Intuit: F3Q - Not the Tax Result we were playing for

Research evidence excerpt

Intuit: F3Q - Not the Tax Result we were playing for

Deutsche Bank

Research

Rating Company Date

Buy Intuit 21 May 2026

North America Reuters Bloomberg Rating Buy

United States INTU.OQ INTU US Price target (USD) 530.00 Price at 20 May 26 383.93

52-week range 807.39 – 350.94

TMT

Software Valuation & Risks

F3Q - Not the Tax Result we were playing for

Brad Zelnick

While not the AI boogeyman that looms over broader App Software, Intuit's F3Q Research Analyst

+1-212-250-8563 disappointed primarily on Tax and raises several questions about the company's

structural growth and profitability from here. This was the quarter where bulls Bhavin Shah, CFA

saw the opportunity to break out from the LT 6-10% Tax growth guidance (8% Research Analyst

this FY), which now seems completely off the table after landing at a +1-212-250-6775

disappointing +7% due to pressure from price sensitive sub-$50,000 AGI filers.

Nick Giovacchini Even despite very strong results in Assisted Tax which is expected at +36% for Research Associate

the FY vs. 15-20% LT guide and is now >50% of the mix, we expect the stock to +1-212-250-9075

be in the penalty box as investors get comfortable with a new strategy to address

what seemed to have caused very similar disappointment just two seasons ago. Chris Fountain

The new strategy intends to monetize lower end filers by way of Intuit's unique Research Associate

+1-212-250-1575

strengths such as with Credit Karma, rapid refunds and audit defense. These

results especially surprised investors relative to confident messaging from

management intra quarter that contributed to a Tax bogey we believe was closer

to 10%. We expect the Tax narrative from here now shifts to more of a show me Key changes

story for investors. Price target (USD) 600 530 -12%