Earnings release
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November 20, 2025 Intuit Reports Strong First-Quarter Results and Reiterates Full-Year Guidance Global Business Solutions Online Ecosystem Revenue Grew 21 percent; Consumer Revenue Grew 21 percent MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)-- Intuit Inc. (Nasdaq: INTU), the global financial technology platform that makes Intuit TurboTax , Credit Karma , QuickBooks , and Mailchimp , announced financial results for the first quarter of fiscal 2026, which ended October 31. "We delivered an exceptional first quarter as we continue to execute on our AI-driven expert platform strategy. Intuit is creating a system of intelligence, leveraging data, data services, AI, and human intelligence to fuel the success of consumers, small and mid-market businesses, and accountants," said Sasan Goodarzi, Intuit's chief executive officer. "We launched significant done-for-you innovations across our platform that are helping businesses manage from lead to cash, and consumers manage credit building to wealth building, all in one place." Financial Highlights For the first quarter, Intuit: Grew total revenue to $3.9 billion, up 18 percent. Increased Global Business Solutions revenue to $3.0 billion, up 18 percent; grew Online Ecosystem revenue to $2.4 billion, up 21 percent. Excluding Mailchimp, Global Business Solutions revenue grew 20 percent, and Online Ecosystem revenue grew 25 percent. Grew Consumer revenue to $894 million, up 21 percent. Increased GAAP operating income to $534 million, up 97 percent. Grew non-GAAP operating income to $1.3 billion, up 32 percent. Increased GAAP diluted earnings per share to $1.59, up 127 percent. Grew non-GAAP diluted earnings per share to $3.34, up 34 percent. Unless otherwise noted, all growth rates refer to the current period versus the comparable prior-year period, and the business metrics and associated growth rates refer to worldwide business metrics. Snapshot of First-quarter Results GAAP Non-GAAP Q1 FY26 Q1 FY25 Change Q1 FY26 Q1 FY25 Change Revenue $3,885 $3,283 18% $3,885 $3,283 18%
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Operating Income $534 $271 97% $1,258 $953 32% Earnings Per Share $1.59 $0.70 127% $3.34 $2.50 34% Dollars are in millions, except earnings per share. See “About Non-GAAP Financial Measures” below for more information regarding financial measures not prepared in accordance with Generally Accepted Accounting Principles (GAAP). "We delivered a strong first quarter of fiscal 2026, driven by continued momentum across the company," said Sandeep Aujla, Intuit's chief financial officer. "We are confident in delivering double-digit revenue growth and expanding margin this year, and we are reiterating our full year guidance for fiscal 2026." Business Segment Results Global Business Solutions Global Business Solutions revenue grew to $3.0 billion, up 18 percent, and Online Ecosystem revenue increased to $2.4 billion, up 21 percent. QuickBooks Online Accounting revenue grew 25 percent in the quarter, driven by higher effective prices, customer growth, and mix-shift. Online Services revenue grew 17 percent, driven by growth in money and payroll offerings. Total international online revenue grew 9 percent on a constant currency basis. Consumer Consumer revenue of $894 million was up 21 percent in the quarter. Credit Karma revenue grew 27 percent to $651 million, driven by strength in personal loans, credit cards, and auto insurance. TurboTax revenue grew 6 percent to $198 million. ProTax revenue grew 15 percent to $45 million. Capital Allocation Summary The company: Reported a total cash and investments balance of approximately $3.7 billion and $6.1 billion in debt as of October 31, 2025. Repurchased $851 million of stock, and $4.4 billion remains on the company's share repurchase authorization. Received Board approval for a quarterly dividend of $1.20 per share, payable January 16, 2026. This represents a 15 percent increase per share compared to the same period last year. Forward-looking Guidance Intuit reiterated guidance for the full fiscal year 2026. The company expects:
