Intuit gapped down about 12% before the bell — and by mid-morning had bought most of it back. 24/7 Wall St. clocked it at $315.61 at 9:14 ET. By 10:04 ET StockAnalysis had it at $346.39, down 3.10% from Tuesday's $357.46 close, after a day low of $322.57.

The quarter itself was fine. Q4 revenue came in at $4.354bn, up 14% YoY, with non-GAAP EPS of $4.03. What broke the stock was the outlook: FY27 revenue of $23.28–23.51bn, or 9–10% growth, down from 14% in FY26.

The one number that did the damage

TurboTax. Intuit guided its flagship consumer franchise to $5.38–5.45bn — just 2–3% growth. Investing.com puts the midpoint at 2.2% against a Street number of 6.8%. That gap is the entire story. CEO Sasan Goodarzi said it plainly: Intuit "lost quality DIY customers to low-cost providers this year."

Then the sell-side piled on. JPMorgan's Samik Chatterjee cut Intuit from Overweight to Neutral and slashed his target from $605 to $331 — a 45% haircut — arguing the disruption risk has spread beyond TurboTax into QuickBooks, where online customer count grew just 3% YoY. BofA's Tal Liani went Buy to Neutral, $400 to $360.

Why it leaked into other tickers

Because the argument isn't really about tax software — it's about whether a cheap AI agent can do a paid seat's job. Adobe and ServiceNow each fell roughly 3% on the read-across. Adobe is the most directly exposed: it sells per-seat Creative Cloud and Acrobat subscriptions, the same pricing model TurboTax just watched customers walk out of. Intuit is the first large incumbent where that churn shows up in the guidance instead of in a bear-case slide deck.

What would flip it

Intuit's defence is that this reset is deliberate — cut price, win the DIY filer back — and it still guided GAAP EPS to $20.12–20.36, up 22–24% from FY26's $16.46. If that works, this is a one-year trough, not a structural break. The proof lands in one specific place: Q2 FY27 results in late February 2027, the first real read on the January–April filing season under the new pricing. Come in above the 2–3% TurboTax guide and the bear case cracks. Come in below, and JPMorgan's $331 target — sitting right on today's $322.57 low — becomes the ceiling rather than the floor.

As of 10:04 ET / 7:34 pm IST, Aug 26, 2026. Sources: Intuit Investor Relations, Investing.com, 24/7 Wall St., StockAnalysis. For discussion and education only — not investment advice. Verify before acting.