AI interpretation based on checked source excerpts. Issuer assertions and evidence limitations remain explicit.
Policy quality-scores-2: six equally weighted categories. The overall score requires full coverage. Missing inputs are not zero. Qualitative grades are sourced interpretations, not probabilities. 6/6 · 18/10/2026
Moat56
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
structural advantage · 3/4 · Connected accounting, payments and bill-pay workflows plus product-specific accountant training establish meaningful embeddedness. Customer growth and realized higher effective prices corroborate the advantage; its strength relative to named rivals is untested.
durability · 2/4 · Successive filings show continuity of the accountant ecosystem and pricing-supported growth. The observation window is limited, paying-customer growth is slowing, and AI or free alternatives could reduce differentiation. Exceptional durability is not established.
customer dependency · 2/4 · Reconciliation and bill-payment workflows support operational dependency. Growing payment volume per customer is indirect engagement evidence, but no migration-cost or cohort-renewal data quantify reliance across the customer base.
erosion resilience · 2/4 · Customer growth and higher effective prices demonstrate current resilience despite disclosed competitive threats. Slower customer growth, fewer TurboTax federal units and customer-satisfaction improvement opportunities make the overall picture mixed. Generic threats are not treated as realized losses.
Pricing power63
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
realized pricing · 3/4 · Fiscal 2024 QuickBooks accounting, fiscal 2025 payments and fiscal 2026 QuickBooks accounting disclosures explicitly identify higher effective prices with revenue growth. This is demonstrated pricing realization across years; the 15% fiscal 2026 ARPC increase is not interpreted as a 15% price increase.
retention · 2/4 · Assessed indirectly from integrated workflows, continued paying-customer growth and higher payment volume per customer. Net customer growth does not isolate renewals or gross churn, and slowing growth plus fewer TurboTax federal units constrain a stronger assessment.
margin resilience · 3/4 · Consolidated revenue rose from $16.285 billion in fiscal 2024 to $21.448 billion in 2026 while operating income rose from $3.630 billion to $5.884 billion, despite disclosed expense increases. These results support demonstrated margin resilience, without attributing all improvement to pricing or inferring the moat from margins.
contractual freedom · 2/4 · Implemented payroll and payments agreement changes and realized higher effective prices demonstrate some practical ability to change terms and monetization. Contract duration, renewal protections and repricing restrictions are absent, while third-party distributors retain discretion over their own terms.
Predictability98
Five consecutive annual periods. Equal weights: nondeclining revenue frequency; revenue-growth volatility (5–40pp); positive FCF frequency; FCF-margin volatility (3–20pp). Stability indicator, not a growth forecast.
- Nondeclining revenue years (%)
- 100.00
- Revenue growth volatility (pp)
- 1.04
- Positive FCF years (%)
- 100.00
- FCF margin volatility (pp)
- 4.15
Financial strength88
Equal-weight grades: debt/FCF (1–8x), net debt/earnings before interest and tax (0–5x), interest service (1–12x), current ratio (0.75–2x). Earnings use reported operating income, or reported pretax profit plus reported interest expense when operating income is unavailable. Interest service uses earnings/interest expense; if unavailable, it uses reported operating cash flow/cash interest paid, without relabeling cash paid as accrued expense. Nonpositive cash flow/earnings score 0 for their service component; reported zero interest with a positive numerator scores 100. Net cash scores 100 for net leverage. Missing disclosures remain unavailable. General nonfinancial-company rubric, not a credit rating; exceptional and nonoperating gains are not normalized out. IFRS finance-cost and cash-flow classifications retain their reported scope.
