NASDAQ: INTU
INTUIT INC.CIK 0000896878 · SIC 7372 · Prepackaged Software
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Intuit's revenue rises 13.9% to $21.4B, net income up 18% to $4.57B, amid $315M restructuring
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Intuit reports FY2026 revenue up 14% to $21.4B, EPS up 20%, declares $1.38 dividend
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Intuit raises $1.75B in senior notes to refinance debt, extends maturities to 2031 and 2036
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Intuit prices $1.75B debt offering: $750M 4.950% 2031 notes and $1B 5.500% 2036 notes
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Intuit prices debt offering of two series of senior unsecured notes; terms not yet disclosed
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Intuit announces 17% workforce cut, $300-340M restructuring charge alongside Q3 earnings
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revenue $8.56B, net income $3.06B. Intuit announces restructuring, doubles buybacks, launches AI agents in production
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Intuit consolidates business units as Small Business Group GM Marianna Tessel departs
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Intuit executives terminate all stock sale plans as company accelerates up to $3.5B buyback
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Latest financial statements
From 10-K filed Sep 9, 2026 (period ending Jul 31, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Consolidated Statements of Operations
(In millions, except per share amounts)
| Description | Twelve months ended July 31, 2026 | Twelve months ended July 31, 2025 | Twelve months ended July 31, 2024 |
|---|---|---|---|
| Net revenue: | |||
| Service | 18,911 | 16,400 | 13,861 |
| Product and other | 2,537 | 2,431 | 2,424 |
| Total net revenue | 21,448 | 18,831 | 16,285 |
| Costs and expenses: | |||
| Cost of revenue: | |||
| Cost of service revenue | 4,016 | 3,624 | 3,250 |
| Cost of product and other revenue | 63 | 68 | 69 |
| Amortization of acquired technology | 174 | 156 | 146 |
| Selling and marketing | 5,534 | 5,035 | 4,312 |
| Research and development | 3,376 | 2,928 | 2,754 |
| General and administrative | 1,623 | 1,601 | 1,418 |
| Amortization of other acquired intangible assets | 485 | 481 | 483 |
| Restructuring | 293 | 15 | 223 |
| Total costs and expenses | 15,564 | 13,908 | 12,655 |
| Operating income | 5,884 | 4,923 | 3,630 |
| Interest expense | (256) | (247) | (242) |
| Interest and other income, net | 389 | 158 | 162 |
| Income before income taxes | 6,017 | 4,834 | 3,550 |
| Income tax provision | 1,451 | 965 | 587 |
| Net income | 4,566 | 3,869 | 2,963 |
| Basic net income per share | 16.53 | 13.82 | 10.58 |
| Shares used in basic per share calculations | 276 | 280 | 280 |
| Diluted net income per share | 16.46 | 13.67 | 10.43 |
| Shares used in diluted per share calculations | 277 | 283 | 284 |
Consolidated Balance Sheets
(Dollars in millions, except par value; shares in thousands)
| Description | July 31, 2026 | July 31, 2025 |
|---|---|---|
| ASSETS | ||
| Current assets: | ||
| Cash and cash equivalents | 4,705 | 2,884 |
| Investments | 2,495 | 1,668 |
| Accounts receivable, net of allowance for doubtful accounts of $5 and $5 | 625 | 530 |
| Notes receivable held for investment | 1,468 | 1,403 |
| Notes receivable held for sale | 179 | — |
| Income taxes receivable | 124 | 50 |
| Prepaid expenses and other current assets | 677 | 496 |
| Current assets before funds receivable and amounts held for customers | 10,273 | 7,031 |
| Funds receivable and amounts held for customers | 5,038 | 7,076 |
| Total current assets | 15,311 | 14,107 |
| Long-term investments | 248 | 94 |
| Property and equipment, net | 1,023 | 961 |
| Operating lease right-of-use assets | 609 | 541 |
| Goodwill | 13,981 | 13,980 |
| Acquired intangible assets, net | 4,642 | 5,302 |
| Long-term deferred income tax assets | 172 | 1,222 |
| Other assets | 800 | 751 |
| Total assets | 36,786 | 36,958 |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
| Current liabilities: | ||
| Short-term debt | 1,249 | — |
| Accounts payable | 873 | 792 |
| Accrued compensation and related liabilities | 1,068 | 858 |
| Deferred revenue | 1,072 | 1,019 |
| Other current liabilities | 863 | 625 |
| Current liabilities before funds payable and amounts due to customers | 5,125 | 3,294 |
| Funds payable and amounts due to customers | 5,038 | 7,076 |
| Total current liabilities | 10,163 | 10,370 |
| Long-term debt | 6,420 | 5,973 |
| Long-term deferred income tax liabilities | 239 | 20 |
| Operating lease liabilities | 667 | 597 |
| Other long-term obligations | 305 | 288 |
| Total liabilities | 17,794 | 17,248 |
| Commitments and contingencies | ||
| Stockholders’ equity: | ||
| Preferred stock, $0.01 par value Authorized 1,345 shares total; 145 shares designated Series A; 250 shares designated Series B Junior Participating Issued and outstanding - None | — | — |
| Common stock, $0.01 par value Authorized 750,000 shares Issued - 268,384 shares at July 31, 2026 and 498,450 shares at July 31, 2025 Outstanding - 268,384 shares at July 31, 2026 and 279,129 shares at July 31, 2025 | 3 | 3 |
