Intuit Inc. Overview
Intuit is the world's largest pure-play financial-technology software platform serving consumers, small and mid-market businesses, and accounting professionals, with approximately 93 million customers and $21.4 billion of fiscal 2026 revenue. Its economic engine rests on four category-leading franchises — QuickBooks in small-business accounting, TurboTax in US consumer do-it-yourself tax, Credit Karma in consumer credit marketplaces, and Mailchimp in SMB marketing automation — knitted together by a proprietary data asset and an AI orchestration layer branded GenOS. Roughly 88% of revenue is now recurring service revenue, structurally high-margin and price-inelastic in the small-business tier. Intuit's strategic wager, declared in 2019 and re-underwritten in fiscal 2026 through multi-year agreements with OpenAI and Anthropic, is that a "system of intelligence" combining proprietary financial data, domain-specific AI agents and a network of human experts will defend its franchises against general-purpose AI. Fiscal 2026 exposed the first serious cracks in that thesis: TurboTax unit share eroded, growth guidance was cut, and 17% of the workforce was eliminated.
What the company does
Intuit sells software, software-enabled services and financial services to three customer constituencies: individual consumers, small and mid-market businesses (SMBs), and professional accountants. In its own words in the fiscal 2026 Form 10-K, Intuit describes itself as "a global financial technology platform with a mission to power prosperity around the world," serving approximately 93 million customers, and states that its strategy "is to be an AI-driven expert platform that brings together data, AI, and human tax and financial experts into a single system of intelligence that does the work for customers." The company frames its product ambition as delivering "done-for-you experiences by automating everyday tasks, managing complex workflows and processes, and solving challenges before they arise with predictive insights," with human experts engaged "for that last mile of decisions."
The independent characterisation is more specific. Intuit operates four distinct economic engines that share a customer-acquisition funnel and a data spine but differ materially in monetisation logic:
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A subscription software business (QuickBooks). Recurring per-seat and per-tier SaaS subscriptions with a legacy desktop annuity in structural decline as a unit count but growing as revenue on price. This is the highest-quality earnings stream in the portfolio: ~78% segment operating margin on the Q1 FY2026 recast basis, high gross retention, and a decade-long record of double-digit effective price increases absorbed without churn.
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A seasonal transaction business (TurboTax and ProTax). Revenue is concentrated in the November–April window, with the fiscal third quarter (ending 30 April) generating the overwhelming majority of consumer tax revenue and operating income. Monetisation is per-return, increasingly weighted toward the assisted tier (TurboTax Live, now 53% of TurboTax revenue).
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A financial-services take-rate business (payments, payroll, capital, money). Intuit earns spread and interchange-like economics on payment volume, per-employee payroll fees, and net interest and fee income on QuickBooks Capital and consumer refund-advance lending. Notes receivable held for investment stood at $1,468 million at 31 July 2026, with $6,755 million of originations during fiscal 2026.
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A lead-generation and advertising marketplace (Credit Karma). Revenue is derived almost entirely from cost-per-action, cost-per-click and cost-per-lead payments from lenders, card issuers and insurers. This business is levered to credit-cycle appetite among partners and is the most macro-sensitive line in the portfolio.
Revenue model and mix
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
| Service revenue (USD M) | 10,979 | 12,317 | 13,861 | 16,400 | 18,911 |
| Product and other revenue (USD M) | 1,747 | 2,051 | 2,424 | 2,431 | 2,537 |
| Total net revenue (USD M) | 12,726 | 14,368 | 16,285 | 18,831 | 21,448 |
| Service revenue as % of total | 86.3 | 85.7 | 85.1 | 87.1 | 88.2 |
Intuit states in each Form 10-K that it expects total service revenue as a percentage of total revenue to grow over the long term. The FY2024 transition of QuickBooks Desktop to a full recurring-subscription model removed the last significant perpetual-licence component; residual "product and other" revenue now consists principally of desktop tax software (Lacerte, ProSeries, ProFile, TurboTax Desktop) and financial supplies.
Value-chain position and customer types
Intuit occupies the system-of-record and system-of-engagement layer for the SMB, and the transaction layer for the consumer. It does not manufacture hardware, does not hold a banking licence (checking and savings products are provided through FDIC-member bank partners), and does not itself underwrite insurance. It does originate credit on balance sheet through QuickBooks Capital via an originating bank partner, and it warehouses and sells consumer and business receivables — a genuine balance-sheet risk that distinguishes it from a pure software peer.
Customer types: solopreneurs and micro-businesses (QuickBooks Free/Lite/Solopreneur); small businesses (Simple Start, Essentials, Plus); mid-market businesses (QuickBooks Online Advanced, Intuit Enterprise Suite); accounting firms (QuickBooks Online Accountant, ProAdvisor, Lacerte, ProSeries, ProConnect, Intuit Accountant Suite); individual consumers (TurboTax, Credit Karma); and financial-institution partners who pay Credit Karma for qualified leads and completed actions.
End-markets served: SMB accounting and ERP software; payroll and human capital management; merchant acquiring and payments; small-business lending; email and SMS marketing automation; consumer tax preparation; professional tax preparation; consumer credit marketplaces; consumer deposit and money movement.
Strategy
Stated strategy — verbatim themes from the fiscal 2026 Form 10-K
Intuit states: "Our strategy is to be an AI-driven expert platform that brings together data, AI, and human tax and financial experts into a single system of intelligence that does the work for customers." It adds: "We made an early bet on AI, declaring our AI-driven expert platform strategy in 2019. We have transformed the company from a tax and accounting platform to an AI-driven expert platform."
On competitive positioning: "We have a significant competitive advantage with our scale of proprietary data, domain-specific AI platform capabilities, and large network of AI-enabled human experts that is setting the standard for trusted financial intelligence. Backed by four decades of leadership in accuracy, compliance, and security, our platform enables businesses and accountants to manage from lead to cash, and consumers from credit building to wealth building, all in one place."
On GenOS: "Our innovation has been made possible by our investments in our proprietary Generative AI Operating System (GenOS). Built for our internal developers, GenOS not only keeps pace with rapid technological industry advances but is setting the pace... This also enabled us to partner with leading AI companies to deliver intelligence that is personalized, accurate, compliant, reliable, secure, and that drives real action on their behalf."
CEO Sasan Goodarzi, in the 25 August 2026 earnings release: "Our strategy is to win as an AI-driven expert platform by creating a financial system of intelligence that increasingly does the work for consumers, businesses, and accountants... Looking ahead, we're focused on scaling our Big Bets, accelerating customer growth, and making deliberate choices to create a stronger foundation for durable long-term growth."
The Big Bets
Intuit historically framed five Big Bets; the fiscal 2026 Form 10-K enumerates three:
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Deliver done-for-you experiences — a virtual team of AI agents and AI-enabled human experts, with customers retaining control.
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Accelerate Money Benefits — for businesses, optimising cash flow across receivables, payables, capital and spend management; for consumers, optimising money and savings starting with fast refund access.
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Fuel Success for Mid-Market Businesses — QuickBooks Online Advanced, Intuit Enterprise Suite and connected services as an all-in-one alternative for "overdigitized" businesses juggling disparate apps, competing on "a better experience, better price, and lower total cost of ownership."
Management disclosed in the FY2026 results that the Big Bets collectively grew 34% and represented 30% of full-year revenue — approximately $6.4 billion of revenue (derived).
