INTUIT INC. (INTU) Business

ITEM 1 - BUSINESS

BACKGROUND
Overview and Mission

Intuit is a global financial technology platform with a mission to power prosperity around the world. Serving approximately 93 million consumers, small and mid-market businesses, and accountants worldwide, Intuit’s platform brings the power of artificial intelligence (AI) and human intelligence together to fuel customers’ success. With TurboTax, Credit Karma, QuickBooks, Mailchimp, Intuit Enterprise Suite, and Intuit Accountant Suite, we help put more money in customers’ pockets, save them time by eliminating work, and help ensure that they have complete confidence in every financial decision they make.

Our strategy is to be an AI-driven expert platform that brings together data, AI, and human tax and financial experts into a single system of intelligence that does the work for customers. We are creating done-for-you experiences by automating everyday tasks, managing complex workflows and processes, and solving challenges before they arise with predictive insights. We connect customers to AI-enabled human experts for that last mile of decisions or to complete the work for them.

Our powerful combination of proprietary data, domain-specific AI platform capabilities, and AI-powered human expertise helps customers make high-stakes financial decisions with confidence. Intuit’s all-in-one business platform helps customers run and grow their businesses end-to-end, from lead to cash. This includes financial management, including payments and capital; compliance; human capital management; and marketing products and services. Intuit's consumer platform helps customers do their taxes with ease and confidence and improve their financial success, from credit building to wealth building, with tax and personal finance products and services. For accounting professionals, we provide professional tax and financial management products and services.

Intuit Inc. was incorporated in California in March 1984. We reincorporated in Delaware and completed our initial public offering in March 1993. Our principal executive offices are located at 2700 Coast Avenue, Mountain View, California 94043, and our main telephone number is 650-944-6000. When we refer to “we,” “our,” or “Intuit” in this Annual Report on Form 10-K, we mean the current Delaware corporation (Intuit Inc.) and its California predecessor, as well as all of our consolidated subsidiaries.

Our Business Portfolio

We organize our businesses into two reportable segments:

Global Business Solutions: This segment serves small and mid-market businesses and accountants around the world. QuickBooks and Intuit Enterprise Suite are offerings powered by our all-in-one business platform which includes financial management services, human capital management solutions such as payroll and time tracking, money solutions such as merchant payment processing, bill pay, checking accounts through an FDIC-member bank partner, and financing for small and mid-market businesses. Intuit Enterprise Suite provides mid-market businesses with a configurable, AI-powered solution that includes multi-entity and multi-dimensional financial management capabilities designed to seamlessly scale and enhance productivity and profitability for more complex businesses to streamline operations. Intuit Accountant Suite is an AI-powered platform that provides accounting firms with everything they need to run and grow their practices while managing and advising their clients. Mailchimp offerings include marketing automation and customer relationship tools.Consumer: This segment primarily serves consumers and professional accountants.Our TurboTax offerings primarily help consumers complete their taxes with confidence and maximize their financial outcomes—whether they do it themselves or with the help of an AI-enabled human expert. TurboTax delivers do-it-yourself and assisted income tax preparation products and services sold in the United States (U.S.) and Canada. We offer a variety of money products directly to consumers, including early refund access to any bank account, as well as Credit Karma Money branded savings and checking accounts through an FDIC-member bank partner.Credit Karma is a personal finance solution that helps its users find the right financial products and make smarter money decisions throughout the year to reach their financial goals. This includes personalized recommendations for credit card, home, auto, and personal loan, and insurance products; and access to their credit scores and reports, credit and identity monitoring, credit report dispute, credit building tools, debt pay-down assistance, credit card rewards optimization, and connected account capabilities to help users understand net worth and make financial progress. Finally, our ProTax offerings help professional accountants in the U.S. and Canada, who are essential to both business success and tax preparation and filing. Our professional tax offerings include Lacerte, ProSeries, and ProConnect Tax Online in the U.S., and ProFile and ProTax Online in Canada.

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Our Business and Growth Strategy

The era of AI is igniting global innovations at an incredible pace and is fundamentally transforming every part of our work and personal lives. We made an early bet on AI, declaring our AI-driven expert platform strategy in 2019. We have transformed the company from a tax and accounting platform to an AI-driven expert platform. Accuracy, compliance, security, and trust of financial decisions are critical. We have a significant competitive advantage with our scale of proprietary data, domain-specific AI platform capabilities, and large network of AI-enabled human experts that is setting the standard for trusted financial intelligence. Backed by four decades of leadership in accuracy, compliance, and security, our platform enables businesses and accountants to manage from lead to cash, and consumers from credit building to wealth building, all in one place, so they can make financial decisions with confidence.

We leverage AI and human intelligence to provide our customers with done-for-you experiences that automate tasks, identify actionable insights to drive important decisions, and manage end-to-end workflows or entire processes to eliminate work, while ensuring the customer remains in control. When customers need additional help or want help to complete the work on their behalf, we connect them with a human expert from our network of thousands of AI-enabled financial, tax, and bookkeeping experts who can complete a specific task, address specialized questions, or manage the entire workload. Our strategy, combined with our Big Bets that focus on the largest customer problems and growth opportunities, positions us for durable growth.

