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At the last climate summit in 2023, hosted by Dubai, international consensus could not be secured to phase out harmful fossil fuels completely. Instead, over 130 countries signed a pact to boost renewable energy production by 2030. While there has been impressive growth in renewables in the past few years, the world is still off-track to meet the goal of tripling renewable generation capacity in the next five years.

Producing more renewable energy is vital to enable a desperately needed shift away from fossil fuels, which are a leading cause of global warming. Renewable production is also vital for meeting the demand for electricity. Besides the imperative of providing electricity to more people, the demand for electricity-intensive appliances such as air conditioning is growing across our warming planet. Manufacturing processes have also become more electricity-intensive, and artificial intelligence needs a lot of electric power too.

Continued reliance on fossil fuels for energy will make the goal of limiting global heating to below 1.5C unattainable. Yet, governments are not keeping up with the UN-endorsed goal of quickly switching over to renewables. A recent report by Ember, an energy-focused thinktank, found only 22 countries to have sufficiently increased their renewable energy capabilities. Countries which have failed to meet their pledged targets include the US, China and Russia, which are amongst the world’s largest energy users, and together emit almost half of the world’s carbon emissions.

Middle Eastern countries seem caught between the contradictory imperatives of continued production and export of oil and gas and the need to invest in and adopt renewable energy sources. Fossil fuels still accounted for over two-thirds of the increase in power generation in India this past year, but it has set very ambitious energy transition targets for the next few years. While Pakistan is not a significant contributor to global carbon emissions, yet fossil fuels are a significant cause for its local air pollution menace. Pakistan also committed to sourcing 60% of its electricity from renewables by 2030, and it has achieved nearly half that target due to the growth of solar energy production.

Pakistan has become a huge market for solar panels being imported from China, making it the world’s third-biggest importer of this revolutionary technology. According to experts, the solar boom in Pakistan is not spurred by the installation of big solar farms by the government or the private sector. Instead, it is ordinary people who are spearheading the demand for solar energy. Exorbitant electricity prices due to expensive power generation agreements signed decades ago with private power producers have compelled people to turn to the increasingly economical solar option.

Besides providing a much-needed energy alternative for middle-class consumers, solar panels offer the prospect of bringing electricity to marginalised communities which still lack access to the national grid. Solar panels are also being used to replace diesel-powered pumps to extract groundwater for agricultural purposes, which is a concerning issue that requires further deliberation given the growing water scarcity in the country.

Even if Pakistan manages to continue lessening its dependence on fossil fuels, its goal of reducing harmful emissions will need more proactive action. Pakistan had also set itself the target of ensuing that 30% of all new car sales would be comprised of electric vehicles, but little progress has been achieved in this regard. Tangible progress concerning this specific target would have significant domestic benefit, given that vehicular emissions are the most serious cause of recurrent winter smog, especially in the Punjab. Besides promoting the use of electric vehicles, including in the public transport sector, Pakistan needs to hasten efforts to exit its onerous fossil fuel-based power purchase agreements, which will remove existing impediments to further harnessing the power of renewables.

Coming in “thick and fast”

A key pillar of the euro area growth recovery over the next few years is
Germany’s renewed fiscal drive. According to RBC Capital Markets, recent
announcements point to not only very sizeable, but also front-loaded,
spending, in its words, “thick and fast.”

In a radical shift from many years of fiscal prudence, the German
government announced in March that it would:

• Create a 10-year €500 billion infrastructure fund which would not count
  towards the government’s borrowing limit and
• Stop counting any defense spending above one percent of GDP towards that
  limit.

The Federal Ministry of Finance announced concrete figures behind these
pledges in late June.

The German government is front-loading its special infrastructure fund,
with around €58 billion by 2026, alongside some €25 billion in annual
defense spending. Peak stimulus and the deepest fiscal deficit are
penciled in for 2026.

Moreover, the details released by the Finance Ministry show that a high
share of the spending is going to areas which should boost economic
growth. In 2025 alone, €22 billion, or about 0.5 percent of German GDP, is
going to rail sector improvements. Furthermore, there is €4 billion per
year for housing projections, €4 billion for digitalization, and
€6.5 billion for education and childcare.

RBC Capital Markets expects this spending to be a substantial stimulus for
German and, therefore, euro area growth in 2025 and 2026, though the
stimulus should fade beyond that point. This increases RBC Capital
Markets’ confidence in its slightly above-consensus growth estimates of
1.3 percent and 1.5 percent, respectively, for this year and next for the
bloc as a whole.

Front-loaded spending will deepen Germany’s deficit

German Finance Ministry’s deficit expectations (% GDP)

The trade deal beyond the headlines

The U.S. and the European Union (EU) reached a deal in late July that
introduces 15 percent tariffs on most EU exports, including automobiles,
pharmaceuticals, and semiconductors. Tariffs on steel and aluminum remain
subject to global tariffs of 50 percent, though discussions are ongoing
regarding possible reductions.

