Intuit (NASDAQ:INTU) executives highlighted “outstanding” second quarter fiscal 2026 results and reiterated full-year guidance, pointing to broad-based momentum across its business and consumer platforms and what leadership described as a durable competitive advantage built on proprietary data, domain-specific AI, and human expertise.
Quarterly results and profitability
For the second quarter, Intuit reported revenue of $4.7 billion, up 17% year over year. GAAP operating income rose to $855 million from $593 million a year earlier, while non-GAAP operating income increased to $1.5 billion from $1.3 billion.
Business platform: AI agents, payments, and mid-market acceleration
Chairman and CEO Sasan Goodarzi said Intuit’s strategy is being executed across three “big bets”: done-for-you experiences powered by AI and human intelligence (HI), putting “money at the center” of products to deliver money benefits, and fueling mid-market adoption with an “AI-native ERP platform.” He described Intuit as a “category of one” given the regulated nature of tax and financial workflows, where accuracy, compliance, security, and reliability are critical.
In the company’s Global Business Solutions Group (GBSG), revenue grew 18% in Q2, or 21% excluding Mailchimp. Online ecosystem revenue rose 21%, or 25% excluding Mailchimp.
Management emphasized adoption of AI “agents” across the platform:
- More than 3 million customers have used agents, with repeat engagement of more than 85%, according to Goodarzi.
- In January, accounting agents categorized over 237 million transactions, which he said represented “over half” of all transactions categorized that month.
- Goodarzi said a business tax agent uncovered an average of over $1,000 in incremental deductions.
- QuickBooks Live customer growth was up over 50% in Q2, which leadership tied to AI and HI capabilities driving adoption of services such as payroll.
Intuit also pointed to continued strength in payments and Bill Pay. Total online payments volume for payments and Bill Pay customers increased 29%, and Bill Pay volume “nearly doubled,” according to Goodarzi. Aujla added that online payment volume growth excluding Bill Pay was 17%, and noted a “1-point impact” from winter storms.
In mid-market, Intuit said online ecosystem revenue for QuickBooks Online Advanced and Intuit Enterprise Suite grew approximately 40% in Q2. Goodarzi said the company released an Intuit Enterprise Suite product update in February and launched a construction edition, describing it as the first in a series of industry-specific solutions. He also said Intuit plans to expand its direct sales team by approximately 30%, citing improving productivity, and noted new Intuit Enterprise Suite contracts grew nearly 50% quarter over quarter.
Accountant partnerships were another focus. Goodarzi said Intuit signed partnerships with several top 20 accounting firms, including Citrin Cooperman and Eide Bailly, and reported that nearly one-third of new contracts in Q2 were influenced by accountants’ recommendations, “10 points higher” than Q1.
Consumer platform: tax season start, assisted strategy, and Credit Karma
In the Consumer Group, revenue increased 15% in Q2, driven by Credit Karma revenue growth of 23%. TurboTax revenue rose 12%, and ProTax revenue grew 7%.
Goodarzi noted that overall IRS returns were down “more than 5 points” through February 6, while Intuit delivered TurboTax revenue growth of 12% in the quarter. In response to an analyst question, Aujla characterized the comparison as primarily a timing-related datapoint intended to show TurboTax performance relative to IRS filing trends early in the season.
Executives repeatedly emphasized an expansion push in assisted tax. Goodarzi described the assisted tax category as “7x bigger” than DIY and said customers seek human experts for high-stakes, regulated decisions. He said Intuit now has approximately 600 local service centers with AI-powered virtual and in-person options. Through February 6, he said the company saw 5.1 million total unique visitors to landing pages and in-store visits, compared with 4.2 million for the full season prior, with most visitors coming from prior-year assisted prospects.
On product features, Goodarzi said AI-driven TurboTax capabilities such as dynamic navigation, “agentic experiences” like a stock basis agent, and automated data entry are helping customers file faster. He said automated data entry has been used so far by over 80% of customers. He also highlighted a new AI agent for cost basis adjustments, saying it lowered taxable income by an average of $12,000 compared to those who filed without the agent.
Within Credit Karma, Aujla broke down Q2 growth contributions by product, saying personal loans accounted for 10 points of growth, credit cards 9 points, and auto insurance 4 points, while noting that in the second half the company will be “lapping” strong growth in credit cards and personal loans from a year ago.
Partnerships, margins, and outlook
Management addressed multiple questions about whether AI model providers could disrupt Intuit’s tax and financial workflow businesses. Goodarzi and Aujla argued that Intuit’s moat is rooted in regulated, high-liability use cases requiring accuracy, compliance, security, and the combination of AI with human intelligence. They also discussed partnerships with major AI providers, including launching Intuit apps in OpenAI’s app directory and announcing a multiyear partnership with Anthropic. Goodarzi said the agreements are structured so that customer data and Intuit’s domain-specific models “don’t leave our four walls,” and he stated Intuit “owns the experience and the relationship.” He also said Intuit does not share economics with those partners and is focused on being “where the eyeballs are,” while still determining how customers will engage with financial workflows via external AI apps.
On Q3 margin cadence, Aujla said Intuit “over-delivered” in Q2 and that some marketing and customer success costs shifted into Q3 due to a slower start to tax season, along with changes in spending based on tests intended to maximize ROI.
For capital allocation, Aujla said Intuit ended the quarter with approximately $3 billion in cash and investments and $6.2 billion in debt. The company repurchased $961 million of stock during the quarter and approved a quarterly dividend of $1.20 per share, payable April 17, 2026, representing a 15% increase versus last year.
Intuit reaffirmed fiscal 2026 guidance, including:
- Total company revenue of $20.997 billion to $21.186 billion (growth of 12% to 13%)
- GBSG revenue growth of 14% to 15%
- Consumer Group revenue growth of 8% to 9% (including TurboTax growth of 8%, Credit Karma growth of 10% to 13%, and ProTax growth of 2% to 3%)
- GAAP diluted EPS of $15.49 to $15.69 and non-GAAP diluted EPS of $22.98 to $23.18
For the third quarter, the company guided to total company revenue growth of 10%, GAAP EPS of $10.56 to $10.62, and non-GAAP EPS of $12.45 to $12.51.
In discussing business trends, Aujla said he continues to view certain internal indicators as stable, including hours worked by employees of small business customers (up around 4%) and cash reserves, which he described as stable overall, with mid-market and small businesses up and micro businesses down somewhat.
On Mailchimp, Aujla said revenue was down slightly year over year and that progress improving churn and acquisition among smaller customers is taking longer than expected. He said Intuit now expects Mailchimp to return to double-digit growth “sometime beyond fiscal 2026,” adding that Intuit is evaluating paths to scale Mailchimp and that “all options” remain on the table.
About Intuit (NASDAQ:INTU)
Intuit Inc (NASDAQ: INTU) is a financial software company headquartered in Mountain View, California, that develops and sells cloud-based financial management and compliance products for individuals, small businesses, self-employed workers and accounting professionals. Founded in 1983 by Scott Cook and Tom Proulx, the company has grown from desktop tax and accounting software into a diversified provider of online financial tools. As of my latest update, Sasan Goodarzi serves as Chief Executive Officer.
Intuit’s product portfolio includes QuickBooks, its flagship accounting and business-management platform that offers bookkeeping, payroll, payments and invoicing capabilities; TurboTax, a tax-preparation and filing service aimed at individual taxpayers; and Mint, a consumer personal-finance and budgeting app.
