Intuit (INTU) INTU Q3 Financial Results Summary
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Intuit Inc. (INTU) Q3 2026 Financial Results Summary
Intuit Inc. (INTU) announced its financial results for the third quarter of fiscal 2026 on May 20, 2026.
Financial Highlights
- Total Revenue: Grew to $8.6 billion, representing a 10% increase compared to $7.754 billion in Q3 FY25.
- Consumer Revenue: Increased to $5.3 billion, up 8% year-over-year.
- TurboTax Revenue: Achieved $4.4 billion, an increase of 7%.
- Credit Karma Revenue: Rose to $631 million, up 15%.
- ProTax Revenue: Held steady at $278 million, showing no growth.
- Global Business Solutions Revenue: Reached $3.3 billion, up 15%.
- Online Ecosystem Revenue: Increased to $2.5 billion, representing a 19% growth.
- Excluding Mailchimp, Global Business Solutions revenue grew by 17% and Online Ecosystem revenue increased by 22%.
- GAAP Operating Income: Increased to $4.0 billion, a growth of 8%.
- Non-GAAP Operating Income: Rose to $4.7 billion, up 8% year-over-year.
- GAAP Diluted Earnings Per Share: Climbed to $11.09, a 11% increase from $10.02 in FY25.
- Non-GAAP Diluted Earnings Per Share: Increased to $12.80, up 10% from $11.65 in FY25.
Business Segment Results
Consumer Segment
- Revenue: $5.3 billion, +8% YoY
- TurboTax: $4.4 billion, +7%
- Credit Karma: $631 million, +15%
- ProTax: $278 million, flat
Global Business Solutions Segment
- Revenue: $3.3 billion, +15%
- QuickBooks Online Accounting Revenue: Up 22%
- Online Services Revenue: Increased 15%
Capital Allocation Summary
- Cash and Investments: Reported at $6.8 billion with a total debt of $6.2 billion as of April 30, 2026.
- Share Repurchase: Intuit repurchased $1.6 billion of stock and received Board approval for a new $8 billion repurchase authorization.
- Quarterly Dividend: Approved at $1.20 per share, reflecting a 15% increase compared to the previous year.
Workforce Management
Announced a restructuring plan to reduce its full-time workforce by 17%, expecting restructuring charges between $300 million and $340 million to be primarily recognized in Q4 FY26.
Forward-Looking Guidance
- Total Revenue: Revised guidance for FY26 raised to $21.341 billion to $21.374 billion, an estimated growth of 13 to 14%.
- GAAP Operating Income: Expected to be between $5.705 billion and $5.725 billion, indicating approximately 16% growth.
- Non-GAAP Operating Income: Anticipated to be between $8.784 billion and $8.804 billion, also reflecting around 16% growth.
- GAAP Diluted EPS: Forecasted between $15.79 to $15.84, approximately 16% increase.
- Non-GAAP Diluted EPS: Likely to be around $23.80 to $23.85, showing anticipated growth of 18%.
Fourth Quarter FY26 Outlook
Projecting revenue growth of approximately 11 to 12% with GAAP diluted EPS estimated between $0.73 to $0.79 and non-GAAP diluted EPS expected between $3.56 to $3.62.
Intuit continues to leverage its AI-driven expert platform strategy to drive growth, investment in key business areas, and enhance long-term shareholder value.
Here are the extracted tables in Markdown format:
GAAP CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except per share amounts)
Note: The amounts in the following tables are in thousands.
| Three Months Ended | Nine Months Ended | |||
|---|---|---|---|---|
| April 30, 2026 | April 30, 2025 | April 30, 2026 | April 30, 2025 | |
| Net revenue: | ||||
| Service | $7,759 | $6,971 | $15,128 | $13,109 |
| Product and other | $799 | $783 | $1,966 | $1,891 |
| Total net revenue | $8,558 | $7,754 | $17,094 | $15,000 |
| Costs and expenses: | ||||
| Cost of revenue: | ||||
| Cost of service | $1,317 | $1,138 | $3,122 | $2,790 |
| Cost of product and other | $14 | $18 | $47 | $52 |
| Amortization of acquired technology | $43 | $38 | $131 | $112 |
| Selling and marketing | $1,793 | $1,618 | $4,270 | $3,784 |
| Research and development | $840 | $707 | $2,519 | $2,127 |
| General and administrative | $409 | $394 | $1,232 | $1,177 |
| Amortization of other acquired assets | $122 | $120 | $364 | $360 |
| Restructuring | $— | $1 | $— | $14 |
| Total costs and expenses | $4,538 | $4,034 | $11,685 | $10,416 |
| Operating income | $4,020 | $3,720 | $5,409 | $4,584 |
| Interest expense | $-70 | $-68 | $-186 | $-188 |
| Interest and other income, net | $97 | $32 | $254 | $72 |
| Income before income taxes | $4,047 | $3,684 | $5,477 | $4,468 |
| Income tax provision | $983 | $864 | $1,274 | $980 |
| Net income | $3,064 | $2,820 | $4,203 | $3,488 |
| Basic net income per share | $11.10 | $10.09 | $15.13 | $12.45 |
| Shares used in basic per share calculation | 276 | 280 | 278 | 280 |
| Diluted net income per share | $11.09 | $10.02 | $15.05 | $12.33 |
| Shares used in diluted per share calculation | 276 | 282 | 279 | 283 |
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions)
Note: The amounts in the following tables are in millions.
| April 30, 2026 | July 31, 2025 | |
|---|---|---|
| ASSETS | ||
| Current assets: | ||
| Cash and cash equivalents | $4,681 | $2,884 |
| Investments | $2,099 | $1,668 |
| Accounts receivable, net | $834 | $530 |
| Notes receivable held for investment | $1,662 | $1,403 |
| Notes receivable held for sale | $69 | $— |
| Income taxes receivable | $52 | $50 |
| Prepaid expenses and other current assets | $680 | $496 |
| Current assets before funds receivable and amounts held for customers | $10,077 | $7,031 |
| Funds receivable and amounts held for customers | $7,760 | $7,076 |
| Total current assets | $17,837 | $14,107 |
| Long-term investments | $176 | $94 |
| Property and equipment, net | $996 | $961 |
| Operating lease right-of-use assets | $601 | $541 |
| Goodwill | $13,982 | $13,980 |
| Acquired intangible assets, net | $4,807 | $5,302 |
| Long-term deferred income tax assets | $113 | $1,222 |
| Other assets | $818 | $751 |
| Total assets | $39,330 | $36,958 |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
| Current liabilities: | ||
| Short-term debt | $750 | $— |
| Accounts payable | $1,096 | $792 |
| Accrued compensation and related liabilities | $766 | $858 |
| Deferred revenue | $1,055 | $1,019 |
| Other current liabilities | $849 | $625 |
| Current liabilities before funds payable and amounts due to customers | $4,516 | $3,294 |
| Funds payable and amounts due to customers | $7,760 | $7,076 |
| Total current liabilities | $12,276 | $10,370 |
| Long-term debt | $5,412 | $5,973 |
| Operating lease liabilities | $655 | $597 |
| Other long-term obligations | $358 | $308 |
| Total liabilities | $18,701 | $17,248 |
| Stockholders’ equity | $20,629 | $19,710 |