Contacts: Investors Media
Contacts: Investors Media Kendra Goodenough Kali Fry Intuit Inc. Intuit Inc. 650-944-3663 650-944-3036 kendra_goodenough@intuit.com kali_fry@intuit.com
Fourth-quarter revenue grew 14 percent, full year fiscal 2026 revenue grew 14 percent
Intuit Inc. (Nasdaq: INTU) the global financial technology platform that makes Intuit TurboTax , Credit Karma , QuickBooks , Mailchimp , and Intuit Enterprise Suite , announced financial results for the fourth quarter and full fiscal year 2026, which ended July 31, 2026.
“We surpassed $20 billion in revenue for the full year with growth fueled by our Big Bets which collectively grew 34 percent and represented 30 percent of full- year revenue,” said Sasan Goodarzi, Intuit’s chairman and chief executive officer. "Our strategy is to win as an AI-driven expert platform by creating a financial system of intelligence that increasingly does the work for consumers, businesses, and accountants and helps them accomplish the outcomes that matter most. Looking ahead, we're focused on scaling our Big Bets, accelerating customer growth, and making deliberate choices to create a stronger foundation for durable long-term growth.”
• Global Business Solutions revenue increased 16 percent to $12.9 billion, and Online Ecosystem revenue increased 19 percent to $9.9 billion.
• GAAP operating income increased 20 percent to $5.9 billion, and non-GAAP operating income increased 18 percent to $8.9 billion.
• GAAP earnings per share increased 20 percent to $16.46, and non-GAAP earnings per share increased 20 percent to $24.27.
• Global Business Solutions revenue increased 14 percent to $3.4 billion, and Online Ecosystem revenue increased 17 percent to $2.6 billion.
Unless otherwise noted, all growth rates refer to the current period versus the comparable prior-year period, and the business metrics and associated growth rates refer to worldwide business metrics.
"Fiscal 2026 demonstrated the strength of our platform and the growing contribution of our Big Bets,” said Sandeep Aujla, Intuit's chief financial officer. "As we look ahead, we are focused on execution and taking a disciplined approach to investments as we scale our Big Bets and accelerate customer growth. We remain committed to delivering durable revenue growth, operating margin expansion, and growing capital returns to shareholders over the long term."
◦ Online Services revenue increased 16 percent. Excluding Mailchimp, Online Services revenue grew 24 percent.
◦ Total international online revenue increased 10 percent on a constant currency basis.
◦ TurboTax revenue increased 7 percent to $5.3 billion. TurboTax Live revenue increased 37 percent, representing 53 percent of total TurboTax revenue.
Units in Full Fiscal Year Full Fiscal Year Change millions 2026 2025 Year-Over-Year Desktop Units 4.1 4.4 (7)% Online Units 34.9 35.5 (2)% Total U.S. 39.0 39.9 (2)% TurboTax Units
◦ QuickBooks Online Accounting revenue increased 20 percent driven by higher effective prices, customer growth, and mix shift.
◦ Total international online revenue increased 10 percent on a constant currency basis.
◦ Credit Karma revenue increased 16 percent to $743 million driven by strength in personal loans, auto insurance, and credit cards.
• Total cash and investments balance was $7.2 billion and total debt was $7.7 billion as of July 31, 2026. In June, we issued $1.75 billion in senior notes which further strengthens our liquidity to address debt maturing in fiscal 2027.
• Intuit repurchased $5.5 billion of stock during fiscal year 2026, up 96 percent versus last year, and these repurchases drove a 2 percent reduction in weighted-average diluted shares outstanding as share repurchases more than offset dilution from share-based compensation. The company has a total remaining authorization of $7.9 billion to repurchase shares.
• Intuit’s Board approved a quarterly dividend of $1.38 per share, payable on October 16, 2026. This represents a 15 percent increase versus last year.
Effective August 1, 2026, the company began managing Mailchimp as a separate operating segment from Global Business Solutions. Mailchimp will be a separate reportable segment beginning in fiscal 2027. Additional information can be found on the company's fact sheet at https://investors.intuit.com/financial- information.
Effective August 1, 2026, share-based compensation expense will no longer be excluded from Intuit’s non-GAAP financial measures. The company views share- based compensation as a recurring component of the compensation program, and believes including this expense in non-GAAP financial measures reflects core operating results.
Intuit announced guidance for the full year fiscal 2027 as well as the first quarter of fiscal 2027. All guidance reflects the Mailchimp segment reporting change as well as the non-GAAP reporting change noted above. The company expects:
Dollars are in millions, except earnings per share. See “About Non-GAAP Financial Measures” below for more information regarding financial measures not prepared in accordance with Generally Accepted Accounting Principles (GAAP).
(1) Non-GAAP operating income guidance includes $2,020 million from share-based compensation expense, and non-GAAP diluted earnings per share guidance includes a $5.81 impact from share-based compensation expense.
Dollars are in millions, except earnings per share. See “About Non-GAAP Financial Measures” below for more information regarding financial measures not prepared in accordance with Generally Accepted Accounting Principles (GAAP).
(1) Non-GAAP operating income guidance includes $521 million from share-based compensation expense, and non-GAAP diluted earnings per share guidance includes a $1.48 impact from share-based compensation expense.
Intuit executives will discuss the financial results on a conference call at 1:30 p.m. Pacific time on August 25. The conference call can be heard live at https://investors.intuit.com/news-events/ir-calendar. Prepared remarks for the call will be available on Intuit’s website after the call ends.
Intuit will host its annual Investor Day on September 17 at 8:00 a.m. Pacific time, at its headquarters in Mountain View, CA. The event can be viewed live at https://investors.intuit.com/news-events/ir-calendar and a replay will be available on the Intuit Investor Relations website. The half-day event will include presentations from Sasan Goodarzi, chief executive officer, Sandeep Aujla, chief financial officer, and other leaders.
Intuit is the global financial technology platform that powers prosperity for the people and communities we serve. With approximately 100 million customers worldwide using products such as TurboTax , Credit Karma , QuickBooks , and Mailchimp , and Intuit Enterprise Suite , we believe that everyone should have the opportunity to prosper. We never stop working to find new, innovative ways to make that possible. Please visit us at Intuit.com and find us on social for the latest information about Intuit and our products and services.
This press release and the accompanying tables include non-GAAP financial measures. For a description of these non-GAAP financial measures, including the reasons management uses each measure, and reconciliations of these non-GAAP financial measures to the most directly comparable financial measures prepared in accordance with Generally Accepted Accounting Principles, please see the section of the accompanying tables titled "About Non-GAAP Financial Measures" as well as the related Table B1, Table B2, and Table E. A copy of the press release issued by Intuit today can be found on the investor relations page of Intuit's website.
This press release contains forward-looking statements, including expectations regarding: forecasts and timing of growth and future financial results of Intuit and its reporting segments; Intuit’s prospects for the business in fiscal 2027 and beyond; Intuit’s growth outside the US; timing and growth of revenue from current or future products, features, and services; innovation across our ecosystem; demand for our products; customer growth and retention; Intuit's corporate tax rate; changes to our products, including the impact of artificial intelligence (AI); the amount and timing of any future dividends or share repurchases; our capital structure; our share-based compensation expense; availability of our offerings; and the impact of strategic decisions on our business; as well as all of the statements under the heading "Forward-looking Guidance."
