New York, January 20, 2026, 19:58 EST — After-hours
- Intuit shares closed down 3% on Tuesday, extending a week-long losing streak.
- The IRS opens the 2026 filing season on Jan. 26, putting TurboTax demand in focus.
- Investors are watching for early tax-season signals and Intuit’s next earnings update.
Intuit Inc (INTU.O) fell 3% to $528.95 in Tuesday’s session, its seventh straight decline, as a broad selloff knocked the S&P 500 down 2.06%. Volume in the stock topped its 50-day average, and the close was Intuit’s lowest since Nov. 10, 2023, according to Dow Jones Market Data.
The timing matters. The IRS has set Jan. 26 as the opening of the nation’s 2026 filing season, and it said it expects to receive about 164 million individual tax returns. That date effectively starts the highest-traffic stretch for TurboTax and can set the tone for Intuit shares heading into February.
The tax backdrop is getting messier, too. IRS Chief Executive Officer Frank Bisignano has announced a leadership reorganization days before filing season as the agency heads into a year of tax-law changes and operational strain, the Associated Press reported.
Intuit, based in Mountain View, California, sells TurboTax, Credit Karma and QuickBooks. The stock has been sliding with other high-multiple software names as investors pare risk and demand cleaner growth.
The company has not put out fresh results since November, when it forecast second-quarter revenue growth of about 14% to 15% for the quarter ending Jan. 31. It also guided for adjusted (excluding some items) earnings per share of $3.63 to $3.68 and reaffirmed its full-year outlook.
Analysts have been part of the drag. Wells Fargo downgraded Intuit to “Equal Weight” from “Overweight” on Jan. 8 and cut its price target to $700 from $840, arguing last year’s rebound in tax would be a “tough act to follow.” TipRanks
Not everyone is leaning the same way. Jefferies analyst Brent Thill said the early-year slide looks “overdone” and pointed to “dual tailwinds” in assisted tax and mid-market accounting, according to a research note. TipRanks
In tax filing, Intuit competes with H&R Block and Block’s Cash App Taxes. The IRS will also lean on its Free File program after ending its Direct File effort for the 2026 season, consumer tax outlets reported — a shift that could reshuffle where price-sensitive filers land.
For now, the next few sessions are about the start of filing season, not long-dated forecasts. If early returns flow in smoothly and paid software holds up, the stock could stabilize. If not, the tape is thin.
The risk case is straightforward. A slow start to filings, signs that consumers are trading down to free options, or any disruption at the IRS could hit sentiment quickly. Another leg down in the wider market would not help a stock already under pressure.
The next hard date is Jan. 26, when the IRS opens filing for individual returns. Beyond that, Wall Street is looking to Intuit’s next earnings update in late February; Nasdaq’s earnings calendar pegs it at Feb. 24.
