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 93 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, Intuit Enterprise Suite, and Intuit Accountant 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 that brings together data, AI, and human tax and financial experts into a single system of intelligence that does the work for customers. We are 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.

Our powerful combination of proprietary data, domain-specific AI platform capabilities, and AI-powered human expertise helps customers make high-stakes financial decisions with confidence. 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 finance products and services. 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 two reportable segments:

Intuit Fiscal 2026 Form 10-K

Table of Contents

Our Business and Growth Strategy

The era of AI is igniting global innovations at an incredible pace and is fundamentally transforming 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. Accuracy, compliance, security, and trust of financial decisions are critical. We have a significant competitive advantage with our scale of proprietary data, domain-specific AI platform capabilities, and large network of AI-enabled human experts that is setting the standard for trusted financial intelligence. Backed by four decades of leadership in accuracy, compliance, and security, our platform enables businesses and accountants to manage from lead to cash, and consumers from credit building to wealth building, all in one place, so they can make financial decisions with confidence.

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 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.

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, fueling consumers’ financial success year-round, from credit building to wealth building, and bringing together practice management, workforce management, and client work in one place for accountants to automate books, get insights and grow their practice.

•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 Online 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.

In fiscal 2026, we scaled a transformative set of AI agents that are dramatically improving how businesses run and grow. We launched an expansion and new lineup of our AI-driven expert platform: a unified system of intelligence that serves as a strategic control tower for both businesses and accountants, seamlessly moving from insight to autonomous execution. On a single platform, accountants can run and grow their practices while managing and advising their clients. Businesses operate from that same control tower, where AI agents not only surface insights, but also take action across the business to manage performance, drive key performance indicators, and complete critical workflows autonomously, all in one place. Our innovation has been made possible by our investments in our proprietary Generative AI Operating System (GenOS). 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. This also enabled us to partner with leading AI companies to deliver intelligence that is personalized, accurate, compliant, reliable, secure, and that drives real action on their behalf. This is enabled by our system of intelligence that transcends and orchestrates across systems or apps, so that whether the data sits with Intuit or elsewhere, we can connect it, interpret it, and help customers act with confidence.

Our AI-driven expert platform, products, and embedded experiences 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 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.

Intuit Fiscal 2026 Form 10-K

Table of Contents

During fiscal 2026, we offered our products and services in the two 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 2026		Fiscal 2025		Fiscal 2024
Global Business Solutions	60	%	59	%	59	%
Consumer	40	%	41	%	41	%

Total international net revenue was approximately 8% of consolidated total net revenue in each of the twelve months ended July 31, 2026, 2025, and 2024.

Loading financial statements...

Financial statements

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

From 10-K filed 2026-09-09 (period ending 2026-07-31).

Table of Contents

Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) is intended to provide readers of our 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 Annual Report for important information to consider when evaluating such statements.

You should read this MD&A in conjunction with the consolidated financial statements and related notes in Item 8 of this Annual Report.

In the Results of Operations sections 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 twelve months ended July 31, 2025 and 2024, we reclassified expenses totaling $9 million and $16 million from Global Business Solutions and $606 million and $585 million from Consumer to other corporate expenses, respectively, to conform to the current presentation. The recast of prior period information had no impact on our consolidated balance sheets, consolidated income statements, or consolidated cash flow statements. See Note 14 to the consolidated financial statements in Item 8 of this Annual Report for more information.

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. See Note 15 to the consolidated financial statements in Item 8 of this Annual Report for more information.

Effective August 1, 2026, we began managing Mailchimp as a separate operating segment from Global Business Solutions. Mailchimp will be a separate reportable segment beginning in fiscal 2027.

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 for fiscal 2026, 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 Annual Report on Form 10-K.

Intuit Fiscal 2026 Form 10-K

Table of Contents

Industry Trends

Existing and emerging technologies, including AI, are transforming multiple industries, in particular financial technology. Disruptive startups, emerging ecosystems, and mega-platforms are harnessing new technology to create personalized experiences, deliver predictive and data-driven insights, perform and automate tasks, and increase speed of service. These shifts are creating a more dynamic and highly competitive environment where customer needs and expectations are evolving as more services become digitized, intelligent, and automated, 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 material impact on our quarterly financial results in the future.

