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average revenue for mid-market businesses on our platform Agenda asasdasdasd Welcome Kim Watkins | VP , Investor Relations Company Growth Strategy Sasan Goodarzi | CEO Technology Fueling Our Innovation Alex Balazs | EVP and Chief Technology Officer Business Platform Growth Strategy Marianna Tessel | EVP and GM, Small Business Group Ashley Still | EVP and GM, Mid-Market Group BUSINESS PLATFORM IMMERSION David Hahn | EVP and GM, Services Group Break Consumer Platform Growth Strategy Mark Notarainni | EVP and GM, Consumer Group CONSUMER PLATFORM IMMERSION Arundati Singh | SVP , Consumer Group Product Management Delivering Our Financial Commitments Sandeep Aujla | EVP and Chief Financial Officer Break Q&A and Wrap-up Sasan & team
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4 Forward-looking statements These presentations contain forward-looking statements. There are a number of factors that could cause our results to differ materially from our expectations. Please see the section entitled “Cautions about forward-looking statements” in the Appendix accompanying this presentation for information regarding forward-looking statements and related risks and uncertainties. You can also learn more about these risks in our Form 10-K for fiscal 2025 and our other SEC filings, which are available on the Investor Relations page of Intuit's website at www.intuit.com. We assume no obligation to update any forward-looking statement, except as required by law. Non-GAAP financial measures These presentations include certain non-GAAP financial measures. Please see the section entitled “About non-GAAP financial measures” in the enclosed Appendix for an explanation of management’s use of these measures and reconciliations to the most directly comparable GAAP financial measures. In this presentation, we may also announce plans or intentions regarding functionality that is not yet delivered. This information is intended to outline our general product direction, but represents no obligation and should not be relied on in making a purchasing or investing decision. Additional terms, conditions and fees may apply with certain features and functionality. Eligibility criteria may apply. Product offers, features, functionality are subject to change without notice. Certain product screen images are simulated and videos shortened. Some numbers may not agree with the sum of the components, nor with SEC filing(s), due to immaterial rounding adjustments.
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6 Era of Artificial Intelligence 2019 - PRESENT Declared strategy and five Big Bets Accelerating investments Doubling down on three Big Bets Era of Mobile and Cloud 2010s Era of Web 2000s Era of Windows 1990s Era of DOS INTUIT FOUNDED 1980s Leading the disruption
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7 7 Culture of innovation driving accelerated growth Becoming the system of intelligence GAAP operating margin of 31% in FY14, 27% in FY19, and 26% in FY25. 36% Non-GAAP Operating Margin 8%Revenue Growth FY14 FY19 34% Non-GAAP Operating Margin 13%Revenue Growth x FY25 40% Non-GAAP Operating Margin 16% Revenue Growth
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FY25 Actual $ in millions except EPS Revenue GAAP operating income Non-GAAP operating income GAAP diluted EPS Non-GAAP diluted EPS $18,831 $4,923 $7,572 $13.67 $20.15 Prior Year Original Guidance 16% 36% 18% 31% 19% 12%–13% 28%–30% 13%–14% 18%–20% 13%–14% FY25 Actual $16,285 $3,630 $6,402 $10.43 $16.94 Strong revenue growth and margin expansion GROWTH RATE 8
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Reflections PERFORMANCE DRIVERS Talent Magnet, All-In-One Platform Assisted Tax Share, Mid-Market Penetration Pace of Innovation, Durable Growth Drivers Self-Contained Teams Accelerated growth to 16%, Op Margin 40% New Customer Growth, Adoption of Services STRATEGY EXECUTION RESULTS Progress Made Progress Needed FY25 GAAP operating margin of 26%, non-GAAP operating margin of 40%. 9
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10 What matters most to our customers Consumer Problems Business Problems Make ends meet Maximize tax refund Save more Pay off debt Know where I stand Reduce my payments Get, grow, and manage customers Get paid and pay bills Get capital Pay and manage workforce Access advice Be compliant and organized Get work done 10
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11 Large market opportunity $300B+ Total addressable market Penetration6% 11
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12 Our opportunity is massive across a $327B TAM Consumer & Business Tax, Consumer Finance, and Professional Tax • $47B tax opportunity, including $22B from connecting people to experts for assisted tax solutions, $13B from business tax, $2B from expanding tax offerings to Canada, $5B from do-it-yourself tax, and $5B from empowering tax professionals • $95B consumer finance opportunity including $61B from connecting consumers with financial products like credit cards, loans, and insurance that help them make financial progress and $33B from money management FMS and platform solutions for SMBs (US and International) • $69B US opportunity across FMS, assisted services, payments & bill pay, banking, workforce, capital, and marketing solutions for small businesses • $28B International opportunity across offerings, additional new revenue growth opportunities with marketing solutions across all global markets FMS and platform solutions for Mid-Market (US and International) • $14B opportunity from disrupting the FMS mid-market, including $1B from connecting mid-market customers to accounting and bookkeeping experts • $75B opportunity across US and international markets from ecosystem offerings that create an all-in-one platform, including payments & bill pay, banking, workforce, capital, and marketing solutions for mid-market customers Large market growth opportunities SEGMENT CUSTOMERS TAM Small Business & Mid-Market 10M 49M Consumer 86M 242M Consumer $142B BUSINESSES CONSUMERS Business $186B Small Business $97B Mid-Market $89B Note: Due to rounding, numbers on the page may not sum. 12
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13 Secular shifts creating massive opportunity Over-digitization AI everywhere New generations of customers 13
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14 Businesses struggle with over-digitization On average businesses use Too many apps, data siloed, excessive cost. 7-25 Apps. AR/Get Paid Industry Specific AI Tools More Apps Reporting and Business Intelligence Get Customers Financial Management Managing Workforce Inventory Management Create Invoice Create Estimate App #1 App #6 App #2 App #10 AP/Bill Pay App #8 App #9 App #5 App #3 App #7 App #4 More Apps and Experts Get Advice 14
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15 Game plan to deliver for customers METRICS BIG BETS STRATEGY TRUE NORTH GOALS 2030 GOALS VALUES MISSION
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17 17 Our Values Integrity Without Compromise Courage Customer Obsession Stronger Together We Care And Give Back We are stewards of the future. We strengthen the communities around us. We strive to give everyone the opportunity to prosper. We champion diversity, inclusion, and a respectful environment. We thrive on diverse voices to challenge and inform decisions. We deliver exceptional results so others can count on us. We fall in love with our customers’ problems. We deliver unrivaled customer benefit to power their prosperity. We sweat every detail of the experience to deliver excellence. We are bold and fearless in how we think and act. We relentlessly hold a high bar for performance. We value speed, a bias for learning and action. We speak the truth and assume best intent. We value trust above all else. We do the right thing, even when no one is looking. 17
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18 Prosperity Double household savings rate and improve business success rate >20 pts vs. industry Reputation Best-in-class Most Trusted Company Growth Accelerating revenue growth to 20% Bold 2030 Goals
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19 19 Household savings rate1 FY23 FY24 FY25 6% 1.6x avg US savings rate 7% 1.9x avg US savings rate 8% 1.9x avg US savings rate Business success rate2 Non-QuickBooks 5-year survival rate 51% 72% Prosperity based on customers on Intuit’s platform. 1. FY25 data as of July 2025. US average household savings rate is 4.2% based on Personal Savings rate published by the Bureau of Economic Analysis from August 2024–July 2025. 2. Based on Dun & Bradstreet analysis of 5-year survival rates for US businesses opened between 2015-2019, including businesses that have used QuickBooks at some point during those 5 years. Using QuickBooks does not guarantee any future success. Prosperity Double household savings rate and improve business success rate >20 pts vs. industry Bold 2030 Goals
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20 True North Goals Deliver best-we-can-be results in the current period for each key stakeholder while building the foundation for an even stronger future Employees Empower the world’s top talent to do the best work of their lives Inspire and empower highly engaged employees Grow highly capable people managers Retain world’s top talent Customers Delight customers by solving the problems that matter most Grow customers Scale platform adoption TOTAL ASSISTED SB MM SB and MM Customers with 2+ offerings Communities Make a difference in the communities we serve Shareholders Drive long-term growth, increasing shareholder value Create jobs through Prosperity Hubs Prepare next generation to be financially ready Grow revenue double-digit Grow operating income faster than revenueMONEY CONSUMER BUSINESS CK Customers that file with TurboTax FY25: FY26: FY28: FY25: FY26: FY28: FY25: FY26: FY28: FY25: FY26: FY28: FY25: FY26: FY28: FY25: FY26: FY28: FY25: FY26: FY28: FY25: FY26: FY28: FY25: FY26: FY28: FY25: FY26: FY28: FY25: FY26: FY28:
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21 21 AI-Driven Expert Platform More money No work Complete confidence
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22 22 1 Deliver done-for-you experiences 2 Accelerate money benefits 3 Fuel success for mid-market businesses Big Bets to accelerate growth
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23 Get Paid Pay Bills Get Loans Insurance Save Spend Taxes Grow Business Payments Capital Cash Mgmt. Payroll Time Tracking Accounting More money No work Complete confidence INTUIT PLATFORM 86M Consumers 70K Tax and financial attributes per consumer 15+ LLMs available to developers $105B Tax refunds on our platform per year $11.4T Visibility into consumer debt 10M Small and mid-market businesses 60B Machine learning predictions per day 625K Customer/financial attributes per SMB $2T+ Invoices managed on our platform per year 18M Total US workers paid annually via QB Payroll Intuit Platform Advantage
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24 INTUIT PLATFORM Get Paid Pay Bills Get Loans Insurance Save Spend Taxes Grow Business Payments Capital Cash Mgmt. Payroll Time Tracking Accounting More money No work Complete confidence Data and Data Services System of IntelligenceArtificial and Human Intelligence Intuit Platform Advantage 24
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Our strategy drove strong momentum INTUIT PLATFORM More money No work Complete confidence 25
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26 26 Done-For-You Experiences Our strategy drove strong momentum INTUIT PLATFORM More money No work Complete confidence 5 days Faster, on average, for businesses to get paid with Intuit AI 12 hrs A month saved with Accounting Agent3 2X Faster for customers doing routine tasks with Intuit AI2 ~80% Repeat engagement across QB AI agents1 1. Repeat engagement defined as share of customers who engaged with an agent feature 2+ times. 2. Reported by 40% of customers. 3. Reported by 45% of customers. 4. Q4 FY25 compared to a year ago. Questions answered by self-help 110M Faster coding with AI assistance on average4 40% YoY reduction in average time a TurboTax customer spends on their return 12% Coverage of the most common tax documents, driven by expanded data-in 90% Tax customer hours saved via done-for-you data entry 1.7M
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27 27 Our strategy drove strong momentum More money No work Complete confidence INTUIT PLATFORM All-In-One Platform for Consumers +15% Consumer platform revenue 41% of TurboTax revenue is TurboTax Live +47% TurboTax Live revenue +24% TurboTax Live customers Credit Karma members who filed with TurboTax for the first time used TurboTax Live 22% Credit Karma members who filed with TurboTax via Credit Karma +30% Higher Intuit ARPC for customers using both Credit Karma and TurboTax vs. only TurboTax 38% Fast money refunds $14B TurboTax revenue driven by Credit Karma Note: Consumer platform revenue and TurboTax revenue (total) are reported on a fiscal year basis; all other metrics reported on a tax season basis (9 months ending July 31, 2025). 1pt
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28 28 Our strategy drove strong momentum More money No work Complete confidence 1. US QBO includes IES, Advanced, Plus, Essentials, and Simple Start (excludes QuickBooks Self-Employed and Solopreneur). INTUIT PLATFORM All-In-One Platform for Small Business +34% Total online payment volume across payments and bill pay, to $174B +2X QB Live customers +14% Online ecosystem ARPC +8% US QBO customers1 Online Payroll revenue, to $1.4B +25% Total US workers paid annually on QB Payroll 18M Online Money Portfolio revenue, to $1.4B +37%
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29 29 Our strategy drove strong momentum 1. Mid-market refers to QBO Advanced and IES customers; revenue refers to ecosystem revenue, including revenue from services. 2. New Technology: The Projected Total Economic Impact™ Of Intuit Enterprise Suite, a commissioned study conducted by Forrester Consulting on behalf of Intuit (February 2025). Data represents the mid-case scenario of product adoption on Intuit Enterprise Suite including Accounting, Payroll and Time. Numbers are projections in present value based on a composite customer. INTUIT PLATFORM All-In-One Platform for Mid-Market 12 pts Higher payroll penetration for mid-market1 $27K Intuit Enterprise Suite average revenue per contract +40% Mid-market revenue growth1 +23% Growth in mid-market customers1 Projected return on investment over 3 years on IES2 ~300% Higher payments penetration for mid-market1 9 pts More money No work Complete confidence
