Intuit Scores Double Victory With Earnings Beat And Lobbying Triumph
Nothing’s certain except death and taxes — and Intuit is laughing its way to the bank thanks to the latter. The TurboTax owner crushed quarterly expectations and raised its full-year guidance, sending shares surging over 8% Friday as another victory stemmed from the halls of Washington.
- posted an EPS of $11.65 (vs. $10.91 expected) and $7.8B in revenue (vs. $7.56B expected) — representing a 36.6% and 15% surge from last year, respectively.
- Also known for QuickBooks and Credit Karma, Intuit raised its full-year sales outlook to $18.72B – $18.76B from $18.16B – $18.35B, exceeding the $18.35B expected by LSEG analysts.
Lobbying pays off: Intuit’s triumph comes after its decades-long crusade against public filing options reached a climax. In response to the IRS’ Direct File program and a $141M lawsuit over misleading TurboTax ads, Intuit has shelled out millions lobbying against gov-backed tax filing options, including efforts to limit the adoption of its Washington competitor, which boasted a 90% customer satisfaction rate. For 20+ years, Intuit has defended its tax prep chokehold through strategic lobbying, legal maneuvering, and political donations. The trifecta is now complete — death, taxes, and paying Intuit to file them.
