Intuit Inc. (INTU) — Agentic Tribune

Overview and Mission

Intuit is a global financial technology platform with a mission to power prosperity around the world. Serving approximately 100 million consumers, small and mid-market businesses, and accountants worldwide, Intuit’s platform brings the power of artificial intelligence (AI) and human intelligence together to fuel customers’ success. With TurboTax, Credit Karma, QuickBooks, Mailchimp, and Intuit Enterprise Suite, we help put more money in customers’ pockets, save them time by eliminating work, and help ensure that they have complete confidence in every financial decision they make.

Our strategy is to be an AI-driven expert platform by connecting customers to a virtual team of AI agents and AI-enabled human tax and financial experts. We're creating done-for-you experiences by automating everyday tasks, managing complex workflows and processes, and solving challenges before they arise with predictive insights. We connect customers to AI-enabled human experts for that last mile of decisions or to complete the work for them.

We harness the power of data, data services, AI, and human intelligence that help customers reach their financial goals. Intuit's all-in-one business platform helps customers run and grow their businesses end-to-end, from lead to cash. This includes financial management - including payments and capital - compliance, human capital management, and marketing products and services. Intuit's consumer platform helps customers do their taxes with ease and confidence and improve their financial success, from credit building to wealth building, with tax and personal financial management products. For accounting professionals, we provide professional tax and financial management products and services.

Intuit Inc. was incorporated in California in March 1984. We reincorporated in Delaware and completed our initial public offering in March 1993. Our principal executive offices are located at 2700 Coast Avenue, Mountain View, California, 94043, and our main telephone number is 650-944-6000. When we refer to “we,” “our,” or “Intuit” in this Annual Report on Form 10-K, we mean the current Delaware corporation (Intuit Inc.) and its California predecessor, as well as all of our consolidated subsidiaries.

Our Business Portfolio

We organize our businesses into four reportable segments:

(1) On August 1, 2024, we renamed our Small Business & Self-Employed segment as the Global Business Solutions segment.

Intuit Fiscal 2025 Form 10-K

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Our Business and Growth Strategy

The era of AI is igniting global innovations at an incredible pace and will fundamentally transform every part of our work and personal lives. We made an early bet on AI, declaring our AI-driven expert platform strategy in 2019. We have transformed the company from a tax and accounting platform to an AI-driven expert platform. We have a significant competitive advantage with our scale of data, data services, AI capabilities, ecosystem of applications, and our large network of AI-enabled human experts to become the all-in-one platform for consumers, businesses, and accountants. We're disrupting the categories we operate in to drive better money outcomes for our customers.

We leverage AI and human intelligence to provide our customers with done-for-you experiences that automate tasks, identify actionable insights to drive important decisions, and manage end-to-end workflows or entire processes to eliminate work, while ensuring the customer remains in control. When customers need additional help or want help to complete the work on their behalf, we connect them with the best human expert from our network of thousands of AI-enabled financial, tax, and bookkeeping experts who can complete a specific task, address specialized questions, or manage the entire workload. Our strategy, combined with our Big Bets that focus on the largest customer problems and growth opportunities, positions us for durable growth.

In fiscal 2025, we launched a transformative set of AI agents that provide customers with a virtual team to complete jobs on their behalf, dramatically improving how businesses run and grow. Combined with our AI-enabled human experts, these agents are automating workflows and delivering real-time insights to drive growth and improve cash flow. Our redesigned user interface and new business feed highlights these real-time insights and recommendations and the tasks completed by agents on behalf of the customer. We also launched AI agents in Intuit Enterprise Suite, including accounting, payments, finance, and project management agents, transforming how our small and mid-market business customers manage their finances by automating a variety of day-to-day tasks, and increasing productivity.

