Form 8-K

8-K — INTUIT INC.

Accession: 0000896878-26-000024

Filed: 2026-05-20

Period: 2026-05-20

CIK: 0000896878

SIC: 7372 (SERVICES-PREPACKAGED SOFTWARE)

Item: Results of Operations and Financial Condition

Item: Cost Associated with Exit or Disposal Activities

Item: Regulation FD Disclosure

Item: Other Events

Item: Financial Statements and Exhibits

Documents

8-K — intu-20260520.htm (Primary)

EX-99.01 (fy26q3earningspressrelease.htm)

EX-99.02 (fy26q3-ex9902.htm)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: intu-20260520.htm · Sequence: 1

intu-20260520

0000896878false00008968782026-05-202026-05-20

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): May 20, 2026

INTUIT INC.

(Exact Name of Registrant as Specified in its Charter)

Delaware 000-21180 77-0034661

(State or other Jurisdiction

of Incorporation) (Commission

File Number) (I.R.S. Employer

Identification No.)

2700 Coast Avenue, Mountain View, CA 94043

(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:

Title of Each Class Trading Symbol Name of Exchange on Which Registered

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 May 20, 2026, Intuit Inc. (the "Company") announced its financial results for the fiscal quarter ended April 30, 2026 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 Exhibit 99.01 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 they be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended (the "Securities Act"), or the Exchange Act, except as shall be expressly stated by specific reference in such filing.

ITEM 2.05 COSTS ASSOCIATED WITH EXIT OR DISPOSAL ACTIVITIES.

On May 20, 2026, the Company announced a plan (the “Plan”) to simplify its organizational structure and become a faster, leaner, more focused company. As part of the Plan, the Company will reduce its full-time workforce by approximately 17% and is considering the closure of certain of its sites in service to growing technology teams and capabilities in strategic locations.

The Company estimates that it will incur approximately $300 million to $340 million in charges in connection with the Plan, primarily in its fourth fiscal quarter ending July 31, 2026. The Company expects these charges to consist primarily of future cash expenditures related to severance payments and employee benefits. The Company expects substantially all of the actions associated with the Plan to be completed by its first fiscal quarter ending October 31, 2026, subject to local law and consultation requirements.

The estimate of the charges that the Company expects to incur in connection with the Plan, and the timing thereof, are subject to a number of assumptions, including local law requirements in various jurisdictions, and actual amounts may differ materially from estimates. In addition, the Company may incur other charges not currently contemplated due to unanticipated events that may occur, including in connection with the implementation of the Plan.

ITEM 7.01 REGULATION FD DISCLOSURE.

On May 20, 2026, Sasan Goodarzi, the Company’s Chairman and Chief Executive Officer, sent an email to the Company’s employees regarding the Plan. A copy of this email is attached to this Current Report on Form 8-K as Exhibit 99.02 and is incorporated herein by reference.

The information in this Item 7.01 and Exhibit 99.02 attached hereto shall not be deemed “filed” for purposes of Section 18 of the Exchange Act, nor shall they be deemed incorporated by reference in any filing under the Securities Act or the Exchange Act, except as shall be expressly stated by specific reference in such filing.

ITEM 8.01 OTHER EVENTS.

On May 20, 2026, the Company also announced that the Board approved a cash dividend of $1.20 per share. The cash dividend will be paid on July 17, 2026 to shareholders of record as of the close of business on July 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.

