Intuit (INTU)

Tax prep (TurboTax) + SMB accounting (QuickBooks) + personal finance (Credit Karma) — consumers & small biz

AI exposure 8% — derived from reported segment revenue, not asserted.

Where it sits

Software Stack → Enterprise & Business Software · figures rebased to FY2026, reported 2026-08-25

QuickBooks accounting/payroll/payments for SMBs + Mailchimp marketing leads 3 businesses in this sub-tier that together are 100% of revenue, so Enterprise & Business Software is effectively the whole company rather than one leg of it.

Reported segments

Global Business Solutions (QuickBooks, Mailchimp) — 60.1% of revenue
Consumer (TurboTax, Credit Karma, ProTax) — 39.9% of revenue

Intuit ($21,448M FY2026, +13.9%; Q4 $4,354M, +13.7%). Two top-level segments: Global Business Solutions 60.1% ($12.9B, +16% — Online Ecosystem inside it $9.9B, +19%) and Consumer 39.9% ($8.6B, +11%, comprising TurboTax, Credit Karma and ProTax). The prior Atlas weights had Consumer as the larger half; the filing shows Global Business Solutions has been the bigger one, and the weights are corrected to the reported figures. FY2027 guidance also discloses a segment reporting change that breaks MAILCHIMP OUT ON ITS OWN, so next year's structure will not be these two lines. Two reporting changes…

How the 8% is built

Global Business Solutions (QuickBooks, Mailchimp) — 60.1% of revenue × 10% AI-driven (disclosed). Small-business accounting and marketing software bought for bookkeeping and payroll; Intuit Assist and the agentic features are attached to subscriptions rather than being the purchase reason
Consumer (TurboTax, Credit Karma, ProTax) — 39.9% of revenue × 6% AI-driven (disclosed). Consumer tax filing and credit marketplace — seasonal, driven by tax season and lending appetite, with AI used to automate return preparation rather than to sell it

Investment read

Moat. SMB + consumer-finance ecosystem lock-in (TurboTax, QuickBooks) + data + AI (Intuit Assist); near-monopoly in US tax/SMB-accounting.

Bottleneck / pricing power. Strong pricing power in SMB accounting, where QuickBooks' bookkeeping data, accountant network and embedded payroll/payments make switching genuinely costly — QBO Accounting grew 22% YoY in FQ3 2026 on ARPU and tier mix. Weaker in consumer tax, where the growth is mix rather than price: TurboTax units fell 2% in FY2025 and revenue growth now comes from migrating filers up to TurboTax Live, at 53% of TurboTax revenue and +36% YoY.

Role in the AI stack. The SMB + consumer fintech-software layer (AI applier).

Others in Enterprise & Business Software

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