10-K – 2025-09-03 – intu-20250731.htm

Term loans to small and mid-market businesses . We provide financing to small and mid-market businesses via term loans that we originate directly or through an originating bank partner. During the twelve months ended July 31, 2025 and 2024, we purchased term loans from our originating bank partner with principal balances in the amount of $ 3.5 billion and $ 1.8 billion, respectively. As of July 31, 2025, we had commitments to purchase $ 38 million in term loans that were originated on or prior to July 31, 2025.
The term loans are not secured and are recorded at amortized cost, which includes unpaid principal balances, deferred origination costs and fees, and any related discount or premium, net of allowances for credit losses. As of July 31, 2025 and July 31, 2024, the net notes receivable held for investment balance for term loans to small and mid-market businesses was $ 1.5 billion and $ 912 million, respectively. 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.
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 estimate of expected credit losses, historical credit losses, estimates of recoveries, and future expectations as of each balance sheet date. We evaluate the creditworthiness of our notes receivable portfolio on a pooled basis due to its composition of term loans with similar general credit risk and characteristics. The allowance for credit losses is subjective and requires management estimates, including such factors as known and inherent risks in the notes receivable 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. 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 loan vintages. Loss curves are estimated based on a combination of empirical loss curve data and management judgment. We use empirical data and management judgment to estimate losses for new credit tests or products for which we do not have enough history. The methodologies are updated periodically to reflect factors such as actual term loan performance and changes in assumptions based on the risk characteristics of the notes receivable portfolio. When available information confirms that the specific term loans or portions thereof are uncollectible, identified amounts are charged off against the allowance for credit losses. Term loans are charged off as the contractual principal becomes 120 days past due or meets certain other charge-off policy requirements. Subsequent recoveries of the unpaid principal balance, if any, are credited to the allowance for credit losses. As of July 31, 2025 and

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July 31, 2024, the allowances for credit losses, amount of charge-offs recorded, and amount of recoveries on term loans to small and mid-market businesses were not material.
We consider a term loan to be delinquent when the payments are one day past due. We place delinquent term loans on nonaccrual status and stop accruing interest revenue. Term 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 the contractual terms. Past due amounts were not material for all periods presented.
Refund Advance Loans . Refund advance loans are loans available to eligible TurboTax customers based on a customer's anticipated income tax refund, at no cost to the customer. These loans are repaid from the customer's income tax refund, which is generally received within three to four weeks after acceptance of the customer's income tax return by the Internal Revenue Service (IRS). We partner with a third-party issuing bank to originate the loans and subsequently purchase full participating interests in those loans. The refund advance loans are not secured and are recorded at amortized cost, net of an allowance for credit losses. As of July 31, 2025 and July 31, 2024, the net notes receivable balances for refund advance loans were not material. We maintain an allowance for credit losses to reserve for potentially uncollectible loans. We estimate the allowance for credit losses based on the expected funding of refunds by the IRS using historical trends. When we determine that any amounts are uncollectible, we charge them off against the allowance for credit losses. As of July 31, 2025 and July 31, 2024, the allowances for credit losses on refund advance loans were not material.

Notes Receivable Held for Sale

Term loans to small and mid-market businesses . We have entered into multiple forward flow arrangements with institutional investors that facilitate the sale of participation interests in eligible unsecured term loans. These arrangements have varying terms, with expiration dates ranging from 2027 to 2029. Total sales of term loans during the twelve months ended July 31, 2025 and July 31, 2024 were $ 543 million and $ 323 million, respectively. For the twelve months ended July 31, 2025 and July 31, 2024, gains on sales of term loans and servicing income were not material.
Notes receivable held for sale are recorded at the lower of amortized cost or fair value determined on an individual term loan basis. As of July 31, 2025 we held no notes receivable as held for sale. As of July 31, 2024, the balances of notes receivable held for sale was $ 3 million, and is included in notes receivable held for sale on our consolidated balance sheets.

5. Property and Equipment

Property and equipment consisted of the following at the dates indicated:

  Life in July 31,
(Dollars in millions) Years 2025 2024
Computer software 2 - 6
$ 791   $ 810  
Buildings 5 - 30
644   636  
Leasehold improvements 2 - 16
479   495  
Equipment 3 - 5
175   177  
Furniture and fixtures 5 139   141  
Land –
96   96  
Capital in progress –
39   17  
    2,363   2,372  
Less accumulated depreciation and amortization   ( 1,402 ) ( 1,363 )
Total property and equipment, net   $ 961   $ 1,009  

Capital in progress at July 31, 2025 and 2024, 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 computer software for internal use. We capitalized internal use software costs totaling $ 40 million for the twelve months ended July 31, 2025; $ 59 million for the twelve months ended July 31, 2024; and $ 50 million for the twelve months ended July 31, 2023. There was no capitalized labor in these amounts for the twelve months ended July 31, 2025, 2024, and 2023. 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 computer software category.

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6. Goodwill and Acquired Intangible Assets

Goodwill

Changes in the carrying value of goodwill by reportable segment during the twelve months ended July 31, 2025 and July 31, 2024 were as shown in the following table. Our reportable segments are described in Note 14, “Segment Information.”

(In millions) Balance
July 31, 2023 Goodwill Acquired/
Adjusted Foreign Currency Translation Balance
July 31, 2024 Goodwill Acquired/
Adjusted Foreign Currency Translation Balance
July 31, 2025
Global Business Solutions $ 9,691   $ —   $ ( 1 ) $ 9,690   $ 134   $ 1   $ 9,825  
Consumer 51   —   —   51   —   —   51  
Credit Karma 3,941   65   —   4,006   —   1   4,007  
ProTax 97   —   —   97   —   —   97  
Totals $ 13,780   $ 65   $ ( 1 ) $ 13,844   $ 134   $ 2   $ 13,980  

Goodwill is net of accumulated impairment losses of $ 114 million, which were recorded prior to July 31, 2023 and are included in our Consumer segment. The increases in goodwill during the twelve months ended July 31, 2025 and July 31, 2024 were primarily due to acquisitions.

