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Intuit

INTU · Nasdaq

Online growth came from each customer, not new ones

Online Ecosystem revenue per paying customer rose 15% while paying customers rose 3%, so price and add-ons, not sign-ups, carried online growth.

FY2026, the fiscal year to Jul 31, 2026 · 10-K filed Sep 9, 2026

FY2026 · revenue
$21.4B+13.9% on the year
Operating margin
27.4%
Net income
$4.6B
Free cash flow
$8.7B

Largest source of revenue: Service, 88.2% of the total.

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Key insights · FY2026
  1. 01

    Online growth came from each customer, not new ones

    Online Ecosystem revenue per paying customer rose 15% while paying customers rose 3%, so price and add-ons, not sign-ups, carried online growth.

    Why it matters

    The filing defines revenue per customer as total Online Ecosystem revenue divided by the average number of online paying customers. It rose 15% in FY2026, while paying customers rose 3% at year end. The filing credits QuickBooks Online Accounting growth to “higher effective prices, customer growth, and mix shift”, and money revenue to payments growth and higher QuickBooks Capital loan volume.1

    The same pattern shows across the company. Service revenue, which carries subscriptions, payments, lending and assisted services, grew 15.3% to $18.9B and is 88.2% of revenue, up 1.08 points on the year. Product and other revenue, mainly desktop software, grew 4.4%.1

    AnalysisAnalysis: growth of this kind leans on customers accepting higher prices and taking more services. It holds while each added service saves them enough time or money to justify the bill. If the paying-customer count stalls while revenue per customer keeps rising, the gain would be coming from goodwill rather than added value. The customer count is the figure that separates the two.

    AnalysisCaveat: the figures here give both measures as growth rates only, so the separate pull of price, product mix and money services on revenue per customer cannot be sized from them.

  2. 02

    The tax-season quarter earns 68.3% of operating income

    The quarter ending in April brought 39.9% of revenue but 68.3% of operating income, so most of the year's profit rests on tax season.

    Why it matters

    Q3 FY2026, the quarter ending in April, had revenue of $8.56B and operating income of $4.02B, against full-year figures of $21.4B and $5.88B. Its operating income came close to half of its revenue. The quarter ending in July, after tax season, earned $475M on revenue of $4.35B, a margin of 10.9%. The filing says tax sales are “heavily concentrated in the period from November through April”.1

    Labor flexes with the season. Intuit employed on average approximately 12,300 seasonal employees from January to April, against approximately 18,600 employees at year end: seasonal staff equal to 66.1% of the permanent workforce.1

    The dependence eased this year. Q3 FY2025 carried 75.6% of that year's operating income of $4.92B; Q3 FY2026 carried 68.3%. The other quarters grew: Q1 operating income was $534M against $271M, Q2 $855M against $593M, and Q4 $475M against $339M.1

    AnalysisAnalysis: the filing warns that an interruption of online preparation or e-filing at the peak “could result in significantly decreased revenue”. With this much of the year's profit earned in one quarter, an outage, a late tax-law change or a weak filing season weighs far more than the same event in July. The stronger off-season quarters are consistent with business software, which bills all year, taking a larger part.

  3. 03

    Margin widened even after a $293M restructuring charge

    Costs grew 11.9% against revenue growth of 13.9%, lifting operating margin to 27.4% from 26.1% despite restructuring of $293M against $15M a year earlier.

    Why it matters

    The savings came from selling and administration. Selling and marketing fell to 25.8% of revenue from 26.7%, and general and administrative to 7.6% from 8.5%, on spending of $1.62B against $1.60B. Research and development moved the other way, rising to $3.38B, 15.7% of revenue, from $2.93B and 15.5%.1

    Restructuring cost $293M, equal to 5.0% of operating income. The filing says the reorganization is meant to make Intuit “a faster, leaner, more focused company”, reduces the full-time workforce and closes some sites, and that the charge was primarily severance and employee benefits.1

    AnalysisAnalysis: spending is shifting from selling and overhead toward engineering. Most of the restructuring is a charge taken once, and the filing expects the plan to be substantially complete early in the next fiscal year, so this year's margin carries a cost that is not meant to recur. Whether the added research spending turns into more revenue per customer is the open question.

  4. 04

    Cash from operations was nearly twice net income

    Operating cash flow of $8.84B was nearly twice net income of $4.57B, against $6.21B and $3.87B a year earlier, helped by lower cash tax payments.

    Why it matters

    Operating cash flow was $8.84B against $6.21B in FY2025, and net income $4.57B against $3.87B. The filing says FY2026 operating cash included “the impact of lower cash tax payments”, after a new federal tax law restored immediate expensing of domestic research and development spending.1

    Capital spending was $175M, 0.8% of revenue, so almost all of the operating cash became free cash flow: $8.66B, 40.4% of revenue, against $6.12B and 32.5% in FY2025. Diluted shares fell to 277 million from 283 million, which the filing attributes to “increased share repurchase activity”, and diluted earnings per share rose to $16.46 from $13.67.1

    Cash running ahead of profit is not new, but the gap swings. Operating cash flow was $5.05B against net income of $2.38B in FY2023, and $2.41B against $1.83B in FY2020. The filing expects a larger income tax payment in the coming fiscal year, mostly in its second half.1

    AnalysisAnalysis: part of this year's surplus is timing, since tax deferred is tax paid later. The repeatable part rests on subscriptions billed ahead and a business that needs little equipment. Next year's ratio, once the tax effect passes, will show how much of the gap was the model and how much was the calendar.

