NASDAQ: INTU · Application Software
Intuit
Intuit, based in Mountain View, California, makes QuickBooks accounting and business software, TurboTax tax preparation, Credit Karma personal finance and ProTax software for accountants. In fiscal 2026 (year ended July 31, 2026) it reported two segments: Global Business Solutions ($12,864 million of revenue, +16%), led by QuickBooks Online and online services such as payroll and payments, and Consumer ($8,584 million), comprising TurboTax ($5,296 million), Credit Karma ($2,641 million) and ProTax ($647 million). Revenue rose 14% to $21,448 million and net income rose 18% to $4,566 million (diluted EPS $16.46). In May 2026 Intuit announced a restructuring that cuts about 17% of its full-time workforce. In March 2026 a federal appeals court vacated an FTC order over its 'free' TurboTax advertising.
Last updated
Analysis last edited: October 25, 2026 · Financial data fetched: October 25, 2026 09:54 (SEC EDGAR) · Source 10-K filed: September 9, 2026
Built on10-K FY2026 · filed 2026-09-0910-Q (quarter ended 2026-04-30) · filed 2026-05-20Proxy statement (2025)
Next update expectedAfter FY2027’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
01
At a glanceFrom SEC data
Eight headline measures, each placed among the companies covered on this site.
- Revenue growthCAGRSmooths out year-to-year swings into "grew X% a year on average." Makes growth pace comparable across companies of very different sizes.
- 17.4%
- Operating marginOperating marginHow many cents of operating profit are left per dollar of revenue. Reflects pricing power and cost structure.
- 27.4%
- ROIC minus WACCROIC − WACC spreadThe difference between ROIC and WACC. Consistently positive implies value creation; consistently negative implies value destruction.
- +9.7 pts
- Net debt ÷ EBITDAEBITDAOperating income with D&A added back. A rough proxy for cash-generating power that’s less distorted by capital intensity, depreciation method, or financing/tax differences than net income.
- 0.5x
- Cash conversionOperating CF ÷ net income (cash conversion)How much of reported profit shows up as actual cash. 1x or higher means profit is backed by cash.
- 1.94x
- Dividend raisesDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year).
- 5 of 5
- P/E todayP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing.
- 21.4x
- Betaβ (beta)How much a stock moves, on average, for a 1% move in the overall market. Above 1 means more volatile than the market, which raises the return shareholders require. This site computes it from about 2.5 years (roughly 130 weeks) of weekly returns, built from Yahoo Finance daily prices, regressed against an S&P 500 ETF (SPY) as the market proxy, then applies the well-known long-run mean-reversion adjustment (0.67 × β + 0.33) as the WACC default.
- 0.65
Higher than 84% of 372 non-financial companies
Average yearly growth over the years shown
Higher than 77% of 311 non-financial companies
Latest fiscal year (FY2026)
Higher than 71% of 311 non-financial companies
Return on capital above (or below) its estimated cost
Higher than 28% of 304 non-financial companies
Below 0 means more cash than debt
Higher than 71% of 349 non-financial companies
Operating cash flow ÷ net income
Years the dividend per share rose, of the last 5
Latest close 2026-11-04; trailing 12 months to 2026-07-31
Above 1 = moves more than the market
Each marker shows where this company sits among the non-financial companies covered on this site, not all listed companies (left = lowest, right = highest). A high position is not automatically good — for net debt ÷ EBITDA, higher means more debt. Details and formulas are in the sections below and in How to read this.
02
Valuation todayFrom SEC data
Price-based measures at the latest close, next to the same measures at the last fiscal year-end.
Share price$364.27close on 2026-11-04
Market cap$97.76B
- P/EP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing. today
- 21.4x
- P/BP/BShare price ÷ book value per share. Below 1x means the market values the company below its accounting net worth. This site uses the closing price nearest the fiscal year-end and highlights sub-1x readings. today
- 5.1x
- EV/EBITDAEV/EBITDAEnterprise value (≈ market cap + interest-bearing debt − cash) as a multiple of EBITDA — roughly, "how many years of EBITDA to buy the whole company." Lower is generally viewed as cheaper, and it’s more comparable than P/E across companies with different debt loads or depreciation policies. This site excludes noncontrolling interests from the EV calculation. today
- 16.6x
- FCF yieldFree cash flow (FCF)Operating CF minus capital expenditures — cash generated by the business after funding its own investment, available for dividends, buybacks, acquisitions, or debt paydown. Acquisitions and securities purchases (also in investing CF) are not subtracted, so FCF can be positive in a year when total investing CF exceeds operating CF. today
- 8.9%
- Dividend yieldDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year). today
- 1.3%
At FY2026 year-end: 19.2x
Earnings: trailing 12 months to 2026-07-31
At FY2026 year-end: 4.5x
Book value at FY2026 year-end
At FY2026 year-end: 14.5x
EBITDA for FY2026
At FY2026 year-end: 10.2%
Free cash flow for FY2026
Dividends per share for FY2026
“Today” uses the latest closing price (2026-11-04, Yahoo Finance daily closing prices) and shares outstanding at the last fiscal year-end. The rest of this page — including the financial table and ROIC vs. WACC — uses fiscal year-end prices. These are reference figures, not a judgment of whether the stock is cheap or expensive.
03
What changed since last earningsFrom SEC data
The latest reported quarter against the same quarter a year earlier, the balance sheet against the previous quarter-end, and what management said in its latest earnings release.
Quarter ended Jul 31, 2026 (fourth quarter: annual figure minus the first three quarters).