As we execute our global AI-driven expert platform strategy, we prioritize resources on Big Bets that solve the problems that matter most to our customers:

•Deliver done-for-you experiences: We will address our customers’ biggest pain points through a virtual team of AI agents and AI-enabled human experts that deliver done-for-you experiences, with customers in control. This means delivering done-for-you experiences to help businesses run and grow, from lead to cash, fueling consumers’ financial success year-round, from credit building to wealth building, and bringing together practice management, workforce management, and client work in one place for accountants to automate books, get insights and grow their practice.

•Accelerate Money Benefits: We will become the all-in-one platform for customers to manage their critical workflows, decisions, and money. For businesses, this means optimizing cash flow, including receivables, payables, capital, and spend management. For consumers, this means optimizing money and growing their savings, starting with fast access to their tax refund to help them manage cash flow year-round.

•Fuel Success for Mid-Market Businesses: We will become the all-in-one solution for mid-market customers, fueling their success by offering a better experience, better price, and lower total cost of ownership. Businesses are overdigitized, juggling too many disparate apps. Our platform, including QuickBooks Online Advanced, Intuit Enterprise Suite, and our ecosystem of connected services, brings the data and insights they need all in one place to grow revenue and profit.

In fiscal 2026, we scaled a transformative set of AI agents that are dramatically improving how businesses run and grow. We launched an expansion and new lineup of our AI-driven expert platform: a unified system of intelligence that serves as a strategic control tower for both businesses and accountants, seamlessly moving from insight to autonomous execution. On a single platform, accountants can run and grow their practices while managing and advising their clients. Businesses operate from that same control tower, where AI agents not only surface insights, but also take action across the business to manage performance, drive key performance indicators, and complete critical workflows autonomously, all in one place. Our innovation has been made possible by our investments in our proprietary Generative AI Operating System (GenOS). Built for our internal developers, GenOS not only keeps pace with rapid technological industry advances but is setting the pace, by melding the best of artificial intelligence and human intelligence on our platform. This enables us to rapidly deliver a new class of intelligent, autonomous financial solutions that will define the next decade of growth for our customers and for Intuit. This also enabled us to partner with leading AI companies to deliver intelligence that is personalized, accurate, compliant, reliable, secure, and that drives real action on their behalf. This is enabled by our system of intelligence that transcends and orchestrates across systems or apps, so that whether the data sits with Intuit or elsewhere, we can connect it, interpret it, and help customers act with confidence.

Our AI-driven expert platform, products, and embedded experiences are built in keeping with the company’s commitment to data privacy, security, and responsible AI governance. We safeguard customer data and protect privacy using industry-leading technology and practices, and adhere to responsible AI principles that guide how we operate and scale our platform with our customers’ best interests in mind.

As the external environment evolves, we continue to innovate and adapt our strategy and anticipate our customers’ needs. For more than 40 years, we have been dedicated to developing innovative solutions that are designed to solve our customers' most important financial problems. At Intuit, we believe that everyone should have the opportunity to prosper, and we never stop working to find new, innovative ways to make that possible.

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PRODUCTS AND SERVICES

During fiscal 2026, we offered our products and services in the two segments described in “Our Business Portfolio” above. The following table shows the percentage of total revenue contributed by each of these segments over the last three fiscal years.

Total international net revenue was approximately 8% of consolidated total net revenue in each of the twelve months ended July 31, 2026, 2025, and 2024.

For financial information about our reportable segments, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Item 7 and Note 14 to the consolidated financial statements in Item 8 of this Annual Report.

Global Business Solutions

Our Global Business Solutions segment serves small and mid-market businesses around the world, and the accounting professionals who assist and advise them. Our vision is to be the connected all-in-one platform with a virtual team of AI agents and AI-enabled human experts that small and mid-market businesses rely on every day to run and grow their businesses.

Small and mid-market business owners are constantly faced with challenges and barriers in their journey to success. Universally, businesses at every stage of growth struggle to get, grow, and manage customers, get paid and pay bills, get capital, pay and manage their workforce, access advice, and be compliant and organized. Our all-in-one platform features AI agents, providing actionable, AI-driven insights and automation to help our customers grow and run their businesses with confidence. These AI agents work alongside our large network of AI-enabled human experts to provide businesses with additional expertise and support.

Get, Grow, and Manage Customers

Mailchimp. Mailchimp offers email and other marketing solutions that enable small and mid-market businesses to digitally promote themselves across email, social media, short message service (SMS), landing pages, ads, websites, and more, all from one place.

Get Paid and Pay Bills

Payment Processing Solutions. Our full range of merchant services for small and mid-market businesses includes credit card, debit card, Apple Pay, Buy Now Pay Later, Tap to Pay, PayPal, and automated clearing house (ACH) payment services for in-person and card-not-present payments. We offer instant deposit and payment dispute protection options for eligible customers. Through seamless onboarding and automated transaction reconciliation, our payment processing solutions are deeply integrated into our QuickBooks Online, Desktop, and Intuit Enterprise Suite offerings.

QuickBooks Checking. The QuickBooks Checking business bank account comes with a physical and virtual debit card for more spending power, fast payments with no-fee instant deposit, and powerful cash flow management with envelopes for partitioning funds for future expenses, all with no fees.

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.