Furthermore, the European Commission, which negotiated the terms of the
deal on behalf of member states, committed to the EU investing
$600 billion in the U.S. economy and purchasing $750 billion in U.S.
energy exports over the next three years.

Initially, the deal was poorly received in Europe. The 15 percent tariffs
were higher than the 10 percent tariffs which had been in place since
April 2025, so it seemed the EU had capitulated. This disappointed many
observers given the EU market of 450 million people with high per-capita
spending power is a geo-economic force.

We note, however, that the agreed-upon tariff is lower than the 30 percent
U.S. President Donald Trump threatened in June. And while the 15 percent
rate doesn’t compare as favourably with the UK’s 10 percent tariff, the
torrent of trade deals with other trading partners announced since then
feature tariffs that are at or above 15 percent, suggesting to us that the
EU is not in a weaker competitive position after all.

The concessions made – the promise of higher European investment and energy
purchases – cannot be fulfilled by the European Commission. While it has the
authority to negotiate trade deals, it has no power over private
investment, nor does it have the authority to tell companies where to buy
energy. The RBC Capital Markets Commodity Strategy team is skeptical that
$750 billion in U.S. energy can be delivered to the EU in the next three
years.

Finally, the EU has not given up regulating U.S. multinationals on
European soil, nor its power to impose a digital services tax (it still
holds those valuable cards).

Meanwhile, it appears that Trump has abandoned the idea of treating the
value-added tax – a sales tax typically over 20 percent – levied by EU member
states as an unfair tax barrier to U.S. exports.

Overall, we believe this deal is not as disadvantageous to Europe as early
reactions have suggested.

Buoyed sentiment?

After a strong start to the year, and a swift recovery from the April 2
reciprocal tariff announcement correction, European equities have stalled
this summer, their performance overshadowed by that of the U.S. tech
sector and currency moves. But overall, the STOXX Europe ex UK Index has
still returned over 13 percent year to date in local currency terms
(including dividends), ahead of the S&P 500’s 9.5 percent return in dollar terms. Thanks to the significant U.S. dollar weakening versus the
euro this year, returns of the STOXX Europe ex UK are around 28 percent in
U.S. dollar terms.

Performance has been driven by value stocks including banks (up almost
60 percent in local currency), with construction and materials, insurance,
and utilities all gaining more than 20 percent. Most quality stocks have
underperformed, partly reflecting the market rotation into value but also
a range of idiosyncratic factors resulting in earnings downgrades.

Looking forward, we believe a diplomatic resolution to the Ukraine
conflict could act as a positive catalyst for European equities. Hope of
reconstruction efforts could arise though this would require hostilities
to come to a sustainable end. If that were to be the case, banks,
particularly those with Central and Eastern Europe exposure, would likely
benefit, in our opinion, as would construction and aggregate firms. Lower
energy prices, thanks to reduced transport and insurance costs, could also
benefit the region but the price improvement is likely to be marginal as
EU sanctions on Russia will likely persist, even with an eventual
ceasefire.

Overall, while sentiment could improve in the short term for European risk
assets on the back of seemingly successful diplomatic efforts, we caution
against being overly optimistic about an immediate, lasting end to the
hostilities as the issues associated with this are complex.

Regardless, in our view, the investment case for Europe remains, based on
an economic recovery thanks to lower interest rates, the German fiscal
program, and the EU’s commitment to investing in its defense industry.
The STOXX Europe ex UK Index trades at 16.2x the next-12-months consensus
earnings forecast, slightly above its long-term average, a premium we
believe is warranted given the region’s improved medium-term growth
outlook.

We continue to prefer sectors we think are likely to benefit from the
fiscal stimulus, such as select industrials, including defense, and
materials. In our view, banks should benefit from the region’s improved
medium-term growth outlook, while continuing to offer attractive dividends
and share buybacks opportunities.

With contributions from Thomas McGarrity, CFA

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Fourth-quarter revenue grew 20 percent, full year fiscal 2025 revenue grew 16 percent

MOUNTAIN VIEW, Calif.–(BUSINESS WIRE)–
Intuit Inc. (Nasdaq: INTU), the global financial technology platform that makes Intuit TurboTax, Credit Karma, QuickBooks, and Mailchimp, announced financial results for the fourth quarter and full fiscal year 2025, which ended July 31, 2025.

“We had an exceptional fiscal 2025 with 20 percent growth in the fourth quarter and 16 percent growth for the full year,” said Sasan Goodarzi, Intuit’s chief executive officer. “Our virtual team of AI agents and AI-enabled human experts are powering success for consumers and businesses. We could not be more excited about the opportunity ahead.”