Sources

  1. 1.Intuit 10-K for the period to 2026-07-31 (the filing), Sep 9, 2026, read Nov 2, 2026

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Business performance

Growth, profit and margin

Revenue went from $3.0B in FY2008 to $21.4B in FY2026, the operating margin from 21.5% to 27.4%, over 18 years.

  • Revenue$21.4B
  • Operating income$5.9B
  • Operating margin27.4%
Period
FY2026
Revenue
$21.4B
Operating income
$5.9B
Operating margin
27.4%
Net income
$4.6B
Free cash flow
$8.7B
Business performance

Does the profit turn into cash?

FY2026: free cash flow of $8.7B against net income of $4.6B.

  • Operating cash flow$8.8B
  • Capital expenditure$175.0M
  • Free cash flow$8.7B
  • Net income$4.6B

Capital expenditure is drawn below the axis as cash out. Cash conversion is operating cash flow over net income, shown in the tooltip for years with a profit.

Financial data and sources

How the revenue mix has shifted

Each breakdown the filing reports, as shares of revenue, for every period it restates.

Revenue streams

Consolidated Statements of Operations. The filing restates this breakdown for 3 periods.

Click a member to isolate it across the years shown.

The figures

Margins, cash and growth for the period, each with what it was computed from.

Gross margin
Not reported
the company reports expenses by nature: no cost of revenue or gross profit line exists
Operating margin
27.4%
Source10-K, Derived from Operating income and Total net revenue in the 10-K filed 2026-09-09
Net margin
21.3%
Source10-K, Derived from Net income and Total net revenue in the 10-K filed 2026-09-09
Free cash flow
$8.7B
Source10-K, Derived from Net cash provided by operating activities and Purchases of property and equipment in the 10-K filed 2026-09-09
Free cash flow margin
40.4%
Source10-K, Derived from Net cash provided by operating activities and Purchases of property and equipment and Total net revenue in the 10-K filed 2026-09-09
Cash conversion
1.94x
Source10-K, Derived from Net cash provided by operating activities and Net income in the 10-K filed 2026-09-09
Capital spending
0.8%
Source10-K, Derived from Purchases of property and equipment and Total net revenue in the 10-K filed 2026-09-09
Revenue growth
+13.9%
From the record's own history, against the prior year.

Not reported, or not derivable

  • gross margin: the company reports expenses by nature: no cost of revenue or gross profit line exists

Where revenue comes from

Every breakdown the filing reports for the period, with each item's share.

Revenue streams

Service$18.9B88.2%
Product and other$2.5B11.8%

Source10-K, us-gaap:Revenues, as reported in the 10-K filed 2026-09-09

What it costs

The cost lines beneath operating income, each as a share of revenue, then the operating result.

Costs are reported by nature: what they are (food, labor, occupancy, personnel, marketing), not what they were for, so there is no cost-of-revenue line and no gross profit.

Cost lineFY2026Of revenueSource
Total costs and expenses$15.6B72.6%Source10-K, us-gaap:CostsAndExpenses, as reported in the 10-K filed 2026-09-09
Operating income$5.9B27.4%Source10-K, us-gaap:OperatingIncomeLoss, as reported in the 10-K filed 2026-09-09

Operating income by segment

Where the operating profit is earned, as the filing reports it.

Segments

Global Business Solutions$9.9B168.0%
Consumer$6.3B107.2%

Shares of operating income. The segments do not sum to the total; the filing states them beside it. Source10-K, us-gaap:OperatingIncomeLoss, as reported in the 10-K filed 2026-09-09

Operating figures the company states

From the text of the filing rather than its statements, each with the sentence that states it.

Average seasonal employees (January to April)
12,300 employees
As of Jul 31, 2026
View source
During fiscal 2026, we employed on average approximately 12,300 seasonal employees from January to April primarily to support our Consumer segment customers during the peak of tax season.
Customers served
93,000,000 customers
As of Jul 31, 2026
View source
Serving approximately 93 million consumers, small and mid-market businesses, and accountants worldwide
Employees
18,600 employees
As of Jul 31, 2026
View source
As of July 31, 2026, we had approximately 18,600 employees in seven countries.
Online Ecosystem average revenue per customer growth
15.0%
As of Jul 31, 2026
View source
Online Ecosystem average revenue per customer, which we define as total online ecosystem revenue divided by the average number of online paying customers, increased 15% for fiscal 2026 compared with fiscal 2025.
Online Ecosystem paying customers growth
3.0%
As of Jul 31, 2026
View source
Online Ecosystem paying customers, which we define as the sum of all QuickBooks Online paying customers, QuickBooks Time customers, Mailchimp paying customers, and customers who subscribe to standalone services outside of QuickBooks Online, increased 3% as of July 31, 2026 compared with July 31, 2025.

