Munger Mode rating: 4 out of 5 — Buy. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
Charlie and I have spent the better part of an afternoon poring over Intuit's just-released Q3 fiscal 2026 10-Q (quarter ended April 30, 2026), reading back through five years of annual reports, listening to recent earnings calls, and comparing notes on the competitive landscape. Our conclusion is the kind we like to reach: simple, defensible, and ultimately optimistic. Intuit is a genuinely wonderful business. It owns two dominant franchises — TurboTax in consumer tax preparation and QuickBooks in small-business accounting — each protected by switching costs, network effects with the professional accountant community, brand trust accumulated over four decades, and a data flywheel that AI is more likely to fortify than to dismantle.
Recent filings analysed: 8-K (2026-08-25), 8-K (2026-06-11), FWP (2026-06-08), 10-Q (2026-05-20).
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