Intuit(US:INTU)2025-09-03 20:16PART I ITEM 1 Business Intuit is a global financial technology platform serving 100 million consumers, businesses, and accountants - Intuit's mission is to power prosperity globally, serving approximately 100 million customers across consumers, small/mid-market businesses, and accountants 12 - The company's strategy is to be an AI-driven expert platform, combining AI agents and AI-enabled human experts to automate tasks, manage workflows, and provide predictive insights 1321 Revenue Contribution by Segment (Fiscal 2023-2025) | Segment | Fiscal 2025 | Fiscal 2024 | Fiscal 2023 | | :---------------------- | :---------- | :---------- | :---------- | | Global Business Solutions | 59 % | 59 % | 56 % | | Consumer | 26 % | 27 % | 29 % | | Credit Karma | 12 % | 10 % | 11 % | | ProTax | 3 % | 4 % | 4 % | - The Consumer and ProTax segments exhibit significant seasonality, with sales and revenue from income tax preparation products concentrated from November through April, leading to higher net revenues in the second and third fiscal quarters 5455 ITEM 1A Risk Factors Intuit faces strategic, operational, legal, compliance, and financial risks across its global operations - Intense competition, including from free/low-cost offerings and government tax software, poses a significant strategic risk to revenue and profitability 106107108 - Cybersecurity incidents, including sophisticated attacks leveraging AI, improper data access, or third-party breaches, are a major operational risk that could harm reputation, business, and financial condition 122123131 - The rapidly evolving legal and regulatory landscape, especially for AI, data privacy (e.g., EU AI Act, GDPR, US state laws), and the tax preparation industry, could increase compliance costs, restrict offerings, and lead to legal liability 158159162 - The seasonality of tax businesses (Nov-Apr), adverse macroeconomic conditions (inflation, interest rates, recession), and risks associated with providing capital to small/mid-market businesses are key financial risks 169175177 ITEM 1B Unresolved Staff Comments The company reported no unresolved staff comments from the SEC - There are no unresolved staff comments 187 ITEM 1C Cybersecurity Intuit's robust information security program, led by a CISO and team, protects sensitive data and systems - Intuit's information security program is led by a CISO and a 500-person CyberCRAFT team, focusing on preventing and mitigating cyber threats and responding to incidents 188190 - The program includes risk assessments, regular testing against cybersecurity frameworks (ISO 27001, PCI DSS, SOC 2), vulnerability management, incident response plans, and third-party risk management 190 - Management oversees daily cybersecurity, with the Audit and Risk Committee providing primary oversight and receiving quarterly updates from the CISO 191192193 ITEM 2 Properties Intuit's principal offices are in Mountain View, CA, and other key locations, with owned and leased facilities - Intuit's corporate headquarters and principal offices are in Mountain View, CA, with other key locations in Bangalore, San Diego, Oakland, and Plano 195 - The company owns some facilities and leases others, with lease expiration dates extending up to 2034 195 ITEM 3 Legal Proceedings Intuit is involved in various legal proceedings and regulatory inquiries, particularly concerning its free online tax preparation programs - Intuit faces ongoing legal proceedings and regulatory inquiries related to its free online tax preparation programs, including a class action in Canada and FTC actions 571572 - The company settled individual arbitration claims and state attorneys general inquiries for non-material amounts and $141 million, respectively 571572 - The FTC issued a final order in January 2024 requiring changes to marketing practices, which Intuit is appealing; the company cannot estimate a reasonably possible financial loss for remaining matters 572573 ITEM 4 Mine Safety Disclosures Intuit reported no disclosures related to mine safety - No mine safety disclosures were reported 197 PART II ITEM 5 Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities Intuit's common stock is listed on Nasdaq, with details on dividends, stock repurchases, and performance - Intuit's common stock is traded on the Nasdaq Global Select Market under the symbol "INTU" 199 Dividends Declared (Fiscal 2024-2025) | Fiscal Year | Dividends Per Share | Total Dividends (Billions) | | :---------- | :------------------ | :------------------------- | | 2025 | $4.16 | $1.2 | | 2024 | $3.60 | $1.0 | Stock Repurchase Activity (Q4 Fiscal 2025) | Period | Total Shares Purchased | Average Price Paid per Share | | :------------------------------ | :--------------------- | :--------------------------- | | May 1, 2025 through May 31, 2025 | 305,015 | $670.06 | | June 1, 2025 through June 30, 2025 | 309,978 | $765.20 | | July 1, 2025 through July 31, 2025 | 397,525 | $771.54 | | Total | 1,012,518 | $739.03 | - As of July 31, 2025, Intuit had $2.1 billion remaining authorization for stock repurchases, with an additional $3.2 billion approved in August 2025 202 5-Year Cumulative Total Return (July 31, 2020 - July 31, 2025) | Index | July 31, 2020 | July 31, 2025 | | :------------------------- | :------------ | :------------ | | Intuit Inc. | $100.00 | $264.44 | | S&P 500 | $100.00 | $208.96 | | Morgan Stanley Technology Index | $100.00 | $268.74 | ITEM 6 [Reserved] This item is reserved and contains no information ITEM 7 Management's Discussion and Analysis of Financial Condition and Results of Operations Intuit's fiscal 2025 saw strong financial performance with total net revenue increasing 16% to $18.8 billion, operating income rising 36% to $4.9 billion, and diluted net income per share growing 31% to $13.67 Financial Overview (Fiscal 2023-2025) | Financial Overview (Dollars in millions, except per share amounts) | Fiscal 2025 | Fiscal 2024 | Fiscal 2023 | 2025-2024 % Change | 2024-2023 % Change | | :---------------------------------------------------------------- | :---------- | :---------- | :---------- | :----------------- | :----------------- | | Total net revenue | $18,831 | $16,285 | $14,368 | 16% | 13% | |