Intuit Stockholders Re-Elect Directors, Back Say-on-Pay; DEI ROI Proposal Fails at AGM
Intuit NASDAQ: INTU held its 2026 Annual Stockholders’ Meeting in a virtual format, where stockholders voted on four proposals and heard business updates from CEO and President Sasan Goodarzi and CFO Sandeep Aujla. General Counsel and Corporate Secretary Kerry McLean conducted the formal portion of the meeting and noted that Ernst & Young and Broadridge representatives were present, with Broadridge serving as inspector of elections.
Stockholder votes and meeting proposals
Stockholders voted on three management proposals and one stockholder proposal. Management proposals included the election of 11 directors, an advisory vote on executive compensation (say-on-pay), and ratification of Ernst & Young as Intuit’s independent registered public accounting firm for fiscal 2026.
McLean said that, based on preliminary results, stockholders:
- Elected the 11 director nominees listed in the proxy statement
- Approved the advisory say-on-pay proposal
- Ratified Ernst & Young for fiscal 2026
- Did not approve the stockholder proposal
The company said it expects to publish final vote totals in a Form 8-K within four business days.
Stockholder proposal on DEI return on investment
The meeting included a stockholder proposal (proposal four) sponsored by Stefan Padfield of the National Center for Public Policy Research’s Free Enterprise Project. Padfield said the proposal requested a report assessing the return on investment (ROI) of Intuit’s diversity and inclusion programs. He argued that stockholders should be able to evaluate whether corporate expenditures on such initiatives generate value and asserted that voting outcomes may not fully reflect the views of beneficial owners due to intermediaries such as large asset managers and proxy advisors. He also criticized the company’s opposition statement for not addressing ROI directly.
McLean reiterated that the board recommended stockholders vote against proposal four.
CEO outlines strategy focused on “system of intelligence”
In his business update, Goodarzi said Intuit serves consumers, small businesses, and mid-market businesses, and described two customer outcome goals: doubling the household savings rate for consumers on its platform and doubling revenue and profit growth rates for businesses over a three-year period. He said Intuit is working to create a “system of intelligence” designed to do work for customers “from lead to cash” and “from credit to wealth,” combining data, artificial intelligence, and human intelligence.
Looking back, Goodarzi said Intuit declared seven years ago that it would focus capital allocation and talent on data, AI, and human intelligence. He said the company has grown from about $5 billion in size to nearly $20 billion, and that its growth rate increased from 8% to 16% over that period. He also said Intuit beat “every metric” it had committed to in the last fiscal year and grew 18% in the first quarter, again beating on committed metrics. However, he cited two areas of “constructive dissatisfaction”: Mailchimp growth and international growth, while adding that he had confidence in leadership and plans in those areas.
Big bets: done-for-you experiences, money benefits, and mid-market
Goodarzi described Intuit’s strategy as an “AI-driven expert platform” and said the company has made three major bets:
- Done-for-you experiences, delivered through AI agents and integrated human expertise, with customers “always in control.”
- Accelerating money benefits, focusing on cash flow for businesses and outcomes such as refunds and bill prioritization for consumers.
- Mid-market expansion, targeting customers roughly $10 million to $100 million in size today, with an intent to serve larger businesses over time.
He said Intuit’s total addressable market is over $300 billion and noted penetration rising from 5% to 6%. He also discussed “over-digitization,” saying businesses may use anywhere from seven apps to 30 or 40 apps, which can lead to siloed data, less insight, and higher time and cost burdens.
Operational proof points and Q&A highlights
Goodarzi shared several metrics he said demonstrate progress. He said Intuit has seen 80% repeat usage for certain AI agents, routine tasks completed at twice the speed, and accounting-agent users saving about 12 hours per month. He also said payments users are “getting paid five days earlier.” Internally, he said engineers using AI assistants are generating 40% of their code with AI assistants and delivering nearly 39% more code.
For consumers, Goodarzi said TurboTax Live grew 47% and is now a business of over $2 billion. He also said Credit Karma contributed one point of growth in tax, and that the combination of Credit Karma and TurboTax lifted ARPC by 38%. He added that Intuit helped consumers access $14 billion of refunds sooner.
For small businesses, he said QuickBooks Live grew 2x in the last year and that payments and payroll grew 37% and 25%, respectively. In mid-market, he said the segment grew 40% and cited a Forrester study stating that customers using Intuit Enterprise Suite saw a 300% ROI, attributing it to revenue growth acceleration, efficiency gains, and total cost of ownership benefits.
During Q&A, Goodarzi said international revenue currently represents 8% of Intuit’s revenue and that the same strategic “bets” apply globally with localized execution by geography. He also said AI agents are already part of the consumer platform, including TurboTax. On a question regarding physical shareholder meetings, he said the company does not foresee returning to in-person meetings but would consider feedback about meeting format.
In response to a question about shareholder value, CFO Sandeep Aujla said Intuit scaled revenue from $9.5 billion in 2021 to nearly $19 billion in the most recent year, doubled net income from $2 billion to more than $4 billion, and doubled free cash flow from $3 billion to more than $6 billion over five years. He said the company returned about two-thirds of free cash flow to shareholders in that period and stated that Intuit’s stock performance over five years was up more than three times versus the S&P Software and Services ETF.
Goodarzi also addressed a question about brick-and-mortar stores, describing them as “tech-led” and “asset-light,” and said they are included in the company’s run rate and guidance. He also said Intuit would not consider selling or spinning off the QuickBooks desktop business, adding that most of the desktop platform is already in the cloud and that the company intends to continue serving those customers while helping them move to cloud over time.
About Intuit NASDAQ: INTU
Intuit Inc NASDAQ: INTU is a financial software company headquartered in Mountain View, California, that develops and sells cloud-based financial management and compliance products for individuals, small businesses, self-employed workers and accounting professionals. Founded in 1983 by Scott Cook and Tom Proulx, the company has grown from desktop tax and accounting software into a diversified provider of online financial tools. As of my latest update, Sasan Goodarzi serves as Chief Executive Officer.
Intuit's product portfolio includes QuickBooks, its flagship accounting and business-management platform that offers bookkeeping, payroll, payments and invoicing capabilities; TurboTax, a tax-preparation and filing service aimed at individual taxpayers; and Mint, a consumer personal-finance and budgeting app.
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