Intuit

Consolidated Balance Sheets as of July 31, 2026 and 2025 57 Consolidated Statements of Stockholders Equity for each of the three years in the period ended July 31, 2026 58 Consolidated Statements of Cash Flows for each of the three years in the period ended July 31, 2026 59 Notes to Consolidated Financial Statements 61 2.INDEX TO FINANCIAL STATEMENT SCHEDULES The following financial statement schedule is filed as part of this report and should be read in conjunction with the Consolidated Financial Statements: SchedulePage II Valuation and Qualifying Accounts 96 All other schedules not listed above have been omitted because they are inapplicable or are not required. Intuit Fiscal 2026 Form 10-K 51 Table of Contents REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Stockholders and the Board of Directors of Intuit Inc. Opinion on the Financial Statements We have audited the accompanying consolidated balance sheets of Intuit Inc. (the Company) as of July 31, 2026 and 2025, the related consolidated statements of operations, comprehensive income, stockholders' equity and cash flows for each of the three years in the period ended July 31, 2026, and the related notes and financial statement schedule listed in the Index at Item 15(a) (collectively referred to as the consolidated financial statements ). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at July 31, 2026 and 2025, and the results of its operations and its cash flows for each of the three years in the period ended July 31, 2026, in conformity with U.S. generally accepted accounting principles. We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of July 31, 2026, based on criteria established in Internal Control Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework), and our report dated September 9, 2026 expressed an unqualified opinion thereon. Basis for Opinion These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company s financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. Critical Audit Matter The critical audit matter communicated below is a matter arising from the current period audit of the financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective or complex judgments. The communication of the critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates. Determination of Distinct Performance Obligations in Revenue Contracts Description of the MatterAs described in Note 1 to the consolidated financial statements, the Company enters into contracts with customers that often include promises to transfer multiple products and services. The Company has generally concluded that software licenses and services are separate performance obligations and revenues from software licenses and services are recognized as those products and services are provided. Given the nature of the Company s product and service offerings, there is complexity in determining whether software licenses and services are considered performance obligations that should be accounted for separately or together. Auditing the Company s determination of distinct performance obligations related to its various product and service offerings involved complex auditor judgment. In particular, significant judgment was required when assessing whether the promised products and services are separate performance obligations or inputs to a combined performance obligation due to the evaluation of the interdependency or interrelation of the promised products and services within each contract. 52 Intuit Fiscal 2026 Form 10-K Table of Contents How We Addressed the Matter in Our AuditWe obtained an understanding, evaluated the design and tested the operating effectiveness of internal controls over the Company s processes, as they relate to the determination of distinct performance obligations. We also obtained an understanding of the Company s product and service offerings and tested the application of the revenue recognition accounting model to determine distinct performance obligations. Among other audit procedures, we evaluated whether the performance obligations identified by the Company were capable of being distinct and distinct in the context of the contract through review of contracts, discussions with management, observing product demonstrations and review of the Company s website and other marketing materials. More specifically, we evaluated the Company s determination of whether the contract was to deliver (1) multiple promised products or services that constitute separate performance obligations or (2) a single performance obligation that is comprised of the combined products or services. That is, considering the utility, integration, interrelation or interdependence of the products and services, we evaluated whether the multiple promised products and services that were delivered to the customer were outputs or inputs to a combined item. /s/ Ernst & Young LLP We have served as the Company s auditor since 1990. San Jose, California September 9, 2026 Intuit Fiscal 2026 Form 10-K 53 Table of Contents REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Stockholders and the Board of Directors of Intuit Inc. Opinion on Internal Control Over Financial Reporting We have audited Intuit Inc. s internal control over financial reporting as of July 31, 2026, based on criteria established in Internal Control Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) (the COSO criteria). In our opinion, Intuit Inc. (the Company) maintained, in all material respects, effective internal control over financial reporting as of July 31, 2026, based on the COSO criteria. We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company as of July 31, 2026 and 2025, the related consolidated statements of operations, comprehensive income, stockholders equity and cash flows for each of the three years in the period ended July 31, 2026, and the related notes and financial statement schedule listed in the Index at Item 15(a) and our report dated September 9, 2026 expressed an unqualified opinion thereon. Basis for Opinion The Company s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting included in the accompanying Management s Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion. Definition and Limitations of Internal Control Over Financial Reporting A company s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company s assets that could have a material effect on the financial statements. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. /s/ Ernst & Young LLP San Jose, California September 9, 2026 54 Intuit Fiscal 2026 Form 10-K Table of Contents INTUIT INC. CONSOLIDATED STATEMENTS OF OPERATIONS Twelve Months Ended July 31, (In millions, except per share amounts)202620252024 Net revenue: Service $18,911 $16,400 $13,861 Product and other 2,537 2,431 2,424 Total net revenue21,448 18,831 16,285 Costs and expenses: Cost of revenue: Cost of service revenue 4,016 3,624 3,250 Cost of product and other revenue 63 68 69 Amortization of acquired technology174 156 146 Selling and marketing5,534 5,035 4,312 Research and development3,376 2,928 2,754 General and administrative1,623 1,601 1,418 Amortization of other acquired intangible assets485 481 483 Restructuring 293 15 223 15,564 13,908 12,655 Operating income5,884 4,923 3,630 Interest expense(256)(247)(242) Interest and other income, net389 158 162 Income before income taxes6,017 4,834 3,550 Income tax provision1,451 965 587 $4,566 $3,869 $2,963 $16.53 $13.82 $10.58 Shares used in basic per share calculations276 280 280 $16.46 $13.67 $10.43 Shares used in diluted per share calculations277 283 284 55 Table of Contents INTUIT INC. CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME Twelve Months Ended July 31, (In millions)202620252024 Net income$4,566 $3,869 $2,963 Other comprehensive income, net of income taxes: Unrealized gain (loss) on available-for-sale debt securities(2)1 7 (3)3 (15) Cumulative translation adjustment reclassified to net income4 9 Other (6) Total other comprehensive income (loss), net(7)4 1 Comprehensive income$4,559 $3,873 $2,964 See accompanying notes. 56 Intuit Fiscal 2026 Form 10-K Table of Contents INTUIT INC. CONSOLIDATED BALANCE SHEETS July 31, (Dollars in millions, except par value; shares in thousands)20262025 ASSETS Current assets: Cash and cash equivalents$4,705 $2,884 Investments2,495 1,668 Accounts receivable, net of allowance for doubtful accounts of $5 and $5 625 530 1,468 1,403 Notes receivable held for sale 179 Income taxes receivable124 50 Prepaid expenses and other current assets677 496 Current assets before funds receivable and amounts held for customers10,273 7,031 Funds receivable and amounts held for customers5,038 7,076 Total current assets15,311 14,107 Long-term investments248 94 Property and equipment, net1,023 961 Operating lease right-of-use assets609 541 Goodwill13,981 13,980 Acquired intangible assets, net4,642 5,302 Long-term deferred income tax assets172 1,222 Other assets800 751 Total assets$36,786 $36,958 LIABILITIES AND STOCKHOLDERS EQUITY Current liabilities: Short-term debt$1,249 $ Accounts payable873 792 Accrued compensation and related liabilities1,068 858 Deferred revenue1,072 1,019 863 625 Current liabilities before funds payable and amounts due to customers5,125 3,294 Funds payable and amounts due to customers5,038 7,076 Total current liabilities10,163 10,370 Long-term debt6,420 5,973 Long-term deferred income tax liabilities239 20 Operating lease liabilities667 597 Other long-term obligations305 288 Total liabilities17,794 17,248 Commitments and contingencies Stockholders equity: Preferred stock, $0.01 par value Authorized - 1,345 shares total; 145 shares designated Series A; 250 shares designated Series B Junior Participating Issued and outstanding - None Common stock, $0.01 par value Authorized - 750,000 shares Issued - 268,384 shares at July 31, 2026 and 498,450 shares at July 31, 2025 Outstanding - 268,384 shares at July 31, 2026 and 279,129 shares at July 31, 2025 3 3 Additional paid-in capital 21,632 Treasury stock, at cost (21,543) Accumulated other comprehensive loss(57)(50) Retained earnings19,046 19,668 Total stockholders equity18,992 19,710 Total liabilities and stockholders equity$36,786 $36,958 See accompanying notes. Intuit Fiscal 2026 Form 10-K 57 Table of Contents INTUIT INC. CONSOLIDATED STATEMENTS OF STOCKHOLDERS EQUITY Common StockAdditional Paid-In CapitalTreasury StockAccumulated Other Comprehensive LossRetained EarningsTotal Stockholders Equity (Dollars in millions, except per share amounts; shares in thousands) SharesAmount Balance at July 31, 2023280,421 $3 $19,026 $(16,772)$(55)$15,067 $17,269 Comprehensive income 1 2,963 2,964 Issuance of stock under employee stock plans, net of shares withheld for employee taxes3,274 (718) (718) Stock repurchases under stock repurchase programs(3,427) (1,978) (1,978) Dividends and dividend rights declared ($3.60 per share) (1,041)(1,041) 1,940 1,940 280,268 3 20,248 (18,750)(54)16,989 18,436 Comprehensive income 4 3,869 3,873 Issuance of stock under employee stock plans, net of shares withheld for employee taxes3,180 (584) (584) Stock repurchases under stock repurchase programs (4,319) (2,793) (2,793) Dividends and dividend rights declared ($4.16 per share) (1,190)(1,190) 1,968 1,968 279,129 3 21,632 (21,543)(50)19,668 19,710 Comprehensive income (7)4,566 4,559 Issuance of stock under employee stock plans, net of shares withheld for employee taxes2,621 (529) (529) Stock repurchases under stock repurchase programs(13,366) (5,463) (5,463) Retirement of treasury stock (23,159)27,006 (3,847) Dividends and dividend rights declared ($4.80 per share) (1,341)(1,341) 2,056 2,056 268,384 $3 $ $ $(57)$19,046 $18,992 See accompanying notes. 58 Intuit Fiscal 2026 Form 10-K Table of Contents INTUIT INC. CONSOLIDATED STATEMENTS OF CASH FLOWS Twelve Months Ended July 31, (In millions)202620252024 Cash flows from operating activities: Net income$4,566 $3,869 $2,963 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation187 172 159 Amortization of acquired intangible assets659 637 630 106 75 81 Share-based compensation expense2,056 1,968 1,940 Provision for expected credit losses237 134 118 1,279 (435)(554) Other(248)(7)(26) Total adjustments4,276 2,544 2,348 Originations and purchases of notes receivable held for sale (96) Sales and principal repayments of notes receivable held for sale 98 Changes in operating assets and liabilities: Accounts receivable(95)(71)(52) Income taxes receivable(74)27 (48) Prepaid expenses and other assets(221)(283)(30) Accounts payable63 73 133 Accrued compensation and related liabilities202 (64)257 Deferred revenue51 142 (49) Operating lease liabilities(93)(77)(71) 163 47 (569) Total changes in operating assets and liabilities(4)(206)(429) Net cash provided by operating activities8,838 6,207 4,884 Cash flows from investing activities: Purchases of corporate and customer fund investments(3,892)(2,363)(780) Sales of corporate and customer fund investments547 320 526 Maturities of corporate and customer fund investments2,554 864 676 Purchases of property and equipment(175)(84)(191) Capitalization of internal use software(46)(40)(59) Acquisitions of businesses, net of cash acquired (184)(83) (6,755)(3,992)(2,538) Sales of notes receivable originally classified as held for investment 2,210 562 234 Principal repayments of notes receivable held for investment 4,253 2,706 2,068 Other(108)(107)(80) Net cash used in investing activities(1,412)(2,318)(227) Cash flows from financing activities: Proceeds from issuance of long-term debt, net of discount and issuance costs 1,736 3,956 Repayments of debt (500)(4,200) Proceeds from borrowings under unsecured revolving credit facility 100 Repayments on borrowings under unsecured revolving credit facility (100) Proceeds from borrowings under secured revolving credit facilities186 429 180 Repayments on borrowings under secured revolving credit facilities(230) (25) Proceeds from issuance of stock under employee stock plans180 398 282 Intuit Fiscal 2026 Form 10-K 59 Table of Contents INTUIT INC. CONSOLIDATED STATEMENTS OF CASH FLOWS Payments for employee taxes withheld upon vesting of restricted stock units(709)(982)(1,002) Cash paid for purchases of treasury stock(5,412)(2,772)(1,988) Dividends and dividend rights paid(1,347)(1,189)(1,034) Net change in funds receivable and funds payable and amounts due to customers(2,086)3,107 3,436 Other(7)(1)(2) Net cash used in financing activities(7,689)(1,510)(397) Effect of exchange rates on cash, cash equivalents, restricted cash, and restricted cash equivalents(2)3 (13) Net increase (decrease) in cash, cash equivalents, restricted cash, and restricted cash equivalents(265)2,382 4,247 Cash, cash equivalents, restricted cash, and restricted cash equivalents at beginning of period9,481 7,099 2,852 Cash, cash equivalents, restricted cash, and restricted cash equivalents at end of period$9,216 $9,481 $7,099 Reconciliation of cash, cash equivalents, restricted cash, and restricted cash equivalents reported within the consolidated balance sheets to the total amounts reported on the consolidated statements of cash flows Cash and cash equivalents$4,705 $2,884 $3,609 Restricted cash and restricted cash equivalents included in funds receivable and amounts held for customers4,511 6,597 3,490 Total cash, cash equivalents, restricted cash, and restricted cash equivalents at end of period$9,216 $9,481 $7,099 Supplemental disclosure of cash flow information: Interest paid$295 $284 $200 $2,348 $546 $231 Retirement of treasury stock$27,006 $ $ See accompanying notes. 60 Intuit Fiscal 2026 Form 10-K Table of Contents INTUIT INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 1. Description of Business and Summary of Significant Accounting Policies Description of Business Intuit Inc. (Intuit, we, us, or our) is a global financial technology platform with a mission to power prosperity around the world. We help consumers do their taxes with ease and confidence and improve their financial success, from credit building to wealth building, with tax and personal finance products and services. We help small and mid-market businesses and accountants grow and run their businesses end-to-end, from lead to cash. This includes financial management, including payments and capital; compliance; human capital management; and marketing products and services. For accounting professionals, we provide professional tax and financial management products and services. We do this through our platform that powers TurboTax, Credit Karma, QuickBooks, Mailchimp, Intuit Enterprise Suite, and Intuit Accountant Suite. Lacerte, ProSeries, and ProConnect Tax Online are our leading tax preparation offerings for professional accountants. Incorporated in 1984 and headquartered in Mountain View, California, we sell our products and services primarily in the United States (U.S.). Basis of Presentation These consolidated financial statements include the financial statements of Intuit and its wholly-owned subsidiaries and variable interest entities (VIEs), in which we have a controlling financial interest. We have eliminated all intercompany balances and transactions in consolidation. We have reclassified certain amounts previously reported in our financial statements to conform to the current presentation. Effective August 1, 2025, we combined our Consumer, Credit Karma, and ProTax businesses into a single Consumer segment in order to better serve the diverse financial needs of our customers as one consumer platform. Our chief operating decision maker (CODM) allocates resources and assesses segment performance using regularly provided segment revenue and segment operating income information under this updated segment structure. To align results under this segment change, certain selling and marketing, product development, and general and administrative expenses for Credit Karma that were managed at the segment level are now managed at the platform level and are included in other corporate expenses rather than in segment expenses. Also on August 1, 2025, we reorganized certain marketing, communications, and customer success functions in our Global Business Solutions segment that support and benefit our overall platform and are managed at that level rather than at the segment level. Additionally, certain data science and analytics teams that were managed at the platform level are now managed at the segment level. We have recast certain previously reported amounts to conform to these segment changes. As a result of these changes, for the twelve months ended July 31, 2025 and 2024, we reclassified expenses totaling $9 million and $16 million from Global Business Solutions and $606 million and $585 million from Consumer to other corporate expenses, respectively, to conform to the current presentation. The segment changes primarily impacted Note 6, Goodwill and Acquired Intangible Assets, Note 14, Segment Information, and Note 15, Restructuring. The recast of prior period information had no impact on our consolidated balance sheets, consolidated income statements, or consolidated cash flow statements. Seasonality Within our Consumer segment, our TurboTax and ProTax offerings have a significant and distinct seasonal pattern as sales and revenue from our income tax preparation products and services are typically heavily concentrated in the period from November through April. This seasonal pattern typically results in higher net revenues during our second and third quarters ending January 31 and April 30, respectively. Principles of Consolidation We consolidate any VIE for which we are deemed to be the primary beneficiary. The primary beneficiary is the party that has the power to direct the activities of the VIE that most significantly impact its economic performance and the obligation to absorb losses, or the right to receive benefits, that could potentially be significant to the VIE. We have formed special-purpose vehicle subsidiaries (SPVs) that are VIEs, and we consolidate the SPVs because we have the power to direct the activities that most significantly impact the SPVs economic performance and absorb the losses or benefits of the notes receivable held at the SPVs. As of July 31, 2026 and July 31, 2025, the consolidated balance sheets include $388 million and $46 million, respectively, of cash and cash equivalents and $764 million and $1.3 billion, respectively, of notes receivable held by the SPVs, both of which are pledged as collateral for our outstanding borrowings under our secured revolving credit facilities as of those dates. See Note 7, Debt, for more information. We evaluate on an ongoing basis whether we continue to be the primary beneficiary of the SPVs. Intuit Fiscal 2026 Form 10-K 61 Table of Contents Use of Estimates In preparing our consolidated financial statements in accordance with U.S. generally accepted accounting principles (GAAP), we make certain judgments, estimates, and assumptions that affect the amounts reported in our financial statements and the disclosures made in the accompanying notes. For example, we use judgments and estimates in determining