- debtFcfGrade
- 100.00
- netDebtEbitGrade
- 89.93
- interestCoverageGrade
- 100.00
- currentRatioGrade
- 60.52
- Debt / FCF (x)
- 0.89
- Net debt / operating income (x)
- 0.50
- Interest coverage (x)
- 22.98
- Current ratio (x)
- 1.51
Capital allocation85
Three-year equal-weight indicators: pretax return on average invested capital (0–25%; equity + debt − cash, each year and its prior year), share-count growth (0–5%, lower better), share-based cost/revenue (2–20%, lower better), consolidated FCF/net income (0–1x). Return uses reported operating income or, if unavailable, EBIT calculated from reported pretax profit plus reported interest expense; exceptional/nonoperating gains are not normalized out. Share-based cost uses the reported cash-flow add-back or, if absent, separately reported recognized compensation expense; the latter never becomes an FCF adjustment. Nonpositive net income scores 0 for cash conversion; absent income/FCF stays unavailable. Nonpositive invested capital has no defined return and remains unavailable. Does not establish acquisition quality or buyback timing.
- 3-year pre-tax operating return (%)
- 22.13
- 3-year average dilution (%)
- -0.59
- 3-year average SBC / revenue (%)
- 10.65
- cashConversionGrade
- 100.00
Management69
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
capital discipline · 2/4 · Nine-month operating cash flow of $7.507 billion accompanied $3.373 billion of repurchases, $1.017 billion of declared dividends and a net share-count reduction despite employee issuance. Subsequent repurchases, new borrowing and debt repayment show active capital management. Acquisition returns and full-year cash coverage are insufficiently detailed to establish consistently superior allocation; treasury-share retirement is not treated as new cash spending.
incentive alignment · 3/4 · Disclosed PSU performance periods, actual fiscal 2025 option awards with four-year vesting, ownership requirements and reduced bonus funding demonstrate substantive alignment mechanisms and exercised compensation discipline. Actual ownership compliance and subsequent award outcomes are not supplied.
execution · 3/4 · Three-year product and consolidated operating results demonstrate sustained commercial execution, including fiscal 2026 QuickBooks accounting growth with higher prices and more customers. This assessment uses operating outcomes indirectly attributable to management, rather than promotional AI claims. Consumer unit weakness and customer-experience improvement opportunities qualify the result.
governance · 3/4 · Actual disclosures establish independent standing committees, annual majority-vote elections, equal voting rights and an independently facilitated Board evaluation. The fiscal 2026 auditor's unqualified internal-control opinion adds evidence of functioning reporting oversight. These do not prove exceptional governance; the proxy's conditional future leadership appointments are not assumed completed.
Evidence
Through seamless onboarding and automated transaction reconciliation, our payment processing solutions are deeply integrated into our QuickBooks Online, Desktop, and Intuit Enterprise Suite offerings.
Business / payment processing integration · Filed 09/09/2026
Bill Pay. QuickBooks Online and Intuit Enterprise Suite allow small and mid-market businesses to manage their accounts payable through efficient bill ingestion, bill payment, custom workflows, and vendor management, automatically reconciling with their books.
Business / Bill Pay workflows and reconciliation · Filed 09/09/2026
To enable our network of hundreds of thousands of accountants, we offer memberships to the QuickBooks ProAdvisor program, which provides accountants access to QuickBooks Online Accountant, technical support, training, product certification, marketing tools, and discounts on Intuit products and services purchased on behalf of clients.
Business / ProAdvisor accountant network, training and certification · Filed 03/09/2025
To enable our large network of accountants, we offer memberships to the QuickBooks ProAdvisor program, which provides accountants with access to QuickBooks Online Accountant, technical support, training, product certification, marketing tools, and discounts on Intuit products and services.
Business / ProAdvisor program · Filed 09/09/2026
QuickBooks Online Accounting revenue increased $530 million, or 19%, in fiscal 2024 compared with fiscal 2023 due to customer growth, higher effective prices, and a shift in mix to our higher-priced offerings.
MD&A / fiscal 2024 QuickBooks Online Accounting revenue drivers · Filed 04/09/2024
Money revenue increased $379 million due to a $242 million increase in payments revenue from payments customer growth, an increase in total payment volume per customer, and higher effective payments prices, and due to a $137 million increase from QuickBooks Capital.