Our innovation has been possible with the investments in our proprietary Generative AI Operating System (GenOS), which have enabled us to fuel innovation with unparalleled speed for our customers. Built for our internal developers, GenOS not only keeps pace with rapid technological industry advances but is setting the pace—by melding the best of artificial intelligence and human intelligence on our platform. This enables us to rapidly deliver a new class of intelligent, autonomous financial solutions that will define the next decade of growth for our customers and for Intuit. Our AI-driven expert platform and products are built in keeping with the company’s commitment to data privacy, security, and responsible AI governance. We safeguard customer data and protect privacy using industry-leading technology and practices, and adhere to responsible AI principles that guide how we operate and scale our platform with our customers’ best interests in mind.

As we execute our global AI-driven expert platform strategy, we prioritize resources on our Big Bets across the company. We have driven significant momentum across the company over the past year. Looking ahead, we are doubling down on the areas that drove strong results this year where the combination of AI and human intelligence delivers done-for-you experiences, helps customers put more money in their pockets, and builds our mid-market business.

As the external environment evolves, we continue to innovate and adapt our strategy and anticipate our customers’ needs. For more than 40 years, we have been dedicated to developing innovative solutions that are designed to solve our customers' most important financial problems. At Intuit, we believe that everyone should have the opportunity to prosper, and we never stop working to find new, innovative ways to make that possible.

During fiscal 2025, we offered our products and services in the four segments described in “Our Business Portfolio” above. The following table shows the percentage of total revenue contributed by each of these segments over the last three fiscal years.

	Fiscal 2025		Fiscal 2024		Fiscal 2023
Global Business Solutions	59	%	59	%	56	%
Consumer	26	%	27	%	29	%
Credit Karma	12	%	10	%	11	%
ProTax	3	%	4	%	4	%

Total international net revenue was approximately 8% of consolidated total net revenue in each of the twelve months ended July 31, 2025, 2024, and 2023.

For financial information about our reportable segments, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Item 7 and Note 14 to the consolidated financial statements in Item 8 of this Annual Report.

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Financial statements

data from SEC XBRL filings. Values are as-reported; restatements supersede originals. Values reported in .

From 10-Q filed 2026-05-20 (period ending 2026-04-30).

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Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) is intended to provide readers of our condensed consolidated financial statements with the perspectives of management. This should allow the readers of this report to obtain a comprehensive understanding of our businesses, strategies, current trends, and future prospects. Our MD&A includes the following sections:

You should note that this MD&A contains forward-looking statements that involve risks and uncertainties. Please see the section entitled “Forward-Looking Statements” immediately preceding Part I of this Quarterly Report for important information to consider when evaluating such statements.

You should read this MD&A in conjunction with the financial statements and related notes in Part I, Item 1 of this Quarterly Report and our Annual Report on Form 10-K for the fiscal year ended July 31, 2025.

In the Results of Operations section of this MD&A, where we describe two or more factors that contributed to changes in revenue and operating income, we have, where possible, quantified the impact of those factors. Where a change is the result of multiple factors that are interrelated and cannot be separately quantified, we have identified the interrelated factors without quantifying them.

Effective August 1, 2025, we combined our Consumer, Credit Karma, and ProTax businesses into a single Consumer segment in order to better serve the diverse financial needs of our customers as one consumer platform. Our chief operating decision maker allocates resources and assesses segment performance using regularly provided segment revenue and segment operating income information under this updated segment structure. To align results under this segment change, certain selling and marketing, product development, and general and administrative expenses for Credit Karma that were managed at the segment level are now managed at the platform level and are included in other corporate expenses rather than in segment expenses. Also on August 1, 2025, we reorganized certain marketing, communications, and customer success functions in our Global Business Solutions segment that support and benefit our overall platform and are managed at that level rather than at the segment level. Additionally, certain data science and analytics teams that were managed at the platform level are now managed at the segment level. We have recast certain previously reported amounts to conform to these segment changes. As a result of these changes, for the three and nine months ended April 30, 2025, we reclassified expenses totaling $1 million and $7 million from Global Business Solutions and $155 million and $456 million from Consumer to other corporate expenses, respectively, to conform to the current presentation. See Note 12, "Segment Information," for more information.

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.