Our growth strategy depends upon our ability to innovate, develop, and continue to introduce emerging technologies, including AI, 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. Our future success also depends on our ability to attract, retain, and develop highly skilled employees, including individuals in technical and leadership roles who are critical to the execution of our growth strategy, in a highly competitive talent market.

As we expand our portfolio of online services, the continued operation and availability of our platforms and systems and those of our external service providers have become 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 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 and other emerging technologies. 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, local, and foreign laws and regulations covering a broad and expanding range of subject matters, both in the United States (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 I of this Annual Report.

Intuit Fiscal 2026 Form 10-K

Table of Contents

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 2026, our total service revenue was $18.9 billion, or 88% 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 fiscal 2026 include the following:

Revenue of

Global Business Solutions revenue of

Consumer revenue of

$21.4 B

$12.9 B

$8.6 B

up 14% from fiscal 2025

up 16% from fiscal 2025

up 11% from fiscal 2025

Operating Income of

Net income of

Diluted net income per share of

$5.9 B

$4.6 B

$16.46

up 20% from fiscal 2025

up 18% from fiscal 2025

up 20% from fiscal 2025

Cash flow from operations of

$8.8 B

up 42% from fiscal 2025

In preparing our consolidated financial statements in accordance with U.S. generally accepted accounting principles (GAAP), we are required to make estimates, assumptions, and judgments that can have a material 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 consolidated balance sheets. Actual results could differ materially from our estimates. Critical accounting estimates are those estimates that involve a significant level of estimations and uncertainty and have had, or are reasonably likely to have, a material impact on our financial condition or results of operations. We believe that the estimates, assumptions, and judgments involved in the following accounting policies have the greatest potential impact on our consolidated financial statements, so we consider these to be our critical accounting estimates:

•Revenue Recognition

•Goodwill, Acquired Intangible Assets, and Other Long-Lived Assets – Impairment Assessments

•Legal Contingencies

•Accounting for Income Taxes – Estimates of Deferred Taxes, Valuation Allowances, and Uncertain Tax Positions

Our senior management has reviewed the development and selection of these critical accounting estimates and their disclosure in this Annual Report on Form 10-K with the Audit and Risk Committee of our Board of Directors. For further information on all of our significant accounting policies, see Note 1, “Description of Business and Summary of Significant Accounting Policies” to the consolidated financial statements in Item 8 of this Annual Report.

Intuit Fiscal 2026 Form 10-K

Table of Contents

Revenue Recognition

We derive our revenue primarily from the sale of online offerings such as tax, accounting, payroll, merchant payment processing services, delivery of qualified links, marketing automation, live expert advice, financing for small and mid-market businesses, and desktop software products, desktop software subscriptions, and financial supplies. Our contracts with customers often include promises to transfer multiple products and services, which are primarily recognized ratably over the relevant period or when the customer consumes the related service. In determining how revenue should be recognized, a five-step process is used, which requires judgment and estimates within the revenue recognition process. The primary judgments include identifying the performance obligations in the contract and determining whether the performance obligations are distinct. If any of these judgments were to change, it could cause a material increase or decrease in the amount of revenue we report in a particular period. For additional information, see “Description of Business and Summary of Significant Accounting Policies – Revenue Recognition” in Note 1 to the consolidated financial statements in Item 8 of this Annual Report.

Goodwill, Acquired Intangible Assets, and Other Long-Lived Assets – Impairment Assessments

We estimate the fair value of acquired intangible assets and other long-lived assets that have finite useful lives whenever an event or change in circumstances indicates that the carrying value of the asset may not be recoverable. We test for potential impairment of goodwill annually in our fourth fiscal quarter or whenever indicators of impairment arise. The timing of the annual test may result in charges to our consolidated statements of operations in our fourth fiscal quarter that could not have been reasonably foreseen in prior periods.

