Analyst Consensus ?
ConsensusBuy44 ratings
Bullish3068.2%
Neutral1022.7%
Bearish49.1%
Intuit Inc. · INTU · FY2026 Q3 · Calendar Q2 2026
Intuit Beats and Raises but Stock Plunges 20% as Revenue Growth Decelerates
Intuit delivered a Q3 FY26 beat — $12.80 EPS vs. $12.57 estimated and $8.56B revenue vs. $8.54B estimated — and raised full-year guidance to 13-14% revenue growth. Yet revenue growth decelerated from 17% in Q2 to 10% this quarter, and the market reacted severely, sending shares down approximately 20% with a subsequent drift of -16%. The quarter marked a strategic pivot: a 17% workforce reduction, Mailchimp rightsizing, and an August launch of an AI-driven Expert platform with consumption-based pricing. TurboTax Live remains the primary growth engine with 36% revenue growth and is projected to exceed 50% of TurboTax franchise revenue, but the DIY tax segment is under pressure and total IRS filings declined roughly 30 basis points. Management's decision to raise guidance contrasts sharply with the market's skepticism about the growth reconfiguration. With the stock at $312.99 versus a…
Reported After market closeNASDAQTechnology
$85.61B market cap
100quality score
Company context
Snapshot as of publicationIntuit Inc. provides financial management, payments and capital, compliance, and marketing products and services in the United States. The company operates in four segments: Global Business Solutions, Consumer, Credit Karma, and ProTax. The Global Business Solutions segment provides QuickBooks services, which include financial and business management online services, desktop software, payroll solutions, time tracking, merchant payment processing and bill pay solutions, checking accounts, and financing services for small and mid-market businesses; and Mailchimp, a marketing automation and customer relationship management.…
Earnings scorecard
Reported versus consensus
Reported EPS
$12.80
Consensus $13
EPS surprise
+1.8%
Reported versus consensus
Reported revenue
$8.56B
Consensus $8.54B
Revenue surprise
+0.2%
Reported versus consensus
Earnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$312.99Previous close
$250Low
$567.91Average
$880High
Latest persisted target per named analyst; persisted previous close from FN2's market snapshot as of Jul 29, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Morgan Stanley | Equal Weight | Overweight | Downgrade | Jul 21, 2026 |
| Susquehanna | Positive | Positive | Maintain | Jul 20, 2026 |
| Stifel | Hold | Buy | Downgrade | Jun 18, 2026 |
| Goldman Sachs | Sell | Neutral | Downgrade | Jun 2, 2026 |
| Mizuho | Outperform | Outperform | Maintain | May 26, 2026 |
| Wells Fargo | Equal Weight | Equal Weight | Maintain | May 21, 2026 |
| UBS | Neutral | Neutral | Maintain | May 21, 2026 |
| Truist Securities | Buy | Buy | Maintain | May 21, 2026 |
| RBC Capital | Outperform | Outperform | Maintain | May 21, 2026 |
| Oppenheimer | Outperform | Outperform | Maintain | May 21, 2026 |
| Keybanc | Overweight | Overweight | Maintain | May 21, 2026 |
| Jefferies | Buy | Buy | Maintain | May 21, 2026 |
| Freedom Broker | Hold | Buy | Downgrade | May 21, 2026 |
| Evercore ISI Group | Outperform | Outperform | Maintain | May 21, 2026 |
| Citigroup | Buy | Buy | Maintain | May 21, 2026 |