how revenue should be recognized. These judgments and estimates include identifying performance obligations, determining if the performance obligations are distinct, determining the standalone selling price (SSP) and timing of revenue recognition for each distinct performance obligation, and estimating variable consideration to be included in the transaction price. We use estimates in determining the collectibility of accounts receivable and notes receivable held for investment, the appropriate levels of various accruals including accruals for litigation contingencies, the discount rate used to calculate lease liabilities, the amount of our worldwide tax provision, the realizability of deferred tax assets, the credit losses of available-for-sale debt securities, the fair value of assets acquired and liabilities assumed for business combinations, and the fair value of notes receivable held for sale. We also use estimates in determining the remaining economic lives and fair values of acquired intangible assets, property and equipment, and other long-lived assets. In addition, we use assumptions to estimate the fair value of reporting units and share-based compensation. Despite our intention to establish accurate estimates and use reasonable assumptions, actual results may differ from our estimates. Revenue Recognition We derive our revenue primarily from the sale of online offerings such as tax, accounting, payroll, merchant payment processing services, delivery of qualified links, marketing automation, live expert advice, financing for small and mid-market businesses, and desktop software products, desktop software subscriptions, and financial supplies. We enter into contracts with customers that include promises to transfer various products and services, which are generally capable of being distinct and accounted for as separate performance obligations. Revenue is recognized when the promised goods or services are transferred to customers, in an amount that reflects the consideration allocated to the respective performance obligation. Nature of Products and Services Online Offerings Our online offerings include TurboTax Online, TurboTax Expert Assist and TurboTax Expert Full Service, ProConnect Tax Online, QuickBooks Online, Intuit Enterprise Suite, Intuit Accountant Suite, Mailchimp offerings, QuickBooks Workforce, and merchant payment processing services for small and mid-market businesses who use our online offerings. These online offerings provide customers with the right to use the hosted software over the contract period without taking possession of the software and are billed on either a subscription or consumption basis. Revenue related to our online offerings that are billed on a subscription basis is recognized ratably over the contract period. Revenue related to online offerings that are billed on a consumption basis is recognized when the customer consumes the related service. Credit Karma revenue is primarily comprised of revenue from the delivery of qualified links that result in completed actions, or cost-per-action transactions. Cost-per-action revenue is earned based on a predetermined fee for approved actions, such as when credit cards are issued or when personal loans and other loans to businesses are funded. Revenue is recognized when a lead is generated that results in one of these approved actions. Desktop Offerings Our desktop offerings consist of our subscription-based QuickBooks Desktop products, our consumer and professional tax desktop products, which include TurboTax, Lacerte, and ProSeries, our desktop payroll products, and merchant payment processing services for small and mid-market businesses who use our desktop offerings. Our QuickBooks Desktop software subscriptions include a term software license, support, and various connected services. Subscriptions sold in fiscal 2024 include version protection updates, and subscriptions sold after fiscal 2024 include when-and-if-available product upgrades and enhancements. We recognize revenue for the software license and version protection updates at the time they are delivered and recognize revenue for when-and-if-available product upgrades and enhancements, support, and connected services over the subscription term as services are provided. For subscriptions sold in fiscal 2024, periodic delivery of version protection updates occurred through the first quarter of fiscal 2025, and the associated revenue was recognized upon delivery as noted above. Beginning in the second quarter of fiscal 2025, product upgrades and enhancements are delivered on a when-and-if-available basis, and the associated revenue is recognized on a straight-line basis over the term during which those product upgrades and enhancements are provided. Prior to fiscal 2025, we determined that the enhancements included in our QuickBooks Desktop software subscriptions were not material within the context of the contract. Our consumer and professional tax desktop software products include an on-premise tax software license, related tax form updates, electronic filing service, and connected services. We recognize revenue for the software license and related tax form updates, as one performance obligation, over the period the forms and updates are delivered. We recognize revenue for our electronic filings service and connected services as services are provided. 62 Intuit Fiscal 2026 Form 10-K Table of Contents We also sell some of our consumer tax desktop software products in non-consignment and consignment arrangements to certain retailers. For these retailers, we begin recognizing revenue when control has transferred to the retailer for non-consignment arrangements or to the customer for consignment arrangements. Our desktop payroll products are sold as software subscriptions and include a term software license with a stand-ready obligation to maintain compliance with current payroll tax laws, support, and connected services. The term software license and stand-ready obligation to maintain compliance with current payroll tax laws is considered one performance obligation. As a result, revenue is recognized ratably over the subscription term as services are provided. We offer merchant payment processing services as a separately paid connected service for our QuickBooks Desktop software subscriptions, and revenue is recognized as services are provided to the customers. Other Solutions Revenue from the sale of our financial supplies, such as printed check stock, is recognized when control is transferred to the customer, which is generally when the products are shipped. Interest revenue is earned on loans originated or purchased and held for investment in accordance with the specified period of time and defined interest rate noted in the loan contract and is recorded net of amortized deferred origination cost and fees, discounts, and purchase premiums. We recognize a gain or loss on the sale of loans sold to third parties by calculating the difference between the proceeds received and the carrying value of the loans sold. Interest revenue and gains on sales of loans were not material for all periods presented. We also have revenue-sharing and royalty arrangements with third-party partners and recognize this revenue as earned based upon reporting provided to us by our partners. In instances where we do not have reporting from our partners, we estimate revenue based on information available to us at the time. Adjustments to our estimates based on actual results have not been material to our consolidated financial statements for any period presented. Types of Revenue Service revenue includes revenue from: our online offerings discussed above; our Credit Karma offerings; support, electronic filing services, when-and-if-available product upgrades and enhancements, and connected services included with our desktop offerings; merchant payment processing services; certain revenue-sharing and royalty arrangements; and interest on notes receivable. Product and other revenue includes revenue from: QuickBooks Desktop software licenses and version protection updates; consumer and professional tax desktop licenses and the related tax form updates; desktop payroll licenses and related updates; financial supplies; certain revenue-sharing and royalty arrangements; and interest on amounts held for customers. We record revenue net of sales tax obligations. For payroll services, we generally require customers to remit payroll tax funds to us in advance of the payroll date via electronic funds transfer. Revenue for electronic payment processing services that we provide to merchants is recorded net of interchange fees charged by credit card associations. We hold customer cash as part of delivering payroll and payment services, and we include in total net revenue the interest earned on these funds from the time they are collected until the time that we remit them to outside parties or merchants. Judgments and Estimates We use a five-step process in determining how revenue is recognized, which requires judgment and estimates. These judgments and estimates include identifying performance obligations in the contract, determining whether the performance obligations are distinct, determining the SSP for each distinct performance obligation, determining the timing of revenue recognition for distinct performance obligations, and estimating the amount of variable consideration to include in the transaction price. Our contracts with customers often include promises to transfer multiple products and services generally capable of being distinct performance obligations. SSPs for distinct performance obligations are based on directly observable pricing, when applicable. In instances where the SSP is not directly observable, such as when we do not sell the product or service separately, we determine the SSP using information that may include market conditions and other observable inputs. The functionality of the software licenses included in our consumer and professional tax and payroll desktop offerings is dependent on the related enhancements and updates included in these offerings. Judgment is required to determine whether the software license is considered distinct and accounted for separately, or not distinct and accounted for together with the related updates and recognized over time. Our consumer and professional tax desktop products include an on-premise tax software license and related tax form updates that are recognized as the forms and updates are delivered. We measure progress toward complete satisfaction of the software license and related tax form updates using an output method based on the timing of when the tax forms are delivered. We generally provide refunds to customers for product returns and subscription cancellations. We also provide promotional discounts and incentive rebates on retail and distribution sales. These refunds, discounts, and incentive rebates are accounted for as variable consideration when estimating the amount of revenue to recognize. Refunds are estimated based on historical Intuit Fiscal 2026 Form 10-K 63 Table of Contents experience and current business and economic indicators and are updated at the end of each reporting period as additional information becomes available to the extent that it is probable that a significant reversal of any incremental revenue will not occur. Discounts and incentive rebates are estimated based on distributors and retailers performance against the terms and conditions of the rebate programs. Deferred Revenue We record deferred revenue when we have entered into a contract with a customer and cash payments are received or due prior to transfer of control or satisfaction of the related performance obligation. Our deferred revenue primarily relates to our subscription offerings. During the twelve months ended July 31, 2026, we recognized revenue of $1.0 billion that was included in deferred revenue at July 31, 2025. During the twelve months ended July 31, 2025, we recognized revenue of $871 million that was included in deferred revenue at July 31, 2024. Our performance obligations are generally satisfied within 12 months of the initial contract date. As of July 31, 2026 and 2025, the deferred revenue balance related to performance obligations that will be satisfied after 12 months was not material, and is included in other long-term obligations on our consolidated balance sheets. Assets Recognized from the Costs to Obtain a Contract with a Customer Our sales commissions are considered incremental costs of obtaining the contract with a customer. Sales commissions for subscription offerings where we expect the benefit of those costs to continue longer than one year are capitalized and amortized ratably over the period of benefit, which ranges from three to four years. As of July 31, 2026 and 2025, total capitalized costs to obtain a contract were $145 million and $122 million, respectively, and are included in prepaid expenses and other current assets and other assets on our consolidated balance sheets. We apply a practical expedient to expense costs incurred to obtain a contract with a customer when the period of benefit is less than one year. These costs primarily include internal and external sales commissions for our consumer and professional tax offerings. Shipping and Handling We record the amounts we charge our customers for the shipping and handling of our software products as product and other revenue, and we record the related costs as cost of product and other revenue in our consolidated statements of operations. Customer Service and Technical Support We include the costs of customer service and technical support associated with our online or hosted offerings in cost of service revenue in our consolidated statements of operations. We also include the costs of providing technical support for our desktop offerings in cost of service revenue. We include the costs of customer service related to desktop offerings in selling and marketing expense in our consolidated statements of operations. Customer service and technical support costs include costs associated with performing order processing, answering customer inquiries by telephone and through websites, email, and other electronic means, and providing technical support assistance to customers. We expense the cost of providing this support as incurred. Software Development Costs We expense software development costs as we incur them until technological feasibility has been established, at which time those costs are capitalized until the product is available for general release to customers. To date, our software has been available for general release concurrent with the establishment of technological feasibility and, accordingly, we have not capitalized any development costs. Costs we incur to enhance our existing products are expensed in the period they are incurred and included in research and development expense in our consolidated statements of operations. Internal Use Software We capitalize certain costs related to the development of hosted services that we provide to our customers and internal use of enterprise-level business and finance software in support of our operational needs. Costs incurred in the application development phase are capitalized and amortized on a straight-line basis over their useful lives, which are generally three to six years. Costs related to planning and other preliminary project activities and to post-implementation activities are expensed as incurred. We test these assets for impairment whenever events or changes in circumstances occur that could impact their recoverability. Advertising We expense all advertising costs as incurred and record them to selling and marketing expense in our consolidated statements 64 Intuit Fiscal 2026 Form 10-K Table of Contents of operations. We recorded advertising expense of approximately $2.2 billion for the twelve months ended July 31, 2026, $2.1 billion for the twelve months ended July 31, 2025, and $1.7 billion for the twelve months ended July 31, 2024. Leases Our leases are primarily operating leases for office facilities. We determine if an arrangement is a lease and classify it as either a finance or operating lease at lease inception. Operating leases are included in operating lease right-of-use (ROU) assets, other current liabilities, and operating lease liabilities on our consolidated balance sheets. Operating lease liabilities are recognized at the lease commencement date based on the present value of the future minimum lease payments over the lease term. Our leases generally do not have a readily determinable implicit rate, therefore we use our incremental borrowing rate at the commencement date in determining the present value of future payments. Our incremental borrowing rate is determined based on a yield curve derived from publicly traded bond offerings for companies with similar credit ratings to ours. Our lease terms may include options to purchase, extend, or terminate the lease when it is reasonably certain that we will exercise that option. We account for the lease and non-lease components as a single lease component. We measure ROU assets based on the corresponding lease liabilities adjusted for any initial direct costs and prepaid lease payments made to the lessor before or at the commencement date, net of lease incentives. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. Variable lease payments are not included in the calculation of the ROU asset and lease liability and are recognized as lease expense is incurred. Our variable lease payments generally relate to amounts paid to lessors for common area maintenance under our real estate leases. Our subleases generally do not relieve us of our primary obligations under the corresponding head lease. As a result, we account for the head lease based on the original assessment at inception. We determine if the sublease arrangement is either a sales-type, direct financing, or operating lease at inception. If the total remaining lease cost on the head lease for the term of the sublease is greater than the anticipated sublease income, the ROU asset is assessed for impairment. Our subleases are generally operating leases, and we recognize sublease income on a straight-line basis over the sublease term. Capitalization of Interest Expense We capitalize interest on capital projects, including facilities build-out projects and internal use software projects. Capitalization commences with the first expenditure for the project and continues until the project is substantially complete and ready for its intended use. We amortize capitalized interest to depreciation expense using the straight-line method over the same lives as the related assets. Capitalized interest was not material for any period presented. Foreign Currency The functional currencies of our international operating subsidiaries are generally the local currencies. We translate the assets and liabilities of our foreign subsidiaries at the exchange rates in effect on the balance sheet date. We translate the revenue, costs, and expenses of our foreign subsidiaries at the average rates of exchange in effect during the period. We include translation gains and losses in the stockholders equity section of our consolidated balance sheets. We include net gains and losses resulting from foreign exchange transactions in interest and other income or expense in our consolidated statements of operations. Translation gains and losses and transaction gains and losses were not material for any period presented. Income Taxes We estimate our income taxes based on the various jurisdictions where we conduct business. Significant judgment is required in determining our worldwide income tax provision. We estimate our current tax liability and assess temporary differences that result from differing treatments of certain items for tax and accounting purposes. These differences result in deferred tax assets and liabilities, which we show on our consolidated balance sheets. We must then assess the likelihood that our deferred tax assets will be realized. To the extent we believe that realization is not likely, we establish a valuation allowance. When we establish a valuation allowance or increase this allowance in an accounting period, we record a corresponding income tax expense in our consolidated statements of operations. We review the need for a valuation allowance to reflect uncertainties about whether we will be able to utilize some of our deferred tax assets before they expire. The valuation allowance analysis is based on our estimates of taxable income for the jurisdictions in which we operate and the periods over which our deferred tax assets will be realizable. We have considered future taxable income in assessing the need for a valuation allowance for the periods presented. We recognize and measure benefits for uncertain tax positions using a two-step approach. The first step is to evaluate the tax position taken or expected to be taken in a tax return by determining if the weight of available evidence indicates that it