The statements, as filed

The income statement, cash flow statement and balance sheet in the company's own order and words. Every line links to the filing.

Income statement22 lines, as presented in the 10-K
LineFY2026A year earlierChangeOf revenueSource
Net revenue:
Total net revenue$21.45B$18.83B+14%100%Source10-K, us-gaap:Revenues, as reported in the 10-K filed 2026-09-09
Service$18.91B$16.40B+15%88.2%Source10-K, us-gaap:Revenues [us-gaap:ServiceMember], as reported in the 10-K filed 2026-09-09
Product and other$2.54B$2.43B+4.4%11.8%Source10-K, us-gaap:Revenues [intu:ProductAndOtherMember], as reported in the 10-K filed 2026-09-09
Cost of revenue:
Service$4.02B$3.62B+11%18.7%Source10-K, us-gaap:CostOfGoodsAndServicesSold [us-gaap:ServiceMember], as reported in the 10-K filed 2026-09-09
Product and other$63.0M$68.0M-7.4%0.3%Source10-K, us-gaap:CostOfGoodsAndServicesSold [intu:ProductAndOtherMember], as reported in the 10-K filed 2026-09-09
Amortization of acquired technology$174.0M$156.0M+12%0.8%Source10-K, us-gaap:CostOfGoodsAndServicesSoldAmortization, as reported in the 10-K filed 2026-09-09
Costs and expenses:
Selling and marketing$5.53B$5.04B+9.9%25.8%Source10-K, us-gaap:SellingAndMarketingExpense, as reported in the 10-K filed 2026-09-09
Research and development$3.38B$2.93B+15%15.7%Source10-K, us-gaap:ResearchAndDevelopmentExpense, as reported in the 10-K filed 2026-09-09
General and administrative$1.62B$1.60B+1.4%7.6%Source10-K, us-gaap:GeneralAndAdministrativeExpense, as reported in the 10-K filed 2026-09-09
Amortization of other acquired intangible assets$485.0M$481.0M+0.8%2.3%Source10-K, us-gaap:AmortizationOfIntangibleAssets, as reported in the 10-K filed 2026-09-09
Restructuring$293.0M$15.0M+1,853%1.4%Source10-K, us-gaap:RestructuringCharges, as reported in the 10-K filed 2026-09-09
Total costs and expenses$15.56B$13.91B+12%72.6%Source10-K, us-gaap:CostsAndExpenses, as reported in the 10-K filed 2026-09-09
Income Statement
Operating income$5.88B$4.92B+20%27.4%Source10-K, us-gaap:OperatingIncomeLoss, as reported in the 10-K filed 2026-09-09
Interest expense (shown as a deduction)($256.0M)$247.0M+3.6%1.2%Source10-K, us-gaap:InterestExpenseDebt, as reported in the 10-K filed 2026-09-09
Interest and other income, net$389.0M$158.0M+146%1.8%Source10-K, us-gaap:OtherNonoperatingIncomeExpense, as reported in the 10-K filed 2026-09-09
Income before income taxes$6.02B$4.83B+24%28.1%Source10-K, us-gaap:IncomeLossAttributableToParent, as reported in the 10-K filed 2026-09-09
Income tax provision$1.45B$965.0M+50%6.8%Source10-K, us-gaap:IncomeTaxExpenseBenefit, as reported in the 10-K filed 2026-09-09
Net income$4.57B$3.87B+18%21.3%Source10-K, us-gaap:NetIncomeLoss, as reported in the 10-K filed 2026-09-09
Basic net income per share (in dollars per share)$17$14+20%0.0%Source10-K, us-gaap:EarningsPerShareBasic, as reported in the 10-K filed 2026-09-09
Shares used in basic per share calculations (in shares)276,000,000280,000,000-1.4%Source10-K, us-gaap:WeightedAverageNumberOfSharesOutstandingBasic, as reported in the 10-K filed 2026-09-09
Diluted net income per share (in dollars per share)$16$14+20%0.0%Source10-K, us-gaap:EarningsPerShareDiluted, as reported in the 10-K filed 2026-09-09
Shares used in diluted per share calculations (in shares)277,000,000283,000,000-2.1%Source10-K, us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding, as reported in the 10-K filed 2026-09-09
Cash flow statement55 lines, as presented in the 10-K
LineFY2026A year earlierChangeSource
Cash flows from operating activities:
Net income$4.57B$3.87B+18%Source10-K, us-gaap:NetIncomeLoss, as reported in the 10-K filed 2026-09-09
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation$187.0M$172.0M+8.7%Source10-K, us-gaap:Depreciation, as reported in the 10-K filed 2026-09-09
Amortization of acquired intangible assets$659.0M$637.0M+3.5%Source10-K, us-gaap:AdjustmentForAmortization, as reported in the 10-K filed 2026-09-09
Non-cash operating lease cost$106.0M$75.0M+41%Source10-K, intu:OperatingLeaseCostNoncash, as reported in the 10-K filed 2026-09-09
Share-based compensation expense$2.06B$1.97B+4.5%Source10-K, us-gaap:ShareBasedCompensation, as reported in the 10-K filed 2026-09-09
Provision for expected credit losses$237.0M$134.0M+77%Source10-K, us-gaap:ProvisionForLoanLossesExpensed, as reported in the 10-K filed 2026-09-09
Deferred income taxes$1.28B-$435.0MSource10-K, us-gaap:DeferredIncomeTaxExpenseBenefit, as reported in the 10-K filed 2026-09-09
Other (shown as a deduction)($248.0M)$7.0M+3,443%Source10-K, us-gaap:OtherNoncashIncomeExpense, as reported in the 10-K filed 2026-09-09
Total adjustments$4.28B$2.54B+68%Source10-K, us-gaap:AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities, as reported in the 10-K filed 2026-09-09
Originations and purchases of notes receivable held for sale (shown as a deduction)($0)$0Source10-K, intu:PaymentsForOriginationsOfLoansHeldForSale, as reported in the 10-K filed 2026-09-09
