Intuit Inc.

OPERATIONAL RISKS Security incidents, improper access to or disclosure of our data or customers’ data, or other cyberattacks on our systems could harm our reputation, business, and financial condition.

We host, collect, use and retain large amounts of sensitive and personal customer and workforce information, including credit card information, tax return information, bank account numbers, credit report information, login credentials and passwords, personal and business financial data, transaction records, social security numbers and payroll information, as well as our confidential, nonpublic business information. The significant resources we expend to implement security protections designed to shield this data against potential theft and security incidents cannot provide absolute security.

Further, the security measures that we implement may not be able to prevent unauthorized access to our products and our customers’ account data. Malicious third parties have in the past, and may in the future, be able to fraudulently induce members of our workforce, customers, vendors, partners, or users by social engineering means, such as email phishing, to disclose sensitive information in order to gain access to our systems. Unauthorized access to or disclosure of customer data may occur due to inadequate use of security controls by our customers or our workforce. Accounts created with weak or recycled passwords could allow cyber-attackers to gain access to customer data. Unauthorized persons could gain access to customer accounts if customers do not maintain effective access controls of their systems and software. Inadvertent exposure of data or access to our systems may also be caused by members of our workforce, including by their error or use of AI.

Criminals may also use stolen identity information obtained outside of our systems to gain unauthorized access to our customers’ data. We have experienced such instances in the past and as the broader accessibility of stolen identity information increases, we may experience further instances of unauthorized access to our systems through the use of stolen identity information of our customers or our workforce in the future. Further, our customers may choose to use the same login credentials across multiple products and services unrelated to our products. Such customers’ login credentials may be stolen from products offered by third-party service providers unrelated to us and the stolen identity information may be used by a malicious third party to access our products, which could result in disclosure of confidential information.

Intuit Fiscal 2026 Form 10-K government agencies that regulate our offerings. Such perceived vulnerabilities could also seriously harm our business by tarnishing our reputation and brand and limiting the adoption of our products and services and could cause our stock price to decline. In some cases, such vulnerabilities may not be immediately detected, which could exacerbate the risk of a security incident and the related effects on our businesses.

While we maintain cybersecurity insurance, our insurance may not be sufficient to cover all liabilities described herein. The occurrence of any of the foregoing may result in disclosure of confidential information, loss of customer confidence in our products, possible litigation, material harm to our reputation and financial condition, disruption of our or our customers’ business operations, and a decline in our stock price.

A cybersecurity incident affecting the third parties we rely on could expose us or our customers to a risk of loss or misuse of confidential information and significantly damage our reputation.

We depend on a number of third parties, including vendors, developers and partners who are critical to our business. We or our customers may grant access to customer data to these third parties to help deliver customer benefits, or to host certain of our and our customers' sensitive and personal data. In addition, we share sensitive, nonpublic business information (including, for example, materials relating to financial, business and legal strategies) with other vendors in the ordinary course of business.

It is possible that malicious third parties may misrepresent their intended use of data or may circumvent our controls, resulting in accidental or intentional disclosure or misuse of our customer or workforce information, despite our efforts to conduct background checks of our workforce, conduct reviews of partners, developers, and vendors and use commercially available technologies to limit access to systems and data. Further, while we conduct due diligence on the security and business controls of our third-party partners, we may not have the ability to effectively monitor or oversee the implementation of these control measures. Malicious third parties may be able to circumvent these security and business controls or exploit vulnerabilities that may exist in these controls, resulting in the disclosure or misuse of sensitive business and personal customer or workforce information and data. In addition, malicious actors may attempt to use the information technology supply chain to compromise our systems by, for example, introducing malware through software updates. We cannot guarantee that third parties and infrastructure in our information technology supply chain have not been compromised or that they do not contain exploitable defects or bugs that could result in a breach of our systems and networks. This risk is exacerbated with the advancement of technologies like AI, which malicious third parties are using to create new, sophisticated and more frequent attacks on our third-party partners.

Concerns about the broader cybersecurity environment could deter current and potential customers from adopting our products and services and damage our reputation.