is more likely than not that the tax position will be sustained upon audit, including resolution of any related appeals or litigation processes. For tax positions that are more likely than not of being sustained upon audit, the second step is to measure the tax benefit as the largest amount that is more than 50% likely of being realized upon settlement. Significant judgment is required to evaluate uncertain tax positions. We evaluate our uncertain tax positions on a quarterly basis. Our evaluations are based Intuit Fiscal 2026 Form 10-K 65 Table of Contents upon a number of factors, including changes in facts or circumstances, changes in tax law, correspondence with tax authorities during the course of audits, and effective settlement of audit issues. A description of our accounting policies associated with tax-related contingencies and valuation allowances assumed as part of a business combination is provided under Business Combinations below. Computation of Net Income Per Share We compute basic net income per share using the weighted-average number of common shares outstanding during the period. We compute diluted net income per share using the weighted-average number of common shares and dilutive potential common shares outstanding during the period. Dilutive potential common shares consist of the shares issuable upon the exercise of stock options and upon the vesting of restricted stock units (RSUs) under the treasury stock method. We include stock options with combined exercise prices and unrecognized compensation expense that are less than the average market price for our common stock, and RSUs with unrecognized compensation expense that is less than the average market price for our common stock, in the calculation of diluted net income per share. We exclude stock options with combined exercise prices and unrecognized compensation expense that are greater than the average market price for our common stock, and RSUs with unrecognized compensation expense that is greater than the average market price for our common stock, from the calculation of diluted net income per share because their effect is anti-dilutive. Under the treasury stock method, the amount that must be paid to exercise stock options and the amount of compensation expense for future service that we have not yet recognized for stock options and RSUs are assumed to be used to repurchase shares. Dividend rights apply to all RSUs that we grant and are accumulated and paid when the underlying RSUs vest. Since dividend rights are subject to the same vesting requirements as the underlying equity awards, they are considered a contingent transfer of value. Consequently, the RSUs are not considered participating securities, and we do not present them separately in earnings per share. The following table presents the composition of shares used in the computation of basic and diluted net income per share for the periods indicated. Twelve Months Ended July 31, (In millions, except per share amounts)202620252024 Numerator: $4,566 $3,869 $2,963 Denominator: Shares used in basic per share calculations: Weighted-average common shares outstanding276 280 280 Shares used in diluted per share calculations: Weighted-average common shares outstanding276 280 280 Dilutive potential common equivalent shares from share-based awards 1 3 4 Dilutive weighted-average common shares outstanding277 283 284 Basic and diluted net income per share: $16.53 $13.82 $10.58 $16.46 $13.67 $10.43 Shares excluded from diluted net income per share: Weighted-average share-based awards that have been excluded from dilutive common equivalent shares outstanding due to their anti-dilutive effect 4 1 Cash Equivalents and Investments We consider highly liquid investments with maturities of three months or less at the date of purchase to be cash equivalents. In all periods presented, cash equivalents consist primarily of money market funds. Investments consist primarily of investment-grade available-for-sale debt securities. Except for direct obligations of the U.S. government, securities issued by agencies of the U.S. government, and money market funds, we diversify our investments by limiting our holdings with any individual issuer. We use the specific identification method to compute gains and losses on investments. We record unrealized gains and losses on investments, net of tax, in accumulated other comprehensive income (loss) in the stockholders equity section of our consolidated balance sheets and reflect unrealized gain and loss activity in other comprehensive income in our consolidated statements of comprehensive income. We generally classify available-for-sale debt securities as current assets based upon our ability and intent to use any and all of these securities as necessary to satisfy the significant short-term liquidity requirements 66 Intuit Fiscal 2026 Form 10-K Table of Contents that may arise from the highly seasonal nature of our businesses. Because of our significant business seasonality, stock repurchase programs, and acquisition opportunities, cash flow requirements may fluctuate dramatically from quarter to quarter and require us to use a significant amount of the investments we hold as available-for-sale. Accounts Receivable and Allowances for Doubtful Accounts Accounts receivable are recorded at the invoiced amount and are not interest bearing. Third-party payment processor receivables due from financial institutions for the settlement of credit and debit card transactions for the sales of our products and services are included in accounts receivable. We maintain an allowance for doubtful accounts to reserve for credit losses. In determining the amount of the allowance, we consider our historical level of credit losses, current economic trends that might impact the level of future credit losses, customer-specific information, and reasonable and supportable forecasts of future economic conditions to inform adjustments to historical loss data. We make judgments about the creditworthiness of significant customers based on ongoing credit evaluations. When we determine that amounts are uncollectible, we write them off against the allowance. Funds Receivable and Amounts Held for Customers and Funds Payable and Amounts Due to Customers Funds receivable and amounts held for customers represent funds receivable from third-party payment processors for customer transactions, funds in transit to our customers, and funds held on behalf of our customers that are invested in cash and cash equivalents and investment-grade available-for-sale debt securities, which are restricted for use solely to satisfy amounts we owe on behalf of our customers. Funds payable and amounts due to customers consist of amounts we owe on behalf of our customers, such as direct deposit payroll funds and payroll taxes. Our obligations with respect to funds we transmit on behalf of our customers are satisfied when the funds are settled in the customers accounts. These obligations, including funds in transit to our customers, are reflected in funds payable and amounts due to customers in the accompanying consolidated balance sheets. Property and Equipment Property and equipment is stated at the lower of cost or realizable value, net of accumulated depreciation. We calculate depreciation using the straight-line method over the estimated useful lives of the assets, which range from two to 30 years. We amortize leasehold improvements using the straight-line method over the lesser of their estimated useful lives or remaining lease terms. We review property and equipment for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. We did not record any material property or equipment impairment charges during the twelve months ended July 31, 2026, 2025, or 2024. Business Combinations The acquisition method of accounting for business combinations requires us to use significant estimates and assumptions, including fair value estimates, as of the business combination date and to refine those estimates as necessary during the measurement period, which is defined as the period, not to exceed one year, in which we may adjust the provisional amounts recognized for a business combination. Under the acquisition method of accounting, we recognize separately from goodwill the identifiable assets acquired, the liabilities assumed, and any noncontrolling interests in an acquiree, generally at the acquisition date fair value. We measure goodwill as of the acquisition date as the excess of consideration transferred, which we also measure at fair value, over the net of the acquisition date amounts of the identifiable assets acquired and liabilities assumed. Costs that we incur to complete the business combination, such as investment banking, legal, and other professional fees, are not considered part of consideration, and we recognize such costs as general and administrative expenses as they are incurred. Under the acquisition method, we also account for acquired company restructuring activities that we initiate separately from the business combination. Should the initial accounting for a business combination be incomplete by the end of a reporting period that falls within the measurement period, we report provisional amounts in our financial statements. During the measurement period, we adjust the provisional amounts recognized at the acquisition date to reflect new information obtained about facts and circumstances that existed as of the acquisition date that, if known, would have affected the measurement of the amounts recognized as of that date, and we record those adjustments to our financial statements. We apply those measurement period adjustments that we determine to be material retrospectively to comparative information in our financial statements, including adjustments to depreciation and amortization expense. Under the acquisition method of accounting for business combinations, if we identify changes to acquired deferred tax asset valuation allowances or liabilities related to uncertain tax positions during the measurement period, and they relate to new information obtained about facts and circumstances that existed as of the acquisition date, those changes are considered a measurement period adjustment and we record the offset to goodwill. We record all other changes to deferred tax asset valuation allowances and liabilities related to uncertain tax positions in current period income tax expense. This accounting applies to all of our acquisitions regardless of acquisition date. Intuit Fiscal 2026 Form 10-K 67 Table of Contents Goodwill, Acquired Intangible Assets, and Other Long-Lived Assets Goodwill We record goodwill when the fair value of consideration transferred in a business combination exceeds the fair value of the identifiable assets acquired and liabilities assumed. Goodwill is not amortized, but is tested for impairment annually during our fourth fiscal quarter and whenever an event or change in circumstances indicates that the carrying value of the asset may not be recoverable. In accordance with authoritative guidance, we define fair value as the price that would be received from the sale of an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. We consider and use all valuation methods that are appropriate in estimating the fair value of our reporting units and generally use a weighted combination of income and market approaches. Under the income approach, we estimate the fair value of each reporting unit based on the present value of future cash flows. We use a number of assumptions in our discounted cash flow model, including market factors specific to the business, the amount and timing of estimated future cash flows to be generated by the business over an extended period of time, long-term growth rates for the business, and a rate of return that considers the relative risk of achieving the cash flows and the time value of money. Under the market approach, we estimate the fair value of each reporting unit based on market multiples of revenue, operating income, and earnings for comparable publicly traded companies engaged in similar businesses. If the estimated fair value of the reporting unit exceeds the carrying value of the net assets assigned to that unit, goodwill is not impaired. If the carrying value of the net assets assigned to a reporting unit exceeds the estimated fair value of the unit, we would record an impairment loss equal to the difference. We recorded no goodwill impairment charges for the twelve months ended July 31, 2026, 2025, or 2024. Acquired Intangible Assets and Other Long-Lived Assets We generally record acquired intangible assets that have finite useful lives, such as purchased technology, in connection with business combinations. We amortize the cost of acquired intangible assets on a straight-line basis over their estimated useful lives, which range from three to 15 years. We review intangible assets that have finite useful lives and other long-lived assets whenever an event or change in circumstances indicates that the carrying value of the asset may not be recoverable. We estimate the recoverability of these assets by comparing the carrying amount of the asset to the future undiscounted cash flows that we expect the asset to generate. We estimate the fair value of assets that have finite useful lives based on the present value of future cash flows for those assets. If the carrying value of an asset with a finite life exceeds its estimated fair value, we would record an impairment loss equal to the difference. Impairment charges for acquired intangible assets and other long-lived assets were not material for the twelve months ended July 31, 2026, 2025, or 2024. Share-Based Compensation Plans RSUs granted typically vest based on continued service. We value these time-based RSUs at the date of grant using the intrinsic value method. We amortize the fair value of time-based RSUs on a straight-line basis over the service period. Certain RSUs granted to senior management vest based on the achievement of pre-established market goals. We estimate the fair value of market-based RSUs at the date of grant using a Monte Carlo valuation methodology and amortize those fair values over the requisite service period for each separately vesting tranche of the award. The Monte Carlo methodology that we use to estimate the fair value of market-based RSUs at the date of grant incorporates into the valuation the possibility that the market condition may not be satisfied. Provided that the requisite service is rendered, the total fair value of the market-based RSUs at the date of grant must be recognized as compensation expense even if the market condition is not achieved. However, the number of shares that ultimately vest can vary significantly with the performance of the specified market criteria. We amortize the fair values of performance-based RSUs over the requisite service period for each separately vesting tranche of the award. All of the RSUs we grant have dividend rights that are subject to the same vesting requirements as the underlying equity awards, so we do not adjust the intrinsic (market) value of our RSUs for dividends. We estimate the fair value of stock options granted using a lattice binomial model. We amortize the fair value of stock options on a straight-line basis over the requisite service periods of the awards, which are generally the vesting periods. See Note 11, Stockholders Equity, for a description of our share-based compensation plans and more information on the assumptions we use to calculate the fair value of share-based compensation. Restructuring We record charges associated with management-approved restructuring plans as restructuring in our consolidated statements of operations. These charges may include severance and employee benefits, and costs to vacate facilities. We generally recognize employee severance costs when payments are probable and the amounts are estimable, or when notifications occur, depending on the region where the employee works. The liability for restructuring charges is included in accrued compensation and related liabilities in the accompanying consolidated balance sheets. 68 Intuit Fiscal 2026 Form 10-K Table of Contents Concentration of Credit Risk and Significant Customers and Suppliers We operate in markets that are highly competitive and rapidly changing. Significant technological changes, shifting customer needs and expectations, the emergence of competitive products or services with new capabilities, and other factors could negatively impact our operating results. We are also subject to risks related to changes in the value of our material balance of investments. Our portfolio of investments consists of investment-grade securities. Except for direct obligations of the U.S. government, securities issued by agencies of the U.S. government, and money market funds, we diversify our investments by limiting our holdings with any individual issuer. Our cash balances are primarily on deposit at high credit quality financial institutions. These deposits are typically in excess of insured limits. We sell a portion of our products through third-party retailers and distributors. As a result, we face risks related to the collectibility of our accounts receivable. To appropriately manage this risk, we perform ongoing evaluations of customer credit and limit the amount of credit extended as we deem appropriate, but generally do not require collateral. We maintain reserves for estimated credit losses and these losses have historically been within our expectations. However, since we cannot predict future changes in the financial stability of our customers, we cannot guarantee that our reserves will continue to be adequate. No customer accounted for 10% or more of total net revenue for the twelve months ended July 31, 2026, 2025, or 2024, nor did any customer account for 10% or more of total accounts receivable at July 31, 2026 or July 31, 2025. We primarily use two third-party public cloud providers for our cloud hosting needs. We also have a key single-source vendor that prints and fulfills orders for most of our financial supplies business. While we believe that relying on key vendors improves the efficiency and reliability of our business operations, relying on any one vendor for a significant aspect of our business can have a material negative impact on our revenue and profitability if that vendor fails to perform at acceptable service levels for any reason, including financial difficulties of the vendor. Accounting Standards Recently Adopted Income Tax: In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This standard requires additional disclosures related to the income tax rate reconciliation, income taxes paid by jurisdiction, and other income tax-related disclosures. We adopted ASU 2023-09 for our annual reporting of fiscal 2026 on a retrospective basis. See Note 10, Income Taxes, for the additional required disclosures and more information. Codification Improvements: In December 2025, the FASB issued ASU 2025-12, Codification Improvements, which addresses various improvements across a wide range of topics in the FASB Accounting Standards Codification (ASC) to correct, clarify, and otherwise improve the ASC. Among other amendments, ASU 2025-12 includes Issue 10, which clarifies the permissible methods to account for treasury stock retirements under ASC 505-30, Equity Treasury Stock. The amendment codifies a third permissible method for accounting for the excess of the repurchase price of treasury shares over their par value upon formal or constructive retirement. Under this method, the excess may be charged entirely to additional paid-in capital (APIC) to the extent that APIC is available, with any remaining excess deducted from retained earnings. We early adopted the amendments related to Issue 10 of ASU 2025-12 on a prospective basis effective as of the beginning of fiscal year 2026. As a result, for the twelve months ended July 31, 2026, we retired a total of 233 million, or $27.0 billion, of treasury shares, and reduced APIC by $23.2 billion and retained earnings by $3.8 billion, with no net impact to total stockholders equity on our consolidated balance sheets. See Note 11, Stockholders Equity, for more information. Accounting Standards Not Yet Adopted Disaggregation of Income Statement Expenses: In November 2024, the FASB issued ASU 2024-03, Income Statement Reporting Comprehensive Income Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, and in January 2025, the FASB issued ASU 2025-01, Income Statement Reporting Comprehensive Income Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date, which clarified the effective date of ASU 2024-03. This standard requires entities to disaggregate operating expenses into specific categories such as employee compensation, depreciation, and intangible asset amortization, by relevant expense caption on the statement of operations. The standard is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, which means that it will be effective for our annual reporting for the fiscal year ending July 31, 2028 and for interim period reporting beginning in fiscal 2029. Early adoption is permitted on either a prospective or retrospective basis. We are currently evaluating the impact of our pending adoption of ASU 2024-03 on our consolidated financial statements and related disclosures. Measurement of Credit Losses for Accounts Receivable and Contract Assets: In July 2025, the FASB issued ASU 2025-05, Financial Instruments Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. This standard allows entities to apply a practical expedient when estimating expected credit losses for current accounts receivable and current contract assets that arise from transactions accounted for under FASB Accounting Standards Codification (ASC) Topic 606, Revenue from Contracts with Customers. The standard is effective for fiscal years beginning after December 15, 2025, including interim periods within those fiscal years, which means that it will be effective for us in the Intuit Fiscal 2026 Form 10-K 69 Table of Contents first quarter of our fiscal year ending July 31, 2027. Early adoption is permitted, and the standard is to be applied prospectively. We have completed our evaluation of ASU 2025-05 and do not expect the adoption to have a material impact on our consolidated financial statements and related disclosures. Internal-Use Software: In September 2025, the FASB issued ASU 2025-06, Intangibles Goodwill and Other Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. The standard removes all references to project stages and clarifies the threshold entities apply to begin capitalizing costs. The standard is effective for fiscal years beginning after December 15, 2027, including interim reporting periods within those fiscal years, which means that it will be effective for us in the first quarter of our fiscal year ending July 31, 2029. Early adoption is permitted, and the standard is to be applied using a prospective, retrospective, or modified transition approach. We are currently evaluating the impact of our pending adoption of ASU 2025-06 on our consolidated financial statements and related disclosures. 