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Research Alert: Intu: Modest Q3 Beat As Turbotax Growth Decelerates; Outlook Mixed

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CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:

INTU posted modest Q3 beats with non-GAAP EPS of $12.80 (+10% Y/Y), beating consensus by $0.23, while revenue of $8.558B (+10% Y/Y) exceeded Street expectations by $20M. Global Business Solutions maintained solid momentum with 15% growth to $3.3B, driven by QuickBooks Online Accounting (+22% Y/Y) from higher prices and customer growth, though Consumer segment decelerated to 8% growth as TurboTax revenue rose just 7% vs. 11% previously. We view the strong Online Ecosystem performance (+19% Y/Y to $2.5B) as encouraging for the core digital strategy. Management raised FY26 revenue guidance to $21.341-21.374B (13%-14% growth) and non-GAAP EPS to $23.80-23.85 (18% growth), though EPS came in below Street expectations. Operating margins compressed to 54.7% from 56.0% Y/Y, while the company announced a 17% workforce reduction to streamline operations. We expect TurboTax Live to reach $2.8B (+36% Y/Y), representing 53% of total TurboTax revenue, demonstrating continued strength in premium offerings.

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