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(3) Restructuring charges for the twelve months ended July 31, 2024 include $ 25 million in share-based compensation expense associated with our restructuring plan. See Note 15, “Restructuring,” for more information.
Read in the filing ↗ Also in 10-K of Sep 9, 2026
Restructuring expenses in our consolidated statements of operations consist of severance and employee benefits and certain other exit costs from management-approved restructuring plans that were developed for strategic purposes, as further described below. The liability for restructuring charges is included in accrued compensation and related liabilities in the accompanying consolidated balance sheets.
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[A] Restructuring charges for the three and twelve months ended July 31, 2024 includes $25 million in share-based compensation expense. See "About Non-GAAP Financial Measures" for further information on restructuring charges.
Read in the filing ↗ Also in 8-K of Nov 21, 2024, 8-K of Feb 25, 2025, 8-K of May 22, 2025, 8-K of Aug 21, 2025
We record charges associated with management-approved restructuring plans as restructuring in our consolidated statements of operations. These charges may include severance and employee benefits, and costs to vacate facilities. We generally recognize employee severance costs when payments are probable and the amounts are estimable, or when notifications occur, depending on the region where the employee works. The liability for restructuring charges is included in accrued compensation and related liabilities in the accompanying consolidated balance sheets.
Read in the filing ↗ Also in 8-K of Nov 20, 2025, 10-K of Sep 9, 2026
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.
Read in the filing ↗ Also in 8-K of Aug 21, 2025, 8-K of Nov 20, 2025, 8-K of Feb 26, 2026, 8-K of May 20, 2026, 8-K of Nov 21, 2024, 8-K of Feb 25, 2025, 8-K of May 22, 2025, 8-K of Aug 25, 2026
that the simplification of our organizational structure under our restructuring plan will allow us to become a faster, leaner, and more focused company. See Note 15 to the consolidated financial statements in Item 8 of this Annual Report for more information about the restructuring plan announced in May 2026.
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• our expectations regarding the timing and costs associated with our restructuring plan; and
Read in the filing ↗ Also in 10-K of Sep 9, 2026
• Grew GAAP earnings per share 24 percent to $10.43, also including the restructuring charge.
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Guidance for GAAP metrics includes $300 million in restructuring charges related to the company’s workforce changes.
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GAAP guidance reflects an expected $24 million restructuring charge related to the reorganization the company announced in July.
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The liability for restructuring charges is included in accrued compensation and related liabilities in the accompanying consolidated balance sheets.
Read in the filing ↗ Also in 8-K of Nov 20, 2025, 10-Q of May 22, 2025
(1) Restructuring costs within corporate relate to platform expenses and other administrative functions that are not allocated to the segments.
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(1) Cost of revenues and operating expenses primarily include direct expenses related to selling and marketing, direct costs associated with our product and services offerings, certain data science and analytics related costs, and certain design and product management related costs. They exclude expenses that are recorded within unallocated corporate items, such as certain technology and customer success costs that support and benefit the overall platform and are managed at the corporate level. (2) Restructuring charges for the twelve months ended July 31, 2024 include $ 25million in share-based compensation expense associated with our restructuring plan. See Note 15, “ Restructuring,” for more information. Revenue classified by significant service and product offerings was as follows:
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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 with the fourth quarter of fiscal 2024, we exclude from our non-GAAP measures restructuring charges, as described below. There were no restructuring charges in any prior period presented.
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Operating income increased $489 million, or 16%, in fiscal 2024 compared with fiscal 2023. The increase in operating income was due to the increase in revenue described above and an increase in expenses. Expenses increased due to staffing, marketing, restructuring, share-based compensation, and outside services. See “Operating Expenses” later in this Item 7 for more information. See Note 15 to the consolidated financial statements in Item 8 for more information on our restructuring charges.
Read in the filing ↗ Also in 10-K of Sep 9, 2026
GAAP guidance reflects an expected $19 million restructuring charge that the company expects to incur in the first quarter related to the reorganization the company announced in July.
