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

Intuit Reports Strong Second-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, Mailchimp, and Intuit Enterprise Suite, announced financial results for the second quarter of fiscal 2026, which ended January 31.

"We delivered an outstanding second quarter, driven by disciplined execution,” said Sasan Goodarzi, chairman and chief executive officer of Intuit. “We are defining a new category at the intersection of AI and human intelligence, one that delivers autonomous, done-for-you experiences, disrupts the traditional assisted tax segment, and provides mid-market enterprises with the AI-native ERP platform they need to win. We’re accelerating execution and innovation to deliver even greater impact for our customers."

Financial Highlights

For the second 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 Second-quarter Results

GAAP

Non-GAAP

FY26

FY25

Change

FY26

FY25

Change

Revenue

$4,651

$3,963

17%

$4,651

$3,963

17%

Operating Income

$855

$593

44%

$1,549

$1,260

23%

Earnings Per Share

$2.48

$1.67

49%

$4.15

$3.32

25%

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 very strong second quarter of fiscal 2026, reflecting our continued business momentum across the big bets and our disciplined approach to managing the business,” said Sandeep Aujla, Intuit's chief financial officer. "Our momentum across the company continues to give us high confidence 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 $3.2 billion, up 18 percent, and Online Ecosystem revenue increased to $2.5 billion, up 21 percent.

Consumer

Consumer revenue of $1.5 billion was up 15 percent in the quarter.

Capital Allocation Summary

In the second quarter, 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 third quarter of fiscal year 2026, which ends April 30. 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 February 26. 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, Mailchimp and Intuit Enterprise Suite, 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. Third-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.

INTUIT INC.

GAAP CONSOLIDATED STATEMENTS OF OPERATIONS

(In millions, except per share amounts)

(Unaudited)

Three Months Ended

Six Months Ended

January 31,

2026

January 31,

2025

January 31,

2026

January 31,

2025

Net revenue:

Service

3,872

3,249

7,369

6,138

Product and other

779

714

1,167

1,108

Total net revenue

4,651

3,963

8,536

7,246

Costs and expenses:

Cost of revenue:

Cost of service revenue

981

880

1,805

1,652

Cost of product and other revenue

Amortization of acquired technology

Selling and marketing

1,395

1,204

2,477

2,166

Research and development

836

716

1,679

1,420

General and administrative

401

389

823

783

Amortization of other acquired intangible assets

121

120

242

240

Restructuring

—

Total costs and expenses [A]

3,796

3,370

7,147

6,382

Operating income

855

593

1,389

864

Interest expense

(58

)

(60

)

(116

)

(120

)

Interest and other income, net

157

Income before income taxes

869

571

1,430

784

Income tax provision [B]

176

100

291

116

Net income

693

471

1,139

668

Basic net income per share

2.49

1.68

4.09

2.38

Shares used in basic per share calculations

278

280

279

280

Diluted net income per share

2.48

1.67

4.06

2.36

Shares used in diluted per share calculations

280

283

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

Six Months Ended

(In millions)

January 31,

2026

January 31,

2025

January 31,

2026

January 31,

2025

Cost of revenue

110

191

221

Selling and marketing

150

136

306

273

Research and development

178

161

363

322

General and administrative

204

193

Total share-based compensation expense

521

498

1,064

1,009

[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.

For the three and six months ended January 31, 2026, we recognized excess tax benefits on share-based compensation of $21 million and $51 million, respectively, in our provision for income taxes. For the three and six months ended January 31, 2025, we recognized excess tax benefits on share-based compensation of $29 million and $57 million, respectively, in our provision for income taxes.

Our effective tax rate for the three and six months ended January 31, 2026 was approximately 20%. Excluding discrete tax items primarily related to share-based compensation, our effective tax rate for both periods 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 rates for the three and six months ended January 31, 2025 was approximately 17% and 15%, respectively. Excluding discrete tax items primarily related to share-based compensation, our effective tax rate for both periods 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

855

—

1,389

Amortization of acquired technology

—

Amortization of other acquired intangible assets

121

—

242

Net (gain) loss on executive deferred compensation plan liabilities

—

Share-based compensation expense

543

521

—

1,064

Non-GAAP operating income (loss)

1,258

1,549

—

2,807

GAAP net income (loss)

446

693

—

1,139

Amortization of acquired technology

—

Amortization of other acquired intangible assets

121

—

242

Net (gain) loss on executive deferred compensation plan liabilities

—

Share-based compensation expense

543

521

—

1,064

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

(34

)

(29

)

—

(63

)

Net (gain) loss on executive deferred compensation plan assets

(15

)

—

(23

)

Income tax effects and adjustments [B]

(182

)

(190

)

—

(372

)

Non-GAAP net income (loss)

939

1,160

—

2,099

GAAP diluted net income (loss) per share

1.59

2.48

—

4.06

Amortization of acquired technology

0.16

—

0.31

Amortization of other acquired intangible assets

0.43

—

0.86

Net (gain) loss on executive deferred compensation plan liabilities

0.05

0.03

—

0.08

Share-based compensation expense

1.93

1.86

—

3.79

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

(0.12

)

(0.10

)

—

(0.22

)

Net (gain) loss on executive deferred compensation plan assets

(0.05

)

