Intuit (INTU) — Company Research

Last Updated: 6 November 2026

Intuit Inc. (NASDAQ: INTU) makes TurboTax, QuickBooks, Credit Karma, Mailchimp and ProTax software for about 100 million consumers, small businesses and accountants. In fiscal 2026 (year to 31 Jul 2026) revenue rose 14% to $21,448m, GAAP diluted EPS rose 20% to $16.46 and non-GAAP EPS rose 20% to $24.27. Operating cash flow reached $8,838m and Intuit spent $5.4bn on buybacks. For fiscal 2027 management guides to revenue of $23,279–$23,512m (+9% to 10%). The shares have had a hard year: they traded between $252.84 and $682.27 over the past 52 weeks and closed at $354.84 on 05 Nov 2026. Every figure here comes from Intuit's own releases and SEC filings.

1. Company Snapshot

2. Investment Thesis: Bull vs Bear

Bull Case

• Cash generation: FY2026 operating cash flow was $8,838m against capex (property and equipment plus capitalised software) of $221m, giving free cash flow of about $8.6bn, and Intuit returned $5.4bn in buybacks and $1.3bn in dividends.
• QuickBooks and the mid-market: Global Business Solutions revenue rose 16% to $12.9bn (18% excluding Mailchimp), QuickBooks Online Accounting grew 23% and management says its mid-market business is growing more than 30%.
• Assisted tax and Credit Karma: TurboTax Live grew 37% in FY2026 and is now 53% of TurboTax revenue, while Credit Karma revenue rose 20% to $2.6bn.
• Margin step-up guided: FY2027 guidance calls for GAAP operating income of $7,408–$7,490m (+26% to 27%) and GAAP EPS of $20.12–$20.36, helped by the May 2026 restructuring.

Bear Case

• Slower growth guided: FY2027 revenue guidance of +9% to 10% is below FY2026's 14%, with TurboTax guided to only +2% to 3% and Mailchimp to −1% to 0%.
• TurboTax units shrinking: US federal TurboTax units fell 2% to 39.0m in FY2026, so growth relies on pushing customers into higher-priced assisted products.
• AI competition: Intuit's own 10-K warns that large platforms using AI and free or low-cost offerings could take customers, and the share price fell as low as $252.84 within the past year.
• Restructuring and Mailchimp drag: Intuit cut about 17% of its full-time workforce (around 3,000 jobs) in May 2026, booking $293m of charges in Q4, and cut back investment in Mailchimp, which is guided to shrink.

3. Business Segments

In FY2026 Intuit reported two main groups: Global Business Solutions and Consumer (TurboTax, Credit Karma and ProTax). From FY2027 Mailchimp becomes its own reportable segment. Percentages use FY2026 revenue of $21,448m from the Q4 FY2026 earnings release.

Intuit's "Big Bets" (AI-driven done-for-you services, money products, mid-market and assisted tax) grew 34% and made up 30% of FY2026 revenue.

4. Business Model & Moat

How it makes money. Most revenue is subscription or per-use software fees: QuickBooks plans and add-ons, TurboTax filings (with higher prices for expert help through TurboTax Live), and ProTax licences. Intuit also earns transaction revenue from payments and payroll, and referral fees from lenders and card issuers through Credit Karma. Revenue is seasonal: Q3 (Feb–Apr) produced $8,558m of FY2026's $21,448m because of the US tax deadline.

Data and switching costs. QuickBooks holds years of a small firm's books, payroll and payment records, and accountants build their practices around Intuit software, so changing provider is disruptive. Intuit says its AI now categorises more than 400m transactions a month, and its Accountant Suite is used by more than 250,000 firms.

Brand and scale in US tax. TurboTax handled 39.0m US federal units in FY2026. Its brand and integration with Credit Karma's member base give it a large customer funnel for both DIY and assisted filing.

Where the moat is tested. Government free-filing schemes and AI assistants could make basic tax and bookkeeping cheaper to do elsewhere. The IRS did not offer Direct File for the 2026 season, but Intuit's 10-K notes supporters still push for it.

5. Financial Health

Annual figures come from Intuit's fourth-quarter earnings releases and 10-K filings (cross-checked against SEC XBRL data). Adjusted EPS is Intuit's non-GAAP diluted EPS, which up to FY2026 excluded share-based compensation, amortisation of acquired intangibles and one-off items. Dividends are those declared in each fiscal year. Long-term debt is the year-end total including the current portion.

Quarterly results, most recent first. Intuit's fiscal quarters end in October, January, April and July.

Cash flow and balance sheet. FY2026 operating cash flow was $8,838m. Purchases of property and equipment were $175m and capitalised internal-use software $46m, giving free cash flow of $8,617m. Depreciation was $187m and amortisation of acquired intangibles $659m ($174m in cost of revenue plus $485m in operating expenses), $846m in total. GAAP operating income was $5,884m (+20%) and non-GAAP operating income $8,935m. Q4 GAAP EPS included $293m of restructuring charges ($1.08 a share). At 31 Jul 2026 Intuit held $4,705m of cash and $2,495m of short-term investments against total debt of $7,669m ($1,249m current, $6,420m long-term), after issuing $1.75bn of senior notes in Jun 2026. From FY2027 Intuit's non-GAAP figures include share-based compensation, so FY2027 non-GAAP EPS guidance of $22.88–$23.12 is not comparable with the history above. Follow the shares on ChartsView Live Charts.