MD&A / fiscal 2025 payments pricing and engagement · Filed 03/09/2025
QuickBooks Online Accounting revenue increased $931 million, or 23%, in fiscal 2026 compared with fiscal 2025 due to the interrelated factors of higher effective prices, customer growth, and mix shift.
MD&A / fiscal 2026 QuickBooks Online Accounting revenue drivers · Filed 09/09/2026
Money revenue increased $434 million reflecting a $257 million increase in payments revenue driven by payments customer growth, higher total payment volume per customer, and higher revenue yield, and a $177 million increase from QuickBooks Capital due to increased loan volume.
MD&A / fiscal 2026 payments customers, volume and yield · Filed 09/09/2026
Online Ecosystem average revenue per customer, which we define as total online ecosystem revenue divided by the average number of online paying customers, increased 15% for fiscal 2026 compared with fiscal 2025.
MD&A / fiscal 2026 Online Ecosystem ARPC · Filed 09/09/2026
Online Ecosystem paying customers, which we define as the sum of all QuickBooks Online paying customers, QuickBooks Time customers, Mailchimp paying customers, and customers who subscribe to standalone services outside of QuickBooks Online, increased 3% as of July 31, 2026 compared with July 31, 2025.
MD&A / fiscal 2026 Online Ecosystem paying customers · Filed 09/09/2026
Online ecosystem paying customers, which we define as the sum of all QuickBooks Online customers, QuickBooks Time customers, Mailchimp paying customers, and customers who subscribe to standalone services outside of their QuickBooks Online experience, increased 6% as of July 31, 2024 compared with July 31, 2023.
MD&A / fiscal 2024 Online Ecosystem paying customers · Filed 04/09/2024
Online ecosystem paying customers, which we define as the sum of all QuickBooks Online customers, QuickBooks Time customers, Mailchimp paying customers, and customers who subscribe to standalone services outside of QuickBooks Online, increased 5% as of July 31, 2025 compared with July 31, 2024.
MD&A / fiscal 2025 Online Ecosystem paying customers · Filed 03/09/2025
Our competitors and other third parties may introduce superior products and services, successfully use and deploy new technologies such as AI that may reduce customer demand for our products or services, reduce prices, have greater technical, marketing and other resources, have greater name recognition, have larger installed bases of customers, have well-established relationships with our current and potential customers and partners, advertise aggressively or beat us to market with new products and services.
Risk factors / competing products, AI and pricing · Filed 09/09/2026
We also face competition from companies with a variety of business models and monetization strategies, including increased competition from providers of free and low-cost offerings, particularly in our tax, accounting, payments and personal finance platform businesses.
Risk factors / free and low-cost competition · Filed 09/09/2026
Consumer segment revenue increased 11% due to strength in our Credit Karma personal loan, credit card, and insurance verticals and growth in assisted tax and our consumer money offerings, partially offset by a decrease in revenue due to fewer TurboTax federal units.