Because these forward-looking statements involve risks and uncertainties, there are important factors that could cause our actual results to differ materially from the expectations expressed in the forward-looking statements. These risks and uncertainties may be amplified by the effects of global developments and conditions or events, including macroeconomic uncertainty and geopolitical conditions, which have caused significant global economic instability and uncertainty. Given these risks and uncertainties, persons reading this communication are cautioned not to place any undue reliance on such forward- looking statements. These factors include, without limitation, the following: our ability to realize the anticipated benefits of our restructuring plan (Plan); risks related to the preliminary nature of the estimate of the charges to be incurred in connection with the Plan, which is subject to change; risks related to any delays in the timing for implementing the Plan or potential disruptions to our business or operations as we execute on the Plan; our ability to compete successfully; potential governmental encroachment in our tax business; our ability to develop, deploy, and use AI in our platform and offerings; our ability to adapt to technological change and to successfully extend our platform; our ability to predict consumer behavior; our ability to anticipate and solve new and existing customer problems; our reliance on intellectual
property; our ability to protect our intellectual property rights; any harm to our reputation; risks associated with our environmental, social, and governance efforts; risks associated with acquisition and divestiture activity; the issuance of equity or incurrence of debt to fund acquisitions or for general business purposes; cybersecurity incidents (including those affecting the third parties we rely on); customer or regulator concerns about privacy and cybersecurity incidents; fraudulent activities by third parties, including through the use of AI; our failure to process transactions effectively; interruption or failure of our information technology; our ability to maintain critical third-party business relationships; our ability to attract and retain talent and the success of our hybrid work model; our ability to effectively develop and deploy AI in our offerings; any deficiency in the quality or accuracy of our offerings (including the advice given by experts on our platform); any delays in product launches; difficulties in processing or filing customer tax submissions; risks associated with international operations; risks associated with climate change; changes to, and evolving interpretations of public policy, laws, or regulations affecting our businesses; allegations of legal claims and legal proceedings in which we are involved; fluctuations in the results of our tax business due to seasonality and other factors beyond our control; changes in tax rates and tax reform legislation; global economic conditions (including, without limitation, inflation); exposure to credit, counterparty, and other risks in providing capital to businesses; amortization of acquired intangible assets and impairment charges; our ability to repay or otherwise comply with the terms of our outstanding debt; our ability to repurchase shares or distribute dividends; volatility of our stock price; and our ability to successfully market our offerings.
More details about these and other risks that may impact our business are included in our Form 10-K for fiscal 2025 and in our other SEC filings. You can locate these reports through our website at https://investors.intuit.com. First- quarter and full-year fiscal 2027 guidance speaks only as of the date it was publicly issued by Intuit. Other forward-looking statements represent the judgment of the management of Intuit as of the date of this presentation. Except as required by law, we do not undertake any duty to update any forward-looking statement or other information in this presentation.
[A] The following table summarizes the total share-based compensation expense that we recorded in operating income for the periods shown.
[B] We recognized tax shortfalls on share-based compensation of $43 million in our provision for income taxes for the twelve months ended July 31, 2026. We recognized excess tax benefits on share-based compensation of $143 million in our provision for income taxes for the twelve months ended July 31, 2025.
Our effective tax rate for the twelve months ended July 31, 2026 was approximately 24%. This rate differed from the federal statutory rate of 21% primarily due to state income taxes and non-deductible share-based compensation, which were partially offset by the benefit we received from the federal research and experimentation credit.
Our effective tax rate for the twelve months ended July 31, 2025 was approximately 20%. Excluding certain tax benefits primarily related to share- based compensation, our effective tax rate was approximately 24%. This rate differed from the federal statutory rate of 21% primarily due to state income taxes and non-deductible share-based compensation, which were partially offset by the benefit we received from the federal research and experimentation credit.
In the current global tax policy environment, the U.S. and other domestic and foreign governments continue to consider, and in some cases enact, changes in corporate tax laws. As changes occur, we account for finalized legislation in the period of enactment. 2
[A] During the three months ended October 31, 2025, January 31, 2026, April 30, 2026, and July 31, 2026, we recognized $34 million, $31 million, $46 million, and $69 million, respectively, in net gains on other long-term investments.
[B] As discussed in “About Non-GAAP Financial Measures - Income Tax Effects and Adjustments” following Table E, our long-term non-GAAP tax rate eliminates the effects of non-recurring and period-specific items. Income tax adjustments consist primarily of the tax impact of the non-GAAP pre-tax adjustments and tax effects related to share-based compensation.
See “About Non-GAAP Financial Measures” immediately following Table E for information on these measures, the items excluded from the most directly comparable GAAP measures in arriving at non-GAAP financial measures, and the reasons management uses each measure and excludes the specified amounts in arriving at each non-GAAP financial measure. 3
[A] During the three months ended October 31, 2024, we recognized a $42 million net loss on other long-term investments.
[B] As discussed in “About Non-GAAP Financial Measures - Income Tax Effects and Adjustments” following Table E, our long-term non-GAAP tax rate eliminates the effects of non-recurring and period-specific items. Income tax adjustments consist primarily of the tax impact of the non-GAAP pre-tax adjustments and tax effects related to share-based compensation.
See “About Non-GAAP Financial Measures” immediately following Table E for information on these measures, the items excluded from the most directly comparable GAAP measures in arriving at non-GAAP financial measures, and the reasons management uses each measure and excludes the specified amounts in arriving at each non-GAAP financial measure. 4
July 31, 2026 July 31, 2025 ────────────────────────────────────────────────────────────────────────────── ASSETS Current assets: Cash and cash equivalents $ 4,705 $ 2,884 Investments 2,495 1,668 Accounts receivable, net 625 530 Notes receivable held for investment 1,468 1,403 Notes receivable held for sale 179 — Income taxes receivable 124 50 Prepaid expenses and other current 677 496 assets Current assets before funds receivable 10,273 7,031 and amounts held for customers Funds receivable and amounts held for 5,038 7,076 customers Total current assets 15,311 14,107 Long-term investments 248 94 Property and equipment, net 1,023 961 Operating lease right-of-use assets 609 541 Goodwill 13,981 13,980 Acquired intangible assets, net 4,642 5,302 Long-term deferred income tax assets 172 1,222 Other assets 800 751 Total assets $ 36,786 $ 36,958 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Short-term debt $ 1,249 $ — Accounts payable 873 792 Accrued compensation and related 1,068 858 liabilities Deferred revenue 1,072 1,019 Other current liabilities 863 625 Current liabilities before funds payable 5,125 3,294 and amounts due to customers Funds payable and amounts due to 5,038 7,076 customers Total current liabilities 10,163 10,370 Long-term debt 6,420 5,973 Long-term deferred income tax 239 20 liabilities Operating lease liabilities 667 597 Other long-term obligations 305 288 Total liabilities 17,794 17,248 Stockholders’ equity 18,992 19,710 Total liabilities and stockholders’ $ 36,786 $ 36,958 equity
Twelve Months Ended July 31, 2026 July 31, 2025 ────────────────────────────────────────────────────────────────────────────── Cash flows from operating activities: Net income $ 4,566 $ 3,869 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 187 172 Amortization of acquired 659 637 intangible assets Non-cash operating lease 106 75 cost Share-based compensation 2,056 1,968 expense Provision for expected credit 237 134 losses Deferred income 1,279 -435 taxes Other -248 -7 Total 4,276 2,544 adjustments Changes in operating assets and liabilities: Accounts -95 -71 receivable Income taxes -74 27 receivable Prepaid expenses -221 -283 and other assets Accounts payable 63 73 Accrued compensation and 202 -64 related liabilities Deferred revenue 51 142 Operating lease -93 -77 liabilities Other 163 47 liabilities Total changes in operating assets -4 -206 and liabilities Net cash provided by 8,838 6,207 operating activities Cash flows from investing activities: Purchases of corporate and -3,892 -2,363 customer fund investments Sales of corporate and 547 320 customer fund investments Maturities of corporate and 2,554 864 customer fund investments Purchases of property and -221 -124 equipment Acquisitions of businesses, net — -184 of cash acquired Originations and purchases of notes -6,755 -3,992 receivable held for investment Sales of notes receivable originally 2,210 562 classified as held for investment Principal repayments of notes receivable 4,253 2,706 held for investment Other -108 -107 Net cash used in investing -1,412 -2,318 activities Cash flows from financing activities: Proceeds from issuance of long-term 1,736 — debt, net of discount and issuance costs Repayments of — -500 debt Proceeds from borrowings under secured 186 429 revolving credit facilities Repayments on borrowings under secured -230 — revolving credit facilities Proceeds from issuance of stock under 180 398 employee stock plans Payments for employee taxes withheld -709 -982 upon vesting of restricted stock units Cash paid for purchases of -5,412 -2,772 treasury stock Dividends and dividend rights -1,347 -1,189 paid Net change in funds receivable and funds -2,086 3,107 payable and amounts due to customers Other -7 -1 Net cash used in financing -7,689 -1,510 activities
Effect of exchange rates on cash, cash equivalents, restricted cash, and restricted cash equivalents Net increase (decrease) in cash, cash equivalents, restricted cash, and restricted cash equivalents (2) 3 Cash, cash equivalents, restricted cash, and (265) 2,382 restricted cash equivalents at beginning of period 9,481 7,099 ────────────────────────────────────────────────────────────────────────────── Cash, cash equivalents, restricted cash, and restricted cash equivalents at end $ 9,216 $ 9,481 of period Reconciliation of cash, cash equivalents, restricted cash, and restricted cash equivalents reported within the consolidated balance sheets to the total amounts reported on the consolidated statements of cash flows Cash and cash equivalents $ 4,705 $ 2,884 Restricted cash and restricted cash equivalents included in funds receivable 4,511 6,597 and amounts held for customers Total cash, cash equivalents, restricted cash, and restricted cash equivalents at $ 9,216 $ 9,481 end of period Supplemental disclosure of cash flow information: Interest paid $ 295 $ 284 Supplemental schedule of non-cash investing and financing activities: Transfers of notes receivable originated or purchased as held for investment to $ 2,348 $ 546 held for sale Retirement of treasury stock $ 27,006 $ —
RECONCILIATION OF FORWARD-LOOKING GUIDANCE FOR NON-GAAP FINANCIAL MEASURES TO PROJECTED GAAP REVENUE, OPERATING INCOME, AND EPS
See “About Non-GAAP Financial Measures” immediately following Table E for information on these measures, the items excluded from the most directly comparable GAAP measures in arriving at non-GAAP financial measures, and the reasons management uses each measure and excludes the specified amounts in arriving at each non-GAAP financial measure. Beginning in the first quarter of fiscal 2027, our non-GAAP financial measures will no longer exclude share-based compensation expense. The GAAP and Non-GAAP financial measures above are inclusive of $521 million and $2.0 billion of share-based compensation expense for the three months ending October 31, 2026, and the twelve months ended July 31, 2027, respectively.