Forward-looking statements

This report contains forward-looking statements, including expectations regarding the impact of the Plan on the Company’s results of operations and workforce and the amount and timing of the costs related to the Plan. Because these forward-looking statements involve risks and uncertainties, there are important factors that could cause the Company’s 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 regarding 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 the 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 artificial intelligence in our platform and offerings; our ability to adapt to technological change and to successfully extend our platform; our ability to predict consumer behavior; our ability to anticipate and solve new and existing customer problems; our reliance on intellectual property; our ability to protect our intellectual property rights; any harm to our reputation; risks associated with our environmental, social, and governance efforts; risks associated with acquisition and divestiture activity; the issuance of equity or incurrence of debt to fund acquisitions or for general business purposes; cybersecurity incidents (including those affecting the third parties we rely on); customer or regulator concerns about privacy and cybersecurity incidents; fraudulent activities by third parties, including through the use of AI; our failure to process transactions effectively; interruption or failure of our information technology; our ability to develop and maintain critical third-party business relationships; our ability to attract and retain talent and the success of our hybrid work model; our ability to effectively develop and deploy AI in our offerings; any deficiency in the quality or accuracy of our offerings (including the advice given by experts on our platform); any delays in product launches; difficulties in processing or filing customer tax submissions; risks associated with international operations; risks associated with climate change; changes to, and evolving interpretations of public policy, laws, or regulations affecting our businesses; allegations of legal claims and legal proceedings in which we are involved; fluctuations in the results of our tax business due to seasonality and other factors beyond our control; changes in tax rates and tax reform legislation; global economic conditions (including, without limitation, inflation); exposure to credit, counterparty, and other risks in providing capital to businesses; amortization of acquired intangible assets and impairment charges; our ability to repay or otherwise comply with the terms of our outstanding debt; our ability to repurchase shares or distribute dividends; volatility of our stock price; and our ability to successfully market our offerings.

More details about these and other risks that may impact our business are included in our Form 10-K for fiscal 2025 and in our other SEC filings. You can locate these reports through our website at http://investors.intuit.com. 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 report.

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.

(d) Exhibits

99.01

Press release issued on May 20, 2026 reporting financial results for the quarter ended April 30, 2026 and announcing the cash dividend.*

99.02

Email to Intuit employees from Sasan Goodarzi, Chairman and Chief Executive Officer, dated May 20, 2026.*

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: May 20, 2026 INTUIT INC.

By: /s/ Sandeep S. Aujla

Sandeep S. Aujla

Executive Vice President and

Chief Financial Officer

EX-99.01

Filename: fy26q3earningspressrelease.htm · Sequence: 2

Document

Exhibit 99.01

Contacts: Investors Media

Anne-Sophie Seigneurbieux Kali Fry

Intuit Inc. Intuit Inc.

650-944-5655

650-944-3036

anne-sophie_seigneurbieux@intuit.com kali_fry@intuit.com

Intuit Reports Strong Third-Quarter Results and Raises Full-Year Revenue Guidance

Global Business Solutions Online Ecosystem Revenue Grew 19 percent; Consumer Revenue Grew 8 percent

MOUNTAIN VIEW, Calif. - May 20, 2026 - 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 third quarter of fiscal 2026, which ended April 30.

"We delivered strong third-quarter results, driven by our AI-driven expert platform strategy. We have ignited significant growth engines across the company including disrupting the assisted tax segment, expanding our money portfolio and serving mid-market businesses that are growing north of 30 percent,” said Sasan Goodarzi, chairman and chief executive officer of Intuit. "The powerful combination of Intuit’s proprietary data, domain-specific AI platform capabilities, and AI-powered human expertise is setting the standard for trusted financial intelligence. As we look ahead, we are further scaling our growth engines and architecting an organization that operates with greater velocity to deliver durable long-term growth."

Financial Highlights

For the third quarter, Intuit:

•Grew total revenue to $8.6 billion, up 10 percent.

•Grew Consumer revenue to $5.3 billion, up 8 percent. Increased TurboTax revenue to $4.4 billion, up 7 percent, and Credit Karma revenue to $631 million, up 15 percent. ProTax revenue was $278 million, flat to fiscal 2025.

•Increased Global Business Solutions revenue to $3.3 billion, up 15 percent; grew Online Ecosystem revenue to $2.5 billion, up 19 percent. Excluding Mailchimp, Global Business Solutions revenue grew 17 percent, and Online Ecosystem revenue grew 22 percent.

•Increased GAAP operating income to $4.0 billion, up 8 percent.

•Grew non-GAAP operating income to $4.7 billion, up 8 percent.

•Increased GAAP diluted earnings per share to $11.09, up 11 percent.