This overview provides a high-level discussion of our operating results and some of the trends that affect our business. We believe that an understanding of these trends is important in order to understand our financial results, as well as our future prospects. This summary is not intended to be exhaustive, nor is it a substitute for the detailed discussion and analysis provided elsewhere in this Quarterly Report on Form 10-Q.

Intuit helps consumers and small and mid-market businesses prosper by delivering financial management, compliance, and marketing products and services. We also provide specialized tax products to accounting professionals. We organize our businesses into two reportable segments – Global Business Solutions and Consumer.

Intuit Q3 Fiscal 2026 Form 10-Q

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The era of AI is igniting global innovations at an incredible pace and will fundamentally transform every part of our work and personal lives. We made an early bet on AI, declaring our AI-driven expert platform strategy in 2019. We have transformed the company from a tax and accounting platform to an AI-driven expert platform. We have a significant competitive advantage as we are creating a system of intelligence with our scale of data, data services, AI capabilities, ecosystem of applications, and our large network of AI-enabled human experts to become the all-in-one platform for consumers, businesses, and accountants. We are disrupting the categories we operate in to drive better money outcomes for our customers.

We leverage AI and human intelligence to provide our customers with done-for-you experiences that automate tasks, identify actionable insights to drive important decisions, and manage end-to-end workflows or entire processes to eliminate work, while ensuring the customer remains in control. When customers need additional help or want help to complete the work on their behalf, we connect them with a trusted AI-enabled human expert from our network of thousands of financial, tax, and bookkeeping experts who can complete a specific task, address specialized questions, or complete work on their behalf. Our strategy, combined with our Big Bets that focus on the largest customer problems and growth opportunities, positions us for durable growth.

We launched a transformative set of AI agents that provide customers with a virtual team to complete jobs on their behalf, dramatically improving how businesses run and grow. Combined with our AI-enabled human experts, these agents are automating workflows and delivering real-time insights to drive growth and improve cash flow. Our redesigned user interface and new business feed highlights these real-time insights and recommendations and the tasks completed by agents on behalf of the customer. We also launched AI agents in Intuit Enterprise Suite, including accounting, payments, finance, and project

Intuit Q3 Fiscal 2026 Form 10-Q

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management agents, transforming how our small and mid-market business customers manage their finances by automating a variety of day-to-day tasks, and increasing productivity.

As we execute our global AI-driven expert platform strategy, we prioritize resources on Big Bets that solve the problems that matter most to our customers:

•Deliver done-for-you experiences: We will address our customers’ biggest pain points through a virtual team of AI agents and AI-enabled human experts that deliver done-for-you experiences, with customers in control. This means delivering done-for-you experiences to help businesses run and grow, from lead to cash, and fueling consumers’ financial success year-round, from credit building to wealth building.

•Accelerate Money Benefits: We will become the all-in-one platform for customers to manage their critical workflows, decisions, and money. For businesses, this means optimizing cash flow, including receivables, payables, capital, and spend management. For consumers, this means optimizing money and growing their savings, starting with fast access to their tax refund to help them manage cash flow year-round.

•Fuel Success for Mid-Market Businesses: We will become the all-in-one solution for mid-market customers, fueling their success by offering a better experience, better price, and lower total cost of ownership. Businesses are overdigitized, juggling too many disparate apps. Our platform, including QuickBooks Advanced, Intuit Enterprise Suite, and our ecosystem of connected services, brings the data and insights they need all in one place to grow revenue and profit.

Industry Trends

AI, including GenAI, predictive AI, and agentic AI, is transforming multiple industries, in particular financial technology. Disruptive start-ups, emerging ecosystems, and mega-platforms are harnessing new technology to create personalized experiences, deliver data-driven insights, and increase speed of service. These shifts are creating a more dynamic and highly competitive environment where customer expectations are shifting as more services become digitized and the array of choices continues to increase.

Seasonality

Within our Consumer segment, our TurboTax and ProTax offerings have a significant and distinct seasonal pattern as sales and revenue from our income tax preparation products and services are typically heavily concentrated in the period from November through April. This seasonal pattern typically results in higher net revenues during our second and third quarters ending January 31 and April 30, respectively.