MD&A / Consumer growth and fewer TurboTax federal units · Filed 09/09/2026
Components of Compensation CD&A INTUIT 2026 Proxy Statement 43 Table of Contents True North Fiscal 2025 Strategic Goals and Progress True North Stakeholders Fiscal 2025 Goals Results Employees •Inspire and empower highly engaged employees •Grow highly capable people managers •Retain world’s top talent •Maintained engagement and management scores in the top 10% of industry benchmarks, as measured by internal surveys administered by an independent employee engagement analytics firm •Ranked #78 in Fortune magazine’s list of “100 Best Companies to Work For” Customers •Increase the number of active customers •Improve customer retention •Delight customers more than alternatives •Continued opportunity to drive growth in number of customers •Opportunity to improve customer satisfaction, as measured by net promoter scores and product recommendation scores Communities •Create jobs through Prosperity Hubs •Better prepare people for jobs •Make a positive impact on climate •Supported over 19,000 seasonal and year-round jobs in underserved communities, exceeding our fiscal 2025 goal to support 18,000 jobs •On a cumulative basis since fiscal 2020, better prepared over 9.3 million individuals for jobs, exceeding our fiscal 2025 cumulative goal of 6.2 million students •Reduced greenhouse gas emissions intensity in our value chain, but did not meet our interim fiscal 2025 goal of an absolute reduction of 10,000 metric tonnes Stockholders •Grow revenue by double digits •Increase average revenue per customer (“ARPC”) •Generate operating income growth •Grew overall revenue by 16% to $18.8 billion •Grew revenue by 16% in the Global Business Solutions Group, 10% in the Consumer Group, 4% in the ProTax Group, and 32% in Credit Karma •Grew combined platform revenue, which includes Global Business Solutions Group Online Ecosystem, TurboTax Online, and Credit Karma, by 19% to $14.9 billion •Grew online ecosystem ARPC by 14% •Grew GAAP operating income 36% to $4.9 billion and non-GAAP operating income 18% to $7.6 billion 44 INTUIT 2026 Proxy Statement CD&A Components of Compensation Table of Contents Actual Named Executive Officer bonus awards are determined.
Compensation discussion / fiscal 2025 goals and actual results · Filed 26/11/2025
Twelve Months Ended July 31, (In millions) 2026 2025 2024 Net revenue: Global Business Solutions $ 12,864 $ 11,077 $ 9,533 Consumer 8,584 7,754 6,752 Total net revenue $ 21,448 $ 18,831 $ 16,285 Segment cost of revenue and operating expenses(1): Global Business Solutions $ 2,977 $ 2,601 $ 2,360 Consumer 2,276 1,994 1,740 Total segment cost of revenue and operating expenses $ 5,253 $ 4,595 $ 4,100 Operating income: Global Business Solutions $ 9,887 $ 8,476 $ 7,173 Consumer 6,308 5,760 5,012 Total segment operating income 16,195 14,236 12,185 Unallocated corporate items: Share-based compensation expense (2,056) (1,968) (1,915) Other corporate expenses (7,303) (6,693) (5,788) Amortization of acquired technology (174) (156) (146) Amortization of other acquired intangible assets (485) (481) (483) Restructuring charges (2) (293) (15) (223) Total unallocated corporate items (10,311) (9,313) (8,555) Total operating income $ 5,884 $ 4,923 $ 3,630 (1) Cost of revenue and operating expenses primarily include direct expenses related to selling and marketing, direct costs associated with our product and service offerings, certain data science and analytics related costs and certain design and product management related costs.
Financial statements / three-year segment results and consolidated operating income reconciliation · Filed 09/09/2026
Total expenses increased due to higher outside services (which include hosting), staffing, restructuring, marketing, QuickBooks Capital cost of revenue due to increased loan volume, share-based compensation, SaaS subscriptions and licenses, and online payment cost of revenue.
MD&A / fiscal 2026 expense increases · Filed 09/09/2026
In the first quarter of fiscal 2024, we updated our terms of service and end user license agreements related to our payroll and payments offerings to reflect a change in our obligations with respect to funds we transmit on behalf of our customers.
Accounting policies / implemented payroll and payments contract changes · Filed 04/09/2024
However, the platform owners have wide discretion to change the pricing structure, terms of service and other policies or practices that can affect the visibility or the availability of our offerings.
