Intuit (INTU) just posted Q3 2026 results with revenue of US$8.6b and basic EPS of US$11.10, supported by net income of US$3.1b, setting a clear marker for the latest tax season quarter. The company has seen quarterly revenue range from US$3.9b to US$8.6b and basic EPS move between US$1.37 and US$11.10 over the last six reported periods, giving investors a wide lens on how earnings power flexes across the fiscal year. With trailing net profit margins already described as higher than a year ago, this print lands in a context where efficiency and profitability are front of mind for shareholders.

See our full analysis for Intuit.

With the raw numbers on the table, the next step is to see how this latest earnings run lines up with the key Intuit narratives that investors have been considering and where those stories might need an update.

Trailing EPS and revenue keep climbing

• On a trailing 12 month basis, Intuit generated US$20.9b of revenue and basic EPS of US$16.46, compared with quarterly revenue between US$3.9b and US$8.6b and quarterly EPS between US$1.37 and US$11.10 across the last six periods, so you are looking at a business producing multi quarter earnings power, not just a single tax season spike.
• What stands out for the bullish view is that earnings have grown 32.2% over the last year and 17.1% per year over five years, while bulls are also leaning on forecasts of 13.89% annual earnings growth and a 10.7% revenue growth projection. Together, these suggest that recent profit strength is being used as a base case for further scale even though those forward growth rates sit below the broader US market assumptions.
  • Bullish analysts point to AI driven services, mid market expansion and cross selling as supports for that 13.89% earnings growth forecast, and the current trailing net profit of US$4.6b on US$20.9b of revenue shows the business already operating at scale.
  • At the same time, the fact that revenue growth is projected at 10.7% while the broader US market forecast provided is 11.6% means bulls are arguing that Intuit can warrant interest even if top line growth is slightly behind the wider market because of the earnings and margin profile.

Bulls arguing that Intuit's multi year earnings run can continue are effectively asking whether this level of EPS and margin strength can justify a view that goes beyond the most recent tax season, and that full bullish case is laid out in 🐂 Intuit Bull Case

Margins at 21.9% vs growth concerns

• Intuit's trailing net profit margin is 21.9%, compared with 19.1% a year earlier, and that sits alongside forecast revenue growth of 10.7% and forecast earnings growth of 13.89% per year. Profitability on the recent numbers looks strong even as the forward growth profile is described as a little slower than the broader US market forecasts of 11.6% for revenue and 16.8% for earnings.
• Bears focus on the idea that leaning too hard on AI, payments and mid market ERP could weigh on costs and keep those growth rates in check, yet the current 21.9% net margin and US$4.6b of trailing net income suggest the company is already absorbing those investments without compressing profitability.
  • Critics highlight that expanding money products, Credit Karma and mid market offerings exposes Intuit to things like transaction volumes and credit cycles, but the combination of US$20.9b in trailing revenue and US$4.6b of net income shows these areas are contributing meaningfully, not just adding cost.
  • For a bearish scenario calling for 11.4% annual revenue growth and only modest margin expansion, the existing 21.9% margin level means any future cost pressure would have to be read against a starting point where margins already sit above last year and above many software peers that run lower net margins.

Skeptics who worry that AI and financial services spending will erode profitability can test those concerns against the detailed bear case in 🐻 Intuit Bear Case

P/E of 18.3x and DCF gap

• With a current share price of US$307.07 and a trailing P/E of 18.3x versus a US Software industry average of 27.7x and a peer average of 51.2x, the stock is described as trading at a discount on earnings multiples and also sits below a DCF fair value of US$743.19, alongside an analyst price target reference of US$530.77, while offering a 1.56% dividend yield.
• The balanced narrative here is that the combination of strong trailing earnings growth and improved margins supports the idea that this discount could reflect an opportunity. At the same time, the fact that forecast earnings and revenue growth are below the US market averages means part of that lower P/E and gap to both the DCF fair value and the US$530.77 analyst target can also be read as the market pricing in more measured future growth.
  • Consensus narrative notes that multi product adoption, AI features and mid market reach are central to closing any perceived gap to DCF fair value, but those same catalysts need to deliver against the 12.5% to 13.89% style earnings growth assumptions referenced across analyst views.
  • For you as an investor, the key tension is whether a trailing P/E of 18.3x on US$16.46 of EPS and a 1.56% dividend is enough to make slower forecast growth acceptable, or whether you think the discount to both peers and the US$743.19 DCF fair value is warranted.

Next Steps

To see how these results tie into long-term growth, risks, and valuation, check out the full range of community narratives for Intuit on Simply Wall St. Add the company to your watchlist or portfolio so you'll be alerted when the story evolves.

After weighing both bullish and bearish arguments, the real question is what the numbers mean for you right now and how comfortable you feel with the trade offs. If you want to quickly pressure test those positives yourself, take a look at the 5 key rewards

See What Else Is Out There

Intuit's forecasts suggest slower earnings and revenue growth than the broader US market, so the current P/E discount may reflect concerns about future momentum.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.