Intuit Reports Fourth Quarter and Full Year Fiscal 2026 Results; Sets Fiscal 2027 Guidance
Fourth-quarter revenue grew 14 percent, full year fiscal 2026 revenue grew 14 percent
MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--Intuit Inc. (Nasdaq: INTU) the global financial technology platform that makes Intuit TurboTax, Credit Karma, QuickBooks, Mailchimp, and Intuit Enterprise Suite, announced financial results for the fourth quarter and full fiscal year 2026, which ended July 31, 2026.
“We surpassed $20 billion in revenue for the full year with growth fueled by our Big Bets which collectively grew 34 percent and represented 30 percent of full-year revenue,” said Sasan Goodarzi, Intuit’s chairman and chief executive officer. “Our strategy is to win as an AI-driven expert platform by creating a financial system of intelligence that increasingly does the work for consumers, businesses, and accountants and helps them accomplish the outcomes that matter most. Looking ahead, we're focused on scaling our Big Bets, accelerating customer growth, and making deliberate choices to create a stronger foundation for durable long-term growth.”
Financial Highlights
For the full year:
- Total revenue increased 14 percent to $21.4 billion.
- Global Business Solutions revenue increased 16 percent to $12.9 billion, and Online Ecosystem revenue increased 19 percent to $9.9 billion.
- Consumer revenue increased 11 percent to $8.6 billion.
- GAAP operating income increased 20 percent to $5.9 billion, and non-GAAP operating income increased 18 percent to $8.9 billion.
- GAAP earnings per share increased 20 percent to $16.46, and non-GAAP earnings per share increased 20 percent to $24.27.
For the fourth quarter:
- Total revenue increased 14 percent to $4.4 billion.
- Global Business Solutions revenue increased 14 percent to $3.4 billion, and Online Ecosystem revenue increased 17 percent to $2.6 billion.
- Consumer revenue increased 14 percent to $930 million.
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.
“Fiscal 2026 demonstrated the strength of our platform and the growing contribution of our Big Bets,” said Sandeep Aujla, Intuit's chief financial officer. “As we look ahead, we are focused on execution and taking a disciplined approach to investments as we scale our Big Bets and accelerate customer growth. We remain committed to delivering durable revenue growth, operating margin expansion, and growing capital returns to shareholders over the long term.”
Business Segment Results
For the full year:
-
Global Business Solutions revenue increased 16 percent to $12.9 billion. Excluding Mailchimp, Global Business Solutions revenue increased 18 percent. Online Ecosystem revenue increased 19 percent to $9.9 billion. Excluding Mailchimp, Online Ecosystem revenue increased 23 percent.
- QuickBooks Online Accounting revenue increased 23 percent.
- Online Services revenue increased 16 percent. Excluding Mailchimp, Online Services revenue grew 24 percent.
- Total international online revenue increased 10 percent on a constant currency basis.
-
Consumer revenue increased 11 percent to $8.6 billion.
- TurboTax revenue increased 7 percent to $5.3 billion. TurboTax Live revenue increased 37 percent, representing 53 percent of total TurboTax revenue.
- Credit Karma revenue increased 20 percent to $2.6 billion.
- ProTax revenue increased 4 percent to $647 million.
TurboTax Federal Unit Data
Units in millions |
Full Fiscal Year
|
Full Fiscal Year
|
Change
|
Desktop Units | 4.1 | 4.4 | (7)% |
Online Units | 34.9 | 35.5 | (2)% |
Total U.S. TurboTax Units | 39.0 | 39.9 | (2)% |
For the fourth quarter:
-
Global Business Solutions revenue increased 14 percent to $3.4 billion. Excluding Mailchimp, Global Business Solutions revenue increased 15 percent. Online Ecosystem revenue increased 17 percent to $2.6 billion. Excluding Mailchimp, Online Ecosystem revenue increased 20 percent.
- QuickBooks Online Accounting revenue increased 20 percent driven by higher effective prices, customer growth, and mix shift.
- Online Services revenue increased 15 percent driven by money and payroll. Excluding Mailchimp, Online Services revenue increased 21 percent.