[a] Reflects estimated adjustments for amortization of other acquired intangible assets of approximately $121 million; amortization of acquired technology of approximately $43 million; and restructuring charges of approximately $22 million.
[b] Reflects estimated adjustments in item [a], income taxes related to these adjustments, and other income tax effects related to the use of the non-GAAP tax rate.
[c] Reflects estimated adjustments for amortization of other acquired intangible assets of approximately $483 million; amortization of acquired technology of approximately $150 million; and restructuring charges of approximately $22 million.
[d] Reflects estimated adjustments in item [c], income taxes related to these adjustments, and other income tax effects related to the use of the non-GAAP tax rate. 8
The accompanying press release dated August 25, 2026 contains non-GAAP financial measures. Table B1, Table B2, and Table E reconcile the non-GAAP financial measures in that press release to the most directly comparable financial measures prepared in accordance with Generally Accepted Accounting Principles (GAAP). These non-GAAP financial measures include non-GAAP operating income (loss), non-GAAP net income (loss), and non-GAAP diluted net income (loss) per share.
Non-GAAP financial measures should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. These non-GAAP financial measures do not reflect a comprehensive system of accounting, differ from GAAP measures with the same names, and may differ from non-GAAP financial measures with the same or similar names that are used by other companies.
We compute non-GAAP financial measures using the same consistent method from quarter to quarter and year to year. We may consider whether other significant items that arise in the future should be excluded from our non-GAAP financial measures. Beginning in the first quarter of fiscal 2027, our non-GAAP financial measures will no longer exclude share-based compensation expense. Share-based compensation is a recurring component of our compensation program, and we believe including this expense in our non-GAAP financial measures reflects our core operating results.
We also exclude the following items from non-GAAP net income (loss) and diluted net income (loss) per share:
(1) Historical results in Tables B1 and B2 exclude share-based compensation expense from our non-GAAP financial measures. Forward-looking guidance for fiscal 2027 in Table E includes share-based compensation expense in our non-GAAP financial measures.
We believe these non-GAAP financial measures provide meaningful supplemental information regarding Intuit’s operating results primarily because they exclude amounts that we do not consider part of ongoing operating results when planning and forecasting and when assessing the performance of the organization, our individual operating segments, or our senior management. Segment managers are not held accountable for share-based compensation expense, amortization, restructuring, or the other excluded items and, accordingly, we exclude these amounts from our measures of segment performance. We believe our non-GAAP financial measures also facilitate the comparison by management and investors of results for current periods and guidance for future periods with results for past periods.
The following are descriptions of the items we exclude from our non-GAAP financial measures.
Amortization of acquired technology and amortization of other acquired intangible assets . When we acquire a business in a business combination, we are required by GAAP to record the fair values of the intangible assets of the business and amortize them over their useful lives. Amortization of acquired technology in cost of revenue includes amortization of software and other technology assets of acquired businesses. Amortization of other acquired intangible assets in operating expenses includes amortization of assets such as customer and user relationships and trade names and logos.
Restructuring charges . This consists of costs incurred as a direct result of discrete strategic restructuring actions, including, but not limited to severance and other one-time termination benefits, and other costs, which are different in terms of size, strategic nature, and frequency than ongoing productivity and business improvements. 9 Share-based compensation expense . This consists of non-cash expenses for stock options, restricted stock units, and our Employee Stock Purchase Plan. When considering the impact of equity awards, we place greater emphasis on overall shareholder dilution rather than the accounting charges associated with those awards.
Gains and losses on executive deferred compensation plan liabilities . We exclude from our non-GAAP financial measures gains and losses on the revaluation of our executive deferred compensation plan liabilities.
Goodwill and intangible asset impairment charges . We exclude from our non-GAAP financial measures non-cash charges to adjust the carrying values of goodwill and other acquired intangible assets to their estimated fair values.
Gains and losses on disposals of businesses and long-lived assets. We exclude from our non-GAAP financial measures gains and losses on disposals of businesses and long-lived assets because they are unrelated to our ongoing business operating results.
Professional fees and transaction costs for business combinations . We exclude from our non-GAAP financial measures the professional fees we incur to complete business combinations. These include investment banking, legal, and accounting fees.
Gains and losses on debt securities and other investments . We exclude from our non-GAAP financial measures credit losses on available-for-sale debt securities and gains and losses on other investments.
Gains and losses on executive deferred compensation plan assets . We exclude from our non-GAAP financial measures gains and losses on the revaluation of our executive deferred compensation plan assets.
Income tax effects and adjustments. We use a long-term non-GAAP tax rate for evaluating operating results and for planning, forecasting, and analyzing future periods. This long-term non-GAAP tax rate excludes the income tax effects of the non-GAAP pre-tax adjustments described above, and eliminates the effects of non- recurring and period specific items which can vary in size and frequency. Based on our long-term projections, we are using a long-term non-GAAP tax rate of 24% for fiscal 2026 and fiscal 2027. This long-term non-GAAP tax rate could be subject to change for various reasons including significant acquisitions, changes in our geographic earnings mix, or fundamental tax law changes in major jurisdictions in which we operate. We will evaluate this long-term non-GAAP tax rate on an annual basis and whenever any significant events occur which may materially affect this rate.
Operating results and gains and losses on the sale of discontinued operations . From time to time, we sell or otherwise dispose of selected operations as we adjust our portfolio of businesses to meet our strategic goals. In accordance with GAAP, we segregate the operating results of discontinued operations as well as gains and losses on the sale of these discontinued operations from continuing operations on our GAAP statements of operations but continue to include them in GAAP net income or loss and net income or loss per share. We exclude these amounts from our non-GAAP financial measures.
