INTU US S&P 500NASDAQ-100Russell 1000 Earnings call
Intuit (INTU) · Q2 2026 results and valuation
Share price: $342.64 · 2026-11-11
Intuit is a financial technology company that develops financial software and services such as TurboTax and QuickBooks. It provides these products to customers in the financial and business sectors. Source: Wikipedia
Results Q2 2026 vs Q1 2026 · previous quarter · fiscal Q4 2026 · published 25 Aug 2026 and 20 May 2026
Net income down 88.2% on the previous quarter. Management sounded cautious, though noticeably more positive answering analysts.
1 · Numbers
−88.2%
Net income vs Q1 2026
Outlook given
Net income 363.0M vs 3.06B
Revenue −49.1%
Against the same quarter last year (Q2 2025) it is −4.7% — part of the move on last quarter is seasonal.
2 · How management spoke
Cautious
Among the least upbeat of all company calls
Answers to analysts: very upbeat, and more positive than the script.
Last call it was different: the answers were less upbeat than the script.
3 · What stood out
Intuit's new-to-the-franchise mid-market customers grew over 30% this year, and Intuit Enterprise Suite annualized revenue surpassed $145 million in Q4, a 4x increase from last year.
Valuation
Is Intuit undervalued?
Reverse DCF. Free cash flow from the last full fiscal year (2026-07-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
At 14.3% growth a year (3-year revenue growth), the model's fair value is $1041.75 a share — the stock trades 67% below it. Today's price assumes −0.7% growth a year.
Current price
$342.64
close of 2026-11-11
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
-0.7% for 10 yrs
Fair value / share
$1041.75
Buy below
$781.31
Price vs fair value
Undervalued 67%
Price vs buy-below price
Undervalued 56%
Management expects
Revenue +9.5% · from the Q2 2026 report: “The company expects fiscal 2027 total revenue of $23.279 billion to $23.512 billion, representing a growth of 9% to 10%.”
A guidance figure for revenue, usually one year ahead, not a 10-year free-cash-flow rate.
Read between the lines
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Guidance
The company expects fiscal 2027 total revenue of $23.279 billion to $23.512 billion, representing a growth of 9% to 10%.
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Guidance
Full year revenue grew 14% and the operating margin expanded again this year.
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Guidance
Assisted tax, money, and mid-market segments collectively grew 34% and represented 30% of full year revenue.
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Figure
Revenue from the online money portfolio grew 31% and mid-market revenue grew 39%, indicating meaningful progress for the company.
Source quote
“That delivered meaningful progress with revenue from our online money portfolio growing 31% and mid-market revenue growing 39%.”
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Figure
New-to-the-franchise mid-market customers grew over 30% this year and Intuit Enterprise Suite annualized revenue surpassed $145 million in Q4, a 4x increase from last year.
4 more
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Figure
Revenue for personal finance key growth offerings, insurance, and home loans grew 44% this year, while connected financial accounts grew 104%.
Source quote
“Revenue for our personal finance key growth offerings, insurance and home loans grew 44% this year, while connected financial accounts grew 104%.”
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Figure
Consumer money revenue grew 26% and fast money refunds reached over $29 billion, up 79% this tax season.
Source quote
“Consumer money revenue grew 26%, and we delivered more than $29 billion in fast money refunds this tax season, up 79%.”
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Figure
Customers using both TurboTax and Credit Karma generate approximately twice the average revenue per customer of a single product customer as Credit Karma filings through TurboTax grew over 50% this year.
Source quote
“Customers using both TurboTax and Credit Karma generate approximately twice the average revenue per customer of a single product customer and Credit Karma members filings through TurboTax grew more than 50% this year.”
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Figure
Fiscal 2026 results include total revenue growth of 14% and GAAP and non-GAAP operating income growth of 20% and 18%, respectively.
Source quote
“Our fiscal 2026 results include total revenue growth of 14% and GAAP and non-GAAP operating income growth of 20% and 18%, respectively.”
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q2 2026. Ring: Q1 2026.
Management was more positive answering analysts than in its script — usually a sign it was comfortable with the details it was asked about.
Sentences that drove the tone
“Consumers have more low-cost alternatives, and we lost quality DIY customers to low-cost providers this year.”
“For Desktop ecosystem, we expect revenue to decline in the low-single digits, primarily due to continued migration of customers to online offerings, including QBO Advanced, where we can better serve...”
“I think if I go to DIY, the reason we're changing our approach is because we have lost quality customers, DIY customers, to low-cost providers.”