- Revenue$3.83B → $4.35B (vs. a year earlier)↑ +13.7%$3.83B → $4.35B (vs. a year earlier)
- Operating margin8.8% → 10.9% (vs. a year earlier)↑ +2.1 pts8.8% → 10.9% (vs. a year earlier)
- Net income$381M → $363M (vs. a year earlier)↓ −4.7%$381M → $363M (vs. a year earlier)
- Cash$4.68B → $4.71B (vs. previous quarter-end)↑ +0.5%$4.68B → $4.71B (vs. previous quarter-end)
- Long-term debt$6.16B → $7.67B (vs. previous quarter-end)↑ +24.5%$6.16B → $7.67B (vs. previous quarter-end)
Source: Form 10-K ↗ (SEC XBRL). Long-term debt is the tagged long-term debt figure and leaves out short-term borrowings.
From the earnings release of Aug 25, 2026.
Management outlook • Issued
Issued guidance for fiscal 2027. Source sentence
Intuit announced guidance for the full year fiscal 2027 as well as the first quarter of fiscal 2027.
Key changes
Full-year revenue up 14% to $21.4B. Source sentence
Total revenue increased 14 percent to $21.4 billion.
GAAP operating income up 20% to $5.9B. Source sentence
GAAP operating income increased 20 percent to $5.9 billion, and non-GAAP operating income increased 18 percent to $8.9 billion.
Written by AI. A line appears only if its figures and direction match the quoted sentence, which an automatic check confirms. Companies' outlooks are their own and may not be met. Read the release ↗
04
Company profileFrom SEC dataShow
- Legal name
- INTUIT INC.
- Headquarters
- MOUNTAIN VIEW, CA
- Incorporated in
- Delaware
- Fiscal year end
- 07/31
- Exchange & ticker
- NASDAQ: INTU
- Industry
- Application Software
- CIK
- 896878
- Website
- https://www.intuit.com/ ↗
Workforce (as of FY2026 year-end)
Employees
18,600
Source: Form 10-K (FY2026) cover page and business description
05
Earnings calendarFrom SEC dataShow
When the company reports each quarter: the quarter-end date, the day results were released, and when the 10-Q or 10-K was filed.
Next report
Q1 FY2027
Quarter end: October 2026. In past years, Q1 results were released 20–28 days after quarter end (Nov 20, 2025; Nov 21, 2024; Nov 28, 2023). No date has been announced in the sources this site uses.
Reporting pattern
- Fiscal year ends around July 31.
- Reports four times a year: three quarterly reports (10-Q) and an annual report (10-K) for Q4.
- Earnings releases came 20–28 days after quarter end over the last 12 quarters.
| Quarter | Quarter ended | Earnings release (8-K) | Report filed (10-Q / 10-K) |
|---|---|---|---|
| Q4 FY2026 | Jul 31, 2026 | Aug 25, 2026 (+25 days) | Sep 9, 2026 10-K (+40 days) |
| Q3 FY2026 | Apr 30, 2026 | May 20, 2026 (+20 days) | May 20, 2026 10-Q (+20 days) |
| Q2 FY2026 | Jan 31, 2026 | Feb 26, 2026 (+26 days) | Feb 26, 2026 10-Q (+26 days) |
| Q1 FY2026 | Oct 31, 2025 | Nov 20, 2025 (+20 days) | Nov 20, 2025 10-Q (+20 days) |
| Q4 FY2025 | Jul 31, 2025 | Aug 21, 2025 (+21 days) | Sep 3, 2025 10-K (+34 days) |
| Q3 FY2025 | Apr 30, 2025 | May 22, 2025 (+22 days) | May 22, 2025 10-Q (+22 days) |
| Q2 FY2025 | Jan 31, 2025 | Feb 25, 2025 (+25 days) | Feb 25, 2025 10-Q (+25 days) |
| Q1 FY2025 | Oct 31, 2024 | Nov 21, 2024 (+21 days) | Nov 21, 2024 10-Q (+21 days) |
| Q4 FY2024 | Jul 31, 2024 | Aug 22, 2024 (+22 days) | Sep 4, 2024 10-K (+35 days) |
| Q3 FY2024 | Apr 30, 2024 | May 23, 2024 (+23 days) | May 23, 2024 10-Q (+23 days) |
| Q2 FY2024 | Jan 31, 2024 | Feb 22, 2024 (+22 days) | Feb 22, 2024 10-Q (+22 days) |
| Q1 FY2024 | Oct 31, 2023 | Nov 28, 2023 (+28 days) | Nov 28, 2023 10-Q (+28 days) |
Source: SEC EDGAR filing history. Release dates are the dates the earnings release was furnished to the SEC on Form 8-K (Item 2.02), which is normally the day results are announced. For a quarter whose 10-Q or 10-K isn’t filed yet, the date is the latest Item 2.02 8-K since the previous report, which may be a preliminary or other results-related update. Fiscal years are labeled by the calendar year in which they end.
06
Flagship products & servicesSite analysis
Global Business Solutions
QuickBooks and Intuit Enterprise Suite
Online and desktop accounting with payroll, time tracking, merchant payments, bill pay, checking (via a partner bank) and small business financing.
Global Business Solutions
Mailchimp and online services
Marketing automation and other online services for small and mid-market businesses.
Consumer
TurboTax
Online, desktop and assisted (Expert Assist, Full Service) tax preparation and e-filing for consumers.
Consumer
Credit Karma
Free credit scores and personalized offers for personal loans, credit cards and insurance; earns fees from partners.
Consumer
ProTax
Professional tax software (ProConnect Tax Online and others) for accountants.
From the Form 10-K, FY2026, year ended 2026-07-31.
U.S. and worldwide share of flagship products/services
The 10-K gives no market share figures.