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30 State of the Company (3x Year) Site visits (14x Year) Intuit Leadership Conference (Yearly) Intuit Operating System Customer Immersion, Operations, & Input Goal Review (Monthly) Big Bet Review (March) Business & Ecosystem Reviews (Varies) CEO Staff (Monthly) Org & Talent Review (Quarterly) 6 year plan (December) 3&1 - year plan (May) Intuit Operating System Trends Ideas Big Bets Engagement Craft Skills Succession KPIs Trade-Offs Horizons (H1/H2/H3) Success Measures Voice of Customer Accountability Priorities Input Goals Accountability Data and Insights Experience Review Inspiration Alignment Clarity One Intuit Forum (8x Year)
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31 Customers Delight customers by solving the problems that matter most Communities Make a difference in the communities we serve Shareholders Drive long-term growth, increasing shareholder value Accelerating revenue growth to 20% Growth Best-in-class of Most Reputable Companies Reputation Deliver done-for-you experiences Employees Empower the world’s top talent to do the best work of their lives Double household savings rate and improve business success rate > 20 pts vs. industry Prosperity We Care and Give BackStronger TogetherCustomer ObsessionCourageIntegrity Without Compromise AI-Driven Expert Platform More Money. No Work. Complete Confidence. MISSION VALUES 2030 GOALS TRUE NORTH GOALS STRATEGY BIG BETS METRICS Powering Prosperity Around the World Accelerate money benefits Fuel success for mid-market businesses Customers ARPC Revenue
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Key takeaways Years of investment in our data has allowed us to evolve from a system of record to a system of intelligence. Data, data services, and AI are our durable advantage A strong foundation of AI building blocks accelerates innovation.All-in-one platform and agentic capabilities fuel growth Developers are using platform leverage to drive velocity. We are achieving efficiencies across all Intuit roles through AI + human intelligence. AI and platform leverage drive velocity and efficiency 33
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34 More money No work Complete confidence AI-Driven Expert Platform
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35 System of Intelligence Evolution from a system of record to a system of intelligence AI-Driven Expert Platform Human Intelligence Artificial Intelligence Intuit Platform
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36 1. Prime members are Credit Karma members with a credit score of 720+. Our tech platform fuels done-for-you experiences Velocity Use capabilities and data services to deliver solutions quickly with AI + HI Agility Empower Tech teams to move quickly with few dependencies Innovation Accelerate innovation to deliver customer solutions 36
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Intuit’s Generative AI Operating System accelerates development of products to fuel growth GenOS AI Workbench development environment GenAI Runtime model orchestrator GenAI User Experience library Large language models (LLMs), 15+ LLMs, 70+ versions Responsible AI governance Supercharging the Intuit platform to give customers access to what they need 37
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38 average revenue for mid-market businesses on our platform Business strategy Optimize spending & finances Stay compliant Manage sales & get paid Build and manage team Pay bills & manage spending Getting access to money Build credit and wealth Save more Get taxes done Plan for the future Get & engage customers Manage operations efficientlyJobs to Be Done Enterprise Architecture Strategic Planning Architecture Governance Business Strategy Alignment Solution Acceleration Enterprise Ecosystem PrivacyDigital Workplace Management Enterprise Infrastructure Management Enterprise Finance People Management Learning Places Management Development Ecosystem API & TrafficManagement ObservabilityMobile Application Development Cloud Management Services Components& UI Experiences Core App DevelopmentExperiences Operational Analytics Service & Platform Development DeveloperSuccess Service Management & Reliability Engineering Web Application Development DynamicUI Composition No-Code Development Essential Capabilities Identity Authentication Identity Core Authorization Identity Experiences Customer Data Cloud (C360++) Verified Identity Network Consent Identity Proofing Connected Identity Identity Lifecycle Management Security, Technical Compliance, Risk & Fraud Financial Risk Policy & Operations Security Incident Response Workforce Identity & SecurityThird-Party SecurityTechnical Governance & Compliance Management Data SecurityCustomer Trust & SafetyAdversary Management AI Safety Application Security Infrastructure Security Risk Data Decisioning Integration & Automation Application Integration Provider IntegrationData Aggregation Document ManagementAggregation Framework Automated Data Entry & Review Task Management Workflow Data Infrastructure Data Processing Data Understanding Data Definition Behavior Understanding Data Insights Data Quality Data Movement Data Testing Data Persistence Analytics Analytics Decisioning Analytics Management Analytics Reporting AI Infrastructure Natural Language & Image UnderstandingGenerative AI Application Development Knowledge-Driven Systems Matching & Recommendations ML Model Development & ServingAutonomous Insights Foundation App Marketplace Business TransactionAudit ReportingExtensibility Globalization Entity SearchCollaboration Customer Care Ecosystem Research Customer Growth & Engagement Product & Pricing Management Subscription Management & BillingCustomer Lifecycle Data Management Customer CommunicationContent Management Customer EngagementCustomer Acquisition Commerce Sales TechExperimentation PersonalizationMarketing Tech Embedded Fintech Balance Financial Network Lending Payments Financial Profile Core Capabilities Expertise Help Practice Management Smart Support Practice Workforce Operations Commerce Inventory Management Invoicing & Sales Manufacturing & Assembly Sales Channel Management Shipping & Fulfillment Vendor Management Purchasing & ExpenditureIndirect Tax Warehouse ManagementProduct Information Management CRM & Marketing Audience Organization Brand Management Marketing Channel Management Marketing & CRM Analytics Marketing Automation1:1 Communications Customer Lifecycle Management Reputation Management Unified Contact ProfilesCustomer Service & Support Personal Finance Consumer Cash Personal Financial Health Budgets Personal Financial Marketplaces Personal Financial Progress Business Finance Accounting Financial Planning Transaction Understanding & Automation Budgets Fixed Asset Management Financial Health Scoring Scalable Advice Work HR & Benefits Payroll Project Management Time Tracking Trip Tracking Payroll Tax Worker Management Income Tax Tax Content Management Tax Preparation & Planning Tax Filing Domain Capabilities Automated insights Enhance productivity with AI Prioritize high value tasks
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39 Business strategy Optimize spending & finances Stay compliant Manage sales & get paid Build and manage team Pay bills & manage spending Getting access to money Build credit and wealth Save more Get taxes done Plan for the future Get & engage customers Manage operations efficientlyJobs to Be Done Enterprise Architecture Strategic Planning Architecture Governance Business Strategy Alignment Solution Acceleration Enterprise Ecosystem PrivacyDigital Workplace Management Enterprise Infrastructure Management Enterprise Finance People Management Learning Places Management Development Ecosystem API & TrafficManagement ObservabilityMobile Application Development Cloud Management Services Components& UI Experiences Core App DevelopmentExperiences Operational Analytics Service & Platform Development DeveloperSuccess Service Management & Reliability Engineering Web Application Development DynamicUI Composition No-Code Development Essential Capabilities Identity Authentication Identity Core Authorization Identity Experiences Customer Data Cloud (C360++) Verified Identity Network Consent Identity Proofing Connected Identity Identity Lifecycle Management Security, Technical Compliance, Risk & Fraud Financial Risk Policy & Operations Security Incident Response Workforce Identity & SecurityThird-Party SecurityTechnical Governance & Compliance Management Data SecurityCustomer Trust & SafetyAdversary Management AI Safety Application Security Infrastructure Security Risk Data Decisioning Integration & Automation Application Integration Provider IntegrationData Aggregation Document ManagementAggregation Framework Automated Data Entry & Review Task Management Workflow Data Infrastructure Data Processing Data Understanding Data Definition Behavior Understanding Data Insights Data Quality Data Movement Data Testing Data Persistence Analytics Analytics Decisioning Analytics Management Analytics Reporting AI Infrastructure Natural Language & Image UnderstandingGenerative AI Application Development Knowledge-Driven Systems Matching & Recommendations ML Model Development & ServingAutonomous Insights Foundation App Marketplace Business TransactionAudit ReportingExtensibility Globalization Entity SearchCollaboration Customer Care Ecosystem Research Customer Growth & Engagement Product & Pricing Management Subscription Management & BillingCustomer Lifecycle Data Management Customer CommunicationContent Management Customer EngagementCustomer Acquisition Commerce Sales TechExperimentation PersonalizationMarketing Tech Embedded Fintech Balance Financial Network Lending Payments Financial Profile Core Capabilities Expertise Help Practice Management Smart Support Practice Workforce Operations Commerce Inventory Management Invoicing & Sales Manufacturing & Assembly Sales Channel Management Shipping & Fulfillment Vendor Management Purchasing & ExpenditureIndirect Tax Warehouse ManagementProduct Information Management CRM & Marketing Audience Organization Brand Management Marketing Channel Management Marketing & CRM Analytics Marketing Automation1:1 Communications Customer Lifecycle Management Reputation Management Unified Contact ProfilesCustomer Service & Support Personal Finance Consumer Cash Personal Financial Health Budgets Personal Financial Marketplaces Personal Financial Progress Business Finance Accounting Financial Planning Transaction Understanding & Automation Budgets Fixed Asset Management Financial Health Scoring Scalable Advice Work HR & Benefits Payroll Project Management Time Tracking Trip Tracking Payroll Tax Worker Management Income Tax Tax Content Management Tax Preparation & Planning Tax Filing Domain Capabilities System of Intelligence ARTIFICIAL INTELLIGENCE | HUMAN INTELLIGENCE | DATA Automated insights Enhance productivity with AI Prioritize high value tasks
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40 Business strategy Optimize spending & finances Stay compliant Manage sales & get paid Build and manage team Pay bills & manage spending Getting access to money Build credit and wealth Save more Get taxes done Plan for the future Get & engage customers Manage operations efficientlyJobs to Be Done Enterprise Architecture Strategic Planning Architecture Governance Business Strategy Alignment Solution Acceleration Enterprise Ecosystem PrivacyDigital Workplace Management Enterprise Infrastructure Management Enterprise Finance People Management Learning Places Management Development Ecosystem API & TrafficManagement ObservabilityMobile Application Development Cloud Management Services Components& UI Experiences Core App DevelopmentExperiences Operational Analytics Service & Platform Development DeveloperSuccess Service Management & Reliability Engineering Web Application Development DynamicUI Composition No-Code Development Essential Capabilities Identity Authentication Identity Core Authorization Identity Experiences Customer Data Cloud (C360++) Verified Identity Network Consent Identity Proofing Connected Identity Identity Lifecycle Management Security, Technical Compliance, Risk & Fraud Financial Risk Policy & Operations Security Incident Response Workforce Identity & SecurityThird-Party SecurityTechnical Governance & Compliance Management Data SecurityCustomer Trust & SafetyAdversary Management AI Safety Application Security Infrastructure Security Risk Data Decisioning Integration & Automation Application Integration Provider IntegrationData Aggregation Document ManagementAggregation Framework Automated Data Entry & Review Task Management Workflow Data Infrastructure Data Processing Data Understanding Data Definition Behavior Understanding Data Insights Data Quality Data Movement Data Testing Data Persistence Analytics Analytics Decisioning Analytics Management Analytics Reporting AI Infrastructure Natural Language & Image UnderstandingGenerative AI Application Development Knowledge-Driven Systems Matching & Recommendations ML Model Development & ServingAutonomous Insights Foundation App Marketplace Business TransactionAudit ReportingExtensibility Globalization Entity SearchCollaboration Customer Care Ecosystem Research Customer Growth & Engagement Product & Pricing Management Subscription Management & BillingCustomer Lifecycle Data Management Customer CommunicationContent Management Customer EngagementCustomer Acquisition Commerce Sales TechExperimentation PersonalizationMarketing Tech Embedded Fintech Balance Financial Network Lending Payments Financial Profile Core Capabilities Expertise Help Practice Management Smart Support Practice Workforce Operations Commerce Inventory Management Invoicing & Sales Manufacturing & Assembly Sales Channel Management Shipping & Fulfillment Vendor Management Purchasing & ExpenditureIndirect Tax Warehouse ManagementProduct Information Management CRM & Marketing Audience Organization Brand Management Marketing Channel Management Marketing & CRM Analytics Marketing Automation1:1 Communications Customer Lifecycle Management Reputation Management Unified Contact ProfilesCustomer Service & Support Personal Finance Consumer Cash Personal Financial Health Budgets Personal Financial Marketplaces Personal Financial Progress Business Finance Accounting Financial Planning Transaction Understanding & Automation Budgets Fixed Asset Management Financial Health Scoring Scalable Advice Work HR & Benefits Payroll Project Management Time Tracking Trip Tracking Payroll Tax Worker Management Income Tax Tax Content Management Tax Preparation & Planning Tax Filing Domain Capabilities Automated insights Enhance productivity with AI Prioritize high value tasks 1. Over the last three years. 2. Tier 1 and Tier 2 services during July 2025 30 day rolling period. 69% Reduction in incident mean time to resolve1 World-class environment for fast code delivery 99.999% Best-in-class services availability2 System of Intelligence ARTIFICIAL INTELLIGENCE | HUMAN INTELLIGENCE | DATA
