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,…
Earnings analysis · 10-K
INTU earnings analysis
Filed September 9, 2026 · Our reading of the company's report
The latest report
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…
Read full summary
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.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $16.46
What stood out
-
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.
What to watch
-
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.
Management's outlook
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.
Earlier filings 4
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 itself. Analysis can contain errors; check the source document for full context.