Yield 3Y Avg | 3.8% |
| D/E | 0.1 |
| Net D/E | 0.0 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 22.5% |
| 3M Rtn | 3.5% |
| 6M Rtn | -13.3% |
| 12M Rtn | -34.4% |
| 3Y Rtn | 11.1% |
| 1M Excs Rtn | 24.1% |
| 3M Excs Rtn | 2.7% |
| 6M Excs Rtn | -18.6% |
| 12M Excs Rtn | -49.0% |
| 3Y Excs Rtn | -51.1% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Global Business Solutions | 11,077 | 9,533 | 8,038 | 6,460 | 4,688 |
| Consumer | 4,870 | 4,445 | 4,135 | 3,915 | 3,563 |
| Credit Karma | 2,263 | 1,708 | 1,634 | 1,805 | 865 |
| ProTax | 621 | 599 | 561 | 546 | 517 |
| Total | 18,831 | 16,285 | 14,368 | 12,726 | 9,633 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Global Business Solutions | 8,467 | 7,157 | 4,581 | 3,499 | 2,590 |
| Consumer | 3,786 | 3,493 | 2,875 | 2,483 | 2,237 |
| Credit Karma | 835 | 414 | 428 | 531 | 182 |
| ProTax | 533 | 520 | 455 | 383 | 372 |
| Restructuring | -15 | -223 | 0 | ||
| Amortization of acquired technology | -156 | -146 | -163 | -140 | -50 |
| Amortization of other acquired intangible assets | -481 | -483 | -483 | -416 | -146 |
| Share-based compensation expense | -1,968 | -1,915 | -1,712 | -1,308 | -753 |
| Other corporate expenses | -6,078 | -5,187 | -2,840 | -2,461 | -1,932 |
| Total | 4,923 | 3,630 | 3,141 | 2,571 | 2,500 |
Price Behavior
| Market Price | $333.13 | |
| Market Cap ($ Bil) | 91.9 | |
| First Trading Date | 03/22/1993 | |
| Distance from 52W High | -58.3% | |
| 50 Days | 200 Days | |
| DMA Price | $294.50 | $466.91 |
| DMA Trend | down | down |
| Distance from DMA | 13.1% | -28.7% |
| 3M | 1YR | |
| Volatility | 66.0% | 47.2% |
| Downside Capture | -88.93 | 103.10 |
| Upside Capture | -154.79 | -18.59 |
| Correlation (SPY) | -8.5% | 9.2% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.41 | -0.19 | -0.02 | 0.31 | 0.43 | 0.94 |
| Up Beta | 0.60 | 0.64 | 0.36 | 0.46 | 0.14 | 0.88 |
| Down Beta | 0.56 | 1.12 | 0.73 | 0.19 | 0.35 | 0.87 |
| Up Capture | -110% | -178% | -95% | -54% | -12% | 53% |
| Bmk +ve Days | 11 | 24 | 40 | 67 | 140 | 429 |
| Stock +ve Days | 6 | 16 | 25 | 51 | 114 | 380 |
| Down Capture | 142% | 18% | 54% | 136% | 124% | 105% |
| Bmk -ve Days | 10 | 17 | 23 | 58 | 112 | 321 |
| Stock -ve Days | 15 | 25 | 38 | 74 | 137 | 369 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with INTU | |
|---|---|---|---|---|
| INTU | -58.0% | 47.1% | -1.68 | - |
| Sector ETF (XLK) | 26.8% | 25.0% | 0.90 | 3.0% |
| Equity (SPY) | 15.6% | 12.8% | 0.86 | 7.6% |
| Gold (GLD) | 21.6% | 28.1% | 0.68 | -9.2% |
| Commodities (DBC) | 31.5% | 19.7% | 1.27 | 3.1% |
| Real Estate (VNQ) | 15.9% | 14.0% | 0.82 | 0.5% |
| Bitcoin (BTCUSD) | -46.1% | 42.9% | -1.32 | 11.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with INTU | |
|---|---|---|---|---|
| INTU | -7.7% | 38.2% | -0.11 | - |
| Sector ETF (XLK) | 17.9% | 25.6% | 0.63 | 54.5% |
| Equity (SPY) | 12.4% | 17.1% | 0.55 | 57.6% |
| Gold (GLD) | 17.1% | 18.4% | 0.75 | 1.7% |
| Commodities (DBC) | 9.3% | 19.5% | 0.36 | 8.0% |
