Group 1 - Intuit reported fourth-quarter revenue of $3.83 billion, exceeding analyst estimates of $3.75 billion [2] - The company achieved adjusted earnings of $2.75 per share, surpassing analyst expectations of $2.66 per share [2] - For fiscal year 2026, Intuit anticipates revenue between $21 billion and $21.19 billion, compared to estimates of $18.75 billion [3] Group 2 - Intuit expects full-year adjusted earnings to range from $22.98 to $23.18 per share, exceeding estimates of $20.09 per share [3] - Intuit shares fell 5.5% to $659.00 in pre-market trading following the earnings report [3] - Other stocks, such as ETHZilla Corporation and Blaize Holdings, also experienced declines in pre-market trading [5]

Core Viewpoint - Intuit reported strong fourth-quarter earnings, but the stock fell over 5.4% in after-hours trading due to lower-than-expected guidance for the upcoming quarter [1] Financial Performance - Intuit's revenue for the fourth quarter increased by 20% to $3.83 billion, surpassing analyst expectations of $3.74 billion [1] - Adjusted earnings per share rose from $1.99 in the same quarter last year to $2.75, also exceeding the forecast of $2.66 [1] Future Outlook - For the first fiscal quarter, Intuit expects revenue growth of 14% to 15%, which is below the analyst expectation of 16% [1] - The company projects adjusted earnings per share to be between $3.05 and $3.12, slightly below the analyst estimate of $3.07 [1]

Market Overview - Major indexes closed mostly in the red, with the Dow down 157 points, S&P 500 down 24 points, and Nasdaq down 90 points, while the small-cap Russell 2000 gained 4 points [1] Economic Indicators - S&P flash Manufacturing PMI for August reached 53.3, significantly above the anticipated 49.5 and July's 49.8, marking a more than 3-year high [2] - August Services PMI was reported at 55.4, the second consecutive month above 55 this year [2] Company Earnings Reports - **Zoom Communications (ZM)**: Shares rose 6% after Q2 earnings beat expectations by 10% at $1.53 per share, with revenues of $1.217 billion, a 4.7% year-over-year growth, and non-GAAP operating margins at 41.3% [3] - **Intuit (INTU)**: Shares fell 5% despite beating fiscal Q4 earnings expectations by 10 cents at $2.75 per share, with revenues of $3.8 billion, a 20% year-over-year increase, attributed to lackluster guidance for the current quarter [4] - **Ross Stores (ROST)**: Shares increased by 2.3% after Q2 earnings of $1.56 per share exceeded consensus by 4 cents, with revenues of $5.5 billion, a 5% year-over-year growth, and expected comps of 2-3% going forward [5] Upcoming Events - Fed Chair Jerome Powell's address at the Economic Symposium in Jackson Hole, WY, is anticipated to provide insights on interest rate decisions for the September meeting [6] - Personal Consumption Expenditures (PCE) data is due out a week from Friday, with the last report showing year-over-year PCE at 2.6% and core PCE at 2.8% [7]

Company Performance - Intuit reported quarterly earnings of $2.75 per share, exceeding the Zacks Consensus Estimate of $2.65 per share, and up from $1.99 per share a year ago, representing an earnings surprise of +3.77% [1][2] - The company posted revenues of $3.83 billion for the quarter ended July 2025, surpassing the Zacks Consensus Estimate by 2.30% and increasing from $3.18 billion year-over-year [3] Market Comparison - Intuit shares have increased approximately 11.2% since the beginning of the year, outperforming the S&P 500's gain of 8.7% [4] Future Outlook - The current consensus EPS estimate for the upcoming quarter is $3.01 on revenues of $3.78 billion, and for the current fiscal year, it is $22.81 on revenues of $20.94 billion [8] - The Zacks Industry Rank indicates that the Computer - Software industry is in the top 22% of over 250 Zacks industries, suggesting a favorable outlook for stocks within this sector [9] Estimate Revisions - Ahead of the earnings release, the estimate revisions trend for Intuit was favorable, leading to a Zacks Rank 2 (Buy) for the stock, indicating expected outperformance in the near future [7]