- Total international online revenue increased 10 percent on a constant currency basis.
-
Consumer revenue increased 14 percent to $930 million.
- TurboTax revenue increased 3 percent to $153 million.
- Credit Karma revenue increased 16 percent to $743 million driven by strength in personal loans, auto insurance, and credit cards.
- ProTax revenue increased 6 percent to $34 million.
Capital Allocation Summary
- Total cash and investments balance was $7.2 billion and total debt was $7.7 billion as of July 31, 2026. In June, we issued $1.75 billion in senior notes which further strengthens our liquidity to address debt maturing in fiscal 2027.
- Intuit repurchased $5.5 billion of stock during fiscal year 2026, up 96 percent versus last year, and these repurchases drove a 2 percent reduction in weighted-average diluted shares outstanding as share repurchases more than offset dilution from share-based compensation. The company has a total remaining authorization of $7.9 billion to repurchase shares.
- Intuit’s Board approved a quarterly dividend of $1.38 per share, payable on October 16, 2026. This represents a 15 percent increase versus last year.
Mailchimp Segment Reporting Change
Effective August 1, 2026, the company began managing Mailchimp as a separate operating segment from Global Business Solutions. Mailchimp will be a separate reportable segment beginning in fiscal 2027. Additional information can be found on the company's fact sheet at https://investors.intuit.com/financial-information.
Non-GAAP Reporting Change
Effective August 1, 2026, share-based compensation expense will no longer be excluded from Intuit’s non-GAAP financial measures. The company views share-based compensation as a recurring component of the compensation program, and believes including this expense in non-GAAP financial measures reflects core operating results.
Forward-looking Guidance
Intuit announced guidance for the full year fiscal 2027 as well as the first quarter of fiscal 2027. All guidance reflects the Mailchimp segment reporting change as well as the non-GAAP reporting change noted above. The company expects:
Full Year Fiscal 2027 Guidance
| GAAP | Non-GAAP | ||
| FY27 | Change | FY27 | Change |
Total Revenue | $23,279 to $23,512 | 9% to 10% |
|
|
Global Business Solutions | $13,068 to $13,158 | 13% to 14% |
|
|
TurboTax | $5,377 to $5,453 | 2% to 3% |
|
|
Credit Karma | $2,919 to $2,973 | 11% to 13% |
|
|
ProTax | $659 to $662 | 2% |
|
|
Consumer | $8,955 to $9,088 | 4% to 6% |
|
|
Mailchimp | $1,256 to $1,266 | (1)% to 0% |
|
|
Operating Income | $7,408 to $7,490 | 26% to 27% | $8,063 to $8,145(1) | 17% to 18% |
Diluted Earnings Per Share | $20.12 to $20.36 | 22% to 24% | $22.88 to $23.12(1) | 23% to 24% |
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). | ||||
(1) Non-GAAP operating income guidance includes $2,020 million from share-based compensation expense, and non-GAAP diluted earnings per share guidance includes a $5.81 impact from share-based compensation expense. | ||||
First Quarter Fiscal 2027 Guidance
| GAAP | Non-GAAP | ||
| Q1FY27 | Change | Q1FY27 | Change |
Total Revenue | $4,294 to $4,313 | 11% |
|
|
Operating Income | $716 to $729 | 34% to 37% | $902 to $915(1) | 26% to 28% |
Diluted Earnings Per Share | $1.71 to $1.75 | 8% to 10% | $2.44 to $2.48(1) | 30% to 33% |
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). | ||||
(1) Non-GAAP operating income guidance includes $521 million from share-based compensation expense, and non-GAAP diluted earnings per share guidance includes a $1.48 impact from share-based compensation expense. | ||||
Conference Call Details
Intuit executives will discuss the financial results on a conference call at 1:30 p.m. Pacific time on August 25. 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.
