INTUIT INC.
For the period ended Jul 31, 2026. Filed Sep 9, 2026.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2026 · Filed Sep 9, 2026
INTU$341.50-3.8%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-K
Period ended 2025-07-31; filed 2025-09-03.
0000896878-25-000035
ITEM 7. : Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-K
Period ended 2026-07-31; filed 2026-09-09.
0000896878-26-000037
ITEM 7. : Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 170 previous paragraphs and 154 current paragraphs.
75 unchanged; 59 reworded; 19 added; 32 removed; 4 previous and 1 current paragraphs rearranged.
Tables are not compared: 13 previous and 12 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (19)
Current report
Effective August 1, 2025, we combined our Consumer, Credit Karma, and ProTax businesses into a single Consumer segment in order to better serve the diverse financial needs of our customers as one consumer platform. Our chief operating decision maker allocates resources and assesses segment performance using regularly provided segment revenue and segment operating income information under this updated segment structure. To align results under this segment change, certain selling and marketing, product development, and general and administrative expenses for Credit Karma that were managed at the segment level are now managed at the platform level and are included in other corporate expenses rather than in segment expenses. Also on August 1, 2025, we reorganized certain marketing, communications, and customer success functions in our Global Business Solutions segment that support and benefit our overall platform and are managed at that level rather than at the segment level. Additionally, certain data science and analytics teams that were managed at the platform level are now managed at the segment level. We have recast certain previously reported amounts to conform to these segment changes. As a result of these changes, for the twelve months ended July 31, 2025 and 2024, we reclassified expenses totaling $9 million and $16 million from Global Business Solutions and $606 million and $585 million from Consumer to other corporate expenses, respectively, to conform to the current presentation. The recast of prior period information had no impact on our consolidated balance sheets, consolidated income statements, or consolidated cash flow statements. See Note 14 to the consolidated financial statements in Item 8 of this Annual Report for more information.
Current report
Effective August 1, 2026, we began managing Mailchimp as a separate operating segment from Global Business Solutions. Mailchimp will be a separate reportable segment beginning in fiscal 2027.
Current report
Effective August 1, 2025, we combined our Consumer, Credit Karma, and ProTax businesses into a single Consumer segment in order to better serve the diverse financial needs of our customers as one consumer platform. Our chief operating decision maker allocates resources and assesses segment performance using regularly provided segment revenue and segment operating income information under this updated segment structure. To align results under this segment change, certain selling and marketing, product development, and general and administrative expenses for Credit Karma that were managed at the segment level are now managed at the platform level and are included in other corporate expenses rather than in segment expenses. Also on August 1, 2025, we reorganized certain marketing, communications, and customer success functions in our Global Business Solutions segment that support and benefit our overall platform and are managed at that level rather than at the segment level. Additionally, certain data science and analytics teams that were managed at the platform level are now managed at the segment level. We have recast certain previously reported amounts to conform to these segment changes. As a result of these changes, for the twelve months ended July 31, 2025 and 2024, we reclassified expenses totaling $9 million and $16 million from Global Business Solutions and $606 million and $585 million from Consumer to other corporate expenses, respectively, to conform to the current presentation. The recast of prior period information had no impact on our consolidated balance sheets, consolidated income statements, or consolidated cash flow statements.
Current report
•Intuit Experts;
Current report
•Mailchimp’s marketing automation offerings.
Current report
Consumer segment revenue includes the following:
Current report
•TurboTax: TurboTax Online; TurboTax Expert Assist and TurboTax Expert Full Service offerings; TurboTax desktop tax return preparation software; electronic tax filing services; consumer money offerings, which include early access to tax refunds, File Now, Pay Later loans, and Credit Karma Money; and related services.
Current report
Revenue for our Consumer segment increased $830 million, or 11%, in fiscal 2026 compared with fiscal 2025 due to increases in Credit Karma revenue of $441 million and TurboTax revenue of $363 million. The increase in Credit Karma revenue is due to increases in revenue from our personal loan vertical of $235 million, our credit card vertical of $101 million, and our insurance vertical of $85 million. The increase in TurboTax revenue is due to growth in assisted tax and our consumer money offerings, partially offset by a decrease in revenue due to fewer TurboTax federal units.
Current report
Consumer segment operating income increased $548 million, or 10%, in fiscal 2026 compared with fiscal 2025 due to the increase in revenue described above, partially offset by an increase in marketing expenses of $191 million and sales-related expenses of $44 million.
Current report
Effective August 1, 2025, we combined our Consumer, Credit Karma, and ProTax businesses into a single Consumer segment in order to better serve the diverse financial needs of our customers as one consumer platform. Our chief operating decision maker allocates resources and assesses segment performance using regularly provided segment revenue and segment operating income information under this updated segment structure. To align results under this segment change, certain selling and marketing, product development, and general and administrative expenses for Credit Karma that were managed at the segment level are now managed at the platform level and are included in other corporate expenses rather than in segment expenses. Additionally, certain data science and analytics teams that were managed at the platform level are now managed at the segment level. We have recast certain previously reported amounts to conform to these segment changes. As a result of these changes, for the twelve months ended July 31, 2025 and 2024, we reclassified expenses totaling $606 million and $585 million from Consumer to other corporate expenses, respectively, to conform to the current presentation.
Current report
NM - Not meaningful
Current report
In June 2026, we issued $1.75 billion in senior unsecured notes pursuant to a public debt offering. In August 2026, we used the net proceeds from this bond issuance, as well as cash on hand, to repay the $750 million of notes that were scheduled to mature in September 2026. We intend to use the remaining net proceeds for general corporate purposes, which may include the repayment of our senior notes due in July 2027.
Current report
Senior Unsecured Notes
Current report
•$750 million of 4.950% notes due June 2031; and
Current report
The proceeds from the issuance of the 2026 Notes were $1.74 billion, net of debt discount and issuance costs of $14 million. In August 2026, we used the net proceeds from this bond issuance, as well as cash on hand, to repay the $750 million of notes that were due in September 2026. We intend to use the remaining net proceeds for general corporate purposes, which may include the repayment of our senior notes due in July 2027.
Current report
Interest on the senior unsecured notes is payable semiannually. As of July 31, 2026, our maximum commitment for interest payments was $3.27 billion for the remaining duration of our outstanding senior unsecured notes. See Note 7 to the consolidated financial statements in Item 8 of this Annual Report for more information on our senior unsecured notes.