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
Technology Trade
Names
and Logos Total

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 years 14 8 13 13

At July 31, 2024:        
Cost $ 6,196   $ 1,648   $ 680   $ 8,524  
Accumulated amortization ( 1,605 ) ( 905 ) ( 194 ) ( 2,704 )
Acquired intangible assets, net $ 4,591   $ 743   $ 486   $ 5,820  
Weighted-average life in years 14 8 13 13

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The following table shows the expected future amortization expense for our acquired intangible assets at July 31, 2025. 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,  
2026 $ 660  
2027 633  
2028 613  
2029 593  
2030 590  
Thereafter 2,213  
Total expected future amortization expense $ 5,302  

7. Debt

The carrying value of our debt was as follows at the dates indicated:

  July 31, July 31, Effective
(Dollars in millions)
2025 2024 Interest Rate
Senior unsecured notes issued June 2020:
0.950 % notes due July 2025
$ —   $ 500   1.127 %
1.350 % notes due July 2027
500   500   1.486 %
1.650 % notes due July 2030
500   500   1.767 %
Senior unsecured notes issued September 2023:

5.250 % notes due September 2026
750   750   5.325 %
5.125 % notes due September 2028
750   750   5.258 %
5.200 % notes due September 2033
1,250   1,250   5.312 %
5.500 % notes due September 2053
1,250   1,250   5.576 %

Secured revolving credit facilities 1,014   585  
Total principal balance of debt 6,014   6,085  
Unamortized discount and debt issuance costs ( 41 ) ( 47 )
Net carrying value of debt $ 5,973   $ 6,038  

Short-term debt $ —   $ 499  
Long-term debt $ 5,973   $ 5,539  

Future principal payments for debt at July 31, 2025 were as shown in the table below.

(In millions)
Fiscal year ending July 31,
2026 $ —  
2027 1,250  
2028 300  
2029 1,464  
2030 500  
Thereafter 2,500  
Total future principal payments for debt $ 6,014  

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Senior Unsecured Notes

2020 Notes. In June 2020, we issued four series of senior unsecured notes (together, the 2020 Notes) pursuant to a public debt offering. The proceeds from the issuance were $ 1.98 billion, net of debt discount of $ 2 million and debt issuance costs of $ 15 million. During the fourth quarter of fiscal 2025, we repaid the $ 500  million in notes due in July 2025 when they became due using cash from operations. As of July 31, 2025, $ 1.0  billion of the 2020 Notes remained outstanding.
Interest is payable semiannually on January 15 and July 15 of each year. The discount and debt issuance costs are amortized to interest expense using the effective interest method over the term of the 2020 Notes.
The 2020 Notes are senior unsecured obligations of Intuit and 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. Upon the occurrence of change of control transactions that are 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. The indenture governing the 2020 Notes requires us to comply with certain covenants. For example, the 2020 Notes limit our ability to create certain liens and enter into sale and leaseback transactions. As of July 31, 2025, we were compliant with all covenants governing the 2020 Notes.
2023 Notes. In September 2023, we issued four series of senior unsecured notes (together, the 2023 Notes) pursuant to a public debt offering. The proceeds from the issuance were $ 3.96  billion, net of debt discount of $ 20 million and debt issuance costs of $ 24 million, and were used, together with operating cash, to repay the outstanding balance on our unsecured term loan. As of July 31, 2025, $ 4.0  billion of the 2023 Notes remained outstanding.
Interest is payable semiannually on March 15 and September 15 of each year. The discount and debt issuance costs are amortized to interest expense using the effective interest method over the term of the 2023 Notes.
The 2023 Notes are senior unsecured obligations of Intuit and 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 indenture governing the 2023 Notes requires us to comply with certain covenants. For example, the 2023 Notes limit our ability to create certain liens and enter into sale and leaseback transactions. As of July 31, 2025, we were compliant with all covenants governing the 2023 Notes.

Unsecured Credit Facilities

2024 Credit Facility . On February 5, 2024, we terminated our amended and restated credit agreement dated November 1, 2021 (2021 Credit Facility), and entered into a credit agreement with certain lenders providing for a $ 1.5 billion unsecured revolving credit facility that expires on February 5, 2029 (2024 Credit Facility).
Under the 2024 Credit Facility, we may, subject to certain customary conditions, including approval of relevant lenders, on one or more occasions, increase commitments under the 2024 Credit Facility by an amount not to exceed $ 1  billion in the aggregate, and, on one or more occasions, extend the maturity date of the 2024 Credit Facility by one year . The 2024 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 2024 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 0.0 % to 0.125 %, or (ii) the adjusted term Secured Overnight Finance Rate (SOFR) plus a margin that ranges from 0.7 % 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 0.7 % 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 debt credit ratings.
The 2024 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, 2025, we were compliant with all covenants governing the 2024 Credit Facility. At July 31, 2025, no amounts were outstanding under the 2024 Credit Facility.
2025 Credit Facility . On January 30, 2025, we entered into a credit agreement with certain lenders providing for a $ 4.5 billion unsecured short-term revolving credit facility (2025 Credit Facility) to fund a portion of our TurboTax early tax refund offering. We terminated the 2025 Credit Facility on March 3, 2025.
Advances under the 2025 Credit Facility accrued interest at rates equal to, at our election, either (i) the alternate base rate plus a margin of 0.125 %, or (ii) the adjusted daily simple SOFR or term SOFR plus a margin of 1.125 %. Unused portions of the commitment accrued a fee of 0.10 % per annum.

Secured Revolving Credit Facilities

2019 Secured Facility . On February 19, 2019, a subsidiary of Intuit entered into a secured revolving credit facility with a lender to fund the lending products and services we offer to qu alified small and mid-market businesses (the 2019 Secured Facility).