The reconciliations of the forward-looking non-GAAP financial measures to the most directly comparable GAAP financial measures in Table E include all information reasonably available to Intuit at the date of this press release. These tables include adjustments that we can reasonably predict. Events that could cause the reconciliation to change include acquisitions and divestitures of businesses, goodwill and other asset impairments, sales of available-for-sale debt securities and other investments, and disposals of businesses and long- lived assets. 10
Full text with the tables
Exhibit 99.01
Contacts: Investors Media
Kendra Goodenough Kali Fry
Intuit Inc. Intuit Inc.
650-944-3663 650-944-3036
kendra_goodenough@intuit.com kali_fry@intuit.com
Intuit Reports Fourth Quarter and Full Year Fiscal 2026 Results;
Sets Fiscal 2027 Guidance
Fourth-quarter revenue grew 14 percent, full year fiscal 2026 revenue grew 14
percent
MOUNTAIN VIEW, Calif. - Aug. 25, 2026
-
Intuit Inc. (Nasdaq: INTU) the global financial technology platform that makes
Intuit TurboTax , Credit Karma , QuickBooks , Mailchimp , and Intuit Enterprise
Suite , announced financial results for the fourth quarter and full fiscal year
2026, which ended July 31, 2026.
“We surpassed $20 billion in revenue for the full year with growth fueled by our
Big Bets which collectively grew 34 percent and represented 30 percent of full-
year revenue,” said Sasan Goodarzi, Intuit’s chairman and chief executive
officer. "Our strategy is to win as an AI-driven expert platform by creating a
financial system of intelligence that increasingly does the work for consumers,
businesses, and accountants and helps them accomplish the outcomes that matter
most. Looking ahead, we're focused on scaling our Big Bets, accelerating
customer growth, and making deliberate choices to create a stronger foundation
for durable long-term growth.”
Financial Highlights
For the full year:
• Total revenue increased 14 percent to $21.4 billion.
• Global Business Solutions revenue increased 16 percent to $12.9 billion, and
Online Ecosystem revenue increased 19 percent to $9.9 billion.
• Consumer revenue increased 11 percent to $8.6 billion.
• GAAP operating income increased 20 percent to $5.9 billion, and non-GAAP
operating income increased 18 percent to $8.9 billion.
Intuit Reports Fourth Quarter and Full-year 2026 Earnings
Page 2
• GAAP earnings per share increased 20 percent to $16.46, and non-GAAP earnings
per share increased 20 percent to $24.27.
For the fourth quarter:
• Total revenue increased 14 percent to $4.4 billion.
• Global Business Solutions revenue increased 14 percent to $3.4 billion, and
Online Ecosystem revenue increased 17 percent to $2.6 billion.
• Consumer revenue increased 14 percent to $930 million.
Unless otherwise noted, all growth rates refer to the current period versus the
comparable prior-year period, and the business metrics and associated growth
rates refer to worldwide business metrics.
"Fiscal 2026 demonstrated the strength of our platform and the growing
contribution of our Big Bets,” said Sandeep Aujla, Intuit's chief financial
officer. "As we look ahead, we are focused on execution and taking a disciplined
approach to investments as we scale our Big Bets and accelerate customer growth.
We remain committed to delivering durable revenue growth, operating margin
expansion, and growing capital returns to shareholders over the long term."
Business Segment Results
For the full year:
• Global Business Solutions revenue increased 16 percent to $12.9 billion.
Excluding Mailchimp, Global Business Solutions revenue increased 18 percent.
Online Ecosystem revenue increased 19 percent to $9.9 billion. Excluding
Mailchimp, Online Ecosystem revenue increased 23 percent.
◦ QuickBooks Online Accounting revenue increased 23 percent.
◦ Online Services revenue increased 16 percent. Excluding Mailchimp, Online
Services revenue grew 24 percent.
◦ Total international online revenue increased 10 percent on a constant currency
basis.
• Consumer revenue increased 11 percent to $8.6 billion.
Intuit Reports Fourth Quarter and Full-year 2026 Earnings
Page 3
◦ TurboTax revenue increased 7 percent to $5.3 billion. TurboTax Live revenue
increased 37 percent, representing 53 percent of total TurboTax revenue.
◦ Credit Karma revenue increased 20 percent to $2.6 billion.
◦ ProTax revenue increased 4 percent to $647 million.
TurboTax Federal Unit Data
Units in Full Fiscal Year Full Fiscal Year Change
millions 2026 2025 Year-Over-Year
Desktop Units 4.1 4.4 (7)%
Online Units 34.9 35.5 (2)%
Total U.S. 39.0 39.9 (2)%
TurboTax Units
For the fourth quarter:
• Global Business Solutions revenue increased 14 percent to $3.4 billion.
Excluding Mailchimp, Global Business Solutions revenue increased 15 percent.
Online Ecosystem revenue increased 17 percent to $2.6 billion. Excluding
Mailchimp, Online Ecosystem revenue increased 20 percent.
◦ QuickBooks Online Accounting revenue increased 20 percent driven by higher
effective prices, customer growth, and mix shift.
◦ Online Services revenue increased 15 percent driven by money and payroll.
Excluding Mailchimp, Online Services revenue increased 21 percent.
◦ Total international online revenue increased 10 percent on a constant currency
basis.
• Consumer revenue increased 14 percent to $930 million.
◦ TurboTax revenue increased 3 percent to $153 million.
◦ Credit Karma revenue increased 16 percent to $743 million driven by strength
in personal loans, auto insurance, and credit cards.
◦ ProTax revenue increased 6 percent to $34 million.
Intuit Reports Fourth Quarter and Full-year 2026 Earnings
Page 4
Capital Allocation Summary
• Total cash and investments balance was $7.2 billion and total debt was $7.7
billion as of July 31, 2026. In June, we issued $1.75 billion in senior notes
which further strengthens our liquidity to address debt maturing in fiscal 2027.
• Intuit repurchased $5.5 billion of stock during fiscal year 2026, up 96
percent versus last year, and these repurchases drove a 2 percent reduction in
weighted-average diluted shares outstanding as share repurchases more than
offset dilution from share-based compensation. The company has a total remaining
authorization of $7.9 billion to repurchase shares.
• Intuit’s Board approved a quarterly dividend of $1.38 per share, payable on
October 16, 2026. This represents a 15 percent increase versus last year.
Mailchimp Segment Reporting Change
Effective August 1, 2026, the company began managing Mailchimp as a separate
operating segment from Global Business Solutions. Mailchimp will be a separate
reportable segment beginning in fiscal 2027. Additional information can be found
on the company's fact sheet at https://investors.intuit.com/financial-
information.
Non-GAAP Reporting Change
Effective August 1, 2026, share-based compensation expense will no longer be
excluded from Intuit’s non-GAAP financial measures. The company views share-
based compensation as a recurring component of the compensation program, and
believes including this expense in non-GAAP financial measures reflects core
operating results.
Intuit Reports Fourth Quarter and Full-year 2026 Earnings
Page 5
Forward-looking Guidance
Intuit announced guidance for the full year fiscal 2027 as well as the first
quarter of fiscal 2027. All guidance reflects the Mailchimp segment reporting
change as well as the non-GAAP reporting change noted above. The company
expects:
Full Year Fiscal 2027 Guidance
GAAP Non-GAAP
FY27 Change FY27 Change
Total Revenue $23,279 to 9% to 10%
$23,512
Global $13,068 to
Business $13,158 13% to 14%
Solutions
TurboTax $5,377 to 2% to 3%
$5,453
Credit Karma $2,919 to 11% to 13%
$2,973
ProTax $659 to $662 2%
Consumer $8,955 to 4% to 6%
$9,088
Mailchimp $1,256 to (1)% to 0%
$1,266
Operating $7,408 to 26% to 27% $8,063 to 17% to 18%
Income $7,490 $8,145(1)
Diluted $20.12 to $22.88 to
Earnings Per $20.36 22% to 24% $23.12(1) 23% to 24%
Share
Dollars are in millions, except earnings per share. See “About Non-GAAP
Financial Measures” below for more information regarding financial measures not
prepared in accordance with Generally Accepted Accounting Principles (GAAP).