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In July 2024, our management approved, committed to, and initiated a plan of reorganization (the Plan) focused on reallocating resources to our key growth areas. The Plan included the exit of employees and the closing of real estate sites in certain markets in service to growing technology teams and capabilities in strategic locations. The actions associated with the Plan were substantially complete in the first quarter of fiscal 2025. Total restructuring costs associated with the Plan are estimated to be approximately $238 million. During the nine months ended April 30, 2025, we recorded a $14 million charge in connection with the Plan. This charge is primarily related to severance, employee benefits, and site closure costs and is recorded to restructuring in our condensed consolidated statements of operations. See Note 13, "Restructuring," for more information.
Read in the filing ↗ Also in 10-K of Sep 3, 2025, 8-K of Nov 20, 2025, 10-K of Sep 3, 2025, 10-Q of May 22, 2025, 8-K of Nov 20, 2025
[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.
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[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.
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Operating income increased $1.3 billion, or 36%, in fiscal 2025 compared with fiscal 2024. The increase in operating income was due to the increase in revenue described above partially offset by an increase in expenses. Expenses increased due to increases in marketing, staffing, outside services, and sales-related expenses partially offset by a decrease in restructuring expenses. See “Operating Expenses” later in this Item 7 for more information. See Note 15 to the consolidated financial statements in Item 8 for more information on our restructuring charges.
Read in the filing ↗ Also in 10-K of Sep 3, 2025
• Grew GAAP operating income 16 percent to $3.6 billion, including a restructuring charge of $223 million recognized in the fourth quarter related to the organizational changes the company announced in July.
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[a] Reflects estimated adjustments for share-based compensation expense of $536 million; restructuring charges of $300 million; amortization of other acquired intangible assets of $121 million; and amortization of acquired technology of $44 million.
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Total operating expenses as a percentage of total net revenue decreased in fiscal 2025 compared to fiscal 2024. Total net revenue increased $2.5 billion, or 16%, and total operating expenses increased $870 million, or 9%. The increase in total operating expenses was due to increases of $410 million for marketing expenses, $300 million for staffing expenses, $161 million for outside services, and $52 million for sales-related expenses, partially offset by a $208 million decrease in restructuring charges. See Note 15 to the consolidated financial statements in Item 8 for more information regarding restructuring charges.
Read in the filing ↗ Also in 10-K of Sep 3, 2025
[a] Reflects estimated adjustments for share-based compensation expense of approximately $511 million; amortization of other acquired intangible assets of approximately $120 million; amortization of acquired technology of approximately $41 million; and restructuring expense of $1 million.
Read in the filing ↗ Also in 8-K of Aug 22, 2024, 8-K of Nov 21, 2024
Total operating expenses as a percentage of total net revenue was flat in fiscal 2026 compared to fiscal 2025. Total net revenue increased $2.6 billion, or 14%, and total operating expenses increased $1.3 billion, or 12%. The increase in total operating expenses was due to increases of $365 million for staffing expenses, $278 million for restructuring charges, $175 million for outside services, $140 million for share-based compensation expense, and $133 million for marketing expenses. See Note 15 to the consolidated financial statements in Item 8 of this Annual Report for more information regarding restructuring charges.
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[c] Reflects estimated adjustments for share-based compensation expense of approximately $1.9 billion; amortization of acquired technology of approximately $148 million; amortization of other acquired intangible assets of approximately $482 million; and restructuring charges of approximately $24 million.
Read in the filing ↗ Also in 8-K of Nov 21, 2024, 8-K of Feb 25, 2025, 8-K of May 22, 2025
GAAP results reflect a restructuring charge of $9 million recognized in the quarter related to the organizational changes we announced in July, and a $42 million net loss on a private company investment, included in other long-term investments.
