Customers are fleeing TurboTax over price, and Intuit's stock is sliding

By Steve Goldstein

Intuit shares are sliding on Wednesday.

Cost-conscious customers giving up on TurboTax sent Intuit shares sliding in early Wednesday trade.

Intuit stock (INTU) fell 3% as the company forecast its revenue growth for 2027 would slow to between 9% to 10%, and it cut its three-year growth target for its main global business solutions segment down to a range of 10% to 15%, from 15% to 20%.

The 3% decline after trading began was a considerable improvement from how the stock traded in the premarket, when it was down about 12%.

The revenue guidance equates to a range of $23.28 billion to $23.51 billion, vs. analyst expectations of $23.65 billion, according to FactSet.

Chairman and CEO Sasan Goodzari said the company is losing do-it-yourself customers to low-cost providers.

Analysts at Jefferies say the new guidance is low enough that it will now be difficult for Intuit to miss targets. On TurboTax specifically, they note the guidance for 2% to 3% growth is well below H&R Block's (HRB) 4.8% guide, and that TurboTax revenues have never grown below 7% in the last 11 fiscal years.

-Steve Goldstein

This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

08-26-26 1030ET