Intuit Lifts Forecasts on Strong Tax Season and AI Momentum
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
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Q4 Revenue Forecast: $3.72B–$3.76B (vs. $3.51B estimate)
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Q4 Adjusted EPS: $2.63–$2.68 (vs. $2.59 estimate)
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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:
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Paying TurboTax Online Units: Expected to rise 6%
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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.