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41 Business strategy Optimize spending & finances Stay compliant Manage sales & get paid Build and manage team Pay bills & manage spending Getting access to money Build credit and wealth Save more Get taxes done Plan for the future Get & engage customers Manage operations efficientlyJobs to Be Done Enterprise Architecture Strategic Planning Architecture Governance Business Strategy Alignment Solution Acceleration Enterprise Ecosystem PrivacyDigital Workplace Management Enterprise Infrastructure Management Enterprise Finance People Management Learning Places Management Development Ecosystem API & TrafficManagement ObservabilityMobile Application Development Cloud Management Services Components& UI Experiences Core App DevelopmentExperiences Operational Analytics Service & Platform Development DeveloperSuccess Service Management & Reliability Engineering Web Application Development DynamicUI Composition No-Code Development Essential Capabilities Identity Authentication Identity Core Authorization Identity Experiences Customer Data Cloud (C360++) Verified Identity Network Consent Identity Proofing Connected Identity Identity Lifecycle Management Security, Technical Compliance, Risk & Fraud Financial Risk Policy & Operations Security Incident Response Workforce Identity & SecurityThird-Party SecurityTechnical Governance & Compliance Management Data SecurityCustomer Trust & SafetyAdversary Management AI Safety Application Security Infrastructure Security Risk Data Decisioning Integration & Automation Application Integration Provider IntegrationData Aggregation Document ManagementAggregation Framework Automated Data Entry & Review Task Management Workflow Data Infrastructure Data Processing Data Understanding Data Definition Behavior Understanding Data Insights Data Quality Data Movement Data Testing Data Persistence Analytics Analytics Decisioning Analytics Management Analytics Reporting AI Infrastructure Natural Language & Image UnderstandingGenerative AI Application Development Knowledge-Driven Systems Matching & Recommendations ML Model Development & ServingAutonomous Insights Foundation App Marketplace Business TransactionAudit ReportingExtensibility Globalization Entity SearchCollaboration Customer Care Ecosystem Research Customer Growth & Engagement Product & Pricing Management Subscription Management & BillingCustomer Lifecycle Data Management Customer CommunicationContent Management Customer EngagementCustomer Acquisition Commerce Sales TechExperimentation PersonalizationMarketing Tech Embedded Fintech Balance Financial Network Lending Payments Financial Profile Core Capabilities Expertise Help Practice Management Smart Support Practice Workforce Operations Commerce Inventory Management Invoicing & Sales Manufacturing & Assembly Sales Channel Management Shipping & Fulfillment Vendor Management Purchasing & ExpenditureIndirect Tax Warehouse ManagementProduct Information Management CRM & Marketing Audience Organization Brand Management Marketing Channel Management Marketing & CRM Analytics Marketing Automation1:1 Communications Customer Lifecycle Management Reputation Management Unified Contact ProfilesCustomer Service & Support Personal Finance Consumer Cash Personal Financial Health Budgets Personal Financial Marketplaces Personal Financial Progress Business Finance Accounting Financial Planning Transaction Understanding & Automation Budgets Fixed Asset Management Financial Health Scoring Scalable Advice Work HR & Benefits Payroll Project Management Time Tracking Trip Tracking Payroll Tax Worker Management Income Tax Tax Content Management Tax Preparation & Planning Tax Filing Domain Capabilities Automated insights Enhance productivity with AI Prioritize high value tasks Self-serve data capabilities build system of intelligence System of Intelligence ARTIFICIAL INTELLIGENCE | HUMAN INTELLIGENCE | DATA 9,800 Model deployment events 188M Conversations with natural language processing
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42 Business strategy Optimize spending & finances Stay compliant Manage sales & get paid Build and manage team Pay bills & manage spending Getting access to money Build credit and wealth Save more Get taxes done Plan for the future Get & engage customers Manage operations efficientlyJobs to Be Done Enterprise Architecture Strategic Planning Architecture Governance Business Strategy Alignment Solution Acceleration Enterprise Ecosystem PrivacyDigital Workplace Management Enterprise Infrastructure Management Enterprise Finance People Management Learning Places Management Development Ecosystem API & TrafficManagement ObservabilityMobile Application Development Cloud Management Services Components& UI Experiences Core App DevelopmentExperiences Operational Analytics Service & Platform Development DeveloperSuccess Service Management & Reliability Engineering Web Application Development DynamicUI Composition No-Code Development Essential Capabilities Identity Authentication Identity Core Authorization Identity Experiences Customer Data Cloud (C360++) Verified Identity Network Consent Identity Proofing Connected Identity Identity Lifecycle Management Security, Technical Compliance, Risk & Fraud Financial Risk Policy & Operations Security Incident Response Workforce Identity & SecurityThird-Party SecurityTechnical Governance & Compliance Management Data SecurityCustomer Trust & SafetyAdversary Management AI Safety Application Security Infrastructure Security Risk Data Decisioning Integration & Automation Application Integration Provider IntegrationData Aggregation Document ManagementAggregation Framework Automated Data Entry & Review Task Management Workflow Data Infrastructure Data Processing Data Understanding Data Definition Behavior Understanding Data Insights Data Quality Data Movement Data Testing Data Persistence Analytics Analytics Decisioning Analytics Management Analytics Reporting AI Infrastructure Natural Language & Image UnderstandingGenerative AI Application Development Knowledge-Driven Systems Matching & Recommendations ML Model Development & ServingAutonomous Insights Foundation App Marketplace Business TransactionAudit ReportingExtensibility Globalization Entity SearchCollaboration Customer Care Ecosystem Research Customer Growth & Engagement Product & Pricing Management Subscription Management & BillingCustomer Lifecycle Data Management Customer CommunicationContent Management Customer EngagementCustomer Acquisition Commerce Sales TechExperimentation PersonalizationMarketing Tech Embedded Fintech Balance Financial Network Lending Payments Financial Profile Core Capabilities Expertise Help Practice Management Smart Support Practice Workforce Operations Commerce Inventory Management Invoicing & Sales Manufacturing & Assembly Sales Channel Management Shipping & Fulfillment Vendor Management Purchasing & ExpenditureIndirect Tax Warehouse ManagementProduct Information Management CRM & Marketing Audience Organization Brand Management Marketing Channel Management Marketing & CRM Analytics Marketing Automation1:1 Communications Customer Lifecycle Management Reputation Management Unified Contact ProfilesCustomer Service & Support Personal Finance Consumer Cash Personal Financial Health Budgets Personal Financial Marketplaces Personal Financial Progress Business Finance Accounting Financial Planning Transaction Understanding & Automation Budgets Fixed Asset Management Financial Health Scoring Scalable Advice Work HR & Benefits Payroll Project Management Time Tracking Trip Tracking Payroll Tax Worker Management Income Tax Tax Content Management Tax Preparation & Planning Tax Filing Domain Capabilities Automated insights Enhance productivity with AI Prioritize high value tasks 1,300+ Developers building agents with GenOS Natural language processing capabilities enabling agentic experiences 70+ LLM model versions AI Infrastructure Natural Language & Image Understanding Generative AI Application Development Knowledge-Driven Systems Matching & Recommendations ML Model Development & Serving Autonomous Insights System of Intelligence ARTIFICIAL INTELLIGENCE | HUMAN INTELLIGENCE | DATA
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43 Business strategy Optimize spending & finances Stay compliant Manage sales & get paid Build and manage team Pay bills & manage spending Getting access to money Build credit and wealth Save more Get taxes done Plan for the future Get & engage customers Manage operations efficientlyJobs to Be Done Enterprise Architecture Strategic Planning Architecture Governance Business Strategy Alignment Solution Acceleration Enterprise Ecosystem PrivacyDigital Workplace Management Enterprise Infrastructure Management Enterprise Finance People Management Learning Places Management Development Ecosystem API & TrafficManagement ObservabilityMobile Application Development Cloud Management Services Components& UI Experiences Core App DevelopmentExperiences Operational Analytics Service & Platform Development DeveloperSuccess Service Management & Reliability Engineering Web Application Development DynamicUI Composition No-Code Development Essential Capabilities Identity Authentication Identity Core Authorization Identity Experiences Customer Data Cloud (C360++) Verified Identity Network Consent Identity Proofing Connected Identity Identity Lifecycle Management Security, Technical Compliance, Risk & Fraud Financial Risk Policy & Operations Security Incident Response Workforce Identity & SecurityThird-Party SecurityTechnical Governance & Compliance Management Data SecurityCustomer Trust & SafetyAdversary Management AI Safety Application Security Infrastructure Security Risk Data Decisioning Integration & Automation Application Integration Provider IntegrationData Aggregation Document ManagementAggregation Framework Automated Data Entry & Review Task Management Workflow Data Infrastructure Data Processing Data Understanding Data Definition Behavior Understanding Data Insights Data Quality Data Movement Data Testing Data Persistence Analytics Analytics Decisioning Analytics Management Analytics Reporting AI Infrastructure Natural Language & Image UnderstandingGenerative AI Application Development Knowledge-Driven Systems Matching & Recommendations ML Model Development & ServingAutonomous Insights Foundation App Marketplace Business TransactionAudit ReportingExtensibility Globalization Entity SearchCollaboration Customer Care Ecosystem Research Customer Growth & Engagement Product & Pricing Management Subscription Management & BillingCustomer Lifecycle Data Management Customer CommunicationContent Management Customer EngagementCustomer Acquisition Commerce Sales TechExperimentation PersonalizationMarketing Tech Embedded Fintech Balance Financial Network Lending Payments Financial Profile Core Capabilities Expertise Help Practice Management Smart Support Practice Workforce Operations Commerce Inventory Management Invoicing & Sales Manufacturing & Assembly Sales Channel Management Shipping & Fulfillment Vendor Management Purchasing & ExpenditureIndirect Tax Warehouse ManagementProduct Information Management CRM & Marketing Audience Organization Brand Management Marketing Channel Management Marketing & CRM Analytics Marketing Automation1:1 Communications Customer Lifecycle Management Reputation Management Unified Contact ProfilesCustomer Service & Support Personal Finance Consumer Cash Personal Financial Health Budgets Personal Financial Marketplaces Personal Financial Progress Business Finance Accounting Financial Planning Transaction Understanding & Automation Budgets Fixed Asset Management Financial Health Scoring Scalable Advice Work HR & Benefits Payroll Project Management Time Tracking Trip Tracking Payroll Tax Worker Management Income Tax Tax Content Management Tax Preparation & Planning Tax Filing Domain Capabilities Automated insights Enhance productivity with AI Prioritize high value tasks $890B+ Money movement supported by our platform Environment for building financing and payment solutions 18M Employees paid System of Intelligence ARTIFICIAL INTELLIGENCE | HUMAN INTELLIGENCE | DATA
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44 Business strategy Optimize spending & finances Stay compliant Manage sales & get paid Build and manage team Pay bills & manage spending Getting access to money Build credit and wealth Save more Get taxes done Plan for the future Get & engage customers Manage operations efficientlyJobs to Be Done Enterprise Architecture Strategic Planning Architecture Governance Business Strategy Alignment Solution Acceleration Enterprise Ecosystem PrivacyDigital Workplace Management Enterprise Infrastructure Management Enterprise Finance People Management Learning Places Management Development Ecosystem API & TrafficManagement ObservabilityMobile Application Development Cloud Management Services Components& UI Experiences Core App DevelopmentExperiences Operational Analytics Service & Platform Development DeveloperSuccess Service Management & Reliability Engineering Web Application Development DynamicUI Composition No-Code Development Essential Capabilities Identity Authentication Identity Core Authorization Identity Experiences Customer Data Cloud (C360++) Verified Identity Network Consent Identity Proofing Connected Identity Identity Lifecycle Management Security, Technical Compliance, Risk & Fraud Financial Risk Policy & Operations Security Incident Response Workforce Identity & SecurityThird-Party SecurityTechnical Governance & Compliance Management Data SecurityCustomer Trust & SafetyAdversary Management AI Safety Application Security Infrastructure Security Risk Data Decisioning Integration & Automation Application Integration Provider IntegrationData Aggregation Document ManagementAggregation Framework Automated Data Entry & Review Task Management Workflow Data Infrastructure Data Processing Data Understanding Data Definition Behavior Understanding Data Insights Data Quality Data Movement Data Testing Data Persistence Analytics Analytics Decisioning Analytics Management Analytics Reporting AI Infrastructure Natural Language & Image UnderstandingGenerative AI Application Development Knowledge-Driven Systems Matching & Recommendations ML Model Development & ServingAutonomous Insights Foundation App Marketplace Business TransactionAudit ReportingExtensibility Globalization Entity SearchCollaboration Customer Care Ecosystem Research Customer Growth & Engagement Product & Pricing Management Subscription Management & BillingCustomer Lifecycle Data Management Customer CommunicationContent Management Customer EngagementCustomer Acquisition Commerce Sales TechExperimentation PersonalizationMarketing Tech Embedded Fintech Balance Financial Network Lending Payments Financial Profile Core Capabilities Expertise Help Practice Management Smart Support Practice Workforce Operations Commerce Inventory Management Invoicing & Sales Manufacturing & Assembly Sales Channel Management Shipping & Fulfillment Vendor Management Purchasing & ExpenditureIndirect Tax Warehouse ManagementProduct Information Management CRM & Marketing Audience Organization Brand Management Marketing Channel Management Marketing & CRM Analytics Marketing Automation1:1 Communications Customer Lifecycle Management Reputation Management Unified Contact ProfilesCustomer Service & Support Personal Finance Consumer Cash Personal Financial Health Budgets Personal Financial Marketplaces Personal Financial Progress Business Finance Accounting Financial Planning Transaction Understanding & Automation Budgets Fixed Asset Management Financial Health Scoring Scalable Advice Work HR & Benefits Payroll Project Management Time Tracking Trip Tracking Payroll Tax Worker Management Income Tax Tax Content Management Tax Preparation & Planning Tax Filing Domain Capabilities Automated insights Enhance productivity with AI Prioritize high value tasks Capabilities accelerate areas of Intuit’s domain expertise 6X Speed to build reimagined platform experience with City Map compared to from scratch1 3M Business Intelligence monthly active users for reporting globally Domain Capabilities ExpertiseCommerceCRM & MarketingPersonal FinanceBusiness FinanceWorkIncome Tax 1.Actual build times as compared to estimated time it would have taken to build the product without the City Map from scratch. System of Intelligence ARTIFICIAL INTELLIGENCE | HUMAN INTELLIGENCE | DATA
