Opening the filing
10-Q
We offset a $ 126 million and $ 61 million long-term liability for uncertain tax positions against our long-term income tax receivable at each of the reporting periods ended April 30, 2026 and July 31, 2025, respectively. The long-term income tax receivable as of April 30, 2026 was primarily related to fiscal 2026 federal research and experimentation credits carried back to fiscal 2025 and the government’s approval of a method of accounting change request for fiscal 2018. The long-term income tax receivable as of July 31, 2025 was primarily related to the government’s approval of a method of accounting change request for fiscal 2018.
10. 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. During the nine months ended April 30, 2026, we repurchased a total of 6.6 million shares for $ 3.4 billion under these programs. Included in this amount were $ 31 million of repurchases, which occurred in late April 2026 and settled in early May 2026. 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. As of April 30, 2026, we had remaining authorization from our Board of Directors for up to $ 1.9 billion in stock repurchases. On May 7, 2026, our Board of Directors approved an increase in the authorization under the existing stock repurchase program to repurchase up to an additional $ 8 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 condensed consolidated balance sheets. Any direct costs to acquire treasury stock are recorded to treasury stock on our condensed 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.
Consumer 5,273 4,905 7,654 6,936
Total net revenue 8,558 7,754 17,094 15,000
Intuit Q3 Fiscal 2026 Form 10-Q 13. Subsequent Events In May 2026, our management approved and initiated a plan (the 2026 Plan) to simplify its organizational structure and become a faster, leaner, more focused company. As part of the 2026 Plan, we will reduce our full-time workforce and are considering the closure of certain sites in service to growing technology teams and capabilities in strategic locations. We estimate that we will incur approximately $ 300 million to $ 340 million in restructuring charges in connection with the 2026 Plan, primarily in the fourth fiscal quarter ending July 31, 2026. These charges will consist primarily of cash expenditures related to severance payments and employee benefits. We expect the actions associated with the 2026 Plan to be substantially complete by the first quarter of fiscal 2027. Actual costs may vary from the estimates provided above.
Intuit Q3 Fiscal 2026 Form 10-Q ITEM 2 - MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) is intended to provide readers of our condensed consolidated financial statements with the perspectives of management. This should allow the readers of this report to obtain a comprehensive understanding of our businesses, strategies, current trends, and future prospects. Our MD&A includes the following sections:
• Executive Overview: High-level discussion of our operating results and some of the trends that affect our business.
For a complete discussion of the most significant risks and uncertainties affecting our business, please see “Forward-Looking Statements” immediately preceding Part I and “Risk Factors” in Item 1A of Part II of this Quarterly Report.
Overview of Financial Results The most important financial indicators that we use to assess our business are revenue growth for the company as a whole and for each reportable segment; operating income growth for the company as a whole; earnings per share; and cash flow from operations. We also track certain non-financial drivers of revenue growth and, when material, identify them in the applicable discussions of segment results below. Service offerings are a significant part of our business. In fiscal 2025, our total service revenue was $16.4 billion, or 87% of our total revenue, and we expect our total service revenue as a percentage of our total revenue to grow over the long term.
Key highlights for the first nine months of fiscal 2026 include the following:
Revenue of
Global Business Solutions segment revenue of
Consumer segment revenue of $17.1B $9.4B $7.7B up 14% from the same period of fiscal 2025 up 17% from the same period of fiscal 2025 up 10% from the same period of fiscal 2025
Operating income of
Net income of
Diluted net income per share of $5.4B $4.2B $15.05 up 18% from the same period of fiscal 2025 up 20% from the same period of fiscal 2025 up 22% from the same period of fiscal 2025
Cash, cash equivalents, and investments of $6.8B
Intuit Q3 Fiscal 2026 Form 10-Q