07
Recent strategic focusSite analysis
Recent developments.
FY2026 results
Revenue $21,448M (+14%); operating income $5,884M; net income $4,566M; diluted EPS $16.46.
Source: Form 10-K (FY2026, year ended 2026-07-31)
Restructuring
On May 20, 2026 Intuit announced a plan to cut about 17% of its full-time workforce, with $300–340M of charges.
Source: Form 8-K (2026-05-20) — Item 2.05 restructuring plan
FTC case
On March 20, 2026 the Fifth Circuit vacated the FTC’s TurboTax advertising order; the FTC did not appeal.
Source: Form 10-K (FY2026, year ended 2026-07-31)
Debt issue
Issued $1.75B of senior notes due 2031 and 2036 in June 2026.
Source: Form 8-K (2026-06-11) — Item 8.01 $1.75B senior notes
Capex ÷ D&A (FY2026)
0.94x
Roughly matches depreciation — mostly maintenance/replacement
formulacapital expenditures ÷ depreciation & amortization
e.g.$175M ÷ $187M = 0.94x
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
R&D-to-revenue ratio (FY2026)
15.7%
formularesearch & development expense ÷ revenue × 100
e.g.$3,376M ÷ $21,448M × 100 = 15.7%
M&A spend (6-year total)
$9.05B
Latest year: $0
Cash-flow-statement spending on acquisitions, net of cash acquired
Where the money goes, over time
Unit: $M. Capex went from $53M in FY2021 to $175M in FY2026
- Capex
- R&D
- M&A spend
formulacapital expenditures ÷ depreciation & amortization
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-09-09
08
Key figures at a glanceFrom SEC data
FY2021–FY2026, 6 years.
Revenue (FY2026)
$21.45B
As reported in the 10-K
Revenue CAGR (5 years)
+17.4%▲favorable
formula(last-period revenue ÷ first-period revenue) ^ (1 ÷ years) − 1
e.g.($21,448M ÷ $9,633M) ^ (1÷5) − 1 = 17.4%
termsCAGR · ^ (exponent) · Revenue (net sales)
Operating margin (FY2026)
27.4%▲favorable
+1.5pt vs. 5 years ago
formulaoperating income ÷ revenue × 100
e.g.$5,884M ÷ $21,448M × 100 = 27.4%
ROE (FY2026)
23.6%▲favorable
6-year average: 18.5%
As reported in the 10-K
P/B (FY2026 end)
4.47x
formulafiscal year-end closing price ÷ book value per share
e.g.$316.07 ÷ $70.76 = 4.47x
Period-end (fiscal year-end) value, not today's P/B
EV/EBITDA (FY2026 end)
14.5x
formula(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization)
e.g.($84,828M + $7,669M − $4,705M) ÷ ($5,884M + $187M) = 14.5x
termsEV/EBITDA · Market capitalization · Interest-bearing debt · EBITDA · Depreciation & amortization (D&A)
Period-end (fiscal year-end) value, not today's multiple
- ▲
Revenue grew +17.4% a year over 5 years (strong growth)
From $9.63B in FY2021 to $21.45B in FY2026. The annualized rate (CAGR) makes it possible to compare growth pace across companies of different sizes.
- ▲
Operating margin improved: 26.0% → 27.4%
How much operating profit is left per $100 of revenue. It moved +1.5 points over 5 years — pricing power, cost control, and product mix all show up here.
- ▲
Equity ratio is 51.6% (a high level of financial stability)
The share of total assets funded by equity rather than debt. 50%+ is often read as low bankruptcy risk, though the right level varies by industry (real estate and leasing run lower, for instance).
- ▲
Free cash flow was positive in 6 of 6 years
Operating cash flow minus capital expenditures: the cash left over after funding the business’s own investment, available for dividends, buybacks, acquisitions, or debt paydown. A negative year can mean heavy investment, or weak core earnings — worth distinguishing.
- ▲
ROE averaged 18.5% over 6 years (latest: 23.6%)
How much profit was generated on shareholders’ equity. Roughly 10%+ is often cited as solid for a U.S. company, though this varies a lot by industry and capital intensity.
09
Business modelSite analysis
Business Model Canvas
The whole company in nine blocks. Left side: how it delivers (partners, activities, resources, costs). Right side: who it serves and how it earns. Every entry comes from the company’s filings shown on this page.
08 · who helps
Key partners
No partners or suppliers named in the filings.
07 · what it does
Key activities
- Global Business Solutions: QuickBooks Online and Desktop, Intuit Enterprise Suite, payroll, payments, Mailchimp
- Consumer: TurboTax, Credit Karma, ProTax (ProConnect, Lacerte, ProSeries)
06 · what it draws on
Key resources
- About 18,600 employees in seven countries plus about 12,300 seasonal tax-season employees
- Public cloud (AWS, Google Cloud) and AI platform
- Customer financial data
02 · why customers buy
Value propositions
- QuickBooks, TurboTax, Credit Karma and Mailchimp; Intuit cites innovation, breadth of solutions and ease of use.
04 · how it keeps them
Customer relationships
- Subscriptions and annual tax filings; ongoing Credit Karma relationships.
03 · how it reaches them
Channels
- Online direct sales and its apps; accountants and retail.
01 · who it serves
Customer segments
- Small and mid-market businesses and accountants
- Consumers and tax professionals; no customer above 10% of revenue
09 · where money goes
Cost structure
FY2026, share of revenue ($21.45B)
- Research & development15.7%
- Selling, general & administrative7.6%
- Other operating costs (incl. cost of goods sold)49.3%
Operating profit left: 27.4% of revenue. Depreciation & amortization (inside the costs above): $187M. Capital spending: $175M.