•Grew non-GAAP diluted earnings per share to $12.80, up 10 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 Third-quarter Results

GAAP Non-GAAP

FY26 Q3

FY25 Change Q3

FY26 Q3

FY25 Change

Revenue $8,558 $7,754 10% $8,558 $7,754 10%

Operating Income

$4,020 $3,720 8% $4,680 $4,343 8%

Earnings Per Share

$11.09 $10.02 11% $12.80 $11.65 10%

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 third quarter of fiscal 2026, reflecting our operational focus and scaling of our growth engines across the business. As a result, we are raising our full-year revenue guidance for fiscal 2026," said Sandeep Aujla, Intuit's chief financial officer. "Our disciplined capital allocation framework is designed to compound shareholder value – investing in our Big Bets while consistently returning capital through share repurchases and dividend growth. We are confident in our ability to deliver durable revenue growth, expanded margins, and growing capital returns to shareholders over the long term."

Business Segment Results

Consumer

Consumer revenue of $5.3 billion was up 8 percent in the quarter.

•TurboTax revenue grew 7 percent to $4.4 billion.

•Credit Karma revenue grew 15 percent to $631 million, driven by strength in personal loans, auto insurance, and home loans.

•ProTax revenue was flat year-over-year at $278 million.

For the full fiscal year, Intuit expects:

•TurboTax Live revenue to grow 36 percent to $2.8 billion, representing approximately 53 percent of total TurboTax revenue, and TurboTax Live customers to grow 38 percent.

•TurboTax Online paying units to grow 2 percent on share gains from higher average revenue per user (ARPU) filers, and ARPU to increase approximately 11 percent, as more customers chose assisted offerings and faster access to refunds.

•TurboTax filers who started their filing experience in Credit Karma to grow 54 percent.

•Total TurboTax Online units to decline approximately 2 percent, and TurboTax share of e-files to decline approximately 1 point. Pay-nothing customers of approximately 7 million, down from 8 million last year.

Intuit plans to provide a TurboTax federal tax unit comparison in its fourth-quarter 2026 earnings release.

Global Business Solutions

Global Business Solutions revenue grew to $3.3 billion, up 15 percent, and Online Ecosystem revenue increased to $2.5 billion, up 19 percent.

•QuickBooks Online Accounting revenue grew 22 percent in the quarter, driven by higher effective prices, customer growth, and mix-shift.

•Online Services revenue grew 15 percent, driven by growth in money and payroll offerings.

•Total international online revenue grew 10 percent on a constant currency basis.

Capital Allocation Summary

In the third quarter, the company:

•Reported a total cash and investments balance of $6.8 billion and debt of $6.2 billion as of April 30, 2026.

•Repurchased $1.6 billion of stock, and received Board approval for a new $8 billion repurchase authorization.

•Received Board approval for a quarterly dividend of $1.20 per share, payable July 17, 2026. This represents a 15 percent increase per share compared to the same period last year.

The company also announced it is reducing its full-time workforce by 17 percent to simplify its organizational structure and become a faster, leaner, more focused company. It estimates that it

will incur approximately $300 million to $340 million in restructuring charges, largely recognized in its fourth fiscal quarter ending July 31, 2026.

Forward-looking Guidance

Intuit raised total company guidance for revenue and all non-GAAP metrics for the full fiscal year 2026. The company expects:

•Revenue of $21.341 billion to $21.374 billion, growth of approximately 13 to 14 percent.

•GAAP operating income of $5.705 billion to $5.725 billion, growth of approximately 16 percent.

•Non-GAAP operating income of $8.784 billion to $8.804 billion, growth of approximately 16 percent.

•GAAP diluted earnings per share of $15.79 to $15.84, growth of approximately 16 percent.

•Non-GAAP diluted earnings per share of $23.80 to $23.85, growth of approximately 18 percent.

The company also updated full fiscal year 2026 segment revenue guidance:

•Global Business Solutions: raised growth to approximately 16 percent.

•Consumer: raised growth to approximately 10 percent. This includes TurboTax growth of approximately 7 percent, Credit Karma growth of approximately 19 percent, and ProTax growth of approximately 4 percent.