Sales and principal repayments of notes receivable held for sale$0$0Source10-K, intu:ProceedsFromSaleAndPrincipalPaymentsOfLoansHeldForSale, as reported in the 10-K filed 2026-09-09
Changes in operating assets and liabilities:
Accounts receivable (shown as a deduction)($95.0M)$71.0M+34%Source10-K, us-gaap:IncreaseDecreaseInAccountsReceivable, as reported in the 10-K filed 2026-09-09
Income taxes receivable (shown as a deduction)($74.0M)-$27.0MSource10-K, us-gaap:IncreaseDecreaseInIncomeTaxesReceivable, as reported in the 10-K filed 2026-09-09
Prepaid expenses and other assets (shown as a deduction)($221.0M)$283.0M-22%Source10-K, us-gaap:IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets, as reported in the 10-K filed 2026-09-09
Accounts payable$63.0M$73.0M-14%Source10-K, us-gaap:IncreaseDecreaseInAccountsPayableTrade, as reported in the 10-K filed 2026-09-09
Accrued compensation and related liabilities$202.0M-$64.0MSource10-K, us-gaap:IncreaseDecreaseInEmployeeRelatedLiabilities, as reported in the 10-K filed 2026-09-09
Deferred revenue$51.0M$142.0M-64%Source10-K, us-gaap:IncreaseDecreaseInDeferredRevenue, as reported in the 10-K filed 2026-09-09
Operating lease liabilities-$93.0M-$77.0M+21%Source10-K, us-gaap:IncreaseDecreaseInOperatingLeaseLiability, as reported in the 10-K filed 2026-09-09
Other liabilities$163.0M$47.0M+247%Source10-K, us-gaap:IncreaseDecreaseInOtherOperatingLiabilities, as reported in the 10-K filed 2026-09-09
Total changes in operating assets and liabilities (shown as a deduction)($4.0M)$206.0M-98%Source10-K, us-gaap:IncreaseDecreaseInOperatingCapital, as reported in the 10-K filed 2026-09-09
Cash flows from operating activities:
Net cash provided by operating activities$8.84B$6.21B+42%Source10-K, us-gaap:NetCashProvidedByUsedInOperatingActivities, as reported in the 10-K filed 2026-09-09
Cash flows from investing activities:
Purchases of corporate and customer fund investments (shown as a deduction)($3.89B)$2.36B+65%Source10-K, us-gaap:PaymentsToAcquireAvailableForSaleSecuritiesDebt, as reported in the 10-K filed 2026-09-09
Sales of corporate and customer fund investments$547.0M$320.0M+71%Source10-K, us-gaap:ProceedsFromSaleOfAvailableForSaleSecuritiesDebt, as reported in the 10-K filed 2026-09-09
Maturities of corporate and customer fund investments$2.55B$864.0M+196%Source10-K, us-gaap:ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities, as reported in the 10-K filed 2026-09-09
Purchases of property and equipment (shown as a deduction)($175.0M)$84.0M+108%Source10-K, us-gaap:PaymentsToAcquirePropertyPlantAndEquipment, as reported in the 10-K filed 2026-09-09
Capitalization of internal use software (shown as a deduction)($46.0M)$40.0M+15%Source10-K, us-gaap:PaymentsToDevelopSoftware, as reported in the 10-K filed 2026-09-09
Acquisitions of businesses, net of cash acquired (shown as a deduction)($0)$184.0MSource10-K, us-gaap:PaymentsToAcquireBusinessesNetOfCashAcquired, as reported in the 10-K filed 2026-09-09
Originations and purchases of notes receivable held for investment (shown as a deduction)($6.76B)$3.99B+69%Source10-K, us-gaap:PaymentsToAcquireLoansHeldForInvestment, as reported in the 10-K filed 2026-09-09
Sales of notes receivable originally classified as held for investment$2.21B$562.0M+293%Source10-K, us-gaap:ProceedsFromSaleOfLoansHeldForInvestment, as reported in the 10-K filed 2026-09-09
Principal repayments of notes receivable held for investment$4.25B$2.71B+57%Source10-K, us-gaap:ProceedsFromPrincipalRepaymentsOnLoansAndLeasesHeldForInvestment, as reported in the 10-K filed 2026-09-09
Other (shown as a deduction)($108.0M)$107.0M+0.9%Source10-K, us-gaap:PaymentsForProceedsFromOtherInvestingActivities, as reported in the 10-K filed 2026-09-09
Net cash used in investing activities-$1.41B-$2.32B-39%Source10-K, us-gaap:NetCashProvidedByUsedInInvestingActivities, as reported in the 10-K filed 2026-09-09
Cash flows from financing activities:
Proceeds from issuance of long-term debt, net of discount and issuance costs$1.74B$0Source10-K, us-gaap:ProceedsFromIssuanceOfUnsecuredDebt, as reported in the 10-K filed 2026-09-09
Repayments of debt (shown as a deduction)($0)$500.0MSource10-K, us-gaap:RepaymentsOfLongTermDebt, as reported in the 10-K filed 2026-09-09
Proceeds from borrowings under unsecured revolving credit facility$0$0Source10-K, us-gaap:ProceedsFromUnsecuredLinesOfCredit, as reported in the 10-K filed 2026-09-09
Repayments on borrowings under unsecured revolving credit facility (shown as a deduction)($0)$0Source10-K, intu:RepaymentsOfUnsecuredLineOfCredit, as reported in the 10-K filed 2026-09-09
Proceeds from borrowings under secured revolving credit facilities$186.0M$429.0M-57%Source10-K, us-gaap:ProceedsFromSecuredLinesOfCredit, as reported in the 10-K filed 2026-09-09