Financial Highlights

For the full year, Intuit:

• Grew total revenue to $18.8 billion, up 16 percent year-over-year.

• Increased combined platform revenue, which includes the Global Business Solutions Group Online Ecosystem, TurboTax Online, and Credit Karma, 19 percent to $14.9 billion.

• Grew Global Business Solutions Group revenue 16 percent to $11.1 billion and Online Ecosystem revenue 20 percent to $8.3 billion. Excluding Mailchimp, Global Business Solutions Group revenue grew 18 percent, and Online Ecosystem revenue grew 25 percent.

• Increased Consumer Group revenue 10 percent to $4.9 billion and TurboTax Live revenue 47 percent to $2.0 billion.

• Grew Credit Karma revenue 32 percent to $2.3 billion.

• Increased GAAP operating income 36 percent to $4.9 billion, and non-GAAP operating income 18 percent to $7.6 billion.

• Grew GAAP earnings per share 31 percent to $13.67, and non-GAAP earnings per share 19 percent to $20.15.

For the fourth quarter, Intuit:

• Grew total revenue 20 percent to $3.8 billion.

• Increased Global Business Solutions Group revenue 18 percent to $3.0 billion and Online Ecosystem revenue 21 percent to $2.2 billion. Excluding Mailchimp, Global Business Solutions Group revenue grew 21 percent, and Online Ecosystem revenue grew 26 percent.

• Grew Credit Karma revenue 34 percent to $649 million.

• Increased Consumer Group revenue 21 percent to $137 million.

Unless otherwise noted, all growth rates refer to the current period versus the comparable prior-year period, and the business metrics and associated growth rates refer to worldwide business metrics.

Snapshot of Fiscal Year 2025 Full-year Results

GAAP				Non-GAAP
	FY25	FY24	Change	FY25	FY24	Change
Revenue	$18,831	$16,285	16%	$18,831	$16,285	16%
Operating Income	$4,923	$3,630	36%	$7,572	$6,402	18%
Earnings Per Share	$13.67	$10.43	31%	$20.15	$16.94	19%
Dollars are in millions, except earnings per share. See “About Non-GAAP Financial Measures” below for more information regarding financial measures not prepared in accordance with Generally Accepted Accounting Principles (GAAP).

Snapshot of Fourth-quarter Fiscal Year 2025 Results

GAAP				Non-GAAP
	Q4 FY25	Q4 FY24	Change	Q4 FY25	Q4 FY24	Change
Revenue	$3,831	$3,184	20%	$3,831	$3,184	20%
Operating Income (Loss)	$339	$(151)	NM	$1,016	$730	39%
Earnings (Loss) Per Share	$1.35	$(0.07)	NM	$2.75	$1.99	38%
NM = Not Meaningful   Dollars are in millions, except earnings per share. See “About Non-GAAP Financial Measures” below for more information regarding financial measures not prepared in accordance with Generally Accepted Accounting Principles (GAAP).

“We delivered strong business outcomes for fiscal 2025, and we are proud of our progress across the big bets that delivered accelerated growth,” said Sandeep Aujla, Intuit’s chief financial officer. “We saw outstanding execution across our platform, driving breakthrough adoption in assisted tax, introducing transformative AI agents across our business platform, and building our mid-market go-to-market capabilities, all while driving strong margin expansion.”

Business Segment Results

Global Business Solutions Group

Global Business Solutions Group revenue grew 18 percent for the quarter and 16 percent for the year to $11.1 billion. Online Ecosystem revenue grew 21 percent for the quarter and 20 percent for the year to $8.3 billion.

• QuickBooks Online Accounting revenue grew 23 percent for the quarter and 22 percent for the year. Growth in the quarter was driven by higher effective prices, customer growth, and mix shift.

• Online Services revenue grew 19 percent for both the quarter and the year. Growth in the quarter was driven by growth in money and payroll. Excluding Mailchimp, Online Services revenue grew 29 percent for both the quarter and the year.

• Total international online revenue grew 9 percent for both the quarter and the year on a constant currency basis.

Consumer and ProTax Groups

Consumer Group revenue grew 10 percent for the year to $4.9 billion.

	Units in millions	Season through July 31, 2025	Season through July 31, 2024	Change Year-Over-Year
	Desktop Units	4.3	4.6	(4)%
	Online Units	34.9	35.4	(1)%
	Total U.S. TurboTax Units	39.2	39.9	(2)%

ProTax Group revenue grew 4 percent for the year to $621 million.

Credit Karma

Credit Karma revenue grew 32 percent to $2.3 billion for the year. Credit Karma revenue grew 34 percent for the quarter to $649 million, driven by strength in personal loans, credit cards, and auto insurance.

Capital Allocation Summary

The company:

• Reported a total cash and investments balance of approximately $4.6 billion and total debt of $6.0 billion as of July 31.