| BMO Capital | Outperform | Outperform | Maintain | May 21, 2026 |
| Barclays | Overweight | Overweight | Maintain | May 21, 2026 |
| TD Cowen | Buy | Buy | Maintain | May 11, 2026 |
| Rothschild & Co | Buy | Neutral | Upgrade | Mar 10, 2026 |
| JP Morgan | Overweight | Overweight | Maintain | Aug 22, 2025 |
| B of A Securities | Buy | Buy | Maintain | Aug 22, 2025 |
| Piper Sandler | Overweight | Overweight | Maintain | May 23, 2025 |
| Scotiabank | Sector Outperform | Sector Perform | Upgrade | Apr 17, 2025 |
| Erste Group | Hold | Buy | Downgrade | Jun 14, 2024 |
| Wolfe Research | Outperform | Outperform | Maintain | Sep 29, 2023 |
| Argus Research | Buy | Buy | Maintain | Sep 6, 2023 |
| Deutsche Bank | Buy | Buy | Maintain | Aug 25, 2023 |
| Credit Suisse | Outperform | Outperform | Maintain | Aug 25, 2023 |
| Exane BNP Paribas | Neutral | Underperform | Upgrade | Jul 19, 2023 |
| MoffettNathanson | Outperform | Outperform | Maintain | Sep 22, 2022 |
| Stifel Nicolaus | Buy | Buy | Maintain | Aug 23, 2019 |
| Argus | Buy | Buy | Maintain | Nov 21, 2018 |
| Guggenheim | Buy | Buy | Maintain | Aug 8, 2018 |
| Bank of America | Buy | Buy | Maintain | Jun 11, 2018 |
| First Analysis | Underweight | Equal Weight | Downgrade | May 23, 2018 |
| Raymond James | Underperform | Market Perform | Downgrade | Sep 27, 2017 |
| William Blair | Outperform | Outperform | Maintain | Sep 19, 2017 |
| Benchmark | Buy | Buy | Maintain | Apr 27, 2017 |
| Brean Capital | Buy | Buy | Maintain | Aug 24, 2016 |
| Wedbush | Neutral | Neutral | Maintain | Nov 20, 2015 |
| FBR Capital | Sector Perform | Sector Perform | Maintain | Aug 21, 2015 |
| Evercore Partners | Underweight | Equal Weight | Downgrade | Oct 2, 2014 |
| Millman Research | Hold | Buy | Downgrade | Nov 16, 2012 |
| Bank oferica | Buy | Buy | Maintain | May 18, 2012 |
Named analyst price targets
Upside is calculated against the persisted previous close $312.99. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Morgan Stanley | Adam Wood | $335 | $293.82 | +7.0% | Jul 21, 2026 |
| Susquehanna | Analyst unavailable | $427 | $291.09 | +36.4% | Jul 20, 2026 |
| Piper Sandler | Analyst unavailable | $250 | $289.76 | -20.1% | Jul 14, 2026 |
| Stifel Nicolaus | Analyst unavailable | $275 | $269.08 | -12.1% | Jun 17, 2026 |
| Goldman Sachs | Gabriela Borges | $276 | $353.76 | -11.8% | Jun 2, 2026 |
| Mizuho Securities | Siti Panigrahi | $500 | $319.94 | +59.7% | May 26, 2026 |
| Argus Research | Analyst unavailable | $480 | $308.06 | +53.4% | May 22, 2026 |
| Truist Financial | Analyst unavailable | $410 | $307.5 | +31.0% | May 21, 2026 |
| Oppenheimer | Analyst unavailable | $406 | $383.93 | +29.7% | May 21, 2026 |
| BMO Capital | Analyst unavailable | $412 | $306.81 | +31.6% | May 21, 2026 |
| UBS | Taylor McGinnis | $360 | $383.93 | +15.0% | May 21, 2026 |
| Wells Fargo | Analyst unavailable | $360 | $383.93 | +15.0% | May 21, 2026 |
| Stifel Nicolaus | Brad Reback | $375 | $383.93 | +19.8% | May 21, 2026 |
| Jefferies | Brent Thill | $550 | $383.93 | +75.7% | May 21, 2026 |
| Wolfe Research | Alex Zukin | $400 | $383.93 | +27.8% | May 21, 2026 |
| RBC Capital | Rishi Jaluria | $500 | $383.93 | +59.7% | May 21, 2026 |
| Barclays | Raimo Lenschow | $443 | $383.93 | +41.5% | May 21, 2026 |
