AI vs. software? Intuit’s CFO says that’s the wrong fight | Fortune

That’s according to CFO Sandeep Aujla, who says the company’s three long-standing bets on expert help, data-driven insights, and owning the center of customer cash flow are becoming stronger as AI tools mature.

Intuit, No. 258 on the Fortune 500, and the company behind TurboTax, Credit Karma, and QuickBooks, reported fiscal second-quarter results for the period ending Jan. 31 that topped expectations. Revenue rose 17% year-over-year to $4.7 billion, above the projected 14.5% growth rate. Non-GAAP EPS was $4.15, topping Wall Street estimates. The company projected continued revenue growth in the third quarter, though EPS guidance was slightly below expectations.

Aujla attributed the results to a tight focus on several “critical” priorities: executing for customers, deepening Intuit’s AI platform, and expanding further upmarket. The company’s earnings performance, he added, pushes back against the idea that AI is weakening traditional software business models.

Earlier this month, a broad sell-off in SaaS and cloud stocks, labeled by some investors as “SaaS-mageddon,” reflected fears that agentic AI could undermine per-seat software pricing. The episode tested confidence across the sector, though sentiment has started to recover.

For Aujla, the volatility felt familiar. He pointed to past waves of disruption, from Y2K to the rise of the internet, arguing that every major technology shift brings predictions of collapse.  “I think what people are really missing is the durability of these business models,” he said.

At the same time, large language model providers are increasingly aligning with established software companies, especially in regulated financial environments where accuracy matters. Aujla said the relationship is collaborative rather than competitive: “These LLMs are not looking to work against us. They’re actually looking to work with us.”

Many of Intuit’s small-business customers are owner-operators. “They’re running bakeries. They’re running construction firms,” Aujla said. “They’re not looking to sit at home and vibe code.”

What they do want are end-to-end solutions that blend AI automation with human expertise, helping manage money in and out, and decision-making through benchmarked insights, he said.

This week, Intuit announced a multi-year partnership with Anthropic, the AI safety company behind Claude, to develop custom agents. The deal represents a model-agnostic strategy designed to meet customers where they are. For core workflows like accounting, payroll, tax, and cash flow, Aujla said Intuit plans to build native agents directly into its platform.

For more specialized needs, customers and partners can build their own agents using models like Claude. Aujla cited a winery using an agent to monitor weather and adjust shipping to prevent wine from freezing, an example of a specialized use case built on Intuit’s platform.

Even with significant investment in AI, Aujla said he remains confident that margins will continue to expand. Automation efficiencies and disciplined spending help offset costs, he said, and agent costs are minimal and mostly usage-based.

From his view, he sees three growth levers ahead. First, productivity agents that save customers time. Second, agents that detect cash flow gaps and surface financing options inside QuickBooks. Third, agent workflows that route complex issues to human experts, creating natural upsell opportunities.

Looking ahead through 2026, Aujla said he is focused on sustaining strong financial performance, challenging what he sees as an overly pessimistic narrative around software and AI, and leaning into a new wave of innovation that echoes the energy and opportunity of the late-1990s tech boom.

Have a good weekend.

Sheryl Estrada
sheryl.estrada@fortune.com

Leaderboard

Fortune 500 Power Moves:

Chris Deppe was promoted to CFO of Chewy, Inc. (No. 357), an online retailer that specializes in pet products and services. Deppe has more than 20 years of experience. He joined Chewy in 2022 as the VP of supply chain and operations finance, and most recently served as the head of all corporate and commercial finance functions. During his tenure, he has played a key role in advancing the company’s financial strategy and operations. Before joining Chewy, Deppe spent more than 16 years at Amazon in senior finance leadership roles across Global Transportation Services, Global Mile, and U.S. Fulfillment Center Operations. 

Every Friday morning, the weekly Fortune 500 Power Moves column tracks Fortune 500 company C-suite shifts—see the most recent edition.