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The 2019 Secured Facility is non-recourse to Intuit Inc. and is secured by cash and receivables of the subsidiary, which are in excess of the amount outstanding under the 2019 Secured Facility as of July 31, 2025. We have entered into several amendments to this facility. These amendments primarily increase the facility limit, extend the commitment term and final maturity date, and update the benchmark interest rate. U nder the amended 2019 Secured Facility, the facility limit is $ 500 million, of which $ 300 million is committed and $ 200 million is uncommitted. Advances accrue interest at adjusted daily simple SOFR plus 1.25 %. Unused portions of the committed credit facility accrue a fee at a rate ranging from 0.25 % to 0.75 %, depending on the total unused committed balance. The commitment term is through August 31, 2027, and the final maturity date is August 31, 2028. The agreement includes certain affirmative and negative covenants, including financial covenants, that require the subsidiary to maintain specified financial ratios. As of July 31, 2025, we were compliant with all covenants governing the 2019 Secured Facility. At July 31, 2025, $ 440 million was outstanding under the 2019 Secured Facility and the weighted-average interest rate was 5.74 %. Interest on the 2019 Secured Facility is payable monthly.
2022 Secured Facilit y . On October 12, 2022, another subsidiary of Intuit entered into a secured revolving credit facility with a lender to fund the lending products and services we offer to qualified small and mid-market businesses (the 2022 Secured Facility). The 2022 Secured Facility is non-recourse to Intuit Inc. and is secured by cash and receivables of the subsidiary, which are in excess of the amount outstanding under the 2022 Secured Facility as of July 31, 2025. We have entered into several amendments to this facility. These amendments primarily extend the commitment term and final maturity date, increase the commitment amount, and reduce the interest rate. Under the amended 2022 Secured Facility, the facility limit is $ 500 million, of which $ 400 million is committed and $ 100 million is uncommitted. Advances accrue interest at SOFR plus 1.1 %. Unused portions of the committed credit facility accrue a fee at a rate ranging from 0.2 % to 0.4 %, depending on the total unused committed balance. The commitment term is through April 30, 2027, and the final maturity date is May 1, 2028. The agreement includes certain affirmative and negative covenants, including financial covenants, that require the subsidiary to maintain specified financial ratios. As of July 31, 2025, we were compliant with all covenants governing the 2022 Secured Facility. At July 31, 2025, $ 300 million was outstanding under the 2022 Secured Facility and the weighted-average interest rate was 5.56 %, which includes the fee on the unused committed portion. Interest on the 2022 Secured Facility is payable monthly.
2024 Secured Facility. On November 1, 2024, another subsidiary of Intuit entered into a secured revolving credit facility with a lender to fund the lending products and services we offer to qualified small and mid-market businesses (the 2024 Secured Facility). The 2024 Secured Facility is non-recourse to Intuit Inc. and is secured by cash and receivables of the subsidiary, which are in excess of the amount outstanding under the 2024 Secured Facility as of July 31, 2025. We have entered into several amendments to this facility. These amendments primarily increased the commitment amount. Under the amended 2024 Secured Facility, the facility limit is $ 300 million, all of which is committed. Advances accrue interest at SOFR plus 1.15 %. Unused portions of the committed credit facility accrue a fee at a rate ranging from 0.2 % to 0.4 %, depending on the total unused committed balance. The commitment term is through November 1, 2027, and the final maturity date is November 1, 2028. The agreement includes certain affirmative and negative covenants, including financial covenants that require the subsidiary to maintain specified financial ratios. As of July 31, 2025, we were compliant with all covenants governing the 2024 Secured Facility. At July 31, 2025, $ 274 million was outstanding under the 2024 Secured Facility and the weighted-average interest rate was 5.56 %, which includes the fee on the unused committed portion. Interest on the 2024 Secured Facility is payable monthly.

Commercial Paper Program

Under our established commercial paper program, we may issue and sell unsecured short-term promissory notes (commercial paper) up to $ 1.5 billion. 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, 2025, we temporarily increased the capacity of our commercial paper program from $ 1.5 billion to $ 2.0 billion to support our seasonal working capital needs. As of July 31, 2025, the capacity of the commercial paper program was $ 1.5 billion. At July 31, 2025 and July 31, 2024, no amounts were outstanding under this program.

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8. Other Liabilities and Commitments

Other Current Liabilities

Other current liabilities were as follows at the dates indicated:

  July 31,
(In millions) 2025 2024
Executive deferred compensation plan liabilities $ 248   $ 207  
Interest payable 85   84  
Current portion of operating lease liabilities 69   71  
Sales, property, and other taxes 55   47  
Reserve for returns, credits, and promotional discounts 39   40  

Other 129   108  
Total other current liabilities $ 625   $ 557  

Other Long-Term Obligations

Other long-term obligations were as follows at the dates indicated:

  July 31,
(In millions) 2025 2024
Income tax liabilities $ 238   $ 157  

Other 70   51  
Total other long-term obligations $ 308   $ 208  

Unconditional Purchase Obligations

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.
As of July 31, 2025, 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,
2026 $ 808  
2027 725  
2028 881  
2029 682  
2030 616  
Thereafter 1,180  
Total commitments $ 4,892  

9. Leases

We lease office facilities under non-cancellable 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 17 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.

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We sublease certain office facilities to third parties. These subleases have remaining lease terms of up to 5 years, one of which includes an option to extend the sublease for up to 5 years.
The components of lease expense were as follows:

Twelve Months Ended July 31,
(In millions) 2025 2024 2023
Operating lease cost (1)
$ 111   $ 108   $ 124  

Variable lease cost 22   23   20  
Sublease income ( 10 ) ( 11 ) ( 12 )
Total net lease cost $ 123   $ 120   $ 132  

(1)     Includes short-term leases, which were not material for the twelve months ended July 31, 2025, 2024, or 2023.
Supplemental cash flow information related to operating leases was as follows:

Twelve Months Ended July 31,
(In millions) 2025 2024 2023
Cash paid for amounts included in the measurement of operating lease liabilities $ 101   $ 89   $ 107  
Right-of-use assets obtained in exchange for operating lease liabilities $ 212   $ 35   $ 28  

Other information related to operating leases was as follows at the dates indicated:

July 31,
2025 2024 2023
Weighted-average remaining lease term for operating leases 8.1 years 7.7 years 7.9 years
Weighted-average discount rate for operating leases 3.8   % 3.3   % 3.0   %

Future minimum lease payments under non-cancellable operating leases as of July 31, 2025 were as follows:

(In millions) Operating
Leases (1)

Fiscal year ending July 31,  
2026 $ 78  
2027 105  
2028 97  
2029 100  
2030 98  
Thereafter 314  
Total future minimum lease payments 792  
Less imputed interest ( 126 )
Present value of lease liabilities $ 666  

(1)     Non-cancellable future sublease proceeds as of July 31, 2025 totaled $ 22 million through July 31, 2030 and $ 1 million thereafter, and are not included in the table above.