Investor Day 2027
Intuit will host its annual Investor Day on September 17 at 8:00 a.m. Pacific time, at its headquarters in Mountain View, CA. The event can be viewed live at https://investors.intuit.com/news-events/ir-calendar and a replay will be available on the Intuit Investor Relations website. The half-day event will include presentations from Sasan Goodarzi, chief executive officer, Sandeep Aujla, chief financial officer, and other leaders.
About Intuit
Intuit is the global financial technology platform that powers prosperity for the people and communities we serve. With approximately 100 million customers worldwide using products such as TurboTax, Credit Karma, QuickBooks, and Mailchimp, and Intuit Enterprise Suite, we believe that everyone should have the opportunity to prosper. We never stop working to find new, innovative ways to make that possible. Please visit us at Intuit.com and find us on social for the latest information about Intuit and our products and services.
About Non-GAAP Financial Measures
This press release and the accompanying tables include non-GAAP financial measures. For 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 2027 and beyond; Intuit’s growth outside the US; timing and growth of revenue from current or future products, features, and services; innovation across our ecosystem; demand for our products; customer growth and retention; Intuit's corporate tax rate; changes to our products, including the impact of artificial intelligence (AI); the amount and timing of any future dividends or share repurchases; our capital structure; our share-based compensation expense; availability of our offerings; 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 realize the anticipated benefits of our restructuring plan (Plan); risks related to the preliminary nature of the estimate of the charges to be incurred in connection with the Plan, which is subject to change; risks related to any delays in the timing for implementing the Plan or potential disruptions to our business or operations as we execute on the Plan; our ability to compete successfully; potential governmental encroachment in our tax business; our ability to develop, deploy, and use AI 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 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. First-quarter and full-year fiscal 2027 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 |
| Twelve Months Ended | ||||||||||||
|
July 31, |
|
July 31, |
|
July 31, |
|
July 31, | ||||||||
|
|
|
|
|
|
|
| ||||||||
Net revenue: |
|
|
|
|
|
|
| ||||||||
Service | $ | 3,783 |
|
| $ | 3,291 |
|
| $ | 18,911 |
|
| $ | 16,400 |
|
Product and other |
| 571 |
|
|
| 540 |
|
|
| 2,537 |
|
|
| 2,431 |
|
Total net revenue |
| 4,354 |
|
|
| 3,831 |
|
|
| 21,448 |
|
|
| 18,831 |
|
Costs and expenses: |
|
|
|
|
|
|
| ||||||||
Cost of revenue: |
|
|
|
|
|
|
| ||||||||
Cost of service revenue |
| 894 |
|
|
| 834 |
|
|
| 4,016 |
|
|
| 3,624 |
|
Cost of product and other revenue |
| 16 |
|
|
| 16 |
|
|
| 63 |
|
|
| 68 |
|
Amortization of acquired technology |
| 43 |
|
|
| 44 |
|
|
| 174 |
|
|
| 156 |
|
Selling and marketing |
| 1,264 |
|
|
| 1,251 |
