Intuit Inc. (INTU) FY2026 10-K and 10-Q Summary: Business, Risk Factors, MD&A

Business

From the fiscal 2026 Form 10-K, accession 0000896878-26-000037.

Intuit describes itself as a global financial technology platform serving approximately 93 million consumers, small and mid-market businesses, and accountants worldwide. Its brands are TurboTax, Credit Karma, QuickBooks, Mailchimp, Intuit Enterprise Suite and Intuit Accountant Suite. The company is incorporated in Delaware, headquartered at 2700 Coast Avenue, Mountain View, California, and its common stock trades on the Nasdaq Global Select Market. As of July 31, 2026 it had approximately 18,600 employees in seven countries, supplemented during fiscal 2026 by an average of roughly 12,300 seasonal employees from January to April to support Consumer segment customers through the peak of tax season.

The stated strategy is to be an "AI-driven expert platform" that combines proprietary data, domain-specific AI capabilities and a network of AI-enabled human tax, bookkeeping and financial experts into a single system that does work on the customer's behalf. Management frames execution around three "Big Bets": delivering done-for-you experiences through AI agents and human experts; accelerating money benefits (receivables, payables, capital and spend management for businesses; faster refund access and savings for consumers); and winning mid-market businesses through QuickBooks Online Advanced, Intuit Enterprise Suite and connected services. Intuit says it declared this AI platform strategy in 2019 and that its internally built Generative AI Operating System (GenOS) is what enabled the fiscal 2026 expansion of AI agents and its partnerships with leading AI companies.

Reportable segments

Effective August 1, 2025, the first day of fiscal 2026, Intuit combined its former Consumer, Credit Karma and ProTax businesses into a single Consumer segment, leaving two reportable segments. Prior-period amounts were recast; the recast had no effect on the consolidated balance sheets, statements of operations or cash flow statements.

Global Business Solutions serves small and mid-market businesses and the accountants who advise them. It is reported as two ecosystems:

• Online Ecosystem, QuickBooks Online, Intuit Enterprise Suite and Intuit Accountant Suite; Intuit Experts (Live Expert Assisted and Full-Service Bookkeeping); QuickBooks Workforce (online payroll and time tracking); money offerings including merchant payment processing, bill pay, QuickBooks Checking, the Intuit Business Credit Card and QuickBooks Capital financing; and Mailchimp marketing automation.
• Desktop Ecosystem, QuickBooks Desktop Plus and QuickBooks Enterprise subscriptions, ProAdvisor Program memberships, desktop payroll, desktop money offerings and financial supplies (checks, tax forms, stationery).

QuickBooks Capital financing is originated through a bank partner or through partners on the QuickBooks Capital Marketplace; Intuit purchases some or all of those loans, and also acts as a third-party financing provider inside a strategic partner's lending program.

Consumer serves individual taxpayers and professional accountants through TurboTax (do-it-yourself and assisted preparation in the U.S. and Canada, plus early refund access, File Now Pay Later loans and Credit Karma Money accounts held at FDIC-member partner banks); Credit Karma (credit scores and monitoring, credit-building tools, and personalized credit card, loan and insurance recommendations monetized through cost-per-action, cost-per-click and cost-per-lead arrangements, supported by its Lightbox approval-odds technology); and ProTax (Lacerte, ProSeries and ProConnect Tax Online in the U.S.; ProFile and ProTax Online in Canada).

Total international net revenue was approximately 8% of consolidated total net revenue in each of fiscal 2026, 2025 and 2024, the business is overwhelmingly U.S.-facing. Most of Intuit's online systems, networks and databases run on public cloud providers, principally Amazon Web Services and Google Cloud Platform.

Seasonality

TurboTax and ProTax revenue is heavily concentrated from November through April, which typically produces materially higher net revenue in the second and third fiscal quarters ending January 31 and April 30. Management expects that pattern to continue to have a material effect on quarterly results, and notes that the balance of cash, cash equivalents and investments fluctuates with the same seasonal pattern.

