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.

• 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.

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.

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.

Here are the key risks to Intuit's business:

1. 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.
2. 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.
3. 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.

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.

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.

Intuit (INTU) is expected to drive future revenue growth over the next 2-3 years through several key strategies:

1. 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.
2. 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.
3. 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.
4. 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.
5. 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.

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.