NASDAQ: INTU
INTUIT INC.CIK 0000896878 · SIC 7372 · Prepackaged Software
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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-Q filed May 20, 2026 (period ending Apr 30, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Condensed Consolidated Statements of Operations (Unaudited)
(In millions, except per share amounts)
| Description | Three months ended April 30, 2026 | Three months ended April 30, 2025 | Nine months ended April 30, 2026 | Nine months ended April 30, 2025 |
|---|---|---|---|---|
| Net revenue: | ||||
| Service | 7,759 | 6,971 | 15,128 | 13,109 |
| Product and other | 799 | 783 | 1,966 | 1,891 |
| Total net revenue | 8,558 | 7,754 | 17,094 | 15,000 |
| Costs and expenses: | ||||
| Cost of revenue: | ||||
| Cost of service revenue | 1,317 | 1,138 | 3,122 | 2,790 |
| Cost of product and other revenue | 14 | 18 | 47 | 52 |
| Amortization of acquired technology | 43 | 38 | 131 | 112 |
| Selling and marketing | 1,793 | 1,618 | 4,270 | 3,784 |
| Research and development | 840 | 707 | 2,519 | 2,127 |
| General and administrative | 409 | 394 | 1,232 | 1,177 |
| Amortization of other acquired intangible assets | 122 | 120 | 364 | 360 |
| Restructuring | — | 1 | — | 14 |
| Total costs and expenses | 4,538 | 4,034 | 11,685 | 10,416 |
| Operating income | 4,020 | 3,720 | 5,409 | 4,584 |
| Interest expense | (70) | (68) | (186) | (188) |
| Interest and other income, net | 97 | 32 | 254 | 72 |
| Income before income taxes | 4,047 | 3,684 | 5,477 | 4,468 |
| Income tax provision | 983 | 864 | 1,274 | 980 |
| Net income | 3,064 | 2,820 | 4,203 | 3,488 |
| Basic net income per share | 11.10 | 10.09 | 15.13 | 12.45 |
| Shares used in basic per share calculations | 276 | 280 | 278 | 280 |
| Diluted net income per share | 11.09 | 10.02 | 15.05 | 12.33 |
| Shares used in diluted per share calculations | 276 | 282 | 279 | 283 |
Condensed Consolidated Balance Sheets (Unaudited)
(In millions)
| Description | April 30, 2026 | July 31, 2025 |
|---|---|---|
| ASSETS | ||
| Current assets: | ||
| Cash and cash equivalents | 4,681 | 2,884 |
| Investments | 2,099 | 1,668 |
| Accounts receivable, net | 834 | 530 |
| Notes receivable held for investment | 1,662 | 1,403 |
| Notes receivable held for sale | 69 | — |
| Income taxes receivable | 52 | 50 |
| Prepaid expenses and other current assets | 680 | 496 |
| Current assets before funds receivable and amounts held for customers | 10,077 | 7,031 |
| Funds receivable and amounts held for customers | 7,760 | 7,076 |
| Total current assets | 17,837 | 14,107 |
| Long-term investments | 176 | 94 |
| Property and equipment, net | 996 | 961 |
| Operating lease right-of-use assets | 601 | 541 |
| Goodwill | 13,982 | 13,980 |
| Acquired intangible assets, net | 4,807 | 5,302 |
| Long-term deferred income tax assets | 113 | 1,222 |
| Other assets | 818 | 751 |
| Total assets | 39,330 | 36,958 |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
| Current liabilities: | ||
| Short-term debt | 750 | — |
| Accounts payable | 1,096 | 792 |
| Accrued compensation and related liabilities | 766 | 858 |
| Deferred revenue | 1,055 | 1,019 |
| Other current liabilities | 849 | 625 |
| Current liabilities before funds payable and amounts due to customers | 4,516 | 3,294 |
| Funds payable and amounts due to customers | 7,760 | 7,076 |
| Total current liabilities | 12,276 | 10,370 |
| Long-term debt | 5,412 | 5,973 |
| Operating lease liabilities | 655 | 597 |
| Other long-term obligations | 358 | 308 |
| Total liabilities | 18,701 | 17,248 |
| Commitments and contingencies | ||
| Stockholders’ equity: | ||
| Preferred stock | — | — |
| Common stock and additional paid-in capital | 22,745 | 21,635 |
| Treasury stock, at cost | (24,916) | (21,543) |
| Accumulated other comprehensive loss | (54) | (50) |
| Retained earnings | 22,854 | 19,668 |