We expect the seasonality of these offerings to continue to have a significant impact on our quarterly financial results in the future.

Our growth strategy depends upon our ability to innovate, develop, and introduce emerging technologies, including AI and GenAI, to drive broad adoption of our products and services and enter new markets. Our future growth also increasingly depends on the strength of our third-party business relationships and our ability to continue to develop, maintain, and strengthen new and existing relationships. To remain competitive and continue to grow, we are investing significant resources in our product development, marketing, and sales capabilities, and we expect to continue to do so in the future. Much of our future success also depends on our ability to continue to attract, retain, and develop highly skilled employees, including those in technical and leadership roles who are critical to our strategic growth, in a highly competitive talent environment.

As we offer more online services, the ongoing operation and availability of our platforms and systems and those of our external service providers is becoming increasingly important. Because we help customers manage their financial lives, we face risks associated with the hosting, collection, use, and retention of personal customer information and data. We are investing

Intuit Q3 Fiscal 2026 Form 10-Q

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significant management attention and resources in our information technology infrastructure and in our privacy and security capabilities, and we expect to continue to do so in the future.

We operate in industries that are experiencing an increasing amount of fraudulent activities by malicious third parties, and those fraudulent activities are becoming increasingly sophisticated, including through the use of AI. We continue to invest and implement additional security measures. We work with state and federal governments to implement industry-wide security and anti-fraud measures, including sharing information regarding suspicious activity. We also work with the broader industry and government to protect our customers against this type of fraud.

Our operations are impacted by a rapidly-evolving regulatory environment and face increasingly heightened scrutiny. We are subject to numerous federal, state, and local, as well as foreign laws and regulations covering a broad and increasing range of subjects, both in the U.S. and internationally.

For a complete discussion of the most significant risks and uncertainties affecting our business, please see “Forward-Looking Statements” immediately preceding Part I and “Risk Factors” in Item 1A of Part II of this Quarterly Report.

The most important financial indicators that we use to assess our business are revenue growth for the company as a whole and for each reportable segment; operating income growth for the company as a whole; earnings per share; and cash flow from operations. We also track certain non-financial drivers of revenue growth and, when material, identify them in the applicable discussions of segment results below. Service offerings are a significant part of our business. In fiscal 2025, our total service revenue was $16.4 billion, or 87% of our total revenue, and we expect our total service revenue as a percentage of our total revenue to grow over the long term.

Key highlights for the first nine months of fiscal 2026 include the following:

Revenue of

Global Business Solutions segment revenue of

Consumer segment revenue of

$17.1B

$9.4B

$7.7B

up 14% from the same period of fiscal 2025

up 17% from the same period of fiscal 2025

up 10% from the same period of fiscal 2025

Operating income of

Net income of

Diluted net income per share of

$5.4B

$4.2B

$15.05

up 18% from the same period of fiscal 2025

up 20% from the same period of fiscal 2025

up 22% from the same period of fiscal 2025

Cash, cash equivalents, and investments of

$6.8B

Intuit Q3 Fiscal 2026 Form 10-Q

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In preparing our condensed consolidated financial statements, we make estimates, assumptions, and judgments that can have a significant impact on our net revenue, operating income or loss, and net income or loss, as well as on the value of certain assets and liabilities on our condensed consolidated balance sheets. We believe that the estimates, assumptions, and judgments described in Management’s Discussion and Analysis of Financial Condition and Results of Operations in Part II, Item 7 of our Annual Report on Form 10-K for the fiscal year ended July 31, 2025 have the greatest potential impact on our financial statements, so we consider them to be our critical accounting estimates. There were no significant changes in those critical accounting estimates during the first nine months of fiscal 2026. Senior management has reviewed the development and selection of our critical accounting estimates and their disclosure in this Quarterly Report on Form 10-Q with the Audit and Risk Committee of our Board of Directors.

