Intuit Reports Strong First-Quarter Results and Reiterates Full-Year Guidance

MOUNTAIN VIEW, Calif.--( BUSINESS WIRE)-- Intuit Inc. (Nasdaq: INTU), the global financial technology platform that makes Intuit TurboTax, Credit Karma, QuickBooks, and Mailchimp, announced financial results for the first quarter of fiscal 2026, which ended October 31.

"We delivered an exceptional first quarter as we continue to execute on our AI-driven expert platform strategy. Intuit is creating a system of intelligence, leveraging data, data services, AI, and human intelligence to fuel the success of consumers, small and mid-market businesses, and accountants," said Sasan Goodarzi, Intuit's chief executive officer. "We launched significant done-for-you innovations across our platform that are helping businesses manage from lead to cash, and consumers manage credit building to wealth building, all in one place."

Financial Highlights

For the first quarter, Intuit:

Unless otherwise noted, all growth rates refer to the current period versus the comparable prior-year period, and the business metrics and associated growth rates refer to worldwide business metrics.

Snapshot of First-quarter Results

GAAP

Non-GAAP

FY26

FY25

Change

FY26

FY25

Change

Revenue

$3,885

$3,283

18%

$3,885

$3,283

18%

Operating Income

$534

$271

97%

$1,258

$953

32%

Earnings Per Share

$1.59

$0.70

127%

$3.34

$2.50

34%

Dollars are in millions, except earnings per share. See “About Non-GAAP Financial Measures” below for more information regarding financial measures not prepared in accordance with Generally Accepted Accounting Principles (GAAP).

"We delivered a strong first quarter of fiscal 2026, driven by continued momentum across the company," said Sandeep Aujla, Intuit's chief financial officer. "We are confident in delivering double-digit revenue growth and expanding margin this year, and we are reiterating our full year guidance for fiscal 2026."

Business Segment Results

Global Business Solutions

Global Business Solutions revenue grew to $3.0 billion, up 18 percent, and Online Ecosystem revenue increased to $2.4 billion, up 21 percent.

Consumer

Consumer revenue of $894 million was up 21 percent in the quarter.

Capital Allocation Summary

The company:

Forward-looking Guidance

Intuit reiterated guidance for the full fiscal year 2026. The company expects:

The company also reiterated full fiscal year 2026 segment revenue guidance:

Intuit announced guidance for the second quarter of fiscal year 2026, which ends January 31. The company expects:

Conference Call Details

Intuit executives will discuss the financial results on a conference call at 1:30 p.m. Pacific time on November 20. The conference call can be heard live at https://investors.intuit.com/news-events/ir-calendar. Prepared remarks for the call will be available on Intuit’s website after the call ends.

Replay Information

A replay of the conference call will be available for one week by calling 800-934-4245, or 402-220-1173 from international locations. There is no passcode required. The audio call will remain available on Intuit’s website for one week after the conference call.

About Intuit

Intuit is the global financial technology platform that powers prosperity for the people and communities we serve. With approximately 100 million customers worldwide using products such as TurboTax, Credit Karma, QuickBooks, and Mailchimp, we believe that everyone should have the opportunity to prosper. We never stop working to find new, innovative ways to make that possible. Please visit us at Intuit.com and find us on social for the latest information about Intuit and our products and services.

About Non-GAAP Financial Measures

This press release and the accompanying tables include non-GAAP financial measures. For a description of these non-GAAP financial measures, including the reasons management uses each measure, and reconciliations of these non-GAAP financial measures to the most directly comparable financial measures prepared in accordance with Generally Accepted Accounting Principles, please see the section of the accompanying tables titled "About Non-GAAP Financial Measures" as well as the related Table B1, Table B2, and Table E. A copy of the press release issued by Intuit today can be found on the investor relations page of Intuit's website.

Cautions About Forward-looking Statements

This press release contains forward-looking statements, including expectations regarding: forecasts and timing of growth and future financial results of Intuit and its reporting segments; Intuit’s prospects for the business in fiscal 2026 and beyond; timing and growth of revenue from current or future products and services; demand for our products; customer growth and retention; Intuit's corporate tax rate; the amount and timing of any future dividends or share repurchases; and the impact of strategic decisions on our business; as well as all of the statements under the heading “Forward-looking Guidance.”