• Repurchased $2.8 billion of stock during fiscal year 2025. The Board approved a new $3.2 billion repurchase authorization, giving the company a total authorization of $5.3 billion to repurchase shares.

• Received Board approval for a quarterly dividend of $1.20 per share, payable on October 17, 2025. This represents a 15 percent increase versus last year.

One Consumer Platform

Consistent with the company’s vision to deliver one consumer platform, effective August 1, 2025, Intuit combined the Consumer, Credit Karma and ProTax businesses into a single Consumer business. The company will reflect this new organization in its fiscal 2026 segment reporting. Additional information can be found on the company’s fact sheet at https://investors.intuit.com/financial-information.

Forward-looking Guidance

Intuit announced guidance for the full fiscal year 2026. The company expects:

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

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

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

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

• Non-GAAP diluted earnings per share of $22.98 to $23.18, growth of approximately 14 to 15 percent.

The company expects the following segment revenue results for fiscal year 2026:

• Global Business Solutions: growth of 14 to 15 percent. Excluding Mailchimp, the company expects Global Business Solutions Group revenue growth of 15.5 percent to 16.5 percent.

• Consumer: growth of 8 to 9 percent. This includes TurboTax growth of 8 percent, Credit Karma growth of 10 to 13 percent, and ProTax growth of 2 to 3 percent.

Intuit also announced guidance for the first quarter of fiscal year 2026, which ends Oct. 31. The company expects:

• Revenue growth of approximately 14 to 15 percent.

• GAAP earnings per share of $1.19 to $1.26.

• Non-GAAP diluted earnings per share of $3.05 to $3.12.

Conference Call Details

Intuit executives will discuss the financial results on a conference call at 1:30 p.m. Pacific time on Aug. 21. The conference call can be heard live at https://investors.intuit.com/news-events/ir-calendar. Prepared remarks for the call will be available on Intuit’s website after the call ends.

Replay Information

A replay of the conference call will be available for one week by calling 800-839-2383, or 402-220-7202 from international locations. There is no passcode required. The audio webcast will remain available on Intuit’s website for one week after the conference call.

Investor Day 2025

Intuit will host its annual Investor Day on Sept. 18 at 8:00 a.m. Pacific time, at its headquarters in Mountain View, CA, and it can be viewed live at https://investors.intuit.com/news-events/ir-calendar. The half-day event will include presentations from Sasan Goodarzi, chief executive officer, Sandeep Aujla, chief financial officer, and other leaders.

About Intuit

Intuit is the global financial technology platform that powers prosperity for the people and communities we serve. With approximately 100 million customers worldwide using products such as TurboTax, Credit Karma, QuickBooks, and Mailchimp, we believe that everyone should have the opportunity to prosper. We never stop working to find new, innovative ways to make that possible. Please visit us at Intuit.com and find us on social for the latest information about Intuit and our products and services.

About Non-GAAP Financial Measures

This press release and the accompanying tables include non-GAAP financial measures. For a description of these non-GAAP financial measures, including the reasons management uses each measure, and reconciliations of these non-GAAP financial measures to the most directly comparable financial measures prepared in accordance with Generally Accepted Accounting Principles, please see the section of the accompanying tables titled “About Non-GAAP Financial Measures” as well as the related Table B1, Table B2, and Table E. A copy of the press release issued by Intuit today can be found on the investor relations page of Intuit’s website.

Cautions About Forward-looking Statements

This press release contains forward-looking statements, including expectations regarding: forecasts and timing of growth and future financial results of Intuit and its reporting segments; the impact of macroeconomic conditions on our business, segments, and products; Intuit’s prospects for the business in fiscal 2026 and beyond; Intuit’s growth outside the US; timing and growth of revenue from current or future products, features, and services; innovation across our ecosystem; demand for our products; customer growth and retention; Intuit’s corporate tax rate; changes to our products, including the impact of AI; the amount and timing of any future dividends or share repurchases; our capital structure; availability of our offerings; and the impact of acquisitions and strategic decisions on our business; as well as all of the statements under the heading “Forward-looking Guidance.”

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

More details about these and other risks that may impact our business are included in our Form 10-K for fiscal 2024 and in our other SEC filings. You can locate these reports through our website at https://investors.intuit.com. First-quarter and full-year fiscal 2026 guidance speaks only as of the date it was publicly issued by Intuit. Other forward-looking statements represent the judgment of the management of Intuit as of the date of this presentation. Except as required by law, we do not undertake any duty to update any forward-looking statement or other information in this presentation.