Repayments on borrowings under secured revolving credit facilities (shown as a deduction)($230.0M)$0Source10-K, us-gaap:RepaymentsOfLongTermLinesOfCredit, as reported in the 10-K filed 2026-09-09
Proceeds from issuance of stock under employee stock plans$180.0M$398.0M-55%Source10-K, us-gaap:ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions, as reported in the 10-K filed 2026-09-09
Payments for employee taxes withheld upon vesting of restricted stock units (shown as a deduction)($709.0M)$982.0M-28%Source10-K, us-gaap:PaymentsRelatedToTaxWithholdingForShareBasedCompensation, as reported in the 10-K filed 2026-09-09
Cash paid for purchases of treasury stock (shown as a deduction)($5.41B)$2.77B+95%Source10-K, us-gaap:PaymentsForRepurchaseOfCommonStock, as reported in the 10-K filed 2026-09-09
Dividends and dividend rights paid (shown as a deduction)($1.35B)$1.19B+13%Source10-K, us-gaap:PaymentsOfDividends, as reported in the 10-K filed 2026-09-09
Net change in funds receivable and funds payable and amounts due to customers (shown as a deduction)($2.09B)-$3.11BSource10-K, intu:PaymentsForProceedsFromFundsReceivableAndFundsPayableAndAmountsDueToCustomers, as reported in the 10-K filed 2026-09-09
Other-$7.0M-$1.0M+600%Source10-K, us-gaap:ProceedsFromPaymentsForOtherFinancingActivities, as reported in the 10-K filed 2026-09-09
Net cash used in financing activities-$7.69B-$1.51B+409%Source10-K, us-gaap:NetCashProvidedByUsedInFinancingActivities, as reported in the 10-K filed 2026-09-09
Statement of Cash Flows
Effect of exchange rates on cash, cash equivalents, restricted cash, and restricted cash equivalents-$2.0M$3.0MSource10-K, us-gaap:EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents, as reported in the 10-K filed 2026-09-09
Net increase (decrease) in cash, cash equivalents, restricted cash, and restricted cash equivalents-$265.0M$2.38BSource10-K, us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect, as reported in the 10-K filed 2026-09-09
Cash, cash equivalents, restricted cash, and restricted cash equivalents at beginning of period$9.48BSource10-K, us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents, as reported in the 10-K filed 2026-09-09
Cash, cash equivalents, restricted cash, and restricted cash equivalents at end of period$9.22B$9.48B-2.8%Source10-K, us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents, as reported in the 10-K filed 2026-09-09
Reconciliation of cash, cash equivalents, restricted cash, and restricted cash equivalents reported within the consolidated balance sheets to the total amounts reported on the consolidated statements of cash flows
Cash and cash equivalents$4.71B$2.88B+63%Source10-K, us-gaap:CashAndCashEquivalentsAtCarryingValue, as reported in the 10-K filed 2026-09-09
Restricted cash and restricted cash equivalents included in funds receivable and amounts held for customers$4.51B$6.60B-32%Source10-K, us-gaap:RestrictedCashAndCashEquivalents, as reported in the 10-K filed 2026-09-09
Total cash, cash equivalents, restricted cash, and restricted cash equivalents at end of period$9.22B$9.48B-2.8%Source10-K, us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents, as reported in the 10-K filed 2026-09-09
Supplemental disclosure of cash flow information:
Interest paid$295.0M$284.0M+3.9%Source10-K, us-gaap:InterestPaidNet, as reported in the 10-K filed 2026-09-09
Supplemental schedule of non-cash investing and financing activities:
Transfers of notes receivable originated or purchased as held for investment to held for sale$2.35B$546.0M+330%Source10-K, us-gaap:TransferOfPortfolioLoansAndLeasesToHeldForSale1, as reported in the 10-K filed 2026-09-09
Retirement of treasury stock$27.01B$0Source10-K, us-gaap:TreasuryStockRetiredCostMethodAmount, as reported in the 10-K filed 2026-09-09
Balance sheet40 lines, as presented in the 10-K
LineFY2026A year earlierChangeSource
Current assets:
Cash and cash equivalents$4.71B$2.88B+63%Source10-K, us-gaap:CashAndCashEquivalentsAtCarryingValue, as reported in the 10-K filed 2026-09-09
Investments$2.50B$1.67B+50%Source10-K, us-gaap:DebtSecuritiesAvailableForSaleExcludingAccruedInterestCurrent, as reported in the 10-K filed 2026-09-09
Accounts receivable, net of allowance for doubtful accounts of $5 and $5$625.0M$530.0M+18%Source10-K, us-gaap:AccountsReceivableNetCurrent, as reported in the 10-K filed 2026-09-09
Notes receivable held for investment$1.47B$1.40B+4.6%Source10-K, us-gaap:FinancingReceivableExcludingAccruedInterestAfterAllowanceForCreditLossCurrent, as reported in the 10-K filed 2026-09-09
Notes receivable held for sale$179.0M$0Source10-K, us-gaap:LoansReceivableHeldForSaleAmount, as reported in the 10-K filed 2026-09-09
Income taxes receivable$124.0M$50.0M+148%Source10-K, us-gaap:IncomeTaxesReceivable, as reported in the 10-K filed 2026-09-09
Prepaid expenses and other current assets$677.0M$496.0M+36%Source10-K, us-gaap:PrepaidExpenseAndOtherAssetsCurrent, as reported in the 10-K filed 2026-09-09