Risk factors / third-party platform control of distribution terms · Filed 09/09/2026
Nine Months Ended (In millions) April 30, 2026 April 30, 2025 $ Change Net cash provided by (used in): Operating activities $ 7,507 $ 5,826 $ 1,681 Investing activities (1,100) (1,093) (7) Financing activities (3,983) (1,652) (2,331) Effect of exchange rates on cash, cash equivalents, restricted cash, and restricted cash equivalents 9 4 5 Net increase in cash, cash equivalents, restricted cash, and restricted cash equivalents $ 2,433 $ 3,085 $ (652) Intuit Q3 Fiscal 2026 Form 10-Q 44 Table of Contents Our primary sources and uses of cash were as follows: Nine Months Ended April 30, 2026 April 30, 2025 Sources of cash: • Operations • Principal repayments of notes receivable held for investment • Sales of notes receivable originally classified as held for investment • Net change in funds receivable and funds payable and amounts due to customers • Borrowings under our secured revolving credit facilities • Issuance of common stock under employee stock plans Uses of cash: • Purchases of notes receivable held for investment • Repurchases of shares of our common stock • Payment of cash dividends and dividend rights • Payments for employee taxes withheld upon vesting of restricted stock units • Net purchases of corporate and customer fund investments • Payment of accrued bonuses for fiscal 2025 Sources of cash: • Operations • Principal repayments of notes receivable held for investment • Net change in funds receivable and funds payable and amounts due to customers • Borrowings under our secured revolving credit facilities • Sales of notes receivable originally classified as held for investment • Issuance of common stock under employee stock plans Uses of cash: • Purchases of notes receivable held for investment • Repurchases of shares of our common stock • Payment of cash dividends and dividend rights • Payments for employee taxes withheld upon vesting of restricted stock units • Net purchases of corporate and customer fund investments • Payment of accrued bonuses and restructuring for fiscal 2024 Stock Repurchase Programs, Treasury Shares, and Dividends on Common Stock As described in Note 10 to the condensed consolidated financial statements in Part I, Item 1 of this Quarterly Report, during the first nine months of fiscal 2026, we repurchased 6.6 million shares of our common stock under repurchase programs that our Board of Directors has authorized.
Liquidity / nine-month operating cash flow and uses of cash · Filed 20/05/2026
INTUIT INC. CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Unaudited) Three Months Ended April 30, 2026 (Dollars in millions, except per share amount; shares in thousands) Shares of Common Stock Common Stock and Additional Paid-In Capital Treasury Stock Accumulated Other Comprehensive Loss Retained Earnings Total Stockholders' Equity Balance at January 31, 2026 277,492 $ 22,336 $ (23,355) $ (49) $ 20,123 $ 19,055 Comprehensive income — — — (5) 3,064 3,059 Issuance of stock under employee stock plans, net of shares withheld for employee taxes 525 (76) — — — (76) Stock repurchases under stock repurchase programs (3,749) — (1,561) — — (1,561) Dividends and dividend rights declared ($1.20 per share) — — — — (333) (333) Share-based compensation expense — 485 — — — 485 Balance at April 30, 2026 274,268 $ 22,745 $ (24,916) $ (54) $ 22,854 $ 20,629 Nine Months Ended April 30, 2026 (Dollars in millions, except per share amount; shares in thousands) Shares of Common Stock Common Stock and Additional Paid-In Capital Treasury Stock Accumulated Other Comprehensive Loss Retained Earnings Total Stockholders' Equity Balance at July 31, 2025 279,129 $ 21,635 $ (21,543) $ (50) $ 19,668 $ 19,710 Comprehensive income — — — (4) 4,203 4,199 Issuance of stock under employee stock plans, net of shares withheld for employee taxes 1,698 (439) — — — (439) Stock repurchases under stock repurchase programs (6,559) — (3,373) — — (3,373) Dividends and dividend rights declared ($3.60 per share) — — — — (1,017) (1,017) Share-based compensation expense — 1,549 — — — 1,549 Balance at April 30, 2026 274,268 $ 22,745 $ (24,916) $ (54) $ 22,854 $ 20,629 Intuit Q3 Fiscal 2026 Form 10-Q 7 Table of Contents INTUIT INC.
