INTU 10-K filed 2026-09-09 | Key takeaways
INTU filed its 10-K; the most relevant disclosure change is expanded Segment reorganization: Effective August 1, 2025, Intuit combined Consumer, Credit Karma, and ProTax into a single Consumer segment; for fiscal 2025 and 2024, $606 million and $585 million, respectively, were reclassified from Consumer to other corporate expenses. Effective August 1,. Customer concentration: No single customer represented None ≥10% of revenue.
Key takeaways
Fiscal 2026 financial results: revenue $21,448M (+14%), operating income $5,884M (+20%), net income $4,566M (+18%), diluted EPS $16.46 (+20%), and cash flow from operations $8.8B (+42%).
Capital returns: fiscal 2026 dividends declared of $4.80 per share (vs. $4.16 in fiscal 2025, +15%); $7.9B remaining repurchase authorization at July 31, 2026; Board approved an additional $8.0B repurchase authorization on May 7, 2026; a $1.38 quarterly dividend was declared in August 2026.
Restructuring (2026 Plan): initiated in May 2026 with estimated total cost of approximately $315 million; a $293 million charge was recorded in fiscal 2026, primarily for severance and benefits; expected to be substantially complete by the first quarter of fiscal 2027.
Segment reorganization: effective August 1, 2025, Intuit combined Consumer, Credit Karma, and ProTax into a single Consumer segment, with $606M and $585M reclassified from Consumer to other corporate expenses for fiscal 2025 and 2024, respectively.
Mailchimp segment change: effective August 1, 2026, Mailchimp began being managed as a separate operating segment and will be a separate reportable segment beginning in fiscal 2027.
Credit facilities: new $2.2 billion unsecured revolving credit facility entered January 9, 2026, maturing January 9, 2031; $5.8 billion unsecured short-term facility entered January 30, 2026 to fund TurboTax early refund offering and terminated February 26, 2026.
Workforce: approximately 18,600 employees in seven countries as of July 31, 2026, plus an average of approximately 12,300 seasonal employees during the January-April 2026 tax season.
Key metrics
Customer concentration
Disclosure changes
- Segment reorganization
Effective August 1, 2025, Intuit combined Consumer, Credit Karma, and ProTax into a single Consumer segment; for fiscal 2025 and 2024, $606 million and $585 million, respectively, were reclassified from Consumer to other corporate expenses. Effective August 1, 2026, Mailchimp began being managed as a separate operating segment from Global Business Solutions and will be a separate reportable segment beginning in fiscal 2027.
Changes how segment results are reported; future fiscal 2027 reporting will reflect Mailchimp as a separate reportable segment. - Restructuring (2026 Plan)
In May 2026 management initiated the 2026 Plan to simplify organizational structure; estimated total restructuring costs of approximately $315 million with a $293 million charge recorded in fiscal 2026 primarily for severance and benefits; actions expected to be substantially complete by first quarter of fiscal 2027.
Material restructuring expense recorded in fiscal 2026 with additional costs to be incurred in fiscal 2027; affects near-term operating expenses and headcount. - Debt
10-K discloses new senior unsecured notes outstanding at July 31, 2026: 4.950% notes due June 2031 and 5.500% notes due June 2026 (referenced in 2026 Senior Unsecured Notes XBRL tag). The 5.250% notes due September 2026 are classified as short-term debt ($750 million).
New debt issuance impacts interest expense and debt maturity profile; the September 2026 maturity ($750 million) is now classified as short-term debt. - Credit facilities
On January 9, 2026, Intuit entered a $2.2 billion unsecured revolving credit facility maturing January 9, 2031; on January 30, 2026, it entered a $5.8 billion unsecured short-term facility to fund TurboTax early refund offering, terminated February 26, 2026.
Confirms refinancing of the unsecured credit facility and use of seasonal short-term borrowing for the TurboTax early refund program. - Tax legislation (OBBBA)
On July 4, 2025, the U.S. enacted the One Big Beautiful Bill Act (OBBBA), reinstating immediate expensing of domestic R&D expenditures effective fiscal 2026; reduced deferred tax assets and income taxes payable for fiscal 2026. OBBBA has multiple effective dates from fiscal 2025 through fiscal 2027.
Affects effective tax rate, deferred tax balances, and cash tax payments. - Share repurchases and dividends
During fiscal 2026, declared dividends of $4.80 per share ($1.3 billion); remaining $7.9 billion repurchase authorization at July 31, 2026; Board approved additional $8.0 billion repurchase authorization on May 7, 2026; declared a $1.38 quarterly dividend in August 2026.
Material capital return update; provides current dividend run-rate and refreshed buyback capacity.
Primary source
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