INTU

Intuit delivered Q3 results that beat consensus on both revenue ($8.6B, +10% YoY) and adjusted EPS ($12.80 vs. $12.57 estimate), but the headline numbers mask a bifurcated performance that will dominate investor conversation. The company's three growth engines, assisted tax, money portfolio, and mid-market, all grew north of 30%, with TurboTax Live customers expanding 38% and now representing 53% of total TurboTax revenue, up 11 points year-over-year. This is genuine progress in disrupting the $37 billion assisted-tax TAM, where customers demonstrably prefer human expertise over software alone. Yet this strength was offset by meaningful weakness in the price-sensitive DIY segment (sub-$50K income filers), where Intuit lost share to competitors offering lower-cost alternatives. Management framed this as a pricing problem, not a structural one, and outlined a model shift toward value-based SKUs and cross-platform monetization via Credit Karma and money products to recapture these customers. The broader tax market contracted by 30 basis points (roughly 2 million units), the worst post-COVID decline, which management attributed to a surge in manual filers who simply did not file, a macro headwind beyond Intuit's control but one that underscores the cyclicality and vulnerability of the tax business to economic conditions.