Announced strategic initiatives, last 24 months
| Date | Initiative | Detail and strategic intent |
|---|---|---|
| September 2024 | Intuit Enterprise Suite launch | Formal mid-market ERP entry |
| September 2024 | Agentic AI experiences announced | Proprietary LLMs trained on financial data; AI-to-human expert handoffs in QuickBooks and Intuit Enterprise Suite |
| 1 August 2025 | Consumer platform consolidation | Consumer, Credit Karma and ProTax merged into one segment to deliver "one consumer platform" |
| 18 September 2025 | Investor Day 2025 | Strategy, Big Bets, platform innovation; FY2026 guidance reaffirmed |
| 18 November 2025 | OpenAI multi-year strategic partnership | Intuit-powered apps inside ChatGPT enabling trusted financial actions; OpenAI models power Intuit AI agents for cash-flow forecasting, tax preparation and payroll. Reported at over $100 million per year of committed spend |
| 20 November 2025 | Board refresh | McDermott and Friedman appointed; Goodarzi to Chair; Prabhu to Lead Independent Director |
| 19 December 2025 | Circle partnership | USDC stablecoin integration into Intuit products |
| 9 January 2026 | New $2.2 billion unsecured revolving credit facility maturing 9 January 2031 | Replaces the February 2024 facility; working capital and general corporate purposes |
| 26 January 2026 | Checkr partnership | Streamlined background checks for QuickBooks Workforce customers |
| 30 January 2026 | $5.8 billion unsecured revolving credit facility | Funded a portion of the TurboTax early refund offering; terminated 26 February 2026 after the season |
| 19 February 2026 | TurboTax "done-for-you" campaign with Uber Rides | Consumer acquisition |
| 24 February 2026 | Anthropic multi-year partnership | Mid-market customers build custom AI agents on Intuit's platform using the Claude Agent SDK; Intuit tax, finance, accounting and marketing tools exposed inside Claude.ai, Claude for Enterprise and Cowork via Model Context Protocol; Claude Code deployed across Intuit engineering. Rollout from spring 2026 |
| March 2026 | Termination of all founder and executive 10b5-1 plans; commitment to accelerate buybacks | Insider-confidence signal |
| 9 April 2026 | FedNow Service certification completed | Instant payments for SMB customers |
| 6 May 2026 | Vestwell named exclusive partner for QuickBooks 401(k) | Extends the workforce/benefits stack |
| 14 May 2026 | G-Accon joins Intuit App Partner Program as Platinum Partner | Automated financial reporting at scale |
| 20 May 2026 | Restructuring plan: ~17% reduction in full-time workforce | $300–340 million estimated charges, $293 million recognised in Q4 FY2026; site closures and portfolio rationalisation. CEO framed it as simplification "to become a faster, leaner, more focused company" and stated publicly the reductions had "nothing to do with AI" |
| June 2026 | $1.75 billion senior unsecured note issuance | Liquidity for FY2027 maturities |
| 22 July 2026 | Intuit Business Credit Card launched with Mastercard | QuickBooks-linked SMB credit |
| 31 July 2026 | College Board partnership | Free financial tools and resources in high-school classrooms via a new AP Business course — long-cycle brand and funnel investment |
| 1 August 2026 | Mailchimp becomes a separate operating segment | Precursor to separate reportable-segment disclosure in FY2027 |
| 1 August 2026 | Share-based compensation to be included in non-GAAP measures | Reporting-quality improvement |
| 17 September 2026 | Investor Day 2026 scheduled | Next disclosure event |
Medium-term financial targets and guidance
| Metric | FY2027 low (USD Mn) | FY2027 high (USD Mn) | Growth low (%) | Growth high (%) |
|---|---|---|---|---|
| Total revenue | 23,279 | 23,512 | 9 | 10 |
| Global Business Solutions | 13,068 | 13,158 | 13 | 14 |
| Consumer | 8,955 | 9,088 | 4 | 6 |
| TurboTax | 5,377 | 5,453 | 2 | 3 |
| Credit Karma | 2,919 | 2,973 | 11 | 13 |
| ProTax | 659 | 662 | 2 | 2 |
| Mailchimp | 1,256 | 1,266 | -1 | 0 |
| GAAP operating income | 7,408 | 7,490 | 26 | 27 |
| Non-GAAP operating income (new definition, includes SBC) | 8,063 | 8,145 | 17 | 18 |
Full-year fiscal 2027 guidance (25 August 2026):
GAAP diluted EPS guidance of $20.12–$20.36 (22–24% growth); non-GAAP diluted EPS of $22.88–$23.12 (23–24% growth) under the new definition, which includes a $5.81 per-share impact from share-based compensation. Guidance assumes $2,020 million of SBC, $483 million of other intangible amortisation, $150 million of acquired-technology amortisation and $22 million of residual restructuring.
First quarter fiscal 2027: revenue of $4,294–4,313 million (11% growth); GAAP operating income of $716–729 million; GAAP diluted EPS of $1.71–1.75.
Intuit does not publish formal multi-year targets. Management's standing framing is "durable revenue growth, operating margin expansion, and growing capital returns to shareholders over the long term," per CFO Sandeep Aujla in the FY2026 release. Historically the company has described its long-term algorithm as low-to-mid-teens revenue growth with continued margin expansion; the FY2027 guidance of 9–10% is a clear break from that algorithm and is the proximate cause of the post-earnings de-rating.
Sustainability and ESG commitments
The headline commitment is net-zero greenhouse gas emissions across the value chain by fiscal 2040, validated by the Science Based Targets initiative.
Products & Services
Global Business Solutions
Get, grow and manage customers
Mailchimp: Email, SMS, social, landing-page, advertising and website marketing automation with CRM capability for small and mid-market businesses. Acquired November 2021. Target customer: SMBs running self-service digital marketing. Pricing: tiered subscription by contact volume and feature set (Free, Essentials, Standard, Premium tiers historically). Fiscal 2026 revenue approximately $1.27 billion (derived from FY2027 guidance base). Growth has stalled; management guided Mailchimp to (1)% to 0% growth in FY2027 and, at the Q2 FY2026 call, said Mailchimp would return to double-digit growth "some time beyond fiscal 2026." Excluding Mailchimp, GBS revenue grew 18% in FY2026 versus 16% including it — an 200bp drag.
Get paid and pay bills
Payment Processing Solutions: Credit card, debit card, Apple Pay, Buy Now Pay Later, Tap to Pay, PayPal and ACH acceptance for card-present and card-not-present transactions, with instant deposit and dispute-protection options. Deeply integrated with QuickBooks Online, Desktop and Intuit Enterprise Suite with automated transaction reconciliation. Pricing: per-transaction discount rates plus monthly fees; specific rate card not disclosed in filings. Intuit completed FedNow Service certification on 9 April 2026.
QuickBooks Checking: Business bank account through an FDIC-member bank partner, with physical and virtual debit cards, no-fee instant deposit, and "envelopes" for cash partitioning. No monthly fee.
Bill Pay: Accounts-payable workflow inside QuickBooks Online and Intuit Enterprise Suite: bill ingestion, payment, custom approval workflows, vendor management and automatic reconciliation.
Get capital
QuickBooks Capital / QuickBooks Line of Credit: Data-underwritten term loans and pre-qualified revolving credit limits, funded through an originating bank partner or by partners on the QuickBooks Capital Marketplace. Intuit also acts as a third-party financing provider inside a strategic partner's lending programme. Balance-sheet exposure at 31 July 2026: $1,468 million of notes receivable held for investment and $179 million held for sale; fiscal 2026 originations and purchases of $6,755 million against $4,253 million of principal repayments and $2,210 million of sales.
Intuit Business Credit Card: Small-business credit card launched with Mastercard in July 2026, linked to QuickBooks data for expense management and credit access.
Pay and manage workforce
QuickBooks Workforce: All-in-one HR and payroll platform covering recruiting, onboarding, benefits administration, performance management, time-off management, time tracking, document management and offboarding, with employee self-service portals and centralised worker profiles. Integrates natively with QuickBooks Online.
QuickBooks 401(k): Delivered through Vestwell, named exclusive partner on 6 May 2026.
Access advice
- Intuit Experts / QuickBooks Live Expert Assisted and Full-Service Bookkeeping. On-demand or fully outsourced bookkeeping by certified QuickBooks ProAdvisors, many of them CPAs, with an accuracy guarantee on the full-service tier.
QuickBooks ProAdvisor programme and Find a ProAdvisor: Free directory for customers; paid membership for accountants providing QuickBooks Online Accountant, technical support, training, certification, marketing tools and product discounts.
Be compliant and organised
QuickBooks Online: The flagship. Tiered as QuickBooks Free, QuickBooks Lite, QuickBooks Solopreneur and QuickBooks Self-Employed for solopreneurs and micro-businesses; Simple Start, Essentials and Plus for small businesses; and QuickBooks Online Advanced for mid-market. Open platform with a third-party app ecosystem. Embeds Intuit AI for routine bookkeeping automation, natural-language queries, forecasts and proactive alerts. FY2026 QuickBooks Online Accounting revenue of approximately $5.05 billion, +23%, driven by the interrelated factors of higher effective prices, customer growth and mix shift.