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Supplemental balance sheet information related to operating leases was as follows at the dates indicated:

July 31,
(In millions) 2025 2024

Operating lease right-of-use assets $ 541   $ 411  

Other current liabilities $ 69   $ 71  
Operating lease liabilities 597   458  
Total operating lease liabilities $ 666   $ 529  

As of July 31, 2025, we have additional operating leases with total minimum lease payments of $ 133 million for office facilities that have not yet commenced and therefore are not reflected on the consolidated balance sheets nor in the tables above. These operating leases are expected to commence in fiscal years 2026 and 2027 with lease terms of 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) 2025 2024 2023
Current:      
Federal $ 1,219   $ 984   $ 970  
State 237   202   208  
Foreign 25   36   86  
 Total current 1,481   1,222   1,264  
Deferred:      
Federal ( 453 ) ( 523 ) ( 559 )
State ( 70 ) ( 97 ) ( 99 )
Foreign 7   ( 15 ) ( 1 )
Total deferred ( 516 ) ( 635 ) ( 659 )
Total provision for income taxes $ 965   $ 587   $ 605  

We recognized excess tax benefits on share-based compensation of $ 143  million, $ 183  million, and $ 32  million in the provision for income taxes for the twelve months ended July 31, 2025, 2024, and 2023, respectively.
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) 2025 2024 2023
United States $ 4,700   $ 3,449   $ 2,798  
Foreign 134   101   191  
Total $ 4,834   $ 3,550   $ 2,989  

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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) 2025 2024 2023
Income before income taxes $ 4,834   $ 3,550   $ 2,989  

Statutory federal income tax $ 1,015   $ 746   $ 628  
State income tax, net of federal benefit 132   83   86  
Federal research and experimentation credits ( 113 ) ( 109 ) ( 106 )
Share-based compensation 47   43   58  
Excess tax benefits related to share-based compensation ( 120 ) ( 153 ) ( 26 )
Effects of non-U.S. operations 1   —   ( 28 )
Other, net 3   ( 23 ) ( 7 )
Total provision for income taxes $ 965   $ 587   $ 605  

The state income tax line in the table above includes excess tax benefits related to share-based compensation of $ 23  million, $ 30  million, and $ 6  million for the twelve months ended July 31, 2025, 2024, and 2023, respectively.
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.
Material deferred tax assets and liabilities were as follows at the dates indicated:

  July 31,
(In millions) 2025 2024
Deferred tax assets:    
Accruals and reserves not currently deductible $ 72   $ 47  
Capitalized research and development
1,895   1,321  
Operating lease liabilities 173   137  

Accrued and deferred compensation 116   132  
Loss and tax credit carryforwards 277   204  

Share-based compensation 113   117  
Other, net 24   20  
Total gross deferred tax assets 2,670   1,978  
Valuation allowance ( 290 ) ( 227 )
Total deferred tax assets 2,380   1,751  
Deferred tax liabilities:    

Operating lease right-of-use assets 140   105  
Intangibles 950   864  
Property and equipment 32   38  
Other, net 56   49  
Total deferred tax liabilities 1,178   1,056  
Net deferred tax assets
$ 1,202   $ 695  

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) 2025 2024
Long-term deferred income tax assets $ 1,222   $ 698  
Long-term deferred income tax liabilities included in other long-term obligations
( 20 ) ( 3 )
Net deferred tax assets $ 1,202   $ 695  

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We have provided a valuation allowance on all 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 $ 290  million and $ 227  million for the twelve months ended July 31, 2025 and July 31, 2024, respectively. 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. The valuation allowance on our net deferred taxes decreased by $ 8  million for the twelve months ended July 31, 2024. The change in the valuation allowance was primarily related to a decrease in the allowance for foreign net operating loss carryforwards, net of an increase in the allowance for California net deferred tax assets.
At July 31, 2025, we had federal net operating loss carryforwards of approximately $ 54  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, 2025, we had state net operating loss carryforwards of approximately $ 137  million for which we have recorded a deferred tax asset of $ 9  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, 2025, 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, 2025, we had California research and experimentation credit carryforwards of approximately $ 426  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) 2025 2024 2023
Gross unrecognized tax benefits, beginning balance $ 327   $ 246   $ 216  
Increases related to tax positions from prior fiscal years, including acquisitions 11   36   11  
Decreases related to tax positions from prior fiscal years ( 21 ) ( 12 ) ( 16 )
Increases related to tax positions taken during current fiscal year 91   95   38  
Settlements with tax authorities ( 2 ) ( 1 ) ( 2 )
Lapse of statute of limitations ( 12 ) ( 37 ) ( 1 )
Gross unrecognized tax benefits, ending balance $ 394   $ 327   $ 246  

The total amount of our unrecognized tax benefits at July 31, 2025 was $ 394 million. If we were to recognize these net benefits, our income tax expense would reflect a favorable net impact of $ 276  million. We do not believe that it is reasonably possible that there will be a significant increase or decrease in unrecognized tax benefits over the next 12 months.
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 2022 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, 2025 and July 31, 2024 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, 2025, 2024, and 2023, were also not material.
We offset a $ 61  million and $ 66  million long-term liability for uncertain tax positions against our long-term income tax receivable at July 31, 2025 and July 31, 2024, respectively. 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.

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11. Stockholders’ Equity

Stock Repurchase Programs and Treasury Shares

Intuit’s Board of Directors has authorized a series of common stock repurchase programs. Shares of common stock repurchased under these programs become treasury shares. Under these programs, we repurchased 4.3 million shares of our common stock for $ 2.8 billion during the twelve months ended July 31, 2025. At July 31, 2025, we had authorization from our Board of Directors for up to $ 2.1 billion in stock repurchases. On August 19, 2025, our Board of Directors approved an increase in the authorization under the existing stock repurchase program under which we are authorized to repurchase up to an additional $ 3.2 billion of our common stock. 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; accordingly, all amounts paid to reacquire these shares have been recorded as treasury stock on our consolidated balance sheets. Any direct costs to acquire treasury stock are recorded to treasury stock on our consolidated balance sheets. Repurchased shares of our common stock are held as treasury shares until they are 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.
In the past, we have satisfied option exercises and restricted stock unit vesting under our employee equity incentive plans by reissuing treasury shares, and we may do so again in the future. For all periods presented, we issued new shares of common stock to satisfy option exercises and RSU vesting under our 2005 Equity Incentive Plan. We have not yet determined the ultimate disposition of the shares that we have repurchased in the past, and consequently we continue to hold them as treasury shares.

Dividends on Common Stock

During the twelve months ended July 31, 2025, we declared cash dividends that totaled $ 4.16 per share of outstanding common stock, or approximately $ 1.2 billion. In August 2025, our Board of Directors declared a quarterly cash dividend of $ 1.20 per share of outstanding common stock payable on October 17, 2025 to stockholders of record at the close of business on October 9, 2025. 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 Comm ittee 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. T he 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 performance or 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.