Financial Overview
(Dollars in millions, except per share amounts)	Q3 FY26		Q3 FY25		$ Change		% Change		YTD Q3 FY26		YTD Q3 FY25		$ Change		% Change
Total net revenue	$	8,558	$	7,754	$	804	10	%	$	17,094	$	15,000	$	2,094	14	%
Operating income	4,020		3,720		300		8	%	5,409		4,584		825		18	%
Net income	3,064		2,820		244		9	%	4,203		3,488		715		20	%
Diluted net income per share	$	11.09	$	10.02	$	1.07	11	%	$	15.05	$	12.33	$	2.72	22	%

Current Fiscal Quarter

Total net revenue for the third quarter of fiscal 2026 increased $804 million, or 10%, compared with the same quarter of fiscal 2025. Consumer segment revenue increased 8% due to growth in assisted tax and our consumer money offerings, and strength in our Credit Karma personal loan and insurance verticals, partially offset by a decrease in revenue due to fewer TurboTax federal units. Our Global Business Solutions segment revenue increased 15% during the quarter due to growth in our Online Ecosystem revenue. See “Segment Results” later in this Item 2 for more information about the results for all of our reportable segments.

Operating income for the third quarter of fiscal 2026 increased $300 million, or 8%, compared with the same quarter of fiscal 2025. 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 expenses for outside services, which include hosting, staffing, marketing, SaaS subscriptions and licenses, and share-based compensation. See “Cost of Revenue” and “Operating Expenses” later in this Item 2 for more information.

Net income for the third quarter of fiscal 2026 increased $244 million, or 9%, compared with the same quarter of fiscal 2025. The increase in net income was due to the increase in operating income described above and an increase in interest and other income, partially offset by an increase in income tax expense. The increase in interest and other income is the result of $46 million in net gains on long-term investments recorded during the period. The increase in income tax expense is due to the increase in operating income described above and tax shortfalls related to share-based compensation. Diluted net income per share increased to $11.09 for the third quarter of fiscal 2026 compared to $10.02 for the same quarter of fiscal 2025, due to the increase in net income and decrease in our weighted shares outstanding as a result of our increased share repurchase activity.

Fiscal Year to Date

Total net revenue for the first nine months of fiscal 2026 increased $2.1 billion, or 14%, compared with the same period of fiscal 2025. Our Global Business Solutions segment revenue increased 17% during the period due to growth in our Online Ecosystem revenue. Consumer segment revenue increased 10% due to growth in assisted tax and our consumer money offerings, and strength in our Credit Karma personal loan, credit card, and insurance verticals, partially offset by a decrease in revenue due to fewer TurboTax federal units. See “Segment Results” later in this Item 2 for more information about the results for all of our reportable segments.

Operating income for the first nine months of fiscal 2026 increased $825 million, or 18%, compared with the same period of fiscal 2025. 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 expenses for outside services, which include hosting, staffing, marketing, share-based compensation, and SaaS subscriptions and licenses. See “Cost of Revenue” and “Operating Expenses” later in this Item 2 for more information.

Intuit Q3 Fiscal 2026 Form 10-Q

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Net income for the first nine months of fiscal 2026 increased $715 million, or 20%, compared with the same period of fiscal 2025. The increase in net income was due to the increase in operating income described above and an increase in interest and other income, partially offset by an increase in income tax expense. The increase in interest and other income is the result of $104 million in net gains on long-term investments recorded in the first nine months of fiscal 2026 and $43 million in net losses on long-term investments recorded during the same period of fiscal 2025. The increase in income tax expense is due to the increase in operating income described above and lower tax benefits related to share-based compensation. Diluted net income per share increased to $15.05 for the first nine months of fiscal 2026 compared to $12.33 for the same period of fiscal 2025, due to the increase in net income and decrease in our weighted shares outstanding as a result of our increased share repurchase activity.

The information below is organized in accordance with our two reportable segments. See “Executive Overview – About Intuit” earlier in this Item 2 and Note 12 to the condensed consolidated financial statements in Part I, Item 1 of this Quarterly Report for more information. All of our segments operate and sell to customers primarily in the U.S. Total international net revenue was approximately 6% and 7% of consolidated net revenue for the three and nine months ended April 30, 2026, respectively. Total international net revenue was approximately 5% and 7% of consolidated net revenue for the three and nine months ended April 30, 2025, respectively.

