Intuit Inc.: First Take – In-line QuickBooks and 7% TurboTax Growth Guide Likely Not Enough

Research evidence excerpt

Intuit Inc.: First Take – In-line QuickBooks and 7% TurboTax Growth Guide Likely Not Enough

Equity Research

U.S. Software

20 May 2026

Intuit Inc.

First Take – In-line QuickBooks and

7% TurboTax Growth Guide Likely

INTU OVERWEIGHTNot Enough

U.S. Software POSITIVE

We see a negative reaction in the short term to INTU’s Q3 Price Target USD 540.00

results. Quickbooks, and more importantly, TurboTax were Price (19-May-26) USD 399.71

both slightly below expectations despite bullish comments PotentialSource: Bloomberg,Upside/DownsideBarclays Research +35.1%

from management in March.

Intuit reported solid Q3 FY26 results (see difference table below). The main focus was on tax this Raimo Lenschow, CFA

+1 212 526 2712quarter and 7% YoY growth was slightly weaker than consensus, despite greater optimism going

raimo.lenschow@barclays.com

into the tax season. Quickbooks was also slightly weaker, but the Global Business Solutions

BCI, US

segment benefited from better Desktop numbers once again. Credit Karma was the highlight of

the quarter. Between the mixed top-line numbers and the announced 17% RIF, we are not sure Eamon Coughlin

+1 212 526 6142investors will see a positive share price reaction in the short term.

eamon.coughlin@barclays.com

Turning to guidance for Q4, revenue is expected to grow ~11-12% y/y, which implies BCI, US

$4.272bn (vs. consensus of $4,150bn), and adj. EPS is expected to be in the range of $3.56-

$3.62 (vs. consensus of $3.15). Guidance for FY26 was updated and includes revenue in the

range of $21.341bn-$21.374bn (vs. consensus of $21.24bn and prior of $20.997bn-$21.186bn),

adj. operating income in the range of $8.784-$8.804bn (vs. consensus of $8.67bn and prior of

$8.611bn-8.688bn), and adj. EPS in the range of $23.80-23.85 (vs.