Intuit Q2 Revenue Tops Estimates, Oppenheimer Cuts Price Target to $558
Intuit reported Q2 revenue of $4.7 billion (up 17%), GAAP operating income of $855 million (up 44%), and reiterated FY26 revenue guidance of $21.0 billion (+12–13%). Despite these beats, Oppenheimer trimmed its price target to $558 from $696, citing AI competitive pressures.
1. Strong Q2 Financial Results
Intuit delivered Q2 revenue of $4.7 billion, up 17% year-over-year, driven by 18% growth in Global Business Solutions and 21% growth in Online Ecosystem. Consumer revenue rose 15% to $1.5 billion, while Credit Karma and TurboTax revenues increased 23% and 12%, respectively. GAAP operating income jumped 44% to $855 million and non-GAAP operating income climbed 23% to $1.5 billion.
2. FY26 Guidance Reaffirmed
Management reaffirmed full-year fiscal 2026 revenue guidance of $20.997 billion to $21.186 billion for growth of 12–13%, and GAAP operating income guidance of $5.782 billion to $5.859 billion for growth of 17–19%.
3. Oppenheimer Price Target Reduction
Oppenheimer reduced its price target on Intuit shares from $696 to $558 while maintaining an Outperform rating, pointing to competitive pressures from emerging AI offerings despite the company’s recent financial outperformance.