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Revenue Revenue Selling and marketing $ 1,082 28% $ 962 30% Research and development 843 22% 704 21% General and administrative 422 11% 394 12% Amortization of other acquired intangible assets 121 3% 120 4% Restructuring — —% 9 —% Total operating expenses $ 2,468 64% $ 2,189 67%
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[c] Reflects estimated adjustments for share-based compensation expense of $2.1 billion; amortization of other acquired intangible assets of $485 million; restructuring charges of $300 million; amortization of acquired technology of $175 million; and net losses on executive deferred compensation plan liabilities of $34 million.
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In July 2024, our management approved and initiated a plan of reorganization (the 2024 Plan) focused on reallocating resources to our key growth areas. The 2024 Plan included the exit of employees and the closing of real estate sites in certain markets to support growing technology teams and capabilities in strategic locations. The actions associated with the 2024 Plan were substantially complete in the first quarter of fiscal 2025. Total restructuring costs associated with the 2024 Plan were $ 238 million. During the twelve months ended July 31, 2025 and 2024, we recorded charges in connection with the 2024 Plan of $ 15 million and $ 223 million, respectively. These charges are primarily related to severance and employee benefits and were recorded to restructuring in our consolidated statements of operations.
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The company also announced it is reducing its full-time workforce by 17 percent to simplify its organizational structure and become a faster, leaner, more focused company. It estimates that it 3 will incur approximately $300 million to $340 million in restructuring charges, largely recognized in its fourth fiscal quarter ending July 31, 2026.
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In May 2026, our management approved and initiated a plan of reorganization (the 2026 Plan) to simplify the company’s organizational structure and become a faster, leaner, more focused company. As part of the 2026 Plan, we are reducing our full-time workforce and are closing certain sites in service to growing technology teams and capabilities in strategic locations. We expect the actions associated with the 2026 Plan to be substantially complete by the first quarter of fiscal 2027. Total restructuring costs associated with the 2026 Plan are estimated to be approximately $ 315 million. During the twelve months ended July 31, 2026, we recorded a $ 293 million charge in connection with the 2026 Plan. This charge was primarily related to severance and employee benefits and was recorded to restructuring in our consolidated statements of operations. Actual costs may vary from the estimates provided above.
Read in the filing ↗ Also in 10-K of Sep 9, 2026
If we are unable to generate sufficient cash flow from operations in the future to service our debt, we may be required, among other things, to seek additional financing in the debt or equity markets, refinance or restructure all or a portion of our indebtedness, sell selected assets or reduce or delay planned capital, operating or investment expenditures. Such measures may not be sufficient to enable us to service our debt.
Read in the filing ↗ Also in 10-K of Sep 3, 2025, 10-Q of Nov 20, 2025, 10-Q of Feb 26, 2026, 10-Q of May 20, 2026, 10-K of Sep 9, 2026
segments in unallocated corporate items as we do not allocate these expenses to the segments because they are managed at the platform level. Customer success includes the costs of tax and bookkeeping experts that support our TurboTax Expert Assist, TurboTax Expert Full Service, and Intuit Experts offerings. Unallocated corporate items also include share-based compensation, amortization of acquired technology, amortization of other acquired intangible assets, goodwill and intangible asset impairment charges, professional fees and transaction costs related to business combinations, and restructuring charges. These unallocated corporate costs for all segments totaled $10.3 billion in fiscal 2026, $9.3 billion in fiscal 2025, and $8.6 billion in fiscal 2024. Unallocated corporate items increased in fiscal 2026 compared with fiscal 2025 due to increases in research and development expense, restructuring costs, and cost of service revenue. See Note 14 to the consolidated financial statements in Item 8 of this Annual Report for reconciliations of total segment operating income to consolidated operating income for each fiscal year presented.
