good morning. AI won’t disrupt Intuit’s core business strategy. We are accelerating it.
This, CFO Sandeep Aujla said, is because the company’s three long-standing bets – expert assistance, data-driven insights and owning the center of customer cash flow – are getting stronger as AI tools mature.
Intuit, No. 258 on the Fortune 500 and the company behind TurboTax, Credit Karma and QuickBooks, reported better-than-expected financial results for the fiscal second quarter ended Jan. 31. Sales increased 17% from the previous year to $4.7 billion, exceeding expectations for 14.5% growth. Non-GAAP EPS of $4.15 exceeded Wall Street expectations. The company predicted continued revenue growth in the third quarter, although EPS guidance was slightly below expectations.
Aujla attributed the result to a firm focus on several “key” priorities, including executing for customers, deepening Intuit’s AI platform, and further expanding into the luxury market. He added that the company’s revenue performance negates the idea that AI is undermining traditional software business models.
Earlier this month, SaaS and cloud stocks fell sharply, dubbed “SaaSmageddon” by some investors, reflecting concerns that agent AI could erode the price per seat of software. This event tested confidence across the sector, but sentiment has begun to recover.
For Aujla, that volatility was nostalgic. He pointed to past waves of disruption, from the year 2000 to the rise of the Internet, and argued that major technological changes always lead to predictions of disruption. “I think what people are really missing is the durability of these business models,” he says.
At the same time, large language model providers are increasingly working with established software companies, especially in regulated financial environments where accuracy is critical. Aujla said the relationship is collaborative rather than competitive: “These LLMs don’t want to work against us. In fact, they want to work with us.”
Many of Intuit’s small business customers are owner-operators. “They run a bakery, they run a construction company,” Aujla said. “They don’t want to sit at home and enjoy the atmosphere.”
what are they do End-to-end solutions are needed that blend AI automation with human expertise to help manage the inflow and outflow of funds and support decision-making with benchmarked insights, he said.
This week, Intuit announced a multi-year partnership to develop custom agents with Anthropic, the AI safety company behind Claude. This deal represents a model-agnostic strategy designed to meet customers where they are. For core workflows such as accounting, payroll, tax and cash flow, Intuit plans to embed native agents directly into the platform, Aujla said.
For more specialized needs, customers and partners can build their own agents using models like Claude. One example of a specialized use case built on Intuit’s platform, Aujla said, is a winery that uses agents to monitor weather and coordinate shipping to prevent wine from freezing.
Aujla said he is confident that profit margins will continue to expand despite heavy investments in AI. He said automation efficiencies and disciplined spending help offset costs, and agent costs are minimal and mostly usage-based.
In his view, there are three growth levers going forward. First, it’s a productivity agent that saves customers time. The second is an agent that detects cash flow gaps and surfaces financing options within QuickBooks. Third, agent workflows that transfer complex problems to human experts create natural upsell opportunities.
Looking out to 2026, Aujla said the company is focused on maintaining its strong financial performance, challenging overly pessimistic views around software and AI, and leaning into a new wave of innovation that reflects the energy and opportunity of the technology boom of the late 1990s.
Have a nice weekend.
Cheryl estrada
sheryl.estrada@fortune.com
leader board
Fortune 500 power moves:
chris depp He has been promoted to CFO of Chewy, Inc. (No. 357), an online retailer specializing in pet products and services. Deppe has over 20 years of experience. He joined Chewy in 2022 as vice president of supply chain and operational finance, most recently serving as head of all corporate and commercial finance functions. During his tenure, he has played a key role in driving the company’s financial strategy and operations. Prior to joining Chewy, Deppe spent more than 16 years at Amazon in senior financial leadership roles in Global Transportation Services, Global Mile, and US Fulfillment Center Operations.
Every Friday morning, we track executives’ shifts at Fortune 500 companies in our weekly Fortune 500 Power Moves column.See latest version.