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Revenue of $20.997 billion to $21.186 billion, growth of approximately 12 to 13 percent. GAAP operating income of $5.782 billion to $5.859 billion, growth of approximately 17 to 19 percent. Non-GAAP operating income of $8.611 billion to $8.688 billion, growth of approximately 14 to 15 percent. GAAP diluted earnings per share of $15.49 to $15.69, growth of approximately 13 to 15 percent. Non-GAAP diluted earnings per share of $22.98 to $23.18, growth of approximately 14 to 15 percent. The company also reiterated full fiscal year 2026 segment revenue guidance: Global Business Solutions: growth of 14 to 15 percent. Excluding Mailchimp, the company expects Global Business Solutions Group revenue growth of 15.5 percent to 16.5 percent. Consumer: growth of 8 to 9 percent. This includes TurboTax growth of 8 percent, Credit Karma growth of 10 to 13 percent, and ProTax growth of 2 to 3 percent. Intuit announced guidance for the second quarter of fiscal year 2026, which ends January 31. The company expects: Revenue growth of approximately 14 to 15 percent. GAAP diluted earnings per share of $1.76 to $1.81. Non-GAAP diluted earnings per share of $3.63 to $3.68. Conference Call Details Intuit executives will discuss the financial results on a conference call at 1:30 p.m. Pacific time on November 20. The conference call can be heard live at https://investors.intuit.com/news-events/ir-calendar . Prepared remarks for the call will be available on Intuit’s website after the call ends. Replay Information A replay of the conference call will be available for one week by calling 800-934-4245, or 402-220-1173 from international locations. There is no passcode required. The audio call will remain available on Intuit’s website for one week after the conference call. About Intuit Intuit is the global financial technology platform that powers prosperity for the people and communities we serve. With approximately 100 million customers worldwide using products such as TurboTax , Credit Karma , QuickBooks , and Mailchimp , we believe that everyone should have the opportunity to prosper. We never stop working to find new, innovative ways to make that possible. Please visit us at Intuit.com and find us on social for the latest information about Intuit and our products and services. About Non-GAAP Financial Measures This press release and the accompanying tables include non-GAAP financial measures. For
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a description of these non-GAAP financial measures, including the reasons management uses each measure, and reconciliations of these non-GAAP financial measures to the most directly comparable financial measures prepared in accordance with Generally Accepted Accounting Principles, please see the section of the accompanying tables titled "About Non- GAAP Financial Measures" as well as the related Table B1, Table B2, and Table E. A copy of the press release issued by Intuit today can be found on the investor relations page of Intuit's website. Cautions About Forward-looking Statements This press release contains forward-looking statements, including expectations regarding: forecasts and timing of growth and future financial results of Intuit and its reporting segments; Intuit’s prospects for the business in fiscal 2026 and beyond; timing and growth of revenue from current or future products and services; demand for our products; customer growth and retention; Intuit's corporate tax rate; the amount and timing of any future dividends or share repurchases; and the impact of strategic decisions on our business; as well as all of the statements under the heading “Forward-looking Guidance.” Because these forward-looking statements involve risks and uncertainties, there are important factors that could cause our actual results to differ materially from the expectations expressed in the forward-looking statements. These risks and uncertainties may be amplified by the effects of global developments and conditions or events, including macroeconomic uncertainty and geopolitical conditions, which have caused significant global economic instability and uncertainty. Given these risks and uncertainties, persons reading this communication are cautioned not to place any undue reliance on such forward-looking statements. These factors include, without limitation, the following: our ability to compete successfully; potential governmental encroachment in our tax business; our ability to develop, deploy, and use artificial intelligence in our platform and offerings; our ability to adapt to technological change and to successfully extend our platform; our ability to predict consumer behavior; our ability to anticipate and solve new and existing customer problems; our reliance on intellectual property; our ability to protect our intellectual property rights; any harm to our reputation; risks associated with our environmental, social, and governance efforts; risks associated with acquisition and divestiture activity; the issuance of equity or incurrence of debt to fund acquisitions or for general business purposes; cybersecurity incidents (including those affecting the third parties we rely on); customer or regulator concerns about privacy and cybersecurity incidents; fraudulent activities by third parties, including through the use of AI; our failure to process transactions