TABLE A
INTUIT INC.
GAAP CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except per share amounts)
(Unaudited)
	Three Months Ended								Twelve Months Ended
	July 31, 2025				July 31, 2024				July 31, 2025				July 31, 2024
Net revenue:
Service	$	3,291			$	2,670			$	16,400			$	13,861
Product and other		540				514				2,431				2,424
Total net revenue		3,831				3,184				18,831				16,285
Costs and expenses:
Cost of revenue:
Cost of service revenue		834				733				3,624				3,250
Cost of product and other revenue		16				14				68				69
Amortization of acquired technology		44				36				156				146
Selling and marketing		1,251				1,104				5,035				4,312
Research and development		801				725				2,928				2,754
General and administrative		424				377				1,601				1,418
Amortization of other acquired intangible assets		121				123				481				483
Restructuring		1				223				15				223
Total costs and expenses [A]		3,492				3,335				13,908				12,655
Operating income (loss)		339				(151	)			4,923				3,630
Interest expense		(59	)			(60	)			(247	)			(242	)
Interest and other income, net		86				71				158				162
Income (loss) before income taxes		366				(140	)			4,834				3,550
Income tax (benefit) provision [B]		(15	)			(120	)			965				587
Net income (loss)	$	381			$	(20	)		$	3,869			$	2,963
Basic net income (loss) per share	$	1.36			$	(0.07	)		$	13.82			$	10.58
Shares used in basic per share calculations		279				280				280				280
Diluted net income (loss) per share	$	1.35			$	(0.07	)		$	13.67			$	10.43
Shares used in diluted per share calculations		282				280				283				284

See accompanying Notes.
INTUIT INC.
NOTES TO TABLE A
[A]		The following table summarizes the total share-based compensation expense that we recorded in operating income (loss) for the periods shown.

	Three Months Ended						Twelve Months Ended
(In millions)	July 31, 2025			July 31, 2024			July 31, 2025			July 31, 2024
Cost of revenue	$	101		$	102		$	423		$	402
Selling and marketing		137			137			541			506
Research and development		159			161			629			639
General and administrative		93			94			375			368
Restructuring		—			25			—			25
Total share-based compensation expense	$	490		$	519		$	1,968		$	1,940

[B]		We recognized excess tax benefits on share-based compensation of $143 million in our provision for income taxes for the twelve months ended July 31, 2025 and $183 million for the twelve months ended July 31, 2024.
		Our effective tax rate for the twelve months ended July 31, 2025 was approximately 20%. Excluding certain tax benefits primarily related to share-based compensation, our effective tax rate was approximately 24%. This rate differed from the federal statutory rate of 21% primarily due to state income taxes and non-deductible share-based compensation, which were partially offset by the benefit we received from the federal research and experimentation credit.
		Our effective tax rate for the twelve months ended July 31, 2024 was approximately 17%. Excluding certain tax benefits primarily related to share-based compensation, our effective tax rate was approximately 24%. This rate differed from the federal statutory rate of 21% primarily due to state income taxes and non-deductible share-based compensation, which were partially offset by the benefit we received from the federal research and experimentation credit.
		On July 4, 2025, the U.S. federal government enacted the One Big Beautiful Bill Act (OBBBA), which includes significant tax law changes. The OBBBA has multiple effective dates from fiscal 2025 through fiscal 2027. The provisions effective during fiscal 2025 did not have a significant impact on our consolidated financial statements.
		In the current global tax policy environment, the U.S. and other domestic and foreign governments continue to consider, and in some cases enact, changes in corporate tax laws. As changes occur, we account for finalized legislation in the period of enactment.

