INTUIT (=) : FQ3’26 preview: Claude Code Quickly Coming for Accounting?

研报英文原文证据摘录

INTUIT (=) : FQ3’26 preview: Claude Code Quickly Coming for Accounting?

EQUITIES

SOFTWARE

INTUIT NEUTRALPRICE* USD393.3  TARGET PRICE USD463 (UPSIDE 18%)

FQ3’26 preview: Claude Code Quickly Coming for Accounting?

Intuit will report FQ3’26 results on Wednesday May 20th, after market close.12 MAY 2026

Securities Research Report

Production time: 11:34* (London time) Intuit shares hard hit YTD; tax season in focus for 3Q as upmarket push continues

Research Analysts & Publishing Entities Intuit shares have been hard hit in 2026, declining ~38% YTD vs. IGV at -12%. We upgraded INTU

Stefan Slowinski in Mar-26 (link) on our belief that valuation contraction now adequately bakes in AI disruption risk to

BNP Paribas London Branch the tax business, and our view that Intuit can outperform on its nearer term targets and surprise cons.

(+44) 203 430 8549

stefan.slowinski@uk.bnpparibas.com estimates. Upcoming 3Q typically represents ~80%+ of annual TurboTax revenues. We expect TT

to continue to push upmarket while ceding ground in DIY (we estimate core TT revs fell 6% last year

Keeler Patton

BNP Paribas Securities Corp1 vs. TT Live +47%). We model ~8% TT growth in the quarter, in line with cons. On the group level,

(+1) 646 342 6138 we model 12% top line growth, ~180bps ahead of cons., driven by Credit Karma which we expect to

keeler.patton@us.bnpparibas.com decel, but still deliver high-teens growth. For GBS, though somewhat out of focus in 3Q, we believe

Daniel Wang the company can deliver high-teens growth ahead of Cons. for ~15%, incl. drag from Mailchimp.

BNP Paribas Securities Corp1

+1 646 785 3326 We expect FY guidance raise above cons. expectations on top and bottom lines

daniel.wang@us.bnpparibas.com