Financial Data and Key Metrics Changes - The company reported a full-year revenue growth of 16%, with a significant operating margin expansion [7][19] - Q4 revenue reached $3.8 billion, up 20% year-over-year, with GAAP operating income of $339 million compared to a loss of $151 million in the previous year [19] - Non-GAAP diluted earnings per share were $2.80, reflecting a 39% increase [19] Business Line Data and Key Metrics Changes - Global Business Solutions Group revenue grew 18% in Q4, or 21% excluding Mailchimp, and 16% for the full year, or 18% excluding Mailchimp [19][20] - Online Ecosystem revenue increased by 21% in Q4 and 20% for the year, driven by strong performance in QuickBooks Online Accounting, which grew 23% in Q4 [20][21] - Consumer Group revenue grew 10% in fiscal 2025, with TurboTax Live revenue increasing by 47% [16][27] Market Data and Key Metrics Changes - The total addressable market for the business platform is over $180 billion, with a significant portion in the mid-market segment [23] - Mid-market customer growth was reported at 23%, with a total of 40% growth in Online Ecosystem revenue for QBO Advanced and Intuit Enterprise Suite [24][91] Company Strategy and Development Direction - The company is focusing on an all-in-one business platform that integrates AI agents and human experts to enhance customer experiences and operational efficiency [9][10] - There is a strong emphasis on penetrating the mid-market with the Intuit Enterprise Suite and enhancing partnerships with accounting firms [14][60] - The company aims to consolidate customer data and spending on its platform to drive growth and improve ROI [12][70] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in delivering double-digit revenue growth and margin expansion in fiscal 2026, supported by strong customer engagement and product innovation [8][31] - The company is optimistic about overcoming challenges in the Mailchimp segment and expects it to return to double-digit growth [51][52] Other Important Information - The company ended the quarter with approximately $4.6 billion in cash and investments and $6 billion in debt [29] - A quarterly dividend of $1.20 per share was approved, representing a 15% increase from the previous year [30] Q&A Session Summary Question: Focus on small business growth and lead generation concerns - Management highlighted strong customer growth in the U.S. and mid-market, emphasizing the effectiveness of their all-in-one platform and AI capabilities [40][41] Question: Monetization expectations for new AI agents and Mailchimp's growth - Management indicated high expectations for future monetization from AI agents, while also expressing confidence in Mailchimp's return to double-digit growth due to improved sales strategies and customer satisfaction [49][52] Question: Drivers of Global Solutions business performance and guidance implications - Management noted that the strong performance was driven by accounting and services innovations, with guidance reflecting less pricing actions compared to the previous year [85][86] Question: Confidence in TurboTax Live growth - Management cited strong brand equity and customer engagement as key factors supporting the expected 15% to 20% growth in TurboTax Live [96] Question: Credit Karma's cyclicality and growth confidence - Management explained that strategic investments in less cyclical areas, such as tax and insurance, along with share gains in credit products, contribute to their confidence in Credit Karma's growth trajectory [78][80]

Financial Data and Key Metrics Changes - The company reported a full year revenue growth of 16%, with a significant operating margin expansion [6][17] - Q4 revenue reached $3.8 billion, up 20% year-over-year, with GAAP operating income of $339 million compared to a loss of $151 million last year [17][30] - Non-GAAP diluted earnings per share were $2.80, reflecting a 39% increase [17][30] Business Line Data and Key Metrics Changes - Global Business Solutions Group revenue grew 18% in Q4, or 21% excluding Mailchimp, and 16% for the full year, or 18% excluding Mailchimp [18][19] - Online Ecosystem revenue increased by 21% in Q4 and 20% for the year, driven by strong performance in QuickBooks Online Accounting, which grew 23% in Q4 [19][20] - Consumer Group revenue grew 10% in fiscal 2025, with TurboTax Live revenue increasing by 47% [15][25] Market Data and Key Metrics Changes - The total addressable market for the business platform is over $180 billion, with a significant portion in the mid-market segment [22] - The company reported a 40% growth in Online Ecosystem revenue for QBO Advanced and Intuit Enterprise Suite, serving mid-market customers [22][23] - Online paying customers grew by 5%, reflecting challenges in Mailchimp and international markets [24] Company Strategy and Development Direction - The company is focusing on an all-in-one business platform that integrates AI agents and human experts to enhance customer experiences and operational efficiency [7][8] - There is a strong emphasis on penetrating the mid-market segment, which represents a $89 billion total addressable market [9][10] - The company aims to consolidate customer data and spending on its platform to improve ROI and streamline operations [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in delivering double-digit revenue growth and margin expansion in fiscal 2026, supported by strong customer engagement and product innovation [7][30] - The company is addressing headwinds in Mailchimp and international markets while focusing on growth in the mid-market and consumer segments [30][31] - Management highlighted the importance of AI and data services in driving future growth and enhancing customer experiences [34] Other Important Information - The company ended the quarter with approximately $4.6 billion in cash and investments and $6 billion in debt [28] - A quarterly dividend of $1.20 per share was approved, representing a 15% increase from the previous year [29] Q&A Session Summary Question: Focus on small business growth and lead generation concerns - Management highlighted strong customer growth in the U.S. and mid-market segments, emphasizing the effectiveness of their all-in-one platform and AI capabilities [37][39] Question: Monetization expectations for new AI agents and Mailchimp's growth - Management indicated high expectations for future monetization from AI agents, while also expressing confidence in Mailchimp returning to double-digit growth due to improved sales strategies and product enhancements [47][49] Question: Drivers of Global Solutions business performance and guidance implications - Management noted strong performance driven by accounting and services innovations, while guidance reflects less pricing actions compared to the previous year [84][86] Question: Confidence in TurboTax Live growth - Management cited strong performance in fiscal 2025 and significant learnings that support confidence in continued growth for TurboTax Live [90][94] Question: Credit Karma's cyclicality and growth confidence - Management discussed strategic investments to reduce cyclicality in Credit Karma, focusing on prime customers and year-round engagement [74][76] Question: SMB health and macroeconomic perspective - Management observed flat revenues but increased profits and cash flows among businesses, indicating a mixed but generally stable economic environment [110][111]

Fact Sheet August 21, 2025 | [E] | [E] | [E] | Segment | Revenue | - FY'25 | View | FY'23 | FY'24 | FY'25 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ...

[Executive Summary & Financial Highlights](index=1&type=section&id=Executive%20Summary%20%26%20Financial%20Highlights) [Full Year Fiscal 2025 Financial Highlights](index=1&type=section&id=Full%20Year%20Fiscal%202025%20Financial%20Highlights) Intuit reported strong FY25 results, with total revenue up **16%** to **$18.8 billion** and combined platform revenue up **19%** to **$14.9 billion** - Total revenue grew **16%** year-over-year to **$18.8 billion**[2](index=2&type=chunk) - Combined platform revenue increased **19%** to **$14.9 billion**[2](index=2&type=chunk) Fiscal Year 2025 Full-year Financial Results (Dollars in millions, except EPS) | Metric | FY25 (GAAP) | FY24 (GAAP) | Change (GAAP) | FY25 (Non-GAAP) | FY24 (Non-GAAP) | Change (Non-GAAP) | | :----------------- | :---------- | :---------- | :------------ | :-------------- | :-------------- | :---------------- | | Revenue | $18,831 | $16,285 | 16% | $18,831 | $16,285 | 16% | | Operating Income | $4,923 | $3,630 | 36% | $7,572 | $6,402 | 18% | | Earnings Per Share | $13.67 | $10.43 | 31% | $20.15 | $16.94 | 19% | - Consumer Group revenue increased **10%** to **$4.9 billion**, with TurboTax Live revenue growing **47%** to **$2.0 billion**[7](index=7&type=chunk) - Credit Karma revenue grew **32%** to **$2.3 billion**[7](index=7&type=chunk) [Fourth Quarter Fiscal 2025 Financial Highlights](index=2&type=section&id=Fourth%20Quarter%20Fiscal%202025%20Financial%20Highlights) Intuit's Q4 FY25 revenue grew **20%** to **$3.8 billion**, with Global Business Solutions Group revenue up **18%** and Credit Karma revenue rising **34%** - Total revenue grew **20%** to **$3.8 billion** in Q4 FY25[7](index=7&type=chunk) Fourth Quarter Fiscal Year 2025 Financial Results (Dollars in millions, except EPS) | Metric | Q4 FY25 (GAAP) | Q4 FY24 (GAAP) | Change (GAAP) | Q4 FY25 (Non-GAAP) | Q4 FY24 (Non-GAAP) | Change (Non-GAAP) | | :----------------------- | :------------- | :------------- | :------------ | :----------------- | :----------------- | :---------------- | | Revenue | $3,831 | $3,184 | 20% | $3,831 | $3,184 | 20% | | Operating Income (Loss) | $339 | $(151) | NM | $1,016 | $730 | 39% | | Earnings (Loss) Per Share | $1.35 | $(0.07) | NM | $2.75 | $1.99 | 38% | - Global Business Solutions Group revenue increased **18%** to **$3.0 billion**, with Online Ecosystem revenue growing **21%** to **$2.2 billion**[7](index=7&type=chunk) - Credit Karma revenue grew **34%** to **$649 million**, driven by personal loans, credit cards, and auto insurance[7](index=7&type=chunk)[15](index=15&type=chunk) [Management Commentary](index=1&type=section&id=Management%20Commentary) Intuit's CEO highlighted exceptional FY25 success driven by AI agents, while the CFO emphasized strong business outcomes, accelerated growth, and significant margin expansion - CEO Sasan Goodarzi noted **20%** Q4 growth and **16%** full-year growth, crediting AI agents and AI-enabled human experts for powering success[2](index=2&type=chunk) - CFO Sandeep Aujla highlighted outstanding execution across the platform, driving breakthrough adoption in assisted tax, introducing transformative AI agents, and building mid-market go-to-market capabilities, all while expanding margins[11](index=11&type=chunk) [Business Segment Performance](index=3&type=section&id=Business%20Segment%20Performance) [Global Business Solutions Group](index=3&type=section&id=Global%20Business%20Solutions%20Group) The Global Business Solutions Group showed robust growth, with revenue up **18%** quarterly and **16%** annually, driven by strong Online Ecosystem performance - Global Business Solutions Group revenue grew **18%** for the quarter and **16%** for the year, reaching **$11.1 billion**[12](index=12&type=chunk) - Online Ecosystem revenue grew **21%** for the quarter and **20%** for the year, reaching **$8.3 billion**[12](index=12&type=chunk) - QuickBooks Online Accounting revenue grew **23%** for the quarter and **22%** for the year, driven by higher effective prices, customer growth, and mix shift[12](index=12&type=chunk) - Online Services revenue grew **19%** for both the quarter and the year, primarily due to growth in money and payroll. Excluding Mailchimp, Online Services revenue grew **29%**[12](index=12&type=chunk) - Total international online revenue grew **9%** for both the quarter and the year on a constant currency basis[12](index=12&type=chunk) [Consumer and ProTax Groups](index=4&type=section&id=Consumer%20and%20ProTax%20Groups) Consumer Group annual revenue increased **10%**, significantly boosted by TurboTax Live's **47%** growth, despite a slight decline in total TurboTax units - Consumer Group revenue grew **10%** for the year to **$4.9 billion**[13](index=13&type=chunk) - TurboTax Live revenue grew **47%** for the year, accounting for **41%** of total Consumer Group revenue, with TurboTax Live customers increasing by **24%**[16](index=16&type=chunk) TurboTax Federal Unit Data (Units in millions) | Metric | Season through July 31, 2025 | Season through July 31, 2024 | Change Year-Over-Year | | :---------------------- | :--------------------------- | :--------------------------- | :-------------------- | | Desktop Units | 4.3 | 4.6 | (4)% | | Online Units | 34.9 | 35.4 | (1)% | | Total U.S. TurboTax Units | 39.2 | 39.9 | (2)% | - TurboTax Online paying units grew **6%** due to share gains from higher ARPR filers, despite a **1%** decline in total TurboTax Online units and a **2%** decline in total TurboTax units[16](index=16&type=chunk) - ProTax Group revenue grew **4%** for the year to **$621 million**[14](index=14&type=chunk) [Credit Karma](index=4&type=section&id=Credit%20Karma) Credit Karma experienced substantial growth, with annual revenue up **32%** to **$2.3 billion** and quarterly revenue up **34%** to **$649 million** - Credit Karma revenue grew **32%** to **$2.3 billion** for the year[15](index=15&type=chunk) - Credit Karma revenue grew **34%** for the quarter to **$649 million**, driven by strength in personal loans, credit cards, and auto insurance[15](index=15&type=chunk) [Capital Allocation & Strategic Initiatives](index=4&type=section&id=Capital%20Allocation%20%26%20Strategic%20Initiatives) [Capital Allocation Summary](index=4&type=section&id=Capital%20Allocation%20Summary) Intuit maintained a strong financial position with **$4.6 billion** in cash, repurchasing **$2.8 billion** in stock and increasing its quarterly dividend by **15%** - Total cash and investments balance was approximately **$4.6 billion** as of July 31, 2025, with total debt of **$6.0 billion**[17](index=17&type=chunk) - Repurchased **$2.8 billion** of stock during fiscal year 2025. The Board approved a new **$3.2 billion** repurchase authorization, bringing the total authorization to **$5.3 billion**[17](index=17&type=chunk) - Board