Intuit Inc

INTU: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Intuit Earnings: Strong Quarterly Performance Amid Macrouncertainty Underpins Wide Economic Moat

Luke Yang

May 23, 2025

Wide-moat Intuit delivered strong third-quarter results for the 2025 tax season. Total revenue grew 15% to $7.8 billion, beating the previous guidance. We think Intuit’s outstanding performance amid an uncertain macroenvironment highlights the mission-critical nature of Intuit products to small businesses and taxpayers, which underpins the wide moat that Intuit enjoys. Given the strong momentum of Intuit’s assisted tax and small business offerings, we are raising our fair value estimate to $710 from $580. Shares currently look fairly valued to us following the 8% after-hours rally.

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Intuit Inc

Intuit Earnings: Strong Quarterly Performance Amid Macrouncertainty Underpins Wide Economic Moat

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