Source: Form 10-K income statement and cash-flow statement (SEC XBRL).
05 · how money comes in
Revenue streams
- QuickBooks Online Accounting $5,051M
- Online Services $4,867M
- Desktop ecosystem $2,946M
- TurboTax $5,296M; Credit Karma $2,641M; ProTax $647M (FY2026)
Value propositions, channels and customer relationships: Form 10-K (FY2026)
Sells subscriptions and per-return software for bookkeeping, payroll, payments and taxes, and earns referral fees when Credit Karma members take loans, cards or insurance.
01 what it draws on
Inputs & resources
- About 18,600 employees in seven countries plus about 12,300 seasonal tax-season employees
- Public cloud (AWS, Google Cloud) and AI platform
- Customer financial data
02 what it does
Activities
- Global Business Solutions: QuickBooks Online and Desktop, Intuit Enterprise Suite, payroll, payments, Mailchimp
- Consumer: TurboTax, Credit Karma, ProTax (ProConnect, Lacerte, ProSeries)
03 who it serves
Customers
- Small and mid-market businesses and accountants
- Consumers and tax professionals; no customer above 10% of revenue
04 how money comes in
How it earns
- QuickBooks Online Accounting $5,051M
- Online Services $4,867M
- Desktop ecosystem $2,946M
- TurboTax $5,296M; Credit Karma $2,641M; ProTax $647M (FY2026)
How the business makes money
- FY2026 operating income $5,884M (+20%).
- Dividends declared $4.80 per share in FY2026; quarterly $1.38 declared August 2026.
- Restructuring charges of about $300–340M expected for the 17% workforce cut.
Government & regulation around the business
Non-market factors from the company’s filings: what governments and regulators fund, buy, set, approve or restrict, and which part of the flow above each one touches.
Intuit’s payment revenue is recorded net of card interchange fees; its operations follow U.S. and foreign laws.
Regulated prices & reimbursement
Interchange fees
Merchant payment processing revenue is recorded net of card association interchange fees.
Constrains the businessTouches: How it earnsSource: Form 10-K (FY2026)
Trade & export rules
Export controls and sanctions
Violations of foreign and U.S. laws applying to international operations may bring fines or criminal actions.
Constrains the businessTouches: CustomersSource: Form 10-K (FY2026)
Revenue by segment (FY2026)
Unit: $M — bar length = revenue, (%) = share of total company revenue
Global Business Solutions
12,864 (60%)Consumer
8,584 (40%)
Source: Form 10-K (FY2026, year ended 2026-07-31) Consumer includes TurboTax $5,296M, Credit Karma $2,641M and ProTax $647M.
10
Contract structureSite analysisShow
Short-term or spot sales carry different earnings quality than long-term or auto-renewing contracts — this shows how the company actually contracts with its customers.
11
Customers & suppliersSite analysis
Who the company sells to and buys from. Companies rarely name either, so named counterparties come only from the company's own filings and press releases; otherwise this lists the concentration figures the 10-K discloses.
Customers
Small and mid-market businesses, accountants and consumers.
Named by the company
No customer accounted for 10% or more of revenue.
Suppliers
Public cloud providers (AWS, Google Cloud), payment processors and partner banks.
Named by the company
No single supplier is named as material.
12
Competitors & peersSite analysis
Competitors the 10-K names, and the peer group the company itself chose in its proxy statement. Nothing here is this site's own pick.
Intuit says it faces intense, fragmented competition from large global companies, smaller regional firms, startups and professional service providers, and increasingly from AI providers; the 10-K names no competitors.
Competitors named in the 10-K
The 10-K names no specific competitors.
Peer group the company chose
Compensation peer group (43 technology companies), from the proxy statement. Peers are companies the board considers comparable — for example when setting executive pay — not necessarily direct competitors.
Large technology, software and fintech companies.
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13
Six years of financialsFrom SEC data
Each chart's axis holds a single unit (never mixing dollars, %, and $/share). The table's per-period header links to the filing the numbers came from.