Because these forward-looking statements involve risks and uncertainties, there are important factors that could cause our actual results to differ materially from the expectations expressed in the forward-looking statements. These risks and uncertainties may be amplified by the effects of global developments and conditions or events, including macroeconomic uncertainty and geopolitical conditions, which have caused significant global economic instability and uncertainty. Given these risks and uncertainties, persons reading this communication are cautioned not to place any undue reliance on such forward-looking statements. These factors include, without limitation, the following: our ability to compete successfully; potential governmental encroachment in our tax business; our ability to develop, deploy, and use artificial intelligence in our platform and offerings; our ability to adapt to technological change and to successfully extend our platform; our ability to predict consumer behavior; our ability to anticipate and solve new and existing customer problems; our reliance on intellectual property; our ability to protect our intellectual property rights; any harm to our reputation; risks associated with our environmental, social, and governance efforts; risks associated with acquisition and divestiture activity; the issuance of equity or incurrence of debt to fund acquisitions or for general business purposes; cybersecurity incidents (including those affecting the third parties we rely on); customer or regulator concerns about privacy and cybersecurity incidents; fraudulent activities by third parties, including through the use of AI; our failure to process transactions effectively; interruption or failure of our information technology; our ability to develop and maintain critical third-party business relationships; our ability to attract and retain talent and the success of our hybrid work model; our ability to effectively develop and deploy AI in our offerings; any deficiency in the quality or accuracy of our offerings (including the advice given by experts on our platform); any delays in product launches; difficulties in processing or filing customer tax submissions; risks associated with international operations; risks associated with climate change; changes to, and evolving interpretations of public policy, laws, or regulations affecting our businesses; allegations of legal claims and legal proceedings in which we are involved; fluctuations in the results of our tax business due to seasonality and other factors beyond our control; changes in tax rates and tax reform legislation; global economic conditions (including, without limitation, inflation); exposure to credit, counterparty, and other risks in providing capital to businesses; amortization of acquired intangible assets and impairment charges; our ability to repay or otherwise comply with the terms of our outstanding debt; our ability to repurchase shares or distribute dividends; volatility of our stock price; and our ability to successfully market our offerings.

More details about these and other risks that may impact our business are included in our Form 10-K for fiscal 2025 and in our other SEC filings. You can locate these reports through our website at https://investors.intuit.com. Second-quarter and full-year fiscal 2026 guidance speaks only as of the date it was publicly issued by Intuit. Other forward-looking statements represent the judgment of the management of Intuit as of the date of this presentation. Except as required by law, we do not undertake any duty to update any forward-looking statement or other information in this presentation.

TABLE A

INTUIT INC.

GAAP CONSOLIDATED STATEMENTS OF OPERATIONS

(In millions, except per share amounts)

(Unaudited)

Three Months Ended

October 31,

2025

October 31,

2024

Net revenue:

Service

3,497

2,889

Product and other

388

394

Total net revenue

3,885

3,283

Costs and expenses:

Cost of revenue:

Cost of service revenue

824

772

Cost of product and other revenue

Amortization of acquired technology

Selling and marketing

1,082

962

Research and development

843

704

General and administrative

422

394

Amortization of other acquired intangible assets

121

120

Restructuring

—

Total costs and expenses [A]

3,351

3,012

Operating income

534

271

Interest expense

(58

)

(60

)

Interest and other income, net

Income before income taxes

561

213

Income tax provision [B]

115

Net income

446

197

Basic net income per share

1.60

0.70

Shares used in basic per share calculations

279

280

Diluted net income per share

1.59

0.70

Shares used in diluted per share calculations

281

283

See accompanying Notes.

INTUIT INC.

NOTES TO TABLE A

[A]

The following table summarizes the total share based compensation expense that we recorded in operating income for the periods shown.