Intuit announced guidance for the fourth quarter of fiscal year 2026, which ends July 31. The company expects:

•Revenue growth of approximately 11 to 12 percent.

•GAAP diluted earnings per share of $0.73 to $0.79.

•Non-GAAP diluted earnings per share of $3.56 to $3.62.

Guidance for GAAP metrics includes $300 million in restructuring charges related to the company’s workforce changes.

Conference Call Details

Intuit executives will discuss the financial results on a conference call at 1:30 p.m. Pacific time on May 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 800-934-8233, or 402-220-6991 from international locations. There is no passcode required. The audio call will remain available on Intuit’s website for one week after the conference call.

About Intuit

Intuit is the global financial technology platform that powers prosperity for the people and communities we serve. With approximately 100 million customers worldwide using products such as TurboTax, Credit Karma, QuickBooks, 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: the size, components and our share of the tax preparation space; 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; average revenue per user; changes to our products, including the continuing use of data and incorporation of artificial intelligence, and their impact on our business; Intuit's corporate tax rate; the amount and timing of any future dividends or share repurchases; the impact of the restructuring plan (Plan); 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 the 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 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. Fourth-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 Nine Months Ended

April 30,

2026 April 30,

2025 April 30,

2026 April 30,

2025

Net revenue:

Service $ 7,759 $ 6,971 $ 15,128 $ 13,109

Product and other 799 783 1,966 1,891

Total net revenue 8,558 7,754 17,094 15,000

Costs and expenses:

Cost of revenue:

Cost of service revenue 1,317 1,138 3,122 2,790

Cost of product and other revenue 14 18 47 52

Amortization of acquired technology 43 38 131 112

Selling and marketing 1,793 1,618 4,270 3,784

Research and development 840 707 2,519 2,127

General and administrative 409 394 1,232 1,177

Amortization of other acquired intangible assets 122 120 364 360

Restructuring — 1 — 14

Total costs and expenses [A] 4,538 4,034 11,685 10,416

Operating income 4,020 3,720 5,409 4,584

Interest expense (70) (68) (186) (188)

Interest and other income, net 97 32 254 72

Income before income taxes 4,047 3,684 5,477 4,468

Income tax provision [B] 983 864 1,274 980

Net income $ 3,064 $ 2,820 $ 4,203 $ 3,488

Basic net income per share $ 11.10 $ 10.09 $ 15.13 $ 12.45

Shares used in basic per share calculations 276 280 278 280

Diluted net income per share $ 11.09 $ 10.02 $ 15.05 $ 12.33

Shares used in diluted per share calculations 276 282 279 283

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 Nine Months Ended

(In millions) April 30,

2026 April 30,

2025 April 30,

2026 April 30,

2025

Cost of revenue $ 87 $ 101 $ 278 $ 322

Selling and marketing 137 131 443 404

Research and development 169 148 532 470

General and administrative 92 89 296 282

Total share-based compensation expense $ 485 $ 469 $ 1,549 $ 1,478

[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.

For the three months ended April 30, 2026, we recognized tax shortfalls on share-based compensation of $11 million in our provision for income taxes. For the nine months ended April 30, 2026, we recognized excess tax benefits on share-based compensation of $40 million in our provision for income taxes. For the three and nine months ended April 30, 2025, we recognized excess tax benefits on share-based compensation of $18 million and $75 million, respectively, in our provision for income taxes.

Our effective tax rates for the three and nine months ended April 30, 2026 were approximately 24% and 23%, respectively. Excluding discrete tax items primarily related to share-based compensation, our effective tax rate for both periods 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 rates for the three and nine months ended April 30, 2025 were approximately 23% and 22%, respectively. Excluding discrete tax items primarily related to share-based compensation, our effective tax rate for both periods was approximately 24%. The difference from the federal statutory rate of 21% was primarily due to state income taxes and non-deductible share-based compensation, which were partially offset by the tax benefit we received from the federal research and experimentation credit.

In the current global tax policy environment, the U.S. and other domestic and foreign governments continue to consider, and in some cases enact, changes in corporate tax laws. As changes occur, we account for finalized legislation in the period of enactment.