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At July 31, 2025, there were approximately 25.1 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 306,286 shares of Intuit common stock during the twelve months ended July 31, 2025; 360,028 shares during the twelve months ended July 31, 2024; and 399,975 shares during the twelve months ended July 31, 2023. At July 31, 2025, there were 1,657,666 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, except per share amounts)
2025 2024 2023
Cost of service revenue
$ 420   $ 398   $ 371  
Cost of product and other revenue
3   4   3  
Selling and marketing 541   506   429  
Research and development 629   639   532  
General and administrative 375   368   377  
Restructuring
—   25   —  
Total share-based compensation expense 1,968   1,940   1,712  
Income tax benefit ( 548 ) ( 594 ) ( 373 )
Decrease in net income $ 1,420   $ 1,346   $ 1,339  

Determining Fair Value

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 91 % of our total share-based compensation expense during the twelve months ended July 31, 2025. Certain RSUs granted to senior management vest based on the achievement of pre-established market or performance 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 estimate the fair value of performance-based RSUs at the date of grant using the intrinsic value method and the probability that the specified performance criteria will be met. Each quarter, we update our assessment of the probability that the specified performance criteria will be achieved and adjust our estimate of the fair value of the performance-based RSUs if necessary. 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 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 and a multiple option award approach. 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.

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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 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,
2025 2024 2023
Assumptions for stock options:    
Expected volatility (range) 29.54   % 31   % 30.41 % - 33.19 %

Weighted-average expected volatility 29.54   % 31   % 30.67   %
Risk-free interest rate (range) 3.95   % 4.13   % 3.52 % - 4.46 %

Expected dividend yield 0.53   % 0.57   % 0.63   %

Assumptions for ESPP:      
Expected volatility (range) 30 % - 31 %
27 % - 36 %
38 % - 48 %

Weighted-average expected volatility 30   % 31   % 42   %
Risk-free interest rate (range) 4.29 % - 5.39 %
4.94 % - 5.55 %
1.59 % - 4.74 %

Expected dividend yield (range) 0.56 % - 0.69 %
0.57 % - 0.75 %
0.74 % - 0.81 %

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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, 2022 26,260  

Restricted stock units granted (1)
( 12,098 )
Options granted ( 413 )
Share-based awards canceled/forfeited/expired (1)(2)
5,277  
Balance at July 31, 2023 19,026  
Additional shares authorized 12,200  

Restricted stock units granted (1)
( 9,782 )
Options granted ( 326 )
Share-based awards canceled/forfeited/expired (1)(2)
6,199  
Balance at July 31, 2024 27,317  

Restricted stock units granted (1)
( 8,812 )
Options granted ( 287 )
Share-based awards canceled/forfeited/expired (1)(2)
6,929  
Balance at July 31, 2025 25,147  

(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.

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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 Shares Weighted-Average
Grant Date
Fair Value

Nonvested at July 31, 2022 11,467   $ 413.32  

Granted
5,260   452.45  

Vested ( 4,019 ) 414.12  
Forfeited ( 814 ) 364.45  
Nonvested at July 31, 2023 11,894   433.70  

Granted
4,253   590.59  

Vested ( 4,233 ) 439.08  
Forfeited ( 990 ) 390.17  
Nonvested at July 31, 2024 10,924   496.64  

Granted 3,831   696.82  

Vested ( 3,674 ) 512.36  
Forfeited ( 1,508 ) 456.60  
Nonvested at July 31, 2025 9,573   $ 577.03  

Additional information regarding our RSUs is shown in the table below.

Twelve Months Ended July 31,
(In millions) 2025 2024 2023
Total fair market value of shares vested $ 2,434   $ 2,575   $ 1,673  

Share-based compensation for RSUs $ 1,882   $ 1,857   $ 1,636  

Total tax benefit related to RSU share-based compensation expense $ 524   $ 545   $ 339  

Cash tax benefits realized for tax deductions for RSUs $ 533   $ 526   $ 347  

At July 31, 2025, there was $ 5.1 billion of unrecognized compensation cost related to non-vested 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.

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Stock Option Activity

A summary of stock option activity for the periods indicated was as follows:

  Options Outstanding
(Shares in thousands) Number of
Shares Weighted-Average
Exercise Price
Per Share

Balance at July 31, 2022 2,292   $ 289.62  
Granted 413   489.85  

Exercised ( 551 ) 163.64  
Canceled or expired ( 24 ) 368.72  
Balance at July 31, 2023 2,130   360.17  
Granted 326   626.32  
Exercised ( 570 ) 212.89  
Canceled or expired ( 114 ) 467.16  
Balance at July 31, 2024 1,772   449.66  
Granted 287   781.21  
Exercised ( 660 ) 354.70  
Canceled or expired ( 80 ) 493.70  
Balance at July 31, 2025 1,319   $ 566.59  

Information regarding stock options outstanding as of July 31, 2025 is summarized below:

Number
of Shares
(in thousands) Weighted-
Average
Remaining
Contractual
Life
(in years) Weighted-
Average
Exercise
Price per
Share Aggregate
Intrinsic
Value
(in millions)
Options outstanding 1,319   5.03 $ 566.59   $ 288  
Options exercisable 572   3.79 $ 468.33   $ 181  

The aggregate intrinsic values at July 31, 2025 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, 2025 were options that had exercise prices that were lower than the $ 785.13 market price of our common stock at that date.
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)
2025 2024 2023
Weighted-average fair value of options granted (per share) $ 246.17   $ 188.54   $ 144.92  

Total grant date fair value of options vested $ 43   $ 38   $ 33  

Aggregate intrinsic value of options exercised $ 208   $ 209   $ 150  

Share-based compensation expense for stock options and ESPP $ 86   $ 83   $ 76  

Total tax benefit for stock option and ESPP share-based compensation $ 24   $ 49   $ 34  

Cash received from option exercises $ 234   $ 121   $ 90  

Cash tax benefits realized related to tax deductions for non-qualified option exercises and disqualifying dispositions under all share-based payment arrangements $ 27   $ 49   $ 31  

At July 31, 2025, there was $ 146 million of unrecognized compensation cost related to non-vested stock options with a weighted-average vesting period of 3.2  years. We adjust unrecognized compensation cost for actual forfeitures as they occur.

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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) consists of unrealized gains and losses on marketable debt securities classified as available-for-sale and foreign currency translation adjustments for subsidiaries with functional currencies other than the U.S. dollar.
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) 2025 2024
Unrealized gain on available-for-sale debt securities $ 1   $ —  
Foreign currency translation adjustments ( 51 ) ( 54 )
Total accumulated other comprehensive loss $ ( 50 ) $ ( 54 )

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 $ 248 million at July 31, 2025 and $ 207 million at July 31, 2024. 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.

401(k) Plans

In the U.S., employees who participate in the Intuit Inc. 401(k) Plan may currently contribute up to 50 % 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 $ 149 million for the twelve months ended July 31, 2025; $ 138 million for the twelve months ended July 31, 2024; and $ 136 million for the twelve months ended July 31, 2023.