Intuit Enterprise Suite: Launched September 2024 for complex mid-market companies. Multi-entity accounting, multi-dimensional reporting, integrated HR and marketing, built on the QuickBooks Online interface. Optional professional services for implementation, data migration, training and workflow configuration. Management stated at the Q3 FY2026 call that mid-market was "growing north of 30 percent."
Intuit Accountant Suite: Launched in fiscal 2026. AI-powered firm-management platform for accounting practices integrating client management, client collaboration, service delivery, business planning and team management, with embedded Intuit Intelligence and AI agents.
QuickBooks Desktop Plus / QuickBooks Enterprise: Subscription desktop software; Enterprise offers industry-specific reports and features for Contractor, Manufacturing, Wholesale and Distribution, Retail, Nonprofit, Professional Services and Accountants verticals, available for download or hosted. FY2026 Desktop Ecosystem revenue $2.95 billion, +6%, entirely on price.
Financial Supplies: Cheques, stationery, tax forms and related supplies.
Consumer
TurboTax (do-it-yourself): Online and desktop federal and state income tax preparation and e-filing in the US and Canada, spanning simple returns through itemised deductions, investments, rental property and small-business schedules. AI-driven agentic experiences and personalised recommendations added in fiscal 2026. Pricing: per-return, by product tier, with a free tier for simple returns.
TurboTax Expert Assist and TurboTax Expert Full Service: (formerly TurboTax Live and TurboTax Live Full Service). Assisted preparation by AI-enabled human experts. FY2026 TurboTax Live revenue grew 37% and represented 53% of total TurboTax revenue, up from 41% of the legacy Consumer segment in FY2025. Available also through physical locations where customers can receive in-person preparation.
Consumer money products: Early refund access paid to any bank account; File Now, Pay Later loans; Credit Karma Money branded savings and checking accounts through FDIC-member partner banks; audit defence and audit support.
Credit Karma: Free access to credit scores and reports, credit and identity monitoring, credit-report dispute, credit-building tools, debt pay-down assistance, credit-card rewards optimisation, connected-account net-worth tracking, and personalised recommendations for credit cards, home, auto and personal loans, and insurance. Lightbox is the proprietary technology allowing participating lenders to run their own decisioning models against thousands of de-identified user attributes to deliver approval-odds certainty. Domain-specific AI agents deliver personalised finance, tax and money experiences. TurboTax is accessible directly inside Credit Karma; management targeted 54% growth in TurboTax filers who began in Credit Karma during FY2026.
ProTax — Lacerte: High-end desktop professional tax preparation for complex US returns.
ProTax — ProSeries: Desktop professional tax preparation for higher-volume, lower-complexity US practices.
ProTax — ProConnect Tax Online: Cloud-based US professional tax preparation integrating with QuickBooks Online for books-to-tax workflow.
ProTax — ProFile and ProTax Online (Canada): Canadian desktop and cloud professional tax offerings.
ProTax complementary services: Advisory services, year-round document storage, bank products, e-signature, collaboration services, desktop hosting, fixed-asset management, and third-party practice-management integrations for certain US offerings.
Platform and infrastructure
GenOS (Generative AI Operating System): Proprietary internal development platform first released in 2023, comprising a generative-AI development environment, a routing and retrieval layer that selects among large language models based on user context, a library of UI components, and custom LLMs trained for tax, accounting, marketing, cash flow and personal finance. The FY2026 10-K describes GenOS as what "enabled us to partner with leading AI companies."
Intuit Assist: The customer-facing AI assistant brand spanning products.
Cloud infrastructure: Most systems, networks and databases for online offerings run on Amazon Web Services and Google Cloud Platform. Intuit does not operate significant owned production data centres for its online estate.
Discontinued or divested
Mint: shut down January 2024, users migrated to Credit Karma.
Quicken: divested 2016.
Demandforce, QuickBase: divested 2016.
Intuit Financial Services (Digital Insight): divested 2013.
Financial Narrative
Income statement: notes and sources
Interest expense was $248 million (FY2023), $242 million (FY2024), $247 million (FY2025) and $256 million (FY2026). (d) FY2024 SBC of $1,940 million includes $25 million recorded within restructuring; $1,915 million was recorded in operating expense lines. (e) Basic EPS was $8.49 (FY2023), $10.58 (FY2024), $13.82 (FY2025) and $16.53 (FY2026); FY2022 basic EPS is not separately extracted here. (f) FY2022 operating income of $2,571 million is per the Q4 FY2022 earnings release and the FY2023 10-K segment note; some aggregators report $2,584 million — the discrepancy is flagged and the filing figure is used.
Revenue CAGR: 13.9% over FY2022–FY2026 (four years); 17.4% over FY2021–FY2026 (five years, off the $9,633 million FY2021 base). The FY2022 32% growth rate is inorganic — it includes eight points from Mailchimp and a full year of Credit Karma versus eight months in FY2021.
Income statement commentary — trends, inflections and drivers
The margin inflection is real and structural. GAAP operating margin expanded 720 basis points from 20.2% in FY2022 to 27.4% in FY2026. Roughly half of that comes from operating leverage on a revenue base that grew 69% while headcount grew barely at all; the other half comes from three specific mechanisms. First, amortisation of acquired intangibles is now a fixed and shrinking burden — $659 million in FY2026 against revenue of $21.4 billion, versus $556 million against $12.7 billion in FY2022, a 200bp reduction in drag. Second, share-based compensation as a percentage of revenue fell from a peak of 11.9% (FY2023 and FY2024) to 9.6% in FY2026, the first sustained decline in a decade. Third, the FY2024 and FY2026 restructurings removed a combined ~27% of the workforce relative to the mid-FY2024 peak while revenue grew.
Research and development re-accelerated sharply in FY2026. R&D rose 15.3% to $3,376 million, well ahead of 13.9% revenue growth and the first year since FY2022 in which R&D outgrew revenue. This is the visible cost of the AI build-out — including the frontier-model consumption commitments under the OpenAI and Anthropic agreements, which Intuit has characterised as multi-year agreements tied to LLM consumption. Selling and marketing grew 9.9%, materially slower than revenue, which is unusual for Intuit and consistent with the tax-season underperformance disclosed in Q3.
The tax rate is normalising upward. The effective rate rose from 16.5% in FY2024 to 24.1% in FY2026. The FY2024 rate was flattered by $183 million of excess tax benefits on share-based compensation; FY2025 benefited by $143 million; FY2026 recorded a $43 million shortfall. This is a direct mechanical consequence of the share-price decline and is worth roughly $1.00–1.20 of annual EPS at current levels. Excluding SBC-related items, the underlying rate has been a stable ~24%.
Fiscal 2026 quarterly pattern reveals the problem. GAAP operating income by quarter was $534 million (Q1), $855 million (Q2), $4,020 million (Q3) and $475 million (Q4). Q3 — the tax quarter — grew only 8% year on year against 18% in Q1 and 44% in Q2. The full-year 14% growth masks a consumer franchise that decelerated hard precisely when it matters.
Non-GAAP definition change. From Q1 FY2027, Intuit will stop excluding share-based compensation from non-GAAP measures, stating that it "views share-based compensation as a recurring component of the compensation program." FY2027 non-GAAP operating income guidance of $8,063–8,145 million therefore includes $2,020 million of SBC and is not comparable to the $8,935 million FY2026 non-GAAP figure. On a like-for-like basis, FY2027 non-GAAP operating income guidance is approximately $10.1 billion, or roughly 13% growth. This change removes a long-standing criticism of Intuit's reporting and should be read as a credibility-positive, but it will confuse headline comparisons for four quarters.
Balance sheet: notes and sources
Disclosed FY2022 data points: total cash and investments of approximately $3.3 billion and total debt of approximately $6.9 billion at 31 July 2022.
Balance sheet commentary
Intuit is now effectively debt-free on a net basis. Net debt fell from $2,353 million at FY2023 to $221 million at FY2026 despite $5.4 billion of cash buybacks and $1.75 billion of new issuance during the year.