Current report
To finance business loans that we purchase from our originating bank partner, we have established certain special-purpose vehicle subsidiaries (SPVs), deemed to be variable interest entities (VIEs), to enter into secured revolving credit facilities with lenders. The facilities are non-recourse to Intuit Inc. and are secured by assets of the respective SPVs, which may only be used to settle obligations of the SPVs and are each in excess of the amounts outstanding under their respective facilities. We have amended each facility from time to time, generally to increase the facility and commitment limits, extend commitment and maturity terms, and adjust pricing, to support our small and mid-market lending offerings. The total committed facility limit under the secured revolving credit facilities is $1.2 billion, with commitment terms ranging from April 2027 to November 2028, and final maturity dates ranging from May 2028 to November 2029.
Current report
Advances accrue interest at SOFR plus a margin ranging from 1.10% to 1.35%, depending on the facility, with interest payable monthly. Unused portions of the committed credit facility, if any, accrue a fee at a rate ranging from 0.20% to 0.75%, depending on the unused committed balance. At July 31, 2026, $970 million was outstanding under our secured revolving credit facilities, with a weighted average interest rate of 4.95%, including any applicable unused commitment fee.
Current report
Each facility includes certain affirmative and negative covenants, including financial covenants, that require us to maintain specified financial ratios. As of July 31, 2026, we were compliant with all covenants governing the facilities. See Note 7 to the consolidated financial statements in Item 8 of this Annual Report for more information on our secured revolving credit facilities.
Removed paragraphs (32)
Previous report
On August 1, 2024, we renamed our Small Business & Self-Employed segment as the Global Business Solutions segment. This new name better aligns with the global reach of the Mailchimp and QuickBooks platform, our focus on serving both small and mid-market businesses, and our vision to become the all-in-one platform that customers use to grow and run their business.
Previous report
On August 1, 2024, we reorganized certain technology and customer success functions in our Global Business Solutions, Consumer, and ProTax segments that support and benefit our overall platform and are managed at the corporate level rather than at the segment level. As a result of these reorganizations, costs associated with these functions are no longer included in segment operating income and are now included in other corporate expenses. For the twelve months ended July 31, 2024 and 2023, we reclassified $1.4 billion and $1.3 billion from Global Business Solutions, $573 million and $475 million from Consumer, and $33 million and $34 million from ProTax to other corporate expenses, respectively, to conform to the current presentation. See Note 14 to the consolidated financial statements in Item 8 of this Annual Report for more information.
Previous report
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. We will reflect this new organization in our fiscal 2026 segment reporting.
Previous report
On August 1, 2024, we renamed our Small Business & Self-Employed segment as the Global Business Solutions segment. This new name better aligns with the global reach of the Mailchimp and QuickBooks platform, our focus on serving both small and mid-market businesses, and our vision to become the all-in-one platform that customers use to grow and run their business.
Previous report
On August 1, 2024, we reorganized certain technology and customer success functions in our Global Business Solutions, Consumer, and ProTax segments that support and benefit our overall platform and are managed at the corporate level rather than at the segment level. As a result of these reorganizations, costs associated with these functions are no longer included in segment operating income and are now included in other corporate expenses. For the twelve months ended July 31, 2024 and 2023, we reclassified $1.4 billion and $1.3 billion from Global Business Solutions, $573 million and $475 million from Consumer, and $33 million and $34 million from ProTax to other corporate expenses, respectively, to conform to the current presentation.
Previous report
•QuickBooks Live;
Previous report
•Mailchimp’s marketing automation offerings; and
Previous report
•QuickBooks Checking.
Previous report
Revenue classified by significant service and product offerings was as follows:
Previous report
Consumer segment service revenue is derived primarily from TurboTax Online and TurboTax Live offerings, electronic tax filing services, and connected services.
Previous report
Revenue for our Consumer segment increased $425 million, or 10%, in fiscal 2025 compared with fiscal 2024 due to growth in our higher-priced and additional service offerings, such as TurboTax Live and our early tax refund offerings.
Previous report
Consumer segment operating income increased $293 million, or 8%, in fiscal 2025 compared with fiscal 2024 due to the increase in revenue described above, partially offset by an increase in marketing expenses of $132 million.
Previous report
In August 2024, we reorganized certain technology and customer success functions that support and benefit the overall platform and are managed at the corporate level rather than at the segment level. As a result, these costs are no longer included in segment operating income and are now included in other corporate expenses. For the twelve months ended July 31, 2024 and 2023, we reclassified $573 million and $475 million, respectively, from Consumer to other corporate expenses to conform to the current presentation.
Previous report
Credit Karma
Previous report
Revenue for our Credit Karma segment increased $555 million, or 32%, in fiscal 2025 compared with fiscal 2024 due to increases in revenue from our personal loan vertical of $221 million, our credit card vertical of $213 million, and our auto insurance vertical of $99 million.
Previous report
Credit Karma segment operating income increased $421 million, or 102%, in fiscal 2025 compared with fiscal 2024 due to the increase in revenue described above, partially offset by an increase in marketing expenses of $120 million.
Previous report
ProTax
Previous report
Revenue for our ProTax segment increased $22 million, or 4%, in fiscal 2025 compared with fiscal 2024 due to higher average revenue per customer.
Previous report
ProTax segment operating income increased $13 million, or 3%, in fiscal 2025 compared with fiscal 2024 due to the increase in revenue described above, partially offset by an increase in marketing expenses of $6 million.
Previous report
In August 2024, we reorganized certain technology and customer success functions that support and benefit the overall platform and are managed at the corporate level rather than at the segment level. As a result, these costs are no longer included in segment operating income and are now included in other corporate expenses. For the twelve months ended July 31, 2024 and 2023, we reclassified $33 million and $34 million, respectively, from ProTax to other corporate expenses to conform to the current presentation.
Previous report
In 2021, the Organisation for Economic Co-operation and Development (OECD) announced Pillar Two Model Rules, which call for the taxation of large multinational corporations at a minimum rate of 15%. The currently enacted Pillar Two Model Rules did not have any impact on our provision for income taxes and are not expected to have any significant impact on future years’ provisions for income taxes. We continue to monitor developments and evaluate impacts, if any, of these provisions on our results of operations and cash flows for future years.
Previous report
Commitments for Senior Unsecured Notes
Previous report
In June 2020, we issued $2 billion of senior unsecured notes, of which $1.0 billion is outstanding as of July 31, 2025, and is comprised of the following:
Previous report
•$500 million of 1.350% notes due July 2027; and
Previous report
Interest is payable semiannually on January 15 and July 15 of each year. At July 31, 2025, our maximum commitment for interest payments was $55 million for the remaining duration of the outstanding 2020 Notes.