Get Capital

Capital. We offer financing options for small and mid-market businesses to help them get the capital they need to succeed. The financing process provides customers with the ability to use their data to qualify for and borrow capital from Intuit via our originating bank partner or from partners on our QuickBooks Capital Marketplace. QuickBooks Line of Credit provides flexible access to capital through pre-qualified credit limits. Under this program, qualified small and mid-market businesses can choose to borrow funds through a series of term loans within a maximum approved credit limit. Additionally, we provide financing as a third-party financing provider in a strategic partner’s lending program, opening a new channel to acquire QuickBooks customers. We also offer Intuit Business Credit Card, which allows small and mid-market businesses to make purchases, manage expenses, and access credit for their business needs.

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Pay and Manage Workforce

QuickBooks Workforce. QuickBooks Workforce is an all-in-one human resources and payroll platform designed for small and mid-market businesses that integrates with QuickBooks Online. Providing businesses a 360-degree view of their people and finances, QuickBooks Workforce supports the employee lifecycle, from recruiting and onboarding through benefits administration, performance management, time off management, time tracking, document management, and offboarding. With employee self-service portals, centralized worker profiles, and bulk administrative tools, the platform reduces manual reconciliation and delivers actionable, AI-driven insights to help customers manage and grow their workforce with confidence.

Access Advice

Intuit Experts. Businesses can get support through Expert Assisted and Full-Service Bookkeeping. With QuickBooks Live Expert Assisted, businesses have on-demand access to expert bookkeepers who can provide guidance and support on managing their books and making smart business decisions. With QuickBooks Live Full-Service Bookkeeping, businesses get one-on-one support from our team of expert bookkeepers to manage and maintain books with an accuracy guarantee. Our experienced bookkeepers are certified QuickBooks ProAdvisors, and many are Certified Public Accountants.

QuickBooks ProAdvisor. Accounting professionals can assist with bookkeeping, taxes, payroll, and more. Our free Find a ProAdvisor service helps customers find a QuickBooks Certified accountant or bookkeeper who knows their niche, speaks their language, or is nearby. 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.

Be Compliant and Organized

QuickBooks Online. QuickBooks Online helps simplify accounting and tax compliance. Users can track income and expenses, create and send invoices and estimates, manage and pay bills, and review a variety of financial reports. QuickBooks Online also has powerful industry-specific capabilities such as features for product-based businesses. QuickBooks Online is an open platform, enabling third-party developers to create online and mobile applications that integrate with our offering. QuickBooks Online embeds Intuit’s AI to automate routine bookkeeping and surface actionable insights through natural-language queries, forecasts, and proactive alerts, working alongside Intuit AI-enabled experts.

We offer different QuickBooks Online solutions depending on the size and complexity of the business. QuickBooks Free, QuickBooks Lite, QuickBooks Solopreneur, and QuickBooks Self-Employed are designed for early-stage solopreneurs, micro businesses, and independent contractors with varying needs. We offer additional plans, Simple Start, Essentials, and Plus, that serve a range of small businesses. QuickBooks Online Advanced is designed for mid-market businesses with more complex needs.

Intuit Enterprise Suite. Designed for complex mid-market companies seeking to streamline operations, enhance productivity, and support growth, this solution builds upon the familiar QuickBooks Online interface. It integrates advanced financial management solutions, such as multi-entity accounting and multi-dimensional reporting, along with human resources and marketing tools in a unified solution. We also offer optional professional services, including implementation and data migration, training, and integration setup and workflow configuration.

Intuit Accountant Suite. Intuit Accountant Suite is our AI-powered firm management platform designed for accounting professionals to manage their clients, firm, and team in one place. The platform integrates five core areas: client management, client collaboration, service delivery, business planning, and team management, with embedded Intuit Intelligence and AI agents.

QuickBooks Desktop Software. Our QuickBooks financial management solutions are also available as desktop versions for businesses on a subscription basis. QuickBooks Desktop Plus is designed for small businesses. QuickBooks Enterprise is designed for mid-market businesses with more complex needs and is available for download or as a hosted solution. This offering provides industry-specific reports and features for a range of industries, including Contractor, Manufacturing, Wholesale and Distribution, Retail, Nonprofit, Professional Services, and Accountants.

Financial Supplies. We offer a range of financial supplies designed for individuals and businesses that use our QuickBooks offerings. These include checks, a variety of stationery, tax forms, and related supplies.

Consumer

Our Consumer segment primarily serves consumers and professional accountants and is comprised of our TurboTax, Credit Karma, and ProTax offerings. Our vision is to be a platform that engages consumers year-round to solve their most critical financial problems that include making ends meet, maximizing tax refunds, saving more, paying off debt, knowing where they stand, and reducing payments. We believe the combined strengths and reach of our brands will enable us to provide differentiated and durable personal finance benefits to consumers throughout the year.

TurboTax. Our TurboTax products and services are designed to enable consumers and businesses to prepare and file their

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federal and state income tax returns quickly and accurately. These offerings are available either online or as desktop versions in the U.S. and Canada. They are designed to be easy to use yet sophisticated enough for complex tax returns, serving the varied needs of our customers, from those who file simple returns to those who itemize deductions, own investments or rental property, and manage small and mid-market businesses. AI-driven features, including agentic experiences and personalized recommendations, help customers accelerate tax return completion and deliver a faster, more confident filing experience.