Three Months Ended

(In millions)

October 31,

2025

October 31,

2024

Cost of revenue

111

Selling and marketing

156

137

Research and development

185

161

General and administrative

105

102

Total share-based compensation expense

543

511

[B]

We compute our provision for or benefit from income taxes by applying the estimated annual effective tax rate to income or loss from recurring operations and adding the effects of any discrete income tax items specific to the period.

We recognized excess tax benefits on share-based compensation of $30 million and $28 million in our provision for income taxes for the three months ended October 31, 2025 and 2024, respectively.

Our effective tax rate for the three months ended October 31, 2025 was approximately 20%. Excluding discrete tax items primarily related to share-based compensation, our effective tax rate was approximately 24%. The difference from the federal statutory rate of 21% was primarily due to state income taxes and non-deductible share-based compensation, which were partially offset by the tax benefit we received from the federal research and experimentation credit.

Our effective tax rate for the three months ended October 31, 2024 was approximately 8%. Excluding discrete tax items primarily related to share-based compensation, our effective tax rate was approximately 24%. The difference from the federal statutory rate of 21% was primarily due to state income taxes and non-deductible share-based compensation, which were partially offset by the tax benefit we received from the federal research and experimentation credit.

In the current global tax policy environment, the U.S. and other domestic and foreign governments continue to consider, and in some cases enact, changes in corporate tax laws. As changes occur, we account for finalized legislation in the period of enactment.

TABLE B1

INTUIT INC.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

TO MOST DIRECTLY COMPARABLE GAAP FINANCIAL MEASURES

(In millions, except per share amounts)

(Unaudited)

Fiscal 2026

Year to Date

GAAP operating income (loss)

534

—

534

Amortization of acquired technology

—

Amortization of other acquired intangible assets

121

—

121

Net (gain) loss on executive deferred compensation plan liabilities

—

Share-based compensation expense

543

—

543

Non-GAAP operating income (loss)

1,258

—

1,258

GAAP net income (loss)

446

—

446

Amortization of acquired technology

—

Amortization of other acquired intangible assets

121

—

121

Net (gain) loss on executive deferred compensation plan liabilities

—

Share-based compensation expense

543

—

543

Net (gain) loss on debt securities and other investments [A]

(34

)

—

(34

)

Net (gain) loss on executive deferred compensation plan assets

(15

)

—

(15

)

Income tax effects and adjustments [B]

(182

)

—

(182

)

Non-GAAP net income (loss)

939

—

939

GAAP diluted net income (loss) per share

1.59

—

1.59

Amortization of acquired technology

0.16

—

0.16

Amortization of other acquired intangible assets

0.43

—

0.43

Net (gain) loss on executive deferred compensation plan liabilities

0.05

—

0.05

Share-based compensation expense

1.93

—

1.93

Net (gain) loss on debt securities and other investments [A]

(0.12

)

—

(0.12

)

Net (gain) loss on executive deferred compensation plan assets

(0.05

)

—

(0.05

)

Income tax effects and adjustments [B]

(0.65

)

—

(0.65

)

Non-GAAP diluted net income (loss) per share

3.34

—

3.34

Shares used in GAAP diluted per share calculations

281

—

281

Shares used in non-GAAP diluted per share calculations

281

—

281

[A]

During the three months ended October 31, 2025, we recognized $34 million in net gains on other long-term investments.

[B]

As discussed in “About Non-GAAP Financial Measures - Income Tax Effects and Adjustments” following Table E, our long-term non-GAAP tax rate eliminates the effects of non-recurring and period-specific items. Income tax adjustments consist primarily of the tax impact of the non-GAAP pre-tax adjustments and tax benefits related to share-based compensation.

See “About Non-GAAP Financial Measures” immediately following Table E for information on these measures, the items excluded from the most directly comparable GAAP measures in arriving at non-GAAP financial measures, and the reasons management uses each measure and excludes the specified amounts in arriving at each non-GAAP financial measure.