Previous report
•$750 million of 5.250% notes due September 2026;
Previous report
•$750 million of 5.125% notes due September 2028;
Previous report
•$1,250 million of 5.200% notes due September 2033; and
Previous report
Interest is payable semiannually on March 15 and September 15 of each year. At July 31, 2025, our maximum commitment for interest payments was $2.7 billion for the remaining duration of the outstanding 2023 Notes.
Previous report
On February 19, 2019, a subsidiary of Intuit entered into a secured revolving credit facility with a lender to fund the lending products and services we offer to qualified small and mid-market businesses (the 2019 Secured Facility). The 2019 Secured Facility is non-recourse to Intuit Inc. and is secured by cash and receivables of the subsidiary, which are in excess of the amount outstanding under the 2019 Secured Facility as of July 31, 2025. We have entered into several amendments to this facility. These amendments primarily increase the facility limit, extend the commitment term and final maturity date, and update the benchmark interest rate. Under the amended 2019 Secured Facility, the facility limit is$500 million, of which $300 million is committed and $200 million is uncommitted. Advances accrue interest at adjusted daily simple SOFR plus 1.25%. Unused portions of the committed credit facility accrue a fee at a rate ranging from 0.25% to 0.75%, depending on the total unused committed balance. The commitment term is through August 31, 2027, and the final maturity date is August 31, 2028. The agreement includes certain affirmative and negative covenants, including financial covenants, that require the subsidiary to maintain specified financial ratios. As of July 31, 2025, we were compliant with all covenants governing the 2019 Secured Facility. At July 31, 2025, $440 million was outstanding under the 2019 Secured Facility and the weighted-average interest rate was 5.74%. Interest on the 2019 Secured Facility is payable monthly.
Previous report
On October 12, 2022, another subsidiary of Intuit entered into a secured revolving credit facility with a lender to fund the lending products and services we offer to qualified small and mid-market businesses (the 2022 Secured Facility). The 2022 Secured Facility is non-recourse to Intuit Inc. and is secured by cash and receivables of the subsidiary, which are in excess of the amount outstanding under the 2022 Secured Facility as of July 31, 2025. We have entered into several amendments to this facility. These amendments primarily extend the commitment term and final maturity date, increase the commitment amount, and reduce the interest rate. Under the amended 2022 Secured Facility, the facility limit is $500 million, of which $400 million is committed and $100 million is uncommitted. Advances accrue interest at SOFR plus 1.1%. Unused portions of the committed credit facility accrue a fee at a rate ranging from 0.2% to 0.4%, depending on the total unused committed balance. The commitment term is through April 30, 2027, and the final maturity date is May 1, 2028. The agreement includes certain affirmative and negative covenants, including financial covenants, that require the subsidiary to maintain specified financial ratios. As of July 31, 2025, we were compliant with all covenants governing the 2022 Secured Facility. At July 31, 2025, $300 million was outstanding under the 2022 Secured Facility and the weighted-average interest rate was 5.56%, which includes the fee on the unused committed portion. Interest on the 2022 Secured Facility is payable monthly.
Previous report
On November 1, 2024, another subsidiary of Intuit entered into a secured revolving credit facility with a lender to fund the lending products and services we offer to qualified small and mid-market businesses (the 2024 Secured Facility). The 2024 Secured Facility is non-recourse to Intuit Inc. and is secured by cash and receivables of the subsidiary, which are in excess of the amount outstanding under the 2024 Secured Facility as of July 31, 2025. We have entered into several amendments to this facility. These amendments primarily increased the commitment amount. Under the amended 2024 Secured Facility, the facility limit is $300 million, all of which is committed. Advances accrue interest at SOFR plus 1.15%. Unused portions of the committed credit facility accrue a fee at a rate ranging from 0.2% to 0.4%, depending on the total unused committed balance. The commitment term is through November 1, 2027, and the final maturity date is November 1, 2028. The agreement includes certain affirmative and negative covenants, including financial covenants that require the subsidiary to maintain specified financial ratios. As of July 31, 2025, we were compliant with all covenants governing the 2024 Secured Facility. At July 31, 2025, $274 million was outstanding under the 2024 Secured Facility and the weighted-average interest rate was 5.56%, which includes the fee on the unused committed portion. Interest on the 2024 Secured Facility is payable monthly.
Reworded paragraphs (59)
Previous wording
In July 2024, our management approved, committed to, and initiated a plan of reorganization (the Plan) focused on reallocating resources to our key growth areas. The Plan included the exit of employees and the closing of real estate sites in certain markets to support growing technology teams and capabilities in strategic locations. The actions associated with the Plan were substantially complete in the first quarter of fiscal 2025. Total restructuring costs associated with the Plan were $238 million. During the twelve months ended July 31, 2025 and 2024, we recorded charges in connection with the Plan of $15 million and $223 million, respectively. These charges are primarily related to severance and employee benefits and are recorded to restructuring in our consolidated statements of operations. See Note 15 to the consolidated financial statements in Item 8 of this Annual Report for more information.
Current wording
In May 2026, our management approved and initiated a plan of reorganization (the 2026 Plan) to simplify the company’s organizational structure and become a faster, leaner, more focused company. As part of the 2026 Plan, we are reducing our full-time workforce and are closing certain sites in service to growing technology teams and capabilities in strategic locations. We expect the actions associated with the 2026 Plan to be substantially complete by the first quarter of fiscal 2027. Total restructuring costs associated with the 2026 Plan are estimated to be approximately $315 million. During the twelve months ended July 31, 2026, we recorded a $293 million charge in connection with the 2026 Plan. This charge was primarily related to severance and employee benefits and was recorded to restructuring in our consolidated statements of operations. See Note 15 to the consolidated financial statements in Item 8 of this Annual Report for more information.
Previous wording
AI, including GenAI, predictive AI, and agentic AI, is transforming multiple industries, in particular financial technology. Disruptive start-ups, emerging ecosystems, and mega-platforms are harnessing new technology to create personalized experiences, deliver data-driven insights, and increase speed of service. These shifts are creating a more dynamic and highly competitive environment where customer expectations are shifting around the world as more services become digitized and the array of choices continues to increase.
Current wording
Existing and emerging technologies, including AI, are transforming multiple industries, in particular financial technology. Disruptive startups, emerging ecosystems, and mega-platforms are harnessing new technology to create personalized experiences, deliver predictive and data-driven insights, perform and automate tasks, and increase speed of service. These shifts are creating a more dynamic and highly competitive environment where customer needs and expectations are evolving as more services become digitized, intelligent, and automated, and the array of choices continues to increase.