Goodwill and intangibles remain the balance sheet's dominant feature but are shrinking in relative terms, from 72.7% of assets in FY2023 to 50.6% in FY2026, purely through amortisation and asset-base growth — Intuit made no material acquisitions in FY2026. Goodwill is essentially static at $13,981 million and has never been impaired despite Mailchimp's stagnation. Mailchimp was acquired for $12.0 billion in November 2021 and is now guided to flat-to-declining revenue of ~$1.26 billion. If Mailchimp were carried as a standalone reporting unit at a market multiple appropriate to a no-growth marketing-automation asset (say 4–6× revenue), its implied value would be $5–7.5 billion. This is the most significant unrecognised impairment risk on the balance sheet and the decision to break Mailchimp out as a separate reportable segment from fiscal 2027 materially increases the probability that a discrete goodwill test will be required.
The funds receivable / funds payable line is a pass-through, not leverage. It swung from $420 million (FY2023) to $7,076 million (FY2025) to $5,038 million (FY2026) as customer payroll and payments float moved on and off balance sheet. It is matched dollar-for-dollar on both sides and should be excluded from working-capital and liquidity analysis. Excluding it, current assets were $10,273 million against $5,125 million of current liabilities at FY2026 — a 2.0× adjusted current ratio.
Deferred tax assets collapsed. Long-term deferred income tax assets fell from $1,222 million to $172 million and deferred income taxes were a $1,279 million source in the FY2026 cash flow statement, versus a $435 million use in FY2025. This is a one-time cash-tax benefit that will not repeat and inflates FY2026 operating cash flow by roughly $1.3 billion relative to a normalised run rate.
Cash flow commentary
Free cash flow conversion is exceptional and improving: FCF margin reached 40.2% in fiscal 2026. But three adjustments are needed for a clean read. First, the $1,279 million deferred-tax swing is non-recurring. Second, share-based compensation of $2,056 million is a real economic cost that Intuit will itself begin recognising in non-GAAP from FY2027. Third, capex has been artificially depressed — $124 million in FY2025 and $221 million in FY2026 on a $21 billion revenue base is 1.0% of revenue, extraordinarily light, reflecting the shift of the entire online estate onto AWS and GCP (where the cost appears in cost of service revenue instead). A "cash FCF ex-deferred-tax, ex-SBC" figure for FY2026 is approximately $5.3 billion, or 24.7% of revenue — still excellent, but roughly 40% below the headline.
Capital returns accelerated dramatically. Buybacks rose 96% to $5.5 billion of stock repurchased ($5,412 million of cash paid), reducing weighted-average diluted shares 2%. Intuit also retired $27,006 million of treasury stock during fiscal 2026 — a balance-sheet housekeeping entry with no cash effect. Management terminated all founder and executive Rule 10b5-1 sale plans in March 2026 and simultaneously committed to accelerate repurchases: a deliberate signal of insider confidence after the share-price decline.
Ratio analysis: notes and sources
ROIC is computed as operating income × (1 − effective tax rate) divided by total debt plus stockholders' equity at period end. Cash conversion cycle is not a meaningful metric for Intuit: the company carries no inventory and collects the great majority of revenue in advance or at point of sale; days sales outstanding is presented instead.
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Segment Revenue
| Metric | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
Global Business Solutions as % of total revenue | 59 | 59 | 60 |
Consumer as % of total revenue | 41 | 41 | 40 |
Revenue by Segment
| Segment (USD Mn) | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
Global Business Solutions | 9,533 | 11,077 | 12,864 |
Consumer | 6,752 | 7,754 | 8,584 |
Total net revenue | 16,285 | 18,831 | 21,448 |
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View Subscription PlansBusiness Lines
| Line (USD Mn) | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
QuickBooks Online Accounting | 2,267 | 2,849 | 3,379 | 4,120 | 5,051 |
Online Services | 2,171 | 2,910 | 3,513 | 4,182 | 4,867 |
Total Online Ecosystem | 4,438 | 5,759 | 6,892 | 8,302 | 9,918 |
QuickBooks Desktop Accounting | 851 | 1,211 | 1,575 | 1,672 | 1,780 |
Desktop Services and Supplies | 1,171 | 1,068 | 1,066 | 1,103 | 1,166 |
Total Desktop Ecosystem | 2,022 | 2,279 | 2,641 | 2,775 | 2,946 |
Total Global Business Solutions | 6,460 | 8,038 | 9,533 | 11,077 | 12,864 |
Business Lines (FY2024–FY2026)
| Line (USD Mn) | FY2024 | FY2025 | FY2026 |
|---|---|---|---|
TurboTax (current definition, includes Credit Karma Money) | 4,450 | 4,953 | 5,300 |
Credit Karma (current definition, excludes Credit Karma Money) | 1,703 | 2,167 | 2,600 |
ProTax | 599 | 621 | 647 |
Revenue by Segment (FY2021–FY2025)
| Segment (USD Mn) | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Small Business & Self-Employed / Global Business Solutions | 4,688 | 6,460 | 8,038 | 9,533 | 11,077 |
Consumer | 3,563 | 3,915 | 4,135 | 4,445 | 4,878 |
Credit Karma | 865 | 1,805 | 1,634 | 1,708 | 2,255 |
ProTax | 517 | 546 | 561 | 599 | 621 |
Total net revenue | 9,633 | 12,726 | 14,368 | 16,285 | 18,831 |
Revenue by Segment and Segment Assets & Liabilities
| Metric (USD Mn) | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Total segment operating income | 10,167 | 11,584 | 13,621 |
Less: share-based compensation | -1,712 | -1,915 | -1,968 |
Less: other corporate expenses | -4,668 | -5,187 | -6,078 |
Less: amortization of acquired technology | -163 | -146 | -156 |
Less: amortization of other acquired intangibles | -483 | -483 | -481 |
Less: restructuring | 0 | -223 | -15 |
Total unallocated corporate items | -7,026 | -7,954 | -8,698 |
Total GAAP operating income | 3,141 | 3,630 | 4,923 |
Income Statement and Margin Analysis (%)
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
Total net revenue (USD Mn) | 12,726 | 14,368 | 16,285 | 18,831 | 21,448 |
Revenue growth (%) | 32.1 | 12.9 | 13.3 | 15.6 | 13.9 |
Cost of service revenue (USD Mn) | 2,197 | 2,908 | 3,250 | 3,624 | 4,016 |
Cost of product and other revenue (USD Mn) | 69 | 72 | 69 | 68 | 63 |
Amortization of acquired technology (USD Mn) | 140 | 163 | 146 | 156 | 174 |
Gross profit (USD Mn) | 10,320 | 11,225 | 12,820 | 14,983 | 17,195 |
Gross margin (%) | 81.1 | 78.1 | 78.7 | 79.6 | 80.2 |
Selling and marketing (USD Mn) | 3,526 | 3,762 | 4,312 | 5,035 | 5,534 |
Research and development (USD Mn) | 2,347 | 2,539 | 2,754 | 2,928 | 3,376 |
General and administrative (USD Mn) | 1,460 | 1,300 | 1,418 | 1,601 | 1,623 |
Amortization of other acquired intangibles (USD Mn) | 416 | 483 | 483 | 481 | 485 |
Restructuring (USD Mn) | 0 | 0 | 223 | 15 | 293 |
Total costs and expenses (USD Mn) | 10,155 | 11,227 | 12,655 | 13,908 | 15,564 |
GAAP operating income (USD Mn) | 2,571 | 3,141 | 3,630 | 4,923 | 5,884 |
GAAP operating margin (%) | 20.2 | 21.9 | 22.3 | 26.1 | 27.4 |
Non-GAAP operating income (USD Mn) | 4,504 | 5,503 | 6,402 | 7,572 | 8,935 |
Non-GAAP operating margin (%) | 35.4 | 38.3 | 39.3 | 40.2 | 41.7 |
