# EDGAR Filing Document

**Accession Number:** 0000896878
**File Stem:** 0000896878-25-000046
**Filing Date:** 2025-11
**Character Count:** 51121
**Document Hash:** 10ffdd729c245d2e8901cd88c580ded1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000896878-25-000046.hdr.sgml**: 20251120

**ACCESSION NUMBER**: 0000896878-25-000046

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 13

**CONFORMED PERIOD OF REPORT**: 20251120

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251120

**DATE AS OF CHANGE**: 20251120

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** INTUIT INC.
- **CENTRAL INDEX KEY:** 0000896878
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-PREPACKAGED SOFTWARE [7372]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 770034661
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0731

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-21180
- **FILM NUMBER:** 251503006

**BUSINESS ADDRESS:**
- **STREET 1:** 2700 COAST AVENUE
- **CITY:** MOUNTAIN VIEW
- **STATE:** CA
- **ZIP:** 94043
- **BUSINESS PHONE:** 650-944-6000

**MAIL ADDRESS:**
- **STREET 1:** P.O. BOX 7850
- **CITY:** MOUNTAIN VIEW
- **STATE:** CA
- **ZIP:** 94039-7850

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** INTUIT INC
- **DATE OF NAME CHANGE:** 19930204

?xml version='1.0' encoding='ASCII'? intu-20251120

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K** 

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of The**

**Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported): November 20, 2025** 

**INTUIT INC.** 

**(Exact Name of Registrant as Specified in its Charter)**

---

| | | |
|:---|:---|:---|
| **Delaware** | **000-21180** | **77-0034661** |
| **(State or other Jurisdiction<br>of Incorporation)** | **(Commission<br>File Number)** | **(I.R.S. Employer<br>Identification No.)** |

---

**<u>2700 Coast Avenue, Mountain View, CA 94043</u>**

*(Address of principal executive offices, including zip code)*

**(650) 944-6000** 

*(Registrant's telephone number, including area code)*

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| <u>Title of Each Class</u> | <u>Trading Symbol</u> | <u>Name of Exchange on Which Registered</u> |
| Common Stock, $0.01 par value | INTU | Nasdaq Global Select Market |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻

------

**ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION.**

On November 20, 2025, Intuit Inc. (the "Company") announced its financial results for the fiscal quarter ended October 31, 2025 and provided forward-looking guidance. A copy of the press release is attached to this Report as Exhibit 99.01.

The information in this Item 2.02 and the exhibit attached hereto shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly stated by specific reference in such filing.

**ITEM 5.02. DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS.**

On November 18, 2025, the Board of Directors (the "Board") of the Company appointed each of Adena Friedman and Bill McDermott as a director of the Company, effective August 1, 2026. The appointments of Ms. Friedman and Mr. McDermott will be effective August 1, 2026 to accommodate their pre-existing professional obligations.

Each of Ms. Friedman and Mr. McDermott will receive compensation for services as a non-employee director of the Company consistent with the compensation generally provided to other non-employee directors of the Company. Under the current compensation program for non-employee directors, this compensation includes a grant of restricted stock units with a grant date fair value of approximately $116,667 on August 3, 2026. The compensation of the Company's non-employee directors is determined by the Board and disclosed in the Company's 2024 proxy statement, which was filed with the Securities and Exchange Commission on November 27, 2024. With respect to each of Ms. Friedman and Mr. McDermott, there are no arrangements or understandings between the new director and any other person pursuant to which they were selected as a director, and there are no transactions involving the Company and the new director that the Company would be required to report pursuant to Item 404(a) of Regulation S-K.

**ITEM 8.01 OTHER EVENTS.**

On November 20, 2025, the Company also announced that the Board approved a cash dividend of $1.20 per share. The cash dividend will be paid on January 16, 2026 to shareholders of record as of the close of business on January 9, 2026. Future declarations of dividends and the establishment of future record dates and payment dates are subject to the final determination of the Board. A copy of the press release announcing the cash dividend is furnished as Exhibit 99.01 to this Report.

**ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.**

(d) Exhibits

---

| | |
|:---|:---|
| 99.01 | <u>[Press release issued on](fy26q1earningspressrelease.htm)[November 20](fy26q1earningspressrelease.htm)[, 2025 reporting financial results for the quarter ended](fy26q1earningspressrelease.htm)[October](fy26q1earningspressrelease.htm)[3](fy26q1earningspressrelease.htm)[1](fy26q1earningspressrelease.htm)[, 2025 and announcing the cash dividend.\*](fy26q1earningspressrelease.htm)</u> |
| 104 | Cover Page Interactive Data File (the cover page XBRL tags are embedded within the inline XBRL document) |

---

\* This exhibit is intended to be furnished and shall not be deemed "filed" for purposes of the Securities Exchange Act of 1934, as amended.

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | | |
|:---|:---|:---|:---|
| Date: | November 20, 2025 | INTUIT INC. | INTUIT INC. |
|  |  | By: | /s/ Sandeep S. Aujla |
|  |  |  | Sandeep S. Aujla |
|  |  |  | Executive Vice President and <br>Chief Financial Officer |

---

## Exhibit 99.01

**Exhibit 99.01**

---

| | | |
|:---|:---|:---|
| **Contacts:** | **Investors** | **Media** |
| | Kim Watkins | Kali Fry |
| | Intuit Inc. | Intuit Inc. |
| | 650-944-3324 | 650-944-3036 |
| | kim_watkins@intuit.com | kali_fry@intuit.com |

---

**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. - November 20, 2025 -** <u>Intuit Inc.</u> (Nasdaq: INTU), the global financial technology platform that makes Intuit <u>TurboTax</u>, <u>Credit Karma</u>, <u>QuickBooks</u>, and <u>Mailchimp</u>, 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Grew total revenue to $3.9 billion, up 18 percent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Grew Consumer revenue to $894 million, up 21 percent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Increased GAAP operating income to $534 million, up 97 percent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Grew non-GAAP operating income to $1.3 billion, up 32 percent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Increased GAAP diluted earnings per share to $1.59, up 127 percent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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** | **GAAP** | **GAAP** | **Non-GAAP** | **Non-GAAP** | **Non-GAAP** |
| | **Q1<br>FY26** | **Q1<br>FY25** | **Change** | **Q1<br>FY26** | **Q1<br>FY25** | **Change** |
| **Revenue** | $3885 | $3283 | 18% | $3885 | $3283 | 18% |
| **Operating Income** | $534 | $271 | 97% | $1258 | $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** 

**<u>Global Business Solutions</u>**

Global Business Solutions revenue grew to $3.0 billion, up 18 percent, and Online Ecosystem revenue increased to $2.4 billion, up 21 percent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• QuickBooks Online Accounting revenue grew 25 percent in the quarter, driven by higher effective prices, customer growth, and mix-shift.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Online Services revenue grew 17 percent, driven by growth in money and payroll offerings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Total international online revenue grew 9 percent on a constant currency basis.

**<u>Consumer</u>**

Consumer revenue of $894 million was up 21 percent in the quarter.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Credit Karma revenue grew 27 percent to $651 million, driven by strength in personal loans, credit cards, and auto insurance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• TurboTax revenue grew 6 percent to $198 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ProTax revenue grew 15 percent to $45 million.