(1) Non-GAAP operating income guidance includes $2,020 million from share-based
compensation expense, and non-GAAP diluted earnings per share guidance includes
a $5.81 impact from share-based compensation expense.
Intuit Reports Fourth Quarter and Full-year 2026 Earnings
Page 6
First Quarter Fiscal 2027 Guidance
GAAP Non-GAAP
Q1FY27 Change Q1FY27 Change
Total Revenue $4,294 to 11%
$4,313
Operating $716 to $729 34% to 37% $902 to 26% to 28%
Income $915(1)
Diluted $2.44 to
Earnings Per $1.71 to $1.75 8% to 10% $2.48(1) 30% to 33%
Share
Dollars are in millions, except earnings per share. See “About Non-GAAP
Financial Measures” below for more information regarding financial measures not
prepared in accordance with Generally Accepted Accounting Principles (GAAP).
(1) Non-GAAP operating income guidance includes $521 million from share-based
compensation expense, and non-GAAP diluted earnings per share guidance includes
a $1.48 impact from share-based compensation expense.
Conference Call Details
Intuit executives will discuss the financial results on a conference call at
1:30 p.m. Pacific time on August 25. The conference call can be heard live at
https://investors.intuit.com/news-events/ir-calendar. Prepared remarks for the
call will be available on Intuit’s website after the call ends.
Investor Day 2027
Intuit will host its annual Investor Day on September 17 at 8:00 a.m. Pacific
time, at its headquarters in Mountain View, CA. The event can be viewed live at
https://investors.intuit.com/news-events/ir-calendar and a replay will be
available on the Intuit Investor Relations website. The half-day event will
include presentations from Sasan Goodarzi, chief executive officer, Sandeep
Aujla, chief financial officer, and other leaders.
About Intuit
Intuit is the global financial technology platform that powers prosperity for
the people and communities we serve. With approximately 100 million customers
worldwide using products such as TurboTax , Credit Karma , QuickBooks , and
Mailchimp , and Intuit Enterprise Suite , we believe that everyone should have
the opportunity to prosper. We never stop working to find new, innovative ways
to make that possible. Please visit us at Intuit.com and find us on social for
the latest information about Intuit and our products and services.
Intuit Reports Fourth Quarter and Full-year 2026 Earnings
Page 7
About Non-GAAP Financial Measures
This press release and the accompanying tables include non-GAAP financial
measures. For a description of these non-GAAP financial measures, including the
reasons management uses each measure, and reconciliations of these non-GAAP
financial measures to the most directly comparable financial measures prepared
in accordance with Generally Accepted Accounting Principles, please see the
section of the accompanying tables titled "About Non-GAAP Financial Measures" as
well as the related Table B1, Table B2, and Table E. A copy of the press release
issued by Intuit today can be found on the investor relations page of Intuit's
website.
Cautions About Forward-looking Statements
This press release contains forward-looking statements, including expectations
regarding: forecasts and timing of growth and future financial results of Intuit
and its reporting segments; Intuit’s prospects for the business in fiscal 2027
and beyond; Intuit’s growth outside the US; timing and growth of revenue from
current or future products, features, and services; innovation across our
ecosystem; demand for our products; customer growth and retention; Intuit's
corporate tax rate; changes to our products, including the impact of artificial
intelligence (AI); the amount and timing of any future dividends or share
repurchases; our capital structure; our share-based compensation expense;
availability of our offerings; and the impact of strategic decisions on our
business; as well as all of the statements under the heading "Forward-looking
Guidance."
Because these forward-looking statements involve risks and uncertainties, there
are important factors that could cause our actual results to differ materially
from the expectations expressed in the forward-looking statements. These risks
and uncertainties may be amplified by the effects of global developments and
conditions or events, including macroeconomic uncertainty and geopolitical
conditions, which have caused significant global economic instability and
uncertainty. Given these risks and uncertainties, persons reading this
communication are cautioned not to place any undue reliance on such forward-
looking statements. These factors include, without limitation, the following:
our ability to realize the anticipated benefits of our restructuring plan
(Plan); risks related to the preliminary nature of the estimate of the charges
to be incurred in connection with the Plan, which is subject to change; risks
related to any delays in the timing for implementing the Plan or potential
disruptions to our business or operations as we execute on the Plan; our ability
to compete successfully; potential governmental encroachment in our tax
business; our ability to develop, deploy, and use AI in our platform and
offerings; our ability to adapt to technological change and to successfully
extend our platform; our ability to predict consumer behavior; our ability to
anticipate and solve new and existing customer problems; our reliance on
intellectual
Intuit Reports Fourth Quarter and Full-year 2026 Earnings
Page 8
property; our ability to protect our intellectual property rights; any harm to
our reputation; risks associated with our environmental, social, and governance
efforts; risks associated with acquisition and divestiture activity; the
issuance of equity or incurrence of debt to fund acquisitions or for general
business purposes; cybersecurity incidents (including those affecting the third
parties we rely on); customer or regulator concerns about privacy and
cybersecurity incidents; fraudulent activities by third parties, including
through the use of AI; our failure to process transactions effectively;
interruption or failure of our information technology; our ability to maintain
critical third-party business relationships; our ability to attract and retain
talent and the success of our hybrid work model; our ability to effectively
develop and deploy AI in our offerings; any deficiency in the quality or
accuracy of our offerings (including the advice given by experts on our
platform); any delays in product launches; difficulties in processing or filing
customer tax submissions; risks associated with international operations; risks
associated with climate change; changes to, and evolving interpretations of
public policy, laws, or regulations affecting our businesses; allegations of
legal claims and legal proceedings in which we are involved; fluctuations in the
results of our tax business due to seasonality and other factors beyond our
control; changes in tax rates and tax reform legislation; global economic
conditions (including, without limitation, inflation); exposure to credit,
counterparty, and other risks in providing capital to businesses; amortization
of acquired intangible assets and impairment charges; our ability to repay or
otherwise comply with the terms of our outstanding debt; our ability to
repurchase shares or distribute dividends; volatility of our stock price; and
our ability to successfully market our offerings.
More details about these and other risks that may impact our business are
included in our Form 10-K for fiscal 2025 and in our other SEC filings. You can
locate these reports through our website at https://investors.intuit.com. First-
quarter and full-year fiscal 2027 guidance speaks only as of the date it was
publicly issued by Intuit. Other forward-looking statements represent the
judgment of the management of Intuit as of the date of this presentation. Except
as required by law, we do not undertake any duty to update any forward-looking
statement or other information in this presentation.
TABLE A
INTUIT INC.
GAAP CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except per share amounts)
(Unaudited)
Three July Twelve July
Months 31, July 31, Months July 31, 31,
Ended 2026 2025 Ended 2026 2025
──────────────────────────────────────────────────────────────────────────────
Net
reven…
Servi… $ 3,783 $ 3,291 $ 18,911 $ 16,400
Produ…
and 571 540 2,537 2,431
other
Total
net 4,354 3,831 21,448 18,831
reven…
Costs
and
expen…
Cost
of
reven…
Cost
of 894 834 4,016 3,624
servi…
reven…
Cost
of
produ… 16 16 63 68
and
other
reven…
Amort…
of 43 44 174 156
acqui…
techn…
Selli…
and 1,264 1,251 5,534 5,035
marke…
Resea…
and 857 801 3,376 2,928
devel…
Gener…
and 391 424 1,623 1,601
admin…
Amort…
of
other 121 121 485 481
acqui…
intan…
assets
Restr… 293 1 293 15
Total
costs
and 3,879 3,492 15,564 13,908
expen…
[A]
Opera… 475 339 5,884 4,923
income
Inter… -70 -59 -256 -247
expen…
Inter…
and
other 135 86 389 158
incom…
net
Income
before 540 366 6,017 4,834
income
taxes
Income
tax
(bene… 177 -15 1,451 965
provi…
[B]
Net $ 363 $ 381 $ 4,566 $ 3,869
income
Basic
net
income $ 1.34 $ 1.36 $ 16.53 $ 13.82
per
share
Shares
used
in
basic 272 279 276 280
per
share
calcu…
Dilut…
net
income $ 1.34 $ 1.35 $ 16.46 $ 13.67
per
share
Shares
used
in
dilut… 272 282 277 283
per
share
calcu…
See accompanying Notes.
