- About
- Intuit makes financial software for consumers and, small businesses and accountants. Its main products are TurboTax for tax filing, QuickBooks for small business accounting, Credit Karma for credit monitoring and personal finance, and Mailchimp for marketing, and ProTax software (Lacerte, ProSeries and ProConnect) for tax professionals. Intuit earns money mainly from software subscriptions and tax filing fees. QuickBooks also earns money from payments, payroll and small business loans. Credit Karma also earns money by matchingwhen its users withtake loans and, credit cards or insurance from partner bankslenders and insurers.
- Thesis
- Investors fear that free AI tools will let simple tax filers skip TurboTax. They also fear that people will manage their money inside AI chat tools will take oversuch as ChatGPT and visit Credit Karma's business of matching users with loans and cards less. This fear deepened in May 2026, when Intuit cut its TurboTax revenue guidance. Intuit said it lost price-sensitive filers and cut 17% of its workforce. ATwo securities class actionactions followed in July and August 2026, addingwhich add legal cost and extra negative attention. A change in how Intuit reports earnings adds confusion. From fiscal 2027, non-GAAP earnings include stock pay, so the fiscal 2027 guidance looks lower than the fiscal 2026 figure on top of the growth worryold basis. The gap can close if Intuit's own AI agents, built with OpenAI and Anthropic,its apps inside ChatGPT and Claude keep customers filing and banking inside its apps instead of moving to outside AI toolswith Intuit. Fiscal 2026 results published in August 2026 showed Intuit toppedrevenue grew 14% to $2021.4 billion in revenue, with itsand the newer "Big Bets" products growinggrew 34%. At its September 17, 2026 investor day, Intuit reiterated 9-% to 10% revenue growth for fiscal 2027. The real test is the next tax season, which runs from January to April 2027. TurboTax must show that it keptkeeps its price-sensitive filers this time. Fiscal Q1 fiscal 2027 earnings in late November 2026 give the first read before that season starts. If TurboTax holds share through the 2027 tax season 2027 and Credit Karma keeps growing, the AI-disruption discount should start to close over the next two to four quarters.
- Risks
- AI-native tools may let simple tax filers complete a return without paying for TurboTax. Management already lowered its own TurboTax growth outlookunits fell 2% to 39.0 million in fiscal 2026, because of price-sensitive customers testing free alternativesand Intuit guides only 2% to 3% TurboTax revenue growth for fiscal 2027.
OpenAI addedlaunched a personal finance feature insidein ChatGPT that matches userson May 15, 2026, with financial productsbudgets from linked bank accounts. This sits close toIf people manage their money inside ChatGPT, they can visit Credit Karma's core business of matching users with loans and credit cards, less. Credit Karma is Intuit's fastest-growing segmentbusiness, with fiscal 2026 revenue up 20%.
A Credit Karma has its own app inside ChatGPT, which reduces this risk.
Two US securities class action allegesactions allege that Intuit made misleading statements about TurboTax's price position amongwith do-it-yourself filers before the May 2026 guidance cut. The case moved past itsAt September 9, 2026, the court had not appointed a lead -plaintiff deadline in September. In Canada, an Ontario court certified a consumer class action on July 24, 2026 and is headed toward litigation, which addsand Intuit plans to appeal. These cases add legal cost and headline risk on top of the AI-disruption worrynegative attention.
Intuit is cutting about 3,000 jobs, 17% of its full-time workforce, while trying to launchit launches new AI agent products at. Intuit expects the same timeplan to cost about $315 million and to be mostly done in Q1 fiscal 2027. A restructuring this large carries execution risk that couldcan slow product deliverywork or hurt customer service during the transition.
- Balance sheet
- Cash: $7.2B
Debt: $7.7B
Net debt: $500M
EBITDA, last 12 months: $6.7B
Net debt / EBITDA: 0.1× (low)
Interest cover: 23×
Undrawn credit line: $2.2B
Debt due within 12 months: $1.3B
Ratings: Moody's A3 (stable outlook), S&P A (stable outlook)
Intuit funds itself mainly with cash from operations and with unsecured notes that the parent company issues. Free cash flow of about $8.6 billion in fiscal 2026 paid for $5.45 billion of buybacks (13.4 million shares) and $1.3 billion of dividends. At July 31, and2026, $7.9 billion of the low net debt leaves room to keep buying back stock or to make acquisitionsbuyback authorization remained. At July 31, 2026, $6.75 billion of debt was fixed-rate senior unsecured notes. The other $970 million was drawn on secured credit lines inside special-purpose subsidiaries that fund small business loans. These lines have no recourse to Intuit Inc. In August 2026, Intuit repaid the $750 million of notes due in September 2026, so only $500 million is now due before August 2027. Cash includes investments. EBITDA is fiscal 2026 operating income plus depreciation and amortization, and interest cover is for fiscal 2026. The undrawn revolving credit line runs to January 2031 and backs a commercial paper program, and no. No commercial paper was outstanding. The $5.0 billion of funds held for customers is matched by an equal amount that Intuit owes them. Thus itThis money is not Intuit's own cash, and thisthe balance rises and falls with the tax season.
As of 2026-07-31.
- Recent events
- 2026-09-17: At its annual Investor Dayinvestor day, Intuit reiterated fiscal 2027 guidance: total revenue of $23.28- to $23.51 billion (9-% to 10% growth) and non-GAAP diluted EPS of $22.88- to $23.12 (23-% to 24% growth on the new basis).
2026 It also set three-09-08year targets: The lead10% to 15% yearly growth for Global Business Solutions, 4% to 8% for Consumer, and non-plaintiff deadline passedGAAP EPS growth in the securities class action against Intuit over its TurboTax pricing disclosures, moving the case toward active litigationhigh teens or more.
2026-08-25: Intuit reported Q4 and full-year fiscal 2026 results. Full-year revenue passedRevenue grew 14% to $2021.4 billion, and itsthe newer 'Big Bets' products grew 34% combined. Intuit also set fiscal 2027 guidance ofguided 9-% to 10% total revenue growth for fiscal 2027 and raised the quarterly dividend 15% to $1.38. From fiscal 2027, non-GAAP earnings include stock pay. The stock fell about 12% on the next day.
2026-0608-0217: FollowingA second class action, Bruce v. Intuit, was filed in the May 2026 stock declinesame court. It covers a longer period, law firms openedfrom February 25, 2025 to June 1, 2026.
2026-07-10: A shareholder filed a securities fraud investigation intoclass action, Baldwin v. Intuit over its, in the US District Court for the Northern District of California. It alleges misleading statements about TurboTax pricing ahead of and during the's position with do-it-yourself filers from August 22, 2025 to May 20, 2026 tax season.
2026-05-20: Intuit reported Q3 fiscal 2026 revenue of $8.56 billion, up 10.5%. The companyIt lowered its TurboTax outlook because it lost price-sensitive filers. It also announced it woulda cut about 3,000 jobs,of 17% of its full-time workforce, about 3,000 jobs according to refocus spending on AIReuters.
2026-02-24: Intuit announced a multi-year partnership with Anthropic, to build Claude-based AI agents into. TurboTax, QuickBooks, Credit Karma, QuickBooks and Mailchimp connect to Claude products, and Intuit builds custom AI agents for mid-market businesses with the Claude Agent SDK. Intuit signed a similar deal with OpenAI in November 2025.