Previous wording
Our Consumer and ProTax offerings have a significant and distinct seasonal pattern as sales and revenue from our income tax preparation products and services are typically heavily concentrated in the period from November through April. This seasonal pattern typically results in higher net revenues during our second and third quarters ending January 31 and April 30, respectively.
Current wording
Within our Consumer segment, our TurboTax and ProTax offerings have a significant and distinct seasonal pattern as sales and revenue from our income tax preparation products and services are typically heavily concentrated in the period from November through April. This seasonal pattern typically results in higher net revenues during our second and third quarters ending January 31 and April 30, respectively.
Previous wording
We expect the seasonality of our Consumer and ProTax businesses to continue to have a material impact on our quarterly financial results in the future.
Current wording
We expect the seasonality of these offerings to continue to have a material impact on our quarterly financial results in the future.
Previous wording
Our growth strategy depends upon our ability to innovate, develop, and introduce emerging technologies, including AI and GenAI, to drive broad adoption of our products and services and enter new markets. Our future growth also increasingly depends on the strength of our third-party business relationships and our ability to continue to develop, maintain, and strengthen new and existing relationships. To remain competitive and continue to grow, we are investing significant resources in our product development, marketing, and sales capabilities, and we expect to continue to do so in the future. Much of our future success also depends on our ability to continue to attract, retain, and develop highly skilled employees, including those in technical and leadership roles who are critical to our strategic growth, in a highly competitive talent environment.
Current wording
Our growth strategy depends upon our ability to innovate, develop, and continue to introduce emerging technologies, including AI, to drive broad adoption of our products and services and enter new markets. Our future growth also increasingly depends on the strength of our third-party business relationships and our ability to continue to develop, maintain, and strengthen new and existing relationships. To remain competitive and continue to grow, we are investing significant resources in our product development, marketing, and sales capabilities, and we expect to continue to do so in the future. Our future success also depends on our ability to attract, retain, and develop highly skilled employees, including individuals in technical and leadership roles who are critical to the execution of our growth strategy, in a highly competitive talent market.
Previous wording
As we offer more online services, the ongoing operation and availability of our platforms and systems and those of our external service providers is becoming increasingly important. Because we help customers manage their financial lives, we face risks associated with the hosting, collection, use, and retention of personal customer information and data. We are investing significant management attention and resources in our information technology infrastructure and in our privacy and security capabilities, and we expect to continue to do so in the future.
Current wording
As we expand our portfolio of online services, the continued operation and availability of our platforms and systems and those of our external service providers have become increasingly important. Because we help customers manage their financial lives, we face risks associated with the hosting, collection, use, and retention of personal customer information and data. We are investing significant management attention and resources in our information technology infrastructure and in our privacy and security capabilities, and we expect to continue to do so in the future.
Previous wording
We operate in industries that are experiencing an increasing amount of fraudulent activities by malicious third parties, and those fraudulent activities are becoming increasingly sophisticated, including through the use of AI. We implement additional security measures, and we continue to work with state and federal governments to implement industry-wide security and anti-fraud measures, including sharing information regarding suspicious activity. We continue to invest in security measures and to work with the broader industry and government to protect our customers against this type of fraud.
Current wording
We operate in industries that are experiencing an increasing amount of fraudulent activities by malicious third parties, and those fraudulent activities are becoming increasingly sophisticated, including through the use of AI and other emerging technologies. We continue to invest and implement additional security measures. We work with state and federal governments to implement industry-wide security and anti-fraud measures, including sharing information regarding suspicious activity. We also work with the broader industry and government to protect our customers against this type of fraud.
Previous wording
Our operations are impacted by a rapidly-evolving regulatory environment and face increasingly heightened scrutiny. We are subject to numerous federal, state, and local, as well as foreign laws and regulations covering a broad and increasing range of subjects, both in the United States (U.S.) and internationally.
Current wording
Our operations are impacted by a rapidly evolving regulatory environment and face increasingly heightened scrutiny. We are subject to numerous federal, state, local, and foreign laws and regulations covering a broad and expanding range of subject matters, both in the United States (U.S.) and internationally.
Previous wording
The most important financial indicators that we use to assess our business are revenue growth for the company as a whole and for each reportable segment; operating income growth for the company as a whole; earnings per share; and cash flow from operations. We also track certain non-financial drivers of revenue growth and, when material, identify them in the applicable discussions of segment results below. Service offerings are a significant part of our business. Our total service revenue was $16.4 billion, or 87% of our total revenue in fiscal 2025, and we expect our total service revenue as a percentage of our total revenue to grow over the long term.
Current wording
The most important financial indicators that we use to assess our business are revenue growth for the company as a whole and for each reportable segment; operating income growth for the company as a whole; earnings per share; and cash flow from operations. We also track certain non-financial drivers of revenue growth and, when material, identify them in the applicable discussions of segment results below. Service offerings are a significant part of our business. In fiscal 2026, our total service revenue was $18.9 billion, or 88% of our total revenue, and we expect our total service revenue as a percentage of our total revenue to grow over the long term.
Previous wording
We derive our revenue primarily from the sale of online services such as tax, accounting, payroll, merchant payment processing services, delivery of qualified links, marketing automation, live expert advice, financing for small and mid-market businesses, and desktop software products, desktop software subscriptions, and financial supplies. Our contracts with customers often include promises to transfer multiple products and services, which are primarily recognized ratably over the relevant period or when the customer consumes the related service. In determining how revenue should be recognized, a five-step process is used, which requires judgment and estimates within the revenue recognition process. The primary judgments include identifying the performance obligations in the contract and determining whether the performance obligations are distinct. If any of these judgments were to change, it could cause a material increase or decrease in the amount of revenue we report in a particular period. For additional information, see“Description of Business and Summary of Significant Accounting Policies – Revenue Recognition” in Note 1 to the consolidated financial statements in Item 8 of this Annual Report.
Current wording
We derive our revenue primarily from the sale of online offerings such as tax, accounting, payroll, merchant payment processing services, delivery of qualified links, marketing automation, live expert advice, financing for small and mid-market businesses, and desktop software products, desktop software subscriptions, and financial supplies. Our contracts with customers often include promises to transfer multiple products and services, which are primarily recognized ratably over the relevant period or when the customer consumes the related service. In determining how revenue should be recognized, a five-step process is used, which requires judgment and estimates within the revenue recognition process. The primary judgments include identifying the performance obligations in the contract and determining whether the performance obligations are distinct. If any of these judgments were to change, it could cause a material increase or decrease in the amount of revenue we report in a particular period. For additional information, see“Description of Business and Summary of Significant Accounting Policies – Revenue Recognition” in Note 1 to the consolidated financial statements in Item 8 of this Annual Report.