TABLE B1
INTUIT INC.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
TO MOST DIRECTLY COMPARABLE GAAP FINANCIAL MEASURES
(In millions, except per share amounts)
(Unaudited)
	Fiscal 2025
	Q1				Q2				Q3				Q4				Full Year
GAAP operating income (loss)	$	271			$	593			$	3,720			$	339			$	4,923
Amortization of acquired technology		37				37				38				44				156
Amortization of other acquired intangible assets		120				120				120				121				481
Restructuring		9				4				1				1				15
Professional fees for business combinations		—				—				2				—				2
Net (gain) loss on executive deferred compensation plan liabilities [A]		5				8				(7	)			21				27
Share-based compensation expense		511				498				469				490				1,968
Non-GAAP operating income (loss)	$	953			$	1,260			$	4,343			$	1,016			$	7,572
GAAP net income (loss)	$	197			$	471			$	2,820			$	381			$	3,869
Amortization of acquired technology		37				37				38				44				156
Amortization of other acquired intangible assets		120				120				120				121				481
Restructuring		9				4				1				1				15
Professional fees for business combinations		—				—				2				—				2
Net (gain) loss on executive deferred compensation plan liabilities [A]		5				8				(7	)			21				27
Share-based compensation expense		511				498				469				490				1,968
Net (gain) loss on debt securities and other investments [B]		42				3				2				(2	)			45
Net (gain) loss on executive deferred compensation plan assets [A]		(4	)			(7	)			7				(20	)			(24	)
Income tax effects and adjustments [C]		(208	)			(196	)			(172	)			(260	)			(836	)
Non-GAAP net income (loss)	$	709			$	938			$	3,280			$	776			$	5,703
GAAP diluted net income (loss) per share	$	0.70			$	1.67			$	10.02			$	1.35			$	13.67
Amortization of acquired technology		0.13				0.13				0.13				0.16				0.55
Amortization of other acquired intangible assets		0.42				0.42				0.43				0.43				1.70
Restructuring		0.03				0.01				—				—				0.05
Professional fees for business combinations		—				—				0.01				—				0.01
Net (gain) loss on executive deferred compensation plan liabilities [A]		0.02				0.03				(0.02	)			0.07				0.10
Share-based compensation expense		1.80				1.76				1.66				1.74				6.95
Net (gain) loss on debt securities and other investments [B]		0.15				0.01				0.01				(0.01	)			0.16
Net (gain) loss on executive deferred compensation plan assets [A]		(0.02	)			(0.02	)			0.02				(0.07	)			(0.09	)
Income tax effects and adjustments [B]		(0.73	)			(0.69	)			(0.61	)			(0.92	)			(2.95	)
Non-GAAP diluted net income (loss) per share	$	2.50			$	3.32			$	11.65			$	2.75			$	20.15
Shares used in GAAP diluted per share calculations		283				283				282				282				283
Shares used in non-GAAP diluted per share calculations		283				283				282				282				283

[A]		During the first quarter of fiscal 2025, we began to exclude from non-GAAP measures both the gains and losses on executive deferred compensation plan liabilities, and the related gains and losses on executive deferred compensation plan assets. Prior periods have not been reclassified as the amounts are not material.
[B]		During the three months ended October 31, 2024, we recognized a $42 million net loss on other long-term investments.
[C]		As discussed in “About Non-GAAP Financial Measures – Income Tax Effects and Adjustments” following Table E, our long-term non-GAAP tax rate eliminates the effects of non-recurring and period-specific items. Income tax adjustments consist primarily of the tax impact of the non-GAAP pre-tax adjustments and tax benefits related to share-based compensation.
See “About Non-GAAP Financial Measures” immediately following Table E for information on these measures, the items excluded from the most directly comparable GAAP measures in arriving at non-GAAP financial measures, and the reasons management uses each measure and excludes the specified amounts in arriving at each non-GAAP financial measure.

TABLE B2
INTUIT INC.
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
TO MOST DIRECTLY COMPARABLE GAAP FINANCIAL MEASURES
(In millions, except per share amounts)
(Unaudited)
	Fiscal 2024
	Q1				Q2				Q3				Q4				Full Year
GAAP operating income (loss)	$	307			$	369			$	3,105			$	(151	)		$	3,630
Amortization of acquired technology		38				36				36				36				146
Amortization of other acquired intangible assets		120				120				120				123				483
Restructuring [A]		—				—				—				223				223
Professional fees for business combinations		—				—				—				5				5
Share-based compensation expense		495				475				451				494				1,915
Non-GAAP operating income (loss)	$	960			$	1,000			$	3,712			$	730			$	6,402
GAAP net income (loss)	$	241			$	353			$	2,389			$	(20	)		$	2,963
Amortization of acquired technology		38				36				36				36				146
Amortization of other acquired intangible assets		120				120				120				123				483
Restructuring [A]		—				—				—				223				223
Professional fees for business combinations		—				—				—				5				5
Share-based compensation expense		495				475				451				494				1,915
Net (gain) loss on debt securities and other investments		1				(3	)			1				1				—
Loss on disposal of a business		1				—				9				(1	)			9
Income tax effects and adjustments [B]		(198	)			(235	)			(202	)			(298	)			(933	)
Non-GAAP net income (loss)	$	698			$	746			$	2,804			$	563			$	4,811
GAAP diluted net income (loss) per share	$	0.85			$	1.25			$	8.42			$	(0.07	)		$	10.43
Amortization of acquired technology		0.13				0.13				0.13				0.13				0.51
Amortization of other acquired intangible assets		0.42				0.42				0.42				0.43				1.70
Restructuring [A]		—				—				—				0.79				0.79
Professional fees for business combinations		—				—				—				0.02				0.02
Share-based compensation expense		1.75				1.67				1.59				1.74				6.75
Net (gain) loss on debt securities and other investments		0.01				(0.01	)			—				—				—
Loss on disposal of a business		0.01				—				0.03				—				0.03
Income tax effects and adjustments [B]		(0.70	)			(0.83	)			(0.71	)			(1.05	)			(3.29	)
Non-GAAP diluted net income (loss) per share	$	2.47			$	2.63			$	9.88			$	1.99			$	16.94
Shares used in GAAP diluted per share calculations		283				284				284				280				284
Shares used in non-GAAP diluted per share calculations		283				284				284				283				284