(0.03

)

—

(0.08

)

Income tax effects and adjustments [B]

(0.65

)

(0.68

)

—

(1.32

)

Non-GAAP diluted net income (loss) per share

3.34

4.15

—

7.48

Shares used in GAAP diluted per share calculations

281

280

—

281

Shares used in non-GAAP diluted per share calculations

281

280

—

281

[A]

During the three months ended October 31, 2025 and January 31, 2026, we recognized $34 million and $31 million, respectively, 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)

January 31,

2026

July 31,

2025

ASSETS

Current assets:

Cash and cash equivalents

2,942

2,884

Investments

1,668

Accounts receivable, net

1,175

530

Notes receivable held for investment

1,699

1,403

Notes receivable held for sale

117

—

Income taxes receivable

Prepaid expenses and other current assets

1,239

496

Current assets before funds receivable and amounts held for customers

7,289

7,031

Funds receivable and amounts held for customers

4,414

7,076

Total current assets

11,703

14,107

Long-term investments

127

Property and equipment, net

974

961

Operating lease right-of-use assets

593

541

Goodwill

13,983

13,980

Acquired intangible assets, net

4,971

5,302

Long-term deferred income tax assets

1,106

1,222

Other assets

825

751

Total assets

34,282

36,958

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

Short-term debt

749

—

Accounts payable

946

792

Accrued compensation and related liabilities

702

858

Deferred revenue

1,141

1,019

Income taxes payable

Other current liabilities

810

622

Current liabilities before funds payable and amounts due to customers

4,430

3,294

Funds payable and amounts due to customers

4,414

7,076

Total current liabilities

8,844

10,370

Long-term debt

5,411

5,973

Operating lease liabilities

646

597

Other long-term obligations

326

308

Total liabilities

15,227

17,248

Stockholders’ equity

19,055

19,710

Total liabilities and stockholders’ equity

34,282

36,958

TABLE D

INTUIT INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In millions)

(Unaudited)

Six Months Ended

January 31,

2026

January 31,

2025

Cash flows from operating activities:

Net income

1,139

668

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

Depreciation

Amortization of acquired intangible assets

330

314

Non-cash operating lease cost

Share-based compensation expense

1,064

1,009

Deferred income taxes

137

(227

)

Provision for credit losses

105

Other

(82

)

Total adjustments

1,691

1,318

Changes in operating assets and liabilities:

Accounts receivable

(645

)

(560

)

Income taxes receivable

(33

)

(13

)

Prepaid expenses and other assets

(204

)

(208

)

Accounts payable

131

319

Accrued compensation and related liabilities

(165

)

(300

)

Deferred revenue

119

154

Income taxes payable

Operating lease liabilities

(39

)

(46

)

Other liabilities

134

Total changes in operating assets and liabilities

(623

)

(555

)

Net cash provided by operating activities

2,207

1,431

Cash flows from investing activities:

Purchases of corporate and customer fund investments

(115

)

(321

)

Sales of corporate and customer fund investments

119

133

Maturities of corporate and customer fund investments

1,641

637

Purchases of property and equipment

(84

)

(64

)

Originations and purchases of notes receivable held for investment

(2,885

)

(1,825

)

Sales of notes receivable originally classified as held for investment

595

246

Principal repayments of notes receivable held for investment

1,812

924

Other

(585

)

(407

)

Net cash provided by (used in) investing activities

498

(677

)

Cash flows from financing activities:

Proceeds from borrowings under secured revolving credit facilities

186

219

Proceeds from issuance of stock under employee stock plans

175

Payments for employee taxes withheld upon vesting of restricted stock units

(454

)

(436

)

Cash paid for purchases of treasury stock

(1,787

)

(1,274

)

Dividends and dividend rights paid

(682

)

(596

)

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

(2,756

)

(583

)

Other

)

Net cash used in financing activities

(5,409

)

(2,499

)

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

(12

)

Net decrease in cash, cash equivalents, restricted cash, and restricted cash equivalents

(2,698

)

(1,757

)

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

6,783

5,342

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

2,942

2,435

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

3,841

2,907

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

6,783

5,342

Supplemental schedule of non-cash investing activities:

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

693

248

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 April 30, 2026

Revenue

8,520

8,553

—

8,520

8,553

Operating income

3,928

3,948

656

[a]

4,584

4,604

Diluted net income per share

10.56

10.62

1.89

[b]

12.45

12.51

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 $492 million; amortization of other acquired intangible assets of approximately $120 million; and amortization of acquired technology of approximately $44 million.

[b]

Reflects estimated adjustments in item [a], income taxes related to these adjustments, and other income tax effects related to the use of the non-GAAP tax rate.

[c]

Reflects estimated adjustments for share-based compensation expense of approximately $2.1 billion; amortization of other acquired intangible assets of approximately $483 million; amortization of acquired technology of approximately $176 million; and net losses on executive deferred compensation plan liabilities of approximately $24 million.

[d]

Reflects estimated adjustments in item [c], income taxes related to these adjustments, other income tax effects related to the use of the non-GAAP tax rate, and adjustments for a net loss on other long-term investments.

INTUIT INC.

ABOUT NON-GAAP FINANCIAL MEASURES

The accompanying press release dated February 26, 2026 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.