TABLE B2

INTUIT INC.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

TO MOST DIRECTLY COMPARABLE GAAP FINANCIAL MEASURES

(In millions, except per share amounts)

(Unaudited)

Fiscal 2025

Full Year

GAAP operating income (loss)

271

593

3,720

339

4,923

Amortization of acquired technology

156

Amortization of other acquired intangible assets

120

121

481

Restructuring

Professional fees for business combinations

—

Net (gain) loss on executive deferred compensation plan liabilities

)

Share-based compensation expense

511

498

469

490

1,968

Non-GAAP operating income (loss)

953

1,260

4,343

1,016

7,572

GAAP net income (loss)

197

471

2,820

381

3,869

Amortization of acquired technology

156

Amortization of other acquired intangible assets

120

121

481

Restructuring

Professional fees for business combinations

—

Net (gain) loss on executive deferred compensation plan liabilities

)

Share-based compensation expense

511

498

469

490

1,968

Net (gain) loss on debt securities and other investments [A]

)

Net (gain) loss on executive deferred compensation plan assets

)

(20

)

(24

)

Income tax effects and adjustments [B]

(208

)

(196

)

(172

)

(260

)

(836

)

Non-GAAP net income (loss)

709

938

3,280

776

5,703

GAAP diluted net income (loss) per share

0.70

1.67

10.02

1.35

13.67

Amortization of acquired technology

0.13

0.16

0.55

Amortization of other acquired intangible assets

0.42

0.43

1.70

Restructuring

0.03

0.01

—

0.05

Professional fees for business combinations

—

0.01

—

0.01

Net (gain) loss on executive deferred compensation plan liabilities

0.02

0.03

(0.02

)

0.07

0.10

Share-based compensation expense

1.80

1.76

1.66

1.74

6.95

Net (gain) loss on debt securities and other investments [A]

0.15

0.01

(0.01

)

0.16

Net (gain) loss on executive deferred compensation plan assets

(0.02

)

(0.02

)

0.02

(0.07

)

(0.09

)

Income tax effects and adjustments [B]

(0.73

)

(0.69

)

(0.61

)

(0.92

)

(2.95

)

Non-GAAP diluted net income (loss) per share

2.50

3.32

11.65

2.75

20.15

Shares used in GAAP diluted per share calculations

283

282

283

Shares used in non-GAAP diluted per share calculations

283

282

283

[A]

During the three months ended October 31, 2024, we recognized a $42 million net loss on other long-term investments.

[B]

TABLE C

INTUIT INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In millions)

(Unaudited)

October 31,

2025

July 31,

2025

ASSETS

Current assets:

Cash and cash equivalents

3,506

2,884

Investments

190

1,668

Accounts receivable, net

579

530

Notes receivable held for investment

1,519

1,403

Notes receivable held for sale

—

Income taxes receivable

Prepaid expenses and other current assets

630

496

Current assets before funds receivable and amounts held for customers

6,503

7,031

Funds receivable and amounts held for customers

3,918

7,076

Total current assets

10,421

14,107

Long-term investments

Property and equipment, net

965

961

Operating lease right-of-use assets

596

541

Goodwill

13,980

Acquired intangible assets, net

5,136

5,302

Long-term deferred income tax assets

1,173

1,222

Other assets

828

751

Total assets

33,191

36,958

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

Short-term debt

749

—

Accounts payable

670

792

Accrued compensation and related liabilities

479

858

Deferred revenue

1,045

1,019

Other current liabilities

658

625

Current liabilities before funds payable and amounts due to customers

3,601

3,294

Funds payable and amounts due to customers

3,918

7,076

Total current liabilities

7,519

10,370

Long-term debt

5,391

5,973

Operating lease liabilities

643

597

Other long-term obligations

316

308

Total liabilities

13,869

17,248

Stockholders’ equity

19,322

19,710

Total liabilities and stockholders’ equity

33,191

36,958

TABLE D

INTUIT INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In millions)

(Unaudited)

Three Months Ended

October 31,

2025

October 31,

2024

Cash flows from operating activities:

Net income

446

197

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation

Amortization of acquired intangible assets

165

157

Non-cash operating lease cost

Share-based compensation expense

543

511

Deferred income taxes

(91

)

Other

)

Total adjustments

827

703

Changes in operating assets and liabilities:

Accounts receivable

(49

)

Income taxes receivable

Prepaid expenses and other assets

(119

)