Net non-operating income (expense) (USD Mn) | -29 | -152 | -80 | -89 | 133 |
Income before income taxes (USD Mn) | 2,542 | 2,989 | 3,550 | 4,834 | 6,017 |
Income tax provision (USD Mn) | 476 | 605 | 587 | 965 | 1,451 |
Effective tax rate (%) | 18.7 | 20.2 | 16.5 | 20.0 | 24.1 |
Net income (USD Mn) | 2,066 | 2,384 | 2,963 | 3,869 | 4,566 |
Net margin (%) | 16.2 | 16.6 | 18.2 | 20.5 | 21.3 |
GAAP diluted EPS (USD) | 7.28 | 8.42 | 10.43 | 13.67 | 16.46 |
Non-GAAP diluted EPS (USD) | 11.85 | 14.40 | 16.94 | 20.15 | 24.27 |
Diluted weighted-average shares (M) | 284 | 283 | 284 | 283 | 277 |
Share-based compensation expense (USD Mn) | 1,308 | 1,712 | 1,940 | 1,968 | 2,056 |
SBC as % of revenue | 10.3 | 11.9 | 11.9 | 10.5 | 9.6 |
Depreciation (USD Mn) | 0 | 160 | 159 | 172 | 187 |
Amortization of acquired intangibles (USD Mn) | 556 | 646 | 630 | 637 | 659 |
EBITDA (USD Mn) | 3,127 | 3,947 | 4,419 | 5,732 | 6,730 |
EBITDA margin (%) | 24.6 | 27.5 | 27.1 | 30.4 | 31.4 |
Dividends declared per share (USD) | 2.72 | 3.12 | 3.60 | 4.16 | 4.80 |
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View Subscription PlansBalance Sheet
| Metric (USD Mn) | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|
Cash and cash equivalents | 2,848 | 3,609 | 2,884 | 4,705 |
Short-term investments | 814 | 465 | 1,668 | 2,495 |
Long-term investments | 105 | 131 | 94 | 248 |
Total cash and investments | 3,767 | 4,205 | 4,646 | 7,448 |
Accounts receivable, net | 405 | 457 | 530 | 625 |
Notes receivable held for investment | 687 | 779 | 1,403 | 1,468 |
Notes receivable held for sale | 0 | 3 | 0 | 179 |
Funds receivable and amounts held for customers | 420 | 3,921 | 7,076 | 5,038 |
Total current assets | 5,557 | 9,678 | 14,107 | 15,311 |
Property and equipment, net | 969 | 1,009 | 961 | 1,023 |
Operating lease right-of-use assets | 469 | 411 | 541 | 609 |
Goodwill | 13,780 | 13,844 | 13,980 | 13,981 |
Acquired intangible assets, net | 6,419 | 5,820 | 5,302 | 4,642 |
Total assets | 27,780 | 32,132 | 36,958 | 36,786 |
Short-term debt | 0 | 499 | 0 | 1,249 |
Deferred revenue | 921 | 872 | 1,019 | 1,072 |
Funds payable and amounts due to customers | 420 | 3,921 | 7,076 | 5,038 |
Total current liabilities | 3,790 | 7,491 | 10,370 | 10,163 |
Long-term debt | 6,120 | 5,539 | 5,973 | 6,420 |
Total debt | 6,120 | 6,038 | 5,973 | 7,669 |
Net debt | 2,353 | 1,833 | 1,327 | 221 |
Total liabilities | 10,511 | 13,696 | 17,248 | 17,794 |
Stockholders' equity | 17,269 | 18,436 | 19,710 | 18,992 |
Goodwill and intangibles as % of total assets | 72.7 | 61.2 | 52.2 | 50.6 |
Working capital | 1,767 | 2,187 | 3,737 | 5,148 |
Dividends & Capital Returns and Margin Analysis (%)
| Metric (USD Mn) | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|
Net income | 2,384 | 2,963 | 3,869 | 4,566 |
Depreciation | 160 | 159 | 172 | 187 |
Amortization of acquired intangibles | 646 | 630 | 637 | 659 |
Share-based compensation | 1,712 | 1,940 | 1,968 | 2,056 |
Deferred income taxes | -628 | -554 | -435 | 1,279 |
Provision for expected credit losses | 0 | 0 | 134 | 237 |
Net cash provided by operating activities | 5,046 | 4,884 | 6,207 | 8,838 |
Purchases of property and equipment (capex) | 260 | 250 | 124 | 221 |
Free cash flow | 4,786 | 4,634 | 6,083 | 8,617 |
FCF margin (%) | 33.3 | 28.5 | 32.3 | 40.2 |
Acquisitions, net of cash acquired | 33 | 83 | 184 | 0 |
Cash paid for treasury stock | 1,967 | 1,988 | 2,772 | 5,412 |
Dividends and dividend rights paid | 889 | 1,034 | 1,189 | 1,347 |
Employee tax withheld on RSU vesting | 633 | 1,002 | 982 | 709 |
Total shareholder returns (buybacks plus dividends) | 2,856 | 3,022 | 3,961 | 6,759 |
Shareholder returns as % of FCF | 59.7 | 65.2 | 65.1 | 78.4 |
Proceeds from long-term debt issuance | 0 | 3,956 | 0 | 1,736 |
Repayments of debt | 1,009 | 4,200 | 500 | 0 |
Interest paid | 272 | 200 | 284 | 295 |
Returns & Leverage Ratios (%) and Financial Ratios (x)
| Ratio | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|
Return on equity, ending equity (%) | 13.8 | 16.1 | 19.6 | 24.0 |
Return on assets, ending assets (%) | 8.6 | 9.2 | 10.5 | 12.4 |
Return on invested capital (%) | 10.7 | 12.3 | 15.3 | 16.8 |
Current ratio (x) | 1.47 | 1.29 | 1.36 | 1.51 |
Adjusted current ratio, excluding customer funds (x) | 1.52 | 1.61 | 2.13 | 2.00 |
Debt to equity (x) | 0.35 | 0.33 | 0.30 | 0.40 |
Net debt to EBITDA (x) | 0.60 | 0.41 | 0.23 | 0.03 |
Interest coverage, operating income over interest expense (x) | 12.7 | 15.0 | 19.9 | 23.0 |
Asset turnover, revenue over ending assets (x) | 0.52 | 0.51 | 0.51 | 0.58 |
Days sales outstanding (days) | 10.3 | 10.2 | 10.3 | 10.6 |
Dividend payout ratio, GAAP (%) | 37.1 | 34.5 | 30.4 | 29.2 |
Revenue by Region and Region Margins & Growth (%)
| Metric | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|
International revenue as % of total | 8 | 8 | 8 | 8 | 8 |
United States revenue as % of total | 92 | 92 | 92 | 92 | 92 |
United States revenue, derived (USD Mn) | 11,708 | 13,219 | 14,982 | 17,324 | 19,732 |
International revenue, derived (USD Mn) | 1,018 | 1,149 | 1,303 | 1,507 | 1,716 |
Total international online revenue growth, constant currency (%) | 0 | 0 | 13 | 9 | 10 |
Valuation Snapshot
| Metric | Value |
|---|---|
Closing price, 4 September 2026 | $332.70 |
Approximate price, 8–11 September 2026 | $345 |
Closing price, 1 September 2026 | $359.30 |
Closing price, 24 August 2026 (pre-earnings) | $369.92 |
All-time closing high | $798.42 on 30 July 2025 |
52-week range | $252.84 – $705.08 |
Decline from all-time high | Approximately 58% |
Twelve-month total return | Approximately −48% |
50-day moving average (late August 2026) | $301.19 |
200-day moving average (late August 2026) | $441.01 |
Market Valuation
| Market capitalisation | FY2025 (Sept 2025) | Dec 2025 | Apr 2026 | Sept 2026 |
|---|---|---|---|---|
Market capitalisation (USD Bn) | 185 | 176 | 118 | 89 |
Valuation Multiples
| Multiple | Intuit at $332.70 |
|---|---|
Market capitalisation | Approximately $88.9 billion |
Enterprise value | Approximately $89.1 billion (market cap plus $7,669M total debt less $7,448M cash and investments) |
Trailing P/E, GAAP (FY2026 EPS $16.46) | 20.2× |
Trailing P/E, non-GAAP (FY2026 EPS $24.27) | 13.7× |
Forward P/E, GAAP (FY2027 guidance midpoint $20.24) | 16.4× |
Forward P/E, non-GAAP (FY2027 guidance midpoint $23.00, new definition including SBC) | 14.5× |
EV / FY2026 revenue | 4.2× |
EV / FY2026 EBITDA | 13.2× |
EV / FY2026 free cash flow | 10.3× |
Price / book | 4.7× |
Free cash flow yield | 9.7% |
Dividend yield (annualised $5.52) | 1.66% |
Source Details
| Source | Analysts | Consensus rating | Average / median target |
|---|---|---|---|
Simply Wall St (early September 2026) | 31 | — | $410 average (down from $446); one analyst fair-value estimate revised from $250 to $290 |
StockAnalysis (September 2026) | 34 | Buy | $405.60 |
Public.com (4 September 2026) | 22 | Buy | $395.91 |
MarketBeat (September 2026) | — | — | $434.68 |
CleaRank (late August 2026) | 35 | Hold | $427.00 median |
Firm Details
| Firm | Action | Target |
|---|---|---|
Wolfe Research | Downgrade to Peer Perform from Outperform on "underwhelming" guidance | — |
Goldman Sachs | Maintains Sell; target raised to $304 from $276 | $304 |
Citi | Target cut | $416 from $457 |
Wells Fargo | Target cut | — |