Revenue over time
Unit: $M
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-09-09
Profit over time (operating → net)
Unit: $M
- Operating income
- Pretax income
- Net income
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-09-09
Margins over time
Unit: %
- Operating margin
- Net margin
formulaoperating income ÷ revenue × 100
formulanet income attributable to the company ÷ revenue × 100
Cash flow over time
Unit: $M (below zero = cash went out)
- Operating CF
- Investing CF
- Free CF
formulacash flow from operations − capital expenditures
termsFree cash flow (FCF) · Cash flow from operations (operating CF) · Capital expenditures (capex)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-09-09
Financial stability & capital efficiency
Unit: %
- Equity ratio
- ROE
formulatotal equity ÷ total assets × 100 (as reported in the 10-K)
termsStockholders’ equity · Total assets
formulanet income ÷ average equity (beginning + ending, ÷2) × 100 (as reported in the 10-K)
termsNet income (attributable to the company) · Stockholders’ equity
Earnings per share (EPS) and dividend per share
Unit: $
- EPS
- Dividend per share
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-09-09
| Line item | FY202110-K on EDGAR ↗ | FY202210-K on EDGAR ↗ | FY202310-K on EDGAR ↗ | FY202410-K on EDGAR ↗ | FY202510-K on EDGAR ↗ | FY202610-K on EDGAR ↗ |
|---|---|---|---|---|---|---|
| Income statement ($M) | ||||||
| Revenue | 9,633 | 12,726 | 14,368 | 16,285 | 18,831 | 21,448 |
| Operating income | 2,500 | 2,571 | 3,141 | 3,630 | 4,923 | 5,884 |
| Pretax income | 2,556 | 2,542 | 2,989 | 3,550 | 4,834 | 6,017 |
| Net income (attributable) | 2,062 | 2,066 | 2,384 | 2,963 | 3,869 | 4,566 |
| Revenue growthcalc(this year’s revenue − last year’s revenue) ÷ last year’s revenue × 100 | — | 32.1% | 12.9% | 13.3% | 15.6% | 13.9% |
| Operating margincalcoperating income ÷ revenue × 100 | 26.0% | 20.2% | 21.9% | 22.3% | 26.1% | 27.4% |
| Net margincalcnet income attributable to the company ÷ revenue × 100 | 21.4% | 16.2% | 16.6% | 18.2% | 20.5% | 21.3% |
| Balance sheet ($M) | ||||||
| Total assets | 15,516 | 27,734 | 27,780 | 32,132 | 36,958 | 36,786 |
| Total equity | 9,869 | 16,441 | 17,269 | 18,436 | 19,710 | 18,992 |
| Interest-bearing debtSum of short- and long-term borrowings, notes/bonds payable | 2,034 | 6,914 | 6,120 | 6,038 | 5,973 | 7,669 |
| Equity ratio | 63.6% | 59.3% | 62.2% | 57.4% | 53.3% | 51.6% |
| ROE | 20.9% | 15.7% | 14.1% | 16.6% | 20.3% | 23.6% |
| Cash flow ($M) | ||||||
| Operating CF | 3,250 | 3,889 | 5,046 | 4,884 | 6,207 | 8,838 |
| Investing CF | -3,965 | -5,421 | -922 | -227 | -2,318 | -1,412 |
| Financing CF | -3,176 | 1,732 | -4,269 | -397 | -1,510 | -7,689 |
| Free cash flowcalccash flow from operations − capital expenditures | 3,197 | 3,732 | 4,836 | 4,693 | 6,123 | 8,663 |
| Cash and equivalents | 2,562 | 2,796 | 2,848 | 3,609 | 2,884 | 4,705 |
| Per share & other | ||||||
| EPS ($) | 7.56 | 7.28 | 8.42 | 10.43 | 13.67 | 16.46 |
| BVPS ($) | 36.12 | 58.32 | 61.58 | 65.78 | 70.61 | 70.76 |
| Dividend per share ($) | 2.36 | 2.72 | 3.12 | 3.60 | 4.16 | 4.80 |
| Payout ratiocalcdividend per share ÷ diluted EPS × 100 | 31.2% | 37.4% | 37.1% | 34.5% | 30.4% | 29.2% |
| P/E (x) | 70.1 | 62.7 | 60.8 | 62.1 | 57.4 | 19.2 |
| EV/EBITDA (x)calc(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization) | 54.1 | 48.1 | 44.5 | 48.5 | 43.6 | 14.5 |
| P/B (x)calcfiscal year-end closing price ÷ book value per share | 14.67 | 7.82 | 8.31 | 9.84 | 11.12 | 4.47 |
P/B and EV/EBITDA use each period’s period-end (fiscal year-end) figures, not the current share price. Figures without a "calc" tag are as reported in the Form 10-K (the consolidated financial statements and, for older years, earlier 10-Ks), pulled automatically from SEC EDGAR. Where a later filing restated a prior period, the restated figure is used.
Last 8 quarters
Three-month figures from 10-Q filings. Change is versus the same quarter a year earlier. Newest quarter on top.
| Quarter ended | Revenue | Operating income | Net income | Diluted EPS |
|---|---|---|---|---|
| 2026-07-31 † | $4.35B+13.7% | $475M+40.1% | $363M-4.7% | — |
| 2026-04-30 | $8.56B+10.4% | $4.02B+8.1% | $3.06B+8.7% | $11.09 |
| 2026-01-31 | $4.65B+17.4% | $855M+44.2% | $693M+47.1% | $2.48 |
| 2025-10-31 | $3.89B+18.3% | $534M+97.0% | $446M+126.4% | $1.59 |
| 2025-07-31 † | $3.83B | $339M | $381M | — |
| 2025-04-30 | $7.75B | $3.72B | $2.82B | $10.02 |
| 2025-01-31 | $3.96B | $593M | $471M | $1.67 |
| 2024-10-31 | $3.28B | $271M | $197M | $0.70 |
† Fourth quarter = the 10-K’s annual figure minus the first three quarters; quarterly EPS isn’t derived this way because share counts change during the year.
14
Is ROIC above WACC?From SEC data
ROIC (the return on money invested in the business) above WACC (the cost of raising that money) means the company is creating value. WACC is an estimate, so its assumptions can be adjusted below.
ROIC (FY2026)
17.8%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
e.g.$5,884M × (1 − 21%) ÷ $26,172M × 100 = 17.8%
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
WACC (this site’s estimate)
8.04%
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
e.g.Equity weight: $84.83B ÷ ($84.83B + $7.67B) = 91.7%
e.g.Debt weight: $7.67B ÷ ($84.83B + $7.67B) = 8.3%
e.g.WACC: 8.5% × 91.7% + 3.3% × (1 − 21%) × 8.3% = 8.04%
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
How firm is this? With the equity risk premium ±1 point and beta ±0.2, WACC runs 6.6%–9.8% and ROIC − WACC runs +7.9 to +11.1 points. The sign holds across this range. This describes the latest year and does not predict future value creation.