| Real Estate (VNQ) | 2.9% | 18.9% | 0.05 | 39.8% |
| Bitcoin (BTCUSD) | 14.7% | 53.3% | 0.46 | 26.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with INTU | |
|---|---|---|---|---|
| INTU | 12.2% | 34.3% | 0.42 | - |
| Sector ETF (XLK) | 23.4% | 24.8% | 0.86 | 65.5% |
| Equity (SPY) | 14.7% | 17.9% | 0.70 | 65.6% |
| Gold (GLD) | 11.3% | 16.1% | 0.57 | 4.3% |
| Commodities (DBC) | 7.1% | 18.0% | 0.32 | 15.3% |
| Real Estate (VNQ) | 5.1% | 20.7% | 0.21 | 47.0% |
| Bitcoin (BTCUSD) | 57.7% | 66.2% | 0.98 | 19.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 6/3/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| SUMMARY STATS | |||
| # Positive | 0 | 0 | 0 |
| # Negative | 0 | 0 | 0 |
| Median Positive | |||
| Median Negative | |||
| Max Positive | |||
| Max Negative | |||
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| SUMMARY STATS | |||
| # Positive | 0 | 0 | 0 |
| # Negative | 0 | 0 | 0 |
| Median Positive | |||
| Median Negative | |||
| Max Positive | |||
| Max Negative | |||
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 04/30/2026 | 05/20/2026 | 10-Q |
| 01/31/2026 | 02/26/2026 | 10-Q |
| 10/31/2025 | 11/20/2025 | 10-Q |
| 07/31/2025 | 09/03/2025 | 10-K |
| 04/30/2025 | 05/22/2025 | 10-Q |
| 01/31/2025 | 02/25/2025 | 10-Q |
| 10/31/2024 | 11/21/2024 | 10-Q |
| 07/31/2024 | 09/04/2024 | 10-K |
| 04/30/2024 | 05/23/2024 | 10-Q |
| 01/31/2024 | 02/22/2024 | 10-Q |
| 10/31/2023 | 11/28/2023 | 10-Q |
| 07/31/2023 | 09/01/2023 | 10-K |
| 04/30/2023 | 05/23/2023 | 10-Q |
| 01/31/2023 | 02/23/2023 | 10-Q |
| 10/31/2022 | 11/29/2022 | 10-Q |
| 07/31/2022 | 09/02/2022 | 10-K |
| Report Date | Filing Date | Filing |
|---|---|---|
| 04/30/2026 | 05/20/2026 | 10-Q |
| 01/31/2026 | 02/26/2026 | 10-Q |
| 10/31/2025 | 11/20/2025 | 10-Q |
| 07/31/2025 | 09/03/2025 | 10-K |
| 04/30/2025 | 05/22/2025 | 10-Q |
| 01/31/2025 | 02/25/2025 | 10-Q |
| 10/31/2024 | 11/21/2024 | 10-Q |
| 07/31/2024 | 09/04/2024 | 10-K |
| 04/30/2024 | 05/23/2024 | 10-Q |
| 01/31/2024 | 02/22/2024 | 10-Q |
| 10/31/2023 | 11/28/2023 | 10-Q |
| 07/31/2023 | 09/01/2023 | 10-K |
| 04/30/2023 | 05/23/2023 | 10-Q |
| 01/31/2023 | 02/23/2023 | 10-Q |
| 10/31/2022 | 11/29/2022 | 10-Q |
| 07/31/2022 | 09/02/2022 | 10-K |
| 04/30/2022 | 05/24/2022 | 10-Q |
| 01/31/2022 | 03/02/2022 | 10-Q |
| 10/31/2021 | 11/18/2021 | 10-Q |
| 07/31/2021 | 09/08/2021 | 10-K |
| 04/30/2021 | 05/25/2021 | 10-Q |
| 01/31/2021 | 02/23/2021 | 10-Q |
| 10/31/2020 | 11/19/2020 | 10-Q |
| 07/31/2020 | 08/31/2020 | 10-K |
| 04/30/2020 | 05/21/2020 | 10-Q |
| 01/31/2020 | 02/24/2020 | 10-Q |
| 10/31/2019 | 11/21/2019 | 10-Q |
| 07/31/2019 | 08/30/2019 | 10-K |
Insider Activity
Updated 7/27/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Dalzell, Richard L | Direct | Sell | 6242026 | 262.32 | 284 | 74,499 | 3,084,359 | Form | |
| 2 | Dalzell, Richard L | Direct | Sell | 6172026 | 282.20 | 284 | 80,145 | 3,398,252 | Form | |