effectively; interruption or failure of our information technology; our ability to develop and maintain critical third-party business relationships; our ability to attract and retain talent and the success of our hybrid work model; our ability to effectively develop and deploy AI in our offerings; any deficiency in the quality or accuracy of our offerings (including the advice given by experts on our platform); any delays in product launches; difficulties in processing or filing customer tax submissions; risks associated with international operations; risks associated with climate change; changes to, and evolving interpretations of public policy, laws, or regulations affecting our businesses; allegations of legal claims and legal proceedings in which we are involved; fluctuations in the results of our tax business due to seasonality and other factors beyond our control; changes in tax rates and tax reform legislation; global economic conditions (including, without limitation, inflation); exposure to credit, counterparty, and other risks in providing capital to businesses; amortization of acquired intangible assets and
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impairment charges; our ability to repay or otherwise comply with the terms of our outstanding debt; our ability to repurchase shares or distribute dividends; volatility of our stock price; and our ability to successfully market our offerings. More details about these and other risks that may impact our business are included in our Form 10-K for fiscal 2025 and in our other SEC filings. You can locate these reports through our website at https://investors.intuit.com . Second-quarter and full-year fiscal 2026 guidance speaks only as of the date it was publicly issued by Intuit. Other forward-looking statements represent the judgment of the management of Intuit as of the date of this presentation. Except as required by law, we do not undertake any duty to update any forward-looking statement or other information in this presentation. TABLE A INTUIT INC. GAAP CONSOLIDATED STATEMENTS OF OPERATIONS (In millions, except per share amounts) (Unaudited) Three Months Ended October 31, 2025 October 31, 2024 Net revenue: Service $ 3,497 $ 2,889 Product and other 388 394 Total net revenue 3,885 3,283 Costs and expenses: Cost of revenue: Cost of service revenue 824 772 Cost of product and other revenue 15 14 Amortization of acquired technology 44 37 Selling and marketing 1,082 962 Research and development 843 704 General and administrative 422 394 Amortization of other acquired intangible assets 121 120 Restructuring — 9 Total costs and expenses [A] 3,351 3,012 Operating income 534 271 Interest expense (58 ) (60 ) Interest and other income, net 85 2 Income before income taxes 561 213 Income tax provision [B] 115 16 Net income $ 446 $ 197 Basic net income per share $ 1.60 $ 0.70
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Shares used in basic per share calculations 279 280 Diluted net income per share $ 1.59 $ 0.70 Shares used in diluted per share calculations 281 283 See accompanying Notes. INTUIT INC. NOTES TO TABLE A [A] The following table summarizes the total share based compensation expense that we recorded in operating income for the periods shown. Three Months Ended (In millions) October 31, 2025 October 31, 2024 Cost of revenue $ 97 $ 111 Selling and marketing 156 137 Research and development 185 161 General and administrative 105 102 Total share-based compensation expense $ 543 $ 511
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[B] We compute our provision for or benefit from income taxes by applying the estimated annual effective tax rate to income or loss from recurring operations and adding the effects of any discrete income tax items specific to the period. We recognized excess tax benefits on share-based compensation of $30 million and $28 million in our provision for income taxes for the three months ended October 31, 2025 and 2024, respectively. Our effective tax rate for the three months ended October 31, 2025 was approximately 20%. Excluding discrete tax items primarily related to share-based compensation, our effective tax rate was approximately 24%. The difference from the federal statutory rate of 21% was primarily due to state income taxes and non-deductible share-based compensation, which were partially offset by the tax benefit we received from the federal research and experimentation credit. Our effective tax rate for the three months ended October 31, 2024 was approximately 8%. Excluding discrete tax items primarily related to share-based compensation, our effective tax rate was approximately 24%. The difference from the federal statutory rate of 21% was primarily due to state income taxes and non-deductible share-based compensation, which were partially offset by the tax benefit we received from the federal research and experimentation credit. In the current global tax policy environment, the U.S. and other domestic and foreign governments continue to consider, and in some cases enact, changes in corporate tax laws. As changes occur, we account for finalized legislation in the period of enactment. TABLE B1 INTUIT INC. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO MOST DIRECTLY COMPARABLE GAAP FINANCIAL MEASURES (In millions, except per share amounts) (Unaudited) Fiscal 2026 Q1 Q2 Q3 Q4 Year to Date GAAP operating income (loss) $ 534 $ — $ — $ — $ 534 Amortization of acquired technology 44 — — — 44 Amortization of other acquired intangible assets 121 — — — 121 Net (gain) loss on executive deferred compensation plan liabilities 16 — — — 16 Share-based compensation expense 543 — — — 543 Non-GAAP operating income (loss) $ 1,258 $ — $ — $ — $ 1,258 GAAP net income (loss) $ 446 $ — $ — $ — $ 446 Amortization of acquired technology 44 — — — 44
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Amortization of other acquired intangible assets 121 — — — 121 Net (gain) loss on executive deferred compensation plan liabilities 16 — — — 16 Share-based compensation expense 543 — — — 543 Net (gain) loss on debt securities and other investments [A] (34 ) — — — (34 ) Net (gain) loss on executive deferred compensation plan assets (15 ) — — — (15 ) Income tax effects and adjustments [B] (182 ) — — — (182 ) Non-GAAP net income (loss) $ 939 $ — $ — $ — $ 939 GAAP diluted net income (loss) per share $ 1.59 $ — $ — $ — $ 1.59 Amortization of acquired technology 0.16 — — — 0.16 Amortization of other acquired intangible assets 0.43 — — — 0.43 Net (gain) loss on executive deferred compensation plan liabilities 0.05 — — — 0.05 Share-based compensation expense 1.93 — — — 1.93 Net (gain) loss on debt securities and other investments [A] (0.12 ) — — — (0.12 ) Net (gain) loss on executive deferred compensation plan assets (0.05 ) — — — (0.05 ) Income tax effects and adjustments [B] (0.65 ) — — — (0.65 ) Non-GAAP diluted net income (loss) per share $ 3.34 $ — $ — $ — $ 3.34 Shares used in GAAP diluted per share calculations 281 — — — 281 Shares used in non-GAAP diluted per share calculations 281 — — — 281 [A] During the three months ended October 31, 2025, we recognized $34 million in net gains on other long-term investments. [B] As discussed in “About Non-GAAP Financial Measures - Income Tax Effects and Adjustments” following Table E, our long-term non-GAAP tax rate eliminates the effects of non-recurring and period-specific items. Income tax adjustments consist primarily of the tax impact of the non-GAAP pre-tax adjustments and tax benefits related to share- based compensation.
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See “About Non-GAAP Financial Measures” immediately following Table E for information on these measures, the items excluded from the most directly comparable GAAP measures in arriving at non-GAAP financial measures, and the reasons management uses each measure and excludes the specified amounts in arriving at each non-GAAP financial measure. TABLE B2 INTUIT INC. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO MOST DIRECTLY COMPARABLE GAAP FINANCIAL MEASURES (In millions, except per share amounts) (Unaudited) Fiscal 2025 Q1 Q2 Q3 Q4 Full Year GAAP operating income (loss) $ 271 $ 593 $ 3,720 $ 339 $ 4,923 Amortization of acquired technology 37 37 38 44 156 Amortization of other acquired intangible assets 120 120 120 121 481 Restructuring 9 4 1 1 15 Professional fees for business combinations — — 2 — 2 Net (gain) loss on executive deferred compensation plan liabilities 5 8 (7 ) 21 27 Share-based compensation expense 511 498 469 490 1,968 Non-GAAP operating income (loss) $ 953 $ 1,260 $ 4,343 $ 1,016 $ 7,572 GAAP net income (loss) $ 197 $ 471 $ 2,820 $ 381 $ 3,869 Amortization of acquired technology 37 37 38 44 156 Amortization of other acquired intangible assets 120 120 120 121 481 Restructuring 9 4 1 1 15 Professional fees for business combinations — — 2 — 2 Net (gain) loss on executive deferred compensation plan liabilities 5 8 (7 ) 21 27 Share-based compensation expense 511 498 469 490 1,968 Net (gain) loss on debt securities and other investments [A] 42 3 2 (2 ) 45 Net (gain) loss on executive deferred compensation plan assets (4 ) (7 ) 7 (20 ) (24 ) Income tax effects and adjustments [B] (208 ) (196 ) (172 ) (260 ) (836 ) Non-GAAP net income (loss) $ 709 $ 938 $ 3,280 $ 776 $ 5,703