Morgan Stanley | Target cut | — |
Truist | Maintains Hold; target cut | $300 from $350 |
Oppenheimer | Maintains Outperform; target cut | $380 from $406 |
BMO Capital | Maintains Outperform | $412 |
Dividend History
| Fiscal year | Quarterly dividend per share | Annual declared | Year-on-year increase |
|---|---|---|---|
FY2022 | $0.68 | $2.72 | 15% |
FY2023 | $0.78 | $3.12 | 15% |
FY2024 | $0.90 | $3.60 | 15% |
FY2025 | $1.04 | $4.16 | 16% |
FY2026 | $1.20 | $4.80 | 15% |
FY2027 | $1.38 | $5.52 (annualised) | 15% |
Action by Date
| Date | Action | Authorisation remaining |
|---|---|---|
August 2024 | New $3.0 billion authorisation | $4.9 billion total |
August 2025 | New $3.2 billion authorisation | $5.3 billion total |
31 January 2026 | — | $3.5 billion |
20 May 2026 | New $8.0 billion authorisation | — |
31 July 2026 | — | $7.9 billion |
Credit Ratings
| Agency | Rating | Outlook | As of |
|---|---|---|---|
Moody's | A3 | Stable | June 2026 (Form FWP) |
S&P Global Ratings | A | Stable | June 2026 (Form FWP) |
Fitch Ratings | Not rated / not publicly disclosed | — | — |
Capital Instruments
| Instrument | Principal | Coupon | Maturity |
|---|---|---|---|
2023 Notes | $750 million | 5.250% | 15 September 2026 |
2020 Notes | $500 million | 1.350% | July 2027 |
2023 Notes | $750 million | 5.125% | 15 September 2028 |
2020 Notes | $500 million | 1.650% | 15 July 2030 |
2026 Notes | $750 million | 4.950% | 2031 |
2023 Notes (remaining tranches) | $2.5 billion aggregate | — | Long-dated (2033 and beyond) |
2026 Notes (remaining tranches) | $1.0 billion aggregate | — | — |
Secured revolving credit facilities | $186 million drawn / $230 million repaid in FY2026 | Variable | Revolving |
Unsecured revolving credit facility | $2.2 billion committed, undrawn | Variable | 9 January 2031 |
Analyst Conclusions
Management guidance
For fiscal 2027 Intuit guides total revenue of $23,279–23,512 million, growth of 9–10%; GAAP operating income of $7,408–7,490 million, growth of 26–27%; GAAP diluted EPS of $20.12–20.36, growth of 22–24%; and non-GAAP diluted EPS of $22.88–23.12 under the new definition that includes $5.81 per share of share-based compensation. Segment guidance implies Global Business Solutions growth of 13–14%, Consumer growth of 4–6% (TurboTax 2–3%, Credit Karma 11–13%, ProTax 2%) and Mailchimp of (1)% to 0%. First-quarter revenue is guided to $4,294–4,313 million, up 11%.
The structural message inside that guidance is unambiguous: Intuit is guiding TurboTax to 2–3% growth. After a decade in which consumer tax was assumed to compound at high single digits, management is now underwriting near-stagnation in the franchise that produces the great majority of the company's operating profit in a single quarter.
Consensus expectations
Analyst consensus centres on FY2027 EPS of approximately $20.28 (GAAP) against $16.54 in FY2026, consistent with guidance. Price targets cluster between $395 and $435 on an average basis, with a $300–$304 floor from the Sell/Hold camp (Goldman Sachs, Truist) and $412–$416 from the constructive camp (BMO, Citi). The consensus rating remains Buy or Moderate Buy, but the number of Hold and Sell ratings has increased materially since May 2026.
Bull case
-
The valuation now embeds a permanent impairment that the cash flows do not support. At 4.2× EV/sales, 13.2× EV/EBITDA and a 9.7% free-cash-flow yield, Intuit trades at a level appropriate for a low-growth franchise. Yet Global Business Solutions — 60% of revenue — is guided to grow 13–14% in fiscal 2027 with segment operating margins near 78% on the recast basis, and QuickBooks Online Accounting grew 23% in fiscal 2026. Investors are being paid a 9.7% FCF yield to own that asset and receiving the entire consumer platform for free.
-
Both regulatory overhangs cleared in 2026, and the market has not repriced for it. The Fifth Circuit vacated the FTC's twenty-year cease-and-desist order on 20 March 2026, and the IRS Direct File programme was shut down in the same year. For a decade the standing bear argument on Intuit was "the government will eventually do this for free and the FTC will destroy the free-tier funnel." Both threats materially receded in a single year, and the stock fell 48% anyway. A structural risk premium is being applied to risks that have measurably diminished.
-
Capital return is now the dominant driver of per-share value. With $7.9 billion of remaining authorisation, $8.6 billion of annual free cash flow, net debt of $221 million and a $89 billion market capitalisation, Intuit can retire 8–10% of its shares annually at current prices while still growing the dividend 15%. At 9–10% revenue growth, 26–27% GAAP operating income growth and an 8% share count reduction, GAAP EPS compounds in the mid-to-high twenties without any re-rating and without any improvement in the consumer franchise. Management has already demonstrated intent by terminating all insider 10b5-1 plans and doubling buybacks.
Bear case
-
The TurboTax decline is structural, not cyclical, and it takes the earnings base with it. Total US units fell 2% to 39.0 million; online units fell 2%; desktop fell 7%. Revenue grew 7% only through mix shift into TurboTax Live, which is now 53% of TurboTax revenue — meaning the mix-shift lever is more than half exhausted. Management now guides TurboTax to 2–3% growth. Once mix shift is complete, the revenue line converges to unit growth, which is negative. And because the tax quarter produced $4,020 million of the $5,884 million of fiscal 2026 GAAP operating income — 68% of annual profit — a structurally declining TurboTax is a structurally declining company, whatever QuickBooks does.
-
The AI investment is a cost with no demonstrated revenue attribution, and it arms the competition. R&D grew 15.3% in fiscal 2026 while revenue grew 13.9% and fiscal 2027 revenue growth is guided down to 9–10%. Intuit states it does not share in the economics of the OpenAI or Anthropic partnerships. Meanwhile Xero extended its own Anthropic partnership and grew 31% with US core revenue up 240%. Every capability Intuit builds on frontier models is purchasable by any competitor on identical commercial terms. If proprietary data is the moat, the moat is only as wide as the willingness of general-purpose assistants to route around it — and Intuit has just given two of them direct, sanctioned access to its data and workflows.
-
Mailchimp is a $12 billion capital destruction that has not yet been recognised, and the accounting is about to force the issue. Acquired November 2021 for $12.0 billion, Mailchimp now generates approximately $1.27 billion of revenue and is guided to (1)% to 0% growth. Goodwill of $13,981 million has never been impaired. From 1 August 2026 Mailchimp becomes a separate reportable segment, which means a discrete reporting unit with discrete cash flows and a discrete impairment test. A write-down of $4–7 billion is a live possibility, and while non-cash, it would confirm that management's largest capital-allocation decision destroyed roughly a third of the company's current market capitalisation. That is a governance verdict as much as an accounting one — and it lands while a securities class action alleging management overstated competitive position is pending.
