Intuit Inc. (INTU) Business Profile

What it does

Intuit is a financial technology platform founded in 1983 and headquartered in Mountain View. Sasan K. Goodarzi is Chairman and Chief Executive Officer. It serves consumers, small and mid-market businesses, and accounting professionals with software, financial services, and access to AI-enabled human experts.

Its Global Business Solutions segment centres on QuickBooks, Intuit Enterprise Suite, Intuit Accountant Suite, and Mailchimp. Businesses use these offerings for accounting, invoicing, payments, bill pay, checking, financing, payroll, time tracking, workforce administration, marketing, and customer-relationship tools. Intuit Enterprise Suite is for more complex mid-market businesses, while Intuit Accountant Suite is for accounting firms managing their practices and clients.

Its Consumer segment includes TurboTax, Credit Karma, and ProTax. TurboTax helps individuals and businesses prepare and file tax returns either independently or with an AI-enabled tax expert. Credit Karma provides credit information, financial-account connections, and recommendations for credit cards, loans, and insurance. ProTax provides tax-preparation and filing tools for professional accountants in the United States and Canada.

The platform combines customer financial data, AI capabilities, and human expertise. It uses AI agents to automate routine tasks, surface insights, manage workflows, and connect customers with experts for tax, bookkeeping, and financial work.

How it makes money

Intuit has two reportable segments: Global Business Solutions and Consumer. Global Business Solutions contributed 60% of total revenue in fiscal 2026, while Consumer contributed 40%.

The company earns revenue from online offerings, including accounting, tax preparation, payroll, merchant payment processing, qualified links to financial products, marketing automation, live expert advice, and financing for small and mid-market businesses. It also sells desktop software, desktop subscriptions, and financial supplies. Customer contracts can include several products and services; revenue is generally recognized over the relevant service period or when the customer uses the service.

QuickBooks generates accounting-subscription revenue and can also generate service revenue when customers use payments, bill pay, payroll, capital, or workforce services. Mailchimp provides marketing automation and customer-relationship tools. Intuit Enterprise Suite and QuickBooks Online Advanced serve businesses with more complex requirements. TurboTax earns from do-it-yourself and assisted tax offerings, while Credit Karma connects users with financial-product partners and provides personal-finance services. ProTax sells professional tax software and related services.

In fiscal 2026, service revenue was $18.9 billion, representing 88% of total revenue. In the fourth quarter, total revenue was $4.4 billion. Tax preparation creates a pronounced seasonal pattern: TurboTax and ProTax sales and revenue are typically concentrated between November and April, making the quarters ending January 31 and April 30 seasonally larger. The company expects its service-revenue mix to rise over the long term.

Customers and how it sells

Intuit’s main customer groups are consumers, small and mid-market businesses, professional accountants, and accounting firms. Its business platform also works with accountants, bookkeepers, marketing professionals, value-added resellers, technology partners, and professional service providers that help reach customers and recommend its offerings.

The company serves approximately 93 million consumers, businesses, and accountants worldwide. It has approximately 10 million business customers and 1 million accountants on its platform. At the end of fiscal 2026, it had 8,900,000 online paying customers. Intuit Accountant Suite had 150,000 customers in fiscal 2026.

Customers can buy directly through Intuit websites, apps, physical locations for certain TurboTax services, inside sales, and a direct sales force. Products also reach customers through online app stores, retailers, distributors in Canada, financial institutions, electronic retailers, accountants, bookkeepers, and other partners. Credit Karma works with credit bureaus, banks, card issuers, insurers, financial institutions, and lenders.

Intuit sells primarily in the United States. International net revenue was approximately 8% of consolidated total net revenue in fiscal 2026. TurboTax and ProTax operate in the United States and Canada, and the company has employees in seven countries.

Suppliers and costs

Intuit develops many products internally, while also acquiring businesses and technologies and purchasing or licensing products and technology from third parties. It expects to expand third-party technology relationships as it pursues its growth strategy.

Most systems, networks, and databases supporting its online offerings use public-cloud providers, including Amazon Web Services and Google Cloud Platform. Its financial offerings also depend on partners: checking accounts are offered through FDIC-member bank partners, financing can be originated through bank partners or made available through the QuickBooks Capital Marketplace, and Credit Karma works with financial institutions and lenders.

The cost base includes product development, sales and marketing, customer success, cloud and technology infrastructure, personnel, outsourced support, and financing activities. Intuit had 18,600 employees as of July 31, 2026, and employed approximately 12,300 seasonal workers on average from January through April. It also uses outsourced customer-success personnel, primarily in the United States and the Philippines. The 2026 restructuring plan recorded a $293 million charge, primarily for severance and employee benefits.