2. Fair Value Measurements Fair Value Hierarchy The authoritative guidance defines fair value as the price that would be received from the sale of an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. When determining fair value, we consider the principal or most advantageous market for an asset or liability and assumptions that market participants would use when pricing the asset or liability. In addition, we consider and use all valuation methods that are appropriate in estimating the fair value of an asset or liability. The authoritative guidance establishes a fair value hierarchy that is based on the extent and level of judgment used to estimate the fair value of assets and liabilities. In general, the authoritative guidance requires us to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. An asset or liability s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the measurement of its fair value. The three levels of input defined by the authoritative guidance are as follows: Level 1 uses unadjusted quoted prices that are available in active markets for identical assets or liabilities. Level 2 uses inputs other than quoted prices included in Level 1 that are either directly or indirectly observable through correlation with market data. These include quoted prices in active markets for similar assets or liabilities; quoted prices for identical or similar assets or liabilities in markets that are not active; and inputs to valuation models or other pricing methodologies that do not require significant judgment because the inputs used in the model, such as interest rates and volatility, can be corroborated by readily observable market data for substantially the full term of the assets or liabilities. Level 3 uses one or more unobservable inputs that are supported by little or no market activity and that are significant to the determination of fair value. Level 3 assets and liabilities include those whose fair values are determined using pricing models, discounted cash flow methodologies, or similar valuation techniques and significant management judgment or estimation. Assets and Liabilities Measured at Fair Value on a Recurring Basis The following table summarizes financial assets that we measured at fair value on a recurring basis at the dates indicated, classified in accordance with the fair value hierarchy described above. At July 31, 2025 (In millions)Level 1Level 2Level 1Level 2 Assets:$3,068 $ 3,068 $1,790 $ 1,790 Available-for-sale debt securities: 869 502 U.S. agency securities 1,776 1,316 Total available-for-sale debt securities 2,645 1,818 Total assets measured at fair value on a recurring basis$3,068 $2,645 5,713 $1,790 $1,818 3,608 Intuit Fiscal 2026 Form 10-K Table of Contents The following table summarizes our cash equivalents and available-for-sale debt securities by balance sheet classification and level in the fair value hierarchy at the dates indicated: At July 31, 2025 (In millions)Level 1Level 2Level 1Level 2 Cash equivalents:$3,068 $ 3,068 $1,790 $ 1,790 $ $2,495 2,495 $ $1,668 1,668 In funds receivable and amounts held for customers 150 150 $ $2,645 2,645 $ $1,818 1,818 We value our Level 1 assets, consisting primarily of money market funds, using quoted prices in active markets for identical instruments. Financial assets whose fair values we measure on a recurring basis using Level 2 inputs consist of corporate notes and U.S. agency securities. We measure the fair values of these assets with the help of a pricing service that either provides quoted market prices in active markets for identical or similar securities or uses observable inputs for their pricing without applying significant adjustments. Our fair value processes include controls designed to ensure that we record appropriate fair values for our Level 2 investments. These controls include comparison to pricing provided by a secondary pricing service or investment manager, validation of pricing sources and models, review of key model inputs, and independent recalculation of prices where appropriate. Financial assets whose fair values we measure using Level 3 inputs consist of notes receivable held for sale. Notes receivable held for sale are recorded at the lower of amortized cost or fair value. As of July 31, 2026, total notes receivable held for sale was $179 million and the difference between amortized cost and fair value was not material. As of July 31, 2025, we held no notes receivable for sale. Notes receivable held for investment are recorded at amortized cost. As of July 31, 2026 and July 31, 2025, the difference between the amortized cost and fair value of notes receivable held for investment was not material. Financial liabilities whose fair values we measure using Level 2 inputs consist of senior unsecured notes. See Note 7, Debt, for more information. We measure the fair value of our senior unsecured notes based on their trading prices and the interest rates we could obtain for other borrowings with similar terms. As of July 31, 2026 and July 31, 2025, the total estimated fair value of the senior unsecured notes was $6.5 billion and $5.0 billion, respectively. As of July 31, 2026 and July 31, 2025, the carrying value of the senior unsecured notes was $6.7 billion and $5.0 billion, respectively. See Note 7, Debt, for more information. Assets Measured at Fair Value on a Non-Recurring Basis Assets measured at fair value on a non-recurring basis include our long-term investments, which primarily include non-marketable equity securities in privately held companies that do not have a readily determinable fair value. They are accounted for at cost and adjusted based on observable price changes from orderly transactions for identical or similar investments of the same issuer or impairment. These investments are classified as Level 3 in the fair value hierarchy because we estimate the value of these investments using a valuation method based on observable transaction price changes at the transaction date. The following table summarizes the adjustments to the carrying value of our long-term investments. July 31, (In millions)202620252024 Upward adjustments $173 $11 $4 Downward adjustments, including impairments (51)(2) Net adjustments $173 $(40)$2 Cumulative upward adjustments amounted to $194 million, and cumulative downward adjustments, including impairments, were $27 million through July 31, 2026 for measurement alternative investments held as of that date. As of July 31, 2026 and July 31, 2025, the carrying value of long-term investments was $248 million and $94 million, respectively. Intuit Fiscal 2026 Form 10-K 71 Table of Contents 3. Cash and Cash Equivalents, Investments, and Funds Receivable and Amounts Held for Customers The following table summarizes our cash and cash equivalents, investments, and funds receivable and amounts held for customers by balance sheet classification at the dates indicated. July 31, 2026July 31, 2025 (In millions)Amortized Cost Fair ValueAmortized Cost Fair Value Classification on consolidated balance sheets: Cash and cash equivalents$4,705 $4,705 $2,884 $2,884 Investments2,495 2,495 1,667 1,668 Funds receivable and amounts held for customers5,039 5,038 7,076 7,076 Total cash and cash equivalents, investments, and funds receivable and amounts held for customers$12,239 $12,238 $11,627 $11,628 The following table summarizes our cash and cash equivalents, investments, and relevant portion of funds receivable and amounts held for customers by investment category at the dates indicated. As of July 31, 2026 and July 31, 2025, this excludes $377 million and $329 million, respectively, of funds receivable from third-party payment processors on our consolidated balance sheets included in funds receivable and amounts held for customers that were not measured and recorded at fair value. July 31, 2026July 31, 2025 (In millions)Amortized CostFair ValueAmortized CostFair Value Type of issue: Total cash, cash equivalents, restricted cash, and restricted cash equivalents$9,216 $9,216 $9,481 $9,481 Available-for-sale debt securities: 870 869 502 502 U.S. agency securities1,776 1,776 1,315 1,316 Total available-for-sale debt securities2,646 2,645 1,817 1,818 Total cash, cash equivalents, restricted cash, restricted cash equivalents, and investments$11,862 $11,861 $11,298 $11,299 We include realized gains and losses on our available-for-sale debt securities in interest and other income, net in our consolidated statements of operations. Gross realized gains and losses on our available-for-sale debt securities for the twelve months ended July 31, 2026, 2025, and 2024 were not material. We accumulate unrealized gains and losses on our available-for-sale debt securities, net of tax, in accumulated other comprehensive income or loss in the stockholders equity section of our consolidated balance sheets, except for certain unrealized losses described below. Gross unrealized gains and losses on our available-for-sale debt securities as of July 31, 2026 and July 31, 2025 were not material. For available-for-sale debt securities in an unrealized loss position, we determine whether a credit loss exists. The estimate of the credit loss is determined by considering available information relevant to the collectibility of the security and information about past events, current conditions, and reasonable and supportable forecasts. The allowance for credit loss is recorded to interest and other income, net in our consolidated statements of operations, not to exceed the amount of the unrealized loss. Any excess unrealized loss greater than the allowance for credit loss at a security level is recognized in accumulated other comprehensive income or loss in the stockholders equity section of our consolidated balance sheets. We determined there were no credit losses related to available-for-sale debt securities as of July 31, 2026 and July 31, 2025. Unrealized losses on available-for-sale debt securities as of July 31, 2026 were not material. We do not intend to sell these investments. In addition, it is more likely than not that we will not be required to sell them before recovery of the amortized cost basis, which may be at maturity. 72 Intuit Fiscal 2026 Form 10-K Table of Contents The following table summarizes our available-for-sale debt securities, included in investments and relevant portion of funds receivable and amounts held for customers, classified by the stated maturity date of the security at the dates indicated. July 31, 2026July 31, 2025 (In millions)Amortized CostFair ValueAmortized CostFair Value Due within one year$2,519 $2,519 $1,694 $1,694 Due within two years65 65 62 63 Due within three years62 61 61 61 $2,646 $2,645 $1,817 $1,818 The following table summarizes our funds receivable and amounts held for customers by asset category at the dates indicated. July 31, 2026July 31, 2025July 31, 2024July 31, 2023$4,511 $6,597 $3,490 $4 150 150 150 200 377 329 281 216 $5,038 $7,076 $3,921 $420 As of July 31, 2026 and 2025, our notes receivable portfolio consisted of notes receivable held for investment, including loans made to small and mid-market businesses and consumers, and notes receivable held for sale, consisting of small and mid-market business loans. We classify notes receivable as held for investment when we have both the intent and ability to hold the notes receivable for the foreseeable future or until maturity or payoff. We classify notes receivable as held for sale when we have the intent and ability to sell substantially all of our rights and interests in a qualified loan to a third-party investor. A note receivable that is initially designated as held for sale or held for investment may be reclassified when our intent for that individual note receivable changes. When a note receivable held for investment is reclassified to held for sale and recorded at the lower of amortized cost or fair value, the related allowance for credit losses for that note receivable is released, and any adjustment to record the note receivable at the lower of amortized cost or fair value is recorded. Notes Receivable Held for Investment Business loans. We provide financing to small and mid-market businesses via term loans and other financing products (collectively, business loans) that we originate through an originating bank partner. During the twelve months ended July 31, 2026, 2025, and 2024, we purchased business loans from our originating bank partner with principal balances in the amount of $6.2 billion, $3.5 billion, and $1.8 billion, respectively. As of July 31, 2026, we had commitments to purchase $253 million in business loans that were originated on or prior to July 31, 2026. The business loans are not secured and are recorded at amortized cost, which includes the unpaid principal balances, net of any related deferred origination costs and fees, discounts, and purchase premiums. At each of the reporting periods ended July 31, 2026 and 2025, the amortized cost of business loans held for investment, net of the allowance for credit losses, was $1.5 billion. The current portion is included in notes receivable held for investment and the long-term portion is included in other assets on our consolidated balance sheets. Interest income is earned on business loans purchased and held for investment in accordance with the specified period of time and defined interest rate noted in the loan contract. Interest income is recorded net of amortized direct origination costs and fees, discounts, and purchase premiums and is included in service revenue in our consolidated statements of operations. Interest income on business loans was not material for each of the periods presented. Consumer loans. We provide short-term interest bearing and non-interest bearing loans to eligible TurboTax customers, and other consumer loans (collectively, consumer loans). We partner with originating banks to originate the consumer loans and subsequently purchase those consumer loans. Certain consumer loan offerings are repaid from the customer's income tax refund. During the twelve months ended July 31, 2026, 2025, and 2024, we purchased consumer loans from our originating bank partners with principal balances in the amount of $670 million, $482 million, and $700 million, respectively. The consumer loans are not secured and are recorded at amortized cost, net of any related deferred origination costs and fees, discounts, and purchase premiums. As of July 31, 2026 and July 31, 2025, the amortized cost of consumer loans, net of the allowance for credit losses, was $94 million and $2 million, respectively. Interest income on consumer loans was not material for each of the periods presented. Allowance for credit losses. We maintain an allowance for credit losses on notes receivable held for investment to reserve for expected credit losses in the notes receivable portfolio. The allowance for credit losses is determined based on our current Intuit Fiscal 2026 Form 10-K 73 Table of Contents estimate of expected credit losses, historical credit losses, estimates of recoveries, and future expectations as of each balance sheet date. Adjustments to the allowance for changes in our estimate of lifetime expected credit losses are recognized in earnings each period through the provision for expected credit losses included in cost of service revenue in our consolidated statements of operations. We evaluate the creditworthiness of our notes receivable portfolio on a pooled basis when shared credit risk characteristics exist. The allowance for credit losses is subjective and requires management estimates, including such factors as known and inherent risks in the portfolio, use of historical credit losses to estimate expected credit losses, adverse situations that may affect borrowers ability to repay, and current and forecasted economic conditions. Other factors considered may include uncertainties in forecasting, subjective application of modeling techniques, changes in portfolio composition, seasonality, business conditions, and emerging trends. For our business loan portfolio, expected credit losses are measured based on a credit loss forecasting model and calculated by applying loss curves derived from loan level risk segment and term mixes, aggregated at monthly business loan vintages. Loss curves are estimated based on a combination of empirical loss curve data and management judgment. The loss rates and underlying models are updated periodically to reflect factors such as actual loan performance and changes in assumptions based on the credit risk characteristics of the business loan portfolio. We use empirical data and management judgment to estimate losses for new credit tests or products for which we do not have enough history. We consider a business loan to be delinquent when the payments are one day past due. We place delinquent business loans on nonaccrual status and stop accruing interest income. Business loans are returned to accrual status if they are brought current or have performed in accordance with the contractual terms for a reasonable period of time and, in our judgment, will continue to make periodic principal and interest payments as per contractual terms. Previously recognized interest receivable from charged-off business loans that is accrued but not collected from the borrower is reversed when the loan is charged off. As of July 31, 2026 and 2025, the amortized cost basis for delinquent business loans and nonaccrual status business loans held for investment were not material. Interest income for business loans in a nonaccrual status, recognized when cash is received, was not material for each of the twelve month periods ended July 31, 2026, 2025, and 2024. The changes in the allowance for credit losses for our business loan portfolio for the twelve months ended July 31, 2026, 2025, and 2024 were as shown in the following table. Twelve Months Ended July 31, (In millions)202620252024 Beginning balance$100 $62 $30 Provision for expected credit losses199 115 89 Charge-offs(185)(88)(65) Recoveries20 11 8 Ending balance$134 $100 $62 For our consumer loan portfolio, we maintain an allowance for credit losses to reserve for potentially uncollectible consumer loans and take into consideration the loan product, future expectations, expected funding of refunds by the Internal Revenue Service (IRS) using historical trends, if applicable, and other borrower characteristics to predict future losses. We use empirical data and management judgment to estimate losses for new consumer loan products for which we do not have enough history. The allowance for credit losses for consumer loans was not material as of July 31, 2026 and 2025. Interest income for consumer loans in a nonaccrual status, recognized when cash is received, was not material for each of the twelve months ended July 31, 2026, 2025, and 2024. We maintain an allowance for credit losses on our loan purchase commitments that is recorded in other current liabilities on the consolidated balance sheets. Our allowance for credit losses on loan purchase commitments was not material as of July 31, 2026 and 2025. When available information confirms that specific notes receivable or portions thereof are uncollectible, identified amounts are charged off against the allowance for credit losses. Notes receivable are charged off in accordance with our charge-off policy when the contractual principal becomes 120 days past due or when other charge-off policy requirements are met. Subsequent recoveries of the unpaid principal balance, if any, are credited to the allowance for credit losses. Notes Receivable Held for Sale Business loans. We have entered into multiple forward flow arrangements with institutional investors that facilitate the sale of participation interests in eligible unsecured business loans. These arrangements have varying terms, with expiration dates ranging from 2027 to 2030. 