[A]		Restructuring charges for the three and twelve months ended July 31, 2024 includes $25 million in share-based compensation expense. See “About Non-GAAP Financial Measures” for further information on restructuring charges.
[B]		As discussed in “About Non-GAAP Financial Measures – Income Tax Effects and Adjustments” following Table E, our long-term non-GAAP tax rate eliminates the effects of non-recurring and period-specific items. Income tax adjustments consist primarily of the tax impact of the non-GAAP pre-tax adjustments and tax benefits related to share-based compensation.
See “About Non-GAAP Financial Measures” immediately following Table E for information on these measures, the items excluded from the most directly comparable GAAP measures in arriving at non-GAAP financial measures, and the reasons management uses each measure and excludes the specified amounts in arriving at each non-GAAP financial measure.

TABLE C
INTUIT INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions)
(Unaudited)
	July 31, 2025			July 31, 2024
ASSETS
Current assets:
Cash and cash equivalents	$	2,884		$	3,609
Investments		1,668			465
Accounts receivable, net		530			457
Notes receivable held for investment, net		1,403			779
Notes receivable held for sale		—			3
Income taxes receivable		50			78
Prepaid expenses and other current assets		496			366
Current assets before funds receivable and amounts held for customers		7,031			5,757
Funds receivable and amounts held for customers		7,076			3,921
Total current assets		14,107			9,678
Long-term investments		94			131
Property and equipment, net		961			1,009
Operating lease right-of-use assets		541			411
Goodwill		13,980			13,844
Acquired intangible assets, net		5,302			5,820
Long-term deferred income tax assets		1,222			698
Other assets		751			541
Total assets	$	36,958		$	32,132
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Short-term debt	$	—		$	499
Accounts payable		792			721
Accrued compensation and related liabilities		858			921
Deferred revenue		1,019			872
Other current liabilities		625			557
Current liabilities before funds payable and amounts due to customers		3,294			3,570
Funds payable and amounts due to customers		7,076			3,921
Total current liabilities		10,370			7,491
Long-term debt		5,973			5,539
Operating lease liabilities		597			458
Other long-term obligations		308			208
Total liabilities		17,248			13,696
Stockholders’ equity		19,710			18,436
Total liabilities and stockholders’ equity	$	36,958		$	32,132

TABLE D
INTUIT INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)
	Twelve Months Ended
	July 31, 2025				July 31, 2024
Cash flows from operating activities:
Net income	$	3,869			$	2,963
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation		172				159
Amortization of acquired intangible assets		637				630
Non-cash operating lease cost		75				81
Share-based compensation expense		1,968				1,940
Deferred income taxes		(435	)			(554	)
Other		127				92
Total adjustments		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		(71	)			(52	)
Income taxes receivable		27				(48	)
Prepaid expenses and other assets		(283	)			(30	)
Accounts payable		73				133
Accrued compensation and related liabilities		(64	)			257
Deferred revenue		142				(49	)
Operating lease liabilities		(77	)			(71	)
Other liabilities		47				(569	)
Total changes in operating assets and liabilities		(206	)			(429	)
Net cash provided by operating activities		6,207				4,884
Cash flows from investing activities:
Purchases of corporate and customer fund investments		(2,363	)			(780	)
Sales of corporate and customer fund investments		320				526
Maturities of corporate and customer fund investments		864				676
Purchases of property and equipment		(124	)			(250	)
Acquisitions of businesses, net of cash acquired		(184	)			(83	)
Originations and purchases of notes receivable held for investment		(3,992	)			(2,538	)
Sales of notes receivable originally classified as held for investment		562				234
Principal repayments of notes receivable held for investment		2,706				2,068
Other		(107	)			(80	)
Net cash used in investing activities		(2,318	)			(227	)
Cash flows from financing activities:
Proceeds from issuance of long-term debt, net of discount and issuance costs		—				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 facilities		429				180
Repayments on borrowings under secured revolving credit facilities		—				(25	)
Proceeds from issuance of stock under employee stock plans		398				282
Payments for employee taxes withheld upon vesting of restricted stock units		(982	)			(1,002	)
Cash paid for purchases of treasury stock		(2,772	)			(1,988	)
Dividends and dividend rights paid		(1,189	)			(1,034	)
Net change in funds receivable and funds payable and amounts due to customers		3,107				3,436
Other		(1	)			(2	)
Net cash used in financing activities		(1,510	)			(397	)
Effect of exchange rates on cash, cash equivalents, restricted cash, and restricted cash equivalents		3				(13	)
Net increase in cash, cash equivalents, restricted cash, and restricted cash equivalents		2,382				4,247
Cash, cash equivalents, restricted cash, and restricted cash equivalents at beginning of period		7,099				2,852
Cash, cash equivalents, restricted cash, and restricted cash equivalents at end of period	$	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	$	2,884		$	3,609
Restricted cash and restricted cash equivalents included in funds receivable and amounts held for customers		6,597			3,490
Total cash, cash equivalents, restricted cash, and restricted cash equivalents at end of period	$	9,481		$	7,099
Supplemental disclosure of cash flow information:
Interest paid	$	284		$	200
Income taxes paid, net	$	1,408		$	1,881
Supplemental schedule of non-cash investing activities:
Transfers of notes receivable originated or purchased as held for investment to held for sale, net	$	546		$	231