Previous wording
Total net revenue increased $2.5 billion, or 16%, in fiscal 2025 compared with fiscal 2024. Global Business Solutions segment revenue increased 16% due to growth in our Online Ecosystem revenue. Credit Karma revenue increased 32% due to strength in our personal loan, credit card, and auto insurance verticals. Consumer segment revenue increased 10% due to growth in our higher-priced and additional service offerings, such as TurboTax Live and our early tax refund offerings. See“Segment Results” later in this Item 7 for more information.
Current wording
Total net revenue increased $2.6 billion, or 14%, in fiscal 2026 compared with fiscal 2025. Our Global Business Solutions segment revenue increased 16% due to growth in our Online Ecosystem revenue from growth in QuickBooks Online Accounting, money, and payroll. Consumer segment revenue increased 11% due to strength in our Credit Karma personal loan, credit card, and insurance verticals and growth in assisted tax and our consumer money offerings, partially offset by a decrease in revenue due to fewer TurboTax federal units. See“Segment Results” later in this Item 7 for more information.
Previous wording
Operating income increased $1.3 billion, or 36%, in fiscal 2025 compared with fiscal 2024. The increase in operating income was due to the increase in revenue described above partially offset by an increase in expenses. Expenses increased due to increases in marketing, staffing, outside services, and sales-related expenses partially offset by a decrease in restructuring expenses. See“Operating Expenses” later in this Item 7 for more information. See Note 15 to the consolidated financial statements in Item 8 of this Annual Report for more information on our restructuring charges.
Current wording
Operating income increased $961 million, or 20%, in fiscal 2026 compared with fiscal 2025. The increase in operating income was due to the increase in revenue described above, partially offset by an increase in expenses. Total expenses increased due to higher outside services (which include hosting), staffing, restructuring, marketing, QuickBooks Capital cost of revenue due to increased loan volume, share-based compensation, SaaS subscriptions and licenses, and online payment cost of revenue. See“Operating Expenses” later in this Item 7 for more information. See Note 15 to the consolidated financial statements in Item 8 of this Annual Report for more information on our restructuring charges.
Previous wording
Net income increased $906 million, or 31%, in fiscal 2025 compared with fiscal 2024. The increase in net income was due to the increase in operating income described above, partially offset by an increase in income tax expense. The increase in income tax expense is due to the increase in operating income described above and a decrease in excess tax benefits related to share-based compensation. Diluted net income per share increased 31% to $13.67 for fiscal 2025, in line with the increase in net income.
Current wording
Net income increased $697 million, or 18%, in fiscal 2026 compared with fiscal 2025. The increase in net income was due to the increase in operating income described above and an increase in interest and other income, partially offset by an increase in income tax expense. The increase in interest and other income is the result of $180 million in net realized and unrealized gains on long-term investments recorded in fiscal 2026 and $40 million in losses, net of upward adjustments, on long-term investments recorded in fiscal 2025. The increase in income tax expense is due to the increase in operating income described above and tax shortfalls related to share-based compensation. Diluted net income per share increased 20% to $16.46 for fiscal 2026, due to the increase in net income and decrease in our weighted shares outstanding as a result of our increased share repurchase activity.
Previous wording
The information below is organized in accordance with our four reportable segments. All of our segments operate and sell to customers primarily in the U.S. Total international net revenue was approximately 8% of consolidated total net revenue in each of the twelve months ended July 31, 2025, 2024, and 2023.
Current wording
The information below is organized in accordance with our two reportable segments. All of our segments operate and sell to customers primarily in the U.S. Total international net revenue was approximately 8% of consolidated total net revenue in each of the twelve months ended July 31, 2026, 2025, and 2024.
Previous wording
Segment operating income is segment net revenue less segment cost of revenue and operating expenses. We include expenses such as corporate selling and marketing, general and administrative, and non-employment related legal and litigation settlement costs, which are not allocated to specific segments, in unallocated corporate items as part of other corporate expenses. As part of our platform strategy, we also include customer success and product development for our Global Business Solutions, Consumer, and ProTax segments in unallocated corporate items as we do not allocate these expenses to the segments because they are managed at the platform level. Customer success includes the costs of tax and bookkeeping experts that support our TurboTax Live and QuickBooks Live offerings. For our Credit Karma reportable segment, segment expenses include certain direct expenses related to selling and marketing, product development, and general and administrative. Unallocated corporate items for all segments include share-based compensation, amortization of acquired technology, amortization of other acquired intangible assets, goodwill and intangible asset impairment charges, professional fees and transaction charges related to business combinations, and restructuring charges. These unallocated corporate costs for all segments totaled $8.7 billion in fiscal 2025, $8.0 billion in fiscal 2024, and $7.0 billion in fiscal 2023. Unallocated corporate items increased in fiscal 2025 compared with fiscal 2024 due to increases in cost of service revenue, research and development expense, and general and administrative expense, partially offset by a decrease in restructuring costs. See Note 14 to the consolidated financial statements in Item 8 of this Annual Report for reconciliations of total segment operating income to consolidated operating income for each fiscal year presented.
Current wording
Segment operating income is segment net revenue less segment cost of revenue and operating expenses. We include expenses such as corporate selling and marketing, general and administrative, and non-employment related legal and litigation settlement costs, which are not allocated to specific segments, in unallocated corporate items as part of other corporate expenses. As part of our platform strategy, we also include customer success and product development for our segments in unallocated corporate items as we do not allocate these expenses to the segments because they are managed at the platform level. Customer success includes the costs of tax and bookkeeping experts that support our TurboTax Expert Assist, TurboTax Expert Full Service, and Intuit Experts offerings. Unallocated corporate items also include share-based compensation, amortization of acquired technology, amortization of other acquired intangible assets, goodwill and intangible asset impairment charges, professional fees and transaction costs related to business combinations, and restructuring charges. These unallocated corporate costs for all segments totaled $10.3 billion in fiscal 2026, $9.3 billion in fiscal 2025, and $8.6 billion in fiscal 2024. Unallocated corporate items increased in fiscal 2026 compared with fiscal 2025 due to increases in research and development expense, restructuring costs, and cost of service revenue. See Note 14 to the consolidated financial statements in Item 8 of this Annual Report for reconciliations of total segment operating income to consolidated operating income for each fiscal year presented.
