Intuit slightly misses Q3 revenue estimates but beats profit expectations; to cut 17% of workforce

Intuit

20/05/2026 21:12

Overview

U.S. fintech platform's fiscal Q3 revenue grew 10% but slightly missed analyst expectations

Adjusted EPS for fiscal Q3 rose 10%, beating analyst expectations

Company to cut workforce by 17% and approved new $8 bln share buyback

Outlook

Intuit raises full-year revenue guidance to $21.341 bln-$21.374 bln, up 13-14%

Company expects Q4 revenue growth of 11-12% and GAAP diluted EPS of $0.73-$0.79

Intuit updates segment guidance, sees Global Business Solutions growth at 16%, Consumer at 10%

Co expects approximately $300 mln to $340 mln in restructuring charges for workforce reduction, largely recognized in Q4

Result Drivers

CREDIT KARMA GROWTH - Credit Karma revenue rose 15% in Q3, driven by increased demand for personal loans, auto insurance, and home loans

QUICKBOOKS ONLINE ACCOUNTING - QuickBooks Online Accounting revenue grew 22% in Q3, driven by higher effective prices, customer growth, and mix-shift

AI PLATFORM STRATEGY - Co's AI-driven expert platform strategy helped ignite growth engines across the company, per CEO Sasan Goodarzi

Company press release: ID:nBw8Zmg2Ha

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q3 Revenue
Slight Miss*
$8.56 bln
$8.61 bln (23 Analysts)
Q3 Adjusted EPS
Beat
$12.80
$12.57 (24 Analysts)
Q3 EPS
$11.09
Q3 Net Income
$3.06 bln
Q3 Operating Income
Miss
$4.02 bln
$4.62 bln (22 Analysts)
Q3 Pretax Profit
Miss
$4.05 bln
$4.60 bln (15 Analysts)

*Applies to a deviation of less than 1%; not applicable for per-share numbers.

Analyst Coverage

The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 28 "strong buy" or "buy", 7 "hold" and no "sell" or "strong sell"

The average consensus recommendation for the financial technology (fintech) peer group is "buy"

Wall Street's median 12-month price target for Intuit Inc is $576.00, about 44.1% above its May 19 closing price of $399.71

The stock recently traded at 15 times the next 12-month earnings vs. a P/E of 20 three months ago

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)