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45 Early investments in data and AI capabilities are paying off 625K Customer/financial attributes per SMB 70K Tax and financial attributes per consumer 15+ LLMs available to developers 4.0T Tokens consumed in August 2025 Durable advantage has led to innovation including automation and providing insights to fuel the financial success of ~100M customers Scale of clean data Data & AI investments for customer attributes Dynamic usage of large language models 180 Petabytes of data in the data lake 60B Machine learning predictions per day
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46 Data and AI accelerate and drive business impact ~4.4B GenOS requests 496M Transactions 8M+ Enterprise scale transactions supported per customer per year Our tech platform fuels AI-driven done-for-you experiences, operational, and efficiency improvements Done-for-you experiences Money Mid-market $2T+ Invoices managed in QuickBooks 200+ Entities supported with Intuit Enterprise Suite 450K Requests per day to power usage of agents
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Architecting the company for velocity We have made progress with the key drivers of platform velocity. AI Agent Starter Kit and agentic capabilities 3.5K GenAI use cases created internally and externally Intuit CodeAssist trained on most highly leveraged capabilities Creates Intuit code across 60 highly leveraged capabilities GenAI productivity tools across all Intuit roles to accelerate velocity and generate efficiencies AI agents for the workforce and access to the latest LLM technologies Harvesting learnings to scale Scale of platform with the speed of a startup 47
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48 AI-powered workforce and tools drive velocity and efficiency 12x Increase in developer velocity over the past 5 years 40% Faster coding with AI assistance on average 39% More code delivered per developer 15% Reduction in contact rate 1 1,2 1. Q4 FY25 compared to a year ago. 2. Delivered code refers to merged code.
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Key takeaways Years of investment in our data has allowed us to evolve from a system of record to a system of intelligence. Data, data services, and AI are our durable advantage A strong foundation of AI building blocks accelerates innovation.All-in-one platform and agentic capabilities fuel growth Developers are using platform leverage to drive velocity. We are achieving efficiencies across all Intuit roles through AI + human intelligence. AI and platform leverage drive velocity and efficiency The breadth of audiences and needs we serve unlock a massive $184B TAM, with our penetration growing from 5% to 6% – and ample runway ahead. Massive opportunity across a large TAM Our all-in-one platform solves over-digitization and unleashes the power of AI and human intelligence to deliver undisputed customer benefits. All-in-one platform serves as system of intelligence Our easy-to-use platform and flexible offerings seamlessly scale to serve more complex needs, winning on experience, price, and total cost of ownership to deliver next-level value for our mid-market customers. Platform effortlessly scales to solve mid-market needs 49
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50 Ashley Still Mid-Market Group Marianna Tessel Small Business Group David Hahn Services Group - Money & Workforce
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Key takeaways The breadth of audiences and needs we serve unlocks a massive $186B TAM, with our penetration growing from 5% to 6% – and ample runway ahead. Massive opportunity across a large TAM Our all-in-one platform unleashes growth for our customers with a virtual team of AI agents and AI-enabled experts doing all the work with actionable KPIs & insights. All-in-one platform serves as system of intelligence Our easy-to-use platform and flexible offerings seamlessly scale to serve more complex needs, winning on experience, price, and total cost of ownership to deliver next-level value for our mid-market customers. Platform effortlessly scales to solve mid-market needs 51
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Meaningful progress in FY25 as we executed on our strategy to expand our platform and serve complex customers 16% GBSG Revenue Growth to $11.1B Business Platform KEY PLATFORM OUTCOMES 20%Online Ecosystem revenue growth to $8.3B 25%Online Ecosystem revenue growth ex. Mailchimp 40%Mid-market revenue growth1 37%Online Money Portfolio revenue growth to $1.4B 25%Online Payroll revenue growth to $1.4B 2% Mailchimp revenue growth to $1.3B 1. Mid-market revenue refers to Ecosystem revenue from QBO Advanced and IES customers, including revenue from services. FY25 RESULTS 52
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54 Make ends meet Maximize tax refund Save more Pay off debt Know where I stand Reduce my payments Get, grow, and manage customers Get paid and pay bills Get capital Pay and manage workforce Access advice Be compliant and organized Get work done Consumer Problems Business Problems What matters most to our customers
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551. The Small Business audience includes self-employed individuals. The audiences we serve are broad and diverse BUSINESS STRUCTURE Single vs. multi-entity (subsidiaries, divisions, locations) TAX CLASSIFICATION LLC, S-Corp, etc. EMPLOYEES 0 (self) to 250+ GEOGRAPHY US, CA, UK, AU, ROW INDUSTRY Construction, professional services, retail, etc. BUSINESS TYPE Service-based, product-based, project-based Customers’ complexity Small Business Mid-Market 1
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56 We have a massive $186B opportunity to solve businesses’ most pressing needs Get Customers $31B Pay & Get Paid $49B Get Capital $37B Manage Workforce $26B Access Advice $12B Be Compliant $31B $25B $19B $13B $11B $18B$11B $6B $29B $13B $1B $12B $26B Note: Due to rounding, numbers on the page may not sum to indicated totals. Mid-Market Small Business
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57 Businesses struggle with over-digitization On average businesses use Too many apps, data siloed, excessive cost. 7-25 Apps. AR/Get Paid Industry Specific AI Tools More Apps Reporting and Business Intelligence Get Customers Financial Management Managing Workforce Inventory Management Create Invoice Create Estimate App #1 App #6 App #2 App #10 AP/Bill Pay App #8 App #9 App #5 App #3 App #7 App #4 More Apps and Experts Get Advice
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58Intuit Confidential and Proprietary OUR VISION The connected end-to-end platform that small and mid-market businesses rely on every day to run and grow their business. More Money | No Work | Complete Confidence 58
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59 Get CapitalPay & Get Paid Access AdviceManage Workforce Be CompliantGet Customers Lending Marketplace Business Tax QB Money1 Line of Credit2 Accounting Advanced Accounting Payroll Time Tracking Benefits3 Live SetupTerm Loan2 AP Automation QB Business Network Invoicing Banking1 Bill Pay In-Person Payments QB Live Business Tax HR Information System Find a ProAdvisor Multi-Entity Capabilities Professional Services Business Intelligence QB Live Bookkeeping Intuit Assist Marketing CRM Website ARTIFICIAL INTELLIGENCE + HUMAN INTELLIGENCE 1. Intuit is a technology company, not a bank. Banking services provided by our partner, Green Dot Bank, Member FDIC. 2. QuickBooks Term Loan and QuickBooks Line of Credit loans are issued by WebBank. 3. Benefits provided through partners. The all-in-one platform for every customer need
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60 We reimagined the platform experience 8.7M Paying customers in our Online ecosystem 83% QBO retention (+1 pt YoY) bringing CRM capabilities directly into our platform Customer Hub enabling business management anywhere, on the go Global1 and Mobile Done-For-You with AI & Human Experts automating workflows and always available expertise at the moment of need 1. Reimagined platform experience to launch in international markets in FY26. in one place, including 3rd parties All Jobs To Be Done $7,113.50
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61 AI and human intelligence deliver revolutionary done-for-you experiences 1. Repeat engagement defined as share of customers who engaged with an agent feature 2+ times. 2. Reported by 40% of customers. 3. Compared to the rest of the QBO base. AI Agents ~80% repeat engagement1 across AI agents Transformative virtual team of AI agents, expected to drive platform adoption 2X faster for customers to do routine tasks with Intuit AI2 Live Experts Seamless AI to expert handoff, expected to drive QB Live engagement 2X YoY growth in QB Live subscribers 22 pts higher ecosystem attach rates for QB Live customers3 $7,113.50
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62 Seamless accounting workflows and business intelligence for better business decisions Business Intelligence 3M monthly active users for reporting globally Launched: KPI scorecards, AI-powered P&L insights 1. Reported by 45% of customers. Accounting Agent 12 hrs a month saved with Accounting Agent1 Launched: AI-powered reconciliation and anomaly detection ~90% accuracy of AI transaction categorization
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63 Robust money offerings fuel growth 1. Total payment volume includes Bill Pay volume at $28B in FY25 and $7B in FY24. FY25 total payment volume including both Online and Desktop at $214B, +25% YoY. 2. $4B includes QuickBooks Term Loan, QuickBooks Line of Credit, and QuickBooks Capital Marketplace loans. FY25 QuickBooks Term Loan and QuickBooks Line of Credit loans totaled $3.6B, +79% YoY. QuickBooks Term Loan and QuickBooks Line of Credit loans are issued by WebBank. 37% Online Money Portfolio revenue growth to $1.4B $174B Total Online Payment Volume across Payments and Bill Pay, 34% growth YoY1 Bill Pay $1T+ of bills recorded Launched: Approval workflows, AI-powered ingestion & categorization 3X YoY growth in average monthly Bill Payers Invoicing $2T+ of invoices managed in QuickBooks 5 days faster, on average, for businesses to get paid with Intuit AI Launched: Payments Agent, Tap to Pay, Recurring Payments, Making All Invoices Payable Capital $4B in financing accessed through QuickBooks Capital, +73% YoY2 Launched: Multi-product, embedded 3P lender app
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64 Expanded workforce solutions streamline team management 25% Online Payroll Revenue growth to $1.4B Workforce Solutions 18M total US workers paid annually on QuickBooks $336B payroll processed annually Launched: Payroll Agent, completed GoCo acquisition
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65 Strategic progress in Mailchimp builds confidence in E2E platform 1. Based on a July 2025 causal analysis of five strategic tech integration partners. Progress in FY25 laid the groundwork for double-digit Mailchimp revenue growth by FY26 exit Go-to-market 2X growth in Mailchimp mid-market sales productivity in July vs. April 2025 16% revenue uplift for Mailchimp customers within 30 days of key partner integration1 Launched: AI conversion tech for mid-market switchers, Intuit identity, partner integrations Product Launched: Omnichannel expansion, Marketing Agent, GenAI tools 83% YoY growth in SMS paid customers 76% higher Mailchimp spend for SMS paid customers on average >4X likelihood of spending $1K+ monthly for customers with transactional email
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66 Delivering undisputed customer benefits More Money No Work Complete Confidence Note: Based on a survey commissioned by Intuit of QuickBooks Online customers using Intuit AI as of November 2024. PROOF POINT 74% of customers say they have a better picture of their financial health PROOF POINT 78% of customers are spending more time growing their businesses PROOF POINT 71% of customers are more confident their books are done right with bank feed 66
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67 Platform adoption AI and human intelligence expected to create meaningful long-term acceleration Relevant services recommended proactively at moment of need QuickBooks Live customers have a 22 pt higher services attach rate vs. DIY customers QuickBooks Payments users get paid 5 days faster, on average, with Intuit AI reminders PROOF POINTS SKU mix & upgrades Customer growth Direct monetization More agents and more sophisticated capabilities in higher SKUs Superior experience and speed to benefit drive acquisition and retention Pricing for the increased value we deliver Finance Agent and Project Management Agent available in QBO Advanced and IES only Anomaly detection available in Accounting Agent in higher SKUs (for example) 12% higher onboarding completion rates with AI-driven onboarding experience1 Expert Guided Setup results in a 3 pt lift in QBO retention 78% of customers say Intuit AI makes it easier for them to run their business, demonstrating tangible value QuickBooks Live customers grew 2X YoY PROOF POINTS PROOF POINTS PROOF POINTS 1. Based on testing with US QBO new-to-the-franchise trialers.