Catalysts and monitorables for the next twelve months
| Date | Event | What to watch |
|---|---|---|
| 17 September 2026 | Investor Day 2026 | Whether management resets the long-term growth algorithm below "low-to-mid teens"; any Mailchimp strategic announcement; mid-market targets |
| Post-8 September 2026 | Securities class action lead-plaintiff appointment and consolidated complaint | Scope of allegations; whether the FY2027 guidance cut is added to the class period |
| November 2026 | Q1 FY2027 results | First quarter on the three-segment basis (GBS, Consumer, Mailchimp) and the new non-GAAP definition. Guided to 11% revenue growth |
| November 2026 | DEF 14A for the 2027 Annual Meeting | FY2026 executive compensation; whether the Committee grants supplemental or repriced equity to offset underwater awards; say-on-pay support level |
| Q1–Q2 FY2027 | Mailchimp goodwill impairment testing | Any disclosed change in the reporting-unit structure or impairment charge |
| January–April 2027 | The 2027 US tax season | The single most important variable. TurboTax Online paying units, total IRS filer volume, TurboTax Live attach and average revenue per return. A second consecutive weak season would confirm the structural thesis |
| February 2027 | Q2 FY2027 results | Early tax-season read; whether the seasonal refund-advance facility is re-established and at what size |
| Ongoing | Spring 2026 onward rollout of the Anthropic and OpenAI integrations | Any disclosed revenue or engagement metrics from AI-channel distribution |
| Ongoing | QuickBooks Capital credit performance | Provision for expected credit losses rose 77% to $237 million in FY2026 against 69% origination growth. Watch for provision growing faster than originations |
| Ongoing | Xero's US progress | Melio integration, US customer adds, and whether Xero's 240% US core revenue growth persists |
| Ongoing | Legislative activity on federal direct filing | Any move to reinstate IRS Direct File |
| Ongoing | Buyback pace | Whether Intuit executes the remaining $7.9 billion authorisation at the accelerated rate signalled in March 2026 |
| Ongoing | Retention | Voluntary attrition disclosures and executive departures following the 17% reduction and the equity drawdown |
Analyst verdict
Intuit enters fiscal 2027 as two companies wearing one ticker. The first is Global Business Solutions: 60% of revenue, growing 13–14%, with segment operating margins near 78% on the recast basis, pricing power demonstrated over a decade, and a mid-market franchise expanding above 30% off a small base. On any standalone basis that asset would command a premium multiple. The second is the consumer platform: a tax franchise whose unit base is shrinking, whose mix-shift lever is more than half exhausted, whose guided growth is 2–3%, and which nonetheless generates 68% of the group's operating income in a single quarter. The market has spent twelve months repricing the whole for the weaker half, cutting the equity value by roughly $95 billion — more than seven times Mailchimp's original purchase price — against earnings that grew 20%.
The de-rating is not irrational. Management reaffirmed 8% TurboTax growth through multiple quarters into a season that delivered 7% and unit declines, then cut 17% of the workforce; a securities class action followed, and credibility is now the binding constraint on the multiple. But the fundamental case is stronger than the tape. Two decade-long structural threats — IRS Direct File and the FTC's twenty-year advertising order — were removed in 2026. Net debt is $221 million against $8.6 billion of free cash flow. The remaining $7.9 billion buyback authorisation retires roughly 9% of the company at current prices.
The honest position is neither bull nor bear but conditional. The 2027 tax season, in the January-to-April window, resolves the central question: is TurboTax cyclically soft or structurally impaired? If units stabilise, the current multiple is demonstrably too low. If they decline again, 9–10% growth becomes the ceiling rather than the trough, and even 4× sales is not cheap. Investors are being paid a 9.7% free-cash-flow yield to wait for that answer. The Investor Day on 17 September 2026 is the first meaningful test of whether management has recalibrated its own expectations honestly.
End of dossier.
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View Subscription PlansExecutive Leadership
Executive Leadership Team
| Name | Age | Title | In role since | Selected prior roles | Education |
|---|---|---|---|---|---|
Sasan K. Goodarzi | 58 | Chairman and Chief Executive Officer; President | CEO and director January 2019; Chairman January 2026 | EVP/GM Small Business Group (2016–2019); EVP/GM Consumer Tax (2015–2016); SVP/GM Consumer Tax (2013–2015); SVP and CIO, Intuit (2011–2013); CEO, Nexant Inc. (2010–2011); leadership roles at Invensys and Honeywell; Atlassian board member and Compensation Committee chair (April 2018 – January 2026) | BS Electrical Engineering, University of Central Florida; MBA, Kellogg School of Management, Northwestern University |
Sandeep S. Aujla | 50 | Executive Vice President and Chief Financial Officer | August 2023 | SVP Finance, Small Business & Self-Employed Group and Technology Organization (2019–2023); VP Finance, SBSE (2015–2019); finance leadership at Visa; investment banking at Goldman Sachs and Morgan Stanley | BA Economics, San Francisco State University; MBA, University of Virginia Darden School of Business |
Tyler Cozzens | 58 | Executive Vice President, General Counsel and Corporate Secretary | 31 July 2026 | SVP, Deputy General Counsel and Assistant Corporate Secretary, Intuit (2022–2026); VP, Deputy General Counsel (2018–2022); Director, Senior Corporate Counsel (2005–2018); Assistant General Counsel, Liberate Technologies (2002–2005) | BS Electrical Engineering, Stanford University; JD, Stanford Law School |
Anton Hanebrink | 50 | Executive Vice President and Chief Corporate Strategy & Development Officer | 2019 | SVP Corporate Strategy & Development, Intuit (2016–2019); leadership roles at Block/Square (2014–2016); Intuit Corporate Strategy (2011–2014); Opus Capital, Hewlett-Packard, Boston Consulting Group; board member, PubMatic | BS Finance and Marketing, Washington University in St. Louis; MBA, The Wharton School |
Caryl Hilliard | 60 | Executive Vice President and Chief People & Places Officer | August 2025 | 27 years in Intuit's People & Places organisation across all businesses and functions | BS Business Administration and Management, University of Redlands |
Lauren D. Hotz | 51 | Senior Vice President and Chief Accounting Officer | August 2022 | VP and CAO, Intuit (Feb–Jul 2022); VP and Corporate Controller (2020–2022); Director, Corporate Accounting (2014–2020); joined Intuit 2004; Coopers & Lybrand (1996–1998); RSM McGladrey & Pullen (1998–2001) | BS Accounting, Washington University in St. Louis; California CPA (inactive) |
Directors' Remuneration
| Executive | Fiscal year | Salary (USD) | Stock awards (USD) | Option awards (USD) | Non-equity incentive (USD) | All other (USD) | Total (USD) |
|---|---|---|---|---|---|---|---|
Sasan K. Goodarzi | 2025 | 1,300,000 | 24,285,384 | 8,650,168 | 2,600,000 | 10,000 | 36,845,552 |
Sasan K. Goodarzi | 2024 | 1,200,000 | 24,247,389 | 8,650,027 | 2,280,000 | 194,944 | 36,572,360 |
Sasan K. Goodarzi | 2023 | 1,100,000 | 17,840,333 | 6,375,096 | 1,980,000 | 10,000 | 27,305,429 |
Sandeep S. Aujla | 2025 | 800,000 | 11,007,870 | 3,625,099 | 960,000 | 11,300 | 16,404,269 |
Sandeep S. Aujla | 2024 | 770,000 | 10,560,586 | 3,500,057 | 877,800 | 11,300 | 15,719,743 |
Board of Directors
| Director | Age (proxy) | Principal occupation | Director since | Committees | Independent |
|---|---|---|---|---|---|
Sasan K. Goodarzi | 57 (at proxy) | Chairman and CEO, Intuit Inc. | 2019 | — | No |
Vasant Prabhu | 65 | Former CFO and Vice Chairman, Visa Inc.; Lead Independent Director | 2024 | Audit; Acquisition & Risk | Yes |
Scott D. Cook | 73 | Founder, Intuit Inc. | 1984 | — | No |
Eve Burton | 67 | EVP and Chief Legal Officer, The Hearst Corporation | 2016 | Audit; Acquisition & Risk | Yes |
Richard L. Dalzell | 68 | Former SVP and CIO, Amazon.com | 2015 | Audit (Chair); Acquisition & Risk | Yes |
Deborah Liu | 49 | Former President, CEO and Director, Ancestry.com LLC | 2017 | Compensation & Organizational Development; Nominating & Governance (Chair) | Yes |
Tekedra Mawakana | 54 | Co-CEO and Director, Waymo LLC | 2020 | Compensation & Organizational Development; Nominating & Governance | Yes |
Forrest Norrod | 60 | EVP and GM, Data Center Solutions Business Group, AMD | 2024 | Compensation & Organizational Development; Nominating & Governance | Yes |
Thomas Szkutak | 64 | Former SVP and CFO, Amazon.com | 2018 | Acquisition & Risk (Chair); Nominating & Governance | Yes |
Raul Vazquez | 54 | CEO and Director, Oportun Financial Corporation | 2016 | Audit; Compensation & Organizational Development (Chair) | Yes |
Eric S. Yuan | 55 | Founder and CEO, Zoom Communications | 2017 | — | Yes |
Bill McDermott | Not disclosed in proxy | Chairman and CEO, ServiceNow | August 2026 | Not yet assigned | Yes |
Adena Friedman | Not disclosed in proxy | Chair and CEO, Nasdaq, Inc. | August 2026 | Not yet assigned | Yes |
Major Shareholders
| Holder category | Approximate stake |
|---|---|
Institutional investors | 82–84% of shares outstanding |
Insiders (officers and directors) | Approximately 2.3% |
Retail and other | Approximately 15% |
Major Shareholders by Rank
| Rank | Holder | Approximate stake |
|---|---|---|
| 1 | The Vanguard Group, Inc. | ~10% |
| 2 | BlackRock, Inc. | ~9% |
| 3 | State Street Corporation | ~4% |
| 4 | T. Rowe Price Associates, Inc. | ~3% |
| 5 | Geode Capital Management, LLC | — |
| 6 | JPMorgan Chase & Co. | — |
| 7 | Morgan Stanley | — |
| 8 | Norges Bank | — |
| 9 | Wellington Management Group LLP | — |
| 10 | Brown Advisory Incorporated | — |
“—” = not publicly disclosed.