TABLE B1

INTUIT INC.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

TO MOST DIRECTLY COMPARABLE GAAP FINANCIAL MEASURES

(In millions, except per share amounts)

(Unaudited)

Fiscal 2026

Q1 Q2 Q3 Q4 Year to Date

GAAP operating income (loss) $ 534 $ 855 $ 4,020 $ — $ 5,409

Amortization of acquired technology 44 44 43 — 131

Amortization of other acquired intangible assets 121 121 122 — 364

Net (gain) loss on executive deferred compensation plan liabilities 16 8 10 — 34

Share-based compensation expense 543 521 485 — 1,549

Non-GAAP operating income (loss) $ 1,258 $ 1,549 $ 4,680 $ — $ 7,487

GAAP net income (loss) $ 446 $ 693 $ 3,064 $ — $ 4,203

Amortization of acquired technology 44 44 43 — 131

Amortization of other acquired intangible assets 121 121 122 — 364

Net (gain) loss on executive deferred compensation plan liabilities 16 8 10 — 34

Share-based compensation expense 543 521 485 — 1,549

Net (gain) loss on debt securities and other investments [A] (34) (29) (44) — (107)

Net (gain) loss on executive deferred compensation plan assets (15) (8) (9) — (32)

Net (gain) loss on disposal of a business — — (1) — (1)

Income tax effects and adjustments [B] (182) (190) (134) — (506)

Non-GAAP net income (loss) $ 939 $ 1,160 $ 3,536 $ — $ 5,635

GAAP diluted net income (loss) per share $ 1.59 $ 2.48 $ 11.09 $ — $ 15.05

Amortization of acquired technology 0.16 0.16 0.16 — 0.47

Amortization of other acquired intangible assets 0.43 0.43 0.44 — 1.30

Net (gain) loss on executive deferred compensation plan liabilities 0.05 0.03 0.04 — 0.12

Share-based compensation expense 1.93 1.86 1.76 — 5.55

Net (gain) loss on debt securities and other investments [A] (0.12) (0.10) (0.16) — (0.38)

Net (gain) loss on executive deferred compensation plan assets (0.05) (0.03) (0.03) — (0.11)

Net (gain) loss on disposal of a business — — (0.01) — (0.01)

Income tax effects and adjustments [B] (0.65) (0.68) (0.49) — (1.81)

Non-GAAP diluted net income (loss) per share $ 3.34 $ 4.15 $ 12.80 $ — $ 20.18

Shares used in GAAP diluted per share calculations 281 280 276 — 279

Shares used in non-GAAP diluted per share calculations 281 280 276 — 279

[A] During the three months ended October 31, 2025, January 31, 2026, and April 30, 2026, we recognized $34 million, $31 million, and $46 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

[A] During the three months ended October 31, 2024, we recognized a $42 million net loss on other long-term investments.

TABLE C

INTUIT INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In millions)

(Unaudited)

April 30,

2026 July 31,

2025

ASSETS

Current assets:

Cash and cash equivalents $ 4,681 $ 2,884

Investments 2,099 1,668

Accounts receivable, net 834 530

Notes receivable held for investment 1,662 1,403

Notes receivable held for sale 69 —

Income taxes receivable 52 50

Prepaid expenses and other current assets 680 496

Current assets before funds receivable and amounts held for customers 10,077 7,031

Funds receivable and amounts held for customers 7,760 7,076

Total current assets 17,837 14,107

Long-term investments 176 94

Property and equipment, net 996 961

Operating lease right-of-use assets 601 541

Goodwill 13,982 13,980

Acquired intangible assets, net 4,807 5,302

Long-term deferred income tax assets 113 1,222

Other assets 818 751

Total assets $ 39,330 $ 36,958

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

Short-term debt $ 750 $ —

Accounts payable 1,096 792

Accrued compensation and related liabilities 766 858

Deferred revenue 1,055 1,019

Other current liabilities 849 625

Current liabilities before funds payable and amounts due to customers 4,516 3,294