74 Intuit Fiscal 2026 Form 10-K Table of Contents Notes receivable held for sale are recorded at the lower of amortized cost or fair value determined on an individual note receivable basis. As of July 31, 2026, we held $179 million of notes receivable classified as held for sale, which is included in notes receivable held for sale on our consolidated balance sheets. As of July 31, 2025, there were no notes receivable classified as held for sale. The total unpaid principal balance of business loans sold during the twelve months ended July 31, 2026, 2025 and 2024 amounted to $2.1 billion, $543 million, and $323 million, respectively. For the twelve months ended July 31, 2026, 2025, and 2024, gains on sales of business loans and servicing income were not material. 5. Property and Equipment Property and equipment consisted of the following at the dates indicated: Life inJuly 31, (Dollars in millions)Years20262025 Buildings5-30 $701 $644 Software2-6 691 791 Leasehold improvements2-16 451 479 Equipment3-5 178 175 Furniture and fixtures5141 139 Land 96 96 Capital in progress 146 39 Total property and equipment2,404 2,363 Less accumulated depreciation and amortization(1,381)(1,402) Total property and equipment, net$1,023 $961 Capital in progress at July 31, 2026 and 2025, consisted primarily of costs related to various buildings and site improvements that have not yet been placed into service. As discussed in Note 1, Description of Business and Summary of Significant Accounting Policies Internal Use Software, we capitalize costs related to the development of software for internal use. We capitalized internal use software costs totaling $46 million for the twelve months ended July 31, 2026; $40 million for the twelve months ended July 31, 2025; and $59 million for the twelve months ended July 31, 2024. There was no capitalized labor in these amounts for the twelve months ended July 31, 2026, 2025, and 2024. Costs related to internal use software projects are included in the capital in progress category of property and equipment until project completion, at which time they are transferred to the software category. 6. Goodwill and Acquired Intangible Assets Goodwill Changes in the carrying value of goodwill by reportable segment during the twelve months ended July 31, 2026 and July 31, 2025 were as shown in the following table. Our reportable segments are described in Note 14, Segment Information. We have recast certain prior period amounts to conform to our current presentation of our reportable segments. See Note 1, Description of Business and Summary of Significant Accounting Policies Basis of Presentation, for more information. (In millions)Balance July 31, 2024Goodwill Acquired/ AdjustedForeign Currency TranslationBalance July 31, 2025Goodwill Acquired/ AdjustedForeign Currency Translation and OtherBalance July 31, 2026 Global Business Solutions$9,690 $134 $1 $9,825 $ $(4)$9,821 Consumer4,154 1 4,155 5 4,160 Totals$13,844 $134 $2 $13,980 $ $1 $13,981 Goodwill is net of accumulated impairment losses of $114 million, which were recorded prior to July 31, 2024 and are included in our Consumer segment. The increase in goodwill during the twelve months ended July 31, 2026 was primarily due to foreign currency translation adjustments. The increase in goodwill during the twelve months ended July 31, 2025 was primarily due to a business acquisition. Intuit Fiscal 2026 Form 10-K 75 Table of Contents Acquired Intangible Assets The following table shows the cost, accumulated amortization, and weighted-average life in years for our acquired intangible assets at the dates indicated. The weighted-average lives are calculated for assets that are not fully amortized. (Dollars in millions)Customer and User Relationships Purchased TechnologyTrade Names and LogosTotal At July 31, 2026: Cost$6,198 $1,765 $680 $8,643 Accumulated amortization(2,464)(1,237)(300)(4,001) Acquired intangible assets, net$3,734 $528 $380 $4,642 Weighted-average life in years1481313 At July 31, 2025: Cost$6,198 $1,765 $680 $8,643 Accumulated amortization(2,034)(1,061)(246)(3,341) Acquired intangible assets, net$4,164 $704 $434 $5,302 Weighted-average life in years1481313 The following table shows the expected future amortization expense for our acquired intangible assets at July 31, 2026. Amortization of purchased technology is generally charged to amortization of acquired technology in our consolidated statements of operations. Amortization of other acquired intangible assets, such as customer and user relationships, is charged to amortization of other acquired intangible assets in our consolidated statements of operations. If impairment events occur, they could accelerate the timing of acquired intangible asset charges. (In millions)Expected Future Amortization Expense Fiscal year ending July 31, 2027$633 2028613 2029593 2030590 2031506 Thereafter1,707 Total expected future amortization expense$4,642 76 Intuit Fiscal 2026 Form 10-K Table of Contents 7. Debt The following table summarizes the carrying value of our debt at the dates indicated: EffectiveJuly 31,July 31, (Dollars in millions)Issuance DateInterest Rate20262025 5.250%, 2023 Notes due September 2026 September 20235.325%$750 $750 1.350%, 2020 Notes due July 2027 June 20201.486%500 500 5.125%, 2023 Notes due September 2028 September 20235.258%750 750 1.650%, 2020 Notes due July 2030 June 2020 1.767%500 500 4.950%, 2026 Notes due June 2031 June 2026 5.083%750 5.200%, 2023 Notes due September 2033 September 20235.312%1,250 1,250 5.500%, 2026 Notes due June 2036 June 20265.620%1,000 5.500%, 2023 Notes due September 2053 September 20235.576%1,250 1,250 Total senior unsecured notes6,750 5,000 Secured revolving credit facilities970 1,014 Total principal balance of debt7,720 6,014 Unamortized discount and debt issuance costs(51)(41) Net carrying value of debt$7,669 $5,973 Short-term debt$1,249 $ Long-term debt$6,420 $5,973 The following table summarizes the future principal payments for debt at July 31, 2026: (In millions) Fiscal year ending July 31, 2027$1,250 2028400 20291,100 2030720 2031750 Thereafter3,500 Total future principal payments for debt$7,720 Senior Unsecured Notes Interest is payable semiannually for the senior unsecured notes listed in the table above. The discount and debt issuance costs are amortized to interest expense using the effective interest method over the term of the related senior note. The senior unsecured notes rank equally with all existing and future unsecured and unsubordinated indebtedness of Intuit and are redeemable by us at any time, subject to a make-whole premium. The senior unsecured notes limit our ability to create certain liens and enter into sale and leaseback transactions. As of July 31, 2026, we were compliant with all covenants governing the senior unsecured notes. For the senior unsecured notes issued in June 2020 (2020 Notes), upon a change of control that is accompanied by certain downgrades in the credit ratings of the 2020 Notes, we will be required to repurchase the 2020 Notes at a repurchase price equal to 101% of the aggregate outstanding principal plus any accrued and unpaid interest to but not including the date of repurchase. 2026 Notes. In June 2026, we issued two series of senior unsecured notes (together, the 2026 Notes) pursuant to a public debt offering. The proceeds from the issuance were $1.74 billion, net of debt discount and issuance costs of $14 million. In August 2026, we used the net proceeds from this bond issuance, as well as cash on hand, to repay the $750 million of notes that were scheduled to mature in September 2026. We intend to use the remaining net proceeds for general corporate purposes, which may include the repayment of our senior notes due in July 2027. Intuit Fiscal 2026 Form 10-K 77 Table of Contents Secured Revolving Credit Facilities To finance business loans that we purchase from our originating bank partner, we have established certain SPVs, deemed to be VIEs, to enter into secured revolving credit facilities with lenders. The facilities are non-recourse to Intuit Inc. and are secured by assets of the respective SPVs, which may only be used to settle obligations of the SPVs and are each in excess of the amounts outstanding under their respective facilities. The liabilities of the SPVs can only be settled by the assets of the respective subsidiary. We can borrow up to each facility limit up to the termination date, and the outstanding principal balance is due and payable in full on the maturity date. Each facility includes certain affirmative and negative covenants, including financial covenants, that require us to maintain specified financial ratios. As of July 31, 2026, we were compliant with all covenants governing the facilities. The following table summarizes details of the secured revolving credit facilities: StatedUnused Termination DateMaturity Date Interest Rate Commitment FeeInterest Rate1 2019 Secured Facility August 2027August 2028SOFR + 1.35% 0.25% to 0.75% 5.01% 2022 Secured Facility April 2027May 2028SOFR + 1.10% 0.20% to 0.40% 4.76% 2024 Secured Facility November 2028November 2029SOFR + 1.15% 0.20% to 0.40% 5.19% (1) The presented interest rates reflect the stated interest rate in effect for each of our secured revolving credit facilities as of July 31, 2026 and include any applicable unused commitment fee on the unused portions of the committed facilities. Stated interest rates on our secured revolving credit facilities are floating and accrue interest at the Secured Overnight Financing Rate (SOFR) plus a margin. Interest on the facilities is payable monthly. In fiscal 2026, we entered into an amendment to the 2024 Secured Facility that increased the committed and total facility limit, and extended the termination and maturity dates. The following table summarizes each facility s limits as of July 31, 2026 and the outstanding principal balances of the secured revolving credit facilities, which are liabilities of the SPVs, as of the dates indicated: UncommittedCommittedTotalOutstanding Principal Balance (Dollars in millions)Facility LimitFacility LimitFacility LimitJuly 31, 2026July 31, 2025 2019 Secured Facility$200 $300 $500 $350 $440 2022 Secured Facility100 400 500 400 300 2024 Secured Facility 500 500 220 274 Total secured revolving credit facilities:$300 $1,200 $1,500 $970 $1,014 Unsecured Credit Facilities 2026 Credit Facility. On January 9, 2026, we terminated our amended and restated credit agreement dated February 5, 2024, and entered into a credit agreement with certain lenders providing for a $2.2 billion unsecured revolving credit facility that expires on January 9, 2031 (2026 Credit Facility). Under the 2026 Credit Facility, we may, subject to certain customary conditions, including approval of relevant lenders, on one or more occasions, increase commitments under the 2026 Credit Facility by an amount not to exceed $4 billion in the aggregate, and, on one or more occasions, extend the maturity date of the 2026 Credit Facility by one year. The 2026 Credit Facility includes a $500 million sublimit for borrowing swingline loans and a $250 million sublimit for the issuance of letters of credit. Advances under the 2026 Credit Facility accrue interest at rates equal to (a) in the case of U.S. dollar borrowings, at our election, either (i) the alternate base rate plus a margin that ranges from 0.000% to 0.125%, or (ii) the SOFR plus a margin that ranges from 0.700% to 1.125%, or (b) in the case of foreign currency borrowings, the interest benchmark for the relevant currency specified in the credit agreement plus a margin that ranges from 0.700% to 1.125%. The facility fee ranges from 0.050% to 0.125% per annum. The actual interest margins and the facility fee are based on our senior long-term debt credit ratings. The 2026 Credit Facility includes customary affirmative and negative covenants, including a financial covenant that requires us to maintain a ratio of total gross debt to earnings before interest, taxes, depreciation, and amortization (EBITDA), as defined in the agreement, of not greater than 4.00 to 1.00 as measured on a rolling twelve month basis as of the last day of each fiscal quarter. As of July 31, 2026, we were compliant with all covenants governing the 2026 Credit Facility. At July 31, 2026, no amounts were outstanding under the 2026 Credit Facility. 2026 Short-Term Credit Facility. On January 30, 2026, we entered into a credit agreement with certain lenders providing for a $5.8 billion unsecured short-term revolving credit facility (2026 Short-Term Credit Facility) to fund a portion of our TurboTax early tax refund offering. We terminated the 2026 Short-Term Credit Facility effective February 26, 2026. 78 Intuit Fiscal 2026 Form 10-K Table of Contents Advances under the 2026 Short-Term Credit Facility accrued interest at rates equal to, at our election, either (i) term SOFR or daily simple SOFR plus a margin of 0.875%, or (ii) the alternate base rate plus a margin of 0.000%. Unused portions of the commitment accrued a fee of 0.07% per annum. Commercial Paper Program Under our established commercial paper program, we may issue and sell unsecured short-term promissory notes (commercial paper) up to $2.2 billion outstanding at any time. The maturities of the commercial paper may vary but will not exceed 397 days from the date of issuance. During the twelve months ended July 31, 2026, we temporarily increased the capacity of our commercial paper program from $1.5 billion to $3.2 billion to support our seasonal working capital needs. In March 2026, we reduced the capacity of the commercial paper program to $2.2 billion. At July 31, 2026 and July 31, 2025, no amounts were outstanding under this program. 8. Other Liabilities and Commitments Other Current Liabilities Other current liabilities were as follows at the dates indicated: July 31, (In millions)20262025 Executive deferred compensation plan liabilities$308 $248 Interest payable98 85 Current portion of operating lease liabilities85 69 Sales, property, and other taxes68 55 Reserve for returns, credits, and promotional discounts54 39 Excise tax on share repurchases41 7 Amounts due for share repurchases31 14 178 108 Total other current liabilities$863 $625 Other Long-Term Obligations Other long-term obligations were as follows at the dates indicated: July 31, (In millions)20262025 Income tax liabilities$247 $238 58 50 Total other long-term obligations$305 $288 In the ordinary course of business, we enter into certain unconditional purchase obligations with our suppliers. These are agreements to purchase products and services that are enforceable, legally binding, and specify terms that include fixed or minimum quantities to be purchased; fixed, minimum, or variable price provisions; and the approximate timing of the payments. Intuit Fiscal 2026 Form 10-K 79 Table of Contents As of July 31, 2026, our commitments under purchase obligations, primarily related to a cloud services agreement, were as shown in the table below. (In millions)Purchase Obligations Fiscal year ending July 31, 2027$1,160 20281,169 2029910 2030467 2031460 Thereafter768 Total commitments$4,934 9. Leases We lease office facilities under noncancellable operating lease arrangements. Our facility leases generally provide for periodic rent increases and may contain escalation clauses and renewal options. Our leases have remaining lease terms of up to 16 years, which include options to extend that are reasonably certain of being exercised. Some of our leases include one or more options to extend the lease for up to 10 years per option, which we are not reasonably certain to exercise. The options to extend are generally at rates to be determined in accordance with the agreements. Options to extend the lease are included in the lease liability if they are reasonably certain of being exercised. We sublease certain office facilities to third parties. These subleases have remaining lease terms of up to 4 years, one of which includes an option to extend the sublease for up to 3 years. The components of lease expense were as follows: Twelve Months Ended July 31, (In millions)202620252024 Operating lease cost (1) $142 $111 $108 25 22 23 Sublease income(8)(10)(11) Total net lease cost$159 $123 $120 (1) Includes short-term leases, which were not material for the twelve months ended July 31, 2026, 2025, or 2024. Supplemental cash flow information related to operating leases was as follows: 202620252024$124 $101 $89 $183 $212 $35 202620252024 Weighted-average remaining lease term for operating leases7.2 years8.1 years7.7 years Weighted-average discount rate for operating leases4.4 %3.8 %3.3 % 80 Intuit Fiscal 2026 Form 10-K Table of Contents Future minimum lease payments under noncancellable operating leases as of July 31, 2026 were as follows: (In millions)Operating Leases (1) Fiscal year ending July 31, 2027$112 2028130 2029134 2030124 2031109 Thereafter285 Total future minimum lease payments894 Less imputed interest(142) Present value of lease liabilities$752 (1) Noncancellable future sublease proceeds as of July 31, 2026 totaled $17 million through July 31, 2031 and are not included in the table above. Supplemental balance sheet information related to operating leases was as follows at the dates indicated: July 31, (In millions)20262025 Operating lease right-of-use assets$609 $541 Other current liabilities$85 $69 Operating lease liabilities667 597 Total operating lease liabilities$752 $666 As of July 31, 2026, we have additional operating leases with total minimum lease payments of $56 million primarily for office facilities that have not yet commenced and therefore are not reflected on the consolidated balance sheets or in the tables above. These operating leases are expected to commence in fiscal year 2027 with lease terms ranging from five to 10 years. 10. Income Taxes The provision for income taxes consisted of the following for the periods indicated: Twelve Months Ended July 31, (In millions)202620252024 Current: Federal$(59)$1,219 $984 State189 237 202 Foreign49 25 36 Total current179 1,481 1,222 Deferred: Federal1,205 (453)(523) State72 (70)(97) Foreign(5)7 (15) Total deferred1,272 (516)(635) Total provision for income taxes$1,451 $965 $587 We recognized tax shortfalls on share-based compensation of $43 million in the provision for income taxes for the twelve months ended July 31, 2026. We recognized excess tax benefits on share-based compensation of $143 million and $183 million in the provision for income taxes for the twelve months ended July 31, 2025 and 2024, respectively. Intuit Fiscal 2026 Form 10-K 81 Table of Contents The sources of income before the provision for income taxes consisted of the following for the periods indicated: Twelve Months Ended July 31, (In millions)202620252024 United States$5,875 $4,700 $3,449 Foreign142 134 101 Total$6,017 $4,834 $3,550 Differences between income taxes calculated using the federal statutory income tax rate and the provision for income taxes were as follows for the periods indicated: Twelve Months Ended July 31, (In millions)202620252024 AmountPercentAmountPercentAmountPercent Income before income taxes$6,017 $4,834 $3,550 $1,264 21.0 %$1,015 21.0 %$746 21.0 % State income taxes, net of federal benefit (1) 206 3.4 132 2.7 83 2.3 Foreign tax effects: Statutory tax rate differences between foreign and U.S.14 0.2 4 0.1 Federal research and experimentation credits(96)(1.6)(113)(2.3)(109)(3.1) Share-based compensation56 1.0 47 1.0 43 1.2 Shortfalls (excess tax benefits) related to share-based compensation36 0.6 (120)(2.5)(153)(4.3) (36)(0.6)(11)(0.2)(33)(0.9) Other adjustments(2) 7 0.1 11 0.2 10 0.3 Provision for income taxes$1,451 24.1 %$965 20.0 %$587 16.5 % Intuit Fiscal 2026 Form 10-K Table of Contents Income taxes paid, net of refunds, were as follows (in millions): Twelve Months Ended July 31, 202620252024 U.S. federal$(6)$1,105 $1,659 U.S. state and local California51 31 (4) New York25 23 20 Pennsylvania18 15 14 Other162 191 161 Foreign India24 21 24 Other7 22 7 Total cash paid for income taxes, net of refunds$281 $1,408 $1,881 On July 4, 2025, the U.S. federal government enacted the One Big Beautiful Bill Act (OBBBA), which includes significant tax changes, most notably the reinstatement of the immediate expensing of domestic research and development expenditures, effective in fiscal 2026. The deductibility of these expenditures, including the election to deduct the prior year unamortized, capitalized research and development expenses, reduced the deferred tax assets and income taxes payable for fiscal 2026. 