Competitive Landscape
Key Competitors
| Competitor | Positioning against Intuit |
|---|---|
Xero (ASX: XRO) | The most direct global threat. FY2026 (ended March 2026) revenue of NZ$2.8 billion, up 31%; adjusted EBITDA NZ$757.4 million, up 18%. 4.59 million subscribers at H1 FY2026, up 10%; ARPU up 15% to NZ$49.63. US core revenue up 240% following the Melio bill-pay acquisition, adding 110,000 US customers. Xero has also extended its own partnership with Anthropic and launched XeroForce, a natural-language AI agent builder. Xero is growing more than twice as fast as Intuit's GBS segment and is now attacking the US directly |
Sage Group (LSE: SGE) | FY2025 organic total revenue growth of 9% or above; operating margin approximately 23%; FY2026 guidance of 9%+ organic growth. Sage Intacct is the strongest direct competitor to Intuit Enterprise Suite in US mid-market cloud financials. |
Oracle NetSuite | The incumbent cloud mid-market ERP; the principal target Intuit Enterprise Suite is designed to displace. NetSuite revenue is not separately disclosed by Oracle |
Microsoft (Dynamics 365 Business Central) | Bundling and channel advantages; increasingly credible in the sub-enterprise tier |
Zoho Books | Aggressive price competitor in international markets, particularly India, the Middle East and parts of Europe |
FreshBooks, Wave (owned by H&R Block), Bench (defunct), Kashoo | Micro-business and freelancer tier; Wave is notable because it is owned by Intuit's principal consumer-tax competitor |
Bill.com (BILL Holdings) | Direct competitor in AP/AR automation, the fastest-growing part of Intuit's Online Services line |
Ramp, Brex, Expensify | Spend management and corporate cards; direct competitors to the Intuit Business Credit Card |
ADP | Scale incumbent in SMB and mid-market payroll |
Paychex | Direct SMB payroll competitor with a strong PEO adjacency |
Gusto | The design-led SMB payroll challenger; deeply integrated with accounting platforms |
Rippling | Fast-growing unified HR/IT/finance platform; the most serious mid-market threat to QuickBooks Workforce |
Deel, Justworks, TriNet | International payroll and PEO |
Block, Inc. (Square) | The most direct SMB payments-plus-software competitor, with its own banking and lending stack |
PayPal (including Braintree and Zettle) | Ubiquitous SMB acceptance |
Stripe | Developer-first; increasingly moving up into SMB billing |
Fiserv (Clover), Global Payments, Adyen, Toast, Shopify Payments | Vertical and merchant-acquiring competition |
Klaviyo | Has taken decisive share in e-commerce marketing automation; the principal reason for Mailchimp's stagnation |
HubSpot | Upmarket CRM-plus-marketing; pulls Mailchimp's growth-stage customers away |
Constant Contact, Brevo, ActiveCampaign, Omnisend | Direct SMB email competitors |
Attentive, Braze | SMS and cross-channel engagement |
H&R Block (NYSE: HRB) | FY2026 (ended April 2026) revenue $3.95 billion, up 4.9%; net income from continuing operations $736.3 million, up 20.8%; EPS from continuing operations $5.69; adjusted EPS $5.31, up 13.9%; operating cash flow $838.7 million. FY2027 guidance of $4.11–4.16 billion revenue and $6.04–6.24 adjusted EPS. Owns Wave (SMB accounting) and Spruce (mobile banking). H&R Block's growth in assisted preparation is precisely where Intuit's TurboTax Live is attacking, and its FY2026 outperformance against TurboTax's 7% growth is telling |
TaxAct (Cinven) | Value-tier DIY competitor targeting exactly the price-sensitive cohort the securities complaint alleges Intuit was losing |
TaxSlayer, FreeTaxUSA, Cash App Taxes (Block), 1040.com | Free and near-free DIY competitors. Cash App Taxes is fully free and is the most structurally dangerous because Block can subsidise it indefinitely from payments economics |
IRS Free File Program | Legacy public-private programme still operating; the FY2026 10-K warns adoption "could expand with increased awareness of and government support" |
IRS Direct File | Shut down in 2026, but the 10-K notes proponents continue to advocate for its return |
Jackson Hewitt, Liberty Tax and independent preparers | Assisted-tier competition |
NerdWallet | Direct comparison-marketplace competitor |
LendingTree | Loan and insurance marketplace |
Experian, Equifax, TransUnion | Bureaus that both supply Credit Karma and compete with it through direct-to-consumer offerings |
Rocket Companies (Rocket Money), Chime, SoFi, Bankrate | Consumer money and comparison |
OpenAI, Anthropic, Google and other general-purpose AI providers | Simultaneously partners and the most consequential long-term threat. Intuit's own 10-K lists "platform companies and providers of general purpose AI technologies that could develop or extend their capabilities into competing technology solutions" as a competitor category |
Peer Comparison FY2026
| Metric | Intuit FY2026 | H&R Block FY2026 | Xero FY2026 | Sage FY2025 |
|---|---|---|---|---|
Revenue | USD 21,448M | USD 3,950M | NZD 2,800M | — |
Revenue growth | 13.9% | 4.9% | 31% | 9%+ organic |
GAAP operating margin | 27.4% | Approximately 23% (derived) | — | Approximately 23% (FY2025 H1 basis) |
EBITDA / adjusted EBITDA margin | 31.4% | Approximately 26% (derived from FY2026 EBITDA guidance of USD 1,015–1,035M) | 27.1% (NZD 757.4M on NZD 2,800M) | — |
Net income | USD 4,566M | USD 736.3M (continuing operations) | — | — |
R&D intensity | 15.7% of revenue | — | — | Approximately 15% (historic) |
Free cash flow | USD 8,617M | Approximately USD 750M (derived: OCF 838.7M less capex) | NZD 321M in H1 FY2026 | — |
Fiscal year end | 31 July 2026 | 30 April 2026 | 31 March 2026 | 30 September 2025 |
“—” = not publicly disclosed.
Recent Developments
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