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Intuit Reports Strong Third-Quarter Results and Raises Full-Year Revenue Guidance

21 Maggio 2026

Global Business Solutions Online Ecosystem Revenue Grew 19 percent; Consumer Revenue Grew 8 percent

MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--Intuit Inc. (Nasdaq: INTU), the global financial technology platform that makes Intuit TurboTax, Credit Karma, QuickBooks, Mailchimp, and Intuit Enterprise Suite, announced financial results for the third quarter of fiscal 2026, which ended April 30.

“We delivered strong third-quarter results, driven by our AI-driven expert platform strategy. We have ignited significant growth engines across the company including disrupting the assisted tax segment, expanding our money portfolio and serving mid-market businesses that are growing north of 30 percent,” said Sasan Goodarzi, chairman and chief executive officer of Intuit. “The powerful combination of Intuit’s proprietary data, domain-specific AI platform capabilities, and AI-powered human expertise is setting the standard for trusted financial intelligence. As we look ahead, we are further scaling our growth engines and architecting an organization that operates with greater velocity to deliver durable long-term growth.”

Financial Highlights

For the third quarter, Intuit:

Grew total revenue to $8.6 billion, up 10 percent.
Grew Consumer revenue to $5.3 billion, up 8 percent. Increased TurboTax revenue to $4.4 billion, up 7 percent, and Credit Karma revenue to $631 million, up 15 percent. ProTax revenue was $278 million, flat to fiscal 2025.
Increased Global Business Solutions revenue to $3.3 billion, up 15 percent; grew Online Ecosystem revenue to $2.5 billion, up 19 percent. Excluding Mailchimp, Global Business Solutions revenue grew 17 percent, and Online Ecosystem revenue grew 22 percent.
Increased GAAP operating income to $4.0 billion, up 8 percent.
Grew non-GAAP operating income to $4.7 billion, up 8 percent.
Increased GAAP diluted earnings per share to $11.09, up 11 percent.
Grew non-GAAP diluted earnings per share to $12.80, up 10 percent.

Unless otherwise noted, all growth rates refer to the current period versus the comparable prior-year period, and the business metrics and associated growth rates refer to worldwide business metrics.

Snapshot of Third-quarter Results

	GAAP			Non-GAAP
	Q3 FY26	Q3 FY25	Change	Q3 FY26	Q3 FY25	Change
Revenue	$8,558	$7,754	10%	$8,558	$7,754	10%
Operating Income	$4,020	$3,720	8%	$4,680	$4,343	8%
Earnings Per Share	$11.09	$10.02	11%	$12.80	$11.65	10%

Dollars are in millions, except earnings per share. See “About Non-GAAP Financial Measures” below for more information regarding financial measures not prepared in accordance with Generally Accepted Accounting Principles (GAAP).

“We delivered a strong third quarter of fiscal 2026, reflecting our operational focus and scaling of our growth engines across the business. As a result, we are raising our full-year revenue guidance for fiscal 2026,” said Sandeep Aujla, Intuit's chief financial officer. “Our disciplined capital allocation framework is designed to compound shareholder value – investing in our Big Bets while consistently returning capital through share repurchases and dividend growth. We are confident in our ability to deliver durable revenue growth, expanded margins, and growing capital returns to shareholders over the long term.”

Business Segment Results

Consumer

Consumer revenue of $5.3 billion was up 8 percent in the quarter.

TurboTax revenue grew 7 percent to $4.4 billion.
Credit Karma revenue grew 15 percent to $631 million, driven by strength in personal loans, auto insurance, and home loans.
ProTax revenue was flat year-over-year at $278 million.

For the full fiscal year, Intuit expects:

TurboTax Live revenue to grow 36 percent to $2.8 billion, representing approximately 53 percent of total TurboTax revenue, and TurboTax Live customers to grow 38 percent.
TurboTax Online paying units to grow 2 percent on share gains from higher average revenue per user (ARPU) filers, and ARPU to increase approximately 11 percent, as more customers chose assisted offerings and faster access to refunds.
TurboTax filers who started their filing experience in Credit Karma to grow 54 percent.
Total TurboTax Online units to decline approximately 2 percent, and TurboTax share of e-files to decline approximately 1 point. Pay-nothing customers of approximately 7 million, down from 8 million last year.

Intuit plans to provide a TurboTax federal tax unit comparison in its fourth-quarter 2026 earnings release.