**Capital Allocation Summary** 

The company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reported a total cash and investments balance of approximately $3.7 billion and $6.1 billion in debt as of October 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Repurchased $851 million of stock, and $4.4 billion remains on the company's share repurchase authorization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Revenue of $20.997 billion to $21.186 billion, growth of approximately 12 to 13 percent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• GAAP operating income of $5.782 billion to $5.859 billion, growth of approximately 17 to 19 percent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Non-GAAP operating income of $8.611 billion to $8.688 billion, growth of approximately 14 to 15 percent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• GAAP diluted earnings per share of $15.49 to $15.69, growth of approximately 13 to 15 percent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Revenue growth of approximately 14 to 15 percent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• GAAP diluted earnings per share of $1.76 to $1.81.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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**

<u>Intuit</u> 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 <u>TurboTax</u>, <u>Credit Karma</u>, <u>QuickBooks</u>, and <u>Mailchimp</u>, 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 <u>Intuit.com</u> and find us on <u>social</u> for the latest information about Intuit and our products and services.

**About Non-GAAP Financial Measures**

This press release and the accompanying tables include non-GAAP financial measures. For a description of these non-GAAP financial measures, including the reasons management uses each measure, and reconciliations of these non-GAAP financial measures to the most directly comparable financial measures prepared in accordance with Generally Accepted Accounting Principles, please see the section of the accompanying tables titled "About Non-GAAP Financial Measures" as well as the related Table B1,

------

Table B2, and Table E. A copy of the press release issued by Intuit today can be found on the investor relations page of Intuit's website.

**Cautions About Forward-looking Statements**

This press release contains forward-looking statements, including expectations regarding: forecasts and timing of growth and future financial results of Intuit and its reporting segments; Intuit's prospects for the business in fiscal 2026 and beyond; timing and growth of revenue from current or future products and services; demand for our products; customer growth and retention; Intuit's corporate tax rate; the amount and timing of any future dividends or share repurchases; and the impact of strategic decisions on our business; as well as all of the statements under the heading "Forward-looking Guidance."

Because these forward-looking statements involve risks and uncertainties, there are important factors that could cause our actual results to differ materially from the expectations expressed in the forward-looking statements. These risks and uncertainties may be amplified by the effects of global developments and conditions or events, including macroeconomic uncertainty and geopolitical conditions, which have caused significant global economic instability and uncertainty. Given these risks and uncertainties, persons reading this communication are cautioned not to place any undue reliance on such forward-looking statements. These factors include, without limitation, the following: our ability to compete successfully; potential governmental encroachment in our tax business; our ability to develop, deploy, and use artificial intelligence in our platform and offerings; our ability to adapt to technological change and to successfully extend our platform; our ability to predict consumer behavior; our ability to anticipate and solve new and existing customer problems; our reliance on intellectual property; our ability to protect our intellectual property rights; any harm to our reputation; risks associated with our environmental, social, and governance efforts; risks associated with acquisition and divestiture activity; the issuance of equity or incurrence of debt to fund acquisitions or for general business purposes; cybersecurity incidents (including those affecting the third parties we rely on); customer or regulator concerns about privacy and cybersecurity incidents; fraudulent activities by third parties, including through the use of AI; our failure to process transactions effectively; interruption or failure of our information technology; our ability to develop and maintain critical third-party business relationships; our ability to attract and retain talent and the success of our hybrid work model; our ability to effectively develop and deploy AI in our offerings; any deficiency in the quality or accuracy of our offerings (including the advice given by experts on our platform); any delays in product launches; difficulties in processing or filing customer tax submissions; risks associated with international operations; risks associated with climate change; changes to, and evolving interpretations of public policy, laws, or regulations affecting our businesses; allegations of legal claims and legal proceedings in which we are involved; fluctuations in the results of our tax business due to seasonality and other factors beyond our control; changes in tax rates and tax reform legislation; global economic conditions (including, without limitation, inflation); exposure to credit, counterparty, and other

------

risks in providing capital to businesses; amortization of acquired intangible assets and impairment charges; our ability to repay or otherwise comply with the terms of our outstanding debt; our ability to repurchase shares or distribute dividends; volatility of our stock price; and our ability to successfully market our offerings.