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corporate costs for all segments totaled $8.7 billion in fiscal 2025, $8.0 billion in fiscal 2024, and $7.0 billion in fiscal 2023. Unallocated corporate items increased in fiscal 2025 compared with fiscal 2024 due to increases in cost of service revenue, research and development expense, and general and administrative expense, partially offset by a decrease in restructuring costs. See Note 14 to the consolidated financial statements in Item 8 of this Annual Report for reconciliations of total segment operating income to consolidated operating income for each fiscal year presented.
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… Unallocated corporate items also include share- based compensation, amortization of acquired technology, amortization of other acquired intangible assets, goodwill and intangible asset impairment charges, professional fees and transaction costs related to business combinations, and restructuring charges. These unallocated corporate costs for all segments totaled $9.3 billion in fiscal 2025, $8.6 billion in fiscal 2024, and $7.6 billion …
Read in the filing ↗ Also in 10-K of Sep 3, 2025
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.
Read in the filing ↗ Also in 8-K of Nov 21, 2024, 8-K of Feb 25, 2025, 8-K of May 22, 2025, 8-K of Aug 21, 2025, 8-K of Nov 20, 2025, 8-K of Feb 26, 2026, 8-K of May 20, 2026, 8-K of Aug 25, 2026
2025 2024 ──────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────── Net revenue: Global Business Solutions $ 2,991 $ 2,544 Consumer 894 739 Total net revenue $ 3,885 $ 3,283 Segment cost of revenue and operating expenses (1): Global Business Solutions $ 657 $ 542 Consumer 310 311 Total segment cost of revenues and operating expenses $ 967 $ 853 Operating income: Global Business Solutions $ 2,334 $ 2,002 Consumer 584 428 Total segment operating income 2,918 2,430 Unallocated corporate items: Share-based compensation expense (543) (511) Other corporate expenses (1,676) (1,482) Amortization of acquired technology (44) (37) Amortization of other acquired intangible assets (121) (120) Restructuring — (9) Total unallocated corporate items (2,384) (2,159) Total operating income $ 534 $ 271
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Under the acquisition method of accounting, we recognize separately from goodwill the identifiable assets acquired, the liabilities assumed, and any noncontrolling interests in an acquiree, generally at the acquisition date fair value. We measure goodwill as of the acquisition date as the excess of consideration transferred, which we also measure at fair value, over the net of the acquisition date amounts of the identifiable assets acquired and liabilities assumed. Costs that we incur to complete the business combination, such as investment banking, legal, and other professional fees, are not considered part of consideration, and we recognize such costs as general and administrative expenses as they are incurred. Under the acquisition method, we also account for acquired company restructuring activities that we initiate separately from the business combination.
Read in the filing ↗ Also in 10-K of Sep 9, 2026
We include expenses such as corporate selling and marketing, general and administrative, and non-employment related legal and litigation settlement costs, which are not allocated to specific segments, in unallocated corporate items as part of other corporate expenses. As part of our platform strategy, we also include customer success and product development for our segments in unallocated corporate items as we do not allocate these expenses to the segments because they are managed at the platform level. Customer success includes the costs of tax and bookkeeping experts that support our TurboTax Live and QuickBooks Live offerings. Unallocated corporate items also include share-based compensation, amortization of acquired technology, amortization of other acquired intangible assets, goodwill and intangible asset impairment charges, professional fees and transaction costs related to business combinations, and restructuring charges.
Read in the filing ↗ Also in 8-K of Nov 20, 2025, 10-Q of Feb 26, 2026, 10-Q of May 20, 2026, 10-K of Sep 9, 2026, 10-Q of May 22, 2025, 10-K of Sep 3, 2025
In May 2026, our management approved and initiated a plan (the 2026 Plan) to simplify its organizational structure and become a faster, leaner, more focused company. As part of the 2026 Plan, we will reduce our full-time workforce and are considering the closure of certain sites in service to growing technology teams and capabilities in strategic locations. We estimate that we will incur approximately $ 300 million to $ 340 million in restructuring charges in connection with the 2026 Plan, primarily in the fourth fiscal quarter ending July 31, 2026. These charges will consist primarily of cash expenditures related to severance payments and employee benefits. We expect the actions associated with the 2026 Plan to be substantially complete by the first quarter of fiscal 2027. Actual costs may vary from the estimates provided above.