WACC 8.04% is this site’s estimate under the assumptions below (not a figure the company has published)
- Risk-free rate
- 4.95% (10-year Treasury, 2026-11-03)
- β
- 0.65 (price-derived adjusted beta, but correlation with the market is low (R² 0.03), so reliability is limited)
- Equity risk premium
- 5.5%
- Cost of equity
- 8.53%
- Cost of debt
- 3.34%
- Tax rate
- 21% (effective rate, FY2024–FY2026)
- Capital structure (equity : debt)
- 92% : 8%
ROIC over time, vs. WACC
Unit: % — bars = each period's ROIC, horizontal line = latest WACC. Bars above the line are green, below are red
- ROIC (above WACC)
- ROIC (below WACC)
- WACC 8.04%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
Try different WACC assumptions
β and the equity risk premium are estimates with a real range of plausible values — move the sliders to check whether ROIC > WACC still holds. The risk-free rate starts at the 10-year Treasury yield on 2026-11-03 (U.S. Treasury).
Initial β: 0.65 (price-derived adjusted beta. Raw β 0.48, R² 0.03, 130 weeks)
formula0.67 × β + 0.33 (β = the slope of weekly stock returns regressed on weekly market returns)
e.g.0.67 × 0.483 + 0.33 = 0.654
termsβ (beta)
Period 2024-05-10–2026-11-04, using S&P 500 ETF (SPY) as the market proxy. Source: Yahoo Finance price history.
formularisk-free rate + β × equity risk premium
e.g.5.0% + 0.65 × 5.5% = 8.5%
termsCAPM · Risk-free rate · β (beta) · Equity risk premium (market risk premium)
formulafiscal year-end closing price × shares outstanding (= market cap)
formulainterest expense ÷ interest-bearing debt × 100 (clamped to 0–10%; falls back to the risk-free rate if there’s no debt)
15
What the price implies (DCF)From SEC data
A company's value can be written as its free cash flow divided by (cost of capital − perpetual growth). Working that backwards from the market's valuation shows how much growth the share price assumed — compared here with the company's actual past growth.
Growth the price implies (price on 2026-11-04)
-0.6%
Perpetual FCF growth: g = r − FCF ÷ EV = 8.0% − 8.6%
Past FCF growth (FY2021–FY2026)
+22.1%
Compound annual rate, 5 years
Past revenue growth (FY2021–FY2026)
+17.4%
Compound annual rate, 5 years
Inputs (FY2026): free cash flow $8.66B (operating CF − capex); enterprise value $100.73B = market cap $97.76B (latest close, 2026-11-04) + debt $7.67B − cash and short-term investments $4.71B; r = WACC of 8.0% using this page’s default assumptions (β 0.65, risk-free 5.0%, market premium 5.5%).
Three WACC scenarios
The same calculation under cautious, base and optimistic cost-of-capital assumptions (risk-free rate fixed at the 10-year Treasury yield). Pick one to load it into the sliders below.
Try your own assumptions
V = FCF ÷ (r − g). It starts at the implied growth rate, where the theoretical value equals today’s enterprise value.
Theoretical enterprise value
$100.73B
FCF $8.66B ÷ (8.0% − -0.6%)
Theoretical ÷ actual enterprise value
1.00x
Above 1x: these assumptions value the business above the market did
How sensitive the answer is
Theoretical ÷ actual enterprise value for each combination of r and g.
| g \ r | 6.0% | 7.0% | 8.0% | 9.0% | 10.0% |
|---|---|---|---|---|---|
| 0% | 1.43x | 1.23x | 1.08x | 0.96x | 0.86x |
| 2% | 2.15x | 1.72x | 1.43x | 1.23x | 1.08x |
| 4% | 4.30x | 2.87x | 2.15x | 1.72x | 1.43x |
| 6% | — | 8.60x | 4.30x | 2.87x | 2.15x |
| 8% | — | — | — | 8.60x | 4.30x |
A simplified model for seeing what the market price assumes, not a forecast or a target price. It treats free cash flow as growing at one constant rate forever; the result swings widely with small changes in r and g, and is undefined when g reaches r. Free cash flow here is operating cash flow minus capex, which is after interest — a full DCF of enterprise value would use cash flow before interest. Market cap uses the latest close (2026-11-04) × shares at fiscal year-end; free cash flow and WACC inputs are from the latest fiscal year.
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Earnings qualityFrom SEC dataShow
The same reported profit can mean different things depending on whether it's backed by cash, driven by the core business, or the result of a one-off item. Four checks below.
- ✓
Operating CF ÷ net income: averages 1.79x
Profit is backed by cash coming in.
- ✓
Accrual ratio (latest): -11.6%
A small share of profit rests on accounting estimates.
- ✓
Core-earnings share (operating income ÷ pretax income): 98%
Most profit comes from core operations.
- ✓
Days sales outstanding: 15 → 10 days
No major slowdown in collecting on sales.
Operating CF vs. net income
Unit: $M — operating CF above net income means profit is backed by cash
- Operating CF
- Net income
formulacash flow from operations ÷ net income attributable to the company
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formula(net income − operating CF) ÷ average total assets × 100
termsNet income (attributable to the company) · Cash flow from operations (operating CF) · Total assets
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-09-09
Profit bridge (FY2026)
Unit: $M — what moved profit from operating income to net income
- Profit (each stage)
- Pushed profit up
- Pushed profit down
formulaoperating income ÷ income before income taxes × 100
termsOperating income · Income before income taxes (pretax income)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-09-09
Receivables & inventory days
Unit: days — days grow when receivables or inventory build up faster than sales
- Days sales outstanding
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
Worked examples (latest period)
formulacash flow from operations ÷ net income attributable to the company
e.g.$8,838M ÷ $4,566M = 1.94x
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formulaoperating income ÷ income before income taxes × 100
e.g.$5,884M ÷ $6,017M × 100 = 98%
termsOperating income · Income before income taxes (pretax income)
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
e.g.($530M + $625M) ÷ 2 ÷ $21,448M × 365 = 10 days
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
17
Who holds the sharesFrom SEC dataShow
How much of the stock large institutional investors report owning on SEC Form 13F, how much the directors and executive officers hold (and how much of the vote they control), and roughly how much is left for individual investors. Shown next to beta so the holder mix can be read alongside how much the stock swings.
