research report · INTU

Intuit Inc.

Johannes Vermeer, Woman Holding a Balance, c. 1664, detail · National Gallery of Art

Viridis’s deep research report, written Nov 1, 2026 from its annual report (10-K for the year ended Jul 31, 2026, filed Sep 9, 2026). Written and checked with Anthropic’s Claude models.

your email, no card; what you get

business trajectory

Deteriorating

worse on balance: sales, margins, cash or competitive position

financial resilience

Strong

can meet its obligations and fund its plan for two years with money it can count on, with room

Judgments of the business from its filings, not of its shares: no valuation, no advice.

bottom line

Intuit remains a highly profitable business that funds itself, but its growth engine is weakening by management's own account. Fiscal 2026 (ended July 31, 2026) revenue rose 14% to $21.4B and operating income rose 20%. Over the same year, TurboTax federal units fell 2% and online paying customers grew only 3%. Fiscal 2027 revenue is guided to slow to 9–10%, partly because Intuit is cutting do-it-yourself tax prices to win back customers it lost to cheaper rivals. Operating cash flow of $8.8B comfortably covers $7.7B of debt, but about $1.1B of it was a one-time cash-tax saving. The company expects to pay about $2B in income taxes in fiscal 2027.

what changed this year

  • Fiscal 2026 results: revenue $21.4B (+14%), operating income $5.9B (+20%), diluted EPS $16.46 (+20%), operating cash flow $8.8B (+42%).
  • Outlook lowered:
  • Fiscal 2027 revenue guided to $23.28–23.51B (+9–10%), with TurboTax at +2–3%.
  • Three-year target for Global Business Solutions (GBS) set at 10–15% a year; an analyst on the call said last year's was 15–20%.
  • Consumer three-year target set at 4–8% a year.
  • Restructuring: a May 2026 plan cuts staff and closes sites, costing about $315M, of which $293M was booked in fiscal 2026.
  • Financing and buybacks: $1.75B of notes issued in June 2026; buybacks of $5.5B (+96%); $750M of September 2026 notes repaid in August.
  • Legal: the Fifth Circuit vacated the Federal Trade Commission's (FTC) advertising order on March 20, 2026. Shareholder class actions were filed July 10 and August 17, 2026.

in the full report

Its findings, each with the evidence, the strongest counterpoint and what would prove it wrong:

  • Pricing power has stalled, so growth is being reset lower
  • Fiscal 2026 cash flow was lifted by about $1.1B of tax timing
  • Lending is growing faster than its income, and write-offs doubled

Then its finances, the quality of its earnings, its management, the case for and against, and what to watch, its claims cited to the filings and checked against them.

read it whole

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