Read in the filing ↗ Also in 10-Q of May 20, 2026
This press release contains forward-looking statements, including expectations regarding: the size, components and our share of the tax preparation space; forecasts and timing of growth and future financial results of Intuit and its reporting segments; Intuit’s prospects for the business in fiscal 2026 and beyond; timing and growth of revenue from current or future products and services; demand for our products; customer growth and retention; average revenue per user; changes to our products, including the continuing use of data and incorporation of artificial intelligence, and their impact on our business; Intuit's corporate tax rate; the amount and timing of any future dividends or share repurchases; the impact of the restructuring plan (Plan); and the impact of strategic decisions on our business; as well as all of the statements under the heading “Forward-looking Guidance.”
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2025 2024 Net revenue: Service $ 3,497 $ 2,889 Product and other 388 394 Total net revenue 3,885 3,283 Costs and expenses: Cost of revenue: Cost of service revenue 824 772 Cost of product and other revenue 15 14 Amortization of acquired technology 44 37 Selling and marketing 1,082 962 Research and development 843 704 General and administrative 422 394 Amortization of other acquired intangible assets 121 120 Restructuring — 9 Total costs and expenses 3,351 3,012 Operating income 534 271 Interest expense (58) (60) Interest and other income, net 85 2 Income before income taxes 561 213 Income tax provision 115 16 Net income $ 446 $ 197 Basic net income per share $ 1.60 $ 0.70 Shares used in basic per share calculations 279 280 Diluted net income per share $ 1.59 $ 0.70 Shares used in diluted per share calculations 281 283
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October 31, October 31, Three Months Ended 2024 2023 ────────────────────────────────────────────────────────────────────────────── Net revenue: Service $ 2,889 $ 2,450 Product and other 394 528 Total net revenue 3,283 2,978 Costs and expenses: Cost of revenue: Cost of service revenue 772 707 Cost of product and 14 15 other revenue Amortization of 37 38 acquired technology Selling and marketing 962 769 Research and 704 680 development General and 394 342 administrative Amortization of other acquired 120 120 intangible assets Restructuring 9 — Total costs and 3,012 2,671 expenses [A] Operating income 271 307 Interest expense -60 -65 Interest and other 2 22 income, net Income before income 213 264 taxes Income tax provision 16 23 [B] Net income $ 197 $ 241 Basic net income per $ 0.70 $ 0.86 share Shares used in basic per share 280 280 calculations Diluted net income per $ 0.70 $ 0.85 share Shares used in diluted per share 283 283 calculations
Read in the filing ↗ Also in 8-K of Nov 20, 2025
Our primary sources and uses of cash were as follows: Nine Months Ended April 30, 2025 April 30, 2024 Sources of cash: Sources of cash: • Operations • Operations • Net change in funds receivable and funds payable and amounts due to customers • Proceeds from issuance of senior unsecured notes • Borrowings under our secured revolving credit facilities • Net change in funds receivable and funds payable and amounts due to customers • Issuance of common stock under employee stock plans • Net sales and maturities of corporate and customer fund investments Uses of cash: • Issuance of common stock under employee stock plans • Repurchases of shares of our common stock • Borrowings under unsecured revolving credit facility • Payment of cash dividends and dividend rights Uses of cash: • Net originations and purchases of loans held for investment • Repayment of debt • Payments for employee taxes withheld upon vesting of restricted stock units • Repurchases of shares of our common stock • Net purchases of corporate and customer fund investments • Payment of cash dividends and dividend rights • Payment of accrued bonuses and restructuring for fiscal 2024 • Payments for employee taxes withheld upon vesting of restricted stock units • Payment of accrued bonuses for fiscal 2023 • Capital expenditures • Net originations and purchases of loans held for investment
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