Global Business Solutions

Global Business Solutions revenue grew to $3.3 billion, up 15 percent, and Online Ecosystem revenue increased to $2.5 billion, up 19 percent.

QuickBooks Online Accounting revenue grew 22 percent in the quarter, driven by higher effective prices, customer growth, and mix-shift.
Online Services revenue grew 15 percent, driven by growth in money and payroll offerings.
Total international online revenue grew 10 percent on a constant currency basis.

Capital Allocation Summary

In the third quarter, the company:

Reported a total cash and investments balance of $6.8 billion and debt of $6.2 billion as of April 30, 2026.
Repurchased $1.6 billion of stock, and received Board approval for a new $8 billion repurchase authorization.
Received Board approval for a quarterly dividend of $1.20 per share, payable July 17, 2026. This represents a 15 percent increase per share compared to the same period last year.

The company also announced it is reducing its full-time workforce by 17 percent to simplify its organizational structure and become a faster, leaner, more focused company. It estimates that it will incur approximately $300 million to $340 million in restructuring charges, largely recognized in its fourth fiscal quarter ending July 31, 2026.

Forward-looking Guidance

Intuit raised total company guidance for revenue and all non-GAAP metrics for the full fiscal year 2026. The company expects:

Revenue of $21.341 billion to $21.374 billion, growth of approximately 13 to 14 percent.
GAAP operating income of $5.705 billion to $5.725 billion, growth of approximately 16 percent.
Non-GAAP operating income of $8.784 billion to $8.804 billion, growth of approximately 16 percent.
GAAP diluted earnings per share of $15.79 to $15.84, growth of approximately 16 percent.
Non-GAAP diluted earnings per share of $23.80 to $23.85, growth of approximately 18 percent.

The company also updated full fiscal year 2026 segment revenue guidance:

Global Business Solutions: raised growth to approximately 16 percent.
Consumer: raised growth to approximately 10 percent. This includes TurboTax growth of approximately 7 percent, Credit Karma growth of approximately 19 percent, and ProTax growth of approximately 4 percent.

Intuit announced guidance for the fourth quarter of fiscal year 2026, which ends July 31. The company expects:

Revenue growth of approximately 11 to 12 percent.
GAAP diluted earnings per share of $0.73 to $0.79.
Non-GAAP diluted earnings per share of $3.56 to $3.62.

Guidance for GAAP metrics includes $300 million in restructuring charges related to the company’s workforce changes.

Conference Call Details

Intuit executives will discuss the financial results on a conference call at 1:30 p.m. Pacific time on May 20. The conference call can be heard live at https://investors.intuit.com/news-events/ir-calendar. Prepared remarks for the call will be available on Intuit’s website after the call ends.

Replay Information

A replay of the conference call will be available for one week by calling 800-934-8233, or 402-220-6991 from international locations. There is no passcode required. The audio call will remain available on Intuit’s website for one week after the conference call.

About Intuit

Intuit is the global financial technology platform that powers prosperity for the people and communities we serve. With approximately 100 million customers worldwide using products such as TurboTax, Credit Karma, QuickBooks, Mailchimp, and Intuit Enterprise Suite, we believe that everyone should have the opportunity to prosper. We never stop working to find new, innovative ways to make that possible. Please visit us at Intuit.com and find us on social for the latest information about Intuit and our products and services.

About Non-GAAP Financial Measures

This press release and the accompanying tables include non-GAAP financial measures. For a description of these non-GAAP financial measures, including the reasons management uses each measure, and reconciliations of these non-GAAP financial measures to the most directly comparable financial measures prepared in accordance with Generally Accepted Accounting Principles, please see the section of the accompanying tables titled "About Non-GAAP Financial Measures" as well as the related Table B1, Table B2, and Table E. A copy of the press release issued by Intuit today can be found on the investor relations page of Intuit's website.

Cautions About Forward-looking Statements

This press release contains forward-looking statements, including expectations regarding: the size, components and our share of the tax preparation space; forecasts and timing of growth and future financial results of Intuit and its reporting segments; Intuit’s prospects for the business in fiscal 2026 and beyond; timing and growth of revenue from current or future products and services; demand for our products; customer growth and retention; average revenue per user; changes to our products, including the continuing use of data and incorporation of artificial intelligence, and their impact on our business; Intuit's corporate tax rate; the amount and timing of any future dividends or share repurchases; the impact of the restructuring plan (Plan); and the impact of strategic decisions on our business; as well as all of the statements under the heading “Forward-looking Guidance.”

