INTUIT (=) : FQ3’26 postview: TurboTax slips with low end filers, reigniting commoditization concerns

Research evidence excerpt

INTUIT (=) : FQ3’26 postview: TurboTax slips with low end filers, reigniting commoditization concerns

EQUITIES

SOFTWARE

INTUIT NEUTRALPRICE* USD383.9  TARGET PRICE USD315 (DOWNSIDE 18%) TARGET -32%PRICE EPS 07/26e-2% EPS 07/27e-8%

FQ3’26 postview: TurboTax slips with low end filers, reigniting

commoditization concerns

Intuit cut TurboTax guidance after losing ground with low-end DIY filers21 MAY 2026

Securities Research Report Intuit shares fell ~13% after hours after the company raised FY26 guidance as expected but reported

Production time: 13:23* (London time) a weak season for TurboTax as the company lost ground with low-end DIY filers. TurboTax is now

Research Analysts & Publishing Entities guided to grow ~7% in FY26, down from ~8% prev., driven by TurboTax Live growth of 36%, and an

Stefan Slowinski estimated 12% decline in DIY. While TT Live customer growth accel’d to 38%, we estimate DIY filers

BNP Paribas London Branch declined ~8%. We note that based on our estimates, DIY average revenue per return may have(+44) 203 430 8549

stefan.slowinski@uk.bnpparibas.com declined for the first time. The company reported pressure with price sensitive DIY filers earning

<$50k/yr, which will re-ignite concerns that low-end tax is being commoditized. We think theKeeler Patton

BNP Paribas Securities Corp1 company’s plan of introducing new lower price points for simple filers is unlikely to soothe investor

(+1) 646 342 6138 concerns. The backdrop is also not favorable for tax with total IRS filings declining 30bps this year.

keeler.patton@us.bnpparibas.com

Daniel Wang Mailchimp continues to be a drag on GBS growth and is now being run for cash

BNP Paribas Securities Corp1 FY26 guidance for GBS was raised to ~16% from 14%-15% prev., coming in below our expectations