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40% Mid-Market1 Revenue Growth KEY OUTCOMES 23% Growth in mid-market customers1 to 349K $27K IES average revenue per contract >2x Uplift in IES average revenue per contract for upgraders2 12 pts Higher Payroll penetration for mid-market1 9 pts Higher Payments penetration for mid-market1 FY25 RESULTS Mid-Market 1. Mid-market refers to QBO Advanced and IES customers; revenue refers to ecosystem revenue, including revenue from services. 2. Uplift is calculated as average revenue per IES contract for upgrader firms, divided by average pre-IES QBO spend per firm across all entities. 69
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70 EMERGING MID-MARKET We serve a wide range of mid-market businesses Note: Customers depicted here are illustrative examples of the mid-market businesses we serve on our platform. 1. Defined as businesses with $2.5M-$100M in annual revenue in the US, or >$1.5M USD in annual revenue in Canada, UK, and Australia. 2. Includes Online and Desktop customers with >$2.5M in annual revenue in the US, or >$1.5M USD annual revenue in Canada, UK, and Australia. 3. Top verticals are Construction, Professional Services, Wholesale & Manufacturing, and Non-Profit. Our strategic focus is serving businesses with annual revenue ranging from $2.5M to $100M+ $6M 14 2 1.8M mid-market customer TAM1 800K businesses with >$2.5M annual revenue using Core SKUs2 $25B+ TAM in top verticals3 $24M MID-MARKET Dan Owner BC Heating & Plumbing $6M annual revenue 14 employees 1 entity Bianca CEO & Founder Baker Management LLC annual revenue 52 employees 5 entities 25 apps10 apps
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71 Mid-market businesses struggle with increasing complexity 10x more customers vs. small businesses 8x more employees vs. small businesses 6x more vendors vs. small businesses ~25 apps used to manage mid-market businesses end to end
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72 Our expanded platform allows customers to grow with us LAUNCHED SEPT. 2024 ADVANCED Emerging Mid-Market Mid-Market Small Business AI-powered mid-market automation Custom reporting Custom roles Premium support and training Multi-entity consolidation Industry customization AI-powered mid-market automation: Finance & Project Management agents Quote-to-cash with integrated AR/AP Integrated human capital management Granular role-based access controls Real-time insights & predictive analytics Done-for-you implementation Dedicated account manager and customer success teams Key accountant partnerships All core jobs to be done AI-powered done-for-you experiences Live experts Product support
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73 Intuit Enterprise Suite is the modern, AI-powered ERP Addresses workflow complexities and improves collaboration Integrated workflows in all-in-one platform AI-powered automation Completes advanced, specialized work on behalf of the customer Provides consolidated, end-to-end view of the business Robust multi-entity Real-time business insights Enables informed decision making, leveraging a single source of data for all entities Intuit Enterprise Suite average revenue per contract $27K new billed IES customers in Q4 vs. Q3 FY25 ~2X
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74 The multi-entity journal entry functionality was just an immediate cost-saver off the bat… Almost immediately, [we] uncovered efficiency improvements and improved the financial data we have available for decision-making. 74% of IES customers are multi-entity Keaton Trager CFO, FEFA Financial LLC Customizable dimensions Multi-user & role-based access Powerful multi-everything at its core Multi-entity consolidation
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75 Breakthrough workflow automation with advanced mid-market agents Project Management 60% reduction in manual steps to set up a project streamlines the entire bid-to-profit cycle with automated profitability tracking Teresa Hendrickson HoganTaylor LLP Finance 6M KPIs analyzed (since July ‘25 launch)2 predicts & proactively monitors financial performance in real-time Done-For-You Implementation 90%+ take rate of done-for-you setup actions1 1. Includes, but not limited to, Chart of Accounts cleanup, vendor cleanup, and dimension recommendation. 2. Measured through end of August. automates personalized setup and intelligently cleans customers’ books The automation of tasks through the Intuit Enterprise Suite will reduce administrative overhead, allowing us to take on more clients without increasing headcount.
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Accelerating mid-market momentum with scalable GTM motions High-touch sales and customer success High-touch sales and customer success High-touch sales and customer success High-touch sales and customer success Robust accountant partnerships Disruptive industry playbooks 76
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77 High-touch sales and customer success High-touch sales and customer success 2.3X >50% >90% of IES contracts are upgraded from the QuickBooks base We're rapidly increasing efficiency of our mid-market sales & customer success motions of IES customers are $10M+ in size of annual revenue QoQ increase in mid-market sales productivity1 <8 wks average sales cycle for IES vs. 6+ months for legacy ERP 1. Sales productivity measured as sales dollar per seller, comparing Q4 vs. Q3 FY25.
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78 High-touch sales and customer success We're investing in accounting firm partnerships to deliver value at scale ~2X increase in IES deals driven by accountants over the last six months1Robust accountant partnership For the firm, [the benefit is] time savings, being able to do tasks in a very, very quick manner and then know it is right. — CPA and Director of Technology Advisory Operations, Top 25 US Accounting Firm 82% of US QBO customers with >$2.5M annual revenue work with an external accountant 1. Comparing H2 vs. H1 FY25.
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79 High-touch sales and customer success We’re unlocking key verticals with disruptive industry playbooks Disruptive industry playbooks 1. Top four verticals are Construction, Professional Services, Wholesale & Manufacturing, and Non-Profit. $ TAM by vertical is US-only. $25B+ Focused go-to-market Industry ROI-driven customer testimonials Community of thought leaders & influencers Key accountant partnerships Multi-channel industry marketing Product differentiation AI-powered Agents that automate traditional industry workflows Real-time project profitability Industry-specific financial intelligence AI-powered, smart bidding tools Advanced inventory management TAM across top verticals1 INDUSTRY PLAYBOOK
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Experience 95% Price $30K-$50K Total cost of ownership ~300% 1. Setup refers to implementation of 1+ capability. 2. New Technology: The Projected Total Economic Impact™ Of Intuit Enterprise Suite, a commissioned study conducted by Forrester Consulting on behalf of Intuit (February 2025). Data represents the mid-case scenario of product adoption on Intuit Enterprise Suite including Accounting, Payroll and Time. Numbers are projections in present value based on a composite customer. We win on experience, price, and total cost of ownership average IES implementation cost savings vs. traditional ERPs projected return on investment over 3 years on IES2 of IES customers set up in 30 days1 80
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81 $5M 3 17 Humble House Foods 24 Hours saved per month on consolidated P&L; a whole day’s work happens in minutes Multi-entity Fast onboarding 3rd-party integrations Payments & Bill Pay Payroll Years as a dedicated QuickBooks customer, now continuing to scale with IES employees10$$annual revenue CASE STUDY 13 We were manufacturing; we were doing wholesale and retail…It was difficult to see where all the dollars were going. Without that, you can’t make those decisions that will move the company forward.” MARSHA MORALES, Co-Founder of Humble House Foods FEATURES THAT STOOD OUT entities3 81
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82 $5M 3 17 Cornerstone Development Company 2 Additional FTE hiring avoided, from enhanced data entry and accounting workflows on IES Multi-entity Project Management Payroll & Time Tracking Payments & Bill Pay 8 Year journey with QuickBooks – from Desktop to Online, Advanced to IES Trusted Customer Success entitiesemployees50-75 5$$$annual revenue CASE STUDY If you don’t understand your business, you are flying blind; you are haphazard, hoping some luck will catch you. IES is what will give you that foundation to understand your business.” CHAD SHAULES, CEO of Cornerstone Development Company FEATURES THAT STOOD OUT 82
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Key takeaways The breadth of audiences and needs we serve unlocks a massive $186B TAM, with our penetration growing from 5% to 6% – and ample runway ahead. Massive opportunity across a large TAM Our all-in-one platform unleashes growth for our customers with a virtual team of AI agents and AI-enabled experts doing all the work with actionable KPIs & insights. All-in-one platform serves as system of intelligence Our easy-to-use platform and flexible offerings seamlessly scale to serve more complex needs, winning on experience, price, and total cost of ownership to deliver next-level value for our mid-market customers. Platform effortlessly scales to solve mid-market needs 83
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Key takeaways Addressing customers’ most pressing tax, money, and personal finance needs, powered by artificial intelligence, human intelligence, and data. Strong traction in a $142B market Momentum solving critical customer problems Power of the consumer platform Ecosystem of consumer offerings leads to year-round engagement, driving 38% higher ARPC for joint TurboTax and Credit Karma customers. 15% YoY revenue growth in FY25 across the platform, tapping into a massive TAM with only 5% penetration. 85
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Consumer Platform 15% Revenue Growth to $7.8B DURABLE GROWTH OF OUR CORE BUSINESSES 10% Consumer Group revenue growth to $4.9B1 32%Credit Karma revenue growth to $2.3B1 ACCELERATION IN KEY GROWTH VECTORS 24% TurboTax Live customer growth, +13 pts YoY 47% TurboTax Live revenue growth, +30 pts YoY1 43% Lightbox conversion growth, driving greater personalization2 KEY PLATFORM OUTCOMES 30%YoY increase in Credit Karma members who filed with TurboTax via Credit Karma 38%Higher Intuit ARPC for customers using both Credit Karma and TurboTax vs. only TurboTax 241%YoY growth in faster access to refund dollars FY25 RESULTS 1. Consistent with our vision to deliver one consumer platform, effective August 1, 2025, we combined the Consumer, Credit Karma, and ProTax businesses into a single Consumer business. Under the combined Consumer business, TurboTax revenue also includes Credit Karma Money (formerly reported in Credit Karma). Adjusted for this change, FY25 TurboTax revenue grew 9% YoY to $4.9B, Credit Karma grew 34% YoY to $2.2B. Adjusted for this change and the presentation of 12 month results versus a tax season (9 months ending July 31, 2025), FY25 TurboTax Live revenue of $2.1B grew 45%. 2. Based on YoY growth in Credit Karma Lightbox conversions for credit cards and personal loans. 86
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87 Momentum in the assisted tax category, extending consumer value with money and personal finance. Transforming tax with artificial and human intelligence 77% retention rate in TurboTax Online. <1% penetration of 86M assisted TAM, where we now have ~80% coverage with our local presence in >130 key markets. 41% of total TurboTax revenue is TurboTax Live (up 10 pts YoY).2 US CONSUMER TAX INDUSTRY RETURNS (M)1 TY19 TY24F3 TURBOTAX E-FILES $97 42 44 43 41 40 40 Assisted e-files DIY e-files Other 16 67 84 13 67 85 11 65 84 11 66 85 10 67 86 14 64 80 158 167 164 160 163161 Note: Due to rounding, numbers on the page may not sum to totals. 1. Source of e-file data: IRS filing season statistics, a change from prior reporting of preliminary tax year individual income tax returns from quarterly IRS SOI bulletins. 2. TurboTax Live revenue is reported on a tax season basis (9 months ending July 31, 2025), and total TurboTax revenue is reported on a fiscal year basis. 3. TY24 returns and e-files estimated based on internal Consumer Group projections.
