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Intuit Lifts Forecasts on Strong Tax Season and AI Momentum

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Intuit raised its fourth-quarter and full-year guidance after strong demand during the U.S. tax season and growing interest in its AI-powered financial tools, sending shares up over 8% in extended trading.

The company, known for TurboTax, Credit Karma, and QuickBooks, saw a 15% year-over-year increase in third-quarter revenue to $7.75 billion, beating analysts’ estimates. Adjusted earnings per share (EPS) rose to $11.65, also topping consensus expectations of $10.91.

AI Push and Product Revamp

Intuit is preparing to launch a suite of AI agents designed to act on behalf of users, with deployment in the QuickBooks portfolio planned in the coming weeks. CFO Sandeep Aujla confirmed a revamped product lineup featuring AI agents such as “accounting” or “finance” specialists, which users will be able to purchase as add-ons to their standard plans.

“There’s going to be a new lineup, and as part of that, we will have price changes,” Aujla told Reuters.

Q4 and Annual Outlook Raised

  • Q4 Revenue Forecast: $3.72B–$3.76B (vs. $3.51B estimate)

  • Q4 Adjusted EPS: $2.63–$2.68 (vs. $2.59 estimate)

  • Full-Year Revenue Growth: ~15% (up from 12–13%)

Intuit now expects stronger growth driven by product innovation and the expansion of AI-driven tools across its offerings.

TurboTax Trends

TurboTax performance saw a strategic shift this year:

  • Paying TurboTax Online Units: Expected to rise 6%

  • Free Filings: Expected to fall by 2 million to 8 million users, as Intuit shifted focus to paid and assisted options

This reflects Intuit’s strategy to monetize more of its user base while maintaining leadership in the tax prep market.

Amazon Partners with Intuit to Bring QuickBooks to Third-Party Sellers

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Amazon is expanding its services for third-party sellers by partnering with Intuit to introduce its QuickBooks software, providing accounting tools to help sellers manage their finances. The collaboration, announced on Monday, will offer the software on Amazon Seller Central, the platform used by millions of sellers to manage their businesses on Amazon. This new integration is expected to launch in mid-2025.

With this move, Amazon aims to assist smaller sellers—especially mom-and-pop shops—with managing their finances more effectively. Sellers will have access to real-time insights into their financial health, including profitability, cash flow, and tax estimates. Additionally, sellers will have the opportunity to access loans through QuickBooks Capital to further support business growth.

Dharmesh Mehta, Amazon’s vice president of worldwide selling partner services, emphasized the importance of this collaboration, saying, “Together with Intuit, we’re working to equip our selling partners with additional financial tools and access to capital to help them scale efficiently.”

Although the integration won’t go live until next year, the announcement comes just as sellers are gearing up for the busy holiday shopping season. The partnership highlights Amazon’s continued focus on its marketplace, which accounts for about 60% of the products sold on its platform. The company generates substantial revenue from third-party sellers, both through fees for fulfillment, shipping services, customer support, and advertising.

Amazon’s seller services revenue grew by 10% in Q3, reaching $37.9 billion and contributing 24% of its total revenue. Amazon CEO Andy Jassy noted that third-party demand and unit volumes remain strong, reflecting the importance of the marketplace to Amazon’s overall business strategy.

Intuit, which is best known for its QuickBooks accounting software, has been expanding its offerings with AI-driven tools to help small businesses streamline their operations. QuickBooks has been a major growth driver for the company, and Intuit has recently added generative AI features to its suite of tools, including QuickBooks and Mailchimp, to provide more automated insights for small business owners. Intuit CEO Sasan Goodarzi noted that the goal is to create a seamless, “done-for-you” experience across its platforms to help sellers increase revenue and profitability while saving time.