The continued occurrence of cybersecurity incidents affecting governments, businesses, and consumers in general indicates that we operate in an external environment where cybersecurity incidents are increasingly more common and frequent. If the global cybersecurity environment worsens, and there are increased instances of security breaches of third-party offerings where consumers’ data and sensitive information is compromised, consumers may be less willing to use online offerings, particularly offerings like ours in which customers often share sensitive financial data. Additionally, political uncertainty and military actions may subject us and our service providers to heightened risks of security incidents. In addition, the increased availability of data obtained as a result of cybersecurity incidents affecting third-party offerings could make our own products more vulnerable to fraudulent activity. Even if our products are not affected directly by such incidents, any such incident could damage our reputation and deter current and potential customers from adopting our products and services or lead customers to cease using online and connected software products to transact financial business altogether.

Additionally, the business operations of our third-party partners and the third-party partners who support them have been and could continue to be disrupted, including as a result of major technical outages, uncertain macroeconomic conditions, such as trade wars, and global health crises, such as pandemics. If our third-party partners are unable to help us operate our business or prevent us from delivering critical services to our customers or accepting and fulfilling customer orders, our business and financial results may be negatively impacted. The failure of third parties to provide acceptable and high quality products, services and technologies or to update their products, services and technologies may result in a disruption to our business operations and our customers, which may reduce our revenues and profits, cause us to lose customers and damage our reputation. Alternative arrangements and services may not be available to us on commercially reasonable terms or at all, or we may experience business interruptions upon a transition to an alternative partner.

As we cannot control the day-to-day practices of our suppliers and business partners, we cannot ensure their compliance with the law and our policies regarding workplace and employment practices, data use and security, environmental compliance, intellectual property licensing, and other applicable regulatory and compliance requirements. Nevertheless, any such actions taken by our third-party partners may be associated with our brands and platform. Any violation of laws or implementation of practices regarded as unethical could result in supply chain disruptions, canceled orders, terminations of or damage to key relationships, and damage to our reputation.

Intuit Fiscal 2026 Form 10-K Competition for our key employees is intense and we may not be able to attract, retain and develop the highly skilled employees we need to support our strategic objectives.

Much of our future success depends on the continued service and availability of skilled employees, including members of our executive team, and individuals in technical and other key positions. Experienced individuals with expertise in software as a service, financial technology, mobile technologies, data science, AI, and cybersecurity are in high demand. We have faced and will continue to face intense competition globally to attract and retain a diverse workforce with these and other skills that are critical to our success. This is especially the case in California and India where a significant number of our employees are located. In cases where existing employees cannot be effectively developed to meet evolving business needs, our ability to attract and retain top-tier talent becomes even more important. The compensation and incentives we have available to attract, retain and motivate employees may not meet the expectations of current and prospective employees as the competition for talent intensifies. For example, our equity awards may become less effective if our stock price decreases or increases at a slower rate than our talent competitors. In addition, our ability to issue significant additional equity to attract or retain employees may be limited by the risks of dilution to our existing stockholders and the related increase in our expenses. We may experience higher compensation costs to retain and recruit senior management and highly-skilled employees that may not be offset by improved productivity or revenue.

In the Results of Operations sections of this MD&A, where we describe two or more factors that contributed to changes in revenue and operating income, we have, where possible, quantified the impact of those factors. Where a change is the result of multiple factors that are interrelated and cannot be separately quantified, we have identified the interrelated factors without quantifying them.

Effective August 1, 2025, we combined our Consumer, Credit Karma, and ProTax businesses into a single Consumer segment in order to better serve the diverse financial needs of our customers as one consumer platform. Our chief operating decision maker allocates resources and assesses segment performance using regularly provided segment revenue and segment operating income information under this updated segment structure. To align results under this segment change, certain selling and marketing, product development, and general and administrative expenses for Credit Karma that were managed at the segment level are now managed at the platform level and are included in other corporate expenses rather than in segment expenses. Also on August 1, 2025, we reorganized certain marketing, communications, and customer success functions in our Global Business Solutions segment that support and benefit our overall platform and are managed at that level rather than at the segment level. Additionally, certain data science and analytics teams that were managed at the platform level are now managed at the segment level. We have recast certain previously reported amounts to conform to these segment changes. As a result of these changes, for the twelve months ended July 31, 2025 and 2024, we reclassified expenses totaling $9 million and $16 million from Global Business Solutions and $606 million and $585 million from Consumer to other corporate expenses, respectively, to conform to the current presentation. The recast of prior period information had no impact on our consolidated balance sheets, consolidated income statements, or consolidated cash flow statements. See Note 14 to the consolidated financial statements in Item 8 of this Annual Report for more information.

