Good morning. AI is not disrupting Intuit’s core business strategy. It is accelerating it.
That’s according to CFO Sandeep Aujla, who says the company’s three long-standing bets on expert help, data-driven insights, and owning the center of customer cash flow are becoming stronger as AI tools mature.
Intuit, No. 258 on the Fortune 500, and the company behind TurboTax, Credit Karma, and QuickBooks, reported fiscal second-quarter results for the period ending Jan. 31 that topped expectations. Revenue rose 17% year-over-year to $4.7 billion, above the projected 14.5% growth rate. Non-GAAP EPS was $4.15, topping Wall Street estimates. The company projected continued revenue growth in the third quarter, though EPS guidance was slightly below expectations.
Aujla attributed the results to a tight focus on several “critical” priorities: executing for customers, deepening Intuit’s AI platform, and expanding further upmarket. The company’s earnings performance, he added, pushes back against the idea that AI is weakening traditional software business models.
Earlier this month, a broad sell-off in SaaS and cloud stocks, labeled by some investors as “SaaS-mageddon,” reflected fears that agentic AI could undermine per-seat software pricing. The episode tested confidence across the sector, though sentiment has started to recover.
For Aujla, the volatility felt familiar. He pointed to past waves of disruption, from Y2K to the rise of the internet, arguing that every major technology shift brings predictions of collapse. “I think what people are really missing is the durability of these business models,” he said.
At the same time, large language model providers are increasingly aligning with established software companies, especially in regulated financial environments where accuracy matters. Aujla said the relationship is collaborative rather than competitive: “These LLMs are not looking to work against us. They’re actually looking to work with us.”
Many of Intuit’s small-business customers are owner-operators. “They’re running bakeries. They’re running construction firms,” Aujla said. “They’re not looking to sit at home and vibe code.”
What they do want are end-to-end solutions that blend AI automation with human expertise, helping manage money in and out, and decision-making through benchmarked insights, he said.
This week, Intuit announced a multi-year partnership with Anthropic, the AI safety company behind Claude, to develop custom agents. The deal represents a model-agnostic strategy designed to meet customers where they are. For core workflows like accounting, payroll, tax, and cash flow, Aujla said Intuit plans to build native agents directly into its platform.
For more specialized needs, customers and partners can build their own agents using models like Claude. Aujla cited a winery using an agent to monitor weather and adjust shipping to prevent wine from freezing, an example of a specialized use case built on Intuit’s platform.
Even with significant investment in AI, Aujla said he remains confident that margins will continue to expand. Automation efficiencies and disciplined spending help offset costs, he said, and agent costs are minimal and mostly usage-based.
From his view, he sees three growth levers ahead. First, productivity agents that save customers time. Second, agents that detect cash flow gaps and surface financing options inside QuickBooks. Third, agent workflows that route complex issues to human experts, creating natural upsell opportunities.
Looking ahead through 2026, Aujla said he is focused on sustaining strong financial performance, challenging what he sees as an overly pessimistic narrative around software and AI, and leaning into a new wave of innovation that echoes the energy and opportunity of the late-1990s tech boom.
Have a good weekend.
Sheryl Estradasheryl.estrada@fortune.com
This story was originally featured on Fortune.com
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