INTUIT INC.

Intuit is a global financial technology platform serving approximately 100 million consumers, small and mid-market businesses, and accountants worldwide, with a mission to power prosperity around the world. The company operates in the financial technology industry, which is being transformed by AI, including GenAI, predictive AI, and agentic AI, creating a dynamic and highly competitive environment where customer expectations are shifting as more services become digitized.

Intuit faces intense competition in all aspects of its businesses across all offerings, with competition rapidly evolving and fragmented. Competitors include business software providers, private and publicly-funded tax preparation service providers, accounting and consulting firms, companies providing money services, personal finance management tools, consumer financial marketplaces, financial institutions, credit bureaus, and platform companies. The company believes its most important competitive factors are innovation and technology capabilities, functionality, ease of use, security of offerings, integration of offerings, brand recognition and reputation, quality of support, and cost.

Intuit generates revenue through four reportable segments: Global Business Solutions, Consumer, Credit Karma, and ProTax. Total service revenue was $16.4 billion ¹, or 87% ² of total revenue in fiscal 2025, and the company expects total service revenue as a percentage of total revenue to grow over the long term. Revenue is derived from online services such as tax, accounting, payroll, merchant payment processing, delivery of qualified links, marketing automation, live expert advice, financing for small and mid-market businesses, and desktop software products, subscriptions, and financial supplies.

The Global Business Solutions segment serves small and mid-market businesses and the accounting professionals who assist them, with offerings including QuickBooks, Intuit Enterprise Suite, Mailchimp, payment processing, QuickBooks Checking, Bill Pay, capital financing, workforce solutions, and QuickBooks Live. This segment contributed 59% ³ of total revenue in fiscal 2025. The Consumer segment primarily serves consumers with TurboTax do-it-yourself and assisted income tax preparation products and services in the U.S. and Canada, contributing 26% ⁴ of total revenue. The Credit Karma segment serves consumers with a personal finance platform offering personalized recommendations for credit card, home, auto, and personal loan products, insurance, online savings and checking accounts, and access to credit scores and reports, contributing 12% ⁵ of total revenue. The ProTax segment serves professional accountants in the U.S. and Canada with offerings including Lacerte, ProSeries, ProConnect Tax Online, ProFile, and ProTax Online, contributing 3% ⁶ of total revenue. Total international net revenue was approximately 8% ⁷ of consolidated total net revenue in each of the twelve months ended July 31, 2025, 2024, and 2023.

In fiscal 2025, Intuit launched a transformative set of AI agents that provide customers with a virtual team to complete jobs on their behalf, including AI agents in Intuit Enterprise Suite such as accounting, payments, finance, and project management agents. The company also launched a redesigned user interface and new business feed highlighting real-time insights and recommendations. In July 2024, management approved a plan of reorganization focused on reallocating resources to key growth areas, with total restructuring costs of $238 million ⁸; during fiscal 2025 and 2024, the company recorded charges of $15 million ⁹ and $223 million ¹⁰, respectively, in connection with the plan. On August 1, 2024, the company renamed its Small Business & Self-Employed segment as the Global Business Solutions segment and reorganized certain technology and customer success functions. During fiscal 2025, the company repurchased 4,319,000 ¹¹ shares of common stock under stock repurchase programs for $2.8 billion ¹², declared cash dividends totaling $4.16 ¹³ per share, or $1.2 billion ¹⁴, and repaid $500 million ¹⁵ of senior unsecured notes due July 2025. On August 19, 2025, the Board of Directors approved an increase in the stock repurchase program authorization by an additional $3.2 billion ¹⁶.

Total net revenue for fiscal 2025 was $18.831 billion ¹⁷, up 16% ¹⁸ from $16.285 billion ¹⁹ in fiscal 2024. Operating income was $4.923 billion ²⁰, up 36% ²¹ from $3.630 billion ²² in the prior year. Net income was $3.869 billion ²³, up 31% ²⁴ from $2.963 billion ²⁵ in fiscal 2024. Diluted net income per share was $13.67 ²⁶, up 31% ²⁷ from $10.43 ²⁸ in the prior year. Cash flow from operations was $6.207 billion ²⁹, up 27% ³⁰ from $4.884 billion ³¹ in fiscal 2024.