Our assisted tax products and services, such as TurboTax Expert Assist and TurboTax Expert Full Service, are designed for customers who seek professional tax advice or who want their returns prepared by an AI-enabled expert. Our do-it-yourself tax products and services are designed for customers who choose to independently prepare and file their tax returns. We also offer complementary services, including electronic filing of federal and state income tax returns, audit defense, audit support, as well as a variety of financial offerings, including early access to tax refunds, File Now, Pay Later loans, and Credit Karma Money branded online savings and checking accounts through FDIC-member partner banks.

Our online tax preparation, filing, and other services are offered through the websites and mobile apps of thousands of financial institutions, electronic retailers, and other online merchants, as well as through physical locations where customers can learn more about our tax products in person and receive tax preparation services from an AI-enabled human expert.

Credit Karma. Credit Karma provides consumers with a financial solution that can help propel them forward wherever they are on their financial journey, enabling them to understand their financial picture, make smart financial decisions, and stick to their financial plan. The platform offers a number of services to our users: access to their credit scores and reports, credit and identity monitoring, credit building and improvement tools, credit report dispute, tools to connect financial accounts to obtain a holistic view of their finances and net worth, personalized recommendations of credit card, loan, and insurance products, tax tools, and access to our TurboTax offerings directly in Credit Karma. Domain-specific AI agents deliver personalized finance, tax, and money experiences. To provide services to our users, Credit Karma works with a variety of partners, including credit bureaus, banks, credit card issuers, insurance carriers, and other financial institutions and lenders. Additionally, Credit Karma leverages Lightbox, a differentiated proprietary technology that allows participating lenders to apply their own decisioning models, together with thousands of de-identified data attributes from Credit Karma users, to provide them with even greater certainty of their approval odds for applicable financial products.

ProTax. Our ProTax professional tax offerings serve professional accountants in the U.S. and Canada, enabling them to accurately and efficiently complete and electronically file a full range of federal and state tax returns for individuals and businesses. Our professional tax offerings consist of Lacerte, ProSeries, and ProConnect Tax Online in the U.S., and ProFile and ProTax Online in Canada, spanning desktop and cloud-based solutions integrating with QuickBooks Online to streamline the books-to-tax workflow for firms handling returns of varying complexity. We also offer a variety of tax-related services that complement the tax return preparation process, such as advisory services, year-round document storage, bank products, e-signature, and collaboration services, as well as additional capabilities, such as desktop hosting, fixed asset management, and third-party solutions for practice management for some of our U.S. tax offerings.

PRODUCT DEVELOPMENT

The markets for software and related services are characterized by rapid technological change, shifting customer needs and expectations, and frequent new product introductions and enhancements. To succeed in these markets, continuous investment is required to innovate, develop new products and services, and enhance existing offerings. Our product development efforts are more important than ever as we pursue our growth strategy.

We develop many of our products and services internally and hold a number of U.S. and foreign patents and pending applications that relate to various aspects of our products and technology. We supplement our internal development efforts by acquiring businesses and technologies, as well as purchasing or licensing products and technology from third parties. We also establish other relationships to enhance or expand our offerings more rapidly. We expect to expand our third-party technology relationships as we continue to pursue our growth strategy.

Our offerings have rapid development cycles. Developing consumer and professional tax software and services presents unique challenges because of the demanding development cycle required to accurately incorporate federal and state tax law and tax form changes within a rigid timetable. The development timing for our small business payroll and merchant payment processing services offerings varies with business needs and regulatory requirements, with the length of the development cycle depending on the scope and complexity of each project.

We continue to make substantial investments in research and development. We expect to focus our future research and development efforts on enhancing existing products and services with done-for-you experiences, financial recommendations, personalization, and ease of use enabled by AI and other advanced technologies. We continue to focus on developing new products and services, including global offerings, and undertaking significant research and development for ongoing projects to update the technology platforms for several of our offerings.

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SEASONALITY

Within our Consumer segment, our TurboTax and ProTax offerings have a significant and distinct seasonal pattern as sales and revenue from our income tax preparation products and services are typically heavily concentrated in the period from November through April. This seasonal pattern typically results in higher net revenues during our second and third quarters ending January 31 and April 30, respectively.

We expect the seasonality of these offerings to continue to have a material impact on our quarterly financial results in the future.

MARKETING, SALES, AND DISTRIBUTION CHANNELS

Markets

Our primary customers are consumers and small and mid-market businesses. We also provide specialized tax and accounting products to professional accountants. We partner with financial institutions and financial product providers, connecting them with consumers on our platform. The markets in which we compete have always been characterized by rapid technological change, shifting customer needs and expectations, and frequent new product introductions and enhancements by competitors. Advances in data-driven personalization and digital technologies, along with the evolution of AI, are accelerating the pace of change and revolutionizing how customers learn about, evaluate, and consume products and services.

Real-time, personalized online shopping experiences are the standard. In addition, many customers begin shopping in one channel and ultimately purchase in another. This has created a need for integrated, multi-channel, shop-and-buy experiences. Market and industry changes quickly make existing products and services obsolete. Our success depends on our ability to respond rapidly to these changes with new business models, updated competitive strategies, new or enhanced products and services, and other changes in the way we do business.