Institutions, insiders and everyone else, 13F holdings as of 2026-06-30
“Everyone else” is what remains after shares reported on Form 13F and shares held by directors and executive officers: mostly individual investors, plus non-insider families or foundations and smaller or foreign institutions. The figures have different dates and 13F reports count some shares twice — read it as an approximate split.
- Held by 13F filers
- 88.8%
- Directors & officers (shares)
- 2.5%
- Everyone else (est.)
- 8.7%
- Directors & officers (voting power)
- 2.5%
- Institutional-ownership rank
- 212 of 416
- Beta (adjusted)
- 0.65
individuals and other non-13F holders
no separate voting figure; shown as shares
1 = most institutional; 51% of covered companies have more
above 1 = swings more than the market
- 243.0M shares reported by 1,747 13F filers ÷ 273.5M shares outstanding on 2026-05-14. Option positions are excluded.
- Directors and executive officers as a group, from the proxy statement’s beneficial-ownership table; includes shares they can acquire within 60 days.
- A large “everyone else” share can still reflect a family, trust or foundation stake held outside the board; check the proxy statement’s 5% holders.
Sources: SEC Form 13F data set (holdings as of 2026-06-30) · Form DEF 14A filed 2025-11-26 (beneficial ownership table) · Form 10-Q cover page (shares outstanding as of 2026-05-14)
18
Strengths & weaknessesSite analysis
Strengths
1. Consistent growth
Revenue grew from $9,633M (FY2021) to $21,448M (FY2026); diluted EPS from $7.56 to $16.46.
Evidence: Form 10-K (FY2026, year ended 2026-07-31)
2. QuickBooks Online momentum
QuickBooks Online Accounting revenue rose 23% in FY2026.
Evidence: Form 10-K (FY2026, year ended 2026-07-31)
3. Rising dividends
Dividends declared per share rose from $2.36 (FY2021) to $4.80 (FY2026).
Evidence: Form 10-K (FY2026, year ended 2026-07-31)
Weaknesses
1. Seasonality
Consumer revenue is concentrated in the January–April tax season.
Evidence: Form 10-K (FY2026, year ended 2026-07-31)
2. Higher debt
Interest-bearing debt rose to about $7.7B at July 31, 2026 (incl. $1.25B short-term).
Evidence: Form 10-K (FY2026, year ended 2026-07-31)
19
What draws investors to itSite analysis
Why the stock can look attractive to investors — each point paired with what has to hold for it to stay true, and the opposing view. This is this site's analysis, not a recommendation to buy or sell.
P/E (FY2026)
19.2x
Price at fiscal year-end ÷ diluted EPS
Dividend yield (FY2026)
1.52%
Dividends per share ÷ fiscal year-end price
Payout ratio (FY2026)
29%
Dividends per share ÷ diluted EPS
FCF yield (FY2026)
10.2%
(Operating CF − capex) ÷ market cap
1. Platform growth
Online ecosystem revenue grew 19% in FY2026.
- What has to hold
- Small businesses keep adopting online tools.
- The other side
- AI competitors.
Evidence: Form 10-K (FY2026, year ended 2026-07-31)
2. Shareholder returns
Rising dividends and share count down from 282M (FY2022) to 268M (FY2026).
- What has to hold
- Cash flow keeps growing ($8.8B operating cash flow in FY2026).
- The other side
- Debt rose.
Evidence: Form 10-K (FY2026, year ended 2026-07-31)
Fiscal years end July 31. Acquisition spending was $3.1B in FY2021 and $5.7B in FY2022, which raised assets and debt in those years.
20
ResilienceSite analysisShow
How well the company could absorb a bad year: its financial buffer, how its revenue and profit held up in the worst year on record, and what the 10-K says about the business's exposure to shocks. Figures and filing statements only — no overall rating.
1. Financial buffer (FY2026)
Cash & short-term investments ÷ debt due within a year
3.8x
$4.71B vs. $1.25B
Interest coverage (operating income ÷ interest expense)
23.0x
$5.88B vs. $256M
Free cash flow ÷ dividends paid
6.4x
$8.66B vs. $1.35B (FCF = operating CF − capex)
2. Worst year in the record, and the recovery
| Figure | Worst year-over-year change | Back to the prior level? |
|---|---|---|
| Revenue | No decline in the record | — |
| Operating income | No decline in the record | — |
Covers only the 6 fiscal years on record (FY2021–FY2026), which may not include a full recession — the worst year here isn’t necessarily how the company would fare in a severe downturn.
3. Business resilience (from the 10-K)
Profitable every year
Net income rose every year from $2,062M (FY2021) to $4,566M (FY2026) except a flat FY2022.
Source: Form 10-K (FY2026, year ended 2026-07-31)
21
Legal & regulatory mattersSite analysisShow
Lawsuits, government investigations, enforcement actions and settlements the company discloses — where each stands, what is at stake, and what comes next. From the 10-K's Legal Proceedings and contingencies note, the latest 10-Q, and 8-Ks.
Intuit’s main matters arose from FTC and state scrutiny of “free” TurboTax marketing; the FTC order was vacated in 2026. Class actions in Canada and new U.S. securities suits are pending; Intuit cannot estimate losses.