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. Material deferred tax assets and liabilities were as follows at the dates indicated: July 31, (In millions)20262025 Deferred tax assets: Accruals and reserves not currently deductible$98 $72 Capitalized research and development 673 1,895 Operating lease liabilities176 173 154 116 Loss and tax credit carryforwards243 277 106 113 Other, net27 24 Total gross deferred tax assets1,477 2,670 Valuation allowance(257)(290) Total deferred tax assets1,220 2,380 Deferred tax liabilities: 139 140 Intangibles1,012 950 Property and equipment29 32 Other, net107 56 Total deferred tax liabilities1,287 1,178 Net deferred tax assets (liabilities)$(67)$1,202 The components of total net deferred tax assets, net of valuation allowances, as shown on our consolidated balance sheets were as follows at the dates indicated: July 31, (In millions)20262025 Long-term deferred income tax assets$172 $1,222 Long-term deferred income tax liabilities(239)(20) Net deferred tax assets (liabilities)$(67)$1,202 Intuit Fiscal 2026 Form 10-K 83 Table of Contents We have provided a valuation allowance on California net deferred tax assets primarily related to state research and experimentation tax credit carryforwards. We have also provided a valuation allowance on other non-California state operating loss and foreign loss carryforwards. We have provided a valuation allowance on these deferred tax assets as we believe they are unlikely to be realized. We have a valuation allowance of $257 million and $290 million for the twelve months ended July 31, 2026 and July 31, 2025, respectively. The valuation allowance on our net deferred taxes decreased by $33 million for the twelve months ended July 31, 2026. The change in the valuation allowance was primarily related to a decrease in the allowance for California net deferred tax assets. The valuation allowance on our net deferred taxes increased by $63 million for the twelve months ended July 31, 2025. The change in the valuation allowance was primarily related to an increase in the allowance for California net deferred tax assets. At July 31, 2026, we had federal net operating loss carryforwards of approximately $35 million that will start to expire in fiscal 2032. Utilization of the net operating losses is subject to annual limitation. The annual limitation may result in the expiration of net operating losses before utilization. At July 31, 2026, we had state net operating loss carryforwards of approximately $99 million for which we have recorded a deferred tax asset of $6 million and a valuation allowance of $6 million. The state net operating loss carryforwards will start to expire in fiscal 2028. Utilization of the net operating losses is subject to annual limitation. The annual limitation may result in the expiration of net operating losses before utilization. At July 31, 2026, we had foreign net operating loss carryforwards of approximately $18 million which carry forward indefinitely. We maintain a full valuation allowance with respect to the foreign net operating losses as there is not sufficient evidence of future sources of taxable income required to utilize such carryforwards. At July 31, 2026, we had California research and experimentation credit carryforwards of approximately $415 million. The California research and experimentation credit will carry forward indefinitely. We maintain a full valuation allowance with respect to the California research and experimentation credit carryforwards as there is not sufficient evidence of future sources of taxable income required to utilize such carryforwards. Unrecognized Tax Benefits The aggregate changes in the balance of our gross unrecognized tax benefits were as follows for the periods indicated: Twelve Months Ended July 31, (In millions)202620252024 Gross unrecognized tax benefits, beginning balance$394 $327 $246 Increases related to tax positions from prior fiscal years, including acquisitions17 11 36 Decreases related to tax positions from prior fiscal years (21)(12) Increases related to tax positions taken during current fiscal year42 91 95 Settlements with tax authorities(2)(2)(1) Lapse of statute of limitations(38)(12)(37) Gross unrecognized tax benefits, ending balance$413 $394 $327 The total amount of our unrecognized tax benefits at July 31, 2026 was $413 million. If we were to recognize these net benefits, our income tax expense would reflect a favorable net impact of $275 million. We file U.S. federal, U.S. state, and foreign tax returns. Our major tax jurisdiction is the U.S. federal jurisdiction. For U.S. federal tax returns, we are no longer subject to tax examinations for years prior to fiscal 2023 except for fiscal 2018 and fiscal 2016. We recognize interest and penalties related to unrecognized tax benefits within the provision for income taxes. Amounts accrued at July 31, 2026 and July 31, 2025 for the payment of interest and penalties were not material. The amounts of interest and penalties that we recognized during the twelve months ended July 31, 2026, 2025, and 2024, were also not material. We offset a $61 million long-term liability for uncertain tax positions against our long-term income tax receivable at each of the reporting periods ended July 31, 2026 and July 31, 2025. The long-term income tax receivable for both periods was primarily related to the government s approval of a method of accounting change request for fiscal 2018. 84 Intuit Fiscal 2026 Form 10-K Table of Contents 11. Stockholders Equity Stock Repurchase Programs and Treasury Shares Intuit s Board of Directors has authorized a common stock repurchase program. Shares of common stock repurchased under this program become treasury shares. Under this program, we repurchased 13.4 million shares of our common stock for $5.5 billion during the twelve months ended July 31, 2026. Included in this amount were $31 million of repurchases which occurred in late July 2026 and settled in August 2026. On August 19, 2025, our Board of Directors approved an increase in the authorization under the existing stock repurchase program to repurchase up to an additional $3.2 billion of our common stock. On May 7, 2026, our Board of Directors approved an increase in the authorization under the existing stock repurchase program to repurchase up to an additional $8.0 billion of our common stock. At July 31, 2026, we had remaining authorization from our Board of Directors for up to $7.9 billion in stock repurchases. Future stock repurchases under the current program are at the discretion of management, and authorization of future stock repurchase programs is subject to the final determination of our Board of Directors. Our treasury shares are repurchased at the market price on the trade date. Through July 23, 2026, all amounts paid to reacquire these shares had been recorded as treasury stock on our consolidated balance sheets. Any direct costs to acquire treasury stock were recorded to treasury stock on our consolidated balance sheets. Repurchased shares of our common stock were held as treasury shares until they were reissued or retired. When we reissue treasury stock, if the proceeds from the sale are more than the average price we paid to acquire the shares, we record an increase in additional paid-in capital. Conversely, if the proceeds from the sale are less than the average price we paid to acquire the shares, we record a decrease in additional paid-in capital to the extent of increases previously recorded for similar transactions and a decrease in retained earnings for any remaining amount. On July 23, 2026, we retired all of our existing treasury shares. Additionally, we retired all shares repurchased from July 24, 2026 through July 31, 2026. These shares assumed the status of authorized and unissued shares upon retirement. The excess of the purchase price over par value was first deducted from APIC to the extent that APIC was available, with any remaining excess deducted from retained earnings. For the twelve months ended July 31, 2026, we retired a total of 233 million, or $27.0 billion, of treasury shares, and reduced APIC by $23.2 billion and retained earnings by $3.8 billion, with no net impact to total stockholders equity on our consolidated balance sheets. Any future repurchased shares will assume the status of authorized and unissued shares, and the related excess of the repurchase price over par value will be recorded consistent with the methodology described above. Dividends on Common Stock During the twelve months ended July 31, 2026, we declared cash dividends that totaled $4.80 per share of outstanding common stock, or approximately $1.3 billion. In August 2026, our Board of Directors declared a quarterly cash dividend of $1.38 per share of outstanding common stock payable on October 16, 2026 to stockholders of record at the close of business on October 8, 2026. Future declarations of dividends and the establishment of future record dates and payment dates are subject to the final determination of our Board of Directors. Description of 2005 Equity Incentive Plan and Credit Karma, Inc. 2015 Equity Incentive Plan Our stockholders initially approved our 2005 Equity Incentive Plan (2005 Plan) on December 9, 2004. On January 18, 2024, our stockholders approved an Amended and Restated 2005 Equity Incentive Plan (Restated 2005 Plan) that expires on January 18, 2034. Under the Restated 2005 Plan, we are permitted to grant incentive and non-qualified stock options, restricted stock awards, RSUs, stock appreciation rights, and stock bonus awards to our employees, non-employee directors, and consultants. The Compensation and Organizational Development Committee of our Board of Directors or its delegates determine who will receive grants, when those grants will be exercisable, their exercise price, and other terms. We are permitted to issue up to 171.7 million shares under the Restated 2005 Plan. The plan provides a fungible share reserve. Each stock option granted on or after November 1, 2010 reduces the share reserve by one share and each restricted stock award or restricted stock unit granted reduces the share reserve by 2.3 shares. Stock options forfeited and returned to the pool of shares available for grant increase the pool by one share for each share forfeited. Restricted stock awards and RSUs forfeited and returned to the pool of shares available for grant increase the pool by 2.3 shares for each share forfeited. Shares withheld for income taxes upon vesting of RSUs that were granted on or after July 21, 2016 are also returned to the pool of shares available for grant. Stock options granted under the 2005 Plan and the Restated 2005 Plan typically vest over three to four years based on continued service and have a seven-year term. RSUs granted under those plans typically vest over three to four years based on continued service. Certain RSUs granted to senior management vest based on the achievement of pre-established market goals. In connection with our acquisition of Credit Karma on December 3, 2020, we assumed the Credit Karma, Inc. 2015 Equity Incentive Plan, as amended (Credit Karma Plan), under which the assumed equity awards were granted. Under the Restated 2005 Plan, effective January 20, 2022, shares available under the Credit Karma Plan became available for grant under the Restated 2005 Plan and no shares may be granted out of the Credit Karma Plan. After January 20, 2022, shares forfeited and returned to the pool from grants issued out of the Credit Karma Plan increase the pool by 2.3 shares for each share forfeited. Intuit Fiscal 2026 Form 10-K 85 Table of Contents At July 31, 2026, there were approximately 11.3 million shares available for grant under the Restated 2005 Plan. Description of Employee Stock Purchase Plan On November 26, 1996, our stockholders initially adopted our Employee Stock Purchase Plan (ESPP) under Section 423 of the Internal Revenue Code. The ESPP permits our eligible employees to make payroll deductions to purchase our stock on regularly scheduled purchase dates at a discount. Our stockholders have approved amendments to the ESPP to permit the issuance of up to 25.8 million shares under the ESPP, which expires upon the earliest to occur of (a) termination of the ESPP by our Board of Directors, or (b) issuance of all the shares of Intuit s common stock reserved for issuance under the ESPP. Offering periods under the ESPP are six months in duration and composed of two consecutive three-month accrual periods. Shares are purchased at 85% of the lower of the closing price for Intuit common stock on the first day of the offering period or the last day of the accrual period. Under the ESPP, employees purchased 438,432 shares of Intuit common stock during the twelve months ended July 31, 2026; 306,286 shares during the twelve months ended July 31, 2025; and 360,028 shares during the twelve months ended July 31, 2024. At July 31, 2026, there were 1,219,234 shares available for issuance under this plan. Share-Based Compensation Expense The following table summarizes the total share-based compensation expense that we recorded in operating income for the periods shown. Twelve Months Ended July 31, (In millions)202620252024 Cost of service revenue $370 $420 $398 Cost of product and other revenue 1 3 4 Selling and marketing587 541 506 Research and development706 629 639 General and administrative392 375 368 Restructuring 25 Total share-based compensation expense 2,056 1,968 1,940 Income tax benefit(366)(548)(594) Decrease in net income$1,690 $1,420 $1,346 Valuation and Amortization Methods RSUs granted typically vest based on continued service. We value these time-based RSUs at the date of grant using the intrinsic value method. We amortize the fair value of time-based RSUs on a straight-line basis over the service period. These time-based RSUs accounted for approximately 90% of our total share-based compensation expense during the twelve months ended July 31, 2026. Certain RSUs granted to senior management vest based on the achievement of pre-established market goals. We estimate the fair value of market-based RSUs at the date of grant using a Monte Carlo valuation methodology and amortize those fair values over the requisite service period for each separately vesting tranche of the award. The Monte Carlo methodology that we use to estimate the fair value of market-based RSUs at the date of grant incorporates into the valuation the possibility that the market condition may not be satisfied. Provided that the requisite service is rendered, the total fair value of the market-based RSUs at the date of grant must be recognized as compensation expense even if the market condition is not achieved. However, the number of shares that ultimately vest can vary significantly with the performance of the specified market criteria. All of the RSUs we grant have dividend rights that are subject to the same vesting requirements as the underlying equity awards, so we do not adjust the market price of our stock on the date of grant for dividends. We estimate the fair value of stock options granted using a lattice binomial model. Our stock options have various restrictions, including vesting provisions and restrictions on transfer, and are often exercised prior to their contractual maturity. We believe that lattice binomial models are more capable of incorporating the features of our stock options than closed-form models such as the Black Scholes model. The use of a lattice binomial model requires the use of extensive actual employee exercise behavior and a number of complex assumptions, including the expected volatility of our stock price over the term of the options, risk-free interest rates, and expected dividends. We amortize the fair value of options on a straight-line basis over the requisite service periods of the awards, which are generally the vesting periods. Expected Term. The expected term of options granted represents the period of time that they are expected to be outstanding and is a derived output of the lattice binomial model. The expected term of stock options is impacted by all of the underlying assumptions and calibration of our model. The lattice binomial model assumes that option exercise behavior is a function of the option s remaining life and the extent to which the market price of our common stock exceeds the option 86 Intuit Fiscal 2026 Form 10-K Table of Contents exercise price. The lattice binomial model estimates the probability of exercise as a function of these two variables based on the history of exercises and cancellations on all past option grants made by us. Expected Volatility. We estimate the volatility of our common stock at the date of grant based on the implied volatility of one-year publicly traded options on our common stock. Our decision to use implied volatility was based on the availability of actively traded options on our common stock and our assessment that implied volatility is more representative of future stock price trends than historical volatility. Risk-Free Interest Rate. We base the risk-free interest rate that we use in our option valuation model on the implied yield in effect at the time of option grant on constant maturity U.S. Treasury issues with equivalent remaining terms. Dividends. We use an annualized expected dividend yield in our option valuation model. We paid quarterly cash dividends during all years presented and currently expect to continue to pay cash dividends in the future. Forfeitures. We adjust share-based compensation expense for actual forfeitures as they occur. We used the following assumptions to estimate the fair value of stock options granted and shares purchased under our Employee Stock Purchase Plan for the periods indicated: Twelve Months Ended July 31, 202620252024 Assumptions for stock options: Expected volatility58.64 %29.54 % 31% Weighted-average expected volatility58.64 %29.54 %31 % Risk-free interest rate4.41 %3.95 % 4.13% Expected dividend yield1.70 %0.53 %0.57 % Assumptions for ESPP: Expected volatility (range)30% - 47% 30% - 31% 27% - 36% Weighted-average expected volatility38 %30 %31 % Risk-free interest rate (range)3.69% - 4.24% 4.29% - 5.39% 4.94% - 5.55% Expected dividend yield (range)0.64% - 1.06% 0.56% - 0.69% 0.57% - 0.75% Intuit Fiscal 2026 Form 10-K 87 Table of Contents Share-Based Awards Available for Grant A summary of share-based awards available for grant under our plans for the fiscal periods indicated was as follows: (Shares in thousands)Shares Available for Grant Balance at July 31, 202319,026 Additional shares authorized12,200 (9,782) Options granted(326) Share-based awards canceled/forfeited/expired (1)(2) 6,199 Balance at July 31, 202427,317 (8,812) Options granted(287) Share-based awards canceled/forfeited/expired (1)(2) 6,929 Balance at July 31, 202525,147 (21,070) Options granted(69) Share-based awards canceled/forfeited/expired (1)(2) 7,272 Balance at July 31, 202611,280 (1)RSUs granted from the pool of shares available for grant under our Restated 2005 Plan reduce the pool by 2.3 shares for each share granted. RSUs forfeited and returned to the pool of shares available for grant under the Restated 2005 Plan increase the pool by 2.3 shares for each share forfeited. (2)Stock options and RSUs canceled, expired, or forfeited under our Restated 2005 Plan are returned to the pool of shares available for grant. Under the Restated 2005 Plan, shares withheld for income taxes upon vesting of RSUs that were granted on or after July 21, 2016 are also returned to the pool of shares available for grant. Restricted Stock Unit and Restricted Stock Activity A summary of RSU and restricted stock activity for the periods indicated was as follows: (Shares in thousands)Number of SharesWeighted-Average Grant Date Fair Value Unvested at July 31, 202311,894 $433.70 4,253 590.59 (4,233)439.08 Forfeited(990)390.17 Unvested at July 31, 202410,924 496.64 3,831 696.82 (3,674)512.36 Forfeited(1,508)456.60 Unvested at July 31, 20259,573 577.03 9,161 291.74 (3,598)561.86 Forfeited(1,677)542.33 Unvested at July 31, 202613,459 $391.22 88 Intuit Fiscal 2026 Form 10-K Table of Contents Additional information regarding our RSUs is shown in the table below. Twelve Months Ended July 31, (In millions)202620252024 Total fair market value of shares vested$1,767 $2,434 $2,575 Share-based compensation for RSUs$1,958 $1,882 $1,857 Total tax benefit related to RSU share-based compensation expense$360 $524 $545 Cash tax benefits realized for tax deductions for RSUs$378 $533 $526 At July 31, 2026, there was $4.9 billion of unrecognized compensation cost related to unvested RSUs and restricted stock with a weighted-average vesting period of 3.0 years. We adjust unrecognized compensation cost