Competitive position

Intuit competes across business software, tax and accounting practice-management software, tax preparation and filing services, accounting and consulting firms, money-service providers, personal-finance tools, consumer-financial-offer marketplaces, financial institutions, credit bureaus, platform companies, and general-purpose AI providers. It says competition is intense, fragmented, and changing as technology, customer expectations, distribution channels, and AI evolve.

Oracle and SAP compete with Intuit in AI-enabled financial software and traditional enterprise-resource-planning offerings for growing businesses. Intuit also faces lower-cost providers in do-it-yourself tax: the company lost quality DIY tax customers to lower-cost providers in fiscal 2026, and says price is the leading reason customers leave TurboTax.

Intuit identifies innovation and technology, solution breadth and functionality, ease of use, security, integration with its own and third-party products, brand reputation, support, value, and cost as competitive factors. Its platform connects accounting, tax, payroll, payments, financing, marketing, and personal-finance activities. It also combines proprietary financial data, specialized AI models, workflows designed for accuracy and compliance, and AI-enabled human experts.

Our reading: The breadth of integrated workflows is a meaningful moat because customers can use financial-management and money services within the same platform. Our reading: The data, domain-specific AI, and expert network are meaningful but exposed to AI providers and competitors that can build overlapping features or lower-cost offerings. Our reading: TurboTax’s DIY position faces a high pricing challenge because Intuit identifies price as the leading cause of customer departures.

Growth opportunities

Intuit’s growth strategy focuses on expanding done-for-you experiences, increasing adoption of money and workforce services, and serving larger mid-market businesses. It is widening entry points with QuickBooks Free and QuickBooks Lite, then seeking to grow customer relationships as needs become more complex and customers adopt accounting, payments, payroll, bill pay, financing, and marketing services.

The company sizes its total addressable market at $200.0 billion and its mid-market opportunity at $90.0 billion. Intuit Enterprise Suite annualized revenue reached $145.0 million in the fourth quarter of fiscal 2026, while new-to-the-franchise mid-market customers grew 30.0% during fiscal 2026. The company is also using accountants as a channel for mid-market customer acquisition.

In consumer, Intuit is changing DIY tax pricing, packaging, and distribution to acquire and retain more customers, while scaling assisted tax and connecting TurboTax users to Credit Karma and consumer-money products. It says customers using both TurboTax and Credit Karma generate approximately twice the average revenue per customer of a single-product customer. The company plans an AI-native tax experience that can automate document intake, assist with tax returns, and hand customers to experts when needed.

For fiscal 2027, the company expects total revenue of $23.279 billion to $23.512 billion, or growth of 9% to 10%. It expects Global Business Solutions revenue growth of 13% to 14%, Consumer revenue growth of 4% to 6%, and Mailchimp revenue from flat to down 1%.

Structural risks

• Competition and AI change. Intuit faces intense competitive pressure, and competitors may introduce stronger products, deploy new technologies, advertise aggressively, or reach customers first. It says rapid AI development is increasing customer expectations and intensifying competition.

• Customer acquisition and pricing. Online paying-customer growth was 3% in fiscal 2026. Intuit lost quality DIY tax customers to lower-cost providers, and says price is the leading reason customers leave TurboTax.

• Data security, fraud, and platform availability. The company collects and retains sensitive financial and personal data. Security incidents, improper access, disclosures, cyberattacks, and increasingly sophisticated fraud could harm its reputation, business, and financial condition.

• Regulation and tax compliance. Its tax, personal-finance, payroll, payments, lending, and other financial offerings are subject to federal, state, local, and international laws. Tax authorities could refuse electronic processing of customer returns, which the company says could significantly affect business, earnings, and revenue.

• Partner dependence. Credit Karma depends on financial partners and referral approvals. Financial partners have previously reduced or suspended platform activity, and fewer approved credit-card or personal-loan referrals can reduce revenue even with steady user traffic.

• Seasonality and execution. Tax revenue is concentrated from November through April. Intuit also depends on its ability to attract and retain skilled technical and leadership employees, develop products, and maintain third-party business relationships.

Bottom line

Our reading

Our reading: Intuit is a platform business spanning tax, accounting, payments, payroll, marketing, and personal finance, with a substantial share of revenue from services rather than standalone software. Our reading: Its integrated business and consumer platforms, proprietary financial context, and expert network support cross-selling, while its tax franchise remains exposed to price competition and seasonal demand. Our reading: The near-term execution focus is on restoring new-customer acquisition while extending money, workforce, assisted-tax, and mid-market services.