| Evercore ISI | Kirk Materne | $400 | $383.93 | +27.8% | May 21, 2026 |
| Barclays | Raimo Lenschow | $540 | $451.57 | +72.5% | Mar 16, 2026 |
| Guggenheim | Analyst unavailable | $633 | $453.43 | +102.2% | Mar 16, 2026 |
| Wolfe Research | Alex Zukin | $550 | $435.13 | +75.7% | Mar 12, 2026 |
| Scotiabank | Analyst unavailable | $575 | $466.78 | +83.7% | Mar 6, 2026 |
| Susquehanna | Analyst unavailable | $720 | $359.55 | +130.0% | Feb 24, 2026 |
| Jefferies | Analyst unavailable | $650 | $380.55 | +107.7% | Feb 22, 2026 |
| Mizuho Securities | Siti Panigrahi | $675 | $389.57 | +115.7% | Feb 19, 2026 |
| BMO Capital | Analyst unavailable | $624 | $437.5 | +99.4% | Feb 10, 2026 |
| Goldman Sachs | Gabriela Borges | $720 | $646.9 | +130.0% | Jan 12, 2026 |
| Wells Fargo | Analyst unavailable | $700 | $651.15 | +123.6% | Jan 8, 2026 |
| UBS | Analyst unavailable | $739 | $633.84 | +136.1% | Jan 6, 2026 |
| BMO Capital | Daniel Jester | $810 | $637.44 | +158.8% | Nov 21, 2025 |
| Independent Research | Analyst unavailable | $875 | $649.73 | +179.6% | Nov 18, 2025 |
| RBC Capital | Rishi Jaluria | $850 | $661.99 | +171.6% | Sep 2, 2025 |
| Morgan Stanley | Keith Weiss | $880 | $662.66 | +181.2% | Aug 22, 2025 |
| Stifel Nicolaus | Analyst unavailable | $800 | $662.66 | +155.6% | Aug 22, 2025 |
| UBS | Analyst unavailable | $725 | $662.66 | +131.6% | Aug 22, 2025 |
| KeyBanc | Analyst unavailable | $825 | $662.66 | +163.6% | Aug 22, 2025 |
| Barclays | Raimo Lenschow | $785 | $662.66 | +150.8% | Aug 22, 2025 |
| BMO Capital | Daniel Jester | $870 | $754.35 | +178.0% | Jul 10, 2025 |
| Wells Fargo | Michael Turrin | $880 | $753.98 | +181.2% | Jun 13, 2025 |
| UBS | Taylor McGinnis | $750 | $720.13 | +139.6% | May 23, 2025 |
| Jefferies | Brent Thill | $850 | $720.13 | +171.6% | May 23, 2025 |
| Goldman Sachs | Kash Rangan | $750 | $670.86 | +139.6% | May 19, 2025 |
| Evercore ISI | Kirk Materne | $725 | $619.03 | +131.6% | Sep 27, 2024 |
| Citigroup | Steven Enders | $760 | $619.03 | +142.8% | Sep 27, 2024 |
| RBC Capital | Rishi Jaluria | $760 | $644.99 | +142.8% | Sep 23, 2024 |
| Goldman Sachs | Kash Rangan | $765 | $619.85 | +144.4% | Aug 23, 2024 |
| Piper Sandler | Arvind Ramnani | $768 | $619.95 | +145.4% | Aug 23, 2024 |
| Stifel Nicolaus | Brad Reback | $795 | $665.29 | +154.0% | Aug 23, 2024 |
| Bank of America Securities | Brad Sills | $780 | $665.29 | +149.2% | Aug 23, 2024 |
| Barclays | Raimo Lenschow | $740 | $665.29 | +136.4% | Aug 23, 2024 |
| Morgan Stanley | Keith Weiss | $685 | $645.83 | +118.9% | Aug 14, 2024 |
| Jefferies | Brent Thill | $770 | $592.22 | +146.0% | Jun 12, 2024 |
| Mizuho Securities | Siti Panigrahi | $725 | $608.86 | +131.6% | May 24, 2024 |
| Stifel Nicolaus | Brad Reback | $690 | $662.26 | +120.5% | May 24, 2024 |
| Goldman Sachs | Kash Rangan | $705 | $662.26 | +125.2% | May 24, 2024 |
| Deutsche Bank | Brad Zelnick | $740 | $662.26 | +136.4% | May 24, 2024 |
| BMO Capital | Daniel Jester | $700 | $671.1 | +123.6% | May 23, 2024 |
| Wells Fargo | Michael Turrin | $750 | $670.15 | +139.6% | May 21, 2024 |
| UBS | Taylor McGinnis | $670 | $661.18 | +114.1% | May 20, 2024 |
| KeyBanc | Josh Beck | $740 | $661.18 | +136.4% | May 20, 2024 |
| Morgan Stanley | Keith Weiss | $740 | $632.63 | +136.4% | May 13, 2024 |