(27

)

Accounts payable

(135

)

(75

)

Accrued compensation and related liabilities

(378

)

(507

)

Deferred revenue

Operating lease liabilities

(23

)

(22

)

Other liabilities

)

Total changes in operating assets and liabilities

(636

)

(538

)

Net cash provided by operating activities

637

362

Cash flows from investing activities:

Purchases of corporate and customer fund investments

(101

)

(306

)

Sales of corporate and customer fund investments

115

Maturities of corporate and customer fund investments

1,473

235

Purchases of property and equipment

(38

)

(33

)

Originations and purchases of notes receivable held for investment

(1,297

)

(666

)

Sales of notes receivable originally classified as held for investment

213

110

Principal repayments of notes receivable held for investment

876

420

Other

(43

)

Net cash provided by (used in) investing activities

1,198

(188

)

Cash flows from financing activities:

Proceeds from borrowings under secured revolving credit facilities

166

Proceeds from issuance of stock under employee stock plans

Payments for employee taxes withheld upon vesting of restricted stock units

(244

)

(239

)

Cash paid for purchases of treasury stock

(854

)

(557

)

Dividends and dividend rights paid

(341

)

(296

)

Net change in funds receivable and funds payable and amounts due to customers

(3,160

)

1,672

Other

)

—

Net cash provided by (used in) financing activities

(4,372

)

761

Effect of exchange rates on cash, cash equivalents, restricted cash, and restricted cash equivalents

)

—

Net increase (decrease) in cash, cash equivalents, restricted cash, and restricted cash equivalents

(2,538

)

935

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

6,943

8,034

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

3,506

2,872

Restricted cash and restricted cash equivalents included in funds receivable and amounts held for customers

3,437

5,162

Total cash, cash equivalents, restricted cash, and restricted cash equivalents at end of period

6,943

8,034

Supplemental schedule of non-cash investing activities:

Transfers of notes receivable originated or purchased as held for investment to held for sale

253

113

TABLE E

INTUIT INC.

RECONCILIATION OF FORWARD-LOOKING GUIDANCE FOR NON-GAAP FINANCIAL MEASURES TO PROJECTED GAAP REVENUE, OPERATING INCOME, AND EPS

(In millions, except per share amounts)

(Unaudited)

Forward-Looking Guidance

GAAP

Range of Estimate

Non-GAAP

Range of Estimate

From

Adjmts

From

Three Months Ending January 31, 2026

Revenue

4,519

4,549

—

4,519

4,549

Operating income

676

691

695

[a]

1,371

1,386

Diluted net income per share

1.76

1.81

1.87

[b]

3.63

3.68

Twelve Months Ending July 31, 2026

Revenue

20,997

21,186

—

20,997

21,186

Operating income

5,782

5,859

2,829

[c]

8,611

8,688

Diluted net income per share

15.49

15.69

7.49

[d]

22.98

23.18

[a]

Reflects estimated adjustments for share-based compensation expense of approximately $530 million; amortization of other acquired intangible assets of approximately $121 million; and amortization of acquired technology of approximately $44 million.

[b]

[c]

[d]

INTUIT INC.

ABOUT NON-GAAP FINANCIAL MEASURES

The accompanying press release dated November 20, 2025 contains non-GAAP financial measures. Table B1, Table B2, and Table E reconcile the non-GAAP financial measures in that press release to the most directly comparable financial measures prepared in accordance with Generally Accepted Accounting Principles (GAAP). These non-GAAP financial measures include non-GAAP operating income (loss), non-GAAP net income (loss), and non-GAAP diluted net income (loss) per share.

Non-GAAP financial measures should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. These non-GAAP financial measures do not reflect a comprehensive system of accounting, differ from GAAP measures with the same names, and may differ from non-GAAP financial measures with the same or similar names that are used by other companies.

We compute non-GAAP financial measures using the same consistent method from quarter to quarter and year to year. We may consider whether other significant items that arise in the future should be excluded from our non-GAAP financial measures.

