Intuit

“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.”

Annual report 2026A · The company itself

“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.”

Annual report 2026A · The company itself

“Also, we and our customers have been and may continue to be subject to infringement claims as a result of the third-party intellectual property incorporated in our offerings, including through our use of AI.”

Annual report 2026A · The company itself

“Perceived social harm or unfairness of outcomes relating to the use of new and evolving technologies such as AI in our offerings, may result in reputational harm and liability, and may cause us to incur additional research and development costs to resolve such issues.”

Annual report 2026A · The company itself

“Our use of AI in our internal operations and technologies may also create new vulnerabilities or methods of attack.”

Annual report 2026A · The company itself

“In addition, techniques used to obtain unauthorized access to sensitive information change frequently and, as technologies like AI develop rapidly, malicious third parties are using these technologies to create new sophisticated attack methods that are increasingly automated, targeted and coordinated and more difficult to defend against.”

Annual report 2026A · The company itself

“Many of the industries in which we operate have been experiencing an increasing amount of fraudulent activities by malicious third parties, and those fraudulent activities are becoming increasingly sophisticated, including through the use of AI. We have been and may from time to time become targeted by such malicious third parties engaging in fraudulent activities.”

Annual report 2026A · The company itself

“As with many innovations, AI presents risks, uncertainties, and challenges that could adversely impact our business. The development, adoption, and use of AI technologies are still in their early stages, and ineffective or inadequate AI development or deployment practices by Intuit or third-party developers or vendors could result in unintended consequences. For example, AI algorithms that we use may be flawed or may be based on datasets that are biased, inaccurate or insufficient.”

Annual report 2026A · The company itself

“Our stock price is subject to changes in recommendations or earnings estimates by financial analysts, changes in investors’ or analysts’ valuation measures for our stock, our credit ratings and market trends unrelated to our performance, including perceptions about the impact of evolving technologies, including AI, on our business.”

Annual report 2026A · The company itself

“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.”

Annual report 2026A · The company itself

“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.”

Annual report 2026A · The company itself

“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.”

Annual report 2026A · The company itself

“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.”

Annual report 2026A · The company itself

“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.”

Annual report 2026A · The company itself

“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.”

Annual report 2026A · The company itself

“Future revenue growth depends upon our ability to adapt to technological change and successfully extend our platform, introduce new and enhanced products, features, services and business models. We operate in industries that are characterized by rapidly changing technology, evolving industry standards and frequent new product introductions. To meet the evolving needs and expectations of our customers and partners and attract and retain top technical talent, we must continue to innovate, develop and extend our platform, introduce new products, services, and features, and enhance our ability to anticipate and solve new and existing customer problems, including with emerging technologies, such as AI.”

Annual report 2026A · The company itself

“We have and will continue to devote significant resources to continue to develop our skills, tools and capabilities to capitalize on existing and emerging technologies, including AI. There can be no assurance that we or our customers will realize the expected benefits from these investments.”

Annual report 2026A · The company itself

“We are continually investing resources to update and improve these systems and environments in order to meet the growing and changing requirements of our business and customers, including the integration of AI into our internal operations and technologies.”

Annual report 2026A · The company itself

“Uncertainty in the development, deployment, and use of artificial intelligence in our platform and products and by our customers may result in harm to our business and reputation. We continue to build and significantly invest in systems and tools that incorporate AI technologies, including agentic and generative AI for customers, experts, our workforce, and our internal business operations.”

Annual report 2026A · The company itself

“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.”

Annual report 2026A · The company itself

“Macroeconomic conditions, and perceptions or expectations about current or future conditions, could cause potential new customers not to purchase or to delay purchasing our offerings, and could cause our existing customers to discontinue purchasing or delay upgrades of our existing offerings.”

Annual report 2026A · The company itself

“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.”

Annual report 2026A · The company itself

“TurboTax. Our TurboTax products and services are designed to enable consumers and businesses to prepare and file their federal and state income tax returns quickly and accurately.”

Annual report 2026A · The company itself

“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.”

Annual report 2026A · The company itself

“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.”

Annual report 2026A · The company itself

“Competition for our key employees is intense and we may not be able to attract, retain and develop the highly skilled employees we need to support our strategic objectives. Much of our future success depends on the continued service and availability of skilled employees, including members of our executive team, and individuals in technical and other key positions. Experienced individuals with expertise in software as a service, financial technology, mobile technologies, data science, AI, and cybersecurity are in high demand.”

Annual report 2026A · The company itself

“As of July 31, 2026, we had approximately 18,600 employees in seven countries.”

Annual report 2026A · The company itself

“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.”

Annual report 2026A · The company itself

“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.”

Annual report 2026A · The company itself

“In particular, we have relationships with banks, credit unions and other financial institutions that support certain critical services we offer to our customers. If macroeconomic conditions or other factors cause any of these institutions to fail, consolidate, stop providing certain services, impose new or higher costs for certain services, or institute cost-cutting efforts, or give rise to speculation relating to such events, it may be more difficult to offer, if at all, those services to our customers, in which case our business and financial results may suffer.”

