Intuit Becomes S&P 500’s Worst Performer This Year: Here’s Why

BreakingBusinessIntuit Becomes S&P 500’s Worst Performer This Year: Here’s WhyByTy Roush,Forbes Staff. Ty Roush is a breaking news reporter based in New York City.Follow AuthorJun 02, 2026, 04:47pm EDTToplineIntuit’s shares plunged on Tuesday, becoming the S&P 500’s worst-performing stock so far this year after large-scale job cuts and an expected reduction in TurboTax revenue, as some analysts anticipate mounting AI-driven competitors. Analysts anticipate increased competition to disrupt the TurboTax owner. gettyKey FactsShares of Intuit dropped 8.9% on Tuesday, adding to a 51% decline so far this year, the worst performance among all stocks tracked by the S&P 500 ahead of real estate analytics firm CoStar Group (down 50%) and the medical device manufacturer Insulet (49%).The latest slide in Intuit’s stock followed a downgrade from Goldman Sachs analysts on Tuesday, who now project shares falling 14% to $276, down from an earlier estimate of shares rising 61% to $519.Goldman analysts cited concerns with Intuit’s TurboTax, which represents roughly 25% of the company’s revenue and operating income, as a new generation of AI-powered tax services becomes increasingly competitive, including Prime Meridian, Perplexity Tax and Chime Tax.Intuit will likely be hit with lower average revenue and lower market share as competition increases over the next two years, Goldman analyst Gabriela Borges wrote. if (!window.cnxel) { window.cnxel = {}; window.cnxel.cmd = []; var iframe = document.createElement('iframe'); iframe.style.display = 'none'; iframe.onload = function() { var iframeDoc = iframe.contentWindow.document; var script = iframeDoc.createElement('script'); script.src = '//cd.elements.video/player.js?cid=62cec241-7d09-4462-afc2-f72f8d8ef40a'; script.setAttribute('defer', '1'); script.setAttribute('type', 'text/javascript'); iframeDoc.body.appendChild(script); }; document.head.appendChild(iframe); const preloadResourcesEndpoint = 'https://cds.elements.video/a/...