More details about these and other risks that may impact our business are included in our Form 10-K for fiscal 2025 and in our other SEC filings. You can locate these reports through our website at https://investors.intuit.com. 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** | **Three Months Ended** |
| | **October 31,<br>2025** | **October 31,<br>2024** |
| Net revenue: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Service | $3497 | $2889 |
| &nbsp;&nbsp;&nbsp;&nbsp;Product and other | 388 | 394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total net revenue | 3885 | 3283 |
| Costs and expenses: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of revenue: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of service revenue | 824 | 772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of product and other revenue | 15 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of acquired technology | 44 | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;Selling and marketing | 1082 | 962 |
| &nbsp;&nbsp;&nbsp;&nbsp;Research and development | 843 | 704 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 422 | 394 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of other acquired intangible assets | 121 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructuring |  | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total costs and expenses [A] | 3351 | 3012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 |
| 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** | **Three Months Ended** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(In millions)* | **October 31,<br>2025** | **October 31,<br>2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of revenue | $97 | $111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Selling and marketing | 156 | 137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Research and development | 185 | 161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 105 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total share-based compensation expense | $543 | $511 |

---

[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** | **Fiscal 2026** | **Fiscal 2026** | **Fiscal 2026** | **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)** | $1258 | $— | $— | $— | $1258 |
| **GAAP net income (loss)** | $446 | $— | $— | $— | $446 |
| 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 |
| 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]&nbsp;&nbsp;&nbsp;&nbsp;During the three months ended October 31, 2025, we recognized $34 million in net gains on other long-term investments.

[B]&nbsp;&nbsp;&nbsp;&nbsp;As discussed in "About Non-GAAP Financial Measures - Income Tax Effects and Adjustments" following Table E, our long-term non-GAAP tax rate eliminates the effects of non-recurring and period-specific items. Income tax adjustments consist primarily of the tax impact of the non-GAAP pre-tax adjustments and tax benefits related to share-based compensation.

See "About Non-GAAP Financial Measures" immediately following Table E for information on these measures, the items excluded from the most directly comparable GAAP measures in arriving at non-GAAP financial measures, and the reasons management uses each measure and excludes the specified amounts in arriving at each non-GAAP financial measure.

------

**TABLE B2**

INTUIT INC.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

TO MOST DIRECTLY COMPARABLE GAAP FINANCIAL MEASURES

(In millions, except per share amounts)

(Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Fiscal 2025** | **Fiscal 2025** | **Fiscal 2025** | **Fiscal 2025** | **Fiscal 2025** |
| | **Q1** | **Q2** | **Q3** | **Q4** | **Full Year** |
| **GAAP operating income (loss)** | $271 | $593 | $3720 | $339 | $4923 |
| 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 | 1968 |
| **Non-GAAP operating income (loss)** | $953 | $1260 | $4343 | $1016 | $7572 |
| **GAAP net income (loss)** | $197 | $471 | $2820 | $381 | $3869 |
| 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 | 1968 |
| 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 | $3280 | $776 | $5703 |
| **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 |

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[A]&nbsp;&nbsp;&nbsp;&nbsp;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.

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**TABLE C**

INTUIT INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In millions)

(Unaudited)