Marketing Programs

We use a variety of marketing programs to generate direct sales, develop leads, increase general awareness of the Intuit brand and our product portfolio, and drive sales in retail. These programs include digital marketing, such as display and pay-per-click advertising, search and generative engine optimization, and social and affiliate marketing; offline marketing, such as TV and radio advertising; email marketing; in-product marketing to drive awareness of related products and services; public relations; sponsorships; podcast marketing; mobile marketing; strategic partnerships with AI platform providers; and retail marketing of our consumer tax offerings. Our campaigns are designed to attract new users, increase user engagement, retain existing users, and cross-sell additional offerings.

Sales and Distribution Channels

Direct Channel. We offer our products and services directly through our websites, apps, and inside sales team. Direct online offerings are an effective channel for customers who can make purchase and other decisions regarding our and our partners’ offerings based on content provided on our websites, or via other online content and word-of-mouth recommendations. For many of our products, assisted sales continues to be an effective channel for serving customers who want live help to select the products and services that are right for their needs. For our TurboTax products and services, this includes physical locations. We also have a direct sales force that calls on accountants, bookkeepers, marketing professionals, and other value-added resellers, and seeks to increase their awareness, usage, and recommendation of our business and professional tax solutions. We market certain products directly to mid-market businesses through our direct sales force.

Multi-Channel Shop-and-Buy Experiences. Our customers primarily research products and services online. Many customers buy and use our products and services entirely online. Some research online but make their purchase at a retail location. Similarly, other customers research in a physical location but purchase online. Because many customers shop across multiple channels, we continue to coordinate our online, offline, and retail presence and promotions to support an integrated, multi-channel shop-and-buy model. We also focus on cross-selling complementary Intuit and third-party offerings online and in-product.

Online App Stores. We distribute many of our offerings for mobile devices through proprietary online stores that provide applications for specific devices.

Partner and Other Channels. We offer many of our products and services through partners and other channels, including value-added resellers, technology partners with complementary platforms, accountants, bookkeepers, marketing professionals, and professional service providers who help us reach new customers at the point of need and drive growth and market share by extending our online reach. These partners combine our products and services with marketing, sales, and technical expertise to deliver a complete solution at the local level. We also sell our TurboTax Desktop offerings at retail locations across the U.S. and Canada and on retailer websites. In Canada, we also rely on distributors who sell products into the retail channel.

COMPETITION

We face intense competition in all aspects of our businesses across all of our offerings. Competition is rapidly evolving, fragmented, and involves complex interdependencies with many businesses. Competitive pressures in many of the market

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segments we serve have grown markedly over the past few years, and the marketing and distribution channels continue to evolve. We expect these trends to continue. Our competitors may introduce superior products and services, successfully use and deploy new and evolving technologies that may reduce customer demand for our products or services, advertise aggressively, or beat us to market with new products and services. These competitors may also have greater technical, marketing, and other resources, greater brand recognition, larger installed bases of customers, or well-established relationships with our current and potential customers and partners. The rapid development and adoption of AI is increasing customer expectations and intensifying competition, and our ability to compete effectively will depend, in part, on our ability to develop, deploy, and integrate AI across our platform and offerings.

The competitive landscape is constantly evolving. This occurs as we expand into new market segments and geographic regions, as we enhance and extend our offerings, and as existing companies and new entrants broaden their capabilities through development, acquisitions or partnerships to include the market segments and geographic regions in which we operate. Advances in new and evolving technologies, including AI, may further accelerate these changes by lowering barriers to entry and enabling existing competitors, new entrants, and providers of general-purpose AI technologies to develop features, products, and services, including as add-ons to existing offerings, that address the same customer needs our offerings are designed to solve. Given the customer problems that we aim to solve and the breadth of our offerings as a global financial technology company, we compete with offerings from a variety of organizations across a range of industries, including large global companies, smaller geographically focused companies, startups, and professional services firms. These include:

•business software providers;

•tax and accounting practice management software providers;

•private and publicly funded tax preparation and filing service providers;

•accounting, consulting, and tax firms;

•companies and banks that provide money services;

•companies that provide personal finance products and tools;

•companies that provide a marketplace of consumer financial offerings;

•financial institutions;

•credit bureaus; and

•platform companies and providers of general purpose AI technologies that could develop or extend their capabilities into competing technology solutions to help solve any of the problems that our customers may face.

We believe our most important competitive strengths are our innovation and technology capabilities, functionality and breadth of solutions, ease of use, security of our offerings, the integration of our offerings with each other and third-party offerings, brand recognition and reputation, the quality of our support, value, and cost. We believe that we compete favorably based on these factors and our ability to remain competitive will largely depend on our ongoing performance.

CUSTOMER SUCCESS

For many of our offerings, we provide support through multiple channels including telephone, email, AI-assisted online and video chat, text messaging, in-person at physical locations, our customer support websites, self-help assets embedded in our products, and online communities where consumers can share knowledge and product advice with each other.

We also provide access to experts, through our TurboTax Expert Assist, TurboTax Expert Full Service, and Intuit Experts offerings, who provide tax advice, tax preparation, and bookkeeping services. We embed AI agents into our customer success operations to triage issues, automate routine tasks, and surface proactive insights, working alongside human experts to improve speed and consistency of resolution across channels.

