Intuit is cutting about 3,000 jobs, roughly 17% of its global workforce, as part of a restructuring to streamline operations and sharpen its focus on artificial intelligence.

The company is leveraging multi-year AI partnerships with Anthropic and OpenAI to integrate AI models into its software, aiming to enhance TurboTax, Credit Karma, QuickBooks Online, and broader marketing capabilities with Claude and ChatGPT.

Affected U.S. employees have a last day slated for late July, with severance structured at 16 weeks of base pay plus two weeks for each year of service.

Wall Street is modeling roughly 10% quarterly revenue growth to about $8.54 billion and expects earnings per share of around $12.57.

TurboTax and Credit Karma drove consumer platform growth, with TurboTax up 7% and Credit Karma up 15%; TurboTax Live customers are expected to grow about 38%, and TurboTax Live revenue about 36% for the year.

Intuit’s forward price-to-earnings ratio hovers around 16, below the sector median and much lower than its five-year average, signaling potential value despite growth concerns.

While many peers report strong AI-fueled results, Intuit has historically lagged the S&P 500, tempering investor expectations that AI alone will lift its performance.

Leadership says the restructuring will improve margins and drive EPS growth, allocating some funds to scale growth engines via internal productivity gains.

Fiscal 2026 TurboTax revenue guidance was narrowed to about $5.277–$5.282 billion, down modestly from prior expectations.

Mid-market and Global Business Solutions showed strength, with Online ecosystem revenue up 19% and QuickBooks Online Accounting up 22%; Online payments rose 30%.

Board-approved actions include a $1.20 per share cash dividend and an additional $8 billion share-repurchase authorization; cash and investments total about $6.8 billion with roughly $6.2 billion in debt.

In the latest quarter, share repurchases totaled about $1.6 billion, and the dividend was raised to $1.02 per share.