approved a quarterly dividend of **$1.20 per share**, payable on October 17, 2025, representing a **15%** increase year-over-year[18](index=18&type=chunk) [One Consumer Platform](index=5&type=section&id=One%20Consumer%20Platform) Effective August 1, 2025, Intuit combined its Consumer, Credit Karma, and ProTax businesses into a single Consumer business, aligning with its one consumer platform vision - Effective August 1, 2025, Intuit combined the Consumer, Credit Karma, and ProTax businesses into a single Consumer business[19](index=19&type=chunk) - This new organization will be reflected in fiscal 2026 segment reporting, consistent with the company's vision to deliver one consumer platform[19](index=19&type=chunk) [Forward-Looking Guidance](index=5&type=section&id=Forward-Looking%20Guidance) [Fiscal Year 2026 Full Year Guidance](index=5&type=section&id=Fiscal%20Year%202026%20Full%20Year%20Guidance) Intuit projects FY26 revenue growth of **12-13%** and continued operating margin expansion, with strong growth anticipated across all segments Fiscal Year 2026 Full Year Guidance | Metric | GAAP Range of Estimate (From) | GAAP Range of Estimate (To) | Non-GAAP Range of Estimate (From) | Non-GAAP Range of Estimate (To) | Growth (Approx.) | | :----------------------- | :---------------------------- | :-------------------------- | :-------------------------------- | :------------------------------ | :--------------- | | Revenue | $20,997 million | $21,186 million | $20,997 million | $21,186 million | 12-13% | | Operating Income | $5,782 million | $5,859 million | $8,611 million | $8,688 million | 17-19% (GAAP), 14-15% (Non-GAAP) | | Diluted Earnings Per Share | $15.49 | $15.69 | $22.98 | $23.18 | 13-15% (GAAP), 14-15% (Non-GAAP) | - Global Business Solutions Group revenue growth is expected to be **14-15%** (**15.5-16.5%** excluding Mailchimp)[20](index=20&type=chunk) - Consumer segment revenue growth is projected at **8-9%**, including TurboTax growth of **8%**, Credit Karma growth of **10-13%**, and ProTax growth of **2-3%**[20](index=20&type=chunk) [First Quarter Fiscal Year 2026 Guidance](index=5&type=section&id=First%20Quarter%20Fiscal%20Year%202026%20Guidance) For Q1 FY26, Intuit anticipates revenue growth of approximately **14-15%**, with GAAP EPS between **$1.19** and **$1.26**, and non-GAAP diluted EPS between **$3.05** and **$3.12** - Revenue growth of approximately **14-15%** is expected for Q1 FY26[20](index=20&type=chunk) - GAAP earnings per share are projected to be **$1.19** to **$1.26**[20](index=20&type=chunk) - Non-GAAP diluted earnings per share are expected to be **$3.05** to **$3.12**[21](index=21&type=chunk) [Company Information & Disclosures](index=6&type=section&id=Company%20Information%20%26%20Disclosures) [About Intuit](index=6&type=section&id=About%20Intuit) Intuit is a global financial technology platform serving **100 million** customers with products like TurboTax, QuickBooks, and Mailchimp, aiming to power prosperity - Intuit is a global financial technology platform with approximately **100 million** customers worldwide[25](index=25&type=chunk) - Key products include TurboTax, Credit Karma, QuickBooks, and Mailchimp[25](index=25&type=chunk) - The company's mission is to power prosperity for people and communities through innovative solutions[25](index=25&type=chunk) [Conference Call & Investor Events](index=6&type=section&id=Conference%20Call%20%26%20Investor%20Events) Intuit held a conference call on August 21, 2025, to discuss financial results and announced its annual Investor Day for September 18, 2025 - A conference call discussing financial results was held on August 21, 2025, with live webcast and replay available[22](index=22&type=chunk)[23](index=23&type=chunk) - Intuit will host its annual Investor Day on September 18, 2025, at its Mountain View headquarters, featuring presentations from the CEO, CFO, and other leaders[24](index=24&type=chunk) [About Non-GAAP Financial Measures](index=6&type=section&id=About%20Non-GAAP%20Financial%20Measures) This section explains Intuit's use of non-GAAP financial measures, excluding items like amortization, restructuring, and share-based compensation for a clearer view of ongoing operating results - Non-GAAP financial measures (operating income, net income, diluted EPS) are used to provide supplemental information, excluding items not considered part of ongoing operating results[26](index=26&type=chunk)[61](index=61&type=chunk)[64](index=64&type=chunk) - Excluded items include amortization of acquired technology and other intangible assets, restructuring charges, share-based