|
|
| 5,534 |
|
|
| 5,035 |
|
Research and development |
| 857 |
|
|
| 801 |
|
|
| 3,376 |
|
|
| 2,928 |
|
General and administrative |
| 391 |
|
|
| 424 |
|
|
| 1,623 |
|
|
| 1,601 |
|
Amortization of other acquired intangible assets |
| 121 |
|
|
| 121 |
|
|
| 485 |
|
|
| 481 |
|
Restructuring |
| 293 |
|
|
| 1 |
|
|
| 293 |
|
|
| 15 |
|
Total costs and expenses [A] |
| 3,879 |
|
|
| 3,492 |
|
|
| 15,564 |
|
|
| 13,908 |
|
Operating income |
| 475 |
|
|
| 339 |
|
|
| 5,884 |
|
|
| 4,923 |
|
Interest expense |
| (70 | ) |
|
| (59 | ) |
|
| (256 | ) |
|
| (247 | ) |
Interest and other income, net |
| 135 |
|
|
| 86 |
|
|
| 389 |
|
|
| 158 |
|
Income before income taxes |
| 540 |
|
|
| 366 |
|
|
| 6,017 |
|
|
| 4,834 |
|
Income tax (benefit) provision [B] |
| 177 |
|
|
| (15 | ) |
|
| 1,451 |
|
|
| 965 |
|
Net income | $ | 363 |
|
| $ | 381 |
|
| $ | 4,566 |
|
| $ | 3,869 |
|
|
|
|
|
|
|
|
| ||||||||
Basic net income per share | $ | 1.34 |
|
| $ | 1.36 |
|
| $ | 16.53 |
|
| $ | 13.82 |
|
Shares used in basic per share calculations |
| 272 |
|
|
| 279 |
|
|
| 276 |
|
|
| 280 |
|
|
|
|
|
|
|
|
| ||||||||
Diluted net income per share | $ | 1.34 |
|
| $ | 1.35 |
|
| $ | 16.46 |
|
| $ | 13.67 |
|
Shares used in diluted per share calculations |
| 272 |
|
|
| 282 |
|
|
| 277 |
|
|
| 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 |
| Twelve Months Ended | ||||||||||
(In millions) |
July 31,
|
|
July 31,
|
|
July 31,
|
|
July 31,
| ||||||
Cost of revenue | $ | 93 |
| $ | 101 |
| $ | 371 |
| $ | 423 | ||
Selling and marketing |
| 144 |
|
| 137 |
|
| 587 |
|
| 541 | ||
Research and development |
| 174 |
|
| 159 |
|
| 706 |
|
| 629 | ||
General and administrative |
| 96 |
|
| 93 |
|
| 392 |
|
| 375 | ||
Total share-based compensation expense | $ | 507 |
| $ | 490 |
| $ | 2,056 |
| $ | 1,968 | ||
[B] | We recognized tax shortfalls on share-based compensation of $43 million in our provision for income taxes for the twelve months ended July 31, 2026. We recognized excess tax benefits on share-based compensation of $143 million in our provision for income taxes for the twelve months ended July 31, 2025. | ||||||||||||
Our effective tax rate for the twelve months ended July 31, 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. | |||||||||||||
Our effective tax rate for the twelve months ended July 31, 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. | |||||||||||||
In the current global tax policy environment, the U.S. and other domestic and foreign governments continue to consider, and in some cases enact, changes in corporate tax laws. As changes occur, we account for finalized legislation in the period of enactment. | |||||||||||||
TABLE B1 INTUIT INC. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO MOST DIRECTLY COMPARABLE GAAP FINANCIAL MEASURES (In millions, except per share amounts) (Unaudited) | |||||||||||||||||||
| Fiscal 2026 | ||||||||||||||||||
| Q1 |
| Q2 |
| Q3 |
| Q4 |
| Full Year | ||||||||||
GAAP operating income (loss) | $ | 534 |
|
| $ | 855 |
|
| $ | 4,020 |
|
| $ | 475 |
|
| $ | 5,884 |
|
Amortization of acquired technology |
| 44 |
|
|
| 44 |
|
|
| 43 |
|
|
| 43 |
|
|
| 174 |
|