Current assets before funds receivable and amounts held for customers$10.27B$7.03B+46%Source10-K, intu:CurrentAssetsBeforeFundsReceivableAndAmountsHeldForCustomers, as reported in the 10-K filed 2026-09-09
Funds receivable and amounts held for customers$5.04B$7.08B-29%Source10-K, intu:FundsReceivableAndAmountsHeldForCustomers, as reported in the 10-K filed 2026-09-09
Total current assets$15.31B$14.11B+8.5%Source10-K, us-gaap:AssetsCurrent, as reported in the 10-K filed 2026-09-09
Assets
Long-term investments$248.0M$94.0M+164%Source10-K, us-gaap:DebtSecuritiesAvailableForSaleExcludingAccruedInterestNoncurrent, as reported in the 10-K filed 2026-09-09
Property and equipment, net$1.02B$961.0M+6.5%Source10-K, us-gaap:PropertyPlantAndEquipmentNet, as reported in the 10-K filed 2026-09-09
Operating lease right-of-use assets$609.0M$541.0M+13%Source10-K, us-gaap:OperatingLeaseRightOfUseAsset, as reported in the 10-K filed 2026-09-09
Goodwill$13.98B$13.98B+0.0%Source10-K, us-gaap:Goodwill, as reported in the 10-K filed 2026-09-09
Acquired intangible assets, net$4.64B$5.30B-12%Source10-K, us-gaap:FiniteLivedIntangibleAssetsNet, as reported in the 10-K filed 2026-09-09
Long-term deferred income tax assets$172.0M$1.22B-86%Source10-K, us-gaap:DeferredIncomeTaxAssetsNet, as reported in the 10-K filed 2026-09-09
Other assets$800.0M$751.0M+6.5%Source10-K, us-gaap:OtherAssetsNoncurrent, as reported in the 10-K filed 2026-09-09
Total assets$36.79B$36.96B-0.5%Source10-K, us-gaap:Assets, as reported in the 10-K filed 2026-09-09
Current liabilities:
Short-term debt$1.25B$0Source10-K, us-gaap:LongTermDebtCurrent, as reported in the 10-K filed 2026-09-09
Accounts payable$873.0M$792.0M+10%Source10-K, us-gaap:AccountsPayableCurrent, as reported in the 10-K filed 2026-09-09
Accrued compensation and related liabilities$1.07B$858.0M+24%Source10-K, us-gaap:EmployeeRelatedLiabilitiesCurrent, as reported in the 10-K filed 2026-09-09
Deferred revenue$1.07B$1.02B+5.2%Source10-K, us-gaap:ContractWithCustomerLiabilityCurrent, as reported in the 10-K filed 2026-09-09
Other current liabilities$863.0M$625.0M+38%Source10-K, us-gaap:OtherLiabilitiesCurrent, as reported in the 10-K filed 2026-09-09
Current liabilities before funds payable and amounts due to customers$5.13B$3.29B+56%Source10-K, intu:CurrentLiabilitiesBeforeCustomerFundDeposits, as reported in the 10-K filed 2026-09-09
Funds payable and amounts due to customers$5.04B$7.08B-29%Source10-K, intu:FundsPayableAndAmountsDueToCustomers, as reported in the 10-K filed 2026-09-09
Total current liabilities$10.16B$10.37B-2.0%Source10-K, us-gaap:LiabilitiesCurrent, as reported in the 10-K filed 2026-09-09
Liabilities and stockholders’ equity
Long-term debt$6.42B$5.97B+7.5%Source10-K, us-gaap:LongTermDebtNoncurrent, as reported in the 10-K filed 2026-09-09
Long-term deferred income tax liabilities$239.0M$20.0M+1,095%Source10-K, us-gaap:DeferredIncomeTaxLiabilitiesNet, as reported in the 10-K filed 2026-09-09
Operating lease liabilities$667.0M$597.0M+12%Source10-K, us-gaap:OperatingLeaseLiabilityNoncurrent, as reported in the 10-K filed 2026-09-09
Other long-term obligations$305.0M$288.0M+5.9%Source10-K, us-gaap:OtherLiabilitiesNoncurrent, as reported in the 10-K filed 2026-09-09
Total liabilities$17.79B$17.25B+3.2%Source10-K, us-gaap:Liabilities, as reported in the 10-K filed 2026-09-09
Stockholders’ equity:
Preferred stock, $0.01 par value Authorized - 1,345 shares total; 145 shares designated Series A; 250 shares designated Series B Junior Participating Issued and outstanding - None$0$0Source10-K, us-gaap:PreferredStockValue, as reported in the 10-K filed 2026-09-09
Common Stock, Shares, Issued268,384,000498,450,000-46%Source10-K, us-gaap:CommonStockSharesIssued, as reported in the 10-K filed 2026-09-09
Common stock, $0.01 par value Authorized - 750,000 shares Issued - 268,384 shares at July 31, 2026 and 498,450 shares at July 31, 2025 Outstanding - 268,384 shares at July 31, 2026 and 279,129 shares at July 31, 2025$3.0M$3.0M0.0%Source10-K, us-gaap:CommonStockValue, as reported in the 10-K filed 2026-09-09
Additional paid-in capital$0$21.63BSource10-K, us-gaap:AdditionalPaidInCapitalCommonStock, as reported in the 10-K filed 2026-09-09
Treasury stock, at cost (shown as a deduction)($0)$21.54BSource10-K, us-gaap:TreasuryStockValue, as reported in the 10-K filed 2026-09-09
Accumulated other comprehensive loss-$57.0M-$50.0M+14%Source10-K, us-gaap:AccumulatedOtherComprehensiveIncomeLossNetOfTax, as reported in the 10-K filed 2026-09-09
Retained earnings$19.05B$19.67B-3.2%Source10-K, us-gaap:RetainedEarningsAccumulatedDeficit, as reported in the 10-K filed 2026-09-09
Total stockholders’ equity$18.99B$19.71B-3.6%Source10-K, us-gaap:StockholdersEquity, as reported in the 10-K filed 2026-09-09
Liabilities and stockholders’ equity
Total liabilities and stockholders’ equity$36.79B$36.96B-0.5%Source10-K, us-gaap:LiabilitiesAndStockholdersEquity, as reported in the 10-K filed 2026-09-09