Statements of stockholders' equity / repurchases, issuance, dividends and compensation · Filed 20/05/2026
Purchases of Equity Securities by the Issuer and Affiliated Purchasers Stock repurchase activity during the three months ended July 31, 2026 was as follows: Period Total Number of Shares Purchased Average Price Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Plans Approximate Dollar Value of Shares That May Yet Be Purchased Under the Plans May 1, 2026 through May 31, 2026 1,692,192 $ 365.64 1,692,192 $ 9,313,245,367 June 1, 2026 through June 30, 2026 2,571,249 $ 280.60 2,571,249 $ 8,591,759,742 July 1, 2026 through July 31, 2026 2,543,273 $ 287.48 2,543,273 $ 7,860,608,979 Total 6,806,714 $ 304.31 6,806,714 Note: On August 19, 2025, our Board of Directors approved an increase in the authorization under the existing stock repurchase program to repurchase up to an additional $3.2 billion of our common stock.
Equity securities / actual fiscal fourth-quarter repurchases · Filed 09/09/2026
Senior Unsecured Notes In June 2026, we issued $1.75 billion of senior unsecured notes (the 2026 Notes) comprised of the following: •$750 million of 4.950% notes due June 2031; and •$1 billion of 5.500% notes due June 2036 (together, the 2026 Notes).
Liquidity / June 2026 senior unsecured note issuance · Filed 09/09/2026
In August 2026, we used the net proceeds from this bond issuance, as well as cash on hand, to repay the $750 million of notes that were scheduled to mature in September 2026.
Liquidity / August 2026 repayment of maturing notes · Filed 09/09/2026
50% PSUs align executives’ interests with those of stockholders and support their retention for the three-year vesting period, and offer upside for superior stockholder returns relative to similar alternative investments over 12-, 24-, and 36-month periods.
Executive compensation / PSU allocation and performance periods · Filed 26/11/2025
In fiscal 2025, 25% of the total value of the executive officers’ annual equity awards was provided in the form of non-qualified stock options.
Executive compensation / fiscal 2025 stock options actually awarded · Filed 26/11/2025
These stock options vest over four years of continued service, with 25% of the options vesting after one year and the remainder vesting in equal monthly installments over the next three years, so long as the executive officer continues to be employed by Intuit.
Executive compensation / option vesting terms · Filed 26/11/2025
•Robust stock ownership requirements for senior executive officers and non-employee directors, including 10x salary for the CEO and 10x annual cash retainer for non-employee directors
Governance / executive and director stock ownership requirements · Filed 26/11/2025
Based on the above, including our performance against the True North Goals, in some areas of which we remain constructively dissatisfied, the Compensation Committee exercised discretion and set funding for the IPI at 100% of target, which is below the baseline formulaic funding level of 117.8%.
Executive compensation / actual discretionary reduction in bonus funding · Filed 26/11/2025
•All members of the Board’s four standing committees are independent
Governance / independent standing committees · Filed 26/11/2025
•Annual election of all directors and majority voting in uncontested elections
Governance / annual elections and majority voting · Filed 26/11/2025
•Single class of stock with equal voting rights
Governance / equal voting rights · Filed 26/11/2025
18 INTUIT 2026 Proxy Statement Corporate Governance Board Committees and Charters Table of Contents Annual Board Evaluation The Nominating and Governance Committee oversees this process, which was led by the Board Chair in fiscal 2025 and facilitated by an independent third party.
Governance / independently facilitated fiscal 2025 Board evaluation · Filed 26/11/2025
Prabhu, an independent director, as Lead Independent Director, effective as of the date of the Meeting and subject to their reelection at the Meeting.
Governance / conditional future leadership appointments · Filed 26/11/2025
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of July 31, 2026, based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework), and our report dated September 9, 2026 expressed an unqualified opinion thereon.
Auditor report / September 9, 2026 internal-control opinion · Filed 09/09/2026
