Intuit said it expects adjusted profit for the fiscal third quarter to fall short of Wall Street estimates as management increases marketing and customer support outlays to capture heightened demand during the U.S. tax season.
The company noted that the third quarter - typically its strongest period - benefits from seasonal demand for its financial management offerings, including TurboTax, Credit Karma and QuickBooks. The Internal Revenue Service began accepting federal tax returns on January 26 this year, and the filing deadline is April 15. Intuit's third-quarter forecast covers the period ending April 30.
Chief Financial Officer Sandeep Aujla told reporters that the additional spending on marketing and customer support is concentrated in the third quarter to leverage the tax season and to drive growth in the assisted tax and QuickBooks businesses. Intuit projected adjusted earnings per share of $12.45 to $12.51 for the quarter, compared with analysts' average estimate of $12.95, according to LSEG data.
The company expects revenue to grow by roughly 10% in the quarter, largely in line with analysts' average estimate of 9.9% growth. Intuit also reiterated its fiscal 2026 forecasts.
Intuit reported that second-quarter revenue rose 17% to $4.65 billion, topping analysts' average estimate of $4.53 billion. Management characterized the elevated third-quarter spending as an investment to attract customers during the peak filing window and to support the assisted tax and QuickBooks segments.
The company has moved to bolster its competitive position by signing multi-year agreements with AI startups Anthropic and OpenAI to integrate their frontier models into Intuit software. On the commercial arrangements, Aujla said, "We're paying OpenAI and Anthropic for the capabilities. We're not paying them revenue share," and added that more than 3 million clients engage with the company's AI agents.
Intuit's forecasts arrive amid market concerns that wider adoption of AI tools could erode demand for traditional software, as customers increasingly seek personalized financial guidance and automated bookkeeping solutions. Management framed its partnerships and product integrations as part of the response to that competitive dynamic.
Summary of company results and outlook:
- Adjusted EPS guidance for Q3: $12.45 - $12.51 versus analysts' $12.95 (LSEG).
- Expected Q3 revenue growth: approximately 10% versus analysts' 9.9%.
- Q2 revenue: $4.65 billion, up 17%, above analysts' $4.53 billion estimate.