Intuit Inc. announced a significant acceleration of its share repurchase program on Monday. The company intends to utilize the remaining $3.5 billion under its existing authorization. This move roughly doubles the buyback pace recorded in the first half of the fiscal year.
Intuit’s founder and executive leadership team canceled their pre-scheduled stock sale plans alongside the announcement. The company already repurchased $1.8 billion in shares during the first half of its fiscal year. This represents a 40% increase compared to the previous year.
Management initiated the intensified strategy during a period of market volatility. The move signals internal confidence in the company’s valuation and future performance.