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GAAP diluted net income (loss) per share $ 0.70 $ 1.67 $ 10.02 $ 1.35 $ 13.67 Amortization of acquired technology 0.13 0.13 0.13 0.16 0.55 Amortization of other acquired intangible assets 0.42 0.42 0.43 0.43 1.70 Restructuring 0.03 0.01 — — 0.05 Professional fees for business combinations — — 0.01 — 0.01 Net (gain) loss on executive deferred compensation plan liabilities 0.02 0.03 (0.02 ) 0.07 0.10 Share-based compensation expense 1.80 1.76 1.66 1.74 6.95 Net (gain) loss on debt securities and other investments [A] 0.15 0.01 0.01 (0.01 ) 0.16 Net (gain) loss on executive deferred compensation plan assets (0.02 ) (0.02 ) 0.02 (0.07 ) (0.09 ) Income tax effects and adjustments [B] (0.73 ) (0.69 ) (0.61 ) (0.92 ) (2.95 ) Non-GAAP diluted net income (loss) per share $ 2.50 $ 3.32 $ 11.65 $ 2.75 $ 20.15 Shares used in GAAP diluted per share calculations 283 283 282 282 283 Shares used in non-GAAP diluted per share calculations 283 283 282 282 283 [A] During the three months ended October 31, 2024, we recognized a $42 million net loss on other long-term investments. [B] As discussed in “About Non-GAAP Financial Measures - Income Tax Effects and Adjustments” following Table E, our long-term non-GAAP tax rate eliminates the effects of non-recurring and period-specific items. Income tax adjustments consist primarily of the tax impact of the non-GAAP pre-tax adjustments and tax benefits related to share- based compensation. See “About Non-GAAP Financial Measures” immediately following Table E for information on these measures, the items excluded from the most directly comparable GAAP measures in arriving at non-GAAP financial measures, and the reasons management uses each measure and excludes the specified amounts in arriving at each non-GAAP financial measure. TABLE C INTUIT INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In millions) (Unaudited)
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October 31, 2025 July 31, 2025 ASSETS Current assets: Cash and cash equivalents $ 3,506 $ 2,884 Investments 190 1,668 Accounts receivable, net 579 530 Notes receivable held for investment 1,519 1,403 Notes receivable held for sale 48 — Income taxes receivable 31 50 Prepaid expenses and other current assets 630 496 Current assets before funds receivable and amounts held for customers 6,503 7,031 Funds receivable and amounts held for customers 3,918 7,076 Total current assets 10,421 14,107 Long-term investments 92 94 Property and equipment, net 965 961 Operating lease right-of-use assets 596 541 Goodwill 13,980 13,980 Acquired intangible assets, net 5,136 5,302 Long-term deferred income tax assets 1,173 1,222 Other assets 828 751 Total assets $ 33,191 $ 36,958 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Short-term debt $ 749 $ — Accounts payable 670 792 Accrued compensation and related liabilities 479 858 Deferred revenue 1,045 1,019 Other current liabilities 658 625 Current liabilities before funds payable and amounts due to customers 3,601 3,294 Funds payable and amounts due to customers 3,918 7,076 Total current liabilities 7,519 10,370 Long-term debt 5,391 5,973 Operating lease liabilities 643 597 Other long-term obligations 316 308 Total liabilities 13,869 17,248
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Stockholders’ equity 19,322 19,710 Total liabilities and stockholders’ equity $ 33,191 $ 36,958 TABLE D INTUIT INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) (Unaudited) Three Months Ended October 31, 2025 October 31, 2024 Cash flows from operating activities: Net income $ 446 $ 197 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 44 44 Amortization of acquired intangible assets 165 157 Non-cash operating lease cost 23 19 Share-based compensation expense 543 511 Deferred income taxes 58 (91 ) Other (6 ) 63 Total adjustments 827 703 Changes in operating assets and liabilities: Accounts receivable (49 ) 31 Income taxes receivable 19 51 Prepaid expenses and other assets (119 ) (27 ) Accounts payable (135 ) (75 ) Accrued compensation and related liabilities (378 ) (507 ) Deferred revenue 25 19 Operating lease liabilities (23 ) (22 ) Other liabilities 24 (8 ) Total changes in operating assets and liabilities (636 ) (538 ) Net cash provided by operating activities 637 362 Cash flows from investing activities: Purchases of corporate and customer fund investments (101 ) (306 ) Sales of corporate and customer fund investments 115 55 Maturities of corporate and customer fund investments 1,473 235 Purchases of property and equipment (38 ) (33 )