Effective August 1, 2026, we began managing Mailchimp as a separate operating segment from Global Business Solutions. Mailchimp will be a separate reportable segment beginning in fiscal 2027.

EXECUTIVE OVERVIEW This overview provides a high-level discussion of our operating results and some of the trends that affect our business. We believe that an understanding of these trends is important in order to understand our financial results for fiscal 2026, as well as our future prospects. This summary is not intended to be exhaustive, nor is it a substitute for the detailed discussion and analysis provided elsewhere in this Annual Report on Form 10-K.

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 I of this Annual Report.

Intuit Fiscal 2026 Form 10-K

Revenue of

Global Business Solutions revenue of

Operating Income of

Net income of

CRITICAL ACCOUNTING ESTIMATES In preparing our consolidated financial statements in accordance with U.S. generally accepted accounting principles (GAAP), we are required to make estimates, assumptions, and judgments that can have a material impact on our net revenue, operating income or loss, and net income or loss, as well as on the value of certain assets and liabilities on our consolidated balance sheets. Actual results could differ materially from our estimates. Critical accounting estimates are those estimates that involve a significant level of estimations and uncertainty and have had, or are reasonably likely to have, a material impact on our financial condition or results of operations. We believe that the estimates, assumptions, and judgments involved in the following accounting policies have the greatest potential impact on our consolidated financial statements, so we consider these to be our critical accounting estimates:

• Revenue Recognition

Operating income 5,884 4,923 3,630

Net income 4,566 3,869 2,963

Operating income increased $961 million, or 20%, in fiscal 2026 compared with fiscal 2025. The increase in operating income was due to the increase in revenue described above, partially offset by an increase in expenses. Total expenses increased due to higher outside services (which include hosting), staffing, restructuring, marketing, QuickBooks Capital cost of revenue due to increased loan volume, share-based compensation, SaaS subscriptions and licenses, and online payment cost of revenue. See “Operating Expenses” later in this Item 7 for more information. See Note 15 to the consolidated financial statements in Item 8 of this Annual Report for more information on our restructuring charges.

Net income increased $697 million, or 18%, in fiscal 2026 compared with fiscal 2025. The increase in net income was due to the increase in operating income described above and an increase in interest and other income, partially offset by an increase in income tax expense. The increase in interest and other income is the result of $180 million in net realized and unrealized gains on long-term investments recorded in fiscal 2026 and $40 million in losses, net of upward adjustments, on long-term investments recorded in fiscal 2025. The increase in income tax expense is due to the increase in operating income described above and tax shortfalls related to share-based compensation. Diluted net income per share increased 20% to $16.46 for fiscal 2026, due to the increase in net income and decrease in our weighted shares outstanding as a result of our increased share repurchase activity.

Ratio of current assets to current liabilities 1.5 : 1 1.4 : 1 __________________________

NM - Not meaningful We have historically generated significant cash from operations, and we expect to continue to do so during fiscal 2027. Our cash, cash equivalents, and investments totaled $7.2 billion at July 31, 2026. None of those funds were restricted, and approximately 93% of those funds were located in the U.S.

On January 9, 2026, we terminated our amended and restated credit agreement dated February 5, 2024, and entered into a credit agreement with certain lenders providing for a $2.2 billion unsecured revolving credit facility that expires on January 9, 2031 (2026 Credit Facility). The 2026 Credit Facility and our commercial paper program are available to us for general corporate purposes. At July 31, 2026, no amounts were outstanding under the 2026 Credit Facility or the commercial paper program.

Our secured revolving credit facilities are available to fund the lending products and services we offer to qualified small and mid-market businesses. At July 31, 2026, $970 million was outstanding under our secured revolving credit facilities. See Note 7 to the consolidated financial statements in Item 8 of this Annual Report for more information.

2,382 4,247 During fiscal 2026, we generated $8.8 billion in cash from operations, including the impact of lower cash tax payments. See “Income Taxes” earlier in this Item 7 for more information regarding the impact of the OBBBA on our cash tax payments. We also received $4.3 billion from principal repayments of notes receivable held for investment, $2.2 billion from the sales of notes receivable originally classified as held for investment, $1.7 billion from the issuance of senior unsecured notes, and $180 million from the issuance of common stock under employee stock plans. During the same period, we used $6.8 billion for the purchases of notes receivable held for investment, $5.4 billion for the repurchase of shares of our common stock under our stock repurchase programs, $2.1 billion for the net decrease in funds receivable and funds payable and amounts due to customers, $1.3 billion for the payment of cash dividends, $791 million for the net purchases of investments, $709 million for payments for employee taxes withheld upon vesting of restricted stock units, $221 million for capital expenditures, and $44 million for net repayments under our secured credit facilities.