| 3 | Dalzell, Richard L | Direct | Sell | 6112026 | 279.86 | 338 | 94,593 | 3,449,554 | Form | |
| 4 | Dalzell, Richard L | Direct | Sell | 6112026 | 287.50 | 333 | 95,738 | 3,640,900 | Form | |
| 5 | Dalzell, Richard L | Direct | Sell | 6112026 | 297.65 | 333 | 99,117 | 3,868,557 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Dalzell, Richard L | Direct | Sell | 6242026 | 262.32 | 284 | 74,499 | 3,084,359 | Form | |
| 2 | Dalzell, Richard L | Direct | Sell | 6172026 | 282.20 | 284 | 80,145 | 3,398,252 | Form | |
| 3 | Dalzell, Richard L | Direct | Sell | 6112026 | 279.86 | 338 | 94,593 | 3,449,554 | Form | |
| 4 | Dalzell, Richard L | Direct | Sell | 6112026 | 287.50 | 333 | 95,738 | 3,640,900 | Form | |
| 5 | Dalzell, Richard L | Direct | Sell | 6112026 | 297.65 | 333 | 99,117 | 3,868,557 | Form | |
| 6 | Prabhu, Vasant M | Direct | Buy | 5262026 | 309.71 | 500 | 154,858 | 542,001 | Form | |
| 7 | Prabhu, Vasant M | Direct | Buy | 5262026 | 309.45 | 1,250 | 386,808 | 386,808 | Form | |
| 8 | Dalzell, Richard L | Direct | Sell | 3122026 | 440.40 | 333 | 146,653 | 5,836,621 | Form | |
| 9 | Dalzell, Richard L | Direct | Sell | 3122026 | 458.10 | 333 | 152,547 | 6,223,747 | Form | |
| 10 | Dalzell, Richard L | Direct | Sell | 3122026 | 474.01 | 333 | 157,845 | 6,597,745 | Form | |
| 11 | Aujla, Sandeep | EVP and CFO | Direct | Sell | 1062026 | 629.46 | 1,335 | 840,097 | 337,234 | Form |
| 12 | Cook, Scott D | Trust | Sell | 1022026 | 668.02 | 1,402 | 936,564 | 3,786,458,940 | Form | |
| 13 | Cook, Scott D | Trust | Sell | 12312025 | 671.56 | 75,000 | 50,367,047 | 3,807,469,390 | Form | |
| 14 | Cook, Scott D | Trust | Sell | 12302025 | 673.43 | 75,000 | 50,506,991 | 3,868,555,369 | Form | |
| 15 | Aujla, Sandeep | EVP and CFO | Direct | Sell | 12192025 | 675.00 | 1,098 | 741,172 | 133,076 | Form |
| 16 | Dalzell, Richard L | Direct | Sell | 12122025 | 659.95 | 333 | 219,763 | 8,893,486 | Form | |
| 17 | Dalzell, Richard L | Direct | Sell | 12102025 | 653.95 | 333 | 217,765 | 9,030,396 | Form | |
| 18 | Dalzell, Richard L | Direct | Sell | 12102025 | 653.42 | 333 | 217,589 | 9,240,666 | Form | |
| 19 | Cook, Scott D | Trust | Sell | 12102025 | 655.78 | 74,095 | 48,590,206 | 3,816,381,509 | Form | |
| 20 | Cook, Scott D | Trust | Sell | 12102025 | 658.84 | 75,000 | 49,413,312 | 3,883,015,978 | Form | |
| 21 | Cook, Scott D | Trusts | Sell | 12052025 | 671.11 | 75,000 | 50,333,431 | 4,005,654,568 | Form | |
| 22 | Cook, Scott D | Trusts | Sell | 12052025 | 656.43 | 75,000 | 49,232,177 | 3,967,246,313 | Form | |
| 23 | Cook, Scott D | Trusts | Sell | 12052025 | 641.98 | 43,868 | 28,162,169 | 3,928,040,308 | Form | |
| 24 | Aujla, Sandeep | EVP and CFO | Direct | Sell | 10072025 | 677.06 | 1,170 | 792,160 | 876,916 | Form |
| 25 | Dalzell, Richard L | Direct | Sell | 9112025 | 661.15 | 333 | 220,163 | 9,570,167 | Form | |
| 26 | Dalzell, Richard L | Direct | Sell | 9112025 | 669.39 | 333 | 222,907 | 9,912,327 | Form | |