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Originations and purchases of notes receivable held for investment (1,297 ) (666 ) Sales of notes receivable originally classified as held for investment 213 110 Principal repayments of notes receivable held for investment 876 420 Other (43 ) (3 ) Net cash provided by (used in) investing activities 1,198 (188 ) Cash flows from financing activities: Proceeds from borrowings under secured revolving credit facilities 166 85 Proceeds from issuance of stock under employee stock plans 62 96 Payments for employee taxes withheld upon vesting of restricted stock units (244 ) (239 ) Cash paid for purchases of treasury stock (854 ) (557 ) Dividends and dividend rights paid (341 ) (296 ) Net change in funds receivable and funds payable and amounts due to customers (3,160 ) 1,672 Other (1 ) — Net cash provided by (used in) financing activities (4,372 ) 761 Effect of exchange rates on cash, cash equivalents, restricted cash, and restricted cash equivalents (1 ) — Net increase (decrease) in cash, cash equivalents, restricted cash, and restricted cash equivalents (2,538 ) 935 Cash, cash equivalents, restricted cash, and restricted cash equivalents at beginning of period 9,481 7,099 Cash, cash equivalents, restricted cash, and restricted cash equivalents at end of period $ 6,943 $ 8,034 Reconciliation of cash, cash equivalents, restricted cash, and restricted cash equivalents reported within the condensed consolidated balance sheets to the total amounts reported on the condensed consolidated statements of cash flows Cash and cash equivalents $ 3,506 $ 2,872 Restricted cash and restricted cash equivalents included in funds receivable and amounts held for customers 3,437 5,162 Total cash, cash equivalents, restricted cash, and restricted cash equivalents at end of period $ 6,943 $ 8,034 Supplemental schedule of non-cash investing activities: Transfers of notes receivable originated or purchased as held for investment to held for sale $ 253 $ 113 TABLE E INTUIT INC. RECONCILIATION OF FORWARD-LOOKING GUIDANCE FOR NON-GAAP FINANCIAL MEASURES TO PROJECTED GAAP REVENUE, OPERATING INCOME, AND EPS
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(In millions, except per share amounts) (Unaudited) Forward-Looking Guidance GAAP Range of Estimate Non-GAAP Range of Estimate From To Adjmts From To Three Months Ending January 31, 2026 Revenue $ 4,519 $ 4,549 $ — $ 4,519 $ 4,549 Operating income $ 676 $ 691 $ 695 [a] $ 1,371 $ 1,386 Diluted net income per share $ 1.76 $ 1.81 $ 1.87 [b] $ 3.63 $ 3.68 Twelve Months Ending July 31, 2026 Revenue $ 20,997 $ 21,186 $ — $ 20,997 $ 21,186 Operating income $ 5,782 $ 5,859 $ 2,829 [c] $ 8,611 $ 8,688 Diluted net income per share $ 15.49 $ 15.69 $ 7.49 [d] $ 22.98 $ 23.18 See “About Non-GAAP Financial Measures” immediately following Table E for information on these measures, the items excluded from the most directly comparable GAAP measures in arriving at non-GAAP financial measures, and the reasons management uses each measure and excludes the specified amounts in arriving at each non-GAAP financial measure. [a] Reflects estimated adjustments for share-based compensation expense of approximately $530 million; amortization of other acquired intangible assets of approximately $121 million; and amortization of acquired technology of approximately $44 million. [b] Reflects estimated adjustments in item [a], income taxes related to these adjustments, and other income tax effects related to the use of the non-GAAP tax rate. [c] Reflects estimated adjustments for share-based compensation expense of approximately $2.2 billion; amortization of other acquired intangible assets of approximately $483 million; amortization of acquired technology of approximately $176 million; and net losses on executive deferred compensation plan liabilities of approximately $16 million. [d] Reflects estimated adjustments in item [c], income taxes related to these adjustments, other income tax effects related to the use of the non-GAAP tax rate, and adjustments for a net loss on other long-term investments. INTUIT INC. ABOUT NON-GAAP FINANCIAL MEASURES The accompanying press release dated November 20, 2025 contains non-GAAP financial measures. Table B1, Table B2, and Table E reconcile the non-GAAP financial measures in that press release to the most directly comparable financial measures prepared in accordance with Generally Accepted Accounting Principles (GAAP). These non-GAAP
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financial measures include non-GAAP operating income (loss), non-GAAP net income (loss), and non-GAAP diluted net income (loss) per share. Non-GAAP financial measures should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. These non-GAAP financial measures do not reflect a comprehensive system of accounting, differ from GAAP measures with the same names, and may differ from non-GAAP financial measures with the same or similar names that are used by other companies. We compute non-GAAP financial measures using the same consistent method from quarter to quarter and year to year. We may consider whether other significant items that arise in the future should be excluded from our non-GAAP financial measures. We exclude the following items from all of our non-GAAP financial measures: 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 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