| KeyBanc | Alex Markgraff | $720 | $643.96 | +130.0% | Mar 27, 2024 |
| Stifel Nicolaus | Brad Reback | $720 | $664.5 | +130.0% | Feb 23, 2024 |
| Loop Capital Markets | Daniel Jester | $605 | $554.52 | +93.3% | Sep 7, 2023 |
| BNP Paribas | Stefan Slowinski | $532 | $495.43 | +70.0% | Jul 19, 2023 |
| Loop Capital Markets | Daniel Jester | $485 | $419.78 | +55.0% | May 24, 2023 |
| Citigroup | Steven Enders | $475 | $454.11 | +51.8% | May 23, 2023 |
| KeyBanc | Josh Beck | $450 | $419.81 | +43.8% | Feb 24, 2023 |
| Deutsche Bank | Analyst unavailable | $525 | $400.55 | +67.7% | Nov 30, 2022 |
| Wells Fargo | Analyst unavailable | $475 | $394.38 | +51.8% | Nov 30, 2022 |
| BMO Capital | Analyst unavailable | $448 | $379.71 | +43.1% | Nov 30, 2022 |
| Jefferies | Analyst unavailable | $525 | $379.71 | +67.7% | Nov 30, 2022 |
| Barclays | Analyst unavailable | $465 | $379.71 | +48.6% | Nov 30, 2022 |
| Morgan Stanley | Analyst unavailable | $520 | $384.02 | +66.1% | Nov 22, 2022 |
| BMO Capital | Analyst unavailable | $467 | $375.73 | +49.2% | Nov 21, 2022 |
| Stifel Nicolaus | Analyst unavailable | $475 | $398.56 | +51.8% | Sep 30, 2022 |
| Piper Sandler | Arvind Ramnani | $553 | $472.2 | +76.7% | Aug 24, 2022 |
| Deutsche Bank | Analyst unavailable | $560 | $479.6 | +78.9% | Aug 24, 2022 |
| Compass Point | Josh Beck | $525 | $449.56 | +67.7% | Aug 24, 2022 |
| KeyBanc | Josh Beck | $525 | $449.56 | +67.7% | Aug 24, 2022 |
| Stifel Nicolaus | Analyst unavailable | $525 | $474.14 | +67.7% | Aug 18, 2022 |
| Loop Capital Markets | Josh Beck | $500 | $387.92 | +59.7% | May 25, 2022 |
| Deutsche Bank | Brad Zelnick | $625 | $358.97 | +99.7% | May 25, 2022 |
| Stifel Nicolaus | Analyst unavailable | $465 | $358.97 | +48.6% | May 25, 2022 |
| Morgan Stanley | Keith Weiss | $550 | $367.78 | +75.7% | May 23, 2022 |
| Barclays | Raimo Lenschow | $480 | $367.78 | +53.4% | May 21, 2022 |
| Wells Fargo | Michael Turrin | $635 | $445.58 | +102.9% | Apr 28, 2022 |
| Morgan Stanley | Keith Weiss | $720 | $482.84 | +130.0% | Apr 9, 2022 |
| Stifel Nicolaus | Brad Reback | $580 | $480.5 | +85.3% | Mar 28, 2022 |
| Barclays | Raimo Lenschow | $625 | $487.18 | +99.7% | Feb 26, 2022 |
| Jefferies | Brent Thill | $700 | $486.51 | +123.6% | Feb 25, 2022 |
| Guggenheim | Kenneth Wong | $785 | $486.51 | +150.8% | Feb 25, 2022 |
| Evercore ISI | Kirk Materne | $645 | $486.51 | +106.1% | Feb 25, 2022 |
| Bank of America Securities | Bradley Sills | $650 | $486.51 | +107.7% | Feb 25, 2022 |
| Piper Sandler | Arvind Ramnani | $674 | $486.51 | +115.3% | Feb 25, 2022 |
| Goldman Sachs | Kash Rangan | $715 | $486.51 | +128.4% | Feb 25, 2022 |
| J.P. Morgan | Sterling Auty | $640 | $486.51 | +104.5% | Feb 25, 2022 |
| Deutsche Bank | Brad Zelnick | $650 | $496.45 | +107.7% | Feb 24, 2022 |
| Wells Fargo | Michael Turrin | $725 | $495.5 | +131.6% | Feb 17, 2022 |
| Mizuho Securities | Siti Panigrahi | $650 | $544.02 | +107.7% | Feb 6, 2022 |
| KeyBanc | Josh Beck | $700 | $515.99 | +123.6% | Jan 25, 2022 |
| Barclays | Raimo Lenschow | $715 | $550.79 | +128.4% | Jan 17, 2022 |
| BNP Paribas | Stefan Slowinski | $470 | $429.96 | +50.2% | May 27, 2021 |
| RBC Capital | Matthew Hedberg | $525 | $440.61 | +67.7% | May 26, 2021 |
Track every rating change on INTU the moment it posts. Free to start.