Full figures
USD · SEC EDGAR XBRL (10-Q, period end 2026-07-31)
| Metric | Q2 2026period end 2026-07-31 | Q1 2026period end 2026-04-30 | Change | Q2 2025 | YoY |
|---|---|---|---|---|---|
| Revenue | 4.35B | 8.56B | −49.1% | 3.83B | +13.7% |
| Operating income | 475.0M | 4.02B | −88.2% | 339.0M | +40.1% |
| Net income | 363.0M | 3.06B | −88.2% | 381.0M | −4.7% |
| EPS | 1.41 | 11.09 | −87.3% | 1.34 | +5.2% |
| P/E today 20.7 | 19.2 | 23.7 | −4.5 | 57.4 | −38.2 |
Topics
Most discussed now
- All of these documents are available on the Investor Relations page of Intuit's website at intuit.com.
- As Intuit enters fiscal year 2027, it is deliberately shifting its execution and investments towards accelerating customer acquisition and…
- Intuit can now do anybody's taxes for them at a very competitive price, and it now has the consumer platform...
- In that market, Intuit has built out a virtual expert platform where what you have to be great at is...
- What Intuit wants to do is really double down on winning at the right price entry point in DIY tax...
Faded since Q1 2026
- Fading Intuit's powerful combination of proprietary data, domain-specific AI platform capabilities and AI-powered human expertise is setting the…
- Fading While Intuit did not have the overall tax season it expected, it made significant progress against its strategic growth priority...
- Fading They're managing payroll, and they're ensuring that they can be compliant and have their taxes done and books done right.
- Fading A few examples of that would be AI agent builder capabilities that helps them customize industry-specific KPIs and reporting that...
Latest announcements
Official filings, newest first. Summaries are generated from each filing and its attachment; every figure is checked against the source.
- Results of operations; Other events · SEC 8-K
Intuit Inc. announced its financial results for the fiscal year ended July 31, 2026, and the Board of Directors approved a cash dividend of $1.38 per share.
- Other events · SEC 8-K
- Results of operations; Restructuring costs; Regulation FD disclosure; Other events · SEC 8-K
The company announced a plan to reduce its workforce by approximately 17% and expects to incur restructuring charges of $300 million to $340 million, while also approving a cash dividend of $1.20 per share.
- Director or officer change · SEC 8-K
Marianna Tessel will step down as Executive Vice President and General Manager of the Small Business Group on May 31, 2026, with Ashley Still taking over the role.
- Regulation FD disclosure · SEC 8-K
Intuit Inc. terminated its executive's Rule 10b5-1 stock sale plans and repurchased $1.8 billion of shares in the first half of the fiscal year, a 40 percent increase over the prior year.
- Results of operations; Other events · SEC 8-K
The Board approved a cash dividend of $1.20 per share to be paid on April 17, 2026, to shareholders of record as of April 9, 2026.
- Material agreement; New financial obligation · SEC 8-K
Intuit Inc. entered into a new Revolving Credit Agreement dated January 30, 2026, with JPMorgan Chase Bank, N.A. as the administrative agent.
- Director or officer change; Shareholder vote results · SEC 8-K
On January 22, 2026, Intuit Inc. shareholders elected eleven directors, approved executive compensation on an advisory basis, and ratified Ernst & Young LLP as the independent accounting firm for the fiscal year ending July 31, 2026.
Catalyst calendar
management-stated targets — from the latest earnings call; plans, not promises.
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fiscal year 2026
TurboTax Live customer additions from DIY upgrades
Source quote
“More than 3/4 of TurboTax Live customer additions in fiscal year 2026 came from DIY upgrades into live.”
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fiscal year 2027
Mailchimp becoming a separate reportable segment
Source quote
“As shared in our press release today, Mailchimp will be a separate reportable segment beginning in fiscal 2027.”
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fiscal 2027
debt maturity
Source quote
“In June, we issued $1.75 billion in senior notes, which further strengthens our liquidity to address debt maturing in fiscal 2027.”
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fiscal 2027 and beyond
share repurchases as a significant component of capital allocation
Source quote
“This acceleration reflects our strong conviction in Intuit's long-term growth opportunity, and we expect share repurchases to remain a significant component of our capital allocation strategy in fiscal 2027 and beyond.”
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October 16, 2026
dividend payment
Source quote
“The Board approved a quarterly dividend of $1.38 per share, payable on October 16, 2026.”