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88 Reporting share against e-files instead of returns As the industry and TurboTax customers shift online, transition reporting share metrics against e-files 36 35 37 38 42 44 43 41 40 40 40 40 42 43 48 50 47 45 44 43 US CONSUMER TAX INDUSTRY RETURNS (M)2US CONSUMER TAX INDUSTRY RETURNS (M)1 TurboTax e-files TurboTax returns Note: Due to rounding, numbers on the page may not sum to totals. 1. Source of returns data: Preliminary tax year individual income tax returns from quarterly IRS SOI bulletins. 2. Source of e-file data: IRS filing season statistics. 3. TY24 returns and e-files estimated based on internal Consumer Group projections.
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89 Credit Karma delivered strong growth $2.2B $1.1B FY213 FY25 106% YoY growth in Insurance revenue, driven by personalized offers in Auto Insurance and industry strength, leading to greater diversification. +4 pts Increase in share of member originations for Credit Cards2. Impressive growth across multiple vectors CREDIT KARMA REVENUE1 18% CAGR +5 pts Increase in share of member originations for Personal Loans2. 1. Consistent with our vision to deliver one consumer platform, effective August 1, 2025, we combined the Consumer, Credit Karma, and ProTax businesses into a single Consumer business. Under the combined Consumer business, Credit Karma revenue excludes Credit Karma Money (now reported in TurboTax). This presentation aligns with our new view of the business. 2. Share of member originations includes the number of credit cards or personal loans that come from Credit Karma divided by the total number of credit cards and personal loans that Credit Karma members take out. Based on May 2025 YoY change. 3. FY21 CK revenue based on Intuit fiscal year (inclusive of months prior to close of acquisition in December 2020).
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91 What matters most to our customers Consumer Problems Business Problems Make ends meet Maximize tax refund Save more Pay off debt Know where I stand Reduce my payments Get, grow, and manage customers Get paid and pay bills Get capital Pay and manage workforce Access advice Be compliant and organized Get work done
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TAX PERSONAL FINANCEMONEY 1 Taxes 2 Get Tax Advice 6 Banking (Traditional and Digital) 5 Peer-to-Peer Payments 4 Trading and Investments 9 Insurance Marketplace 7 Credit Cards 10 Budgeting and Net Worth Tracking Financial Planning and Advice 3 Money Management 11 Credit Score Monitoring Consumers face data overload and confusion when managing personal finances Personal, Auto, and Home Loans 8 More Apps and Experts 92
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93 Significant runway across a massive consumer TAM $142B Total addressable market Penetration5% Opportunity to grow revenue share across consumer tax, scale money offerings, and expand value and adoption in personal finance revenue share of $47B tax TAM with opportunity to further penetrate the $37B assisted consumer and business tax TAM.12% 4% revenue share of $61B personal financial products TAM. <1% penetration of $33B money management TAM. 93
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94 Our platform engages consumers year-round to solve their most critical needs Maximize Tax Refund Assisted local expertise Pay OffDebt Debt Assistant SaveMore Credit Karma Money Make EndsMeet Fast access to cash Know Where I Stand Connected accounts Reduce MyPayments Lower insurance rate TAX PERSONAL FINANCEMONEY ARTIFICIAL INTELLIGENCE | HUMAN INTELLIGENCE | DATA
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95 average revenue for mid-market businesses on our platform Bringing together powerful brands, data, and scale to better serve consumer needs DIY Tax Credit Cards Insurance Loans Money Management Assisted Tax Consumer Platform 149M 43M 60B $11.4T visibility into consumer debt daily machine learning predictions MAUs members 40M 13K $105B $14B 70K fast money refunds tax refunds per year tax experts tax e-files tax and financial attributes per consumer ARTIFICIAL INTELLIGENCE | HUMAN INTELLIGENCE | DATA
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average revenue for mid-market businesses on our platform Consumer Platform Strategic Priorities 1. Prime members are Credit Karma members with a credit score of 720+. Tax Accelerate Assisted adoption Scale Business Tax AI-powered tax prep Money Fast access to refund Do more with your money Deliver connected accounts benefits Personal Finance AI-Powered, personalized guidance Expand in Prime and Insurance1 Year-round tax insights ARTIFICIAL INTELLIGENCE | HUMAN INTELLIGENCE | DATA 96
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97 FY26 Priorities FY26 Tax Strategy AI TAX PREP Accelerate Assisted adoption Ignite Assisted demand generation through expansion of local experts unlocking search, converting leads into loyal customers through expert-first experiences. Scale Business Tax Grow acquisition through local demand generation, simplified top-of-funnel experiences, and streamlined data-in through year-round engagement and services to drive conversion. AI-powered tax Prep Deliver done-for-you taxes with speed, ease, and confidence – through faster refunds, personalized AI / agentic experiences, and platform engagement driving value for customers. LOCAL EXPERTS Learnings Assisted filers are 5x more likely to book with a local pro within 50 miles. 28% YoY growth in traffic to TurboTax front doors.
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98 INSTANT REFUND ACCESS Fast access to refund Give customers fast access to cash through products including Refund Advance and up to 5 Days Early into any bank account, using tax and credit data for improved underwriting. Do more with your money Help customers take control of their money through banking, savings, and year-round access to cash, focusing on solutions that leverage the platform to drive daily engagement and tax intent. Deliver connected accounts benefits Make personalized recommendations that solve customer needs and notify them of key actions to improve their financial health, powered by new data from connected accounts. FY26 Money Strategy Customers getting fast access to refunds grew 3x YoY. Members who connected an account on Credit Karma grew 2x YoY, enabling them to receive personalized insights on how to optimize their spend and cash flow. FY26 Priorities Learnings CASH FLOW INSIGHTS
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99 FY26 Personal Finance Strategy Deliver AI-Powered, personalized guidance Leverage AI and agentic experiences to help members improve credit scores, build wealth, pay off debt, and use their tax refund. Expand in Prime and Insurance Further expand key Credit Karma businesses (i.e., help prime members with credit card optimization; expand personalized offers for Auto Insurance). Year-round tax insights and engagement Help our members with personalized tax insights over the course of the year, providing recommendations on how to optimize their taxes and making filing seamless during tax time. CREDIT CARDS REWARDS OPTIMIZATION FY26 Priorities Learnings DONE-FOR-YOU-TAXES 3x YoY increase in Credit Karma members who used AI features to obtain financial guidance and take out new products. Credit Karma members who engaged with tax insights were 3x more likely to start and complete filing on TurboTax.
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100 Personal Finance Tax Money average revenue for mid-market businesses on our platform Proving the power of the Consumer Platform 12% YoY reduction in average time a TurboTax customer spends on their return 20% YoY reduction in expert time spent preparing a full service return due to AI data-in 1B+ Impressions from physical locations, to serve the 80%+ of US filers within 10 miles of a TurboTax expert 2x YoY increase in connected accounts, helping members manage cash flow 35% Higher Credit Karma revenue per user for active Credit Karma Money users $14B Total fast refunds facilitated through Refund Advance and up to 5 Days Early offerings 2x YoY TurboTax revenue driven by new filers acquired via Credit Karma2 19% YoY growth in Credit Cards prime conversions, 5 pts higher than FY24 10% Share of credit cards and personal loans originations, representing room to grow1 1.Share of total cards and personal loans originations based on Credit Karma conversions as a percentage of total US originations in those products. 2.YoY growth based on new filers acquired via Credit Karma that did not file with TurboTax in FY24.
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Key takeaways Addressing customers’ most pressing tax, money, and personal finance needs, powered by artificial intelligence, human intelligence, and data. Strong traction in a $142B market Momentum solving critical customer problems Power of the consumer platform Ecosystem of consumer offerings leads to year-round engagement, driving 38% higher ARPC for joint TurboTax and Credit Karma customers. 15% YoY revenue growth in FY25 across the platform, tapping into a massive TAM with only 5% penetration. 101
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Key takeaways With just 6% penetration across a $327B global TAM, we have a massive opportunity, ample headroom for growth, and a clear strategy to win. Large TAM with ample runway for growth Our three Big Bets represent durable growth engines, positioning us to deepen our TAM penetration and be the system of intelligence for businesses and consumers with our all-in-one platforms. Strong and durable growth franchise Our business is diversified and resilient, with a consistent track record of delivering profitable growth at scale and returning capital to shareholders. Strong financial profile and disciplined capital allocation 103
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104 average revenue for mid-market businesses on our platform Our financial principles are durable Grow organic revenue double digits Customer growth fueled by delivery of customer benefits. Grow average revenue per customer. Operating income dollars grow faster than revenue Revenue grows faster than expense. Acceptable LTV/CAC and payback period as we scale platform revenue. Deploy cash to the highest-yielding opportunities Targeting ROI > Intuit’s WACC. Investing in organic growth drivers (R&D, technology infrastructure, sales & marketing) and M&A to accelerate growth. Return excess cash to shareholders via dividend and share repurchase Utilize grid to achieve favorable volume-weighted average price. Dividends expected to grow at or slightly ahead of earnings. Maintain a strong balance sheet Cash position at the end of FY and average gross cash balance of at least $1B. Maintain investment-grade rating.
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105 FY25 OUTCOMES Growth 16% Intuit revenue growth to $18.8B 16% Business platform revenue growth to $11.1B1 15% Consumer platform revenue growth to $7.8B2 Profitability 36% GAAP operating income growth 18% Non-GAAP operating income growth 390 bpsGAAP operating margin expansion 90 bpsNon-GAAP operating margin expansion Disciplined capital allocation 31% Free cash flow growth to $6.1B 15% Dividend increase in FY25 $4B Cash returned to shareholders Delivered strong FY25 results in line with our objectives Last year’s objectives Double-digit revenue growth Fast-growing platform company Disciplined investments yield operating income dollars growing faster than revenue AI-driven expert platform strategy enables new drivers of operating margin expansion Consistent capital returned to shareholders 1. Business platform revenue refers to Global Business Solutions Group revenue. 2. Consumer platform revenue includes Consumer Group, Credit Karma, and ProTax revenue.