Distribution and competition

Products reach customers directly (websites, apps, inside sales, a direct sales force calling on accountants and mid-market businesses, and physical TurboTax locations), through online app stores, and through partners including value-added resellers, accountants, technology partners and retailers. Intuit lists competitors spanning business software providers, practice-management software, public- and private-sector tax preparation services, accounting and consulting firms, money-services companies, personal finance tools, consumer-finance marketplaces, financial institutions, credit bureaus, and platform companies and general-purpose AI providers that could extend into its problem space. It identifies its competitive strengths as innovation and technology capability, breadth and integration of solutions, ease of use, security, brand, support quality, value and cost.

Properties

Principal locations at July 31, 2026: Mountain View, California (corporate headquarters and Global Business Solutions offices; approximately 364,000 square feet owned plus about 359,000 square feet leased through 2029–2034); San Diego, California (Consumer segment offices; approximately 466,000 square feet, owned); and Bangalore, India (Intuit India; approximately 478,000 square feet, principal lease expiring 2026, with additional Bangalore office space leased but not yet occupied).

Cybersecurity program

Intuit's information security program is led by a Chief Information Security and Fraud Prevention Officer who also serves as Chief Information Officer, supported by a Cybersecurity, Compliance, Risk, and Fraud Team of approximately 550 professionals as of July 31, 2026. The program uses ISO 27001, PCI DSS and SOC 2 frameworks for testing, a vulnerability management program, incident response playbooks, third-party risk management and cybersecurity insurance. The CEO receives monthly updates from the CISO; the Audit and Risk Committee of the Board holds primary oversight and receives quarterly updates. Intuit states that during the last fiscal year it did not identify any risks from cybersecurity threats, including from previous incidents, that materially affected the company.

Risk factors

Condensed from Item 1A of the fiscal 2026 Form 10-K, accession 0000896878-26-000037.

Competition, including from free offerings and from government. Intuit expects competition to intensify across every business. It faces free and low-cost competitors in tax, accounting, payments and personal finance; large consumer platforms that could retarget their strategies at small businesses or tax and consumer finance customers; and rapid AI adoption that lowers barriers to entry and lets general-purpose AI providers add competing features. The consumer tax business faces a distinct public-sector risk: although the IRS free direct filing system was suspended, proponents continue to advocate for it, and the legacy IRS Free File Program lets the IRS offer free commercial tax software to qualifying taxpayers. Intuit states that government-funded services curtailing or eliminating the taxpayer's own role in preparation could have material adverse revenue implications.

Dependence on annual returning customers. The consumer and professional tax businesses depend significantly on customers returning each year, including free-product users whose tax situations later require paid services. Retention becomes harder if customers do not perceive continuing or incremental value.

AI development, deployment and regulation. Intuit is investing heavily in agentic and generative AI for customers, experts, employees and internal operations, and uses third parties to support that work. It flags that resource-intensive AI raises costs and may not return the benefit; that AI algorithms may be flawed or trained on biased, inaccurate or insufficient data; that latency or failure in AI systems could cause delays or errors; that perceived social harm or unfairness could undermine confidence; and that third parties may deploy AI in ways that reduce demand for Intuit's products. The legal landscape is described as complex and uncertain across intellectual property, cybersecurity and privacy, including uncertainty over the validity and enforceability of IP rights arising from generative AI use.

Security incidents and cyberattack. Intuit hosts credit card data, tax return data, bank account numbers, credit report information, credentials, financial data, Social Security numbers and payroll information. It states its systems have been subject to, and are increasingly likely to continue to be targets of, cyberattacks, and that it has experienced unauthorized access through stolen identity information obtained outside its systems. Because customers can hold one identity across multiple Intuit products, a single incident could expose more data. Cybersecurity insurance may not cover all liabilities. Separately, Credit Karma user data is subject to a Federal Trade Commission order requiring a comprehensive security program and biennial independent security assessments through 2034; failure to meet it could bring fines, enforcement action and reputational harm. Incidents at third parties Intuit relies on carry a parallel set of consequences.

Transaction processing and fraud. The money offerings process large volumes and dollar values daily; errors or misappropriation scale with volume and speed. In payments processing, a disputed transaction resolved against the merchant may require Intuit to pay amounts exceeding established customer reserves. Anti-fraud controls that become stricter can also block legitimate customers and cost revenue.