1
INTUIT INC.
NOTES TO TABLE A
[A] The following table summarizes the total share-based compensation expense
that we recorded in operating income for the periods shown.
Three July July Twelve July July
(In Months 31, 31, Months 31, 31,
milli… Ended 2026 2025 Ended 2026 2025
──────────────────────────────────────────────────────────────────────────────
Cost
of $ 93 $ 101 $ 371 $ 423
reve…
Sell…
and 144 137 587 541
mark…
Rese…
and 174 159 706 629
deve…
Gene…
and 96 93 392 375
admi…
Total
shar… $ 507 $ 490 $ 2,056 $ 1,968
comp…
expe…
[B] We recognized tax shortfalls on share-based compensation of $43 million in
our provision for income taxes for the twelve months ended July 31, 2026. We
recognized excess tax benefits on share-based compensation of $143 million in
our provision for income taxes for the twelve months ended July 31, 2025.
Our effective tax rate for the twelve months ended July 31, 2026 was
approximately 24%. This rate differed from the federal statutory rate of 21%
primarily due to state income taxes and non-deductible share-based compensation,
which were partially offset by the benefit we received from the federal research
and experimentation credit.
Our effective tax rate for the twelve months ended July 31, 2025 was
approximately 20%. Excluding certain tax benefits primarily related to share-
based compensation, our effective tax rate was approximately 24%. This rate
differed from the federal statutory rate of 21% primarily due to state income
taxes and non-deductible share-based compensation, which were partially offset
by the benefit we received from the federal research and experimentation credit.
In the current global tax policy environment, the U.S. and other domestic and
foreign governments continue to consider, and in some cases enact, changes in
corporate tax laws. As changes occur, we account for finalized legislation in
the period of enactment.
2
TABLE B1
INTUIT INC.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
TO MOST DIRECTLY COMPARABLE GAAP FINANCIAL MEASURES
(In millions, except per share amounts)
(Unaudited)
Fiscal Full
2026 Q1 Q2 Q3 Q4 Year
──────────────────────────────────────────────────────────────────────────────
GAAP
operat… $ 534 $ 855 $ 4,020 $ 475 $ 5,884
income
(loss)
Amorti…
of 44 44 43 43 174
acquir…
techno…
Amorti…
of
other 121 121 122 121 485
acquir…
intang…
assets
Restru… — — — 293 293
Net
(gain)
loss on
execut… 16 8 10 9 43
deferr…
compen…
plan
liabil…
Share-…
compen… 543 521 485 507 2,056
expense
Non-GA…
operat… $ 1,258 $ 1,549 $ 4,680 $ 1,448 $ 8,935
income
(loss)
GAAP
net $ 446 $ 693 $ 3,064 $ 363 $ 4,566
income
(loss)
Amorti…
of 44 44 43 43 174
acquir…
techno…
Amorti…
of
other 121 121 122 121 485
acquir…
intang…
assets
Restru… — — — 293 293
Net
(gain)
loss on
execut… 16 8 10 9 43
deferr…
compen…
plan
liabil…
Share-…
compen… 543 521 485 507 2,056
expense
Net
(gain)
loss on
debt
securi… -34 -29 -44 -67 -174
and
other
invest…
[A]
Net
(gain)
loss on
execut… -15 -8 -9 -8 -40
deferr…
compen…
plan
assets
Net
(gain)
loss on — — -1 5 4
dispos…
of a
busine…
Income
tax
effects -182 -190 -134 -169 -675
and
adjust…
[B]
Non-GA…
net $ 939 $ 1,160 $ 3,536 $ 1,097 $ 6,732
income
(loss)
GAAP
diluted
net
income $ 1.59 $ 2.48 $ 11.09 $ 1.34 $ 16.46
(loss)
per
share
Amorti…
of 0.16 0.16 0.16 0.16 0.63
acquir…
techno…
Amorti…
of
other 0.43 0.43 0.44 0.44 1.75
acquir…
intang…
assets
Restru… — — — 1.08 1.06
Net
(gain)
loss on
execut… 0.05 0.03 0.04 0.03 0.15
deferr…
compen…
plan
liabil…
Share-…
compen… 1.93 1.86 1.76 1.86 7.42
expense
Net
(gain)
loss on
debt
securi… -0.12 -0.10 -0.16 -0.25 -0.63
and
other
invest…
[A]
Net
(gain)
loss on
execut… -0.05 -0.03 -0.03 -0.03 -0.14
deferr…
compen…
plan
assets
Net
(gain)
loss on — — -0.01 0.02 0.01
dispos…
of a
busine…
Income
tax
effects -0.65 -0.68 -0.49 -0.62 -2.44
and
adjust…
[B]
Non-GA…
diluted
net
income $ 3.34 $ 4.15 $ 12.80 $ 4.03 $ 24.27
(loss)
per
share
Shares
used in
GAAP
diluted 281 280 276 272 277
per
share
calcul…
Shares
used in
non-GA…
diluted 281 280 276 272 277
per
share
calcul…
[A] During the three months ended October 31, 2025, January 31, 2026, April 30,
2026, and July 31, 2026, we recognized $34 million, $31 million, $46 million,
and $69 million, respectively, in net gains on other long-term investments.
[B] As discussed in “About Non-GAAP Financial Measures - Income Tax Effects and
Adjustments” following Table E, our long-term non-GAAP tax rate eliminates the
effects of non-recurring and period-specific items. Income tax adjustments
consist primarily of the tax impact of the non-GAAP pre-tax adjustments and tax
effects related to share-based compensation.
See “About Non-GAAP Financial Measures” immediately following Table E for
information on these measures, the items excluded from the most directly
comparable GAAP measures in arriving at non-GAAP financial measures, and the
reasons management uses each measure and excludes the specified amounts in
arriving at each non-GAAP financial measure.
3
TABLE B2
INTUIT INC.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
TO MOST DIRECTLY COMPARABLE GAAP FINANCIAL MEASURES
(In millions, except per share amounts)
(Unaudited)
Fiscal Full
2025 Q1 Q2 Q3 Q4 Year
──────────────────────────────────────────────────────────────────────────────
GAAP
operat… $ 271 $ 593 $ 3,720 $ 339 $ 4,923
income
(loss)
Amorti…
of 37 37 38 44 156
acquir…
techno…
Amorti…
of
other 120 120 120 121 481
acquir…
intang…
assets
Restru… 9 4 1 1 15
Profes…
fees
for — — 2 — 2
busine…
combin…
Net
(gain)
loss on
execut… 5 8 -7 21 27
deferr…
compen…
plan
liabil…
Share-…
compen… 511 498 469 490 1,968
expense
Non-GA…
operat… $ 953 $ 1,260 $ 4,343 $ 1,016 $ 7,572
income
(loss)
GAAP
net $ 197 $ 471 $ 2,820 $ 381 $ 3,869
income
(loss)
Amorti…
of 37 37 38 44 156
acquir…
techno…
Amorti…
of
other 120 120 120 121 481
acquir…
intang…
assets
Restru… 9 4 1 1 15
Profes…
fees
for — — 2 — 2
busine…
combin…
Net
(gain)
loss on
execut… 5 8 -7 21 27
deferr…
compen…
plan
liabil…
Share-…
compen… 511 498 469 490 1,968
expense
Net
(gain)
loss on
debt
securi… 42 3 2 -2 45
and
other
invest…
[A]
Net
(gain)
loss on
execut… -4 -7 7 -20 -24
deferr…
compen…
plan
assets
Income
tax
effects -208 -196 -172 -260 -836
and
adjust…
[B]
Non-GA…
net $ 709 $ 938 $ 3,280 $ 776 $ 5,703
income
(loss)
GAAP
diluted
net
income $ 0.70 $ 1.67 $ 10.02 $ 1.35 $ 13.67
(loss)
per
share
Amorti…
of 0.13 0.13 0.13 0.16 0.55
acquir…
techno…
Amorti…
of
other 0.42 0.42 0.43 0.43 1.70
acquir…
intang…
assets
Restru… 0.03 0.01 — — 0.05
Profes…
fees
for — — 0.01 — 0.01
busine…
combin…
Net
(gain)
loss on
execut… 0.02 0.03 -0.02 0.07 0.10
deferr…
compen…
plan
liabil…
Share-…
compen… 1.80 1.76 1.66 1.74 6.95
expense
Net
(gain)
loss on
debt
securi… 0.15 0.01 0.01 -0.01 0.16
and
other
invest…
[A]
Net
(gain)
loss on
execut… -0.02 -0.02 0.02 -0.07 -0.09
deferr…
compen…
plan
assets
Income
tax
effects -0.73 -0.69 -0.61 -0.92 -2.95
and
adjust…
[B]
Non-GA…
diluted
net
income $ 2.50 $ 3.32 $ 11.65 $ 2.75 $ 20.15
(loss)
per
share
Shares
used in
GAAP
diluted 283 283 282 282 283
per
share
calcul…
Shares
used in
non-GA…
diluted 283 283 282 282 283
per
share
calcul…
[A] During the three months ended October 31, 2024, we recognized a $42 million
net loss on other long-term investments.
