NEW YORK, Jan 2, 2026, 14:48 ET — Regular session
- Intuit shares fell about 4.7% in afternoon trading, underperforming a mixed U.S. market.
- An SEC filing disclosed co-founder and director Scott Cook sold 75,000 shares through a family trust under a pre-arranged trading plan.
- The IRS said it will discontinue its Direct File free tax-prep program for the 2026 filing season, reshaping the competitive backdrop for paid tax software.
Intuit shares slid on Friday, falling 4.7% to $631.08 in afternoon trading after dipping to $622.31 earlier in the session.
The move mattered because it came as investors turn toward the start of the U.S. tax-prep season, a period that can sharpen focus on demand for Intuit’s TurboTax products. The stock’s decline also stood out against a steadier broad market, with the S&P 500 ETF SPY up modestly while the Nasdaq-100 ETF QQQ hovered near flat.
Intuit also fell alongside several large software names on the first trading day of 2026. Adobe, Workday and Paychex were all down between about 2% and 4% in the session.
A company filing added to the day’s focus. A Form 4 — a disclosure that reports insider stock transactions — showed Scott D. Cook sold 75,000 Intuit shares on Dec. 30 at prices ranging from about $669 to $674, totaling roughly $50.4 million. Cook said the sales were made “pursuant to a Rule 10b5-1 trading plan previously adopted” — a pre-arranged plan that can allow insiders to trade on a set schedule. SEC
Cook is a co-founder of Intuit and previously served as its president and chief executive, the company’s governance profile shows.
In Washington, the IRS said it will discontinue the Direct File program for the 2026 tax filing season, removing a free, government-run filing option that had been available to taxpayers in participating states.
Tax-preparation peer H&R Block also traded lower on Friday.
Investors now look ahead to a pair of known calendar markers: Intuit’s annual stockholder meeting on Jan. 22, and the next earnings report, which is expected on Feb. 24, according to Zacks.
The next earnings update will likely reset the near-term narrative. Traders will watch for any shifts in management’s tone on consumer demand heading into tax season and for signs of momentum in small-business products such as QuickBooks.
Credit Karma is another swing factor. The unit’s performance can track conditions in consumer lending and insurance shopping, areas that investors monitor closely when rates and credit conditions are in flux.
For now, the tape is doing the talking. Intuit’s decline leaves the stock lagging even as the broader market holds up, a setup that often keeps short-term traders focused on whether the move extends into the close and into next week.