System availability, especially at tax-season peak. Much of Intuit's software runs on public cloud capacity, and it does not have redundancy for all systems. Any interruption in online tax preparation or electronic filing during a peak period could mean significantly decreased revenue, lost customers, unexpected refunds, negative publicity and higher operating cost. Corporate headquarters and other critical operations sit near major seismic faults.

Third-party relationships. Growth increasingly depends on relationships with software and service providers, platforms, credit bureaus, vendors, distributors, accountants, financial institutions, core processors and development partners, some of them sole- or limited-source. Credit Karma's revenue specifically depends on financial institutions' willingness to offer products on its platform, which is sensitive to macro conditions, capacity limits and regulatory complexity. Failure or insolvency of a counterparty bank holding significant deposits could limit Intuit's ability to recover assets. App store and AI platform owners retain wide discretion over pricing, terms and the visibility of Intuit's offerings.

Talent. Competition for people with expertise in SaaS, fintech, mobile, data science, AI and cybersecurity is intense, particularly in California and India where a significant number of employees are located. Equity awards become less effective as a retention tool if the stock price falls or lags peers.

Product accuracy and launch timing. Tax software has a rigid development timetable that must absorb unpredictable and sometimes late tax law and form changes. Errors can force code changes, coordination with state administrators, customer amendments, patches, product recalls or suspended availability, and Intuit's accuracy guarantee commits it to reimburse penalties and interest caused solely by calculation errors. Human experts on the platform may also give erroneous or unsuitable advice.

Regulation, privacy and data protection. Intuit is subject to an expanding set of local, state, federal and international rules. It cites the EU AI Act, which went into force in 2025, and AI frameworks emerging in Utah, Colorado and California; GDPR and a growing patchwork of U.S. state privacy laws in the absence of a federal standard; and legal challenges in European courts to the EU-U.S. Data Privacy Framework it relies on for transatlantic transfers. Lending and payments products require licenses that must be obtained and maintained jurisdiction by jurisdiction. The tax preparation industry specifically continues to draw heightened federal and state attention.

Litigation. Intuit describes itself as frequently a party to litigation and regulatory inquiries, including class actions and intellectual property claims.

Acquisitions and divestitures. Both are named as risks, integration failure, unrealized synergies, control environments inconsistent with Intuit's standards, undiscovered diligence issues, and on the divestiture side an inability to find buyers on favorable terms, retained indemnities, and harm to retained businesses if divested customers receive worse service from a new owner.

Financial risks. Tax-business seasonality causes significant quarterly fluctuation. Refunds in excess of reserves would reduce net revenue. The effective tax rate is exposed to deferred-tax revaluation, stock-price-driven share-based compensation effects, changes in tax law including OECD-driven foreign legislation, and continuous IRS and other examinations. Providing capital to small and mid-market businesses and consumers exposes Intuit to borrower default, application fraud, and errors in credit decisioning, pricing and loss-forecasting models, and depends on financial institutions continuing to lend to Intuit to fund loan purchases. Amortization and impairment of acquired intangibles and goodwill can swing net income, with the annual goodwill test falling in the fourth fiscal quarter. Outstanding indebtedness carries covenants, credit facilities restrict subsidiary borrowing and require specified financial ratios; a breach without waiver can accelerate all outstanding debt, and the 2020 Notes may have to be repurchased on a change of control accompanied by ratings downgrades. The share repurchase program has no expiration and carries no obligation to repurchase any specified amount, and may be suspended or terminated. Because the majority of revenue is derived in the U.S., U.S. economic conditions matter more to Intuit than to more internationally diversified peers; adverse macro conditions could reduce payments volumes, reduce tax filings, and cause financial institutions to pull back from Credit Karma's platform.

Management's discussion and analysis, fiscal 2026

From Item 7 of the fiscal 2026 Form 10-K, accession 0000896878-26-000037.

Headline results

Service revenue was $18.9 billion in fiscal 2026, or 88% of total revenue; management expects service revenue to keep rising as a share of the total over the long term.

Operating income rose $961 million. The gain came from revenue growth, partly offset by higher outside services (which include hosting), staffing, restructuring, marketing, QuickBooks Capital cost of revenue on higher loan volume, share-based compensation, SaaS subscriptions and licenses, and online payment cost of revenue. Net income rose $697 million: operating income plus higher interest and other income, partly offset by higher income tax expense. The swing in interest and other income reflects $180 million of net realized and unrealized gains on long-term investments in fiscal 2026 against $40 million of losses, net of upward adjustments, in fiscal 2025. Diluted EPS rose 20% on the higher net income and a lower weighted share count from increased repurchase activity.