As described in “Description of Business and Summary of Significant Accounting Policies – Goodwill, Acquired Intangible Assets, and Other Long-Lived Assets” in Note 1 to the consolidated financial statements in Item 8 of this Annual Report, in order to estimate the fair value of goodwill, we use a weighted combination of a discounted cash flow model (known as the income approach) and comparisons to publicly traded companies engaged in similar businesses (known as the market approach). The income approach requires us to use a number of assumptions, including market factors specific to the business, the amount and timing of estimated future cash flows to be generated by the business over an extended period of time, long-term growth rates for the business, and a rate of return that considers the relative risk of achieving the cash flows and the time value of money. We evaluate cash flows at the reporting unit level. Although the assumptions we use in our discounted cash flow model are consistent with the assumptions we use to generate our internal strategic plans and forecasts, significant judgment is required to estimate the amount and timing of future cash flows from each reporting unit and the relative risk of achieving those cash flows. When using the market approach, we make judgments about the comparability of publicly traded companies engaged in similar businesses. We base our judgments on factors such as size, growth rates, profitability, risk, and return on investment. We also make judgments when adjusting market multiples of revenue, operating income, and earnings for these companies to reflect their relative similarity to our own businesses. See Note 6 to the consolidated financial statements in Item 8 of this Annual Report for a summary of goodwill by reportable segment.

We estimate the recoverability of acquired intangible assets and other long-lived assets that have finite useful lives by comparing the carrying amount of the asset to the future undiscounted cash flows that we expect the asset to generate. In order to estimate the fair value of those assets, we estimate the present value of future cash flows from those assets. The key assumptions that we use in our discounted cash flow model are the amount and timing of estimated future cash flows to be generated by the asset over an extended period of time and a rate of return that considers the relative risk of achieving the cash flows and the time value of money. Significant judgment is required to estimate the amount and timing of future cash flows and the relative risk of achieving those cash flows. We also make judgments about the remaining useful lives of acquired intangible assets and other long-lived assets that have finite lives. See Note 6 to the consolidated financial statements in Item 8 of this Annual Report for a summary of cost, accumulated amortization, and weighted-average life in years for our acquired intangible assets.

Assumptions and estimates about future values and remaining useful lives are complex and often subjective. They can be affected by a variety of factors, including external factors such as industry and economic trends, and internal factors such as changes in our business strategy and our internal forecasts. For example, if our future operating results do not meet current forecasts or if we experience a sustained decline in our market capitalization that is determined to be indicative of a reduction in fair value of one or more of our reporting units, we may be required to record future impairment charges for goodwill and acquired intangible assets. Impairment charges could materially decrease our future net income and result in lower asset values on our consolidated balance sheets.

During the fourth quarters of fiscal 2026, fiscal 2025, and fiscal 2024, we performed our annual goodwill impairment tests. Using the methodology described in “Description of Business and Summary of Significant Accounting Policies – Goodwill, Acquired Intangible Assets, and Other Long-Lived Assets,” in Note 1 to the consolidated financial statements in Item 8 of this Annual Report, we determined that the estimated fair values of all of our reporting units substantially exceeded their carrying values and that they were not impaired.

Legal Contingencies

We are subject to certain legal proceedings, as well as demands, claims, and threatened litigation that arise in the normal course of our business. We review the status of each significant matter quarterly and assess our potential financial exposure. If the potential loss from any claim or legal proceeding is considered probable and the amount can be reasonably estimated, we

Intuit Fiscal 2026 Form 10-K

Table of Contents

record a liability and an expense for the estimated loss. If we determine that a loss is reasonably possible and the range of the loss can be reasonably determined, then we disclose the range of the possible loss. Significant judgment is required in the determination of whether a potential loss is probable, reasonably possible, or remote, as well as in the determination of whether a potential exposure is reasonably estimable. Our accruals are based on the best information available at the time. As additional information becomes available, we reassess the potential liability related to our pending claims and legal proceedings and may revise our estimates. Potential legal liabilities and the revision of estimates of potential legal liabilities could have a material impact on our financial position and results of operations. See Note 13 to the consolidated financial statements in Item 8 of this Annual Report for more information.