Because these forward-looking statements involve risks and uncertainties, there are important factors that could cause our actual results to differ materially from the expectations expressed in the forward-looking statements. These risks and uncertainties may be amplified by the effects of global developments and conditions or events, including macroeconomic uncertainty and geopolitical conditions, which have caused significant global economic instability and uncertainty. Given these risks and uncertainties, persons reading this communication are cautioned not to place any undue reliance on such forward-looking statements. These factors include, without limitation, the following: our ability to realize the anticipated benefits of the Plan; risks related to the preliminary nature of the estimate of the charges to be incurred in connection with the Plan, which is subject to change; risks related to any delays in the timing for implementing the Plan or potential disruptions to our business or operations as we execute on the Plan; our ability to compete successfully; potential governmental encroachment in our tax business; our ability to develop, deploy, and use artificial intelligence in our platform and offerings; our ability to adapt to technological change and to successfully extend our platform; our ability to predict consumer behavior; our ability to anticipate and solve new and existing customer problems; our reliance on intellectual property; our ability to protect our intellectual property rights; any harm to our reputation; risks associated with our environmental, social, and governance efforts; risks associated with acquisition and divestiture activity; the issuance of equity or incurrence of debt to fund acquisitions or for general business purposes; cybersecurity incidents (including those affecting the third parties we rely on); customer or regulator concerns about privacy and cybersecurity incidents; fraudulent activities by third parties, including through the use of AI; our failure to process transactions effectively; interruption or failure of our information technology; our ability to develop and maintain critical third-party business relationships; our ability to attract and retain talent and the success of our hybrid work model; our ability to effectively develop and deploy AI in our offerings; any deficiency in the quality or accuracy of our offerings (including the advice given by experts on our platform); any delays in product launches; difficulties in processing or filing customer tax submissions; risks associated with international operations; risks associated with climate change; changes to, and evolving interpretations of public policy, laws, or regulations affecting our businesses; allegations of legal claims and legal proceedings in which we are involved; fluctuations in the results of our tax business due to seasonality and other factors beyond our control; changes in tax rates and tax reform legislation; global economic conditions (including, without limitation, inflation); exposure to credit, counterparty, and other risks in providing capital to businesses; amortization of acquired intangible assets and impairment charges; our ability to repay or otherwise comply with the terms of our outstanding debt; our ability to repurchase shares or distribute dividends; volatility of our stock price; and our ability to successfully market our offerings.

More details about these and other risks that may impact our business are included in our Form 10-K for fiscal 2025 and in our other SEC filings. You can locate these reports through our website at https://investors.intuit.com. Fourth-quarter and full-year fiscal 2026 guidance speaks only as of the date it was publicly issued by Intuit. Other forward-looking statements represent the judgment of the management of Intuit as of the date of this presentation. Except as required by law, we do not undertake any duty to update any forward-looking statement or other information in this presentation.

TABLE A INTUIT INC. GAAP CONSOLIDATED STATEMENTS OF OPERATIONS (In millions, except per share amounts) (Unaudited)

	Three Months Ended						Nine Months Ended
	April 30, 2026			April 30, 2025			April 30, 2026			April 30, 2025
Net revenue:
Service	$	7,759		$	6,971		$	15,128		$	13,109
Product and other		799			783			1,966			1,891
Total net revenue		8,558			7,754			17,094			15,000
Costs and expenses:
Cost of revenue:
Cost of service revenue		1,317			1,138			3,122			2,790
Cost of product and other revenue		14			18			47			52
Amortization of acquired technology		43			38			131			112
Selling and marketing		1,793			1,618			4,270			3,784
Research and development		840			707			2,519			2,127
General and administrative		409			394			1,232			1,177
Amortization of other acquired intangible assets		122			120			364			360
Restructuring		—			1			—			14
Total costs and expenses [A]		4,538			4,034			11,685			10,416
Operating income		4,020			3,720			5,409			4,584
Interest expense		(70	)		(68	)		(186	)		(188	)
Interest and other income, net		97			32			254			72
Income before income taxes		4,047			3,684			5,477			4,468
Income tax provision [B]		983			864			1,274			980
Net income	$	3,064		$	2,820		$	4,203		$	3,488

Basic net income per share	$	11.10		$	10.09		$	15.13		$	12.45
Shares used in basic per share calculations		276			280			278			280

Diluted net income per share	$	11.09		$	10.02		$	15.05		$	12.33
Shares used in diluted per share calculations		276			282			279			283

See accompanying Notes.