Global Business Solutions

Segment revenue of $12,864 million (fiscal 2025: $11,077 million; fiscal 2024: $9,533 million) was 60% of total revenue. Segment operating income was $9,887 million, or 77% of segment revenue, up 17% and the same margin as fiscal 2025.

Online Ecosystem revenue grew $1.6 billion, contributing essentially all of the segment's $1.8 billion increase. QuickBooks Online Accounting added $931 million on the interrelated factors of higher effective prices, customer growth and mix shift. Online Services added $685 million, of which money offerings contributed $434 million and payroll $266 million. Within money, payments revenue rose $257 million on payments customer growth, higher total payment volume per customer and higher revenue yield, and QuickBooks Capital added $177 million on increased loan volume. Desktop Ecosystem revenue rose $171 million, entirely attributed to higher effective prices.

The two operating metrics management discloses tell the shape of the year clearly: Online Ecosystem average revenue per customer rose 15%, while Online Ecosystem paying customers rose only 3% year over year at July 31, 2026. Growth in fiscal 2026 was predominantly price, mix and attach rather than customer count.

Segment operating income rose $1.4 billion, offset in part by increases of $115 million in QuickBooks Capital cost of revenue (loan volume), $80 million in online payments cost of revenue, $70 million in staffing and $51 million in outside services.

Consumer

Segment revenue of $8,584 million (fiscal 2025: $7,754 million; fiscal 2024: $6,752 million) was 40% of total revenue. Segment operating income was $6,308 million, up 10%, at 73% of segment revenue versus 74% in fiscal 2025.

The $830 million increase came from Credit Karma (+$441 million) and TurboTax (+$363 million). Credit Karma's gain breaks down as $235 million from the personal loan vertical, $101 million from credit cards and $85 million from insurance. TurboTax grew on assisted tax and consumer money offerings, partially offset by a decrease in revenue from fewer TurboTax federal units, the notable soft spot in an otherwise strong year. Segment operating income rose $548 million, offset by $191 million more marketing expense and $44 million more sales-related expense.

Costs, expenses and taxes

Total operating expenses as a percentage of revenue was flat year over year: revenue rose $2.6 billion (14%) and operating expenses rose $1.3 billion (12%). The increase was driven by $365 million more staffing, $278 million more restructuring, $175 million more outside services, $140 million more share-based compensation and $133 million more marketing.

Interest expense was $256 million (fiscal 2025: $247 million) on senior unsecured notes, unsecured revolving credit facilities and commercial paper. Total interest and other income, net was $389 million versus $158 million, comprising $180 million of interest income (fiscal 2025: $175 million), a $39 million net gain on executive deferred compensation plan assets, and $170 million of "other" against a $41 million loss in fiscal 2025.

The effective tax rate for fiscal 2026 was approximately 24%, versus approximately 20% reported in fiscal 2025 (approximately 24% excluding fiscal 2025's share-based-compensation tax benefits). The fiscal 2026 rate exceeds the 21% federal statutory rate because of state income taxes and non-deductible share-based compensation, partly offset by the federal research and experimentation credit. At July 31, 2026 Intuit had net deferred tax liabilities of $67 million. The One Big Beautiful Bill Act, enacted July 4, 2025, reinstated immediate expensing of domestic research and development expenditures effective in fiscal 2026; the deduction, including an election to deduct prior-year unamortized capitalized R&D, reduced deferred tax assets and income taxes payable for fiscal 2026. Management attributes part of the year's operating cash flow to those lower cash tax payments, which is relevant to why cash from operations grew faster than net income. The Act's provisions take effect across fiscal 2025 to fiscal 2027 and management is still assessing the fiscal 2027 and later impact.