TABLE E
INTUIT INC.
RECONCILIATION OF FORWARD-LOOKING GUIDANCE FOR NON-GAAP FINANCIAL MEASURES TO PROJECTED GAAP REVENUE, OPERATING INCOME, AND EPS
(In millions, except per share amounts)
(Unaudited)
	Forward-Looking Guidance
	GAAP Range of Estimate											Non-GAAP Range of Estimate
	From			To			Adjmts					From			To
Three Months Ending October 31, 2025
Revenue	$	3,744		$	3,776		$	—				$	3,744		$	3,776
Operating income	$	440		$	460		$	719		[a]		$	1,159		$	1,179
Diluted earnings per share	$	1.19		$	1.26		$	1.86		[b]		$	3.05		$	3.12
Twelve Months Ending July 31, 2026
Revenue	$	20,997		$	21,186		$	—				$	20,997		$	21,186
Operating income	$	5,782		$	5,859		$	2,829		[c]		$	8,611		$	8,688
Diluted earnings per share	$	15.49		$	15.69		$	7.49		[d]		$	22.98		$	23.18

[a]		Reflects estimated adjustments for share-based compensation expense of approximately $554 million; amortization of other acquired intangible assets of approximately $121 million; and amortization of acquired technology of approximately $44 million.
[b]		Reflects estimated adjustments in item [a], income taxes related to these adjustments, and other income tax effects related to the use of the non-GAAP tax rate.
[c]		Reflects estimated adjustments for share-based compensation expense of approximately $2.2 billion; amortization of other acquired intangible assets of approximately $483 million; and amortization of acquired technology of approximately $176 million.
[d]		Reflects estimated adjustments in item [c], income taxes related to these adjustments, and other income tax effects related to the use of the non-GAAP tax rate.
See “About Non-GAAP Financial Measures” immediately following Table E for information on these measures, the items excluded from the most directly comparable GAAP measures in arriving at non-GAAP financial measures, and the reasons management uses each measure and excludes the specified amounts in arriving at each non-GAAP financial measure.

INTUIT INC.

ABOUT NON-GAAP FINANCIAL MEASURES

The accompanying press release dated August 21, 2025 contains non-GAAP financial measures. Table B1, Table B2, and Table E reconcile the non-GAAP financial measures in that press release to the most directly comparable financial measures prepared in accordance with Generally Accepted Accounting Principles (GAAP). These non-GAAP financial measures include non-GAAP operating income (loss), non-GAAP net income (loss), and non-GAAP diluted net income (loss) per share.

Non-GAAP financial measures should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. These non-GAAP financial measures do not reflect a comprehensive system of accounting, differ from GAAP measures with the same names, and may differ from non-GAAP financial measures with the same or similar names that are used by other companies.

We compute non-GAAP financial measures using the same consistent method from quarter to quarter and year to year. We may consider whether other significant items that arise in the future should be excluded from our non-GAAP financial measures. Beginning in the first quarter of fiscal 2025, we exclude from our non-GAAP measures gains and losses from the revaluation of our executive deferred compensation plan liabilities, and the related gains and losses on our executive deferred compensation plan assets. Prior periods have not been reclassified as amounts are immaterial.

We exclude the following items from all of our non-GAAP financial measures:

• Amortization of acquired technology

• Amortization of other acquired intangible assets

• Restructuring charges

• Share-based compensation expense

• Gains and losses on executive deferred compensation plan liabilities

• Goodwill and intangible asset impairment charges

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

• Professional fees and transaction costs for business combinations

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

• Gains and losses on debt securities and other investments

• Gains and losses on executive deferred compensation plan assets

• Income tax effects and adjustments

• Discontinued operations

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

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

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

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

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

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

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

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

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

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

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

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

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

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

View source version on businesswire.com: https://www.businesswire.com/news/home/20250821275975/en/

Investors

Kim Watkins

Intuit Inc.

650-944-3324

kim_watkins@intuit.com

Media

Kali Fry

Intuit Inc.

650-944-3036

kali_fry@intuit.com

Source: Intuit Inc.

Released August 21, 2025