compensation expense, and gains/losses on executive deferred compensation plan liabilities and assets[64](index=64&type=chunk)[66](index=66&type=chunk)[67](index=67&type=chunk)[68](index=68&type=chunk)[69](index=69&type=chunk)[72](index=72&type=chunk)[73](index=73&type=chunk)[74](index=74&type=chunk) - A long-term non-GAAP tax rate of **24%** is used for fiscal 2025 and 2026, which eliminates effects of non-recurring and period-specific items[75](index=75&type=chunk) [Cautions About Forward-Looking Statements](index=7&type=section&id=Cautions%20About%20Forward-Looking%20Statements) Forward-looking statements are subject to risks and uncertainties, including competition, governmental encroachment, AI development, cybersecurity, and macroeconomic conditions, which could cause actual results to differ materially - Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from expectations[28](index=28&type=chunk) - Key risk factors include the ability to compete, potential governmental encroachment in the tax business, development and deployment of AI, adaptation to technological change, reliance on intellectual property, cybersecurity incidents, and global economic conditions[28](index=28&type=chunk)[29](index=29&type=chunk) - More detailed risks are outlined in the company's Form 10-K for fiscal 2024 and other SEC filings[30](index=30&type=chunk) [Financial Statements & Reconciliations](index=9&type=section&id=Financial%20Statements%20%26%20Reconciliations) [GAAP Consolidated Statements of Operations](index=9&type=section&id=GAAP%20Consolidated%20Statements%20of%20Operations) The GAAP Consolidated Statements of Operations detail Intuit's revenue, costs, and profitability for FY25, with full-year net income at **$3,869 million**, up from **$2,963 million** in FY24 GAAP Consolidated Statements of Operations (In millions, except per share amounts) | Metric | Three Months Ended July 31, 2025 | Three Months Ended July 31, 2024 | Twelve Months Ended July 31, 2025 | Twelve Months Ended July 31, 2024 | | :-------------------------- | :------------------------------- | :------------------------------- | :-------------------------------- | :-------------------------------- | | Total net revenue | $3,831 | $3,184 | $18,831 | $16,285 | | Total costs and expenses | $3,492 | $3,335 | $13,908 | $12,655 | | Operating income (loss) | $339 | $(151) | $4,923 | $3,630 | | Income (loss) before income taxes | $366 | $(140) | $4,834 | $3,550 | | Net income (loss) | $381 | $(20) | $3,869 | $2,963 | | Diluted net income (loss) per share | $1.35 | $(0.07) | $13.67 | $10.43 | - Full-year service revenue increased to **$16,400 million** in FY25 from **$13,861 million** in FY24[32](index=32&type=chunk) [Notes to GAAP Statements of Operations](index=10&type=section&id=Notes%20to%20GAAP%20Statements%20of%20Operations) Notes detail share-based compensation expenses and explain effective tax rates for FY25 and FY24, highlighting tax benefits and recent tax law changes Total Share-Based Compensation Expense (In millions) | Category | Three Months Ended July 31, 2025 | Three Months Ended July 31, 2024 | Twelve Months Ended July 31, 2025 | Twelve Months Ended July 31, 2024 | | :------------------------ | :------------------------------- | :------------------------------- | :-------------------------------- | :-------------------------------- | | Cost of revenue | $101 | $102 | $423 | $402 | | Selling and marketing | $137 | $137 | $541 | $506 | | Research and development | $159 | $161 | $629 | $639 | | General and administrative | $93 | $94 | $375 | $368 | | Restructuring | $— | $25 | $— | $25 | | Total | $490 | $519 | $1,968 | $1,940 | - The effective tax rate for the twelve months ended July 31, 2025, was approximately **20%**, or **24%** excluding certain tax benefits primarily related to share-based compensation[35](index=35&type=chunk) - The One Big Beautiful Bill Act (OBBBA) enacted on July 4, 2025, did not have a significant impact on consolidated financial statements for fiscal 2025[37](index=37&type=chunk) [Reconciliation of Non-GAAP Financial Measures (FY25)](index=11&type=section&id=Reconciliation%20of%20Non-GAAP%20Financial%20Measures%20(FY25)) This section reconciles GAAP to non-GAAP financial measures for FY25, detailing adjustments for amortization, restructuring, and share-based compensation to derive non-GAAP operating income, net income, and diluted EPS Reconciliation of Non-GAAP Financial Measures for Fiscal 2025 (In millions, except per share amounts) | Metric | Q1 FY25 (GAAP) | Q4 FY25 (GAAP) | Full Year FY25 (GAAP) | Q1 FY25 (Non-GAAP) | Q4 FY25 (Non-GAAP) | Full Year FY25 (Non-GAAP) | | :-------------------------- | :------------- | :------------- | :-------------------- | :----------------- | :----------------- | :------------------------ | | Operating income (loss) | $271 | $339 | $4,923 | $953 | $1,016 | $7,572 |\ | Net income (loss) | $197 | $381 | $3,869 | $709 | $776 | $5,703 |\ | Diluted net income (loss) per share | $0.70 | $1.35 | $13.67 | $2.50 | $2.75 | $20.15 | - Key adjustments for non-GAAP operating income include amortization of acquired technology (**$156 million** for FY25), amortization of other acquired intangible assets (**$481 million** for FY25), and share-based compensation expense (**$1,968 million** for FY25)[41](index=41&type=chunk) - Beginning in Q1 FY25, gains and losses on executive deferred compensation plan liabilities and assets are excluded from non-GAAP measures[41](index=41&type=chunk) [Reconciliation of Non-GAAP Financial Measures (FY24)](index=12&type=section&id=Reconciliation%20of%20Non-GAAP%20Financial%20Measures%20(FY24)) This section reconciles GAAP to non-GAAP financial measures for FY24, detailing adjustments for amortization, restructuring, and share-based compensation to derive non-GAAP operating income, net income, and diluted EPS Reconciliation of Non-GAAP Financial Measures for Fiscal 2024 (In millions, except per share amounts) | Metric | Q1 FY24 (GAAP) | Q4 FY24 (GAAP) | Full Year FY24 (GAAP) | Q1 FY24 (Non-GAAP) | Q4 FY24 (Non-GAAP) | Full Year FY24 (Non-GAAP) | | :-------------------------- | :------------- | :------------- | :-------------------- | :----------------- | :----------------- | :------------------------ | | Operating income (loss) | $307 | $(151) | $3,630 | $960 | $730 | $6,402 |\ | Net income (loss) | $241 | $(20) | $2,963 | $698 | $563 | $4,811 |\ | Diluted net income (loss) per share | $0.85 | $(0.07) | $10.43 | $2.47 | $1.99 | $16.94 | - Full-year FY24 non-GAAP operating income was **$6,402 million**, with adjustments including **$146 million** for acquired technology amortization and **$1,915 million** for share-based compensation expense[45](index=45&type=chunk) - Restructuring charges for Q4 and full year FY24 included **$223 million**, with **$25 million** attributed to share-based compensation expense[45](index=45&type=chunk) [Condensed Consolidated Balance Sheets](index=13&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) The Condensed Consolidated Balance Sheets show Intuit's financial position as of July 31, 2025, with total assets increasing to **$36,958 million**, driven by growth in current assets Condensed Consolidated Balance Sheets (In millions) | Asset/Liability Category | July 31, 2025 | July 31, 2024 | | :-------------------------------- | :------------ | :------------ | | Total current assets | $14,107 | $9,678 | | Funds receivable and amounts held for customers | $7,076 | $3,921 | | Goodwill | $13,980 | $13,844 | | Total assets | $36,958 | $32,132 | | Total current liabilities | $10,370 | $7,491 | | Funds payable and amounts due to customers | $7,076 | $3,921 | | Total liabilities | $17,248 | $13,696 | | Stockholders' equity | $19,710 | $18,436 | | Total liabilities and stockholders' equity | $36,958 | $32,132 | - Cash and cash equivalents decreased from **$3,609 million** in FY24 to **$2,884 million** in FY25, while investments significantly increased from **$465 million** to **$1,668 million**[49](index=49&type=chunk) - Long-term debt increased to **$5,973 million** in FY25 from **$5,539 million** in FY24[49](index=49&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=14&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) The Condensed Consolidated Statements of Cash Flows show net cash from operating activities significantly increased to **$6,207 million** for FY25, while investing and financing activities also saw substantial changes Condensed Consolidated Statements of Cash Flows (In millions) | Cash Flow Category | Twelve Months Ended July 31, 2025 | Twelve Months Ended July 31, 2024 | | :---------------------------------- | :-------------------------------- | :-------------------------------- | | Net cash provided by operating activities | $6,207 | $4,884 | | Net cash used in investing activities | $(2,318) | $(227) | | Net cash used in financing activities | $(1,510) | $(397) | | Net increase in cash, cash equivalents, restricted cash, and restricted cash equivalents | $2,382 | $4,247 | | Cash, cash equivalents, restricted cash, and restricted cash equivalents at end of period | $9,481 | $7,099 | - Operating activities were positively impacted by net income of **$3,869 million** and share-based compensation expense of **$1,968 