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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 the allegations contained within these legal proceedings are without merit and continue to defend our interests in them. These proceedings included, among others, multiple putative class actions that were consolidated into a single putative class action in the Northern District of California in September 2019 (the Intuit Free File Litigation). In August 2020, the Ninth Circuit Court of Appeals ordered that the putative class action claims be resolved through arbitration. In May 2021, the Intuit Free File Litigation was dismissed on a non-class basis after we entered into an agreement that resolved the matter on an individual non-class basis, without any admission of wrongdoing, for an amount that was not material. These proceedings also include a class action lawsuit that was filed in the Ontario (Canada) Superior Court of Justice on August 25, 2022.
These proceedings also included individual demands for arbitration that were filed beginning in October 2019. As of January 31, 2023, we settled all of these arbitration claims, without any admission of wrongdoing, for an amount that was not material. 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 requires us to adhere to certain marketing practices and does 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 and this appeal is pending. The FTC’s order became effective on March 23, 2024, and is now pending review by the Court of Appeals. We intend to continue to defend our position on the merits of this case. However, the defense and resolution of this matter could involve significant costs. 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.
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 the remaining 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 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 four reportable segments, described below, based on factors such as how we manage our operations and how our chief operating decision maker (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 and allocate company resources.
On August 1, 2024, we renamed our Small Business & Self-Employed segment as the Global Business Solutions segment. This new name better aligns with the global reach of the Mailchimp and QuickBooks platform, our focus on serving both small and mid-market businesses, and our vision to become the all-in-one platform that customers use to grow and run their business.
On August 1, 2024, we reorganized certain technology and customer success functions in our Global Business Solutions, Consumer, and ProTax segments that support and benefit our overall platform and are managed at the corporate level rather than at the segment level. As a result of these reorganizations, costs associated with these functions are no longer included in segment operating income and are now included in other corporate expenses. For the twelve months ended July 31, 2024 and 2023, we reclassified expenses totaling $ 1.4  billion and $ 1.3  billion from Global Business Solutions, $ 573  million and

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$ 475  million from Consumer, and $ 33  million and $ 34  million from ProTax to other corporate expenses, respectively, to conform to the current presentation.
Consistent with our vision to deliver one consumer platform, effective August 1, 2025, we combined the Consumer, Credit Karma, and ProTax businesses into a single Consumer business. We will reflect this new organization in our fiscal 2026 segment reporting.

Global Business Solutions : This segment serves small and mid-market businesses around the world, and the accounting professionals who assist and advise them. 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. Mailchimp offerings include marketing automation and customer relationship tools.
Consumer : This segment primarily serves consumers, helping customers get their taxes done with confidence—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.
Credit Karma : This segment serves consumers with a personal finance offering that helps members 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; online savings and checking accounts through an FDIC-member bank partner; and access to their credit scores and reports, credit and identity monitoring, credit report dispute, credit building tools, and tools to help understand net worth and make financial progress.
ProTax : This segment serves 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 U.S. and sell primarily to customers in the U.S. Total international net revenue was approximately 8 % of consolidated total net revenue in each of the twelve months ended July 31, 2025, 2024, and 2023.
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 Global Business Solutions, Consumer, and ProTax 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 Live and QuickBooks Live offerings. For our Credit Karma reportable segment, segment expenses include certain direct expenses related to selling and marketing, product development, and general and administrative. Unallocated corporate items for all segments include share-based compensation, amortization of acquired technology, amortization of other acquired intangible assets, goodwill and intangible asset impairment charges, professional fees and transaction charges related to business combinations, and restructuring charges.
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.

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The following table shows our financial results by reportable segment for the periods indicated.

  Twelve Months Ended July 31,
(In millions) 2025 2024 2023
Net revenue:    
Global Business Solutions $ 11,077   $ 9,533   $ 8,038  
Consumer 4,870   4,445   4,135  
Credit Karma 2,263   1,708   1,634  
ProTax 621   599   561  
Total net revenue $ 18,831   $ 16,285   $ 14,368  

Segment cost of revenue and operating expenses:

Global Business Solutions (1)
$ 2,610   $ 2,376   $ 2,138  
Consumer (1)
1,084   952   785  
Credit Karma (2)
1,428   1,294   1,206  
ProTax (1)
88   79   72  
Total segment cost of revenues and operating expenses
$ 5,210   $ 4,701   $ 4,201  

Operating income:      
Global Business Solutions $ 8,467   $ 7,157   $ 5,900  
Consumer 3,786   3,493   3,350  
Credit Karma 835   414   428  
ProTax 533   520   489  
Total segment operating income 13,621   11,584   10,167  
Unallocated corporate items:      
Share-based compensation expense ( 1,968 ) ( 1,915 ) ( 1,712 )
Other corporate expenses ( 6,078 ) ( 5,187 ) ( 4,668 )
Amortization of acquired technology ( 156 ) ( 146 ) ( 163 )
Amortization of other acquired intangible assets ( 481 ) ( 483 ) ( 483 )
Restructuring charges (3)
( 15 ) ( 223 ) —  

Total unallocated corporate items ( 8,698 ) ( 7,954 ) ( 7,026 )
Total operating income $ 4,923   $ 3,630   $ 3,141  

(1)     For our Global Business Solutions, Consumer, and ProTax segments cost of revenues and operating expenses primarily include direct expenses related to selling and marketing, direct costs associated with our product and services offerings, 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)     For our Credit Karma segment cost of revenues and operating expenses include certain direct expenses related to selling and marketing, product development, and general and administrative and exclude expenses that are recorded within unallocated corporate items.
(3)     Restructuring charges for the twelve months ended July 31, 2024 include $ 25 million in share-based compensation expense associated with our restructuring plan. See Note 15, “ Restructuring,” for more information.

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Revenue classified by significant service and product offerings was as follows:

  Twelve Months Ended July 31,
(In millions) 2025 2024 2023
Net revenue:    
QuickBooks Online Accounting $ 4,120   $ 3,379   $ 2,849  
Online Services 4,182   3,513   2,910  
Total Online Ecosystem 8,302   6,892   5,759  
QuickBooks Desktop Accounting 1,672   1,575   1,211  
Desktop Services and Supplies 1,103   1,066   1,068  
Total Desktop Ecosystem 2,775   2,641   2,279  
Global Business Solutions 11,077   9,533   8,038  
Consumer 4,870   4,445   4,135  
Credit Karma 2,263   1,708   1,634  
ProTax 621   599   561  
Total net revenue $ 18,831   $ 16,285   $ 14,368  

15. Restructuring

In July 2024, our management approved, committed to, and initiated a plan of reorganization (the Plan) focused on reallocating resources to our key growth areas. The 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 Plan were substantially complete in the first quarter of fiscal 2025. Total restructuring costs associated with the Plan were $ 238 million. During the twelve months ended July 31, 2025 and 2024, we recorded charges in connection with the Plan of $ 15 million and $ 223 million, respectively. These charges are primarily related to severance and employee benefits and are recorded to restructuring in our consolidated statements of operations.
The following table summarizes the activity for the Plan by segment.