Start freeMarket reaction
event-close to next-session close
Stock move
-20.0%
Event window
SPY move
+0.2%
Same window
Abnormal move
-20.2%
Stock minus SPY
Volume
8.1×
Versus trailing sessions
Subsequent drift
-16.1%
Up to 20 sessions
INTUSPY benchmark
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Try FN2 freeTranscript intelligence
What changed
Revenue growth decelerated from 17% YoY in Q2 to 10% YoY in Q3 FY26. Full-year guidance was raised to 13-14% top-line growth, an upgrade from Q2's maintained stance. A 17% workforce reduction was announced to simplify operations — a major structural change not discussed in Q2. Mailchimp is undergoing rightsizing after Q2 analysis flagged uncertainty around its growth trajectory. TurboTax Live is projected to exceed 50% of TurboTax revenue this year, up from being a growth driver in Q2. DIY tax segment weakness emerged as a new concern, with value-based pricing planned for sub-$50k filers. A new AI-driven Expert platform with consumption-based pricing was announced for August launch. QuickBooks Free and QuickBooks Lite were introduced to target new business formation. IRS filing volume declined approximately 30 basis points, adding pressure to overall tax volume. The bullish score declined from 85 (Q2) to 78 (Q3), reflecting elevated execution and competitive concerns.
Guidance delta
Intuit raised full-year revenue and non-GAAP guidance, now targeting 13-14% top-line growth. This is an upgrade from Q2's maintained stance, where management had reaffirmed FY2026 guidance and expected double-digit revenue growth. The raise came despite revenue growth decelerating from 17% (Q2) to 10% (Q3), signaling confidence that assisted tax, mid-market, and money portfolio momentum can offset DIY tax weakness.
Key takeaways
- Q3 FY26 revenue of $8.56B beat estimates by 0.2%; EPS of $12.80 beat by 1.8%
- Full-year guidance raised to 13-14% revenue growth, up from Q2's maintained stance
- Revenue growth decelerated from 17% (Q2) to 10% (Q3), triggering an approximately 20% stock decline
- TurboTax Live delivered 38% customer growth and 36% revenue growth, projected to surpass 50% of TurboTax revenue this year
- 17% workforce reduction and Mailchimp rightsizing aim to streamline operations and fund AI growth initiatives
- New AI-driven Expert platform and consumption-based pricing launching in August
Management priorities
- Launch unified AI-driven Expert platform in August with consumption-based pricing for AI and human-intelligence services
- Roll out QuickBooks Free and QuickBooks Lite to capture new entrepreneur formation
- Expand QuickBooks Workforce and Intuit Business Credit Card offerings
- Scale TurboTax Live and shift DIY tax toward value-based pricing for sub-$50k filers
- Continue AI partnerships with Anthropic and OpenAI while maintaining proprietary data architecture
- Execute 17% workforce reduction and Mailchimp rightsizing to improve margins and fund growth
Related earnings events
TechnologySources
- Earnings call transcript and parsed analysis · 2026-05-20T22:22:30.786618+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-07-29T08:12:56.902925+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-07-29T08:12:56.900165+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated . For educational purposes only; not investment advice.