6. Valuation

Raw metrics, November 2026. Not opinions on whether the stock is cheap or expensive.

7. What Are They Building

Intuit Intelligence and AI agents. Intuit describes itself as an "AI-driven expert platform" that combines its own data, AI and human experts to do work for customers rather than just provide tools. Its GenOS operating system underpins the agents. At Intuit Connect on 27 Oct 2026 it said the platform orchestrates more than 60 specialised language models and more than 100 AI skill agents, and that an "Agentic Books Close" feature is in pilot. Intuit Intelligence launched in Canada, the UK and Australia on 14 Oct 2026.

Mid-market software. QuickBooks Online Advanced and Intuit Enterprise Suite target larger small businesses that would otherwise buy legacy ERP systems, with new industry editions for construction, manufacturing and nonprofits. On 15 Oct 2026 Intuit agreed to buy Sequence, an AI-native revenue management platform, to add to these products.

Money products. Intuit is expanding payments, cash-flow tools, small business lending and the Intuit Business Credit Card (launched 22 Jul 2026), aiming to earn more from money moving through QuickBooks.

Consumer tax and finance. TurboTax Live is the push into expert-assisted tax. On 20 Oct 2026 Credit Karma Tax launched with $0 federal and $15 flat-rate state filing and AI agents for refunds, debt and paychecks. Intuit also has app partnerships with OpenAI (Nov 2025) and Anthropic (Feb 2026).

8. Competitive Landscape

Intuit's FY2026 revenue of $21.4bn is more than five times H&R Block's and many times BILL's or Xero's. In tax, H&R Block grew about 5% against TurboTax's 7%; in small business software, Xero is growing faster from a much smaller base. Discuss the sector on the ChartsView Forum.

9. Leadership & Insider Activity

Sasan Goodarzi is Chairman and CEO; Sandeep Aujla is CFO. In 2026 most insider filings were small sales, several under pre-set 10b5-1 plans. The CEO's largest sale was in Jan 2026, near the top of the share price range. Director Vasant Prabhu made the only open-market purchase of the year in May 2026. Recent transactions from SEC Form 4 filings:

10. Key Risks

• AI and competition (Competitive): Free and low-cost products and large platforms using AI could pull customers away from TurboTax and QuickBooks, a risk Intuit highlights in its FY2026 10-K.
• Government free filing (Regulatory): The IRS Direct File system was suspended for the 2026 season, but it could return or the IRS Free File programme could expand, reducing paid TurboTax filings.
• AI execution (Strategic): Intuit is betting heavily on AI agents. If they are inaccurate, cannot be charged for, or fall foul of new AI rules, the investment may not pay back.
• Data security (Operational): Intuit holds sensitive tax and financial data for tens of millions of people, and Credit Karma remains under an FTC data-security order requiring assessments until 2034.
• Tax season concentration (Operational): A large share of revenue arrives in the Feb–Apr quarter, so product errors, late tax-law changes or outages in that window would hit the whole year.
• Acquisitions and Mailchimp (Financial): Mailchimp is guided to shrink in FY2027, and further write-downs of acquired intangibles or problems integrating Sequence could hurt reported earnings.

11. Recent Developments

• 29 Oct 2026 — Results date set. Intuit said it will report Q1 FY2027 results on 19 Nov 2026 after the market closes.
• 27 Oct 2026 — Intuit Connect AI update. Intuit expanded Intuit Intelligence with more than 100 AI skill agents, piloted an agentic month-end close for accountants and launched industry editions of Intuit Enterprise Suite.
• 20 Oct 2026 — Credit Karma Tax launched. A new filing product offering $0 federal and $15 flat-rate state returns, AI agents and refunds up to five days early.
• 15 Oct 2026 — Sequence acquisition agreed. Intuit agreed to buy AI revenue-management start-up Sequence for its mid-market products; terms were not disclosed.
• 17 Sep 2026 — Investor Day. Intuit reaffirmed its Q1 and FY2027 guidance at its Investor Day in Mountain View.
• 25 Aug 2026 — FY2026 results and dividend rise. FY2026 revenue rose 14% to $21,448m, the quarterly dividend was raised 15% to $1.38 and FY2027 guidance was set at +9% to 10% revenue growth. Q4 included $293m of restructuring charges from the May 2026 job cuts.

For the US data that moves software and consumer finance shares, see the ChartsView Economic Calendar.

12. Key Dates

• 19 Nov 2026 — Q1 FY2027 results after the US market close, call at 1:30pm Pacific. Guidance is revenue of $4,294–$4,313m (+11%) and non-GAAP EPS of $2.44–$2.48.
• Expected Nov 2026 — Declaration of the next quarterly dividend, normally announced with Q1 results.
• Expected Jan 2027 — 2027 annual meeting of shareholders (the 2026 meeting was held on 22 Jan 2026); date not yet announced.
• Expected Jan 2027 — Start of the 2027 US tax filing season, TurboTax's busiest period.
• Expected Feb 2027 — Q2 FY2027 results (quarter to 31 Jan 2027); date not yet announced.

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