for actual forfeitures as they occur. Stock Option Activity A summary of stock option activity for the periods indicated was as follows: Options Outstanding (Shares in thousands)Number of SharesWeighted-Average Exercise Price Per Share Balance at July 31, 20232,130 $360.17 Granted326 626.32 (570)212.89 Canceled or expired(114)467.16 Balance at July 31, 20241,772 449.66 Granted287 781.21 Exercised(660)354.70 Canceled or expired(80)493.70 Balance at July 31, 20251,319 566.59 Granted69 281.53 Exercised(30)478.86 Canceled or expired(118)601.89 Balance at July 31, 20261,240 $549.37 Information regarding stock options outstanding as of July 31, 2026 is summarized below: Number of Shares (in thousands)Weighted- Average Remaining Contractual Life (in years)Weighted- Average Exercise Price per ShareAggregate Intrinsic Value (in millions) Options outstanding1,240 3.86$549.37 $4 Options exercisable793 2.89$508.10 $1 The aggregate intrinsic values at July 31, 2026 are calculated as the difference between the exercise price of the underlying options and the market price of our common stock for shares that were in-the-money at that date. In-the-money options at July 31, 2026 were options that had exercise prices that were lower than the $316.07 market price of our common stock at that date. Intuit Fiscal 2026 Form 10-K 89 Table of Contents Additional information regarding our stock options and ESPP shares is shown in the table below. Twelve Months Ended July 31, (In millions, except per share amounts) 202620252024 Weighted-average fair value of options granted (per share)$124.58 $246.17 $188.54 Total grant date fair value of options vested$48 $43 $38 Aggregate intrinsic value of options exercised$5 $208 $209 Share-based compensation expense for stock options and ESPP$98 $86 $83 Total tax benefit for stock option and ESPP share-based compensation$6 $24 $49 Cash received from option exercises$14 $234 $121 Cash tax benefits realized related to tax deductions for non-qualified option exercises and disqualifying dispositions under all share-based payment arrangements$2 $27 $49 At July 31, 2026, there was $88 million of unrecognized compensation cost related to unvested stock options with a weighted-average vesting period of 2.6 years. We adjust unrecognized compensation cost for actual forfeitures as they occur. Accumulated Other Comprehensive Loss Comprehensive income consists of two elements, net income and other comprehensive income (loss). Other comprehensive income (loss) items are recorded in the stockholders equity section of our consolidated balance sheets and are excluded from net income. Our other comprehensive income (loss) primarily consists of foreign currency translation adjustments for subsidiaries with functional currencies other than the U.S. dollar and unrealized gains and losses on marketable debt securities classified as available-for-sale. The following table shows the components of accumulated other comprehensive loss, net of income taxes, in the stockholders equity section of our consolidated balance sheets at the dates indicated. July 31, (In millions)20262025 Foreign currency translation adjustments$(50)$(51) Unrealized gain (loss) on available-for-sale debt securities(1)1 Other(6) Total accumulated other comprehensive loss$(57)$(50) 12. Benefit Plans Non-Qualified Deferred Compensation Plan Intuit s Executive Deferred Compensation Plan provides that executives who meet minimum compensation requirements are eligible to defer up to 75% of their salaries and up to 75% of their bonuses. We have agreed to credit the participants contributions with earnings that reflect the performance of certain independent investment funds. We do not guarantee above-market interest on account balances. We may also make discretionary employer contributions to participant accounts in certain circumstances. The timing, amounts, and vesting schedules of employer contributions are at the sole discretion of the Compensation and Organizational Development Committee of our Board of Directors or its delegate. The benefits under this plan are unsecured and are general assets of Intuit. Participants are generally eligible to receive payment of their vested benefit at the end of their elected deferral period or after termination of their employment with Intuit for any reason or at a later date to comply with the restrictions of Section 409A of the Internal Revenue Code. Participants may elect to receive their payments in a lump sum or installments. Discretionary company contributions and the related earnings vest completely upon the participant s disability, death, or a change in control of Intuit. We made no employer contributions to the plan for any period presented. We had liabilities related to this plan of $308 million at July 31, 2026 and $248 million at July 31, 2025. We have matched the plan liabilities with similar-performing assets, which are primarily investments in life insurance contracts. These assets are recorded in other long-term assets, while liabilities related to obligations are recorded in other current liabilities on our consolidated balance sheets. 90 Intuit Fiscal 2026 Form 10-K Table of Contents 401(k) Plans In the U.S., employees who participate in the Intuit Inc. 401(k) Plan may currently contribute up to 75% of pre-tax compensation, subject to IRS limitations and the terms and conditions of the plan. We match a portion of employee contributions, currently 125% up to six percent of compensation, subject to maximum aggregate matching amounts and IRS limitations. Additionally, Credit Karma employees in the U.S. who participate in the Credit Karma 401(k) Plan may currently contribute up to 90% of pre-tax compensation, subject to IRS limitations and the terms and conditions of the plan. We match a portion of Credit Karma employee contributions, currently 100% up to six percent of compensation each pay period, subject to maximum aggregate matching amounts and IRS limitations. Matching contributions for both plans were $156 million for the twelve months ended July 31, 2026; $149 million for the twelve months ended July 31, 2025; and $138 million for the twelve months ended July 31, 2024. Effective in August 2026, Credit Karma employees began to participate in the Intuit Inc. 401(k) Plan with the terms described above, and their account balances were transferred from the Credit Karma 401(k) Plan to the Intuit Inc. 401(k) Plan. 13. Legal Proceedings Beginning in May 2019, various legal proceedings were filed and certain regulatory inquiries were commenced in connection with our provision and marketing of free online tax preparation programs. We believe that we have strong defenses to these claims and continue to defend our interests in them. In June 2021, we received a demand and draft complaint from the Federal Trade Commission (FTC) and certain state attorneys general relating to the ongoing inquiries described above. On March 29, 2022, the FTC filed an action in federal court seeking a temporary restraining order and a preliminary injunction enjoining certain Intuit business practices pending resolution of the FTC s administrative complaint seeking to permanently enjoin certain Intuit business practices (the FTC Actions). On April 22, 2022, the Northern District of California denied the FTC s requests for a temporary restraining order and a preliminary injunction. Beginning on March 27, 2023, a final hearing on the administrative action was held before an administrative law judge (ALJ) at the FTC and, on August 29, 2023, the FTC's ALJ issued a decision in favor of the FTC and adverse to Intuit. On January 19, 2024, the FTC Commissioners affirmed the ALJ's decision and issued a final order that required us to adhere to certain marketing practices and did not contain any monetary penalties. On January 21, 2024, we filed a petition for review with the United States Court of Appeals for the Fifth Circuit. The FTC's order became effective on March 23, 2024. On March 20, 2026, the Court of Appeals for the Fifth Circuit issued a decision that vacated the FTC's order and remanded the case to the FTC. The deadline for the FTC to appeal the Fifth Circuit s decision has now passed. On August 31, 2026, we filed a motion in the U.S. District Court for the Northern District of California seeking the dismissal of the remaining lawsuit brought by the FTC as moot. The FTC has agreed not to oppose this motion, and we are awaiting a decision from the court. The state attorneys general did not join the FTC Actions, and, on May 4, 2022, we entered into a settlement agreement with the attorneys general of the 50 states and the District of Columbia, admitting no wrongdoing, that resolved the states inquiry, as well as actions brought by the Los Angeles City Attorney and the Santa Clara County (California) Counsel. As part of this agreement, we agreed to pay $141 million and made certain commitments regarding our advertising and marketing practices. We recorded this as a one-time charge in the quarter ended April 30, 2022, and paid the full amount to the fund administrator in the quarter ended January 31, 2023. The pending proceedings also include a class action lawsuit that was filed in the Ontario (Canada) Superior Court of Justice (Court) on August 25, 2022. On July 24, 2026, the Court granted class certification in the case and we expect to appeal that decision. On July 10, 2026 and August 17, 2026, two purported shareholder class actions were filed in the United States District Court for the Northern District of California against the Company and certain members of management. The complaints allege violations of Sections 10(b) and 20(a) of the Exchange Act, claiming that defendants made materially false and misleading statements in 2025 and 2026 that impacted the price of the Company s stock. No lead plaintiff or plaintiff s counsel has been appointed. We believe that we have strong defenses to these claims and continue to defend our interests. In view of the complexity and ongoing and uncertain nature of the outstanding proceedings and inquiries, at this time, we are unable to estimate a reasonably possible financial loss or range of financial loss that we may incur to resolve or settle these matters. To date, the legal and other fees we have incurred related to these proceedings and inquiries have not been material. The ongoing defense and any resolution or settlement of these proceedings and inquiries could involve significant costs to us. Intuit is subject to certain routine legal proceedings, including class action lawsuits, as well as demands, claims, government inquiries, and threatened litigation, that arise in the normal course of our business, including assertions that we may be infringing patents or other intellectual property rights of others. Our failure to obtain necessary licenses or other rights, or litigation arising out of intellectual property claims could adversely affect our business. We currently believe that, in addition to any amounts accrued, the amount of potential losses, if any, for any pending claims of any type (either alone or combined) will Intuit Fiscal 2026 Form 10-K 91 Table of Contents not have a material impact on our consolidated financial statements. The ultimate outcome of any legal proceeding is uncertain and, regardless of outcome, legal proceedings can have an adverse impact on Intuit because of defense costs, negative publicity, diversion of management resources, and other factors. 14. Segment Information We have defined our two reportable segments, described below, based on factors such as how we manage our operations and how our CODM views results. We define the CODM as our Chief Executive Officer and our Chief Financial Officer. Our CODM uses regularly provided segment revenue and segment operating income to assess operating performance by monitoring actual results against prior periods and expected results, and to allocate company resources during our annual planning process and throughout the year. Effective August 1, 2025, we combined our Consumer, Credit Karma, and ProTax businesses into a single Consumer segment in order to better serve the diverse financial needs of our customers as one consumer platform. Our CODM allocates resources and assesses segment performance using regularly provided segment revenue and segment operating income information under this updated segment structure. To align results under this segment change, certain selling and marketing, product development, and general and administrative expenses for Credit Karma that were managed at the segment level are now managed at the platform level and are included in other corporate expenses rather than in segment expenses. Also on August 1, 2025, we reorganized certain marketing, communications, and customer success functions in our Global Business Solutions segment that support and benefit our overall platform and are managed at that level rather than at the segment level. Additionally, certain data science and analytics teams that were managed at the platform level are now managed at the segment level. We have recast certain previously reported amounts to conform to these segment changes. As a result of these changes, for the twelve months ended July 31, 2025 and 2024, we reclassified expenses totaling $9 million and $16 million from Global Business Solutions and $606 million and $585 million from Consumer to other corporate expenses, respectively, to conform to the current presentation. Effective August 1, 2026, we began managing Mailchimp as a separate operating segment from Global Business Solutions. Mailchimp will be a separate reportable segment beginning in fiscal 2027. Global Business Solutions: This segment serves small and mid-market businesses and accountants around the world. QuickBooks and Intuit Enterprise Suite are offerings powered by our all-in-one business platform which includes financial management services, human capital management solutions such as payroll and time tracking, money solutions such as merchant payment processing, bill pay, checking accounts through an FDIC-member bank partner, and financing for small and mid-market businesses. Intuit Enterprise Suite provides mid-market businesses with a configurable, AI-powered solution that includes multi-entity and multi-dimensional financial management capabilities designed to seamlessly scale and enhance productivity and profitability for more complex businesses to streamline operations. Intuit Accountant Suite is an AI-powered platform that provides accounting firms with everything they need to run and grow their practices while managing and advising their clients. Mailchimp offerings include marketing automation and customer relationship tools. Consumer: This segment primarily serves consumers and professional accountants. Our TurboTax offerings primarily help consumers complete their taxes with confidence and maximize their financial outcomes whether they do it themselves or with the help of an AI-enabled human expert. TurboTax delivers do-it-yourself and assisted income tax preparation products and services sold in the United States (U.S.) and Canada. We offer a variety of money products directly to consumers, including early refund access to any bank account, as well as Credit Karma Money branded savings and checking accounts through an FDIC-member bank partner. Credit Karma is a personal finance solution that helps its users find the right financial products and make smarter money decisions throughout the year to reach their financial goals. This includes personalized recommendations for credit card, home, auto, and personal loan, and insurance products; and access to their credit scores and reports, credit and identity monitoring, credit report dispute, credit building tools, debt pay-down assistance, credit card rewards optimization, and connected account capabilities to help users understand net worth and make financial progress. Finally, our ProTax offerings help professional accountants in the U.S. and Canada, who are essential to both business success and tax preparation and filing. Our professional tax offerings include Lacerte, ProSeries, and ProConnect Tax Online in the U.S., and ProFile and ProTax Online in Canada. All of our segments operate primarily in the United States and sell primarily to customers in the United States. Total international net revenue was approximately 8% of consolidated total net revenue in each of the twelve months ended July 31, 2026, 2025, and 2024. We include expenses such as corporate selling and marketing, general and administrative, and non-employment related legal and litigation settlement costs, which are not allocated to specific segments, in unallocated corporate items as part of other corporate expenses. As part of our platform strategy, we also include customer success and product development for our segments in unallocated corporate items as we do not allocate these expenses to the segments because they are managed at the platform level. Customer success includes the costs of tax and bookkeeping experts that support our TurboTax Expert Assist, TurboTax Expert Full Service, and Intuit Experts offerings. Unallocated corporate items also include share-based compensation, amortization of acquired technology, amortization of other acquired intangible assets, goodwill and intangible asset impairment charges, professional fees and transaction costs related to business combinations, and restructuring charges. 92 Intuit Fiscal 2026 Form 10-K Table of Contents The accounting policies of our reportable segments are the same as those described in the summary of significant accounting policies in Note 1. Except for goodwill and acquired intangible assets, we do not generally track assets by reportable segment and, consequently, we do not disclose total assets by reportable segment. See Note 6, Goodwill and Acquired Intangible Assets, for goodwill by reportable segment. The following table shows our financial results by reportable segment for the periods indicated. Twelve Months Ended July 31, (In millions)202620252024 Net revenue: Global Business Solutions$12,864 $11,077 $9,533 Consumer8,584 7,754 6,752 Total net revenue$21,448 $18,831 $16,285 Segment cost of revenue and operating expenses(1): Global Business Solutions$2,977 $2,601 $2,360 Consumer2,276 1,994 1,740 Total segment cost of revenue and operating expenses$5,253 $4,595 $4,100 Operating income: Global Business Solutions$9,887 $8,476 $7,173 Consumer6,308 5,760 5,012 Total segment operating income16,195 14,236 12,185 Unallocated corporate items: Share-based compensation expense(2,056)(1,968)(1,915) Other corporate expenses(7,303)(6,693)(5,788) Amortization of acquired technology(174)(156)(146) Amortization of other acquired intangible assets(485)(481)(483) Restructuring charges (2) (293)(15)(223) (10,311)(9,313)(8,555) Total operating income$5,884 $4,923 $3,630 (1) Cost of revenue and operating expenses primarily include direct expenses related to selling and marketing, direct costs associated with our product and service offerings, certain data science and analytics related costs and certain design and product management related costs. They exclude expenses that are recorded within unallocated corporate items, such as certain technology and customer success costs that support and benefit the overall platform and are managed at the corporate level. (2) Restructuring charges for the twelve months ended July 31, 2024 include $25 million in share-based compensation expense associated with a restructuring plan. See Note 15, Restructuring, for more information. Intuit Fiscal 2026 Form 10-K 93 Table of Contents Revenue classified by significant service and product offerings was as follows: Twelve Months Ended July 31, (In millions)202620252024 Net revenue: QuickBooks Online Accounting$5,051 $4,120 $3,379 Online Services4,867 4,182 3,513 Total Online Ecosystem9,918 8,302 6,892 QuickBooks Desktop Accounting1,801 1,672 1,575 Desktop Services and Supplies1,145 1,103 1,066 Total Desktop Ecosystem2,946 2,775 2,641 Global Business Solutions12,864 11,077 9,533 TurboTax5,296 4,933 4,508 Credit Karma2,641 2,200 1,645 ProTax647 621 599 Consumer8,584 7,754 6,752 Total net revenue$21,448 $18,831 $16,285 15. Restructuring Restructuring expenses in our consolidated statements of operations consist of severance and employee benefits and certain other exit costs from management-approved restructuring plans that were developed for strategic purposes, as further described below. The liability for restructuring charges is included in accrued compensation and related liabilities in the accompanying consolidated balance sheets. 