INTUIT INC. NOTES TO TABLE A

[A]	The following table summarizes the total share-based compensation expense that we recorded in operating income for the periods shown.

		Three Months Ended				Nine Months Ended
	(In millions)	April 30, 2026		April 30, 2025		April 30, 2026		April 30, 2025
	Cost of revenue	$	87	$	101	$	278	$	322
	Selling and marketing		137		131		443		404
	Research and development		169		148		532		470
	General and administrative		92		89		296		282
	Total share-based compensation expense	$	485	$	469	$	1,549	$	1,478

[B]	We compute our provision for or benefit from income taxes by applying the estimated annual effective tax rate to income or loss from recurring operations and adding the effects of any discrete income tax items specific to the period.

	For the three months ended April 30, 2026, we recognized tax shortfalls on share-based compensation of $11 million in our provision for income taxes. For the nine months ended April 30, 2026, we recognized excess tax benefits on share-based compensation of $40 million in our provision for income taxes. For the three and nine months ended April 30, 2025, we recognized excess tax benefits on share-based compensation of $18 million and $75 million, respectively, in our provision for income taxes.

	Our effective tax rates for the three and nine months ended April 30, 2026 were approximately 24% and 23%, respectively. Excluding discrete tax items primarily related to share-based compensation, our effective tax rate for both periods was approximately 24%. The difference from the federal statutory rate of 21% was primarily due to state income taxes and non-deductible share-based compensation, which were partially offset by the tax benefit we received from the federal research and experimentation credit.

	Our effective tax rates for the three and nine months ended April 30, 2025 were approximately 23% and 22%, respectively. Excluding discrete tax items primarily related to share-based compensation, our effective tax rate for both periods was approximately 24%. The difference from the federal statutory rate of 21% was primarily due to state income taxes and non-deductible share-based compensation, which were partially offset by the tax benefit we received from the federal research and experimentation credit.

	In the current global tax policy environment, the U.S. and other domestic and foreign governments continue to consider, and in some cases enact, changes in corporate tax laws. As changes occur, we account for finalized legislation in the period of enactment.

TABLE B1 INTUIT INC. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO MOST DIRECTLY COMPARABLE GAAP FINANCIAL MEASURES (In millions, except per share amounts) (Unaudited)

	Fiscal 2026
	Q1			Q2			Q3			Q4		Year to Date
GAAP operating income (loss)	$	534		$	855		$	4,020		$	—	$	5,409
Amortization of acquired technology		44			44			43			—		131
Amortization of other acquired intangible assets		121			121			122			—		364
Net (gain) loss on executive deferred compensation plan liabilities		16			8			10			—		34
Share-based compensation expense		543			521			485			—		1,549
Non-GAAP operating income (loss)	$	1,258		$	1,549		$	4,680		$	—	$	7,487

GAAP net income (loss)	$	446		$	693		$	3,064		$	—	$	4,203
Amortization of acquired technology		44			44			43			—		131
Amortization of other acquired intangible assets		121			121			122			—		364
Net (gain) loss on executive deferred compensation plan liabilities		16			8			10			—		34
Share-based compensation expense		543			521			485			—		1,549
Net (gain) loss on debt securities and other investments [A]		(34	)		(29	)		(44	)		—		(107	)
Net (gain) loss on executive deferred compensation plan assets		(15	)		(8	)		(9	)		—		(32	)
Net (gain) loss on disposal of a business		—			—			(1	)		—		(1	)
Income tax effects and adjustments [B]		(182	)		(190	)		(134	)		—		(506	)
Non-GAAP net income (loss)	$	939		$	1,160		$	3,536		$	—	$	5,635