We exclude the following items from all of our non-GAAP financial measures:

We also exclude the following items from non-GAAP net income (loss) and diluted net income (loss) per share:

We believe these non-GAAP financial measures provide meaningful supplemental information regarding Intuit’s operating results primarily because they exclude amounts that we do not consider part of ongoing operating results when planning and forecasting and when assessing the performance of the organization, our individual operating segments, or our senior management. Segment managers are not held accountable for share-based compensation expense, amortization, restructuring, or the other excluded items and, accordingly, we exclude these amounts from our measures of segment performance. We believe our non-GAAP financial measures also facilitate the comparison by management and investors of results for current periods and guidance for future periods with results for past periods.

The following are descriptions of the items we exclude from our non-GAAP financial measures.

Amortization of acquired technology and amortization of other acquired intangible assets. When we acquire a business in a business combination, we are required by GAAP to record the fair values of the intangible assets of the business and amortize them over their useful lives. Amortization of acquired technology in cost of revenue includes amortization of software and other technology assets of acquired businesses. Amortization of other acquired intangible assets in operating expenses includes amortization of assets such as customer lists and trade names.

Restructuring charges. This consists of costs incurred as a direct result of discrete strategic restructuring actions, including, but not limited to severance and other one-time termination benefits, and other costs, which are different in terms of size, strategic nature, and frequency than ongoing productivity and business improvements.

Share-based compensation expense. This consists of non-cash expenses for stock options, restricted stock units, and our Employee Stock Purchase Plan. When considering the impact of equity awards, we place greater emphasis on overall shareholder dilution rather than the accounting charges associated with those awards.

Gains and losses on executive deferred compensation plan liabilities. We exclude from our non-GAAP financial measures gains and losses on the revaluation of our executive deferred compensation plan liabilities.

Goodwill and intangible asset impairment charges. We exclude from our non-GAAP financial measures non-cash charges to adjust the carrying values of goodwill and other acquired intangible assets to their estimated fair values.

Gains and losses on disposals of businesses and long-lived assets. We exclude from our non-GAAP financial measures gains and losses on disposals of businesses and long-lived assets because they are unrelated to our ongoing business operating results.

Professional fees and transaction costs for business combinations. We exclude from our non-GAAP financial measures the professional fees we incur to complete business combinations. These include investment banking, legal, and accounting fees.

Gains and losses on debt securities and other investments. We exclude from our non-GAAP financial measures credit losses on available-for-sale debt securities and gains and losses on other investments.

Gains and losses on executive deferred compensation plan assets. We exclude from our non-GAAP financial measures gains and losses on the revaluation of our executive deferred compensation plan assets.

Income tax effects and adjustments. We use a long-term non-GAAP tax rate for evaluating operating results and for planning, forecasting, and analyzing future periods. This long-term non-GAAP tax rate excludes the income tax effects of the non-GAAP pre-tax adjustments described above, and eliminates the effects of non-recurring and period specific items which can vary in size and frequency. Based on our long-term projections, we are using a long-term non-GAAP tax rate of 24% for fiscal 2025 and fiscal 2026. This long-term non-GAAP tax rate could be subject to change for various reasons including significant acquisitions, changes in our geographic earnings mix, or fundamental tax law changes in major jurisdictions in which we operate. We will evaluate this long-term non-GAAP tax rate on an annual basis and whenever any significant events occur which may materially affect this rate.

Operating results and gains and losses on the sale of discontinued operations. From time to time, we sell or otherwise dispose of selected operations as we adjust our portfolio of businesses to meet our strategic goals. In accordance with GAAP, we segregate the operating results of discontinued operations as well as gains and losses on the sale of these discontinued operations from continuing operations on our GAAP statements of operations but continue to include them in GAAP net income or loss and net income or loss per share. We exclude these amounts from our non-GAAP financial measures.

The reconciliations of the forward-looking non-GAAP financial measures to the most directly comparable GAAP financial measures in Table E include all information reasonably available to Intuit at the date of this press release. These tables include adjustments that we can reasonably predict. Events that could cause the reconciliation to change include acquisitions and divestitures of businesses, goodwill and other asset impairments, sales of available-for-sale debt securities and other investments, and disposals of businesses and long-lived assets.