Previous wording
•QuickBooks Online and Intuit Enterprise Suite financial and business management offerings;
Current wording
•QuickBooks Online, Intuit Enterprise Suite, and Intuit Accountant Suite financial and business management offerings;
Previous wording
•Workforce solutions, including QuickBooks Online Payroll and QuickBooks Time;
Current wording
•QuickBooks Workforce solutions, including QuickBooks Online Payroll and QuickBooks Time;
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•Money offerings for businesses that use online offerings, which include merchant payment processing and bill pay services, and financing for small and mid-market businesses (QuickBooks Capital);
Current wording
•Money offerings for businesses that use online offerings, which include merchant payment processing and bill pay services, and financing for small and mid-market businesses (QuickBooks Capital); and
Previous wording
Segment service revenue is primarily derived from our Online Ecosystem revenue and revenue from the services, support, and when-and-if-available product upgrades and enhancements that are provided as part of our QuickBooks Desktop subscriptions; services and support for our desktop payroll offerings, and merchant payment processing services. Segment product and other revenue is primarily derived from revenue related to delivery of software licenses, version protection updates, and payroll software updates for our QuickBooks Desktop subscriptions and desktop payroll offerings, which are part of our Desktop Ecosystem.
Current wording
Global Business Solutions segment service revenue is primarily derived from our Online Ecosystem revenue and revenue from the services, support, and when-and-if-available product upgrades and enhancements that are provided as part of our QuickBooks Desktop subscriptions; services and support for our desktop payroll offerings, and merchant payment processing services. Global Business Solutions segment product and other revenue is primarily derived from revenue related to delivery of software licenses, version protection updates, and payroll software updates for our QuickBooks Desktop subscriptions and desktop payroll offerings, which are part of our Desktop Ecosystem.
Previous wording
Revenue for our Global Business Solutions segment increased $1.5 billion, or 16%, in fiscal 2025 compared with fiscal 2024. The increase was due to growth in Online Ecosystem revenue, which contributed to $1.4 billion of the increase for fiscal 2025.
Current wording
Revenue for our Global Business Solutions segment increased $1.8 billion, or 16%, in fiscal 2026 compared with fiscal 2025. The increase was due to growth in Online Ecosystem revenue, which contributed $1.6 billion to the increase for fiscal 2026.
Previous wording
Online Ecosystem revenue increased $1.4 billion, or 20%, in fiscal 2025 compared with fiscal 2024. QuickBooks Online Accounting revenue increased $741 million, or 22%, in fiscal 2025 compared with fiscal 2024 due to the interrelated factors of higher effective prices, customer growth, and mix-shift. Online Services revenue increased $669 million, or 19%, in fiscal 2025 compared with fiscal 2024 due to increases in revenue from our money offerings of $379 million, our payroll offerings of $279 million, and Mailchimp of $20 million. Revenue increases were due to the interrelated factors described below. Money revenue increased $379 million due to a $242 million increase in payments revenue from payments customer growth, an increase in total payment volume per customer, and higher effective payments prices, and due to a $137 million increase from QuickBooks Capital. Online payroll revenue increased due to customer growth, mix-shift, and higher effective prices. Mailchimp revenue increased due to higher effective prices.
Current wording
Online Ecosystem revenue increased $1.6 billion, or 19%, in fiscal 2026 compared with fiscal 2025. QuickBooks Online Accounting revenue increased $931 million, or 23%, in fiscal 2026 compared with fiscal 2025 due to the interrelated factors of higher effective prices, customer growth, and mix shift. Online Services revenue increased $685 million, or 16%, in fiscal 2026 compared with fiscal 2025 due to increases in revenue from our money offerings of $434 million and our payroll offerings of $266 million. Revenue increases were due to the interrelated factors described below. Money revenue increased $434 million reflecting a $257 million increase in payments revenue driven by payments customer growth, higher total payment volume per customer, and higher revenue yield, and a $177 million increase from QuickBooks Capital due to increased loan volume. Online payroll revenue increased due to mix shift, customer growth, and higher effective prices.
Previous wording
Online Ecosystem average revenue per customer, which we define as total online ecosystem revenue divided by the average number of online paying customers, increased 14% for fiscal 2025 compared with fiscal 2024. Online ecosystem paying customers, which we define as the sum of all QuickBooks Online customers, QuickBooks Time customers, Mailchimp paying customers, and customers who subscribe to standalone services outside of QuickBooks Online, increased 5% as of July 31, 2025 compared with July 31, 2024.
Current wording
Online Ecosystem average revenue per customer, which we define as total online ecosystem revenue divided by the average number of online paying customers, increased 15% for fiscal 2026 compared with fiscal 2025. Online Ecosystem paying customers, which we define as the sum of all QuickBooks Online paying customers, QuickBooks Time customers, Mailchimp paying customers, and customers who subscribe to standalone services outside of QuickBooks Online, increased 3% as of July 31, 2026 compared with July 31, 2025.
Previous wording
Desktop Ecosystem revenue increased $134 million, or 5%, in fiscal 2025 compared with fiscal 2024. The increase was due to higher effective prices and changes we made to our QuickBooks desktop offerings beginning in early fiscal 2024 to complete the transition to a recurring subscription model, which more closely aligns our Desktop license and related product updates to our Desktop subscription billing model.
Current wording
Desktop Ecosystem revenue increased $171 million, or 6%, in fiscal 2026 compared with fiscal 2025. The increase was due to higher effective prices.
Previous wording
Global Business Solutions segment operating income increased $1.3 billion, or 18%, in fiscal 2025 compared with fiscal 2024 due to the increase in revenue described above, partially offset by increases in staffing expenses of $59 million, marketing expenses of $45 million, QuickBooks Capital cost of revenue of $42 million due to increased loan volume, online payments cost of revenue of $41 million due to an increase in payments volume, and sales-related expenses of $22 million.
Current wording
Global Business Solutions segment operating income increased $1.4 billion, or 17%, in fiscal 2026 compared with fiscal 2025 due to the increase in revenue described above, partially offset by increases in QuickBooks Capital cost of revenue of $115 million due to increased loan volume, online payments cost of revenue of $80 million, staffing expenses of $70 million, and outside services expenses of $51 million.
Previous wording
In August 2024, we reorganized certain technology and customer success functions that support and benefit the overall platform and are managed at the corporate level rather than at the segment level. As a result, these costs are no longer included in segment operating income and are now included in other corporate expenses. For the twelve months ended July 31, 2024 and 2023, we reclassified $1.4 billion and $1.3 billion, respectively, from Global Business Solutions to other corporate expenses to conform to the current presentation.