(In millions) Accrued
July 31, 2024
Additional Costs/Adjustments
Cash Payments Non-Cash Items Accrued
July 31, 2025
Total Costs Incurred to Date Total Expected Plan Cost
Global Business Solutions $ 84   $ 5   $ ( 86 ) $ —   $ 3   $ 101   $ 101  
Consumer 9   —   ( 9 ) —   —   9   9  
Credit Karma —   —   —   —   —   —   —  
ProTax 2   —   ( 2 ) —   —   2   2  
Corporate
92   10   ( 97 ) ( 5 ) —   126   126  
Totals $ 187   $ 15   $ ( 194 ) $ ( 5 ) $ 3   $ 238   $ 238  

Accrued
July 31, 2023
Initial Costs Cash Payments Non-Cash Items Accrued
July 31, 2024

Global Business Solutions $ —   $ 96   $ —   $ ( 12 ) $ 84  
Consumer —   9   —   —   9  
Credit Karma —   —   —   —   —  
ProTax —   2   —   —   2  
Corporate
—   116   —   ( 24 ) 92  
Totals $ —   $ 223   $ —   $ ( 36 ) $ 187  

The liability for restructuring charges is included in accrued compensation and related liabilities in the accompanying consolidated balance sheets.

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INTUIT INC.
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS

(In millions) Beginning
Balance Additions
Charged to
Expense/
Revenue Deductions Ending
Balance
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  

Year ended July 31, 2023        
Allowance for doubtful accounts $ 31   $ 57   $ ( 81 ) $ 7  
Reserve for returns, credits, and promotional discounts 31   261   ( 260 ) 32  

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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, 2025 based on the guidelines established in Internal Control – Integrated Frame work 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, 2025 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, 2025. 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, 2025 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, 2025, 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.

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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 2026 Annual Meeting of Stockholders (the “2026 Proxy Statement”) under the sections entitled “Proposal No. 1 - Election of Directors – 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 2026 Proxy Statement under the heading “Corporate Governance – Insider Trading Policy .”

ITEM 11 - EXECUTIVE COMPENSATION

The information required by this Item 11 is incorporated by reference from the information contained in our 2026 Proxy Statement under the sections entitled “Compensation and Organizational Development Committee Report,” “Compensation Discussion and Analysis,” “Director Compensation,” “Equity Compensation Plan Information,” 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 2026 Proxy Statement under the sections entitled “Stock Ownership 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 2026 Proxy Statement under the sections entitled “Corporate Governance – Director Independence” and “Corporate Governance – 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 2026 Proxy Statement under the section entitled “Proposal No. 3 - Ratification of Selection of Independent Registered Public Accounting Firm.”

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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 Number Exhibit Description Filed Herewith Incorporated by Reference Form/File No. Date

2.01 Equity 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-K 9/13/2021

3.01 Intuit I nc. Amended and Restated Certificate of Incorporation, e ffective January 27, 2025
  10-Q 2/25/2025
         
3.02 Bylaws of Intuit Inc., as amended and restated on July 27, 2023
  8-K 8/2/2023
       
4.01 Form of Specimen Certificate for Intuit’s Common Stock
  10-K 9/15/2009

4.02 Description of Common Stock
10-K 8/30/2019

4.03 Indenture, dated as of June 29, 2020, between Intuit and U.S. Bank National Association, as trustee
8-K 6/29/2020

4.05 Form of 1.350% Senior Note due 2027
8-K 6/29/2020

4.06 Form of 1.650% Senior Note due 2030
8-K 6/29/2020

4.07 Supplemental 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

4.08 Form of 5.250% Senior Note due 2026
8-K
9/15/2023

4.09 Form of 5.125% Senior Note due 2028
8-K
9/15/2023

4.10 Form of 5.200% Senior Note due 2033
8-K
9/15/2023

4.11 Form of 5.500% Senior Note due 2053
8-K
9/15/2023
         
10.01+ Intuit Inc. Amended and Restated 2005 Equity Incentive Plan, as amended through January 18, 2024
10-Q 1/18/2024

10.02+ Intuit Inc. Amended and Restated 2005 Equity Incentive Plan, as amended through January 20, 2022
  10-K
3/2/2022
         
10.03+
Intuit Inc. Performance Incentive Plan, Amended and Restated effective October 25, 2023
10-Q
11/28/2023

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Exhibit Number Exhibit Description Filed Herewith Incorporated by Reference Form/File No. Date
10.04+ Form of Equity Grant Agreement : CEO, EVP, and SVP Stock Option
X

10.05+
Form of Equity Grant Agreement: CEO Restricted Stock Unit
X

10.06+
Form of Equity Grant Agreement: EVP and SVP Restricted Stock Unit
X

10.07+
Form of Equity Gr ant Agreement: CEO Performance-Based Restricted Stock Unit
X

10.08+
Form of Equity Grant Agreement: EVP and SVP Performance-Based Restricted Stock Unit
X

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-K 9/8/2021
       
10.13+
Forms of Equity Grant Agreements: Executive Chair and EVP Service-Based Restricted Stock Unit; Executive Chair and EVP TSR Performance-Based Restricted Stock Unit; CEO Service-Based Restricted Stock Unit; CEO TSR Performance-Based Restricted Stock Unit
10-K 8/31/2020

10.14+
Forms of Equity Grant Agreements: Executive Chair and EVP Restricted Stock Unit, and CEO Restricted Stock Unit
10-K 8/30/2019

10.15+
Forms of Equity Grant Agreements: EVP-SVP TSR Performance-Based Restricted Stock Unit, CEO TSR Performance-Based Restricted Stock Unit, EVP Time-Based Restricted Stock Unit, CEO Restricted Stock Unit, Stock Option - 4 year vest, Time-Based RSU - 4 year vest (focal), New Hire Time-Based Restricted Stock Unit - 4 year vest
10-K 8/31/2018