More notable developments this week:
Greg Plata He has been promoted to CFO of Sony Music Publishing, effective March 31. He will succeed Tom Kelly, who recently announced his retirement from the CFO role after a 35-year career. Prata has over 25 years of experience in corporate finance. After working at EMI, he joined Sony in 2012 as senior vice president of financial planning and analysis. In 2019, he was promoted to Vice President of Finance and Corporate Strategy. Prior to his roles at Sony Music Publishing and EMI, Prata spent more than 10 years in private equity and investment banking.
Rhonda Chu Promoted to CFO of San Francisco International Airport (SFO). She has more than 25 years of experience in financial consulting and management, including roles at Booz Allen Hamilton, Reed & Associates, and Jacobs/LeighFisher. Mr. Chu joined SFO in 2008 as Airport Economic Planner and most recently served as Managing Director of Finance. Prior to his appointment, Kevin Bumen held the positions of both CFO and Chief Commercial Officer. He will continue to serve as Chief Commercial Officer.
tyler reddin Mr. Ledien has been appointed CFO and Chief Operating Officer of Capri Holdings Limited (NYSE:CPRI), a global fashion luxury group, effective March 30. Most recently, Mr. Reddin served as CFO of The Body Shop. Previously, she held senior management positions at Natura &Co Holding, a global cosmetics and personal care company. Mr. Reddien has also held executive positions at Hertz, including senior vice president and CFO of the North American car rental business. Earlier in his career, he spent more than 10 years at United Airlines in financial planning, investor relations, strategic planning, and operations.
Stephanie Lewis was promoted to CFO of forbeshas immediate effect. She will oversee the global financial organization. Mr. Lewis most recently served as Vice President of Finance. she participated forbes He started as a financial analyst in 2008 and has since held a series of senior management positions within the finance organization, including controller. Prior to joining the firm, Lewis began his career in auditing and personal tax at a small CPA firm in New York City before joining Grant Thornton’s commercial audit practice.
Mel HopeThe chief financial officer (CFO) of First Watch Restaurant Group (NASDAQ:FWRG) has informed the company of his intention to retire later this year. Hope joined First Watch in 2018. During his career, which began in 1984, he served as CFO of Popeyes Louisiana Kitchen, was a partner at PricewaterhouseCoopers LLP, and held executive positions in several private organizations and start-up ventures. First Watch has begun the process of identifying a successor.
Kevin McDonnell The EVP and CFO of AeroVironment, Inc. (NASDAQ: AVAV), a global defense technology provider, has informed the company of his decision to retire effective July 31. Mr. McDonnell joined AV in 2020. During his tenure as CFO, AV strengthened the balance sheet, financial and operational discipline, and completed strategic acquisitions and organic growth initiatives. AV is currently searching for a successor. McDonnell will continue to provide support during the transition period.
big deal
Payscale has announced its 17th Annual Compensation Best Practices Report. A key finding is that AI proficiency is becoming an expectation without additional rewards.
55% of companies surveyed said they do not offer premiums, bonuses, or equity to employees who build their AI skillsets. Only 14% offer a higher base salary, 10% offer bonuses, and 9% offer long-term incentives. Meanwhile, companies are rewriting job descriptions to require AI competencies, with 31% in IT roles, 20% in non-IT roles, and 10% in leadership, with 42% of organizations adding new AI-specific roles this year. Additionally, 30% of organizations say they have already replaced or are seriously considering replacing roles with AI.
even deeper
here are four luck Weekend articles:
“Warner Bros. officially deems Paramount’s bid ‘superior’ and Netflix withdraws” – Nick Lichtenberg
“AI capital spending and the ‘wealth effect’ of tech stocks (like Nvidia) are now driving one-third of U.S. GDP growth, top analysts say.” – Jim Edwards
“A new CBO report shows the national debt will soar into uncharted territory by 2035, and President Trump’s tariff defeat will make things even worse.” – Sean Talley
“Mackenzie Scott gave away $7.2 billion in just one year, which is more than Jeff Bezos and most other billionaires have given away in their lifetimes.” – Sydney Lake
overheard
“As major employers, we should be proactive in preparing our respective employees (in our case, employees) for an AI-enabled, automated or digitalized world.”