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software and other technology assets of acquired businesses. Amortization of other acquired intangible assets in operating expenses includes amortization of assets such as customer lists and trade names. Restructuring charges . This consists of costs incurred as a direct result of discrete strategic restructuring actions, including, but not limited to severance and other one-time termination benefits, and other costs, which are different in terms of size, strategic nature, and frequency than ongoing productivity and business improvements. Share-based compensation expense . This consists of non-cash expenses for stock options, restricted stock units, and our Employee Stock Purchase Plan. When considering the impact of equity awards, we place greater emphasis on overall shareholder dilution rather than the accounting charges associated with those awards. Gains and losses on executive deferred compensation plan liabilities . We exclude from our non-GAAP financial measures gains and losses on the revaluation of our executive deferred compensation plan liabilities. Goodwill and intangible asset impairment charges . We exclude from our non-GAAP financial measures non-cash charges to adjust the carrying values of goodwill and other acquired intangible assets to their estimated fair values. Gains and losses on disposals of businesses and long-lived assets. We exclude from our non-GAAP financial measures gains and losses on disposals of businesses and long-lived assets because they are unrelated to our ongoing business operating results. Professional fees and transaction costs for business combinations . We exclude from our non-GAAP financial measures the professional fees we incur to complete business combinations. These include investment banking, legal, and accounting fees. Gains and losses on debt securities and other investments . We exclude from our non-GAAP financial measures credit losses on available-for-sale debt securities and gains and losses on other investments. Gains and losses on executive deferred compensation plan assets . We exclude from our non-GAAP financial measures gains and losses on the revaluation of our executive deferred compensation plan assets. Income tax effects and adjustments. We use a long-term non-GAAP tax rate for evaluating operating results and for planning, forecasting, and analyzing future periods. This long-term non-GAAP tax rate excludes the income tax effects of the non-GAAP pre-tax adjustments described above, and eliminates the effects of non-recurring and period specific items which can vary in size and frequency. Based on our long-term projections, we are using a long- term non-GAAP tax rate of 24% for fiscal 2025 and fiscal 2026. This long-term non-GAAP tax rate could be subject to change for various reasons including significant acquisitions, changes in our geographic earnings mix, or fundamental tax law changes in major jurisdictions in which we operate. We will evaluate this long-term non-GAAP tax rate on an annual basis and whenever any significant events occur which may materially affect this rate.
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Operating results and gains and losses on the sale of discontinued operations . From time to time, we sell or otherwise dispose of selected operations as we adjust our portfolio of businesses to meet our strategic goals. In accordance with GAAP, we segregate the operating results of discontinued operations as well as gains and losses on the sale of these discontinued operations from continuing operations on our GAAP statements of operations but continue to include them in GAAP net income or loss and net income or loss per share. We exclude these amounts from our non-GAAP financial measures. The reconciliations of the forward-looking non-GAAP financial measures to the most directly comparable GAAP financial measures in Table E include all information reasonably available to Intuit at the date of this press release. These tables include adjustments that we can reasonably predict. Events that could cause the reconciliation to change include acquisitions and divestitures of businesses, goodwill and other asset impairments, sales of available-for-sale debt securities and other investments, and disposals of businesses and long-lived assets. View source version on businesswire.com: https://www.businesswire.com/news/home/20251120052286/en/ Investors Kim Watkins Intuit Inc. 650-944-3324 kim_watkins@intuit.com Media Kali Fry Intuit Inc. 650-944-3036 kali_fry@intuit.com Source: Intuit Inc.