Amortization of other acquired intangible assets |
| 121 |
|
|
| 121 |
|
|
| 122 |
|
|
| 121 |
|
|
| 485 |
|
Restructuring |
| — |
|
|
| — |
|
|
| — |
|
|
| 293 |
|
|
| 293 |
|
Net (gain) loss on executive deferred compensation plan liabilities |
| 16 |
|
|
| 8 |
|
|
| 10 |
|
|
| 9 |
|
|
| 43 |
|
Share-based compensation expense |
| 543 |
|
|
| 521 |
|
|
| 485 |
|
|
| 507 |
|
|
| 2,056 |
|
Non-GAAP operating income (loss) | $ | 1,258 |
|
| $ | 1,549 |
|
| $ | 4,680 |
|
| $ | 1,448 |
|
| $ | 8,935 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||
GAAP net income (loss) | $ | 446 |
|
| $ | 693 |
|
| $ | 3,064 |
|
| $ | 363 |
|
| $ | 4,566 |
|
Amortization of acquired technology |
| 44 |
|
|
| 44 |
|
|
| 43 |
|
|
| 43 |
|
|
| 174 |
|
Amortization of other acquired intangible assets |
| 121 |
|
|
| 121 |
|
|
| 122 |
|
|
| 121 |
|
|
| 485 |
|
Restructuring |
| — |
|
|
| — |
|
|
| — |
|
|
| 293 |
|
|
| 293 |
|
Net (gain) loss on executive deferred compensation plan liabilities |
| 16 |
|
|
| 8 |
|
|
| 10 |
|
|
| 9 |
|
|
| 43 |
|
Share-based compensation expense |
| 543 |
|
|
| 521 |
|
|
| 485 |
|
|
| 507 |
|
|
| 2,056 |
|
Net (gain) loss on debt securities and other investments [A] |
| (34 | ) |
|
| (29 | ) |
|
| (44 | ) |
|
| (67 | ) |
|
| (174 | ) |
Net (gain) loss on executive deferred compensation plan assets |
| (15 | ) |
|
| (8 | ) |
|
| (9 | ) |
|
| (8 | ) |
|
| (40 | ) |
Net (gain) loss on disposal of a business |
| — |
|
|
| — |
|
|
| (1 | ) |
|
| 5 |
|
|
| 4 |
|
Income tax effects and adjustments [B] |
| (182 | ) |
|
| (190 | ) |
|
| (134 | ) |
|
| (169 | ) |
|
| (675 | ) |
Non-GAAP net income (loss) | $ | 939 |
|
| $ | 1,160 |
|
| $ | 3,536 |
|
| $ | 1,097 |
|
| $ | 6,732 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||
GAAP diluted net income (loss) per share | $ | 1.59 |
|
| $ | 2.48 |
|
| $ | 11.09 |
|
| $ | 1.34 |
|
| $ | 16.46 |
|
Amortization of acquired technology |
| 0.16 |
|
|
| 0.16 |
|
|
| 0.16 |
|
|
| 0.16 |
|
|
| 0.63 |
|
Amortization of other acquired intangible assets |
| 0.43 |
|
|
| 0.43 |
|
|
| 0.44 |
|
|
| 0.44 |
|
|
| 1.75 |
|
Restructuring |
| — |
|
|
| — |
|
|
| — |
|
|
| 1.08 |
|
|
| 1.06 |
|
Net (gain) loss on executive deferred compensation plan liabilities |
| 0.05 |
|
|
| 0.03 |
|
|
| 0.04 |
|
|
| 0.03 |
|
|
| 0.15 |
|
Share-based compensation expense |
| 1.93 |
|
|
| 1.86 |
|
|
| 1.76 |
|
|
| 1.86 |
|
|
| 7.42 |
|
Net (gain) loss on debt securities and other investments [A] |
| (0.12 | ) |
|
| (0.10 | ) |
|
| (0.16 | ) |
|
| (0.25 | ) |
|
| (0.63 | ) |
Net (gain) loss on executive deferred compensation plan assets |
| (0.05 | ) |
|
| (0.03 | ) |
|
| (0.03 | ) |
|
| (0.03 | ) |
|
| (0.14 | ) |
Net (gain) loss on disposal of a business |
| — |
|
|
| — |
|
|
| (0.01 | ) |
|
| 0.02 |
|
|
| 0.01 |
|
Income tax effects and adjustments [B] |
| (0.65 | ) |
|
| (0.68 | ) |
|
| (0.49 | ) |
|
| (0.62 | ) |
|
| (2.44 | ) |
Non-GAAP diluted net income (loss) per share | $ | 3.34 |
|
| $ | 4.15 |
|
| $ | 12.80 |
|
| $ | 4.03 |
|
| $ | 24.27 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Shares used in GAAP diluted per share calculations |
| 281 |
|
|
| 280 |
|
|
| 276 |
|
|