[B] As discussed in “About Non-GAAP Financial Measures - Income Tax Effects and
Adjustments” following Table E, our long-term non-GAAP tax rate eliminates the
effects of non-recurring and period-specific items. Income tax adjustments
consist primarily of the tax impact of the non-GAAP pre-tax adjustments and tax
effects related to share-based compensation.
See “About Non-GAAP Financial Measures” immediately following Table E for
information on these measures, the items excluded from the most directly
comparable GAAP measures in arriving at non-GAAP financial measures, and the
reasons management uses each measure and excludes the specified amounts in
arriving at each non-GAAP financial measure.
4
TABLE C
INTUIT INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions)
(Unaudited)
July 31, 2026 July 31, 2025
──────────────────────────────────────────────────────────────────────────────
ASSETS
Current assets:
Cash and cash equivalents $ 4,705 $ 2,884
Investments 2,495 1,668
Accounts receivable, net 625 530
Notes receivable held for investment 1,468 1,403
Notes receivable held for sale 179 —
Income taxes receivable 124 50
Prepaid expenses and other current 677 496
assets
Current assets before funds
receivable 10,273 7,031
and amounts held for customers
Funds receivable and amounts held
for 5,038 7,076
customers
Total current assets 15,311 14,107
Long-term investments 248 94
Property and equipment, net 1,023 961
Operating lease right-of-use assets 609 541
Goodwill 13,981 13,980
Acquired intangible assets, net 4,642 5,302
Long-term deferred income tax assets 172 1,222
Other assets 800 751
Total assets $ 36,786 $ 36,958
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Short-term debt $ 1,249 $ —
Accounts payable 873 792
Accrued compensation and related 1,068 858
liabilities
Deferred revenue 1,072 1,019
Other current liabilities 863 625
Current liabilities before funds
payable 5,125 3,294
and amounts due to customers
Funds payable and amounts due to 5,038 7,076
customers
Total current liabilities 10,163 10,370
Long-term debt 6,420 5,973
Long-term deferred income tax 239 20
liabilities
Operating lease liabilities 667 597
Other long-term obligations 305 288
Total liabilities 17,794 17,248
Stockholders’ equity 18,992 19,710
Total liabilities and stockholders’ $ 36,786 $ 36,958
equity
5
TABLE D
INTUIT INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)
Twelve Months
Ended July 31, 2026 July 31, 2025
──────────────────────────────────────────────────────────────────────────────
Cash flows from
operating
activities:
Net income $ 4,566 $ 3,869
Adjustments to
reconcile net
income to
net cash
provided by
operating
activities:
Depreciation 187 172
Amortization of
acquired 659 637
intangible
assets
Non-cash
operating lease 106 75
cost
Share-based
compensation 2,056 1,968
expense
Provision for
expected credit 237 134
losses
Deferred income 1,279 -435
taxes
Other -248 -7
Total 4,276 2,544
adjustments
Changes in
operating assets
and
liabilities:
Accounts -95 -71
receivable
Income taxes -74 27
receivable
Prepaid expenses -221 -283
and other assets
Accounts payable 63 73
Accrued
compensation and 202 -64
related
liabilities
Deferred revenue 51 142
Operating lease -93 -77
liabilities
Other 163 47
liabilities
Total changes in
operating assets -4 -206
and
liabilities
Net cash
provided by 8,838 6,207
operating
activities
Cash flows from
investing
activities:
Purchases of
corporate and -3,892 -2,363
customer fund
investments
Sales of
corporate and 547 320
customer fund
investments
Maturities of
corporate and 2,554 864
customer
fund investments
Purchases of
property and -221 -124
equipment
Acquisitions of
businesses, net — -184
of cash
acquired
Originations and
purchases of
notes -6,755 -3,992
receivable held
for investment
Sales of notes
receivable
originally 2,210 562
classified as
held for
investment
Principal
repayments of
notes receivable 4,253 2,706
held for
investment
Other -108 -107
Net cash used in
investing -1,412 -2,318
activities
Cash flows from
financing
activities:
Proceeds from
issuance of
long-term 1,736 —
debt, net of
discount and
issuance costs
Repayments of — -500
debt
Proceeds from
borrowings under
secured 186 429
revolving credit
facilities
Repayments on
borrowings under
secured -230 —
revolving credit
facilities
Proceeds from
issuance of
stock under 180 398
employee stock
plans
Payments for
employee taxes
withheld -709 -982
upon vesting of
restricted stock
units
Cash paid for
purchases of -5,412 -2,772
treasury
stock
Dividends and
dividend rights -1,347 -1,189
paid
Net change in
funds receivable
and funds -2,086 3,107
payable and
amounts due to
customers
Other -7 -1
Net cash used in
financing -7,689 -1,510
activities
6
Effect of exchange rates on cash, cash equivalents,
restricted cash, and restricted cash equivalents
Net increase (decrease) in cash, cash equivalents,
restricted cash, and restricted cash equivalents (2) 3
Cash, cash equivalents, restricted cash, and (265) 2,382
restricted cash equivalents at beginning of period 9,481 7,099
──────────────────────────────────────────────────────────────────────────────
Cash, cash equivalents, restricted cash,
and restricted cash equivalents at end $ 9,216 $ 9,481
of period
Reconciliation of cash, cash
equivalents, restricted cash, and
restricted cash equivalents reported
within the consolidated balance sheets
to the total amounts reported on the
consolidated statements of cash flows
Cash and cash equivalents $ 4,705 $ 2,884
Restricted cash and restricted cash
equivalents included in funds receivable 4,511 6,597
and amounts held for customers
Total cash, cash equivalents, restricted
cash, and restricted cash equivalents at $ 9,216 $ 9,481
end of period
Supplemental disclosure of cash flow
information:
Interest paid $ 295 $ 284
Supplemental schedule of non-cash
investing and financing activities:
Transfers of notes receivable originated
or purchased as held for investment to $ 2,348 $ 546
held for sale
Retirement of treasury stock $ 27,006 $ —
7
TABLE E
INTUIT INC.