Accounting for Income Taxes – Estimates of Deferred Taxes, Valuation Allowances, and Uncertain Tax Positions

We estimate our income taxes based on the various jurisdictions where we conduct business. Significant judgment is required in determining our worldwide income tax provision. The calculation of our tax liabilities involves dealing with uncertainties in the application of complex tax rules and the potential for future adjustment of our uncertain tax positions by the U.S. Internal Revenue Service or other taxing jurisdictions. We estimate our current tax liability and assess temporary differences that result from differing treatments of certain items for tax and accounting purposes. These differences result in deferred tax assets and liabilities, which we show on our consolidated balance sheets. We must then assess the likelihood that our deferred tax assets will be realized. To the extent we believe that realization is not likely, we establish a valuation allowance. When we establish a valuation allowance or increase this allowance in an accounting period, we record a corresponding tax expense in our consolidated statements of operations.

We record a valuation allowance to reflect uncertainties about whether we will be able to utilize our deferred tax assets before they expire. We assess the need for an adjustment to the valuation allowance on a quarterly basis. The assessment is based on our estimates of future sources of taxable income in the jurisdictions in which we operate and the periods over which our deferred tax assets will be realizable. While we have considered future taxable income in assessing the need for a valuation allowance for the periods presented, we could in the future be required to increase the valuation allowance to take into account additional deferred tax assets that we may be unable to realize. An increase in the valuation allowance could have an adverse impact on our income tax provision and net income in the period in which we record the change.

We recognize and measure benefits for uncertain tax positions using a two-step approach. The first step is to evaluate the tax position taken or expected to be taken in a tax return by determining if the weight of available evidence indicates that it is more likely than not that the tax position will be sustained upon audit, including resolution of any related appeals or litigation processes. For tax positions that are more likely than not of being sustained upon audit, the second step is to measure the tax benefit as the largest amount that is more than 50% likely of being realized upon settlement. Significant judgment is required to evaluate uncertain tax positions. We evaluate our uncertain tax positions on a quarterly basis. Our evaluations are based upon a number of factors, including changes in facts or circumstances, changes in tax law, correspondence with tax authorities during the course of audits, and effective settlement of audit issues. Changes in the recognition or measurement of uncertain tax positions could result in material increases or decreases in our income tax expense in the period in which we make the change, which could have a material impact on our effective tax rate and operating results. See Note 10 to the consolidated financial statements in Item 8 of this Annual Report for more information.

Intuit Fiscal 2026 Form 10-K

Table of Contents

A discussion regarding our financial condition and results of operations for fiscal 2026 compared to fiscal 2025 is presented below. A discussion regarding our financial condition and results of operations for fiscal 2025 compared to fiscal 2024 can be found under Item 7 of Part II in our Annual Report on Form 10-K for the fiscal year ended July 31, 2025, filed with the SEC on September 3, 2025, which is available free of charge on the SEC’s website at www.sec.gov and on the Investor Relations section of our corporate website at investors.intuit.com.

Financial Overview
(Dollars in millions, except per share amounts)	Fiscal 2026	Fiscal 2025	Fiscal 2024	2026-2025 % Change		2025-2024 % Change
Total net revenue	$21,448	$18,831	$16,285	14	%	16	%
Operating income	5,884	4,923	3,630	20	%	36	%
Net income	4,566	3,869	2,963	18	%	31	%
Diluted net income per share	$16.46	$13.67	$10.43	20	%	31	%

Total net revenue increased $2.6 billion, or 14%, in fiscal 2026 compared with fiscal 2025. Our Global Business Solutions segment revenue increased 16% due to growth in our Online Ecosystem revenue from growth in QuickBooks Online Accounting, money, and payroll. Consumer segment revenue increased 11% due to strength in our Credit Karma personal loan, credit card, and insurance verticals and growth in assisted tax and our consumer money offerings, partially offset by a decrease in revenue due to fewer TurboTax federal units. See “Segment Results” later in this Item 7 for more information.