Current wording
On August 1, 2025, we reorganized certain marketing, communications, and customer success functions in our Global Business Solutions segment that support and benefit our overall platform and are managed at that level rather than at the segment level. Additionally, certain data science and analytics teams that were managed at the platform level are now managed at the segment level. We have recast certain previously reported amounts to conform to these segment changes. As a result of these changes, for the twelve months ended July 31, 2025 and 2024, we reclassified expenses totaling $9 million and $16 million from Global Business Solutions to other corporate expenses to conform to the current presentation.
Previous wording
Credit Karma segment revenue is primarily derived from cost-per-action transactions, which include the delivery of qualified links that result in completed actions such as credit card issuances and personal loan funding; cost-per-click and cost-per-lead transactions, which include user clicks on advertisements or advertisements that allow for the generation of leads, and primarily relate to mortgage and insurance businesses; and Credit Karma Money.
Current wording
•Credit Karma: cost-per-action transactions, which include the delivery of qualified links that result in completed actions, such as credit card issuances and personal and auto loan funding; cost-per-click and cost-per-lead transactions, which include user clicks on advertisements or advertisements that allow for the generation of leads, and primarily relate to home loans and insurance businesses.
Previous wording
ProTax segment service revenue is derived primarily from ProConnect Tax Online tax products, electronic tax filing services, connected services, and bank products.
Current wording
•ProTax: ProConnect Tax Online tax products; Lacerte, ProSeries, and ProFile desktop tax preparation software products, and related form updates; electronic tax filing services; connected services; and bank products.
Previous wording
Consumer segment product and other revenue is derived primarily from TurboTax desktop tax return preparation software and related form updates.
Current wording
Consumer segment service revenue is primarily derived from our online TurboTax and ProTax offerings, related electronic tax filing services, connected services, and bank products, and Credit Karma. Consumer segment product and other revenue is primarily derived from our TurboTax and ProTax desktop tax return preparation software and related form updates.
Previous wording
Our cost of revenue has three components: (1) cost of service revenue, which includes the direct costs associated with our online and service offerings, such as staffing costs for ongoing production support, customer support, and tax and bookkeeping experts that support our TurboTax Live and QuickBooks Live offerings, costs for data processing and storage capabilities from cloud providers, and costs related to credit score providers; (2) cost of product and other revenue, which includes the direct costs of manufacturing and shipping or electronically downloading our desktop software and financial supplies products; and (3) amortization of acquired technology, which represents the cost of amortizing developed technologies that we have obtained through acquisitions, over their useful lives.
Current wording
Our cost of revenue has three components: (1) cost of service revenue, which includes the direct costs associated with our online and service offerings, such as staffing costs for ongoing production support, customer support, and tax and bookkeeping experts that support our TurboTax Expert Assist, TurboTax Expert Full Service, and Intuit Experts offerings, costs for data processing and storage capabilities from cloud providers, and costs related to credit score providers; (2) cost of product and other revenue, which includes the direct costs of manufacturing and shipping or electronically downloading our desktop software and financial supplies products; and (3) amortization of acquired technology, which represents the cost of amortizing developed technologies that we have obtained through acquisitions, over their useful lives.
Previous wording
Cost of product and other revenue as a percentage of product and other revenue was flat in fiscal 2025 compared with fiscal 2024. Costs of product and other revenue are expensed as incurred, and we do not defer any of these costs when product and other revenue is deferred.
Current wording
Cost of product and other revenue as a percentage of product and other revenue was relatively consistent in fiscal 2026 compared with fiscal 2025. We expense costs of product revenue as they are incurred for delivered software, and we do not defer any of these costs when product revenue is deferred.
Previous wording
Total operating expenses as a percentage of total net revenue decreased in fiscal 2025 compared to fiscal 2024. Total net revenue increased $2.5 billion, or 16%, and total operating expenses increased $870 million, or 9%. The increase in total operating expenses was due to increases of $410 million for marketing expenses, $300 million for staffing expenses, $161 million for outside services, and $52 million for sales-related expenses, partially offset by a $208 million decrease in restructuring charges. See Note 15 to the consolidated financial statements in Item 8 of this Annual Report for more information regarding restructuring charges.
Current wording
Total operating expenses as a percentage of total net revenue was flat in fiscal 2026 compared to fiscal 2025. Total net revenue increased $2.6 billion, or 14%, and total operating expenses increased $1.3 billion, or 12%. The increase in total operating expenses was due to increases of $365 million for staffing expenses, $278 million for restructuring charges, $175 million for outside services, $140 million for share-based compensation expense, and $133 million for marketing expenses. See Note 15 to the consolidated financial statements in Item 8 of this Annual Report for more information regarding restructuring charges.
Previous wording
Interest expense of $247 million in fiscal 2025 consisted of interest on our senior unsecured notes, unsecured revolving credit facility, and commercial paper program. Interest expense of $242 million in fiscal 2024 consisted of interest on our senior unsecured notes and unsecured term loan.
Current wording
Interest expense of $256 million and $247 million in fiscal 2026 and 2025, respectively, consisted of interest on our senior unsecured notes, unsecured revolving credit facilities, and commercial paper program.
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(1)Interest income increased in fiscal 2025 compared to fiscal 2024 due to higher average investable balances.
Current wording
(1)Interest income increased in fiscal 2026 compared to fiscal 2025 due to higher average investable balances, partially offset by lower average interest rates.
Previous wording
(3) During fiscal 2025, we recorded $51 million in net losses on long-term investments.
Current wording
(3) During fiscal 2026, we recorded $180 million in net realized and unrealized gains on long-term investments. During fiscal 2025, we recorded $40 million in losses, net of upward adjustments, on long-term investments.
Previous wording
Our effective tax rate for fiscal 2025 was approximately 20%. Excluding certain tax benefits primarily related to share-based compensation, our effective tax rate was approximately 24%. This rate differed from the federal statutory rate of 21% primarily due to state income taxes and non-deductible share-based compensation, which were partially offset by the benefit we received from the federal research and experimentation credit.
Current wording
Our effective tax rate for fiscal 2026 was approximately 24%. This rate differed from the federal statutory rate of 21% primarily due to state income taxes and non-deductible share-based compensation, which were partially offset by the benefit we received from the federal research and experimentation credit.