More notable moves this week:

Greg Prata was promoted to CFO at Sony Music Publishing, effective March 31. He succeeds Tom Kelly, who recently announced his upcoming retirement from his position as CFO, after a 35-year career. Prata has more than 25 years of experience in corporate finance. He joined Sony in 2012 as SVP, financial planning and analysis, following his time at EMI. In 2019, he was promoted to EVP, finance and corporate strategy. Before his roles at Sony Music Publishing and EMI, Prata spent over a decade in private equity and investment banking.

Ronda Chu was promoted to CFO of San Francisco International Airport (SFO). She brings more than 25 years of experience in financial consulting and management, including roles with Booz Allen Hamilton, Reed & Associates, and Jacobs/LeighFisher. Chu joined SFO in 2008 as an airport economic planner and most recently served as managing director of finance. Before her appointment, Kevin Bumen held both CFO and chief commercial officer roles. He will continue as chief commercial officer.

Tyler Reddien was appointed CFO and chief operating officer of Capri Holdings Limited (NYSE: CPRI), a global fashion luxury group, effective March 30. Most recently, Reddien served as the CFO of The Body Shop. Previously, he held senior leadership positions at Natura &Co Holding, a global cosmetics and personal care company. Reddien also held executive roles at Hertz, where he served as SVP and CFO for North America Rent-a-Car Operations. Earlier in his career, he spent more than a decade at United Airlines in financial planning, investor relations, strategic planning, and operations.

Stephanie Lewis was promoted to CFO of Forbes, effective immediately. She will oversee the global finance organization. Lewis was most recently SVP of finance. She joined Forbes in 2008 as a financial analyst and has since held a series of increasingly senior leadership roles within the finance organization, including controller. Before joining the company, Lewis began her career at a small CPA firm in New York City, working in audit and personal tax, and later joined Grant Thornton’s commercial audit practice.

Mel Hope, CFO of First Watch Restaurant Group, Inc. (Nasdaq: FWRG), has informed the company of his intent to retire later this year. Hope joined First Watch in 2018. During his career, which began in 1984, he served as CFO of Popeyes Louisiana Kitchen, was a partner with PricewaterhouseCoopers LLP, and held executive positions with several privately owned organizations and startup ventures. First Watch has commenced a process to identify his successor.

Kevin McDonnell, EVP and CFO at AeroVironment, Inc. (NASDAQ: AVAV), a global defense technology provider, has informed the company of his decision to retire, effective July 31. McDonnell joined AV in 2020. During his tenure as CFO, AV strengthened its balance sheet, financial and operational discipline, and completed strategic acquisitions and organic growth initiatives. AV is conducting a search for his successor. McDonnell will continue to offer support throughout the transition period.

Big Deal

Payscale has released its 17th annual Compensation Best Practices Report. A key finding is that AI proficiency is increasingly becoming an expectation without additional compensation.

Fifty-five percent of companies surveyed say they are offering no premiums, bonuses, or equity for employees who have built out their AI skill sets. Just 14% offer higher base pay, 10% offer bonuses, and 9% offer long‑term incentives. Meanwhile, companies are rewriting job descriptions to require AI competencies—31% in IT roles, 20% in non‑IT roles, and 10% in leadership—with 42% of organizations adding new AI‑specific roles this year. And 30% of organizations say they are already replacing roles with AI or seriously considering it.

Going deeper

Here are four Fortune weekend reads:

“Warner Bros. officially deems Paramount’s bid ‘superior’ and Netflix withdraws” —Nick Lichtenberg

“AI capex and the ‘wealth effect’ from tech stocks (like Nvidia) now drive one-third of U.S. GDP growth, top analysts say” —Jim Edwards

“New CBO report shows national debt spiraling into uncharted territory by 2035—and Trump’s tariff defeat will make the picture even worse” —Shawn Tully

“MacKenzie Scott gave away $7.2 billion in just one year. That’s more than Jeff Bezos and most other billionaires have donated in their lifetimes” —Sydney Lake

Overheard

“We, as big employers, should be actively engaged in trying to equip our respective employees—in our case, associates—to be prepared for a world that is AI-enabled and automated or digitized.”

—Donna Morris, Walmart’s chief people officer, told Fortune in an interview.