| 272 |
|
|
| 277 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||
Shares used in non-GAAP diluted per share calculations |
| 281 |
|
|
| 280 |
|
|
| 276 |
|
|
| 272 |
|
|
| 277 |
|
[A] | During the three months ended October 31, 2025, January 31, 2026, April 30, 2026, and July 31, 2026, we recognized $34 million, $31 million, $46 million, and $69 million, respectively, in net gains on other long-term investments. | ||
[B] | As discussed in “About Non-GAAP Financial Measures - Income Tax Effects and Adjustments” following Table E, our long-term non-GAAP tax rate eliminates the effects of non-recurring and period-specific items. Income tax adjustments consist primarily of the tax impact of the non-GAAP pre-tax adjustments and tax effects 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 | ||||||||||||||||||
| Q1 |
| Q2 |
| Q3 |
| Q4 |
| Full Year | ||||||||||
GAAP operating income (loss) | $ | 271 |
|
| $ | 593 |
|
| $ | 3,720 |
|
| $ | 339 |
|
| $ | 4,923 |
|
Amortization of acquired technology |
| 37 |
|
|
| 37 |
|
|
| 38 |
|
|
| 44 |
|
|
| 156 |
|
Amortization of other acquired intangible assets |
| 120 |
|
|
| 120 |
|
|
| 120 |
|
|
| 121 |
|
|
| 481 |
|
Restructuring |
| 9 |
|
|
| 4 |
|
|
| 1 |
|
|
| 1 |
|
|
| 15 |
|
Professional fees for business combinations |
| — |
|
|
| — |
|
|
| 2 |
|
|
| — |
|
|
| 2 |
|
Net (gain) loss on executive deferred compensation plan liabilities |
| 5 |
|
|
| 8 |
|
|
| (7 | ) |
|
| 21 |
|
|
| 27 |
|
Share-based compensation expense |
| 511 |
|
|
| 498 |
|
|
| 469 |
|
|
| 490 |
|
|
| 1,968 |
|
Non-GAAP operating income (loss) | $ | 953 |
|
| $ | 1,260 |
|
| $ | 4,343 |
|
| $ | 1,016 |
|
| $ | 7,572 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||
GAAP net income (loss) | $ | 197 |
|
| $ | 471 |
|
| $ | 2,820 |
|
| $ | 381 |
|
| $ | 3,869 |
|
Amortization of acquired technology |
| 37 |
|
|
| 37 |
|
|
| 38 |
|
|
| 44 |
|
|
| 156 |
|
Amortization of other acquired intangible assets |
| 120 |
|
|
| 120 |
|
|
| 120 |
|
|
| 121 |
|
|
| 481 |
|
Restructuring |
| 9 |
|
|
| 4 |
|
|
| 1 |
|
|
| 1 |
|
|
| 15 |
|
Professional fees for business combinations |
| — |
|
|
| — |
|
|
| 2 |
|
|
| — |
|
|
| 2 |
|
Net (gain) loss on executive deferred compensation plan liabilities |
| 5 |
|
|
| 8 |
|
|
| (7 | ) |
|
| 21 |
|
|
| 27 |
|
Share-based compensation expense |
| 511 |
|
|
| 498 |
|
|
| 469 |
|
|
| 490 |
|
|
| 1,968 |
|
Net (gain) loss on debt securities and other investments [A] |
| 42 |
|
|
| 3 |
|
|
| 2 |
|
|
| (2 | ) |
|
| 45 |
|
Net (gain) loss on executive deferred compensation plan assets |
| (4 | ) |
|
| (7 | ) |
|
| 7 |
|
|
| (20 | ) |
|
| (24 | ) |
Income tax effects and adjustments [B] |
| (208 | ) |
|
| (196 | ) |
|
| (172 | ) |
|
| (260 | ) |
|
| (836 | ) |
Non-GAAP net income (loss) | $ | 709 |
|
| $ | 938 |
|
| $ | 3,280 |
|
| $ | 776 |
|
| $ | 5,703 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||
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 |
|
Contacts
Investors
Kendra Goodenough
Intuit Inc.
650-944-3663
kendra_goodenough@intuit.com
Media
Kali Fry
Intuit Inc.
650-944-3036
kali_fry@intuit.com
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