Intuit's strategy is to be an AI-driven expert platform by connecting customers to a virtual team of AI agents and AI-enabled human tax and financial experts, creating done-for-you experiences by automating everyday tasks, managing complex workflows, and solving challenges before they arise with predictive insights. The company is doubling down on areas that drove strong results where the combination of AI and human intelligence delivers done-for-you experiences, helps customers put more money in their pockets, and builds the mid-market business. The company's innovation has been enabled by investments in its proprietary Generative AI Operating System (GenOS), which has allowed it to fuel innovation with unparalleled speed for customers and is setting the pace by melding the best of artificial intelligence and human intelligence on the platform, enabling rapid delivery of a new class of intelligent, autonomous financial solutions that will define the next decade of growth.

Intuit is focused on its Big Bets across the company, prioritizing resources on the largest customer problems and growth opportunities. The company is disrupting the categories it operates in to drive better money outcomes for customers, leveraging AI and human intelligence to provide done-for-you experiences that automate tasks, identify actionable insights, and manage end-to-end workflows. The company's AI-driven expert platform and products are built in keeping with the company's commitment to data privacy, security, and responsible AI governance. As the external environment evolves, the company continues to innovate and adapt its strategy and anticipate customers' needs.The company expects to continue to invest significant resources in product development, marketing and sales capabilities, including products and services incorporating artificial intelligence, and in information technology infrastructure and privacy and security capabilities. The company expects to continue to invest significant management attention and resources in information technology infrastructure and in privacy and security capabilities. The company expects to continue to invest in security measures and to work with the broader industry and government to protect customers against fraud.

The company expects to generate significant cash from operations and to return excess cash generated by operations to stockholders through repurchases of common stock and payment of cash dividends, after taking into account operating and strategic cash needs. During fiscal 2025, the company used $124 million ³² for capital expenditures. The company currently expects to continue repurchasing its common stock on a quarterly basis and to continue to pay comparable cash dividends on a quarterly basis in the future, though future declarations are subject to the final determination of the Board of Directors. In August 2025, the Board of Directors declared a quarterly cash dividend of $1.20 ³³ per share of outstanding common stock payable on October 17, 2025.

The company faces intense competitive pressures that may harm operating results, with competitors ranging from large established entities to emerging start-ups that may introduce superior products, successfully use new technologies such as AI, reduce prices, or have greater resources. The consumer tax business faces significant, increasing competition from the public sector, including the IRS making available a free direct filing system and exploring ways to expand eligibility, and the legacy IRS Free File Program, which could potentially have material and adverse revenue implications. The company also faces risks from adverse global macroeconomic conditions, including volatility in financial markets, recession, inflationary pressures, rising interest rates, rising unemployment, and reduced consumer confidence, which could negatively affect the business and financial condition.

The company's operations are impacted by a rapidly-evolving regulatory environment and face increasingly heightened scrutiny, including complex and evolving privacy and data protection regulations such as the GDPR and various U.S. state laws, and the European Union's Artificial Intelligence Act which went into force in February 2025. The tax preparation industry continues to receive heightened attention from federal and state governments, and new legislation, regulation, or changes to existing laws may result in greater oversight, restrict the types of products and services offered, or cause the company to change the way it operates its tax businesses. The company also faces risks related to its international operations, including different or more restrictive privacy, data protection, and data localization laws, and geopolitical events.

Intuit faces intense competitive pressures that may harm operating results, including from the public sector where the IRS has made available a free direct filing system and stated it will explore ways to expand eligibility, which could potentially have material and adverse revenue implications. The company also faces significant risks from security incidents, improper access to or disclosure of customer data, or other cyberattacks on its systems, which could harm reputation, business, and financial condition, as the company hosts large amounts of sensitive data including credit card information, tax return information, bank account numbers, and social security numbers. The company's tax businesses must effectively handle extremely heavy customer demand during critical peak periods, and any interruptions in online tax preparation or electronic filing service during the tax season could result in significantly decreased revenue. Additionally, the company provides access to capital to small and mid-market businesses, exposing it to the risk of borrowers' inability to repay loans, and adverse macroeconomic conditions such as inflation and rising interest rates have impacted and may continue to impact these businesses, which are disproportionately adversely affected by economic downturns.

Management's message emphasizes the company's transformation from a tax and accounting platform to an AI-driven expert platform, with a strategy declared in 2019. The key themes are the significant competitive advantage from the scale of data, data services, AI capabilities, ecosystem of applications, and large network of AI-enabled human experts to become the all-in-one platform for consumers, businesses, and accountants. The strategic priorities emphasized for the period ahead are doubling down on areas that drove strong results where the combination of AI and human intelligence delivers done-for-you experiences, helps customers put more money in their pockets, and builds the mid-market business, while continuing to innovate and adapt strategy as the external environment evolves.