2026 Restructuring Plan In May 2026, our management approved and initiated a plan of reorganization (the 2026 Plan) to simplify the company s organizational structure and become a faster, leaner, more focused company. As part of the 2026 Plan, we are reducing our full-time workforce and are closing certain sites in service to growing technology teams and capabilities in strategic locations. We expect the actions associated with the 2026 Plan to be substantially complete by the first quarter of fiscal 2027. Total restructuring costs associated with the 2026 Plan are estimated to be approximately $315 million. During the twelve months ended July 31, 2026, we recorded a $293 million charge in connection with the 2026 Plan. This charge was primarily related to severance and employee benefits and was recorded to restructuring in our consolidated statements of operations. Actual costs may vary from the estimates provided above. The following table summarizes the activity for the 2026 Plan by segment. (In millions)Accrued July 31, 2025 Initial CostsCash PaymentsNon-Cash ItemsAccrued July 31, 2026 Total Costs Incurred to DateTotal Expected Plan Cost Global Business Solutions$ $51 $(1)$ $50 $51 $52 Consumer 28 (1) 27 28 34 Corporate 214 (2)(12)200 214 229 Totals$ $293 $(4)$(12)$277 $293 $315 94 Intuit Fiscal 2026 Form 10-K Table of Contents 2024 Restructuring Plan In July 2024, our management approved and initiated a plan of reorganization (the 2024 Plan) focused on reallocating resources to our key growth areas. The 2024 Plan included the exit of employees and the closing of real estate sites in certain markets to support growing technology teams and capabilities in strategic locations. The actions associated with the 2024 Plan were substantially complete in the first quarter of fiscal 2025. Total restructuring costs associated with the 2024 Plan were $238 million. During the twelve months ended July 31, 2025 and 2024, we recorded charges in connection with the 2024 Plan of $15 million and $223 million, respectively. These charges are primarily related to severance and employee benefits and were recorded to restructuring in our consolidated statements of operations. The following tables summarize the activity for the 2024 Plan by segment. Accrued July 31, 2025 Additional Costs/AdjustmentsCash PaymentsNon-Cash ItemsAccrued July 31, 2026 $3 $ $(3)$ $ $3 $ $(3)$ $ Initial CostsAccrued July 31, 2024 Additional Costs/Adjustments Cash PaymentsNon-Cash ItemsAccrued July 31, 2025 Global Business Solutions$ $96 (12)$84 $5 $(86)$ $3 Consumer 11 11 (11) Corporate 116 92 10 (97)(5) Totals$ $223 (36)$187 $15 $(194)$(5)$3 Intuit Fiscal 2026 Form 10-K 95 Table of Contents INTUIT INC. SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS (In millions)Beginning BalanceAdditions Charged to Expense/ RevenueDeductionsEnding Balance Year ended July 31, 2026 Allowance for doubtful accounts$5 $59 $(59)$5 Reserve for returns, credits, and promotional discounts$39 $384 $(369)$54 Year ended July 31, 2025 Allowance for doubtful accounts$5 $50 $(50)$5 Reserve for returns, credits, and promotional discounts$40 $334 $(335)$39 Year ended July 31, 2024 Allowance for doubtful accounts$7 $61 $(63)$5 Reserve for returns, credits, and promotional discounts$32 $302 $(294)$40 96 Intuit Fiscal 2026 Form 10-K Table of Contents ITEM 9 - CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE None. ITEM 9A - CONTROLS AND PROCEDURES Evaluation of Disclosure Controls and Procedures Based upon an evaluation of the effectiveness of disclosure controls and procedures, Intuit s Chief Executive Officer (CEO) and Chief Financial Officer (CFO) have concluded that as of the end of the period covered by this Annual Report on Form 10-K our disclosure controls and procedures as defined under Exchange Act Rules 13a-15(e) and 15d-15(e) were effective to provide reasonable assurance that information required to be disclosed in our Exchange Act reports is recorded, processed, summarized, and reported within the time periods specified by the Securities and Exchange Commission and is accumulated and communicated to management, including the CEO and CFO, as appropriate to allow timely decisions regarding required disclosure. Management s Report on Internal Control over Financial Reporting Our management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Exchange Act Rules 13a-15(f) and 15d-15(f). Under the supervision and with the participation of our management, including our CEO and CFO, we conducted an evaluation of the effectiveness of our internal control over financial reporting as of July 31, 2026 based on the guidelines established in Internal Control Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) (COSO). Based on the results of our evaluation, our management has concluded that our internal control over financial reporting was effective as of July 31, 2026 to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external reporting purposes in accordance with generally accepted accounting principles. We reviewed the results of management s assessment with the Audit and Risk Committee of Intuit s Board of Directors. Ernst & Young LLP, an independent registered public accounting firm, has audited the effectiveness of our internal control over financial reporting as of July 31, 2026. Their report is included in Item 8 of this Annual Report on Form 10-K. Changes in Internal Control over Financial Reporting There was no change in our internal control over financial reporting during the quarterly period ended July 31, 2026 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting. Inherent Limitations on Effectiveness of Controls Our management, including our CEO and CFO, believes that our disclosure controls and procedures and internal control over financial reporting are designed to provide reasonable assurance of achieving their objectives and that they are effective at the reasonable assurance level. However, no matter how well conceived and executed, a control system can provide only reasonable and not absolute assurance that the objectives of the control system are met. The design of any control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. There are also limitations that are inherent in any control system. These limitations include the realities that breakdowns can occur because of errors in judgment or mistakes, and that controls can be circumvented by individual persons, by collusion of two or more people, or by management override of the controls. Because of these inherent limitations in a cost-effective control system, misstatements due to error or fraud may occur and not be detected. ITEM 9B - OTHER INFORMATION During the three months ended July 31, 2026, none of our directors or officers (as defined in Rule 16a-1(f) of the Exchange Act) adopted or terminated a Rule 10b5-1 trading arrangement or non-Rule 10b5-1 trading arrangement (as defined in Item 408 of Regulation S-K). ITEM 9C - DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS None. Intuit Fiscal 2026 Form 10-K 97 Table of Contents PART III ITEM 10 - DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE We maintain a Code of Conduct and Ethics that applies to all employees, including all officers. We also maintain a Board of Directors Code of Ethics that applies to all members of our Board of Directors. Our Code of Conduct and Ethics and Board of Directors Code of Ethics incorporate guidelines designed to deter wrongdoing and to promote honest and ethical conduct and compliance with applicable laws and regulations. Our Code of Conduct and Ethics is available on our website at https://www.intuit.com/company/code-of-conduct-and-ethics/. Our Board of Directors Code of Ethics is available on our website at https://investors.intuit.com/corporate-governance/governance-documents. We intend to disclose amendments to certain provisions of our Code of Conduct and Ethics and Board of Directors Code of Ethics, or waivers of such provisions granted to executive officers and directors, on this website within four business days following the date of the amendment or waiver, as required. The other information required by this Item 10 regarding directors is incorporated by reference from the information contained in our Proxy Statement to be filed with the SEC in connection with the solicitation of proxies for our 2027 Annual Meeting of Stockholders (the 2027 Proxy Statement ) under the sections entitled Our Director Nominees and Corporate Governance. Certain information required by this Item 10 regarding executive officers is set forth in Item 1 of Part I of this report under the heading Information about our Executive Officers. The information required by Item 408(b) of Regulation S-K is incorporated by reference from the information contained in our 2027 Proxy Statement under the heading Insider Trading Policy. ITEM 11 - EXECUTIVE COMPENSATION The information required by this Item 11 is incorporated by reference from the information contained in our 2027 Proxy Statement under the sections entitled Compensation and Organizational Development Committee Report, Compensation Discussion and Analysis, Director Compensation, and Executive Compensation Tables. ITEM 12 - SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS The information required by this Item 12 is incorporated by reference from the information contained in our 2027 Proxy Statement under the sections entitled Stock Ownership Information, Equity Compensation Plan Information, and Executive Compensation Tables. ITEM 13 - CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE The information required by this Item 13 is incorporated by reference from the information contained in our 2027 Proxy Statement under the sections entitled Director Independence and Transactions with Related Persons. ITEM 14 - PRINCIPAL ACCOUNTANT FEES AND SERVICES The information required by this Item 14 is incorporated by reference from the information contained in our 2027 Proxy Statement under the section entitled Ratification of Selection of Independent Registered Public Accounting Firm. 98 Intuit Fiscal 2026 Form 10-K Table of Contents PART IV ITEM 15 - EXHIBITS AND FINANCIAL STATEMENT SCHEDULES (a)The following documents are filed as part of this report: 1.Financial Statements See Index to Consolidated Financial Statements in Part II, Item 8. 2.Financial Statement Schedules See Index to Consolidated Financial Statements in Part II, Item 8. 3.Exhibits Exhibit NumberExhibit DescriptionFiled HerewithIncorporated by Reference Form/File No.Date 2.01Equity Purchase Agreement, dated September 13, 2021, by and among Intuit Inc., a Delaware corporation, The Rocket Science Group LLC, a Georgia limited liability company, VERP Holdings I, LLC, a Georgia limited liability company, VERP Holdings II, LLC, a Georgia limited liability company, DMK RSG, LLC, a Delaware limited liability company, DMK Life LLC, a Delaware limited liability company, DMK 10 LLC, a Delaware limited liability company, DMK 20 LLC, a Delaware limited liability company, DMK RSG Holdco LLC, a Delaware limited liability company, and Benjamin Chestnut, an individual resident of the State of Georgia, as the Sellers Representative 8-K9/13/2021 3.01Intuit Inc. Amended and Restated Certificate of Incorporation, effective January 27, 2025 10-Q2/25/2025 3.02Bylaws of Intuit Inc., as amended and restated on July 27, 2023 8-K8/2/2023 4.01Form of Specimen Certificate for Intuit s Common Stock 10-K9/15/2009 4.02Description of Common Stock 10-K8/30/2019 4.03Indenture, dated as of June 29, 2020, between Intuit and U.S. Bank National Association, as trustee 8-K6/29/2020 4.04Form of 1.350% Senior Note due 2027 8-K6/29/2020 4.05Form of 1.650% Senior Note due 2030 8-K6/29/2020 4.06Supplemental Indenture, dated as of September 15, 2023, between Intuit Inc. and U.S. Bank Trust Company, National Association, as trustee 8-K 9/15/2023 4.07Form of 5.250% Senior Note due 2026 8-K 9/15/2023 4.08Form of 5.125% Senior Note due 2028 8-K 9/15/2023 4.09Form of 5.200% Senior Note due 2033 8-K 9/15/2023 4.10Form of 5.500% Senior Note due 2053 8-K 9/15/2023 4.11Second Supplemental Indenture, dated as of June 11, 2026, between Intuit Inc. and U.S. Bank Trust Company, National Association, as trustee 8-K6/11/2026 4.12Form of 4.950% Senior Note due 2031 8-K6/11/2026 4.13Form of 5.500% Senior Note due 2036 8-K6/11/2026 Intuit Fiscal 2026 Form 10-K 99 Table of Contents Exhibit NumberExhibit DescriptionFiled HerewithIncorporated by Reference Form/File No.Date 10.01+Intuit Inc. Amended and Restated 2005 Equity Incentive Plan, as amended through January 18, 2024 10-Q1/18/2024 10.02+Intuit Inc. Amended and Restated 2005 Equity Incentive Plan, as amended through January 20, 2022 10-Q3/2/2022 10.03+ Intuit Inc. Performance Incentive Plan, Amended and Restated effective October 25, 2023 10-Q 11/28/2023 10.04+Form of Equity Grant Agreement: CEO, EVP, and SVP Stock Option 10-K9/3/2025 10.05+ Form of Equity Grant Agreement: CEO Restricted Stock Unit 10-K9/3/2025 10.06+ Form of Equity Grant Agreement: EVP and SVP Restricted Stock Unit 10-K9/3/2025 10.07+ Form of Equity Grant Agreement: CEO Performance-Based Restricted Stock Unit 10-K9/3/2025 10.08+ Form of Equity Grant Agreement: EVP and SVP Performance-Based Restricted Stock Unit 10-K9/3/2025 10.09+ Forms of Equity Grants Agreements: CEO, EVP, and SVP Stock Option; EVP and SVP Performance-Based Restricted Stock Unit; CEO Restricted Stock Unit; and EVP and SVP Restricted Stock Unit 10-K 9/4/2024 10.10+ Forms of Equity Grants Agreements: CEO, EVP, and SVP Stock Option; EVP and SVP Performance-Based Restricted Stock Unit; CEO Restricted Stock Unit; and EVP and SVP Restricted Stock Unit 10-K 9/1/2023 10.11+ Forms of Equity Grant Agreements: CEO Performance-Based Restricted Stock Unit; Executive Performance-Based Restricted Stock Unit 10-K 9/2/2022 10.12+ Forms of Equity Grant Agreements: Executive Chairman Non-Qualified Stock Option; Executive Chairman Service-Based Restricted Stock Unit; Executive Chairman Performance-Based Restricted Stock Unit; CEO Performance-Based Restricted Stock Unit; Executive Performance-Based Restricted Stock Unit; Service-Based Restricted Stock Unit (non-focal) 10-K9/8/2021 10.13+Credit Karma, Inc. 2015 Equity Incentive Plan, as amended S-8 333-25109612/3/2020 10.14+Form of Restricted Stock Unit Agreement under the Credit Karma, Inc. 2015 Equity Incentive Plan S-8 333-25109612/3/2020 10.15+Form of Restricted Stock Unit Agreement under the Credit Karma, Inc. 2015 Equity Incentive Plan S-8 333-25109612/3/2020 10.16+Form of Restricted Stock Unit Agreement under the Credit Karma, Inc. 2015 Equity Incentive Plan S-8 333-25109612/3/2020 10.17+Intuit Inc. Amended and Restated Employee Stock Purchase Plan, as amended through January 19, 2023 10-Q 2/23/2023 10.18+Intuit Inc. Employee Stock Purchase Plan, as amended through January 19, 2022 10-Q3/2/2022 10.19+Intuit Inc. Amended Non-Employee Director Compensation Program, effective January 22, 2026 8-K1/27/2026 100 Intuit Fiscal 2026 Form 10-K Table of Contents Exhibit NumberExhibit DescriptionFiled HerewithIncorporated by Reference Form/File No.Date 10.20+Intuit Inc. Amended Non-Employee Director Compensation Program, effective January 23, 2025 8-K 11/4/2024 10.21+Intuit Inc. Amended Non-Employee Director Compensation Program, effective January 20, 2022 8-K1/24/2022 10.22+Description of Non-Employee Director Compensation, approved October 31, 2018 and effective January 17, 2019 10-Q11/20/2018 10.23+Description of Non-Employee Director Compensation, approved October 19, 2017 and effective January 18, 2018 10-Q11/20/2017 10.24+Forms of Non-employee Director Restricted Stock Unit Agreements 10-Q11/20/2017 10.25+Form of Director Restricted Stock Units Conversion Grant Agreement 10-Q3/1/2013 10.26+Fourth Amended and Restated Management Stock Purchase Program 10-Q2/22/2019 10.27+Intuit Executive Relocation Policy 10-K8/31/2018 10.28+Intuit Inc. Non-qualified Deferred Compensation Plan, effective January 1, 2009 10-Q11/20/2017 10.29+Intuit Inc. 2005 Executive Deferred Compensation Plan, effective January 1, 2005 10-Q12/10/2004 10.30+Intuit Executive Deferred Compensation Plan, effective March 15, 2002 10-Q5/31/2002 10.31+Amended and Restated Intuit Inc. Performance Incentive Plan, adopted October 28, 2020 10-Q11/19/2020 10.32+Form of Indemnification Agreement entered into by Intuit with each of its directors and certain officers 10-Q2/23/2017 10.33+Letter regarding Terms of Employment by and between Intuit Inc. and Sandeep Aujla, dated February 17, 2023 and effective August 1, 2023 10-Q 5/23/2023 10.34+Letter Regarding Terms of Employment by and between Intuit Inc. and Sasan Goodarzi, dated November 15, 2018 10-Q11/20/2018 10.35+Transition Agreement between Intuit Inc. and Laura Fennell, dated June 16, 2025 10-K9/3/2025 10.36Assurance of Voluntary Compliance, dated May 4, 2022, by and between Intuit Inc. and the Attorney General of the State of New York 10-K 9/2/2022 10.37Schedule identifying agreements substantially identical to the Assurance of Voluntary Compliance filed as Exhibit 10.36 hereto 10-K 9/2/2022 10.38Revolving Credit Agreement, dated as of January 30, 2025, by and among Intuit Inc., the lenders party thereto, and JPMorgan Chase Bank, N.A. as administrative agent 8-K 1/31/2025 10.39Credit Agreement, dated as of January 9, 2026, by and among Intuit Inc., the lenders parties thereto, JPMorgan Chase Bank, N.A., as administrative agent, Bank of America, N.A., Morgan Stanley Senior Funding, Inc. and The Bank of Nova Scotia, as co-syndication agents, and JPMorgan Chase Bank, N.A., BofA Securities Inc., Morgan Stanley Senior Funding, Inc. and The Bank of Nova Scotia, as joint lead arrangers and joint bookrunners 10-Q2/26/2026 Intuit Fiscal 2026 Form 10-K 101 Table of Contents Exhibit NumberExhibit DescriptionFiled HerewithIncorporated by Reference Form/File No.Date 10.40Revolving Credit Agreement, dated as of January 30, 2026, by and among Intuit Inc., the lenders party thereto, and JPMorgan Chase Bank, N.A., as administrative agent 10-Q2/26/2026 19.01Policy Prohibiting Insider Trading (Global) 10-K9/3/2025 21.01List of Intuit s Subsidiaries X 23.01Consent of Independent Registered Public Accounting Firm X 24.01Power of Attorney (see signature page) X 31.01Certification of Chief Executive Officer X 31.02Certification of Chief Financial Officer X 32.01*Section 1350 Certification (Chief Executive Officer) X 32.02*Section 1350 Certification (Chief Financial Officer) X 97.01Compensation Recoupment Policy 10-K 9/4/2024 101.INSXBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL documentX 101.SCHXBRL Taxonomy Extension SchemaX 101.CALXBRL Taxonomy Extension Calculation LinkbaseX 101.LABXBRL Taxonomy Extension Label LinkbaseX 101.PREXBRL Taxonomy Extension Presentation LinkbaseX 101.DEFXBRL Taxonomy Extension Definition LinkbaseX 104Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)X ______________________ +Indicates a management contract or compensatory plan or arrangement. This certification is not deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that section. Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, except to the extent that Intuit specifically incorporates it by reference. ITEM 16 - FORM 10-K SUMMARY None. 102 Intuit Fiscal 2026 Form 10-K Table of Contents SIGNATURES Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. INTUIT INC. Dated:September 9, 2026By: /s/ SANDEEP S. AUJLA Sandeep S. Aujla Executive Vice President and Chief Financial Officer (Principal Financial Officer) Intuit Fiscal 2026 Form 10-K 103 Table of Contents POWER OF ATTORNEY By signing this Annual Report on Form 10-K below, I hereby appoint each of Sasan K. Goodarzi and Sandeep S. Aujla as my attorney-in-fact to sign all amendments to this Form 10-K on my behalf, and to file this Form 10-K (including all exhibits and other documents related to the Form 10-K) with the Securities and Exchange Commission. I authorize each of my attorneys-in-fact to (1) appoint a substitute attorney-in-fact for himself and (2) perform any actions that he believes are necessary or appropriate to carry out the intention and purpose of this Power of Attorney. I ratify and confirm all lawful actions taken directly or indirectly by my attorneys-in-fact and by any properly appointed substitute attorneys-in-fact. Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated. NameTitleDate Principal Executive Officer: /s/ SASAN K. GOODARZIChairman and Chief Executive OfficerSeptember 9, 2026 Sasan K. Goodarzi Principal Financial Officer: /s/ SANDEEP S. AUJLAExecutive Vice President and Chief Financial Officer September 9, 2026 Sandeep S. Aujla Principal Accounting Officer: /s/ LAUREN D. HOTZSenior Vice President and Chief Accounting Officer September 9, 2026 Lauren D. Hotz Additional Directors: /s/ EVE BURTONDirector September 9, 2026 Eve Burton /s/ SCOTT D. COOKDirector September 9, 2026 Scott D. Cook /s/ RICHARD L. DALZELL Director September 9, 2026 Richard L. Dalzell /s/ ADENA T. FRIEDMANDirectorSeptember 9, 2026 Adena T. Friedman /s/ DEBORAH LIUDirectorSeptember 9, 2026 Deborah Liu /s/ TEKEDRA MAWAKANADirectorSeptember 9, 2026 Tekedra Mawakana /s/ WILLIAM R. MCDERMOTTDirectorSeptember 9, 2026 William R. McDermott /s/ FORREST NORROD DirectorSeptember 9, 2026 Forrest Norrod /s/ VASANT PRABHU DirectorSeptember 9, 2026 Vasant Prabhu /s/ THOMAS SZKUTAKDirector September 9, 2026 Thomas Szkutak /s/ RAUL VAZQUEZDirector September 9, 2026 Raul Vazquez /s/ ERIC S. YUAN DirectorSeptember 9, 2026 Eric S. Yuan 104 Intuit Fiscal 2026 Form 10-K