| 27 | Dalzell, Richard L | Direct | Sell | 9112025 | 669.31 | 333 | 222,880 | 10,134,023 | Form | |
| 28 | Cook, Scott D | Trusts | Sell | 8262025 | 664.99 | 529 | 351,780 | 4,098,032,130 | Form | |
| 29 | Aujla, Sandeep | EVP and CFO | Direct | Sell | 8262025 | 664.99 | 42 | 27,930 | 552,303 | Form |
| 30 | Dalzell, Richard L | Direct | Sell | 7102025 | 768.43 | 333 | 255,887 | 11,890,686 | Form | |
| 31 | Dalzell, Richard L | Direct | Sell | 7092025 | 782.67 | 333 | 260,629 | 12,371,665 | Form | |
| 32 | Dalzell, Richard L | Direct | Sell | 7092025 | 784.57 | 333 | 261,262 | 12,662,960 | Form | |
| 33 | Balazs, Alex G | EVP, Chief Technology Officer | Direct | Sell | 7092025 | 781.63 | 882 | Form | ||
| 34 | Aujla, Sandeep | EVP and CFO | Direct | Sell | 7082025 | 782.22 | 2,591 | 2,026,744 | 600,679 | Form |
| 35 | Notarainni, Mark P | EVP, Consumer Group | Direct | Sell | 7032025 | 773.90 | 1,147 | 887,583 | 14,872 | Form |
| 36 | Aujla, Sandeep | EVP and CFO | Direct | Sell | 7032025 | 773.90 | 1,618 | 1,252,170 | 594,286 | Form |
Investor Activity (13F)
Updated Jul 30, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Fernbridge Capital Management LP | $215.8 Mil | 13.8% | 17 | ADD +429.2% | 13F |
| GCQ FUNDS MANAGEMENT PTY Ltd | $99.2 Mil | 13.2% | 11 | New | 13F |
| Lindsell Train Ltd | $317.2 Mil | 10.1% | 27 | ADD +20.2% | 13F |
| ThornTree Capital Partners LP | $56.7 Mil | 10.1% | 16 | ADD +46.9% | 13F |
| Quaker Capital Investments, LLC | $39.4 Mil | 9.6% | 21 | New | 13F |
| XXEC, Inc. | $40.8 Mil | 7.2% | 23 | New | 13F |
| ShawSpring Partners LLC | $17.7 Mil | 6.6% | 12 | TRIM -19.3% | 13F |
| Unisphere Establishment | $782.6 Mil | 6.6% | 50 | ADD +6.5% | 13F |
| Doma Perpetual Capital Management LLC | $19.0 Mil | 5.1% | 11 | New | 13F |
| Wilson Asset Management (International) PTY LTD | $16.7 Mil | 4.7% | 43 | Hold | 13F |
| Bowie Capital Management, LLC | $90.5 Mil | 4.3% | 29 | ADD +18.2% | 13F |
| Venator Management LLC | $16.8 Mil | 4.0% | 28 | New | 13F |
| L1 Capital International Pty Ltd | $66.7 Mil | 4.0% | 23 | ADD +5.4% | 13F |
| Bristol Gate Capital Partners Inc. | $60.1 Mil | 3.9% | 31 | ADD +25.6% | 13F |
| Retail Employees Superannuation Pty Ltd as trustee for Retail Employees Superannuation Trust | $25.5 Mil | 3.8% | 28 | ADD +170.6% | 13F |
| Raub Brock Capital Management LP | $14.2 Mil | 3.6% | 43 | ADD +24.8% | 13F |
| HFR Wealth Management, LLC | $13.5 Mil | 3.3% | 49 | ADD +33.7% | 13F |
| Generation Investment Management LLP | $356.3 Mil | 3.2% | 29 | New | 13F |
| KR Capital LP | $14.3 Mil | 2.9% | 49 | New | 13F |
| Local Pensions Partnership Investment Ltd | $129.4 Mil | 2.8% | 32 | Hold | 13F |
| Ravenswood Partners LP | $7.6 Mil | 2.8% | 35 | TRIM -10.8% | 13F |
| Cander Asset Management LP | $15.4 Mil | 2.8% | 43 | ADD +38.5% | 13F |
| Valley Forge Capital Management, LP | $81.8 Mil | 2.4% | 7 | TRIM -14.5% | 13F |
| DSM Capital Partners LLC | $133.8 Mil | 2.4% | 44 | TRIM -26.7% | 13F |