Operating income increased $961 million, or 20%, in fiscal 2026 compared with fiscal 2025. The increase in operating income was due to the increase in revenue described above, partially offset by an increase in expenses. Total expenses increased due to higher outside services (which include hosting), staffing, restructuring, marketing, QuickBooks Capital cost of revenue due to increased loan volume, share-based compensation, SaaS subscriptions and licenses, and online payment cost of revenue. See “Operating Expenses” later in this Item 7 for more information. See Note 15 to the consolidated financial statements in Item 8 of this Annual Report for more information on our restructuring charges.

Net income increased $697 million, or 18%, in fiscal 2026 compared with 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 $180 million in net realized and unrealized gains on long-term investments recorded in fiscal 2026 and $40 million in losses, net of upward adjustments, on long-term investments recorded in fiscal 2025. 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 20% to $16.46 for fiscal 2026, 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. All of our segments operate and sell to customers primarily in the U.S. Total international net revenue was approximately 8% of consolidated total net revenue in each of the twelve months ended July 31, 2026, 2025, and 2024.

Segment operating income is segment net revenue less segment cost of revenue and operating expenses. 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

Intuit Fiscal 2026 Form 10-K

Table of Contents

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.

Intuit Fiscal 2026 Form 10-K

Table of Contents

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

Our Online Ecosystem includes revenue from:

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

•Intuit Experts;

•QuickBooks 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 the 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.

Global Business Solutions 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. Global Business Solutions 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)	Fiscal 2026			Fiscal 2025			Fiscal 2024			2026-2025 % Change		2025-2024 % Change
Service revenue	$	10,996		$	9,325		$	7,792
Product and other revenue	1,868			1,752			1,741
Total segment revenue	$	12,864		$	11,077		$	9,533		16	%	16	%
% of total revenue	60		%	59		%	59		%
Segment operating income	$	9,887		$	8,476		$	7,173		17	%	18	%
% of related revenue	77		%	77		%	75		%

Intuit Fiscal 2026 Form 10-K

Table of Contents

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

(Dollars in millions)	Fiscal 2026		Fiscal 2025		Fiscal 2024		2026-2025 % Change		2025-2024 % Change
Net revenue:
QuickBooks Online Accounting	$	5,051	$	4,120	$	3,379	23	%	22	%
Online Services	4,867		4,182		3,513		16	%	19	%
Total Online Ecosystem	9,918		8,302		6,892		19	%	20	%
QuickBooks Desktop Accounting	1,801		1,672		1,575		8	%	6	%
Desktop Services and Supplies	1,145		1,103		1,066		4	%	3	%
Total Desktop Ecosystem	2,946		2,775		2,641		6	%	5	%
Total Global Business Solutions	$	12,864	$	11,077	$	9,533	16	%	16	%

Revenue for our Global Business Solutions segment increased $1.8 billion, or 16%, in fiscal 2026 compared with fiscal 2025. The increase was due to growth in Online Ecosystem revenue, which contributed $1.6 billion to the increase for fiscal 2026.

Online Ecosystem

Online Ecosystem revenue increased $1.6 billion, or 19%, in fiscal 2026 compared with fiscal 2025. QuickBooks Online Accounting revenue increased $931 million, or 23%, in fiscal 2026 compared with fiscal 2025 due to the interrelated factors of higher effective prices, customer growth, and mix shift. Online Services revenue increased $685 million, or 16%, in fiscal 2026 compared with fiscal 2025 due to increases in revenue from our money offerings of $434 million and our payroll offerings of $266 million. Revenue increases were due to the interrelated factors described below. Money revenue increased $434 million reflecting a $257 million increase in payments revenue driven by payments customer growth, higher total payment volume per customer, and higher revenue yield, and a $177 million increase from QuickBooks Capital due to increased loan volume. Online payroll revenue increased due to mix shift, customer growth, and higher effective prices.

Online Ecosystem average revenue per customer, which we define as total online ecosystem revenue divided by the average number of online paying customers, increased 15% for fiscal 2026 compared with fiscal 2025. Online Ecosystem paying customers, which we define as the sum of all QuickBooks Online paying customers, QuickBooks Time customers, Mailchimp paying customers, and customers who subscribe to standalone services outside of QuickBooks Online, increased 3% as of July 31, 2026 compared with July 31, 2025.