Segment operating income or loss is segment net revenue less segment cost of revenue and operating expenses. See “Executive Overview – Industry Trends and Seasonality” earlier in this Item 2 for a description of the seasonality of our business. 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 Expert Assist, TurboTax Expert Full Service, 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. These unallocated corporate costs for all segments totaled $7.6 billion and $6.9 billion for the nine months ended April 30, 2026 and April 30, 2025, respectively. Unallocated corporate items increased in the fiscal 2026 period, primarily due to increases in research and development expense, cost of service revenue, and selling and marketing expense. See Note 12 to the condensed consolidated financial statements in Part I, Item 1 of this Quarterly Report for reconciliations of total segment operating income or loss to consolidated operating income or loss for each fiscal period presented.

Intuit Q3 Fiscal 2026 Form 10-Q

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Global Business Solutions segment revenue includes both Online Ecosystem and Desktop Ecosystem revenue.

Our Online Ecosystem includes revenue from:

•QuickBooks Online and Intuit Enterprise Suite financial and business management offerings;

•QuickBooks Live;

•Workforce solutions, including QuickBooks Online Payroll and QuickBooks Time;

•Money offerings for businesses that use online offerings, which include merchant payment processing and bill pay services, and financing for small and mid-market businesses (QuickBooks Capital); and

•Mailchimp’s marketing automation offerings.

Our Desktop Ecosystem includes revenue from:

•QuickBooks Desktop software subscriptions (QuickBooks Desktop Plus, QuickBooks Enterprise, and ProAdvisor Program memberships for accounting professionals who serve small businesses);

•Desktop workforce solutions, including payroll products;

•Money offerings for businesses that use desktop offerings, which include merchant payment processing services and financing for small and mid-market businesses (QuickBooks Capital); and

•Financial supplies.

Segment service revenue is primarily derived from our Online Ecosystem revenue and revenue from the services, support, and when-and-if-available product upgrades and enhancements that are provided as part of our QuickBooks Desktop subscriptions, services and support for our desktop payroll offerings, and merchant payment processing services. Segment product and other revenue is primarily derived from revenue related to delivery of software licenses, version protection updates, and payroll software updates for our QuickBooks Desktop subscriptions and desktop payroll offerings, which are part of our Desktop Ecosystem.

(Dollars in millions)	Q3 FY26			Q3 FY25			% Change		YTD Q3 FY26			YTD Q3 FY25			% Change
Service revenue	$	2,761		$	2,362		17	%	$	8,125		$	6,832		19	%
Product and other revenue	524			487			8	%	1,315			1,232			7	%
Total segment revenue	$	3,285		$	2,849		15	%	$	9,440		$	8,064		17	%
% of total revenue	38		%	37		%			55		%	54		%
Segment operating income	$	2,520		$	2,189		15	%	$	7,257		$	6,243		16	%
% of related revenue	77		%	77		%			77		%	77		%

Intuit Q3 Fiscal 2026 Form 10-Q

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Revenue classified by significant service and product offerings was as follows:

(Dollars in millions)	Q3 FY26		Q3 FY25		% Change		YTD Q3 FY26		YTD Q3 FY25		% Change
Net revenue:
QuickBooks Online Accounting	$	1,278	$	1,044	22	%	$	3,732	$	3,017	24	%
Online Services	1,219		1,059		15	%	3,583		3,067		17	%
Total Online Ecosystem	2,497		2,103		19	%	7,315		6,084		20	%
QuickBooks Desktop Accounting	507		476		7	%	1,271		1,160		10	%
Desktop Services and Supplies	281		270		4	%	854		820		4	%
Total Desktop Ecosystem	788		746		6	%	2,125		1,980		7	%
Total Global Business Solutions	$	3,285	$	2,849	15	%	$	9,440	$	8,064	17	%

Revenue for our Global Business Solutions segment increased $436 million, or 15%, in the third quarter of fiscal 2026 and $1.4 billion, or 17%, in the first nine months of fiscal 2026 compared with the same periods of fiscal 2025. The increase in both periods was primarily due to growth in Online Ecosystem revenue.