Funds payable and amounts due to customers 7,760 7,076

Total current liabilities 12,276 10,370

Long-term debt 5,412 5,973

Operating lease liabilities 655 597

Other long-term obligations 358 308

Total liabilities 18,701 17,248

Stockholders’ equity 20,629 19,710

Total liabilities and stockholders’ equity $ 39,330 $ 36,958

TABLE D

INTUIT INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In millions)

(Unaudited)

Nine Months Ended

April 30,

2026 April 30,

2025

Cash flows from operating activities:

Net income $ 4,203 $ 3,488

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation 133 129

Amortization of acquired intangible assets 495 472

Non-cash operating lease cost 77 56

Share-based compensation expense 1,549 1,478

Deferred income taxes 1,150 (278)

Provision for credit losses

189 101

Other (150) 13

Total adjustments 3,443 1,971

Changes in operating assets and liabilities:

Accounts receivable (303) (267)

Income taxes receivable (2) 69

Prepaid expenses and other assets (148) (227)

Accounts payable 281 285

Accrued compensation and related liabilities (102) (173)

Deferred revenue 33 84

Operating lease liabilities (65) (59)

Other liabilities 167 655

Total changes in operating assets and liabilities (139) 367

Net cash provided by operating activities 7,507 5,826

Cash flows from investing activities:

Purchases of corporate and customer fund investments (2,204) (1,080)

Sales of corporate and customer fund investments 133 168

Maturities of corporate and customer fund investments 1,655 656

Purchases of property and equipment (148) (99)

Originations and purchases of notes receivable held for investment (4,930) (2,873)

Sales of notes receivable originally classified as held for investment 1,389 300

Principal repayments of notes receivable held for investment 3,125 1,952

Other (120) (117)

Net cash used in investing activities (1,100) (1,093)

Cash flows from financing activities:

Proceeds from borrowings under secured revolving credit facilities 186 364

Proceeds from issuance of stock under employee stock plans 136 263

Payments for employee taxes withheld upon vesting of restricted stock units (575) (612)

Cash paid for purchases of treasury stock (3,341) (2,026)

Dividends and dividend rights paid (1,015) (888)

Net change in funds receivable and funds payable and amounts due to customers 633 1,251

Other (7) (4)

Net cash used in financing activities (3,983) (1,652)

Effect of exchange rates on cash, cash equivalents, restricted cash, and restricted cash equivalents 9 4

Net increase in cash, cash equivalents, restricted cash, and restricted cash equivalents 2,433 3,085

Cash, cash equivalents, restricted cash, and restricted cash equivalents at beginning of period 9,481 7,099

Cash, cash equivalents, restricted cash, and restricted cash equivalents at end of period $ 11,914 $ 10,184

Reconciliation of cash, cash equivalents, restricted cash, and restricted cash equivalents reported within the condensed consolidated balance sheets to the total amounts reported on the condensed consolidated statements of cash flows

Cash and cash equivalents $ 4,681 $ 5,443

Restricted cash and restricted cash equivalents included in funds receivable and amounts held for customers 7,233 4,741

Total cash, cash equivalents, restricted cash, and restricted cash equivalents at end of period $ 11,914 $ 10,184

Supplemental schedule of non-cash investing activities:

Transfers of notes receivable originated or purchased as held for investment to held for sale $ 1,427 $ 333

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

GAAP

Range of Estimate Non-GAAP

Range of Estimate

From To Adjmts From To

Three Months Ending July 31, 2026

Revenue $ 4,247 $ 4,280 $ — $ 4,247 $ 4,280

Operating income $ 296 $ 316 $ 1,001 [a] $ 1,297 $ 1,317

Diluted net income per share $ 0.73 $ 0.79 $ 2.83 [b] $ 3.56 $ 3.62

Twelve Months Ending July 31, 2026

Revenue $ 21,341 $ 21,374 $ — $ 21,341 $ 21,374

Operating income $ 5,705 $ 5,725 $ 3,079 [c] $ 8,784 $ 8,804

Diluted net income per share $ 15.79 $ 15.84 $ 8.01 [d] $ 23.80 $ 23.85

[a] Reflects estimated adjustments for share-based compensation expense of $536 million; restructuring charges of $300 million; amortization of other acquired intangible assets of $121 million; and amortization of acquired technology of $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 $2.1 billion; amortization of other acquired intangible assets of $485 million; restructuring charges of $300 million; amortization of acquired technology of $175 million; and net losses on executive deferred compensation plan liabilities of $34 million.