Desktop Ecosystem

Desktop Ecosystem revenue increased $171 million, or 6%, in fiscal 2026 compared with fiscal 2025. The increase was due to higher effective prices.

Global Business Solutions segment operating income increased $1.4 billion, or 17%, in fiscal 2026 compared with fiscal 2025 due to the increase in revenue described above, partially offset by increases in QuickBooks Capital cost of revenue of $115 million due to increased loan volume, online payments cost of revenue of $80 million, staffing expenses of $70 million, and outside services expenses of $51 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. As a result of these changes, for the twelve months ended July 31, 2025 and 2024, we reclassified expenses totaling $9 million and $16 million from Global Business Solutions to other corporate expenses to conform to the current presentation.

Intuit Fiscal 2026 Form 10-K

Table of Contents

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; consumer money offerings, which include early access to tax refunds, File Now, Pay Later loans, and 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 and auto 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 home loans 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)	Fiscal 2026			Fiscal 2025			Fiscal 2024			2026-2025 % Change		2025-2024 % Change
Service revenue	$	7,915		$	7,075		$	6,069
Product and other revenue	669			679			683
Total segment revenue	$	8,584		$	7,754		$	6,752		11	%	15	%
% of total revenue	40		%	41		%	41		%
Segment operating income	$	6,308		$	5,760		$	5,012		10	%	15	%
% of related revenue	73		%	74		%	74		%

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

(Dollars in millions)	Fiscal 2026		Fiscal 2025		Fiscal 2024		2026-2025 % Change		2025-2024 % Change
Net revenue:
TurboTax	$	5,296	$	4,933	$	4,508	7	%	9	%
Credit Karma	2,641		2,200		1,645		20	%	34	%
ProTax	647		621		599		4	%	4	%
Total Consumer	$	8,584	$	7,754	$	6,752	11	%	15	%

Revenue for our Consumer segment increased $830 million, or 11%, in fiscal 2026 compared with fiscal 2025 due to increases in Credit Karma revenue of $441 million and TurboTax revenue of $363 million. The increase in Credit Karma revenue is due to increases in revenue from our personal loan vertical of $235 million, our credit card vertical of $101 million, and our insurance vertical of $85 million. The increase in TurboTax revenue is due to growth in assisted tax and our consumer money offerings, partially offset by a decrease in revenue due to fewer TurboTax federal units.

Consumer segment operating income increased $548 million, or 10%, in fiscal 2026 compared with fiscal 2025 due to the increase in revenue described above, partially offset by an increase in marketing expenses of $191 million and sales-related expenses of $44 million.

Intuit Fiscal 2026 Form 10-K

Table of Contents

Intuit Fiscal 2026 Form 10-K

Table of Contents

Cost of Revenue
(Dollars in millions)	Fiscal 2026		% of Related Revenue		Fiscal 2025		% of Related Revenue		Fiscal 2024		% of Related Revenue
Cost of service revenue	$	4,016	21	%	$	3,624	22	%	$	3,250	23	%
Cost of product and other revenue	63		2	%	68		3	%

Loading holders...

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. 2 transactions across 2 insiders. Net: -1,192 shares, -$407,016.

Date	Insider	Role	Action	Shares	Price	Value
2026-09-08	DALZELL RICHARD L	Director	Sell	-285	$325.36	-$92,728
2026-08-27	Hotz Lauren D	SVP, Chief Accounting Officer	Sell	-907 ×2	$346.54	-$314,288

Source: SEC Form 4 filings.

Next expected filings

~2026-11-19 10-Q expected by 2026-12-06 (in 22 days)
~2027-02-25 10-Q expected by 2027-03-14 (in 120 days)
~2027-05-19 10-Q expected by 2027-06-05 (in 203 days)
~2027-09-09 10-K expected by 2027-10-08 (in 316 days)

Predicted from historical filing cadence; not an SEC commitment.

Recent SEC filings

2026-09-09 10-K Annual Report
2026-09-09 S-3ASR S-3ASR
2026-08-25 8-K Earnings Release; Other Events; Financial Statements and Exhibits
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

Line item
Period ending