During fiscal 2025, we generated $6.2 billion in cash from operations. We also received $3.1 billion from the net increase in funds receivable and funds payable and amounts due to customers, $2.7 billion from principal repayments of notes receivable held for investment, $562 million from the sales of notes receivable originally classified as held for investment, $429 million from net borrowings under our secured credit facilities, and $398 million from the issuance of common stock under employee stock plans. During the same period, we used $4.0 billion for the purchases of notes receivable held for investment, $2.8 billion for the repurchase of shares of our common stock under our stock repurchase programs, $1.2 billion for the payment of cash dividends, $1.2 billion for the net purchases of investments, $982 million for payments for employee taxes withheld upon vesting of restricted stock units, $500 million for the repayment of debt, $184 million for a business acquisition, and $124 million for capital expenditures.

• $750 million of 4.950% notes due June 2031; and

• $1 billion of 5.500% notes due June 2036 (together, the 2026 Notes).

As of July 31, 2026, we have $6.75 billion of senior unsecured notes outstanding, which 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 senior unsecured notes limit our ability to create certain liens and enter into sale and leaseback transactions. As of July 31, 2026, we were compliant with all covenants governing the senior unsecured notes. For the senior unsecured notes issued in June 2020 (2020 Notes), upon a change of control that is 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.

Interest on the senior unsecured notes is payable semiannually. As of July 31, 2026, our maximum commitment for interest payments was $3.27 billion for the remaining duration of our outstanding senior unsecured notes. See Note 7 to the consolidated financial statements in Item 8 of this Annual Report for more information on our senior unsecured notes.

Intuit Fiscal 2025 Form 10-K decline. In some cases, such vulnerabilities may not be immediately detected, which could exacerbate the risk of a security incident and the related effects on our businesses.

While we maintain cybersecurity insurance, our insurance may not be sufficient to cover all liabilities described herein. The occurrence of any of the foregoing may result in disclosure of confidential information, loss of customer confidence in our products, possible litigation, material harm to our reputation and financial condition, disruption of our or our customers’ business operations, and a decline in our stock price.

A cybersecurity incident affecting the third parties we rely on could expose us or our customers to a risk of loss or misuse of confidential information and significantly damage our reputation.

We depend on a number of third parties, including vendors, developers and partners who are critical to our business. We or our customers may grant access to customer data to these third parties to help deliver customer benefits, or to host certain of our and our customers' sensitive and personal data. In addition, we share sensitive, nonpublic business information (including, for example, materials relating to financial, business and legal strategies) with other vendors in the ordinary course of business.

Additionally, the business operations of our third-party partners and the third-party partners who support them have been and could continue to be disrupted, including as a result of major technical outages, uncertain macroeconomic conditions, such as trade wars, and global health crises, such as pandemics and endemics. If our third-party partners are unable to help us operate our business or prevent us from delivering critical services to our customers or accepting and fulfilling customer orders, our business and financial results may be negatively impacted. The failure of third parties to provide acceptable and high quality products, services and technologies or to update their products, services and technologies may result in a disruption to our business operations and our customers, which may reduce our revenues and profits, cause us to lose customers and damage our reputation. Alternative arrangements and services may not be available to us on commercially reasonable terms or at all, or we may experience business interruptions upon a transition to an alternative partner.

As we cannot control the day-to-day practices of our suppliers and business partners, we cannot ensure their compliance with the law and our policies regarding workplace and employment practices, data use and security, environmental compliance, intellectual property licensing, and other applicable regulatory and compliance requirements. Any violation of laws or implementation of practices regarded as unethical could result in supply chain disruptions, canceled orders, terminations of or damage to key relationships, and damage to our reputation.

Competition for our key employees is intense and we may not be able to attract, retain and develop the highly skilled employees we need to support our strategic objectives.

Much of our future success depends on the continued service and availability of skilled employees, including members of our executive team and individuals in technical and other key positions. Experienced individuals with expertise in software as a