Intuit

Intuit brought in 21.4 billion dollars of revenue last fiscal year and converted 8.8 billion dollars of it into operating cash flow, a 42 percent jump in twelve months. Gross margins run near 80 percent and net margins are 21 percent, which is what selling software instead of shipping product looks like. It handed that cash straight back to shareholders, repurchasing 5.5 billion dollars of stock and raising the dividend 15 percent.

QuickBooks is the part quietly compounding while everyone argues about TurboTax. QuickBooks Online Accounting revenue grew 23 percent last year and the wider online ecosystem reached 9.9 billion dollars, up 19 percent. The company's newer growth areas grew 34 percent and now make up 30 percent of total revenue, so the mix is shifting toward the faster-growing half of the business.

Revenue growth has stepped down two years running, from 16 percent in fiscal 2025 to 14 percent in fiscal 2026, and management guided next year to just 9 percent to 10 percent. That is the first time in years the company has not promised double-digit growth, and the stock dropped about 10 percent the day it landed. Management also cut 17 percent of its workforce, which helps margins but is not what a business firing on all cylinders usually does.

TurboTax is serving fewer people, not more. Total US units fell from 39.9 million to 39.0 million, with desktop down 7 percent. Revenue there still grew 7 percent because Intuit raised prices, but pushing price on a shrinking customer base is a harder trick to repeat every year than simply adding customers, and Credit Karma is guided to slow from 20 percent growth to 11 percent to 13 percent.