TurboTax Parent Company Sees $8 Billion Market Cap Vanish in One Day Ahead of Tax Season

Shares of U.S. tax and accounting software company Intuit Inc. (Nasdaq: INTU) closed at $432.39 on the Nasdaq on February 24, tumbling 5.39% in a single day.
Its market capitalization stands at about $119.6 billion (roughly ₩161 trillion), meaning approximately $6.1 billion (₩8.3 trillion) was wiped out in one session.

After falling more than 14% over six trading days in early February—spurred by heightened AI competition, valuation concerns and analyst downgrades—Intuit’s stock has now slid over 30% since early November, making it one of the worst-performing S&P 500 issues.
Although Intuit’s Q2 FY2026 results, announced on February 26, beat market expectations and triggered a short-lived 20–30% rally, conservative price targets from major brokerages such as Mizuho and Oppenheimer, coupled with lingering profit-margin worries during tax season, have reignited selling pressure.

Intuit is a global fintech platform owner of TurboTax, Credit Karma, QuickBooks and Mailchimp, serving roughly 100 million individuals and small businesses worldwide with tax, accounting and marketing solutions.
Recently, the company has highlighted its growth prospects by expanding AI-powered ERP and automation offerings—most notably the midmarket-focused Intuit Enterprise Suite. However, the IRS’s expansion of free e-filing and the potential emergence of generative AI–based alternatives pose medium- to long-term rerating risks.