| Total stockholders’ equity | 20,629 | 19,710 |
| Total liabilities and stockholders’ equity | 39,330 | 36,958 |
Condensed Consolidated Statements of Cash Flows (Unaudited)
(In millions)
| Description | Nine months ended April 30, 2026 | Nine months ended April 30, 2025 |
|---|---|---|
| Cash flows from operating activities: | ||
| Net income | 4,203 | 3,488 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Depreciation | 133 | 129 |
| Amortization of acquired intangible assets | 495 | 472 |
| Non-cash operating lease cost | 77 | 56 |
| Share-based compensation expense | 1,549 | 1,478 |
| Deferred income taxes | 1,150 | (278) |
| Provision for credit losses | 189 | 101 |
| Other | (150) | 13 |
| Total adjustments | 3,443 | 1,971 |
| Changes in operating assets and liabilities: | ||
| Accounts receivable | (303) | (267) |
| Income taxes receivable | (2) | 69 |
| Prepaid expenses and other assets | (148) | (227) |
| Accounts payable | 281 | 285 |
| Accrued compensation and related liabilities | (102) | (173) |
| Deferred revenue | 33 | 84 |
| Operating lease liabilities | (65) | (59) |
| Other liabilities | 167 | 655 |
| Total changes in operating assets and liabilities | (139) | 367 |
| Net cash provided by operating activities | 7,507 | 5,826 |
| Cash flows from investing activities: | ||
| Purchases of corporate and customer fund investments | (2,204) | (1,080) |
| Sales of corporate and customer fund investments | 133 | 168 |
| Maturities of corporate and customer fund investments | 1,655 | 656 |
| Purchases of property and equipment | (148) | (99) |
| Originations and purchases of notes receivable held for investment | (4,930) | (2,873) |
| Sales of notes receivable originally classified as held for investment | 1,389 | 300 |
| Principal repayments of notes receivable held for investment | 3,125 | 1,952 |
| Other | (120) | (117) |
| Net cash used in investing activities | (1,100) | (1,093) |
| Cash flows from financing activities: | ||
| Proceeds from borrowings under secured revolving credit facilities | 186 | 364 |
| Proceeds from issuance of stock under employee stock plans | 136 | 263 |
| Payments for employee taxes withheld upon vesting of restricted stock units | (575) | (612) |
| Cash paid for purchases of treasury stock | (3,341) | (2,026) |
| Dividends and dividend rights paid | (1,015) | (888) |
| Net change in funds receivable and funds payable and amounts due to customers | 633 | 1,251 |
| Other | (7) | (4) |
| Net cash used in financing activities | (3,983) | (1,652) |
| Effect of exchange rates on cash, cash equivalents, restricted cash, and restricted cash equivalents | 9 | 4 |
| Net increase in cash, cash equivalents, restricted cash, and restricted cash equivalents | 2,433 | 3,085 |
| Cash, cash equivalents, restricted cash, and restricted cash equivalents at beginning of period | 9,481 | 7,099 |
| Cash, cash equivalents, restricted cash, and restricted cash equivalents at end of period | 11,914 | 10,184 |
| Reconciliation of cash, cash equivalents, restricted cash, and restricted cash equivalents reported within the condensed consolidated balance sheets to the total amounts reported on the condensed consolidated statements of cash flows | ||
| Cash and cash equivalents | 4,681 | 5,443 |
| Restricted cash and restricted cash equivalents included in funds receivable and amounts held for customers | 7,233 | 4,741 |
| Total cash, cash equivalents, restricted cash, and restricted cash equivalents at end of period | 11,914 | 10,184 |
| Supplemental schedule of non-cash investing activities: | ||
| Transfers of notes receivable originated or purchased as held for investment to held for sale | 1,427 | 333 |
Amounts as printed on the EDGAR/iXBRL face — (In millions, except per share amounts); (In millions). Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