| Soma Equity Partners LP | $30.3 Mil | 2.2% | 20 | New | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Generation Investment Management LLP | $356.3 Mil | 3.2% | 29 | New | 13F |
| GCQ FUNDS MANAGEMENT PTY Ltd | $99.2 Mil | 13.2% | 11 | New | 13F |
| XXEC, Inc. | $40.8 Mil | 7.2% | 23 | New | 13F |
| Quaker Capital Investments, LLC | $39.4 Mil | 9.6% | 21 | New | 13F |
| Soma Equity Partners LP | $30.3 Mil | 2.2% | 20 | New | 13F |
| Doma Perpetual Capital Management LLC | $19.0 Mil | 5.1% | 11 | New | 13F |
| Venator Management LLC | $16.8 Mil | 4.0% | 28 | New | 13F |
| KR Capital LP | $14.3 Mil | 2.9% | 49 | New | 13F |
| WS Management LLLP | $14.1 Mil | 1.8% | 35 | New | 13F |
| Oribel Capital Management, LP | $9.9 Mil | 1.5% | 41 | New | 13F |
| Stanley Capital Management, LLC | $8.3 Mil | 1.4% | 40 | New | 13F |
| Owl Creek Asset Management, L.P. | $5.9 Mil | 1.1% | 21 | New | 13F |
| Act Two Investors LLC | $5.0 Mil | 1.1% | 36 | New | 13F |
| Exane Asset Management | $8.2 Mil | 1.7% | 32 | ADD +1746.0% | 13F |
| Fernbridge Capital Management LP | $215.8 Mil | 13.8% | 17 | ADD +429.2% | 13F |
| Retail Employees Superannuation Pty Ltd as trustee for Retail Employees Superannuation Trust | $25.5 Mil | 3.8% | 28 | ADD +170.6% | 13F |
| ThornTree Capital Partners LP | $56.7 Mil | 10.1% | 16 | ADD +46.9% | 13F |
| Cander Asset Management LP | $15.4 Mil | 2.8% | 43 | ADD +38.5% | 13F |
| HFR Wealth Management, LLC | $13.5 Mil | 3.3% | 49 | ADD +33.7% | 13F |
| Troy Asset Management Ltd | $31.0 Mil | 0.9% | 30 | ADD +29.8% | 13F |
| Bristol Gate Capital Partners Inc. | $60.1 Mil | 3.9% | 31 | ADD +25.6% | 13F |
| Raub Brock Capital Management LP | $14.2 Mil | 3.6% | 43 | ADD +24.8% | 13F |
| Lindsell Train Ltd | $317.2 Mil | 10.1% | 27 | ADD +20.2% | 13F |
| Trinity Street Asset Management LLP | $19.9 Mil | 1.4% | 22 | ADD +18.9% | 13F |
| Bowie Capital Management, LLC | $90.5 Mil | 4.3% | 29 | ADD +18.2% | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | As Of | Filing |
|---|---|---|---|---|---|---|
| Fundsmith LLP | $414.4 Mil | 2.4% | 37 | Exited | Dec 31, 2025 | 13F |
| Fundsmith Investment Services LTD. | $116.8 Mil | 2.1% | 26 | Exited | Dec 31, 2025 | 13F |
| Anomaly Capital Management, LP | $56.7 Mil | 2.0% | 32 | Exited | Dec 31, 2025 | 13F |
| Cat Rock Capital Management LP | $27.1 Mil | 3.9% | 16 | Exited | Dec 31, 2025 | 13F |
| ADAPT Investment Managers SA | $18.6 Mil | 3.8% | 28 | Exited | Dec 31, 2025 | 13F |
| Manchester Global Management (UK) Ltd | $18.2 Mil | 2.5% | 21 | Exited | Dec 31, 2025 | 13F |
| Overbrook Management Corp | $14.6 Mil | 2.5% | 46 | Exited | Dec 31, 2025 | 13F |
| Kinetic Partners Management, LP | $11.6 Mil | 0.6% | 44 | Exited | Dec 31, 2025 | 13F |
| Iyo Bank, Ltd. | $10.6 Mil | 3.4% | 37 | Exited | Dec 31, 2025 | 13F |
| Campbell Capital Management Inc | $8.0 Mil | 2.7% | 46 | Exited | Dec 31, 2025 | 13F |
| Mar Vista Investment Partners LLC | $9.1 Mil | 0.9% | 35 | TRIM -64.6% | Mar 31, 2026 | 13F |