10.16+
Form of Amended and Restated 2005 Equity Incentive Plan Non-Qualified Stock Option Grant Agreement: New Hire, Promotion, Retention or Focal Grant
10-K 9/13/2013

10.17+
Credit Karma, Inc. 2015 Equity Incentive Plan, as amended
S-8 333-251096 12/3/2020

10.18+
Form of Restricted Stock Unit Agreement under the Credit Karma, Inc. 2015 Equity Incentive Plan
S-8 333-251096 12/3/2020

10.19+
Form of Restricted Stock Unit Agreement under the Credit Karma, Inc. 2015 Equity Incentive Plan
S-8 333-251096 12/3/2020

10.20+
Form of Restricted Stock Unit Agreement under the Credit Karma, Inc. 2015 Equity Incentive Plan
S-8 333-251096 12/3/2020

10.21+
Intuit Inc. Amended and Restated Employee Stock Purchase Plan, as amended through January 19, 2023
10-Q
2/23/2023

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Exhibit Number Exhibit Description Filed Herewith Incorporated by Reference Form/File No. Date
10.22+
Intuit Inc. Employee Stock Purchase Plan, as amended through January 19, 2022
10-Q 3/2/2022

10.23+
Intuit Inc. Amended Non-Employee Director Compensation Program, effective January 23, 2025
8-K
11/4/2024

10.24+
Intuit Inc. Amended Non-Employee Director Compensation Program, effective January 20, 2022
8-K 1/24/2022

10.25+
Description of Non-Employee Director Compensation, approved October 31, 2018 and effective January 17, 2019
10-Q 11/20/2018

10.26+
Description of Non-Employee Director Compensation, approved October 19, 2017 and effective January 18, 2018
10-Q 11/20/2017

10.27+
Forms of Non-employee Director Restricted Stock Unit Agreements
10-Q 11/20/2017

10.28+
Form of Director Restricted Stock Units Conversion Grant Agreement
10-Q 3/1/2013

10.29+
Fourth Amended and Restated Management Stock Purchase Program
10-Q 2/22/2019

10.30+
Intuit Executive Relocation Policy
10-K 8/31/2018

10.31+
Intuit Inc. Non-qualified Deferred Compensation Plan, effective January 1, 2009
10-Q 11/20/2017
       
10.32+
Intuit Inc. 2005 Executive Deferred Compensation Plan, effective January 1, 2005
  10-Q 12/10/2004
       
10.33+
Intuit Executive Deferred Compensation Plan, effective March 15, 2002
  10-Q 5/31/2002
       
10.34+
Amended and Restated Intuit Inc. Performance Incentive Plan, adopted October 28, 2020
10-Q 11/19/2020

10.35+
Form of Indemnification Agreement entered into by Intuit with each of its directors and certain officers
  10-Q 2/23/2017

10.36+
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

10.37+
Letter Regarding Terms of Employment by and between Intuit Inc. and Sasan Goodarzi, dated November 15, 2018
  10-Q 11/20/2018
       
10.38+
Employment memo dated November 7, 2018 to Marianna Tessel and effective January 1, 2019
10-K 8/31/2020

10.39
Assurance 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

10.40
Schedule identifying agreements substantially identical to the Assurance of Voluntary Compliance filed as Exhibit 10.37 hereto
10-K
9/2/2022

10.41
R evolving Credit Agreement , dated as of January 30, 2025, by and amon g Intuit In c. , the lenders party t hereto, and JPMorgan Cha se Bank, N.A. as admin istrative agent
8-K
1/31/2025

10.42+
T ran sition Agreement between Intuit Inc. and Laura Fennell , dated June 16, 2025
X

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Exhibit Number Exhibit Description Filed Herewith Incorporated by Reference Form/File No. Date
19.01 Policy Prohibiting Insider Trading (Global)
X

21.01 List of Intuit’s Subsidiaries
X  

23.01 Consent of Independent Registered Public Accounting Firm
X  

24.01 Power of Attorney (see signature page)
X  
     
31.01 Certification of Chief Executive Officer
X  
     
31.02 Certification of Chief Financial Officer
X  
     
32.01* Section 1350 Certification (Chief Executive Officer)
X  
     
32.02* Section 1350 Certification (Chief Financial Officer)
X  

97.01 Compensation Recoupment Policy
10-K
9/4/2024
     
101.INS XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document X  
       
101.SCH XBRL Taxonomy Extension Schema X  
       
101.CAL XBRL Taxonomy Extension Calculation Linkbase X  
       
101.LAB XBRL Taxonomy Extension Label Linkbase X  
       
101.PRE XBRL Taxonomy Extension Presentation Linkbase X  
       
101.DEF XBRL Taxonomy Extension Definition Linkbase X  

104 Cover 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.

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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 3, 2025 By:  /s/ SANDEEP S. AUJLA  
    Sandeep S. Aujla  
    Executive Vice President and Chief Financial Officer
(Principal Financial Officer) 
 

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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.

Name Title Date
Principal Executive Officer:    
/s/ SASAN K. GOODARZI President, Chief Executive Officer, and Director
September 3, 2025
Sasan K. Goodarzi

Principal Financial Officer:    
/s/ SANDEEP S. AUJLA Executive Vice President and Chief Financial Officer
September 3, 2025
Sandeep S. Aujla

Principal Accounting Officer:    
/s/ LAUREN D. HOTZ Senior Vice President and Chief Accounting Officer
September 3, 2025
Lauren D. Hotz

Additional Directors:    
/s/ EVE BURTON Director  September 3, 2025
Eve Burton

/s/ SCOTT D. COOK Director  September 3, 2025
Scott D. Cook

/s/ RICHARD L. DALZELL
Director  September 3, 2025
Richard L. Dalzell

/s/ DEBORAH LIU Director September 3, 2025
Deborah Liu

/s/ TEKEDRA MAWAKANA Director September 3, 2025
Tekedra Mawakana

/s/ SUZANNE NORA JOHNSON Chair of the Board of Directors September 3, 2025
Suzanne Nora Johnson

/s/ FORREST NORROD
Director September 3, 2025
Forrest Norrod

/s/ VASANT PRABHU
Director September 3, 2025
Vasant Prabhu

/s/ RYAN ROSLANSKY Director September 3, 2025
Ryan Roslansky

/s/ THOMAS SZKUTAK Director  September 3, 2025
Thomas Szkutak

/s/ RAUL VAZQUEZ Director  September 3, 2025
Raul Vazquez

/s/ ERIC S. YUAN
Director September 3, 2025
Eric S. Yuan

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 Intuit Fiscal 2025 Form 10-K