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106 average revenue for mid-market businesses on our platform We have ample runway across our massive $327B TAM Note: Due to rounding, numbers on the page do not sum to $327B. $61 Payments Capital Workforce BankingAccounting/ FMS: DIYMarketing Accounting/ FMS: Asst’d $38 $31 $12 $37 $31 $26 $1 Bill Pay $10 Financial Products $29 Consumer Tax Business Tax $13 Money Management $33 Accountant Services $5 Intuit Platform Done-for-you experiences unlock TAM across the portfolio, including our largest opportunities in money innovation and the mid-market $186B TAM $97B Small Business TAM $89B Mid-Market TAM $95B Consumer Finance TAM $47B Tax TAM ($ in billions) Small Business TAM Intuit Revenue Mid-Market TAM Consumer TAM Intuit Revenue BUSINESS PLATFORM CONSUMER PLATFORM $142B TAM
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Meaningful progress in FY25 as we executed on our strategy to expand our platform and serve complex customers 16% GBSG Revenue Growth to $11.1B 1. Mid-market revenue refers to Ecosystem revenue from QBO Advanced and IES customers, including revenue from services.1. Mid-market revenue revenue refers to Ecosystem revenue from QBO Advanced and IES customers. ONLINE ECOSYSTEM 20%Online Ecosystem revenue growth to $8.3B 25% Online Ecosystem revenue growth excluding Mailchimp to $7.0B PLATFORM ADOPTION 22%Online Accounting revenue growth to $4.1B 19%Online Services revenue growth to $4.2B 29%Online Services revenue growth excluding Mailchimp to $2.9B MID-MARKET EXPANSION 40%Mid-market revenue growth1 Business Platform FY25 RESULTS 107
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108 1. US QBO includes IES, Advanced, Plus, Essentials, and Simple Start (excludes QuickBooks Self-Employed and Solopreneur). 2. Mid-market refers to QBO Advanced and IES customers. Scaling our base of small and mid-market businesses in key areas We grew total Online paying customers 5% YoY, making critical progress in scaling high value QBO customers, while building the foundation for acceleration in areas like Mailchimp and International. +8% US QBO customers1 +23%Mid-market customers2 +12%Customers with 2+ offerings AREAS WE MADE CRITICAL PROGRESS IN FY25 KEY OPPORTUNITY AREAS +1%Mailchimp paying customers +4%International QBO customers
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109 ONLINE CUSTOMER BASE Total Online paying customers 8.7M Expanding ARPC across our base Online Ecosystem ARPC up 14% YoY in FY25 to $9801 reflecting: Strong adoption of our Online services Growth in the mid-market Pricing for value of expanded and enhanced offerings FY25FY20 5yr CAGR 40% 14% (4%) Note: Online Ecosystem ARPC is calculated as total Online Ecosystem Revenue divided by total online paying customers. Customers are defined as single business entities, and an IES contract may count as multiple customers. 1. Compared to FY24 Online Paying ARPC of $859. ARPC is in constant currency. >$1,000 ARPC <$200 ARPC $200 - $1,000 ARPC
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110 Scaling Online services as we deepen platform adoption 37% YoY Online Money Portfolio revenue growth, including Payments, Capital, and Bill Pay, scaling to $1.4B. 25% YoY Online Payroll revenue growth, scaling to $1.4B. 2% YoY Mailchimp revenue growth to $1.3B as we continue to prioritize execution to improve outcomes at scale. 29% YoY revenue growth from customers with 2+ offerings. 50% 38% FY20 FY25 Online Accounting revenue Online Services revenue SERVICES % OF ONLINE REVENUE
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111 Serving and retaining high value Desktop customers 10% of total GBSG customers remain on QuickBooks Desktop today vs. 46% 10 years ago. 100% of Desktop accounting revenue now subscription-based. High-ARPC QuickBooks Enterprise customers contribute 52% of total Desktop Accounting revenue, bolstered by an 87% renewal rate. Resilient and profitable Desktop business continues to serve key customers and allows us to fuel Online revenue growth. DESKTOP CUSTOMER BASE Non-Enterprise Desktop customers QuickBooks Enterprise customers 1.0M 0.9M 30%16% 18% 19% 21% 23% Note: Desktop customers include Desktop subscribers and in-year license sales. FY20 FY25
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15% Revenue Growth to $7.8B ASSISTED TAX 24%TurboTax Live customer growth, +13 pts YoY 47%TurboTax Live revenue growth, +30 pts YoY1 ONE CONSUMER PLATFORM 30%YoY increase in Credit Karma members who filed with TurboTax via Credit Karma $14B Total fast refunds facilitated through Refund Advance and up to 5 Days Early offerings 38%Higher Intuit ARPC for customers using both Credit Karma and TurboTax vs. only TurboTax Consumer Group revenue growth to $4.9B1 10% Credit Karma revenue growth $2.3B1 32% Consumer Platform FY25 RESULTS 1. Consistent with our vision to deliver one consumer platform, effective August 1, 2025, we combined the Consumer, Credit Karma and ProTax businesses into a single Consumer business. Under the combined Consumer business, TurboTax revenue also includes Credit Karma Money (formerly reported in Credit Karma). Adjusted for this change, FY25 TurboTax revenue grew 9% YoY to $4.9B, Credit Karma grew 34% YoY to $2.2B. Adjusted for this change and the presentation of 12 month results versus a tax season (9 months ending July 31, 2025), FY25 TurboTax Live revenue of $2.1B grew 45%. 112
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113 total ARPU growth as we serve higher value customers, penetrate the Assisted TAM and drive adoption of new offerings FY20 Paying ARPU AVERAGE REVENUE PER UNIT (ARPU) FY21 FY22 FY23 FY24 6% online paying units growth 5% paying ARPU growth 12% $143$106$136$97$126$87$122$74$113$69 $151$119 FY25 Total ARPUDelivering strong ARPU expansion in TurboTax Note: Consistent with our vision to deliver one consumer platform, effective August 1, 2025, we combined the Consumer, Credit Karma and ProTax businesses into a single Consumer business. Under the combined Consumer business, TurboTax revenue now includes Credit Karma Money (formerly reported in Credit Karma). This presentation aligns with our new view of the business. TurboTax ARPU is calculated as US tax and tax-related money revenue in the fiscal year divided by units sold in the fiscal year, including Online and Desktop.
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114 TurboTax Live is fueling growth AI capabilities helped guide customers to the offering that was right for them, contributing to 24% TurboTax Live customer growth. 22% of Credit Karma members who filed with TurboTax for the first time used TurboTax Live. Full Service saw a 12% conversion improvement, and ~20% reduction in the time an expert spent preparing a return. 41% 15% FY20 FY25 TurboTax DIY revenue TurboTax Live revenue TURBOTAX LIVE % OF REVENUE Note: metrics reported on a tax season basis (9 months ending July 31, 2025), except for total revenue reported on a fiscal year basis.
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115 Credit Karma returned to double-digit growth FY22 FY23 FY24 FY25 Members 129M 136M 143M 149M Average Monthly Active Users (MAUs) 42M 42M 43M 43M Frequency (Usage) Average visits per month, per MAU 5.0x 5.1x 5.0x 5.0x Average Revenue per MAU Driven by growth in: Transactions/MAU, Revenue/Transaction $42 $38 $38 $51 TOTAL REVENUE $1.8B $1.6B $1.6B $2.2B Revenue CAGR over the last 4 years (FY21-FY25)118% Note: Consistent with our vision to deliver one consumer platform, effective August 1, 2025, we combined the Consumer, Credit Karma and ProTax businesses into a single Consumer business. Under the combined Consumer business, Credit Karma revenue excludes Credit Karma Money (now reported in TurboTax). This presentation aligns with our new view of the business. 1. FY21 Credit Karma revenue based on Intuit fiscal year (inclusive of months prior to close of acquisition in December 2020).
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116 average revenue for mid-market businesses on our platform FY22 ARPC FY23 ARPC FY24 ARPC FY25 ARPC FY26–FY28 EXPECTED TRAJECTORY BUSINESS PLATFORM Global Business Solutions QBO Advanced & IES Ecosystem1 $2,957 $3,140 $3,299 $3,713 INCREASE: Ongoing product innovation, AI driving mix/shift and higher adoption of services, embedding Live Expert help, and scaling to larger mid-market customers as we lead with QBO Advanced, IES, and the power of the all-in-one platform. Online Ecosystem2 $692 $778 $859 $980 Desktop Ecosystem3 $1,064 $1,594 $2,298 $2,686 CONSUMER PLATFORM TurboTax TurboTax Live (per unit)4 $170 $180 $191 $224 INCREASE: Growth and increasing contribution from TurboTax Live as we penetrate Assisted TAM and accelerate product innovation across DIY, leading to increasing share of $ TAM. TurboTax (per unit)4 $87 $97 $106 $119 Credit Karma Credit Karma4 $42 $38 $38 $51 INCREASE: Increasing adoption of multiple offerings by existing member base, and scaling underpenetrated customer segments (e.g., Prime). ProTax ProTax $4,459 $4,599 $4,865 $5,094 INCREASE: Improving mix and attach of additional offerings. Expanding ARPC across all offerings over time Driving the majority of revenue expansion through volume and mix, while maintaining our principle of pricing for value Note: Consistent with our vision to deliver one consumer platform, effective August 1, 2025, we combined the Consumer, Credit Karma and ProTax businesses into a single Consumer business. Under the combined Consumer business, TurboTax revenue now includes Credit Karma Money (formerly reported in Credit Karma). This presentation aligns with our new view of the business. ARPC is in constant currency. 1. QBO Advanced and IES Ecosystem ARPC is calculated as total Online Ecosystem Revenue from QBO Advanced and IES customers, which includes Online services revenue, divided by total QBO Advanced and IES customers. 2. Online Ecosystem ARPC is calculated as total Online Ecosystem Revenue divided by total online paying customers, which includes QBO Subs, standalone services customers and Mailchimp paying customers. 3. Starting in FY24, Desktop Ecosystem ARPC is calculated as Desktop Ecosystem Revenue divided by current year desktop paying customers, given the shift to subscription model. Prior to FY24, Desktop Ecosystem ARPC is calculated using a 3-year customer base from Desktop Outright purchases. 4. TurboTax ARPU is calculated as US tax and tax-related money revenue in the fiscal year divided by units sold in the fiscal year, including Online and Desktop. Credit Karma ARPC excludes revenue from Credit Karma Money.
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117 Done-for-you experiences delivering meaningful value for customers average revenue for mid-market businesses on our platform Human intelligence Artificial intelligence 5 days faster, on average, for businesses to get paid with Intuit AI in QuickBooks 3% revenue per user lift for Credit Cards driven by Credit Karma’s AI-powered “Should I get this card” feature 12% Reduction in average time a TurboTax customer spends on their return 20% less time spent by experts preparing full service tax returns 2X YoY growth in QuickBooks Live subscribers 24% YoY growth in TurboTax Live customers The power of artificial and human intelligence is driving impact for customers and for our business at scale Note: Tax metrics are reported on a tax season basis (9 months ending July 31, 2025).
