Key Stats for Intuit Stock
- 52-Week Range: $349 to $813.7
- Current Price: $361.8
- Street Mean Target: $603.5
- Street High Target: $916
- TIKR Model Target (Dec. 2030): $660.2
What Happened?
Intuit Inc. (INTU), the financial technology company behind TurboTax, QuickBooks, Credit Karma, and Intuit Enterprise Suite (an AI-native ERP platform for mid-market businesses), delivered Q2 fiscal 2026 revenue of $4.7 billion, up 17% year-over-year, even as Intuit stock trades at its lowest level in over a year.
The Q2 2026 beat came alongside a confirmed multi-year partnership with Anthropic, announced February 24, which integrates Anthropic’s Claude Agent SDK into Intuit’s platform and embeds Intuit’s tax, accounting, and financial capabilities inside Claude products, with rollout beginning spring 2026.
Within the quarter, Intuit Enterprise Suite and QBO Advanced, the company’s mid-market accounting products targeting businesses up to $100 million in revenue, posted Online Ecosystem revenue growth of approximately 40%, with new contracts rising nearly 50% quarter-over-quarter.
Sasan Goodarzi, Chairman and CEO, stated on the Q2 fiscal 2026 earnings call that “over 3 million customers have leveraged agents to do the work for them, with all-time repeat engagement of more than 85%,” pointing to durable platform stickiness rather than one-time trial behavior.
Intuit’s $300 billion total addressable market, in which the company currently holds only 6% penetration, anchors the long-term case: a $3.5 billion share repurchase authorization, management’s March decision to terminate all pre-scheduled stock sales, and a 15% dividend increase to $1.20 per quarter all signal that leadership believes the stock is materially underpriced.
Wall Street’s Take on INTU Stock
The thesis here is valuation mispricing. The market has repriced Intuit stock as though AI disruption is a certainty, compressing the stock to levels last seen in 2022, while the underlying business has compounded revenue at a 15.6% CAGR over one year and 19.7% over five years.
The Street’s conviction has not followed the price lower
Consensus estimates project Intuit revenue of $21.2 billion in fiscal 2026, growth of approximately 12.7%, accelerating to $23.9 billion in fiscal 2027 at 12.5% growth.
Intuit stock’s EBITDA is also forecast to reach $8.9 billion in fiscal 2026, with EBITDA margins expanding from 41.1% in fiscal 2025 to 42.1% in fiscal 2026 and 42.5% in fiscal 2027, a consistent upward trajectory the income statement has supported for four consecutive years.
Meanwhile, its normalized EPS is expected to reach $23.22 in fiscal 2026, growing to $26.48 in fiscal 2027 — a 14% annual compounding rate that the market is currently pricing at a meaningful discount to historical multiples.
33 of 41 analysts covering Intuit stock rate it a buy or outperform, with just 7 holds and 1 underperform. The mean price target of $603.49 implies 66.9% upside from the April 9 close of $361.69, and the high target of $916 implies more than 150% upside. The target distribution itself is a signal: when the median sits at $600 and the low is $425, the debate is not whether Intuit is undervalued — it is how severely.
Intuit stock appears undervalued at current levels. A stock compounding EPS at 14% annually, with 80%+ gross margins, 27% operating margins expanding toward 30%, and a management team accelerating buybacks at a 42% YTD discount, should not trade at a forward P/E near 15x — a level that implies either zero growth or permanent margin compression, neither of which the data supports.
The legitimate bear case is not that AI replaces TurboTax overnight — it is that AI-anxiety-driven multiple compression persists long enough to impair compounding returns even if the business continues to execute. A stock can be fundamentally right and still be an expensive holding for two to three years if the re-rating requires a structural sentiment shift.
The Q3 fiscal 2026 earnings report, due in late May, is the single most important near-term data point.
With guidance calling for approximately 10% revenue growth and non-GAAP EPS of $12.45 to $12.51 against consensus of $12.95, management has set a bar it needs to clear during peak tax season — the quarter where TurboTax’s assisted segment dominance either validates or challenges the full-year thesis.
Intuit Stock Income Statement
Intuit’s operating income grew 28.2% in fiscal 2025 to $4.94 billion, the fastest operating income growth rate in four years, as the company’s AI-driven platform shifted an increasing share of customer interactions to lower-cost automated workflows rather than human-only service teams.
The operating leverage story is visible across the income statement: Intuit’s total revenues grew from $16.3 billion in fiscal 2024 to $18.8 billion in fiscal 2025, a 15.6% increase, while operating expenses grew proportionally less, pushing operating margins from 23.7% to 26.2% in a single year.
Gross margins have held above 79% for four consecutive fiscal years and reached 80.4% in fiscal 2025, reflecting Intuit’s pricing power across TurboTax, QuickBooks, and Credit Karma despite ongoing investment in QuickBooks Live and the assisted tax service network — both of which carry higher variable costs than pure software.
What Does the Valuation Model Say?
TIKR’s mid-case valuation model, assuming 12.1% revenue CAGR and 31.6% net income margins through fiscal 2030, generates a price target of $660.16, implying 82.5% total return from current levels at a 15% annualized IRR over 4.3 years. The high case, at 13.3% revenue CAGR and 33.2% net income margins, yields a target of $812.62, consistent with the Street’s high target of $916 when applying a slightly higher exit multiple
INTU appears undervalued at current levels, with the model requiring only 10.9% revenue growth in the low case to justify a $520 target, still 44% above where the stock trades today.
The argument for Intuit stock turns on whether the AI disruption discount is temporary or structural — and whether the assisted tax segment acceleration management described in Q2 is durable into Q3 and beyond.
What Has to Go Right:
- TurboTax assisted revenue continues accelerating through Q3, with 5.1 million landing page and in-store visitors through February 6 versus 4.2 million for all of last season, indicating materially improved local conversion funnel
- Intuit Enterprise Suite contract growth of 50% quarter-over-quarter sustains as Intuit expands its direct sales force by 30% and accountant-sourced new contracts hold at one-third of total new IES deals
- The Anthropic partnership, which keeps customer data inside Intuit’s platform through APIs and MCPs, begins contributing to mid-market verticalization and new customer acquisition starting spring 2026, without margin dilution
- Operating margins continue expanding toward the 42%+ EBITDA margin consensus projects for fiscal 2027, driven by AI-enabled expert platform efficiencies already visible in fiscal 2025’s 28% operating income growth
What Could Go Wrong:
- Multiple compression persists beyond the tax season regardless of execution, as CLO managers and institutional holders continue reducing software exposure amid AI disruption fears that are sentiment-driven rather than fundamentals-driven
- Mailchimp, which management now expects to return to double-digit growth beyond fiscal 2026 after missing its original timeline, remains a drag on Online Services revenue and complicates the narrative around Intuit’s platform coherence
- The Anthropic and OpenAI partnerships introduce long-term platform dependency on external LLMs for context-layer experiences, creating cost uncertainty that management has not fully quantified beyond “we pay for capabilities, we don’t share revenue”
- Q3 guidance, calling for non-GAAP EPS of $12.45 to $12.51 against a $12.95 consensus, leaves minimal room for error in the most important quarter of the fiscal year
Should You Invest in Intuit Inc.?
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