Online Ecosystem Revenue

Online Ecosystem revenue increased $394 million, or 19%, in the third quarter of fiscal 2026 compared with the same period of fiscal 2025. QuickBooks Online Accounting revenue increased $234 million, or 22%, in the third quarter of fiscal 2026 due to the interrelated factors of higher effective prices, customer growth, and mix shift. Online Services revenue increased $160 million, or 15%, in the third quarter of fiscal 2026, due to increases in revenue from our money offerings of $107 million and our payroll offerings of $55 million. Revenue increases were due to the interrelated factors described below. Money revenue increased $107 million due to a $61 million increase in payments revenue from payments customer growth and an increase in total payment volume per customer, and a $46 million increase from QuickBooks Capital. Online payroll revenue increased due to mix shift, customer growth, and higher effective prices.

Online Ecosystem revenue increased $1.2 billion, or 20%, in the first nine months of fiscal 2026 compared with the same period of fiscal 2025. QuickBooks Online Accounting revenue increased $715 million, or 24%, in the first nine months of fiscal 2026 due to the interrelated factors of higher effective prices, customer growth, and mix shift. Online Services revenue increased $516 million, or 17%, in the first nine months of fiscal 2026, due to increases in revenue from our money offerings of $327 million and our payroll offerings of $204 million. Revenue increases were due to the interrelated factors described below. Money revenue increased $327 million due to a $183 million increase in payments revenue from payments customer growth and an increase in total payment volume per customer, and a $144 million increase from QuickBooks Capital. Online payroll revenue increased due to mix shift, customer growth, and higher effective prices.

Desktop Ecosystem Revenue

Desktop Ecosystem revenue increased $42 million, or 6%, in the third quarter of fiscal 2026 and $145 million, or 7%, in the first nine months of fiscal 2026 compared with the same periods of fiscal 2025 due to higher effective prices.

Global Business Solutions segment operating income increased $331 million, or 15%, in the third quarter of fiscal 2026 compared with the same period of fiscal 2025, due to the increase in revenue described above, partially offset by increases in QuickBooks Capital cost of revenue of $41 million due to increased loan volume, online payments cost of revenue of $19 million, outside services expenses, which include hosting, of $16 million, staffing expenses of $14 million, and marketing expenses of $8 million.

Global Business Solutions segment operating income increased $1.0 billion, or 16%, in the first nine months of fiscal 2026 compared with the same period of fiscal 2025, due to the increase in revenue described above, partially offset by increases in QuickBooks Capital cost of revenue of $96 million due to increased loan volume, staffing expenses of $58 million, online payments cost of revenue of $55 million, marketing expenses of $52 million, and outside services expenses, which include hosting, of $45 million.

On August 1, 2025, we reorganized certain marketing, communications, and customer success functions in our Global Business Solutions segment that support and benefit our overall platform and are managed at that level rather than at the segment level. Additionally, certain data science and analytics teams that were managed at the platform level are now managed at the segment level. We have recast certain previously reported amounts to conform to these segment changes. For the three and nine months ended April 30, 2025, we reclassified $1 million and $7 million from Global Business Solutions to other corporate expenses to conform to the current presentation.

Intuit Q3 Fiscal 2026 Form 10-Q

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Consumer segment revenue includes the following:

•TurboTax: TurboTax Online; TurboTax Expert Assist and TurboTax Expert Full Service offerings; TurboTax desktop tax return preparation software; electronic tax filing services; Credit Karma Money; and related services.

•Credit Karma: cost-per-action transactions, which include the delivery of qualified links that result in completed actions such as credit card issuances and personal loan funding; cost-per-click and cost-per-lead transactions, which include user clicks on advertisements or advertisements that allow for the generation of leads, and primarily relate to mortgage and insurance businesses.