[d] Reflects estimated adjustments in item [c], income taxes related to these adjustments, other income tax effects related to the use of the non-GAAP tax rate, and adjustments for a net loss on other long-term investments.

INTUIT INC.

ABOUT NON-GAAP FINANCIAL MEASURES

The accompanying press release dated May 20, 2026 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:

•Amortization of acquired technology

•Amortization of other acquired intangible assets

•Restructuring charges

•Share-based compensation expense

•Gains and losses on executive deferred compensation plan liabilities

•Goodwill and intangible asset impairment charges

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

•Professional fees and transaction costs for business combinations

We also exclude the following items from non-GAAP net income (loss) and diluted net income (loss) per share:

•Gains and losses on debt securities and other investments

•Gains and losses on executive deferred compensation plan assets

•Income tax effects and adjustments

•Discontinued operations

We believe these non-GAAP financial measures provide meaningful supplemental information regarding Intuit’s operating results primarily because they exclude amounts that we do not consider part of ongoing operating results when planning and forecasting and when assessing the performance of the organization, our individual operating segments, or our senior management. Segment managers are not held accountable for share-based compensation expense, amortization, restructuring, or the other excluded items and, accordingly, we exclude these amounts from our measures of segment performance. We believe our non-GAAP financial measures also facilitate the comparison by management and investors of results for current periods and guidance for future periods with results for past periods.

The following are descriptions of the items we exclude from our non-GAAP financial measures.

Amortization of acquired technology and amortization of other acquired intangible assets. When we acquire a business in a business combination, we are required by GAAP to record the fair values of the intangible assets of the business and amortize them over their useful lives. Amortization of acquired technology in cost of revenue includes amortization of software and other technology assets of acquired businesses. Amortization of other acquired intangible assets in operating expenses includes amortization of assets such as customer and user relationships and trade names and logos.

Restructuring charges. This consists of costs incurred as a direct result of discrete strategic restructuring actions, including, but not limited to severance and other one-time termination benefits, and other costs, which are different in terms of size, strategic nature, and frequency than ongoing productivity and business improvements.

Share-based compensation expense. This consists of non-cash expenses for stock options, restricted stock units, and our Employee Stock Purchase Plan. When considering the impact of equity awards, we place greater emphasis on overall shareholder dilution rather than the accounting charges associated with those awards.

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

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

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

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

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

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

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

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.

EX-99.02

Filename: fy26q3-ex9902.htm · Sequence: 3

Document

Exhibit 99.02

To: All Employees

Subject: Architecting Intuit for a new chapter of growth

Date: May 20, 2026

Hi team,

We are in extraordinary times and at a pivotal inflection point to shape the future for our customers. Intuit is an iconic company in a category of one with strong market leadership and multiple diversified growth engines serving consumers, businesses, and accountants. We are well positioned to power the prosperity of our customers and create a bright future, but to do so, we must evolve as a company.

We have significant momentum across our 3 Big Bets and to fully capitalize on this extraordinary opportunity, we need to move with far greater velocity, urgency, and discipline. We must:

1.Scale our AI-native platform to deliver easy, done-for-you experiences. We have already built the foundation; now, we must accelerate delivering undisputed customer benefits with an unmatched combination of data, AI, and human expertise.

2.Be the center of money for consumers and businesses. We will ensure our platform is their primary financial engine, creating a unified ecosystem so our customers can access, manage, and grow their money with confidence.

3.Accelerate our authority and right to win in the mid-market. We must scale our impact with far greater velocity, becoming the definitive partner for mid-market businesses and accounting firms, and delivering the industry-specific platform they need to manage complexity and scale at the speed of their ambition.

Shaping the company for the future

Over the past several months, we have spent significant time evaluating how we focus the company with greater velocity and discipline to achieve what I outlined above. We believe we can serve more customers and deliver breakthrough products that fuel our customers’ success by reducing complexity and simplifying our structure to become a faster, leaner, and more focused company.