Previous wording
Our effective tax rate for fiscal 2024 was approximately 17%. Excluding certain tax benefits primarily related to share-based compensation, our effective tax rate was approximately 24%. This rate differed from the federal statutory rate of 21% primarily due to state income taxes and non-deductible share-based compensation, which were partially offset by the benefit we received from the federal research and experimentation credit. See Note 10 to the consolidated financial statements in Item 8 of this Annual Report for more information about our effective tax rates.
Current wording
Our effective tax rate for fiscal 2025 was approximately 20%. Excluding certain tax benefits primarily related to share-based compensation, our effective tax rate was approximately 24%. This rate differed from the federal statutory rate of 21% primarily due to state income taxes and non-deductible share-based compensation, which were partially offset by the benefit we received from the federal research and experimentation credit. See Note 10 to the consolidated financial statements in Item 8 of this Annual Report for more information about our effective tax rates.
Previous wording
At July 31, 2025, we had net deferred tax assets of $1.2 billion, which included a valuation allowance for California net deferred tax assets primarily related to state research and experimentation tax credit carryforwards. We have also provided a valuation allowance on other non-California state operating loss and foreign operating loss carryforwards. See “Critical Accounting Estimates” earlier in this Item 7 and Note 10 to the consolidated financial statements in Item 8 of this Annual Report for more information.
Current wording
At July 31, 2026, we had net deferred tax liabilities of $67 million, which included a valuation allowance for California net deferred tax assets primarily related to state research and experimentation tax credit carryforwards. We have also provided a valuation allowance on other non-California state operating loss and foreign operating loss carryforwards. See “Critical Accounting Estimates” earlier in this Item 7 and Note 10 to the consolidated financial statements in Item 8 of this Annual Report for more information.
Previous wording
On July 4, 2025, the U.S. federal government enacted the One Big Beautiful Bill Act (OBBBA), which includes significant tax changes, most notably the reinstatement of the immediate expensing of domestic research and developmental expenditures, effective in fiscal 2026. The deductibility of these expenditures is expected to significantly reduce our deferred tax assets and income tax payable for periods starting in fiscal 2026.
Current wording
On July 4, 2025, the U.S. federal government enacted the One Big Beautiful Bill Act (OBBBA), which includes significant tax changes, most notably the reinstatement of the immediate expensing of domestic research and development expenditures, effective in fiscal 2026. The deductibility of these expenditures, including the election to deduct the prior year unamortized, capitalized research and development expenditures reduced deferred tax assets and income taxes payable for fiscal 2026.
Previous wording
The OBBBA has multiple effective dates from fiscal 2025 through fiscal 2027. The provisions effective during fiscal 2025 did not have a significant impact on our fiscal 2025 consolidated financial statements. We are currently assessing all applicable provisions of the legislation and their impact on our consolidated financial statements for fiscal 2026 and beyond.
Current wording
The OBBBA has multiple effective dates from fiscal 2025 through fiscal 2027. We are currently assessing all applicable provisions of the legislation and their impact on our consolidated financial statements for fiscal 2027 and beyond.
Previous wording
At July 31, 2025, our cash, cash equivalents, and investments totaled $4.6 billion, an increase of $478 million from July 31, 2024, driven by cash from operations partially offset by cash used in financing and investing activities. See the discussion of all factors described in“Statements of Cash Flows” below. Our primary sources of liquidity have been cash from operations, which primarily includes the collection of accounts receivable for products and services, the issuance of senior unsecured notes and commercial paper, and borrowings under our credit facilities. Our primary uses of cash have been for research and development programs, selling and marketing activities, acquisitions of businesses, repurchases of our common stock under our stock repurchase programs, the payment of cash dividends, debt service costs and debt repayment, capital projects, and funding of our financing for small and mid-market businesses and early tax refund offerings. As discussed in“Executive Overview – Industry Trends and Seasonality” earlier in this Item 7, our business is subject to significant seasonality. The balance of our cash, cash equivalents, and investments generally fluctuates with that seasonal pattern. We believe the seasonality of our business is likely to continue in the future.
Current wording
At July 31, 2026, our cash, cash equivalents, and investments totaled $7.2 billion, an increase of $2.6 billion from July 31, 2025, driven by cash from operations partially offset by cash used in financing and investing activities. See the discussion of all factors described in“Statements of Cash Flows” below. Our primary sources of liquidity have been cash from operations, which primarily includes the collection of accounts receivable for products and services, the issuance of senior unsecured notes and commercial paper, and borrowings under our credit facilities. Our primary uses of cash have been for research and development programs, selling and marketing activities, acquisitions of businesses, repurchases of our common stock under our stock repurchase programs, the payment of cash dividends, debt service costs and debt repayment, capital projects, and funding of our financing for small and mid-market businesses and consumer money offerings. As discussed in“Executive Overview – Industry Trends and Seasonality” earlier in this Item 7, our business is subject to significant seasonality. The balance of our cash, cash equivalents, and investments generally fluctuates with that seasonal pattern. We believe the seasonality of our business is likely to continue in the future.
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Current report — wording carried from elsewhere
On January 9, 2026, we terminated our amended and restated credit agreement dated February 5, 2024, and entered into a credit agreement with certain lenders providing for a $2.2 billion unsecured revolving credit facility that expires on January 9, 2031 (2026 Credit Facility). The 2026 Credit Facility and our commercial paper program are available to us for general corporate purposes. At July 31, 2026, no amounts were outstanding under the 2026 Credit Facility or the commercial paper program.
Rearranged previous paragraphs (4)
Previous report — wording carried elsewhere
ProTax segment product and other revenue is derived primarily from Lacerte, ProSeries, and ProFile desktop tax preparation software products, and related form updates.
Previous report — wording carried elsewhere
Our unsecured revolving credit facility and commercial paper program are available to us for general corporate purposes. At July 31, 2025, no amounts were outstanding under the unsecured revolving credit facility or the commercial paper program. See Note 7 to the consolidated financial statements in Item 8 of this Annual Report for more information.
Previous report — wording carried elsewhere
•$500 million of 1.650% notes due July 2030 (together, the 2020 Notes).
Previous report — wording carried elsewhere
The 2023 Notes are senior unsecured obligations of Intuit and rank equally with all existing and future unsecured and unsubordinated indebtedness of Intuit and are redeemable by us at any time, subject to a make-whole premium. The indenture governing the 2023 Notes requires us to comply with certain covenants. For example, the 2023 Notes limit our ability to create certain liens and enter into sale and leaseback transactions. As of July 31, 2025, we were compliant with all covenants governing the 2023 Notes. See Note 7 to the consolidated financial statements in Item 8 of this Annual Report for more information.