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118 Disciplined investment driving operating income growth GAAP BASIS, UNLESS NOTED OTHERWISE FY25 %OF REVENUE LONG-TERM EXPECTATION Revenue 100 Double-digit growth driven by customer and ARPC growth Gross margin 80 % flat to slightly up over time, with AI and automation to drive operational efficiencies and productivity, partially offset by growing Live services Sales and marketing 27 % flat to down over time, reflecting investments in mid-market and gaining leverage from platform GTM driving cross-sell, governed by LTV to CAC, and AI efficiencies Research and development 16 % flat over time, reflecting investments in AI-driven experiences and benefits from AI efficiencies and operating as a platform company General and administrative 9 % down over time Amortization of acquired intangible assets 3 % down over time, following Credit Karma and Mailchimp acquisitions Operating income margin 26 Operating income dollars grow faster than revenue Share-based compensation 10 % down at least 1 pt over the next three years Operating income margin (Non-GAAP) 40 Operating income dollars grow faster than revenue Note: Share-based compensation (SBC) line included for illustrative purpose; SBC expense is reflected in gross margin, sales and marketing, research and development, and general and administrative. Focus is on durable customer and revenue growth while managing operating margin at Intuit level
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119 average revenue for mid-market businesses on our platform Prioritizing investments in Big Bets to accelerate growth Investing in highest-yielding opportunities Prioritizing investments in Big Bets to drive durable growth over the long term, with a strategic focus on AI. Scaling investments in key initiatives as they show success and potential to be key growth contributors in the near-term. Focusing on organic growth drivers and opportunistic small- to mid-size acquisitions to accelerate velocity. Making deliberate trade-offs and investment decisions based on our financial principles. Deliver done-for-you experiences Accelerate money benefits Fuel success for mid-market businesses
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120 Strong track record of delivering profitable growth at scale Strong financial profile with consistent margin expansion Operating income dollars growth outpacing revenue growth, in line with our financial principles. Expanded GAAP and non-GAAP operating margin 6 pts and 5 pts respectively vs. FY22. FY221 FY23 FY24 FY25 $4.5B $5.5B $6.4B $7.6B $2.6B $3.1B $3.6B $4.9B Non-GAAP Op Income 3YR CAGR 19% GAAP Op Income 3YR CAGR 24% Non-GAAP operating income GAAP operating income 1. FY22 reflects the acquisition of Mailchimp in November 2021. GAAP Op Margin % 20% 22% 22% 26% Non-GAAP Op Margin % 35% 38% 39% 40%
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121 average revenue for mid-market businesses on our platform Internal platform efficiencies bolster margin expansion trajectory We leverage key services and capabilities, including AI, across our business as an integrated, AI-driven platform Technology Customer Success Go-To-Market 12X Development velocity over the past 5 years 39% More code delivered per developer1 $135M+ Expected FY26 efficiencies as a result of AI and automation ~90% Adoption of GenAI tools by Intuit’s marketing teams 90% LLM searches for accounting terms recommend QuickBooks, with >2x conversion2 8% Lift in revenue from using AI-driven paid media optimization in TurboTax3 40% Faster coding with AI assistance on average 1. Q4 FY25 compared to Q4 FY24; delivered code refers to merged code. 2. Compared to non-AI search. 3. Based on model test with select publishers. 84% Product support chats resolved by AI 15% Reduction in contact rate as we lead with AI-powered experiences
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122 A healthy mix of capital uses Investing in organic growth drivers (R&D, infrastructure, sales & marketing). Selectively use acquisitions to accelerate speed and velocity, growth in talent and technology, and fill out our product roadmap. 65% FCF returned to shareholders in FY25 via $1B dividends (15% 3-year CAGR) and $3B share repurchase (14% 3-year CAGR). Expect CapEx as % of revenue ~1-2% going forward. Note: FY23-24 free cash flow reflects a $710M shift of tax payment from FY23 to Q1 FY24, due to IRS disaster-area tax relief; adjusted for the tax payment shift, 70% of $4.1B free cash flow was returned to shareholders in FY23 and 57% of $5.3B free cash flow returned to shareholders in FY24. Free cash flow ($B) $3.7 $4.8 $4.6 $6.1 % of FCF returned to shareholders 72% 60% 65% 65% FY22 FY23 FY24 FY25 $8.5B $4.2B $3.7B $4.8B M&A Repay debt CapEx Dividends Share repurchases We have a track record of disciplined capital allocation
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123 Returning cash to shareholders through share repurchases Successfully offset dilution in FY25, with intent to be in the market each quarter At a Minimum We limit repurchase amounts to: • Cash in excess of liquidity needs. • Utilize grid to achieve favorable volume-weighted average price. • Subject to market conditions and other factors, our aim is to be in the market every quarter. We expect share repurchases to offset dilution from share-based compensation over a 3-year period. Target
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124 Clear financial objectives going into FY26 Next year’s objectives Double-digit revenue growth, bolstered by AI-driven expert platform strategy. Fast-growing platform company addressing multiple customer needs with our offerings. Disciplined investments yield operating income dollars growing faster than revenue. Leveraging capabilities across the platform enables opportunities for continued operating margin expansion. Consistent capital returns to shareholders. 124
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125 1. FY21 revenue based on full year Credit Karma revenue (including months prior to close of acquisition in November 2020). FY26 guidance: Double-digit revenue growth Total Revenue $20,997–$21,186 12%–13% Global Business Solutions $12,633–$12,742 14%–15% Excluding Mailchimp 15.5%–16.5% Consumer $8,364–$8,444 8%–9% TurboTax $5,305–$5,330 8% Credit Karma $2,423–$2,475 10%–13% ProTax $636–$639 2%–3% FY26 GROWTH GUIDANCE $ in millions
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126 FY26 guidance: Strong operating income growth GAAP operating income $5,782–$5,859 17%–19% GAAP operating margin 27.5%–27.7% 140–150 bps Non-GAAP operating income $8,611–$8,688 14%–15% Non-GAAP operating margin 41.0% 80 bps GAAP diluted EPS $15.49–$15.69 13%–15% Non-GAAP diluted EPS $22.98–$23.18 14%–15% Dividend per share $4.80 15% $ in millions except EPS and dividend per share FY26 GROWTH GUIDANCE
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127 average revenue for mid-market businesses on our platform Confident in delivering our long-term expectations Note: Long-term expectations represent multi-year ranges. 10%–15% growth from Credit Karma as we execute on our strategy to more deeply penetrate core verticals, scale in growth verticals, and execute our consumer platform strategy. 15%–20% TurboTax Live growth as we scale and penetrate the $37B Assisted TAM. 5%–10% Online paying customer growth and 10%–20% Online paying ARPC growth in the long-term as we scale mid-market, drive services adoption, and go to market as an all-in-one platform. 6%–10% 10%–15% Long-term expectation for annual revenue growth 15%–20% BUSINESS PLATFORM CONSUMER PLATFORM Global Business Solutions Group TurboTax Credit Karma Long-term expectation for annual revenue growth Long-term expectation for annual revenue growth
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Key takeaways With just 6% penetration across a $327B global TAM, we have a massive opportunity, ample headroom for growth, and a clear strategy to win. Large TAM with ample runway for growth Our three Big Bets represent durable growth engines, positioning us to deepen our TAM penetration and be the system of intelligence for businesses and consumers with our all-in-one platforms. Strong and durable growth franchise Our business is diversified and resilient, with a consistent track record of delivering profitable growth at scale and returning capital to shareholders. Strong financial profile and disciplined capital allocation 128
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130 About non-GAAP financial measures The accompanying presentation contains non-GAAP financial measures. Table 1, Table 2, and Table 3 reconcile the non-GAAP financial measures in the presentation 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. Beginning in the first quarter of fiscal 2025, we exclude from our non-GAAP measures gains and losses from the revaluation of our executive deferred compensation plan liabilities, and the related gains and losses on our executive deferred compensation plan assets. Prior periods have not been reclassified as amounts are immaterial. We exclude the following items from all of our non-GAAP financial measures: • Amortization of acquired technology • Amortization of other acquired intangible assets • Restructuring charges • Share-based compensation expense • Gains and losses on executive deferred compensation plan liabilities • Goodwill and intangible asset impairment charges • Gains and losses on disposals of businesses and long-lived assets • Professional fees and transaction costs for business combinations We also exclude the following items from non-GAAP net income (loss) and diluted net income (loss) per share: • Gains and losses on debt securities and other investments • Gains and losses on executive deferred compensation plan assets • Income tax effects and adjustments • Discontinued operations
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131 About non-GAAP financial measures (cont.) 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.
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132 About non-GAAP financial measures (cont.) 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 2026, 2025, and 2024. 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 2 include all information reasonably available to Intuit at the date of this press release. This table includes 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.
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133 (Dollars in millions, except per share amounts) Fiscal Fiscal Fiscal Fiscal Fiscal Fiscal 2025 2024 2023 2022 2019 2014 GAAP operating income $ 4,923 $ 3,630 $ 3,141 $ 2,571 $ 1,854 $ 1,300 Amortization of acquired technology 156 146 163 140 20 18 Amortization of other acquired intangible assets 481 483 483 416 6 7 Restructuring [A] 15 223 - - - - Professional fees for business combinations 2 5 4 69 1 5 Net (gain) loss on executive deferred compensation plan liabilities 27 - - - - - Share-based compensation expense 1,968 1,915 1,712 1,308 401 186 Non-GAAP operating income $ 7,572 $ 6,402 $ 5,503 $ 4,504 $ 2,282 $ 1,516 GAAP operating income margin 26% 22% 22% 20% 27% 31% Non-GAAP operating income margin 40% 39% 38% 35% 34% 36% GAAP net income $ 3,869 $ 2,963 Amortization of acquired technology 156 146 Amortization of other acquired intangible assets 481 483 Restructuring [A] 15 223 Professional fees for business combinations 2 5 Net (gain) loss on executive deferred compensation plan liabilities 27 - Share-based compensation expense 1,968 1,915 Net (gain) loss on debt securities and other investments [B] 45 - Net (gain) loss on executive deferred compensation plan assets (24) - Loss on disposal of a businesses - 9 Income tax effects and adjustments [C] (836) (933) Non-GAAP net income $ 5,703 $ 4,811 GAAP diluted net income per share $ 13.67 $ 10.43 Non-GAAP diluted net income per share $ 20.15 $ 16.94 Shares used in diluted per share amounts 283 284 Non-GAAP tax rate 24.0% 24.0% Table 1: Reconciliation of historical non-GAAP financial measures to the most directly comparable GAAP financial measures See "About Non-GAAP Financial Measures" immediately preceding this Table 1 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. [A] Restructuring charges for the twelve months ended July 31, 2024 includes $25 million in share-based compensation expense. See "About Non-GAAP Financial Measures" for further information on restructuring charges. [B] During the three months ended October 31, 2024 and October 31, 2021, we recognized $42M of net losses and $39 million of net gains, respectively, on other long-term investments. [C] As discussed in “About Non-GAAP Financial Measures - Income Tax Effects and Adjustments” immediately preceding this Table 1, 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.
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134 Table 2: Reconciliation of forward-looking guidance for non-GAAP financial measures to projected GAAP revenue, operating income, operating margin, and EPS See “About Non-GAAP Financial Measures” immediately preceding Table 1 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. [A] Reflects estimated adjustments for share-based compensation expense of approximately $2.2 billion; amortization of other acquired assets of approximately $483 million; and amortization of acquired intangible technology of approximately $176 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. Forward-Looking Guidance GAAP Non-GAAP Range of Estimate Range of Estimate From To Adjustments From To Twelve Months Ending July 31, 2026 Revenue $ 20,997 $ 21,186 $ - $ 20,997 $ 21,186 Operating income $ 5,782 $ 5,859 $ 2,829[A] $ 8,611 $ 8,688 Diluted earnings per share $ 15.49 $ 15.69 $ 7.49[B] $ 22.98 $ 23.18 Operating margin 27.5% 27.7% 41.0% 41.0% (Dollars in millions, except per share amounts)
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135 Table 3: Calculation of free cash flow To supplement our statements of cash flows prepared in accordance with GAAP , we use free cash flow to analyze cash flow generated from operations. We define free cash flow as net cash provided by operating activities less total capital expenditures. This non-GAAP financial measure should not be considered as a substitute for, or superior to, GAAP net income as an indicator of our operating performance or GAAP cash flows from operating activities as a measure of our liquidity. (Dollars in millions) Fiscal Fiscal Fiscal Fiscal 2025 2024 2023 2022 Net cash provided by operating activities $ 6,207 $ 4,884 $ 5,046 $ 3,889 Less capital expenditures: Purchases of property and equipment (84) (191) (210) (157) Capitalization of internal use software (40) (59) (50) (72) Total capital expenditures (124) (250) (260) (229) Free cash flow $ 6,083 $ 4,634 $ 4,786 $ 3,660
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136 Cautions about forward-looking statements This presentation contains forward-looking statements, including expectations regarding: forecasts and timing of growth and future financial results of Intuit and its reporting segments; our prospects for the business in FY26 and beyond; our growth outside the US; timing and growth of revenue from current or future products and services; demand for our products; customer growth, engagement and retention; average revenue per customer and average revenue per return; operational efficiencies from our use AI and automation; our corporate tax rate; changes to our products and their impact on our business; the amount and timing of any future dividends or share repurchases; availability of our offerings and their features; and the impact of our acquisitions and strategic decisions on our business; as well as all statements on slides relating to FY26 guidance and financial objectives. 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 http://investors.intuit.com. FY26 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.