| Hyperion Asset Management Ltd | $39.0 Mil | 1.2% | 18 | TRIM -58.1% | Mar 31, 2026 | 13F |
| Ycg, LLC | $19.1 Mil | 1.7% | 42 | TRIM -30.3% | Mar 31, 2026 | 13F |
| DSM Capital Partners LLC | $133.8 Mil | 2.4% | 44 | TRIM -26.7% | Mar 31, 2026 | 13F |
| ShawSpring Partners LLC | $17.7 Mil | 6.6% | 12 | TRIM -19.3% | Mar 31, 2026 | 13F |
| Valley Forge Capital Management, LP | $81.8 Mil | 2.4% | 7 | TRIM -14.5% | Mar 31, 2026 | 13F |
| Ravenswood Partners LP | $7.6 Mil | 2.8% | 35 | TRIM -10.8% | Mar 31, 2026 | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Unisphere Establishment | $782.6 Mil | 6.6% | 50 | ADD +6.5% | 13F |
| Generation Investment Management LLP | $356.3 Mil | 3.2% | 29 | New | 13F |
| Lindsell Train Ltd | $317.2 Mil | 10.1% | 27 | ADD +20.2% | 13F |
| Fernbridge Capital Management LP | $215.8 Mil | 13.8% | 17 | ADD +429.2% | 13F |
| DSM Capital Partners LLC | $133.8 Mil | 2.4% | 44 | TRIM -26.7% | 13F |
| Local Pensions Partnership Investment Ltd | $129.4 Mil | 2.8% | 32 | Hold | 13F |
| GCQ FUNDS MANAGEMENT PTY Ltd | $99.2 Mil | 13.2% | 11 | New | 13F |
| Bowie Capital Management, LLC | $90.5 Mil | 4.3% | 29 | ADD +18.2% | 13F |
| Valley Forge Capital Management, LP | $81.8 Mil | 2.4% | 7 | TRIM -14.5% | 13F |
| L1 Capital International Pty Ltd | $66.7 Mil | 4.0% | 23 | ADD +5.4% | 13F |
| Bristol Gate Capital Partners Inc. | $60.1 Mil | 3.9% | 31 | ADD +25.6% | 13F |
| ThornTree Capital Partners LP | $56.7 Mil | 10.1% | 16 | ADD +46.9% | 13F |
| XXEC, Inc. | $40.8 Mil | 7.2% | 23 | New | 13F |
| Quaker Capital Investments, LLC | $39.4 Mil | 9.6% | 21 | New | 13F |
| Hyperion Asset Management Ltd | $39.0 Mil | 1.2% | 18 | TRIM -58.1% | 13F |
| Troy Asset Management Ltd | $31.0 Mil | 0.9% | 30 | ADD +29.8% | 13F |
| Soma Equity Partners LP | $30.3 Mil | 2.2% | 20 | New | 13F |
| Retail Employees Superannuation Pty Ltd as trustee for Retail Employees Superannuation Trust | $25.5 Mil | 3.8% | 28 | ADD +170.6% | 13F |
| Dundas Partners LLP | $20.8 Mil | 1.7% | 49 | Hold | 13F |
| Trinity Street Asset Management LLP | $19.9 Mil | 1.4% | 22 | ADD +18.9% | 13F |
| Ycg, LLC | $19.1 Mil | 1.7% | 42 | TRIM -30.3% | 13F |
| Doma Perpetual Capital Management LLC | $19.0 Mil | 5.1% | 11 | New | 13F |
| National Mutual Insurance Federation of Agricultural Cooperatives | $18.5 Mil | 0.1% | 41 | Hold | 13F |
| ShawSpring Partners LLC | $17.7 Mil | 6.6% | 12 | TRIM -19.3% | 13F |
| Venator Management LLC | $16.8 Mil | 4.0% | 28 | New | 13F |
INTU Trade Sentinel
Constructive
CONVICTION RATIONALE
The company's core growth engines in assisted tax and mid-market business solutions are expanding at over 30%, offsetting acknowledged weakness in the price-sensitive DIY tax business. Management raised its full-year revenue growth forecast to 13-14%. This, combined with robust cash flow funding significant share repurchases, suggests the strategic shift to higher-value services is successfully navigating near-term disruption.