This required us to make a set of difficult decisions that impact our people. Today, we are reducing our full-time workforce by approximately 17%. These are valued colleagues and friends who have been vital to shaping the company we are today. Saying goodbye is never easy, and I want to acknowledge the weight this news carries for all of us.

Here are the changes we’re making today and why we’re making them:

•Reducing layers of management. We have identified areas where too many organizational layers have slowed the flow of information and hampered our ability to move with speed. By streamlining our leadership structure, we are empowering our

Exhibit 99.02

teams who are closer to the customer to make decisions, ensuring we operate as a more agile and accountable organization.

•Focusing roles on high impact work. As we simplify our structure, we are reducing the need for coordination heavy roles that were previously required to manage the complexity. This allows us to focus our collective energy on mission-critical work that directly impacts our customers' prosperity.

•Bringing our teams closer together to accelerate impact. To accelerate the pace of innovation, we are co-locating our teams within strategic hubs to drive deeper collaboration and impact. This includes winding down our Reno and Woodland Hills offices and reducing our presence in other locations.

•Reducing overlap across TurboTax and Credit Karma. With the integration of TurboTax and Credit Karma now largely complete, we are eliminating overlapping and redundant roles to operate as a single, unified team and platform.

•Reallocating resources to our primary growth engines. We are optimizing our business and reducing investments in certain areas, including Mailchimp, and streamlining parts of our engineering and product organizations to better align resources with our 3 Big Bets.

These changes are a necessary evolution to reduce complexity and architect an organization that operates with the velocity required to fuel our growth engines. We are fundamentally re-engineering our operating model to increase accountability, accelerate decision making, and ensure our execution is as bold as our strategy.

Taking care of our people

I understand this news is difficult and that you will want to know what this means for you. People who are being impacted will receive a calendar invite by 9:00 AM PT today titled "Discussion about leaving Intuit" to hear from a leader in their organization about their transition.

I also want to be clear: these decisions are a reflection of our changing structure, not the individuals in these roles. We are parting with talented, dedicated colleagues who have made significant contributions to Intuit and the customers we serve.

Our commitment to treating every individual with dignity and respect is a fundamental part of who we are, and it has never been more important than it is right now. To help everyone leaving, we are providing generous support, including:

•Financial: Employees will receive generous financial support as they navigate this change and identify their next chapter. In the US, employees will receive 16 weeks of base pay, plus 2 additional weeks for every year at Intuit. They will also have a paid transition period, including July RSU vesting and bonus eligibility, before they leave the company with a last day of July 31, 2026. Employees outside the US will receive a country-specific package, based on local requirements.

•Health care: We will provide at least 6 months of health insurance support to employees who are leaving and enrolled in Intuit medical plans. They will also have

Exhibit 99.02

access to free mental health support during the transition period and for up to 60 days after leaving Intuit.

•Career: Each impacted employee will have access to career transition and job placement services. These include resume development, interviewing techniques, and recruiting and job search help.

•Immigration: For those who need immigration support, the extended transition period will allow individuals on visas extra time to find their next role. Intuit will also provide access to external immigration experts for advice and support at no cost.

To those leaving Intuit, thank you. I want to express my deep gratitude for everything you have done for us. Your contributions have shaped who we are today, and the impact you’ve made on our products, our teams, and our customers will endure. You’ve been part of building something meaningful here, and that will never change.

Looking ahead

To those of you staying: I know this is a difficult day. Please support one another, and please don’t hesitate to reach out to your manager or the People team if you need anything.

As we look ahead, this is an incredible inflection point for our customers and Intuit. We have navigated many moments of strategic reinvention over our 40-year history, and once again, we are making the deliberate, hard choices required to ignite higher-velocity progress across our Big Bets and play to win in our core business. Our customers have ambitious goals, as do we. We have a once in a lifetime opportunity and a lot of important work ahead of us to power economic growth for those we serve.

What will carry us forward in this moment is what always has: supporting one another, staying deeply connected to our customers, and moving forward with purpose and determination.

Sasan

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