Our customer success staff predominantly consists of Intuit-employed and outsourced experts. We supplement with seasonal employees and additional outsourcing during periods of peak call volumes, such as during the tax return filing season or following a major product launch. We augment the services we provide with outsourced partnerships domestically and internationally. Our outsourced customer success personnel are based primarily in the U.S. and the Philippines. We also source staff through our Prosperity Hub program, which is designed to drive economic opportunity in underserved communities by hiring and training customer success staff both directly and through partner employers.

Self-help information is offered for free in-product and on our support websites for many of our offerings. Support alternatives and fees vary by product. For example, some product subscriptions include 24/7 support and additional contact channel options.

MANUFACTURING AND DISTRIBUTION

Online Products and Services

Our online offerings include QuickBooks Online, Intuit Enterprise Suite, Intuit Accountant Suite, QuickBooks Workforce, merchant payment processing and bill pay services, Mailchimp’s marketing automation and customer relationship offerings, TurboTax Online, ProConnect Tax Online, consumer and professional electronic tax filing services, and Credit Karma offerings. We use public cloud providers, such as Amazon Web Services and Google Cloud Platform, for most of our systems, networks, and databases used to operate these online offerings.

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Desktop Software and Supplies

Our desktop software customers electronically download software whether purchased online or purchased in a packaged box with an activation code. When supplies are ordered, we typically ship the physical product within a few days of receiving an order, and backlog is minimal.

PRIVACY AND SECURITY

We host, collect, process, use, and retain large amounts of sensitive and personal data from our customers, users, workforce, and third-party partners. We are stewards of this data and have designed data principles to align our organization in collecting, using, and protecting such information. As we believe strongly in these principles, we operate our program to comply with laws and regulations that govern our use, sharing, and protection of personal information, including, for example, laws related to financial services and the handling of tax data. We have established guidelines and practices to help ensure members of our workforce are aware of our program and the role they play in protecting this data. Our privacy statements provide notice of our privacy practices, and provide the opportunity for impacted parties to exercise their rights with respect to their personal information. We participate in industry groups whose purpose is to develop or shape industry best practices, and to inform public policy for privacy and security.

We use security safeguards to protect the systems and the information given to us from loss, misuse, and unauthorized alteration. We use technical and procedural measures designed to help detect and prevent fraud and misuse of data. Whenever sensitive information, such as credit card information or tax return data, is transmitted to us through one of our websites or products, we follow current industry standards to encrypt the data as it is transmitted to us, and when we store it at rest. We routinely patch our systems with security updates and work to protect our systems from unauthorized internal or external access using numerous commercially available computer security products, as well as internally developed technology, security procedures, and practices.

GOVERNMENT REGULATION

We are subject to federal, state, local, and international laws and regulations that add compliance costs, affect how we operate, and may impact our ability to compete. For example, the tax offerings in our Consumer segment are subject to federal, state, and international government requirements, including regulations related to the electronic filing of tax returns, the provision of tax preparer assistance, and the use and disclosure of customer information. The personal finance offerings in our Consumer segment, which include recommendations of credit card, loan, and insurance products along with access to credit scores and reports, are also subject to certain regulatory requirements. Our Global Business Solutions segment offers products and services to small and mid-market businesses and consumers, such as payroll, payments, financing for small and mid-market businesses, and other financial service offerings, which are also subject to certain regulatory requirements. For additional information regarding the government regulations to which we are subject, see “Risk Factors” in Item 1A of Part I of this Annual Report, including without limitation the risks under “Legal and Compliance Risks.”

INTELLECTUAL PROPERTY

Our success depends on the proprietary technology integrated into our offerings. We protect this proprietary technology through a variety of intellectual property mechanisms, including copyright, patent, trade secret, and trademark laws, as well as restrictions on disclosure and other methods. For example, we regularly file applications for patents, copyrights, and trademarks and service marks to protect intellectual property that we believe is important to our business. We hold a growing patent portfolio that we believe is important to Intuit’s overall competitive advantage, although we are not materially dependent on any one patent or particular group of patents in our portfolio at this time. We also have a number of registered trademarks that include Intuit, QuickBooks, Lacerte, TurboTax, QB, ProSeries, ProConnect, Credit Karma, and Mailchimp. We have registered these and other trademarks and service marks in the U.S. and, depending on the relevance of each brand to other markets, in many foreign countries. Most registrations can be renewed perpetually at 10-year intervals. We also license intellectual property from third parties for use in our products.

While our portfolio of patents is growing, our issued patents could be determined to be invalid or unenforceable against competitive products in every jurisdiction. In addition, third parties have asserted and may continue to assert infringement claims against us and our customers. These claims and any litigation may result in invalidation of our proprietary rights or a finding of infringement along with an assessment of damages. Litigation, even if without merit, could result in substantial costs and divert resources and management attention. Additionally, third-party licenses may not continue to be available to us on commercially acceptable terms, or at all.

HUMAN CAPITAL

We consider our employees to be one of our four key True North stakeholders because they are critical to delivering for our customers, our stockholders, and the communities we serve. As of July 31, 2026, we had approximately 18,600 employees in seven countries. During fiscal 2026, we employed on average approximately 12,300 seasonal employees from January to April primarily to support our Consumer segment customers during the peak of tax season. We believe our future success and growth will depend on our ability to attract and retain a qualified workforce to support our strategic priorities. We also believe

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that the simplification of our organizational structure under our restructuring plan will allow us to become a faster, leaner, and more focused company. See Note 15 to the consolidated financial statements in Item 8 of this Annual Report for more information about the restructuring plan announced in May 2026.