2 open matters · 2 settled or closed
Ontario class action
PendingClass actionCanadian consumers v. Intuit
A class action filed in the Ontario Superior Court on August 25, 2022 was certified on July 24, 2026; Intuit expects to appeal.
Source: Form 10-K (FY2026, year ended 2026-07-31) — Note on Commitments and Contingencies, Legal Proceedings
Securities class actions
PendingClass actionShareholders v. Intuit and management
Two suits filed July 10 and August 17, 2026 allege misleading statements in 2025–2026 that affected the stock price.
Source: Form 10-K (FY2026, year ended 2026-07-31) — Note on Commitments and Contingencies, Legal Proceedings
FTC TurboTax advertising case
ResolvedRegulatory proceedingFTC v. Intuit
The FTC’s 2024 final order on TurboTax marketing (no monetary penalty) was vacated by the Fifth Circuit on March 20, 2026; Intuit moved on August 31, 2026 to dismiss the remaining FTC lawsuit as moot, unopposed by the FTC.
Source: Form 10-K (FY2026, year ended 2026-07-31) — Note on Commitments and Contingencies, Legal Proceedings
State attorneys general settlement
SettledEnforcement / sanction50 state attorneys general and D.C.
In May 2022 Intuit settled with all 50 states and D.C., admitting no wrongdoing, paying $141M and agreeing to marketing commitments.
- Amounts
- $141M
Source: Form 10-K (FY2026, year ended 2026-07-31) — Note on Commitments and Contingencies, Legal Proceedings
Company statement: Other proceedings are described as ordinary-course and not expected to be material.
Based on Form 10-K (FY2026, year ended 2026-07-31) — Note on Commitments and Contingencies, Legal Proceedings, reviewed 2026-10-25. Routine ordinary-course claims are not listed. “Major” is this site’s judgment of which matters could materially affect results.
22
Risks (including geopolitical)Site analysis
Starting from the 10-K's Risk Factors section, organized by category — geopolitical, currency, raw materials, regulatory, disaster, and more — with impact and likelihood assessed by this site.
Risk map
Vertical = impact on results, horizontal = likelihood. Upper right = most severe. Numbers match the list below (placement is this site’s own assessment).
Likelihood →
"Company disclosure" vs. "this site’s assessment"
The description and mitigation for each risk are this site’s summary of the 10-K’s "Risk Factors" section. Impact and likelihood are this site’s own assessment, not the company’s — where the company discloses its own likelihood assessment, that is noted in the summary.
Impact is judged from how large the affected business is relative to total revenue/profit, and from the risk’s track record of moving results in the past. Likelihood is judged from the filing’s wording and the current business environment (already occurring, or recurring). See the rating criteria.
- 1Competition & technology shift
AI and new competitors
- Company disclosure (summarized from the 10-K)
- AI is lowering barriers to entry; general-purpose AI providers and others may offer features that address the same needs.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact High / Likelihood High
- 2Law & regulation
Regulatory scrutiny of marketing
- Company disclosure (summarized from the 10-K)
- FTC litigation over TurboTax advertising (order vacated in 2026); state settlement of $141M in 2022.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
- 3Information security
Data security
- Company disclosure (summarized from the 10-K)
- Holds sensitive customer financial data.
- Company’s stated mitigation
- To help protect these systems and data, we have implemented a robust information security program that includes numerous administrative, technical, and physical safeguards.
- This site’s assessment
- Impact High / Likelihood Med
- 4Demand & macro
Small business and credit conditions
- Company disclosure (summarized from the 10-K)
- Credit Karma depends on lending partners’ appetite; small business health drives QuickBooks.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
- 5Labor & workforce
Restructuring
- Company disclosure (summarized from the 10-K)
- 17% workforce reduction and possible site closures announced May 2026.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Low / Likelihood Med
23
What changed in the risk factorsFrom SEC data
Paragraphs in the latest 10-K's Risk Factors that have little overlap with the year before, and paragraphs that were dropped.
New or substantially reworded (1)
can be no assurance that our new or enhanced solutions and AI innovations will be successful, adopted, or monetizable or that we will innovate effectively to keep pace with the rapid evolution of AI across the industries in which we compete.
No longer in the text (1)
Additionally, our use of Credit Karma member data is subject to an order issued in 2014 by the Federal Trade Commission (FTC) that, among other things, requires maintenance of a comprehensive security program relating to the development and management of new and existing products and services and biennial independent security assessments for 20 years from the date of the order. Our failure to fulfill the requirements of the FTC’s order could result in fines, penalties, enforcement inquiries, investigations and claims, and negatively impact our business and reputation.
Matched automatically, quoted as filed, and may include rewording of an existing risk. Compares Item 1A of the 10-K filed Sep 9, 2026 ↗ with the 10-K filed Sep 3, 2025 ↗.
24
What to watch going forwardSite analysis
- QuickBooks Online and mid-market (Intuit Enterprise Suite) growth.
- TurboTax share and pricing; AI-driven competition.
- Execution of the May 2026 restructuring.
- Shareholder class actions filed July–August 2026.
25
Source documentsShow
This page's financial figures come from the Form 10-Ks listed below. Check the original filings for full detail.
Last updated
Analysis last edited: October 25, 2026 · Financial data fetched: October 25, 2026 09:54 (SEC EDGAR) · Source 10-K filed: September 9, 2026
Built on10-K FY2026 · filed 2026-09-09Proxy statement (2025)
Next update expectedAfter FY2027’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
This page is this site’s own analysis based on public information, and does not represent Intuit’s views. It is not a recommendation to buy or sell any security, and this site does not guarantee the accuracy of any figure or statement here. Always verify against the original source documents before making an investment decision.