| Additional paid-in capital | — | 21,632 |
| Treasury stock, at cost | — | (21,543) |
| Accumulated other comprehensive loss | (57) | (50) |
| Retained earnings | 19,046 | 19,668 |
| Total stockholders’ equity | 18,992 | 19,710 |
| Total liabilities and stockholders’ equity | 36,786 | 36,958 |
Consolidated Statements of Cash Flows
(In millions)
| Description | Twelve months ended July 31, 2026 | Twelve months ended July 31, 2025 | Twelve months ended July 31, 2024 |
|---|---|---|---|
| Cash flows from operating activities: | |||
| Net income | 4,566 | 3,869 | 2,963 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation | 187 | 172 | 159 |
| Amortization of acquired intangible assets | 659 | 637 | 630 |
| Non-cash operating lease cost | 106 | 75 | 81 |
| Share-based compensation expense | 2,056 | 1,968 | 1,940 |
| Provision for expected credit losses | 237 | 134 | 118 |
| Deferred income taxes | 1,279 | (435) | (554) |
| Other | (248) | (7) | (26) |
| Total adjustments | 4,276 | 2,544 | 2,348 |
| Originations and purchases of notes receivable held for sale | — | — | (96) |
| Sales and principal repayments of notes receivable held for sale | — | — | 98 |
| Changes in operating assets and liabilities: | |||
| Accounts receivable | (95) | (71) | (52) |
| Income taxes receivable | (74) | 27 | (48) |
| Prepaid expenses and other assets | (221) | (283) | (30) |
| Accounts payable | 63 | 73 | 133 |
| Accrued compensation and related liabilities | 202 | (64) | 257 |
| Deferred revenue | 51 | 142 | (49) |
| Operating lease liabilities | (93) | (77) | (71) |
| Other liabilities | 163 | 47 | (569) |
| Total changes in operating assets and liabilities | (4) | (206) | (429) |
| Net cash provided by operating activities | 8,838 | 6,207 | 4,884 |
| Cash flows from investing activities: | |||
| Purchases of corporate and customer fund investments | (3,892) | (2,363) | (780) |
| Sales of corporate and customer fund investments | 547 | 320 | 526 |
| Maturities of corporate and customer fund investments | 2,554 | 864 | 676 |
| Purchases of property and equipment | (175) | (84) | (191) |
| Capitalization of internal use software | (46) | (40) | (59) |
| Acquisitions of businesses, net of cash acquired | — | (184) | (83) |
| Originations and purchases of notes receivable held for investment | (6,755) | (3,992) | (2,538) |
| Sales of notes receivable originally classified as held for investment | 2,210 | 562 | 234 |
| Principal repayments of notes receivable held for investment | 4,253 | 2,706 | 2,068 |
| Other | (108) | (107) | (80) |
| Net cash used in investing activities | (1,412) | (2,318) | (227) |
| Cash flows from financing activities: | |||
| Proceeds from issuance of long-term debt, net of discount and issuance costs | 1,736 | — | 3,956 |
| Repayments of debt | — | (500) | (4,200) |
| Proceeds from borrowings under unsecured revolving credit facility | — | — | 100 |
| Repayments on borrowings under unsecured revolving credit facility | — | — | (100) |
| Proceeds from borrowings under secured revolving credit facilities | 186 | 429 | 180 |
| Repayments on borrowings under secured revolving credit facilities | (230) | — | (25) |
| Proceeds from issuance of stock under employee stock plans | 180 | 398 | 282 |
| Payments for employee taxes withheld upon vesting of restricted stock units | (709) | (982) | (1,002) |
| Cash paid for purchases of treasury stock | (5,412) | (2,772) | (1,988) |
| Dividends and dividend rights paid | (1,347) | (1,189) | (1,034) |
| Net change in funds receivable and funds payable and amounts due to customers | (2,086) | 3,107 | 3,436 |
| Other | (7) | (1) | (2) |
| Net cash used in financing activities | (7,689) | (1,510) | (397) |
| Effect of exchange rates on cash, cash equivalents, restricted cash, and restricted cash equivalents | (2) | 3 | (13) |
| Net increase (decrease) in cash, cash equivalents, restricted cash, and restricted cash equivalents | (265) | 2,382 | 4,247 |
| Cash, cash equivalents, restricted cash, and restricted cash equivalents at beginning of period | 9,481 | 7,099 | 2,852 |
| Cash, cash equivalents, restricted cash, and restricted cash equivalents at end of period | 9,216 | 9,481 | 7,099 |
| Reconciliation of cash, cash equivalents, restricted cash, and restricted cash equivalents reported within the consolidated balance sheets to the total amounts reported on the consolidated statements of cash flows | |||
| Cash and cash equivalents | 4,705 | 2,884 | 3,609 |
| Restricted cash and restricted cash equivalents included in funds receivable and amounts held for customers | 4,511 | 6,597 | 3,490 |
| Total cash, cash equivalents, restricted cash, and restricted cash equivalents at end of period | 9,216 | 9,481 | 7,099 |
| Supplemental disclosure of cash flow information: | |||
| Interest paid | 295 | 284 | 200 |
| Supplemental schedule of non-cash investing and financing activities: | |||
| Transfers of notes receivable originated or purchased as held for investment to held for sale | 2,348 | 546 | 231 |
| Retirement of treasury stock | 27,006 | — | — |
Amounts as printed on the EDGAR/iXBRL face — (In millions, except per share amounts); (Dollars in millions, except par value; shares in thousands); (In millions). Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