•ProTax: ProConnect Tax Online tax products; Lacerte, ProSeries, and ProFile desktop tax preparation software products, and related form updates; electronic tax filing services; connected services; and bank products.

Consumer segment service revenue is primarily derived from our online TurboTax and ProTax offerings, related electronic tax filing services, connected services, and bank products, and Credit Karma. Consumer segment product and other revenue is primarily derived from our TurboTax and ProTax desktop tax return preparation software and related form updates.

(Dollars in millions)	Q3 FY26			Q3 FY25			% Change		YTD Q3 FY26			YTD Q3 FY25			% Change
Service revenue	$	4,998		$	4,609		8	%	$	7,003		$	6,277		12	%
Product and other revenue	275			296			(7)	%	651			659			(1)	%
Total segment revenue	$	5,273		$	4,905		8	%	$	7,654		$	6,936		10	%
% of total revenue	62		%	63		%			45		%	46		%
Segment operating income	$	4,263		$	4,040		6	%	$	5,745		$	5,263		9	%
% of related revenue	81		%	82		%			75		%	76		%

Revenue classified by significant service and product offerings was as follows:

(Dollars in millions)	Q3 FY26		Q3 FY25		% Change		YTD Q3 FY26		YTD Q3 FY25		% Change
Net revenue:
TurboTax	$	4,364	$	4,078	7	%	$	5,143	$	4,785	7	%
Credit Karma	631		549		15	%	1,898		1,562		22	%

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Held by

holders ( registered funds via N-PORT, institutional investors via 13F). Showing top by dollar value.

Holder	Type	ETF	MF	Position ($)	% of holder	Δ % of holder	Holder AUM

Recent insider activity

Last 90 days. Open-market trades (purchases & sales) by directors, officers, and 10%+ owners. 5 transactions across 2 insiders. Net: +746 shares, $252,217.

Date	Insider	Role	Action	Shares	Price	Value
2026-06-11	DALZELL RICHARD L	Director	Sell	-338	$279.86	-$94,593
2026-06-10	DALZELL RICHARD L	Director	Sell	-333	$287.50	-$95,738
2026-06-09	DALZELL RICHARD L	Director	Sell	-333	$297.65	-$99,117
2026-05-26	PRABHU VASANT M	Director	Buy	+500	$309.71	$154,858
2026-05-22	PRABHU VASANT M	Director	Buy	+1,250	$309.45	$386,808

Source: SEC Form 4 filings.

Next expected filings

~2026-09-02 10-K expected by 2026-10-10 (in 77 days)
~2026-11-19 10-Q expected by 2026-12-06 (in 155 days)
~2027-02-25 10-Q expected by 2027-03-14 (in 253 days)
~2027-05-19 10-Q expected by 2027-06-05 (in 336 days)

Predicted from historical filing cadence; not an SEC commitment.

Recent SEC filings

2026-06-11 8-K Other Events; Financial Statements and Exhibits
2026-06-10 424B5 Prospectus Supplement
2026-05-20 10-Q Quarterly Report
2026-05-20 8-K Earnings Release; Costs Associated with Exit; Regulation FD Disclosure; Other Events; Financial Statements and Exhibits
2026-04-28 8-K Officer/Director Change
2026-02-26 10-Q Quarterly Report
2026-02-26 8-K Earnings Release; Other Events; Financial Statements and Exhibits
2026-01-30 8-K Material Agreement Entered; Material Financial Obligation; Financial Statements and Exhibits
2026-01-27 8-K Officer/Director Change; Shareholder Vote Results; Financial Statements and Exhibits
2026-01-12 8-K Material Agreement Entered; Material Financial Obligation; Financial Statements and Exhibits
2025-11-20 10-Q Quarterly Report
2025-11-20 8-K Other Events; Financial Statements and Exhibits
2025-11-20 8-K Earnings Release; Officer/Director Change; Other Events; Financial Statements and Exhibits
2025-09-03 10-K Annual Report
2025-08-21 8-K Earnings Release; Other Events; Financial Statements and Exhibits

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