STOCK ARCHETYPE
Platform Subscription & Transactional(Number of Customers) x (Average Revenue Per Customer), driven by mix-shift to higher-tier subscriptions and adoption of expert-assisted and money-related services. Margin expansion from operating leverage on the scalable platform and a favorable mix shift towards higher-margin, expert-assisted services and mid-market software.
INVESTMENT THESIS
Evidence suggests yes; new growth engines are accelerating while the company repositions its older, price-sensitive offering.
- TurboTax Live customers are expected to grow 38% in fiscal 2026.
- Mid-market online ecosystem revenue grew approximately 38% in Q3.
- The company raised full-year revenue guidance to 13% to 14% growth.
- Average revenue per user (ARPU) is expected to increase 11%.
PRIMARY RISK
The company admitted losing price-sensitive DIY tax customers, a key customer acquisition funnel. This erosion could accelerate faster than new segments can grow, causing a permanent impairment to the consumer business.
- Management stated, 'We face pressure among the most price sensitive DIY filers... We lost on price.'
- Total IRS filers are expected to decline by approximately 30 basis points.
- Overall TurboTax online paying units are expected to grow only 2% for the year.
- A securities lawsuit alleges the company is losing significant business in its tax-related business.
| KPI | Status | Rationale |
|---|---|---|
| TurboTax Live Customer Growth | Expected to grow 38% for the full fiscal year 2026 - Accelerating | The company is successfully driving adoption in its high-value assisted tax segment, which management identifies as a key growth engine. This customer growth is accelerating sharply year-over-year, validating a core part of the company's strategy. |
| Global Business Solutions (GBS) Online Ecosystem Revenue Growth | 19% year-over-year in Q3 FY26 - Decelerating | Growth in the GBS Online Ecosystem, while still robust, has decelerated from the stable 21% rate seen in the first half of the fiscal year. This segment includes the high-growth mid-market offerings. |
| Mid-Market Online Ecosystem Revenue Growth (QBO Advanced & IES) | ~38% (Q3 FY2026) | Indicates traction and penetration in the higher-value mid-market business segment, a key strategic growth area. |
| Total Online Payment Volume Growth (incl. Bill Pay) | 30% (Q3 FY2026) | Reflects the adoption and engagement with the company's 'money' offerings, a core part of its all-in-one business platform strategy. |
High-Growth Engines vs. DIY Price War
BULL VIEW
Bulls focus on 30%+ growth in strategic bets like assisted tax and mid-market, which are successfully driving a mix-shift to higher average revenue per user and expanding margins.
CORE TENSION
Can 38% TurboTax Live customer growth offset pressure in DIY tax, where total online paying units are expected to grow only 2%?
PREVAILING SENTIMENT
The latest evidence favors the bulls. Management raised full-year revenue guidance to 13-14% growth, indicating the new engines are more than compensating for the legacy drag.
BEAR VIEW
Bears see the admission of 'los[ing] on price' in DIY tax as a structural breach of the company's moat that will cascade, as the stock's recent -23% post-earnings drop suggests.
| Timeline | Event & Metric To Watch |
|---|---|
9/7/2026 | Peer Earnings Report Watch: Peer Oracle (ORCL) is scheduled to report earnings. |
September 8, 2026 | Litigation Headline Risk Watch: Court filings related to the lead plaintiff appointment and any subsequent motions or judicial orders. |
September 8, 2026 | Securities Lawsuit Deadline Watch: The deadline to seek lead plaintiff status in a federal securities class action lawsuit filed against the company. |
11/4/2026 | Negative Peer Read-Across Watch: HRB's commentary on DIY filer trends, the competitive pricing environment, and any shifts in market share. |
11/18/2026 | Tax Business Disappoints Again Watch: Guidance for the key tax season, commentary on DIY market share, and evidence the new pricing model is working. |
No set date | Mailchimp Turnaround Falters Watch: Further revisions to the growth timeline, commentary on customer churn, or write-downs related to the acquisition. |
August | AI Platform Relaunch Watch: A sweeping expansion and new lineup of the company's AI-driven Expert platform is scheduled for launch. |
| Date | Event | Stock Impact |
|---|---|---|
2026-07-22 | New Product Launch Details: Intuit introduced the Intuit Business Credit Card, a new World Elite Business Mastercard product designed for small businesses using QuickBooks. | -2.9% $289.92 -> $281.53 |
2026-07-21 | Securities Fraud Lawsuit Filed Details: Multiple law firms announced a securities fraud class action lawsuit against Intuit on behalf of investors who purchased securities between August 22, 2025 and May 20, 2026. | -3.2% $293.82 -> $284.47 |