million**[51](index=51&type=chunk) - Investing activities included significant originations and purchases of notes receivable held for investment (**$3,992 million**) and purchases of corporate and customer fund investments (**$2,363 million**)[51](index=51&type=chunk) - Financing activities included **$2,772 million** in cash paid for treasury stock purchases and **$1,189 million** in dividends paid[51](index=51&type=chunk) [Reconciliation of Forward-Looking Guidance (Non-GAAP)](index=16&type=section&id=Reconciliation%20of%20Forward-Looking%20Guidance%20(Non-GAAP)) This table reconciles Intuit's forward-looking GAAP guidance to projected non-GAAP figures for Q1 and full FY26, detailing adjustments for share-based compensation and amortization Reconciliation of Forward-Looking Guidance for Non-GAAP Financial Measures (In millions, except per share amounts) | Metric | Q1 FY26 (GAAP Range) | Q1 FY26 (Non-GAAP Range) | FY26 (GAAP Range) | FY26 (Non-GAAP Range) | | :-------------------------- | :------------------- | :----------------------- | :---------------- | :-------------------- | | Revenue | $3,744 - $3,776 | $3,744 - $3,776 | $20,997 - $21,186 | $20,997 - $21,186 | | Operating income | $440 - $460 | $1,159 - $1,179 | $5,782 - $5,859 | $8,611 - $8,688 | | Diluted earnings per share | $1.19 - $1.26 | $3.05 - $3.12 | $15.49 - $15.69 | $22.98 - $23.18 | - Estimated adjustments for Q1 FY26 non-GAAP operating income include approximately **$554 million** for share-based compensation expense and **$165 million** for amortization of acquired intangibles[57](index=57&type=chunk) - Estimated adjustments for full FY26 non-GAAP operating income include approximately **$2.2 billion** for share-based compensation expense and **$659 million** for amortization of acquired intangibles[58](index=58&type=chunk)

Analysts expect the Mountain View, California-based company to report quarterly earnings at $2.66 per share, up from $1.99 per share in the year-ago period. Intuit projects to report quarterly revenue of $3.75 billion, compared to $3.18 billion a year earlier, according to data from Benzinga Pro. With the recent buzz around Intuit, some investors may be eyeing potential gains from the company's dividends. As of now, Intuit offers an annual dividend yield of 0.60%, which is a quarterly dividend amount of $1. ...

Core Insights - Intuit Inc. is expected to report strong fourth-quarter results for fiscal 2025, with projected revenues between $3.72 billion and $3.76 billion, indicating growth of 17-18% [1][7] - The Zacks Consensus Estimate for fourth-quarter revenues is $3.74 billion, reflecting a 17.6% increase year-over-year, while the earnings per share (EPS) consensus stands at $2.65, a rise of 33.2% from the previous year [2] - For the full fiscal year 2025, management anticipates revenues between $18.72 billion and $18.76 billion, suggesting approximately 15% growth, with non-GAAP EPS projected between $20.07 and $20.12, indicating growth of 18-19% [3] Revenue and Earnings Projections - The company expects Q4 revenues of $3.72 billion to $3.76 billion and EPS of $2.63 to $2.68, driven by AI integration across its platforms [7][8] - For fiscal 2025, the Global Business Solutions segment is projected to grow revenues by 16%, while Credit Karma revenues are expected to surge by 28% [11] AI Integration and User Engagement - Intuit's AI integration across its product suite has enhanced customer retention and engagement, leading to increased monetization opportunities [8] - TurboTax Live is projected to see a 24% increase in customer numbers and a 47% rise in revenues this fiscal year [9] Subscription Revenue Model - Subscription services account for 77% of total revenues, providing a stable revenue stream that supports long-term reinvestment [10] - The company's predictable revenue model underpins its growth and allows for sustained earnings growth [10] Market Performance and Valuation - Intuit shares have risen 11.5% year-to-date, compared to the Zacks Computer – Software industry's 19.1% appreciation [12] - The company is currently trading at a forward Price/Sales ratio of 9.28X, which is above the industry average of 8.66X, reflecting a premium valuation supported by its subscription-driven revenue [13][15] Growth Potential and Strategic Positioning - Intuit's evolution into an AI-powered financial operating platform positions it for durable long-term growth, serving 100 million users across various segments [16][17] - The strong performance in TurboTax, Credit Karma, and QuickBooks, along with accelerating AI adoption, makes Intuit a compelling choice for investors [17]