GAAP diluted net income (loss) per share	$	1.59		$	2.48		$	11.09		$	—	$	15.05
Amortization of acquired technology		0.16			0.16			0.16			—		0.47
Amortization of other acquired intangible assets		0.43			0.43			0.44			—		1.30
Net (gain) loss on executive deferred compensation plan liabilities		0.05			0.03			0.04			—		0.12
Share-based compensation expense		1.93			1.86			1.76			—		5.55
Net (gain) loss on debt securities and other investments [A]		(0.12	)		(0.10	)		(0.16	)		—		(0.38	)
Net (gain) loss on executive deferred compensation plan assets		(0.05	)		(0.03	)		(0.03	)		—		(0.11	)
Net (gain) loss on disposal of a business		—			—			(0.01	)		—		(0.01	)
Income tax effects and adjustments [B]		(0.65	)		(0.68	)		(0.49	)		—		(1.81	)
Non-GAAP diluted net income (loss) per share	$	3.34		$	4.15		$	12.80		$	—	$	20.18

Shares used in GAAP diluted per share calculations		281			280			276			—		279

Shares used in non-GAAP diluted per share calculations		281			280			276			—		279

[A]		During the three months ended October 31, 2025, January 31, 2026, and April 30, 2026, we recognized $34 million, $31 million, and $46 million, respectively, in net gains on other long-term investments.

[B]		As discussed in “About Non-GAAP Financial Measures - Income Tax Effects and Adjustments” following Table E, our long-term non-GAAP tax rate eliminates the effects of non-recurring and period-specific items. Income tax adjustments consist primarily of the tax impact of the non-GAAP pre-tax adjustments and tax effects related to share-based compensation.

See “About Non-GAAP Financial Measures” immediately following Table E for information on these measures, the items excluded from the most directly comparable GAAP measures in arriving at non-GAAP financial measures, and the reasons management uses each measure and excludes the specified amounts in arriving at each non-GAAP financial measure.

TABLE B2 INTUIT INC. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO MOST DIRECTLY COMPARABLE GAAP FINANCIAL MEASURES (In millions, except per share amounts) (Unaudited)

	Fiscal 2025
	Q1			Q2			Q3			Q4			Full Year
GAAP operating income (loss)	$	271		$	593		$	3,720		$	339		$	4,923
Amortization of acquired technology		37			37			38			44			156
Amortization of other acquired intangible assets		120			120			120			121			481
Restructuring		9			4			1			1			15
Professional fees for business combinations		—			—			2			—			2
Net (gain) loss on executive deferred compensation plan liabilities		5			8			(7	)		21			27
Share-based compensation expense		511			498			469			490			1,968
Non-GAAP operating income (loss)	$	953		$	1,260		$	4,343		$	1,016		$	7,572

GAAP net income (loss)	$	197		$	471		$	2,820		$	381		$	3,869
Amortization of acquired technology		37			37			38			44			156
Amortization of other acquired intangible assets		120			120			120			121			481
Restructuring		9			4			1			1			15
Professional fees for business combinations		—			—			2			—			2
Net (gain) loss on executive deferred compensation plan liabilities		5			8			(7	)		21			27
Share-based compensation expense		511			498			469			490			1,968
Net (gain) loss on debt securities and other investments [A]		42			3			2			(2	)		45
Net (gain) loss on executive deferred compensation plan assets		(4	)		(7	)		7			(20	)		(24	)
Income tax effects and adjustments [B]		(208	)		(196	)		(172	)		(260	)		(836	)
Non-GAAP net income (loss)	$	709		$	938		$	3,280		$	776		$	5,703

GAAP diluted net income (loss) per share	$	0.70		$	1.67		$	10.02		$	1.35		$	13.67
Amortization of acquired technology		0.13			0.13			0.13			0.16			0.55
Amortization of other acquired intangible assets		0.42			0.42			0.43			0.43			1.70
Restructuring		0.03			0.01			—			—			0.05
Professional fees for business combinations		—			—			0.01			—			0.01
Net (gain) loss on executive deferred compensation plan liabilities		0.02			0.03			(0.02	)		0.07			0.10
Share-based compensation expense		1.80			1.76			1.66			1.74			6.95
Net (gain) loss on debt securities and other investments [A]		0.15			0.01			0.01			(0.01	)		0.16
Net (gain) loss on executive deferred compensation plan assets		(0.02	)		(0.02	)		0.02			(0.07	)		(0.09	)
Income tax effects and adjustments [B]		(0.73	)		(0.69	)		(0.61	)		(0.92	)		(2.95	)
Non-GAAP diluted net income (loss) per share	$	2.50		$	3.32		$	11.65		$	2.75		$	20.15

Shares used in GAAP diluted per share calculations		283			283			282			282			283

Shares used in non-GAAP diluted per share calculations		283			283			282			282			283