About this data

Source
Intuit 10-K, accession 0000896878-26-000037, filed Sep 9, 2026, read on Nov 2, 2026.
History
From the SEC's XBRL company facts, the value from the latest filing that stated each period.
Reading
Paragraphs marked Analysis are CXProWealth's reading; everything else is the filing's own numbers and words, or a cited source.
Version
methodology business-lens-1.0 · schema 1.2.0 · run business-lens-2026-11-02
Edge and risks

What holds Intuit's model up, and what could bend it

Competitive edge

  • The ledger makes each added service easier to sell

    Once a business keeps its books in QuickBooks, payroll, payments and capital sell into that account, and each raises the cost of leaving.

    The detail

    The filing describes payment processing as “deeply integrated” into QuickBooks Online, Desktop and Intuit Enterprise Suite, and says customers can use their own data to qualify for QuickBooks Capital loans. Global Business Solutions segment operating income was $9.89B, equal to 168.0% of company operating income, before costs held at the platform level.1

    AnalysisAnalysis: each attached service draws on data already in the ledger, such as invoices and cash flow, to sell or underwrite the next. Leaving means moving books, payroll and payment flows together. That is consistent with paying customers still rising 3% while revenue per customer rose 15%, and it holds while the added services keep saving customers time or money.

  • One platform carries costs both segments draw on

    Both segments earn more than the whole company because engineering, support and experts sit centrally, so each new product reuses work already paid for.