RECONCILIATION OF FORWARD-LOOKING GUIDANCE FOR NON-GAAP FINANCIAL MEASURES TO
PROJECTED GAAP REVENUE, OPERATING INCOME, AND EPS
(In millions, except per share amounts)
(Unaudited)
Forw…
Thr… Guid…
Mon… GAAP Non-…
End… Range Range
Oct… of of
31, Esti… Esti…
2026 From To Adj… From To
──────────────────────────────────────────────────────────────────────────────
Rev… $ 4,2… $ 4,313 $ — $ 4,2… $ 4,313
Ope… $ 716 $ 729 $ 186 $ 902 $ 915
inc…
Dil…
ear… $ 1.71 $ 1.75 $ 0.73 $ 2.44 $ 2.48
per
sha…
Twe…
Mon…
End…
July
31,
2027
Rev… $ 23,… $ 23,5… $ — $ 23,… $ 23,5…
Ope… $ 7,4… $ 7,490 $ 655 $ 8,0… $ 8,145
inc…
Dil…
ear… $ 20.… $ 20.36 $ 2.76 $ 22.… $ 23.12
per
sha…
See “About Non-GAAP Financial Measures” immediately following Table E for
information on these measures, the items excluded from the most directly
comparable GAAP measures in arriving at non-GAAP financial measures, and the
reasons management uses each measure and excludes the specified amounts in
arriving at each non-GAAP financial measure. Beginning in the first quarter of
fiscal 2027, our non-GAAP financial measures will no longer exclude share-based
compensation expense. The GAAP and Non-GAAP financial measures above are
inclusive of $521 million and $2.0 billion of share-based compensation expense
for the three months ending October 31, 2026, and the twelve months ended July
31, 2027, respectively.
[a] Reflects estimated adjustments for amortization of other acquired intangible
assets of approximately $121 million; amortization of acquired technology of
approximately $43 million; and restructuring charges of approximately $22
million.
[b] Reflects estimated adjustments in item [a], income taxes related to these
adjustments, and other income tax effects related to the use of the non-GAAP tax
rate.
[c] Reflects estimated adjustments for amortization of other acquired intangible
assets of approximately $483 million; amortization of acquired technology of
approximately $150 million; and restructuring charges of approximately $22
million.
[d] Reflects estimated adjustments in item [c], income taxes related to these
adjustments, and other income tax effects related to the use of the non-GAAP tax
rate.
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INTUIT INC.
ABOUT NON-GAAP FINANCIAL MEASURES
The accompanying press release dated August 25, 2026 contains non-GAAP financial
measures. Table B1, Table B2, and Table E reconcile the non-GAAP financial
measures in that press release to the most directly comparable financial
measures prepared in accordance with Generally Accepted Accounting Principles
(GAAP). These non-GAAP financial measures include non-GAAP operating income
(loss), non-GAAP net income (loss), and non-GAAP diluted net income (loss) per
share.
Non-GAAP financial measures should not be considered as a substitute for, or
superior to, measures of financial performance prepared in accordance with GAAP.
These non-GAAP financial measures do not reflect a comprehensive system of
accounting, differ from GAAP measures with the same names, and may differ from
non-GAAP financial measures with the same or similar names that are used by
other companies.
We compute non-GAAP financial measures using the same consistent method from
quarter to quarter and year to year. We may consider whether other significant
items that arise in the future should be excluded from our non-GAAP financial
measures. Beginning in the first quarter of fiscal 2027, our non-GAAP financial
measures will no longer exclude share-based compensation expense. Share-based
compensation is a recurring component of our compensation program, and we
believe including this expense in our non-GAAP financial measures reflects our
core operating results.
We exclude the following items from all of our non-GAAP financial measures:
• Amortization of acquired technology
• Amortization of other acquired intangible assets
• Restructuring charges
• Share-based compensation expense (1)
• Gains and losses on executive deferred compensation plan liabilities
• Goodwill and intangible asset impairment charges
• Gains and losses on disposals of businesses and long-lived assets
• Professional fees and transaction costs for business combinations
We also exclude the following items from non-GAAP net income (loss) and diluted
net income (loss) per share:
• Gains and losses on debt securities and other investments
• Gains and losses on executive deferred compensation plan assets
• Income tax effects and adjustments
• Discontinued operations
(1) Historical results in Tables B1 and B2 exclude share-based compensation
expense from our non-GAAP financial measures. Forward-looking guidance for
fiscal 2027 in Table E includes share-based compensation expense in our non-GAAP
financial measures.
We believe these non-GAAP financial measures provide meaningful supplemental
information regarding Intuit’s operating results primarily because they exclude
amounts that we do not consider part of ongoing operating results when planning
and forecasting and when assessing the performance of the organization, our
individual operating segments, or our senior management. Segment managers are
not held accountable for share-based compensation expense, amortization,
restructuring, or the other excluded items and, accordingly, we exclude these
amounts from our measures of segment performance. We believe our non-GAAP
financial measures also facilitate the comparison by management and investors of
results for current periods and guidance for future periods with results for
past periods.
The following are descriptions of the items we exclude from our non-GAAP
financial measures.
Amortization of acquired technology and amortization of other acquired
intangible assets . When we acquire a business in a business combination, we are
required by GAAP to record the fair values of the intangible assets of the
business and amortize them over their useful lives. Amortization of acquired
technology in cost of revenue includes amortization of software and other
technology assets of acquired businesses. Amortization of other acquired
intangible assets in operating expenses includes amortization of assets such as
customer and user relationships and trade names and logos.
Restructuring charges . This consists of costs incurred as a direct result of
discrete strategic restructuring actions, including, but not limited to
severance and other one-time termination benefits, and other costs, which are
different in terms of size, strategic nature, and frequency than ongoing
productivity and business improvements.
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Share-based compensation expense . This consists of non-cash expenses for stock
options, restricted stock units, and our Employee Stock Purchase Plan. When
considering the impact of equity awards, we place greater emphasis on overall
shareholder dilution rather than the accounting charges associated with those
awards.
Gains and losses on executive deferred compensation plan liabilities . We
exclude from our non-GAAP financial measures gains and losses on the revaluation
of our executive deferred compensation plan liabilities.
Goodwill and intangible asset impairment charges . We exclude from our non-GAAP
financial measures non-cash charges to adjust the carrying values of goodwill
and other acquired intangible assets to their estimated fair values.
Gains and losses on disposals of businesses and long-lived assets. We exclude
from our non-GAAP financial measures gains and losses on disposals of businesses
and long-lived assets because they are unrelated to our ongoing business
operating results.
Professional fees and transaction costs for business combinations . We exclude
from our non-GAAP financial measures the professional fees we incur to complete
business combinations. These include investment banking, legal, and accounting
fees.
Gains and losses on debt securities and other investments . We exclude from our
non-GAAP financial measures credit losses on available-for-sale debt securities
and gains and losses on other investments.
Gains and losses on executive deferred compensation plan assets . We exclude
from our non-GAAP financial measures gains and losses on the revaluation of our
executive deferred compensation plan assets.
Income tax effects and adjustments. We use a long-term non-GAAP tax rate for
evaluating operating results and for planning, forecasting, and analyzing future
periods. This long-term non-GAAP tax rate excludes the income tax effects of the
non-GAAP pre-tax adjustments described above, and eliminates the effects of non-
recurring and period specific items which can vary in size and frequency. Based
on our long-term projections, we are using a long-term non-GAAP tax rate of 24%
for fiscal 2026 and fiscal 2027. This long-term non-GAAP tax rate could be
subject to change for various reasons including significant acquisitions,
changes in our geographic earnings mix, or fundamental tax law changes in major
jurisdictions in which we operate. We will evaluate this long-term non-GAAP tax
rate on an annual basis and whenever any significant events occur which may
materially affect this rate.
Operating results and gains and losses on the sale of discontinued operations .
From time to time, we sell or otherwise dispose of selected operations as we
adjust our portfolio of businesses to meet our strategic goals. In accordance
with GAAP, we segregate the operating results of discontinued operations as well
as gains and losses on the sale of these discontinued operations from continuing
operations on our GAAP statements of operations but continue to include them in
GAAP net income or loss and net income or loss per share. We exclude these
amounts from our non-GAAP financial measures.
The reconciliations of the forward-looking non-GAAP financial measures to the
most directly comparable GAAP financial measures in Table E include all
information reasonably available to Intuit at the date of this press release.
These tables include adjustments that we can reasonably predict. Events that
could cause the reconciliation to change include acquisitions and divestitures
of businesses, goodwill and other asset impairments, sales of available-for-sale
debt securities and other investments, and disposals of businesses and long-
lived assets.
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