Intuit Inc.: Preview Q3 FY26 - Clearly seeing Broadening of Tax Offering, Non-Conclusive Barclays Data

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Intuit Inc.: Preview Q3 FY26 - Clearly seeing Broadening of Tax Offering, Non-Conclusive Barclays Data

Equity Research

U.S. Software

19 May 2026

Intuit Inc.

Preview Q3 FY26 - Clearly seeing

Broadening of Tax Offering, Non-

INTU OVERWEIGHTConclusive Barclays Data

Unchanged

We were hoping for a positive tax season outcome after U.S. Software POSITIVE

bullish management comments in investor meetings in Unchanged

March. However, while our proprietary Barclays credit card Price Target USDUnchanged540.00

shows a broadening of the price points for TT, growth in ASP Price (18-May-26) USD 403.16

was more muted compared to previous years - a mixed Potential Upside/Downside +33.9% Source: Bloomberg, Barclays Research

message.

Market Cap (USD mn) 111493

The third quarter is all about the 2025/2026 tax season. Management has been bullish (Intuit Shares Outstanding (mn) 276.55

Inc.: Feedback From Management Roadshow, 3/27/26). Our proprietary work, looking at the Free Float (%) 97.87

Barclays credit card data is only partly supporting this though. 52 Wk Avg Daily Volume (mn) 2.5

Dividend Yield (%) 1.19

Our first analysis is looking at the distribution of prices customers are paying for TurboTax. The Return on Equity TTM (%) 23.46

two graphs below show the situation for the 2026 tax season (and as a comparison the situation Current BVPS (USD) 68.67

10 years ago). Source: Bloomberg

FIGURE 1. Distribution of TurboTax Pricing (2026)

Price Performance Exchange-Nasdaq

Share of 2026 52 Week range USD 813.70-342.11

Users

18% $150

16%

14% $100

12% $225

$25 10% $300

8%

6%

4% $375 Source: IDC

2% Link to Barclays Live for interactive charting

0%

25 150 275 400

Raimo Lenschow, CFA

+1 212 526 2712

Source: Barclays Research raimo.lenschow@barclays.com

BCI, US

Eamon Coughlin

+1 212 526 6142