Segment reporting and unallocated costs

Segment operating income totalled $16,195 million in fiscal 2026 against consolidated operating income of $5,884 million; the gap is unallocated corporate items, which totalled $10.3 billion in fiscal 2026, $9.3 billion in fiscal 2025 and $8.6 billion in fiscal 2024. These include share-based compensation ($2,056 million in fiscal 2026), other corporate expenses ($7,303 million), amortization of acquired technology ($174 million) and amortization of other acquired intangible assets ($485 million). Under the platform operating model, customer success (including the cost of the tax and bookkeeping experts behind TurboTax Expert Assist, TurboTax Expert Full Service and Intuit Experts) and product development are deliberately held at the corporate level rather than charged to segments, so segment margins of 77% and 73% are not company margins.

Restructuring, the 2026 Plan

In May 2026 management approved and initiated a reorganization ("the 2026 Plan") to simplify the organizational structure and, in the company's words, become a faster, leaner, more focused company. It reduces the full-time workforce and closes certain sites while growing technology teams in strategic locations. The 10-K puts no figure on the reduction, but the announcement of the plan on May 20, 2026 (accession 0000896878-26-000024) set it at approximately 17% of the full-time workforce. Total costs are estimated at approximately $315 million; $293 million was charged in fiscal 2026, primarily severance and employee benefits, of which $51 million sat in Global Business Solutions, $28 million in Consumer and $214 million in Corporate. Cash payments through July 31, 2026 were only $4 million, leaving $277 million accrued. Actions are expected to be substantially complete by the first quarter of fiscal 2027. For comparison, the earlier 2024 Plan cost $238 million in total and was fully settled during fiscal 2026.

Liquidity and capital structure

Cash, cash equivalents and investments totalled $7.2 billion at July 31, 2026, up $2.6 billion from a year earlier. None of it was restricted, approximately 93% was held in the U.S., and approximately 7% was held by foreign subsidiaries located primarily in Canada, India, the United Kingdom and Israel, with no incremental U.S. tax expected on repatriation.

Fiscal 2026 cash movements: $8.8 billion generated from operations (helped by lower cash tax payments under the OBBBA), plus $4.3 billion of principal repayments on notes receivable held for investment, $2.2 billion from sales of notes receivable originally classified as held for investment, $1.7 billion from the senior note issuance and $180 million from employee stock plans. Uses were $6.8 billion for purchases of notes receivable held for investment, $5.4 billion for share repurchases, $2.1 billion for the net decrease in funds receivable/payable and amounts due to customers, $1.3 billion for dividends, $791 million net for investment purchases, $709 million for employee taxes withheld on RSU vesting, $221 million for capital expenditures and $44 million of net repayments under secured credit facilities. Capital expenditure of $221 million against $21.4 billion of revenue is roughly 1%, this is a capital-light business.

Debt and facilities at July 31, 2026:

• Senior unsecured notes: $6.75 billion aggregate principal outstanding, all fixed rate, compliant with all covenants. In June 2026 Intuit issued $1.75 billion of new notes, $750 million of 4.950% notes due June 2031 and $1 billion of 5.500% notes due June 2036, for net proceeds of $1.74 billion after $14 million of discount and issuance costs. Maximum remaining commitment for interest payments was $3.27 billion.
• 2026 Credit Facility: on January 9, 2026 Intuit terminated its amended and restated credit agreement dated February 5, 2024 and entered a $2.2 billion unsecured revolving credit facility expiring January 9, 2031, with an accordion of up to $4 billion, a $500 million swingline sublimit and a $250 million letter-of-credit sublimit. Pricing is SOFR plus 0.700%–1.125% (or alternate base rate plus 0.000%–0.125%), facility fee 0.050%–0.125%, both tied to senior long-term debt ratings. The financial covenant caps total gross debt to EBITDA at 4.00 to 1.00 on a rolling twelve-month basis. Nothing was drawn at July 31, 2026.
• 2026 Short-Term Credit Facility: on January 30, 2026 Intuit entered a $5.8 billion unsecured short-term revolving facility specifically to fund a portion of the TurboTax early tax refund offering, and terminated it effective February 26, 2026, a striking illustration of the intra-year working capital swing the tax season creates.
• Secured revolving credit facilities, non-recourse to Intuit Inc. and held through special-purpose vehicles that are variable interest entities, fund purchases of business loans from the originating bank partner. Total committed limit $1.2 billion; commitment terms run April 2027 to November 2028 and final maturities May 2028 to November 2029. $970 million was outstanding at a weighted average interest rate of 4.95%.
• Commercial paper: capacity was temporarily raised from $1.5 billion to $3.2 billion during fiscal 2026 for seasonal working capital, then cut to $2.2 billion in March 2026. Nothing was outstanding at July 31, 2026 or July 31, 2025.