2026-05-20 | Q3 Earnings and Restructuring Details: Intuit reported Q3 results with revenue growth of 10.4% (F-1). Management announced a 17% workforce reduction (T-1). The stock had a two-day reaction of -23.0% (MKT-1). | -23.2% $397.95 -> $305.72 |
2026-04-09 | FedNow Certification Completed Details: Intuit announced it completed the Federal Reserve's certification and readiness program for the FedNow® Service to accelerate instant payments for small and mid-market businesses. | -9.6% $386.60 -> $349.39 |
2026-02-26 | Q2 Earnings Report Details: The company reported Q2 FY26 results. The two-day stock reaction around the earnings call was 7.0% versus -1.0% for the S&P 500. | +7.3% $378.38 -> $405.97 |
Post-Earnings Sell-Off Commentary Details: Following the earnings-related stock price collapse, press reports in late May and June highlighted the sell-off, with one upgrading the stock to Strong Buy, noting the valuation discount. | - |
Position Sizing
2% - 4%
REDUCED POSITION
Sizing is volatility-based: INTU trades at roughly 56% annualized options-implied volatility versus about 15% for the S&P 500 (3.7x the market), around the 94th percentile of its own trailing year. A 2% - 4% position keeps a single-name swing of that size within a diversified portfolio's risk budget.
Diversification Alternatives
ORCL - Oracle
Enterprise & Infrastructure PlayOracle offers exposure to the large enterprise and mid-market, with a massive infrastructure scale that Intuit lacks. Its 82.6% of revenue capex dwarfs Intuit's 0.8%.
HRB - H&R Block
Price-Sensitive Tax PlayH&R Block is a direct competitor for the price-sensitive tax filer that Intuit is currently losing. It provides a more direct exposure to this specific consumer segment.
An AI-driven expert platform monetizing high-stakes financial decisions for consumers and businesses.
Intuit is evolving from a software vendor into a unified platform that combines its vast proprietary data with AI and a network of human experts. The strategy is to capture a larger share of customer spend by providing 'done-for-you' experiences in high-value, high-liability areas like assisted tax and mid-market business management. While facing pricing pressure at the low end of its legacy DIY tax business, the company is focused on scaling its high-growth engines which are already growing over 30%.
Sustained high growth in TurboTax Live and mid-market segments, and evidence of successful monetization of price-sensitive DIY users through the broader consumer platform.
Deceleration in assisted tax growth, failure to stabilize the DIY tax segment, or the emergence of a disruptive AI-native competitor that effectively combines technology and expert services at a lower cost.
Quarterly fluctuations in total DIY tax filer units, as the strategic focus has shifted to the much larger and higher-value assisted tax market.
Repricing Catalyst
The market's negative reaction to Q3 FY2026 earnings, which highlighted weakness in the price-sensitive DIY tax segment despite strength elsewhere, and the announcement of a 17% workforce reduction to streamline operations. Multiple securities fraud lawsuits have also been filed, alleging misleading statements about the tax business.
Global Business Solutions
$11.1B TTM (59% of Total) · 76% MarginWhat It Is
Serves small and mid-market businesses and their accounting advisors with the QuickBooks and Intuit Enterprise Suite platform, which includes financial management, payroll, payment processing, bill pay, business financing (QuickBooks Capital), and marketing automation tools (Mailchimp).
Who Pays & How
Small and mid-market businesses pay for an all-in-one platform to run and grow their operations, manage cash flow, get customers, and maintain compliance. They choose this platform to consolidate disparate applications and gain AI-driven insights.
Competition
Consumer
$4.9B TTM (26% of Total) · 78% MarginWhat It Is
Serves consumers and professional accountants. Offerings include TurboTax (do-it-yourself and assisted tax preparation), Credit Karma (a personal finance platform with product recommendations), and ProTax (professional tax software like Lacerte and ProSeries).
Who Pays & How
Consumers pay for TurboTax to prepare and file taxes with confidence. Financial partners (banks, credit card issuers) pay Credit Karma for qualified leads. Professional accountants pay for ProTax software to efficiently serve their clients.
Competition
Intuit — Investor Video Playlist
Industry Resources
| Information Technology Resources |
| TechCrunch |
| Wired |
| CIO |
| MIT Technology Review |
| Gartner Insights |
| Ars Technica |
| Application Software Resources |
| Capterra |
| Software Advice |
| InfoWorld |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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