    The detail

    Global Business Solutions operating income of $9.89B and Consumer operating income of $6.31B equal 168.0% and 107.2% of consolidated operating income of $5.88B. The filing says costs such as customer success and product development are “managed at the platform level”, and that share-based compensation, amortization and restructuring are also kept out of segment results.1

    Research and development was $3.38B, 15.7% of revenue. The filing describes an in-house generative AI operating system, GenOS, built for its developers, and a network of thousands of AI-enabled tax, bookkeeping and financial experts shared across products.1

    AnalysisAnalysis: a shared identity, data layer and expert network means a new product starts with customers, data and support in place. It also means the segment figures are not standalone businesses: neither would earn its reported profit without the central costs behind it.

  • Free products bring in customers that partners pay for

    Credit Karma is free to users and paid by lenders and insurers per completed action, and free TurboTax filers can grow into paid tiers.

    The detail

    Intuit serves approximately 93 million consumers, businesses and accountants. Credit Karma is paid mainly for “the delivery of qualified links that result in completed actions, such as credit card issuances and personal and auto loan funding”. The filing says its tax business includes customers on free products “whose tax scenarios evolve in subsequent years to require paid services”.1

    Consumer segment operating income was $6.31B, equal to 107.2% of company operating income before costs held centrally. The filing credits Consumer revenue growth to Credit Karma's personal loan, credit card and insurance verticals and to assisted tax and consumer money offerings.1

    AnalysisAnalysis: the user pays little or nothing up front; the revenue sits in the matched loan or card, or in a later upgrade. The model depends on partners wanting to lend and insure, which the filing notes weak economies reduce.

What to watch

  • Free and government filing threaten the paid TurboTax base

    TurboTax revenue grew on fewer federal units, and the filing names free offerings and government tax software as competitors that could take paying filers.

    The detail

    The filing says TurboTax revenue grew on assisted tax and consumer money offerings, “partially offset by a decrease in revenue due to fewer TurboTax federal units”. It says the IRS free direct filing system was suspended but “proponents of these programs continue to advocate for them”, and that government-funded preparation could have “material and adverse revenue implications”.1

    AnalysisAnalysis: fewer units with more revenue per filer works while upgrades outpace losses. The filing does not link the unit decline to free alternatives. If free filing took enough of the base, fewer filers would be left to move into paid and assisted tiers.

  • AI is both the strategy and a new entrant

    Intuit is spending more on research to build AI agents, while the filing warns general-purpose AI providers could build features solving the same problems.

    The detail

    Research and development rose to $3.38B from $2.93B, 15.7% of revenue against 15.5%. The filing says its AI work may not prove “successful, adopted, or monetizable”, and that AI may lower barriers to entry, letting “providers of general-purpose AI technologies” build products, including add-ons, that address the same customer needs.1

    The filing names the EU AI Act and state laws in Utah, Colorado and California, and says compliance may add significant costs and limit how it uses the technology. It also lists AI platforms among the third-party channels whose owners can change terms that affect its visibility.1

    AnalysisAnalysis: Intuit's case rests on proprietary financial data, compliance and human experts that a general assistant lacks. The risk is that the everyday tasks it automates become a free feature elsewhere, which would press on the price rises behind the 15% rise in revenue per customer.

  • One identity concentrates data, fraud and e-filing exposure

    Tax returns, bank details and credit reports sit behind one identity across products, and failing to curb fraud could cost Intuit electronic filing access.

    The detail

    The filing says that because customers can have one identity across Intuit products, a security incident “may give access to increased amounts of customer data”. It warns that weak fraud defenses could lead to tax authorities “refusing to allow us to process our customers’ tax returns electronically”. Credit Karma's data use is under an FTC order requiring a security program and biennial independent assessments.1

    AnalysisAnalysis: trust is part of what customers pay for when they hand over a tax return or a payroll. The integration that makes the upsell work also widens what a single breach could reach, and the controls that stop fraud can turn away legitimate customers, a cost the filing itself acknowledges.

Sources

  1. 1.Intuit 10-K for the period to 2026-07-31 (the filing), Sep 9, 2026, read Nov 2, 2026
Go deeper

Intuit, further in

Member research, then your own questions on ChatGPT.

What could change the outlook

What Intuit's numbers depend on from here, read from the filing: the conditions behind this period's margins and growth, and where a change would show first.

  • What the online growth depends on from here

    How much of the rise in revenue per customer rests on price, and which signals would show customers pushing back before revenue does.

  • How exposed is the year to a single tax season?

    What a weak filing season, a peak outage or wider free filing would mean for a company that earns most of its operating income in one quarter.

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Questions to start with
  • How much of Intuit's 15% rise in Online Ecosystem revenue per customer came from higher prices rather than added services?
  • What would a weak tax season do to Intuit's operating income, given the April quarter earned 68.3% of it in FY2026?
  • How much of Intuit's FY2026 operating cash flow came from lower cash tax payments, and what changes when those payments rise?

Business Lens describes Intuit from its own filings with the SEC. It is not a view on its shares, a target, or advice to buy, sell or hold anything; figures are as filed and may be restated by the company later. The filing, the dates and the version are under the financial data above.