---

| | | |
|:---|:---|:---|
| | **October 31,<br>2025** | **July 31,<br>2025** |
| ASSETS |  |  |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $3506 | $2884 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments | 190 | 1668 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net | 579 | 530 |
| &nbsp;&nbsp;&nbsp;&nbsp;Notes receivable held for investment | 1519 | 1403 |
| &nbsp;&nbsp;&nbsp;&nbsp;Notes receivable held for sale | 48 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Income taxes receivable | 31 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 630 | 496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current assets before funds receivable and amounts held for customers | 6503 | 7031 |
| &nbsp;&nbsp;&nbsp;&nbsp;Funds receivable and amounts held for customers | 3918 | 7076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 10421 | 14107 |
| Long-term investments | 92 | 94 |
| Property and equipment, net | 965 | 961 |
| Operating lease right-of-use assets | 596 | 541 |
| Goodwill | 13980 | 13980 |
| Acquired intangible assets, net | 5136 | 5302 |
| Long-term deferred income tax assets | 1173 | 1222 |
| Other assets | 828 | 751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $33191 | $36958 |
| LIABILITIES AND STOCKHOLDERS' EQUITY |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-term debt | $749 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | 670 | 792 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued compensation and related liabilities | 479 | 858 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue | 1045 | 1019 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current liabilities | 658 | 625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current liabilities before funds payable and amounts due to customers | 3601 | 3294 |
| &nbsp;&nbsp;&nbsp;&nbsp;Funds payable and amounts due to customers | 3918 | 7076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 7519 | 10370 |
| Long-term debt | 5391 | 5973 |
| Operating lease liabilities | 643 | 597 |
| Other long-term obligations | 316 | 308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 13869 | 17248 |
| Stockholders' equity | 19322 | 19710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and stockholders' equity | $33191 | $36958 |

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**TABLE D**

INTUIT INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In millions)

(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** |
|  | **October 31,<br>2025** | **October 31,<br>2024** |
| **Cash flows from operating activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income | $446 | $197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net income to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation | 44 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of acquired intangible assets | 165 | 157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-cash operating lease cost | 23 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation expense | 543 | 511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | 58 | (91) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | (6) | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total adjustments | 827 | 703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | (49) | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income taxes receivable | 19 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | (119) | (27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | (135) | (75) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued compensation and related liabilities | (378) | (507) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue | 25 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities | (23) | (22) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | 24 | (8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total changes in operating assets and liabilities | (636) | (538) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash provided by operating activities** | **637** | **362** |
| **Cash flows from investing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases of corporate and customer fund investments | (101) | (306) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales of corporate and customer fund investments | 115 | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturities of corporate and customer fund investments | 1473 | 235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases of property and equipment | (38) | (33) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Originations and purchases of notes receivable held for investment | (1297) | (666) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales of notes receivable originally classified as held for investment | 213 | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal repayments of notes receivable held for investment | 876 | 420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | (43) | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash provided by (used in) investing activities** | **1198** | **(188)** |
| **Cash flows from financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from borrowings under secured revolving credit facilities | 166 | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from issuance of stock under employee stock plans | 62 | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments for employee taxes withheld upon vesting of restricted stock units | (244) | (239) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash paid for purchases of treasury stock | (854) | (557) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends and dividend rights paid | (341) | (296) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net change in funds receivable and funds payable and amounts due to customers | (3160) | 1672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | (1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash provided by (used in) financing activities** | **(4372)** | **761** |

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------

---

| | | |
|:---|:---|:---|
| 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** | **(2538)** | **935** |
| Cash, cash equivalents, restricted cash, and restricted cash equivalents at beginning of period | 9481 | 7099 |
| **Cash, cash equivalents, restricted cash, and restricted cash equivalents at end of period** | $**6943** | $**8034** |
| 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 |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $3506 | $2872 |
| &nbsp;&nbsp;&nbsp;Restricted cash and restricted cash equivalents included in funds receivable and amounts held for customers | 3437 | 5162 |
| **Total cash, cash equivalents, restricted cash, and restricted cash equivalents at end of period** | $**6943** | $**8034** |
| &nbsp;&nbsp;&nbsp;**Supplemental schedule of non-cash investing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;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

(In millions, except per share amounts)

(Unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Forward-Looking Guidance** | **Forward-Looking Guidance** | **Forward-Looking Guidance** | **Forward-Looking Guidance** | **Forward-Looking Guidance** | **Forward-Looking Guidance** |
| | **GAAP<br>Range of Estimate** | **GAAP<br>Range of Estimate** | | | **Non-GAAP<br>Range of Estimate** | **Non-GAAP<br>Range of Estimate** |
| | **From** | **To** |<br>**Adjmts** | | **From** | **To** |
| **Three Months Ending January 31, 2026** | | | | | | |
| Revenue | $4519 | $4549 | $— |  | $4519 | $4549 |
| Operating income | $676 | $691 | $695 | [a] | $1371 | $1386 |
| Diluted net income per share | $1.76 | $1.81 | $1.87 | [b] | $3.63 | $3.68 |
| **Twelve Months Ending July 31, 2026** |  |  |  |  |  |  |
| Revenue | $20997 | $21186 | $— |  | $20997 | $21186 |
| Operating income | $5782 | $5859 | $2829 | [c] | $8611 | $8688 |
| Diluted net income per share | $15.49 | $15.69 | $7.49 | [d] | $22.98 | $23.18 |

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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.

[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.

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**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 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Amortization of acquired technology

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Amortization of other acquired intangible assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Restructuring charges

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Share-based compensation expense

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Gains and losses on executive deferred compensation plan liabilities

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Goodwill and intangible asset impairment charges

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Gains and losses on disposals of businesses and long-lived assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Gains and losses on debt securities and other investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Gains and losses on executive deferred compensation plan assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Income tax effects and adjustments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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 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.

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*Gains and losses on executive deferred compensation plan liabilities*. We exclude from our non-GAAP financial measures gains and losses on the revaluation of our executive deferred compensation plan liabilities.

*Goodwill and intangible asset impairment charges*. We exclude from our non-GAAP financial measures non-cash charges to adjust the carrying values of goodwill and other acquired intangible assets to their estimated fair values.

*Gains and losses on disposals of businesses and long-lived assets.* We exclude from our non-GAAP financial measures gains and losses on disposals of businesses and long-lived assets because they are unrelated to our ongoing business operating results.

*Professional fees and transaction costs for business combinations*. We exclude from our non-GAAP financial measures the professional fees we incur to complete business combinations. These include investment banking, legal, and accounting fees.

*Gains and losses on debt securities and other investments*. We exclude from our non-GAAP financial measures credit losses on available-for-sale debt securities and gains and losses on other investments.

*Gains and losses on executive deferred compensation plan assets*. We exclude from our non-GAAP financial measures gains and losses on the revaluation of our executive deferred compensation plan assets.

*Income tax effects and adjustments.* We use a long-term non-GAAP tax rate for evaluating operating results and for planning, forecasting, and analyzing future periods. This long-term non-GAAP tax rate excludes the income tax effects of the non-GAAP pre-tax adjustments described above, and eliminates the effects of non-recurring and period specific items which can vary in size and frequency. Based on our long-term projections, we are using a long-term non-GAAP tax rate of 24% for fiscal 2025 and fiscal 2026. This long-term non-GAAP tax rate could be subject to change for various reasons including significant acquisitions, changes in our geographic earnings mix, or fundamental tax law changes in major jurisdictions in which we operate. We will evaluate this long-term non-GAAP tax rate on an annual basis and whenever any significant events occur which may materially affect this rate.

*Operating results and gains and losses on the sale of discontinued operations*. From time to time, we sell or otherwise dispose of selected operations as we adjust our portfolio of businesses to meet our strategic goals. In accordance with GAAP, we segregate the operating results of discontinued operations as well as gains and losses on the sale of these discontinued operations from continuing operations on our GAAP statements of operations but continue to include them in GAAP net income or loss and net income or loss per share. We exclude these amounts from our non-GAAP financial measures.

The reconciliations of the forward-looking non-GAAP financial measures to the most directly comparable GAAP financial measures in Table E include all information reasonably available to Intuit at the date of this press release. These tables include adjustments that we can reasonably predict. Events that could cause the reconciliation to change include acquisitions and divestitures of businesses, goodwill and other asset impairments, sales of available-for-sale debt securities and other investments, and disposals of businesses and long-lived assets.