Management expects to pay approximately $2 billion in income taxes during fiscal 2027, primarily in the second half of the year, and expects to continue generating significant cash from operations.

Returns to shareholders

Intuit repurchased 13.4 million shares for $5.5 billion during fiscal 2026 (including $31 million of late-July trades that settled in August 2026). The Board raised the authorization by $3.2 billion on August 19, 2025 and by a further $8.0 billion on May 7, 2026, leaving $7.9 billion of remaining authorization at July 31, 2026. On July 23, 2026 Intuit retired all existing treasury shares and all shares repurchased from July 24 through July 31, 2026, 233 million shares carried at $27.0 billion, the accumulated cost of repurchases made over many years, including fiscal 2026's, reducing additional paid-in capital by $23.2 billion and retained earnings by $3.8 billion with no net effect on total stockholders' equity. Dividends declared in fiscal 2026 totalled $4.80 per share, approximately $1.3 billion.

Legal proceedings

The long-running matters arising from the marketing of free online tax preparation moved materially in Intuit's favour during fiscal 2026. The FTC's January 19, 2024 final order, which imposed marketing conditions but no monetary penalty, was vacated by the U.S. Court of Appeals for the Fifth Circuit on March 20, 2026 and remanded to the FTC; the deadline for the FTC to appeal has since passed. The separate May 2022 settlement with the attorneys general of all 50 states and the District of Columbia, under which Intuit admitted no wrongdoing, paid $141 million and made advertising and marketing commitments, was charged in the quarter ended April 30, 2022 and paid in full in the quarter ended January 31, 2023.

Two matters moved against the company. On July 24, 2026 the Ontario (Canada) Superior Court of Justice granted class certification in a class action filed August 25, 2022; Intuit expects to appeal. And on July 10, 2026 a purported shareholder class action was filed in the Northern District of California against the company and certain members of management, alleging violations of Sections 10(b) and 20(a) of the Exchange Act on the basis of allegedly false and misleading statements made in 2025 and 2026. Intuit says it has strong defenses. It is unable to estimate a reasonably possible loss or range of loss for these matters.

Fourth quarter of fiscal 2026 (three months ended July 31, 2026)

From the earnings release furnished as Exhibit 99.01 to the Form 8-K filed August 25, 2026, accession 0000896878-26-000029. The fourth quarter is not covered by any Form 10-Q.

Fourth-quarter revenue grew 14%. Global Business Solutions revenue grew 14% to $3.4 billion (15% excluding Mailchimp) and Online Ecosystem revenue grew 17% to $2.6 billion (20% excluding Mailchimp), with QuickBooks Online Accounting up 20% on higher effective prices, customer growth and mix shift, and Online Services up 15% (21% excluding Mailchimp) on money and payroll. Consumer revenue grew 14% to $930 million: TurboTax $153 million (up 3%), Credit Karma $743 million (up 16%, driven by personal loans, auto insurance and credit cards) and ProTax $34 million (up 6%). Total international online revenue rose 10% on a constant currency basis in both the quarter and the year.

Fourth-quarter operating income rose 40% year over year despite absorbing the entire $293 million restructuring charge; net income and diluted EPS were slightly below the prior-year quarter because fiscal 2025's fourth quarter carried a $15 million income tax benefit against a $177 million provision this year.

Two full-year disclosures in the release are not in the 10-K tables. Chief executive Sasan Goodarzi said the Big Bets "collectively grew 34 percent and represented 30 percent of full-year revenue." And the release gives the TurboTax federal unit detail behind the "fewer federal units" language in the MD&A:

TurboTax Live revenue grew 37% for the year and represented 53% of total TurboTax revenue, the mix shift toward assisted preparation that offset the unit decline. Non-GAAP operating income for the year was $8.9 billion (up 18%) and non-GAAP EPS $24.27 (up 20%).

Fiscal 2027 guidance

Guidance issued August 25, 2026 reflects both the Mailchimp segment change and a change in non-GAAP methodology (see below), so the segment lines are not directly comparable to the fiscal 2026 presentation above.