Intuit’s Chief People & Places Officer, who reports directly to the Chief Executive Officer, manages our overall workforce policies and strategies, including employee recruitment, workplace environment and culture, engagement and retention, leadership development, succession planning, organization and talent assessment, fair pay, and executive compensation. The Compensation and Organizational Development Committee of the Board of Directors has oversight of these programs.

Culture and Values

To deliver on our mission to power prosperity around the world, we are guided by our company values as we strive to create an inclusive, safe, and respectful workplace where employees can do the best work of their lives and be empowered to make an impact, learn and grow, and feel connected. Our values and culture are woven into our hiring and retention practices and are foundational to our ability to attract, retain, and advance top talent.

•Our value of Integrity Without Compromise means valuing trust above all else, speaking the truth, and doing the right thing even when no one is looking.

•Our value of Courage means being bold and fearless in how we think and act, holding a high bar for performance, and valuing speed with a bias for learning and action.

•Our value of Customer Obsession means falling in love with our customers’ problems and delivering solutions that delight our customers.

•Our value of Stronger Together means we champion an inclusive and respectful workplace, and we thrive on diverse voices to challenge and inform decisions.

•Our value of We Care and Give Back means we strive to be stewards of the future, strengthen the communities around us, and give everyone the opportunity to prosper. We provide eligible full-time employees paid time off that can be used to do volunteer work during normal work hours for vetted non-profits and for donation matching up to an annual limit.

Talent Acquisition

We have a robust talent acquisition process that begins with cross-functional talent planning to define hiring needs. Candidates are assessed against skills and values as defined by each hiring team. We are an equal-opportunity employer and make employment decisions without regard to any basis protected by federal, state, or local law. We do not make employment decisions based on an individual’s identity. To expand our reach for the best available talent, we have invested in external partnerships with organizations and universities. This includes active participation and having a significant presence at prominent industry conferences and events known for attracting global audiences with varied skills and experience.

Talent Development and Retention

We strive to create an inclusive, safe, and respectful environment that enables our employees to show up authentically and do the best work of their lives. We promote connection to our culture and provide the resources people need to make a positive impact, from onboarding through every stage of the employee lifecycle. We invest in the growth of all employees, managers, and executives.

AI is transforming the way we work, and we are invested in ensuring our employees have the skills to use it effectively and responsibly. Employees have access to learning paths and online courses on topics ranging from AI to accelerating velocity. We focus on internal mobility, helping people acquire new skills, take on new responsibilities, and gain new experiences. For managers and executives, we design learning solutions and resources, such as our leadership playbook, focused on leading with a clear vision, building a high-performance culture, and driving winning results. Employees set goals, measure progress, and have opportunities to focus on growth both during performance assessment conversations and ongoing check-ins with their manager.

Employee Engagement and Listening

Listening and responding to our employees is at the core of our culture. We value employee feedback and leverage it to continuously improve the employee experience. We regularly collect, analyze, measure, and share insights about the sentiment of our workforce through multiple channels, including surveys, town halls with senior leadership, and other touchpoints, which help to guide the work we do to support our employees.

Total Rewards

Our compensation philosophy aims to attract and retain top talent for today and the future. Intuit’s total target compensation includes base pay, a range of incentive plans that vary based on role, and stock-based awards, which are all set at market-competitive levels. Incentive compensation plans are part of our pay-for-performance philosophy, including close alignment

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with Company performance that rewards top performers. Most of our non-seasonal employees are also eligible for stock-based awards.

We also offer eligible employees a broad range of competitive benefit programs and services designed to address the physical and mental health, well-being, income protection, and family care needs of employees and their family members. These programs include health care, mental health coaching and counseling, programs to save for retirement, tuition assistance, financial counseling, life and family support programs, and paid time off, including annual paid recharge days and family and parental leave.

We have a strong culture of transparency, which includes our ongoing focus on fair pay. We are committed to providing fair pay to all of our employees.

Stronger Together

At the foundation of our culture is our Stronger Together value. It guides our behavior and interactions in everything we do and in how we treat one another. We serve diverse customers around the world. We believe we can solve their toughest problems and deliver unrivaled benefits when our workforce understands and reflects our customers.

Intuit has established employee resource groups (ERGs) that provide a foundation for a culture of inclusion. These ERGs are employee-driven, volunteer-led, and open to all employees. ERGs offer a sense of community and give all employees the chance to learn from role models, peers, and experts, and to volunteer within their communities, all while aligning with our organization’s overall mission.

INFORMATION ABOUT OUR EXECUTIVE OFFICERS

The following table shows Intuit’s executive officers and their areas of responsibility as of August 1, 2026. Their biographies follow the table.

