INTU earnings analysis
What we found in INTU's 10-K: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Intuit delivered a strong fiscal 2026, with revenue up 14% to $21.448 billion, operating income up 20% to $5.884 billion, diluted EPS of $16.46, and operating cash flow up 42% to $8.838 billion. Growth was led by Global Business Solutions and Credit Karma, while fewer TurboTax federal units remained a product-level weakness. The AI-driven expert platform and accelerating online ecosystem provide a favorable long-term positioning, although restructuring, intensifying AI competition, and newly expanded litigation create execution and valuation risks.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Strong multi-year growth and earnings expansion
- Fiscal 2026 revenue increased 14% to $21.448 billion from $18.831 billion in fiscal 2025 and $16.285 billion in fiscal 2024. Operating income rose 20% to $5.884 billion, while diluted EPS increased 20% to $16.46.
- Operating cash generation accelerated
- Cash flow from operations increased 42% to $8.838 billion in fiscal 2026 from $6.207 billion in fiscal 2025 and $4.884 billion in fiscal 2024. The filing attributes part of the increase to lower cash tax payments.
- Business platform remains the growth engine
- Global Business Solutions revenue reached $12.864 billion, up 16%; Online Ecosystem revenue grew 19% to $9.918 billion. QuickBooks Online Accounting revenue increased 23% to $5.051 billion, while money revenue rose $434 million and online payroll revenue rose $266 million.
- Credit Karma offsets TurboTax unit pressure
- Consumer revenue increased 11% to $8.584 billion. Credit Karma grew 20% to $2.641 billion, led by increases of $235 million in personal loans, $101 million in credit cards, and $85 million in insurance; TurboTax revenue rose 7% to $5.296 billion despite fewer federal units.
- AI platform roadmap strengthens positioning
- Management describes an AI-driven expert platform combining proprietary data, domain-specific AI capabilities, and a network of thousands of AI-enabled human experts. In fiscal 2026, Intuit scaled AI agents and expanded GenOS to support autonomous execution across business and accounting workflows.
- Aggressive shareholder capital returns
- Intuit returned substantial capital while preserving liquidity: it repurchased 13.4 million shares for $5.5 billion, paid $1.3 billion in dividends, and retained $7.2 billion of cash, cash equivalents, and investments at July 31, 2026. The board authorized up to $7.9 billion of additional repurchases.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- AI competition and monetization risk
- The filing materially emphasizes intensifying competition from general-purpose AI providers, startups, mega-platforms, and free or low-cost offerings. Intuit states that AI is lowering barriers to entry and that failure to develop, deploy, and monetize AI effectively could reduce demand and harm results.
- Restructuring execution risk
- The new 2026 restructuring plan is expected to cost approximately $315 million, with $293 million charged in fiscal 2026 and actions substantially complete by the first quarter of fiscal 2027. The plan includes full-time workforce reductions and site closures, creating execution, employee-retention, and disruption risk.
- Expanded litigation exposure
- Legal exposure increased versus the prior year: an Ontario tax-related class action received class certification on July 24, 2026, and two shareholder class actions were filed on July 10 and August 17, 2026. Intuit cannot estimate a reasonably possible loss or range of loss for the outstanding matters.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $16.46
- Gross margin
- 80.2%
- Operating margin
- 27.4%
- Segment
- Global Business Solutions: $12.864 billion, up 16% year over year; 60% of total revenue
- Segment
- Consumer: $8.584 billion, up 11% year over year; 40% of total revenue
- Segment
- International revenue: approximately 8% of consolidated revenue
What they said about what is next.
The 10-K provides no numeric fiscal 2027 revenue or EPS guidance. Management expects to continue generating significant operating cash flow and expects approximately $2 billion of income-tax payments in fiscal 2027; annual outlook was provided in the fiscal Q4 earnings materials rather than this filing.
The filing reads better than the one before it.
What came before.
- 10-Q · May 20, 2026
- Intuit reported solid performance for Q3 FY26 with total net revenue rising to $8.56 billion, a 10% increase year-over-year. Gross and operating margins were stable at approximately 73.9% and 46.5%, respectively,…
- 10-Q · February 26, 2026
- Intuit reported a strong Q2 FY26: revenue rose 17% year-over-year to $4,651 million and diluted EPS increased to $2.48 (up from $1.67). Operating income expanded 44% to $855 million, driven by an 18% rise in Global…
- 10-Q · November 20, 2025
- Intuit reported Q1 FY2026 revenue of $3,885 million, up $602 million or 18% year-over-year, with operating income of $534 million (+97% YoY) and diluted EPS of $1.59 (+127% YoY). Growth was broad-based: Global Business…
- 10-Q · May 22, 2025
- Intuit reported a strong Q3 FY25: total net revenue rose 15% YoY to $7,754 million, operating income increased 20% to $3,720 million and diluted EPS rose to $10.02 (vs $8.42). Global Business Solutions led growth…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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