Full year fiscal 2027: total revenue $23,279–$23,512 million, up 9%–10%; Global Business Solutions $13,068–$13,158 million (13%–14%); Mailchimp $1,256–$1,266 million, (1)%–0%; Consumer $8,955–$9,088 million (4%–6%), of which TurboTax $5,377–$5,453 million (2%–3%), Credit Karma $2,919–$2,973 million (11%–13%) and ProTax $659–$662 million (2%). GAAP operating income $7,408–$7,490 million (up 26%–27%) and GAAP diluted EPS $20.12–$20.36 (up 22%–24%); non-GAAP operating income $8,063–$8,145 million and non-GAAP diluted EPS $22.88–$23.12.

First quarter fiscal 2027: total revenue $4,294–$4,313 million (up 11%); GAAP operating income $716–$729 million (up 34%–37%); GAAP diluted EPS $1.71–$1.75 (up 8%–10%); non-GAAP diluted EPS $2.44–$2.48.

The non-GAAP guidance figures include share-based compensation expense of $2,020 million for the year ($5.81 per diluted share) and $521 million for the first quarter ($1.48 per diluted share).

Subsequent events

Events occurring after the July 31, 2026 fiscal year end, as disclosed in the fiscal 2026 Form 10-K (accession 0000896878-26-000037) and the Form 8-K filed August 25, 2026 (accession 0000896878-26-000029):

• Debt repayment. In August 2026 Intuit used the net proceeds of the June 2026 bond issuance together with cash on hand to repay the $750 million of 5.250% senior notes scheduled to mature in September 2026. It intends to use the remaining net proceeds for general corporate purposes, which may include repaying the senior notes due July 2027.
• Dividend increase. In August 2026 the Board declared a quarterly cash dividend of $1.38 per share, payable October 16, 2026 to stockholders of record at the close of business on October 8, 2026, a 15% increase over the prior-year quarterly dividend.
• Mailchimp becomes a separate segment. Effective August 1, 2026 Intuit began managing Mailchimp as an operating segment separate from Global Business Solutions, and it will be a separate reportable segment beginning in fiscal 2027. Fiscal 2027 guidance implies Mailchimp revenue of roughly $1.26 billion, essentially flat to slightly down year over year, the slowest-growing part of the portfolio, and the reason management repeatedly quotes Global Business Solutions growth both including and excluding it.
• Non-GAAP definition change. Effective August 1, 2026 share-based compensation expense will no longer be excluded from Intuit's non-GAAP financial measures. Management says it views share-based compensation as a recurring component of the compensation program. Because that expense was $2,056 million in fiscal 2026, this materially changes the level of every non-GAAP measure Intuit reports going forward, and fiscal 2027 non-GAAP guidance is stated on the new basis.
• Shareholder litigation. A second purported shareholder class action was filed on August 17, 2026 in the U.S. District Court for the Northern District of California against the company and certain members of management, alleging Section 10(b) and 20(a) violations on the same theory as the July 10, 2026 complaint. No lead plaintiff or plaintiff's counsel had been appointed as of the 10-K filing.
• FTC matter. On August 31, 2026 Intuit filed a motion in the U.S. District Court for the Northern District of California seeking dismissal of the remaining FTC lawsuit as moot, following the Fifth Circuit's vacatur of the FTC order. The FTC has agreed not to oppose the motion and Intuit is awaiting the court's decision.
• Benefit plan consolidation. Effective August 2026, Credit Karma employees began participating in the Intuit Inc. 401(k) Plan and their account balances were transferred from the Credit Karma 401(k) Plan.
• Restructuring completion. The 2026 Plan's remaining actions, against a $315 million total estimate of which $293 million was charged and only $4 million paid in cash by July 31, 2026, are expected to be substantially complete in the first quarter of fiscal 2027.

Goodwill was essentially unchanged through fiscal 2026, $13,981 million at July 31, 2026 against $13,980 million a year earlier, with no goodwill acquired and the movement attributable to foreign currency translation. Nothing in the fiscal 2026 Form 10-K identifies an acquisition or divestiture pending or completed after July 31, 2026.

Share count reference: 267,236 thousand shares of voting common stock were outstanding as of August 31, 2026.