Mr. Goodarzi has been Chief Executive Officer (CEO) and a member of the Board of Directors since January 2019 and Chairman of the Board of Directors since January 2026. He has also served as President since January 2019. He previously served as Executive Vice President and General Manager of Intuit’s Small Business Group since May 2016. He previously was Executive Vice President and General Manager of Intuit’s Consumer Tax Group from August 2015 through April 2016 and from August 2013 to July 2015 served as Senior Vice President and General Manager of the Consumer Tax Group. He served as Intuit’s Senior Vice President and Chief Information Officer from August 2011 to July 2013, having rejoined Intuit after serving as CEO of Nexant Inc., a privately held provider of intelligent grid software and clean energy solutions, beginning in November 2010. During his previous tenure at Intuit from 2004 to 2010, Mr. Goodarzi led several business units, including Intuit Financial Services and the professional tax division. Prior to joining Intuit, Mr. Goodarzi worked for Invensys, a global provider of industrial automation, transportation, and controls technology, serving as Global President of the Products group. He also held a number of senior leadership roles in the automation control division at Honeywell Inc. From April 2018 to January 2026, he served on the board of Atlassian Corporation Plc and as chair of its Compensation and Leadership Development Committee. Mr. Goodarzi holds a Bachelor’s degree in Electrical Engineering from the University of Central Florida and a Master’s degree in Business Administration from the Kellogg School of Management at Northwestern University.

Mr. Aujla has been Executive Vice President and Chief Financial Officer since August 2023. He served as Intuit’s Senior Vice President of Finance, Small Business & Self-Employed Group and Technology Organization, from January 2019 to July 2023, and Vice President, Finance, Small Business & Self-Employed Group, from June 2015 to January 2019. Prior to joining Intuit, Mr. Aujla held various finance leadership roles at Visa, and investment banking roles at Goldman Sachs and Morgan Stanley. Mr. Aujla holds a Bachelor’s degree in Economics from San Francisco State University and a Master’s degree in Business Administration from the University of Virginia Darden School of Business.

Mr. Cozzens has been Executive Vice President, General Counsel and Corporate Secretary since July 31, 2026. Prior to that, he served as Intuit’s Senior Vice President, Deputy General Counsel and Assistant Corporate Secretary from August 2022 to July 2026, Vice President, Deputy General Counsel from July 2018 to July 2022, and Director, Senior Corporate Counsel from 2005 to 2018. Prior to joining Intuit, he served as Assistant General Counsel for Liberate Technologies from 2002 to 2005. Mr.

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Cozzens holds a Bachelor’s degree in Electrical Engineering from Stanford University and a Juris Doctor degree from Stanford Law School.

Mr. Hanebrink has been Executive Vice President and Chief Corporate Strategy & Development Officer since 2019. He served as Intuit’s Senior Vice President of Corporate Strategy & Development from November 2016 through January 2019. Prior to rejoining Intuit in November 2016, Mr. Hanebrink served in leadership roles at Block (formerly known as Square) from October 2014 to October 2016. He initially joined Intuit as a Director of Corporate Strategy & Development in January 2011 and subsequently served as Vice President of Corporate Strategy & Development until October 2014. Before joining Intuit, he worked in a variety of venture capital, corporate development, and strategy roles at Opus Capital, Hewlett-Packard, and The Boston Consulting Group. Mr. Hanebrink serves on the board of directors of PubMatic. Mr. Hanebrink holds a Bachelor’s degree in Finance and Marketing from Washington University in St. Louis and a Master’s degree in Business Administration from The Wharton School at the University of Pennsylvania.

Ms. Hilliard has been Executive Vice President and Chief People & Places Officer since August 2025. Prior to that, Ms. Hilliard spent 27 years working in Intuit’s People & Places Organization across all of Intuit’s businesses and functions, including driving critical business outcomes and accelerating growth in both the Consumer and the Global Business Solutions segments. Ms. Hilliard holds a Bachelor’s degree in Business Administration and Management from the University of Redlands.

Ms. Hotz has been Senior Vice President and Chief Accounting Officer since August 2022, and previously held roles as Vice President and Chief Accounting Officer from February 2022 to July 2022 and Vice President and Corporate Controller from August 2020 to January 2022. She previously served as the Director, Corporate Accounting from January 2014 to July 2020. Since joining Intuit in 2004, Ms. Hotz has held a variety of accounting leadership roles at the Company. From 2001 to 2004, Ms. Hotz served in corporate controller and finance functions at other public companies. She began her career in public accounting at Coopers & Lybrand LLP (now PricewaterhouseCoopers LLP) from 1996 to 1998, and RSM McGladrey & Pullen LLP (now RSM US LLP) from 1998 to 2001. Ms. Hotz is a California Certified Public Accountant (inactive) and holds a Bachelor of Science degree in Accounting from Washington University in St. Louis.

AVAILABLE INFORMATION

Our corporate website, www.intuit.com, provides materials for investors and information relating to Intuit’s corporate governance. The content on any website referred to in this filing is not incorporated by reference into this filing unless expressly noted otherwise.

We file reports required of public companies with the Securities and Exchange Commission (SEC). These include annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, proxy statements, and other reports, and amendments to these reports. The SEC maintains a website at www.sec.gov that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC. We make available free of charge on the Investor Relations section of our corporate website all of the reports we file with or furnish to the SEC as soon as reasonably practicable after the reports are filed or furnished. Copies of this Annual Report on Form 10-K may also be obtained without charge by contacting Investor Relations, Intuit Inc., P.O. Box 7850, Mountain View, California 94039-7850, by calling 650-944-6000, or by emailing investor_relations@intuit.com.