Annual report 2026A · The company itself

“Credit Karma generates revenue from its relationships with financial institutions and other partners, which are subject to particular risks that affect their willingness to offer their products on Credit Karma's platform, such as adverse macroeconomic conditions, evolving limitations on their capacity to offer products on the platform, the introduction of competing products on their platforms, and increasing complexity in the regulatory environment.”

Annual report 2026A · The company itself

“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.”

Annual report 2026A · The company itself

“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.”

Annual report 2026A · The company itself

“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.”

Annual report 2026A · The company itself

“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.”

Annual report 2026A · The company itself

“Additionally, the business operations of our third-party partners and the third-party partners who support them have been and could continue to be disrupted, including as a result of major technical outages, uncertain macroeconomic conditions, such as trade wars, and global health crises, such as pandemics. If our third-party partners are unable to help us operate our business or prevent us from delivering critical services to our customers or accepting and fulfilling customer orders, our business and financial results may be negatively impacted.”

Annual report 2026A · The company itself

“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.”

Annual report 2026A · The company itself

“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.”

Annual report 2026A · The company itself

“We increasingly utilize third-party platforms, such as Apple’s App Store, Google’s Play Store, AI platforms and other digital channels, for the discovery and distribution of certain of our offerings, benefiting from the strong brand recognition and large user base of these platforms to attract new customers. 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. Any adverse changes by these third parties could adversely affect our financial results.”

Annual report 2026A · The company itself

“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.”

Annual report 2026A · The company itself

“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.”

Annual report 2026A · The company itself

“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.”

Annual report 2026A · The company itself

“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.”

Annual report 2026A · The company itself

“We provide access to capital to small and mid-market businesses and consumers, which exposes us to risk, and may cause us material financial or reputational harm. We provide qualified small and mid-market businesses and consumers with access to capital from third-party lenders, including term loans, lines of credit and business credit cards. We purchase some or all of those loans from the lender.”

Annual report 2026A · The company itself

“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.”

Annual report 2026A · The company itself

“We increasingly utilize third-party platforms, such as Apple’s App Store, Google’s Play Store, AI platforms and other digital channels, for the discovery and distribution of certain of our offerings, benefiting from the strong brand recognition and large user base of these platforms to attract new customers. 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. Any adverse changes by these third parties could adversely affect our financial results.”

Annual report 2026A · The company itself

“Our acquisition and divestiture activities may disrupt our ongoing business, may involve increased expenses and may present risks not contemplated at the time of the transactions. We have acquired and may continue to acquire companies, products, technologies and talent that complement our strategic direction, both in and outside the United States.”

Annual report 2026A · The company itself

“We provide access to capital to small and mid-market businesses and consumers, which exposes us to risk, and may cause us material financial or reputational harm. We provide qualified small and mid-market businesses and consumers with access to capital from third-party lenders, including term loans, lines of credit and business credit cards. We purchase some or all of those loans from the lender.”

Annual report 2026A · The company itself

“OPERATIONAL RISKS Security incidents, improper access to or disclosure of our data or customers’ data, or other cyberattacks on our systems could harm our reputation, business, and financial condition. We host, collect, use and retain large amounts of sensitive and personal customer and workforce information, including credit card information, tax return information, bank account numbers, credit report information, login credentials and passwords, personal and business financial data, transaction records, social security numbers and payroll information, as well as our confidential, nonpublic business information.”

Annual report 2026A · The company itself

“Our technologies, systems, and networks have been subject to, and are increasingly likely to continue to be the target of, cyberattacks, computer viruses, ransomware or other malware, worms, social engineering, malicious software programs, insider threats, denial-of-service attacks and other cybersecurity threats that have in the past, and could in the future, result in the unauthorized release, gathering, monitoring, use, loss or destruction of sensitive and personal information of our customers and our workforce, or Intuit's sensitive business data or cause temporary or sustained unavailability of our data, software, and systems.”

Annual report 2026A · The company itself

“Our use of AI in our internal operations and technologies may also create new vulnerabilities or methods of attack.”

Annual report 2026A · The company itself

“In addition, techniques used to obtain unauthorized access to sensitive information change frequently and, as technologies like AI develop rapidly, malicious third parties are using these technologies to create new sophisticated attack methods that are increasingly automated, targeted and coordinated and more difficult to defend against.”

Annual report 2026A · The company itself

“Further, because we have created an ecosystem where customers can have one identity across multiple Intuit products, a security incident may give access to increased amounts of customer data.”

Annual report 2026A · The company itself

“Our use of Credit Karma user data is also subject to a Federal Trade Commission (FTC) order that requires maintenance of a comprehensive security program and biennial independent security assessments through 2034. Our failure to fulfill the requirements of the FTC’s order could result in fines, enforcement action, and reputational harm.”

Annual report 2026A · The company itself

“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.”

Annual report 2026A · The company itself

“Our reputation and ability to attract, retain and serve our customers is dependent upon the reliable performance of our products and our underlying technical infrastructure. As we continue to grow our online services, we become more dependent on the continuing operation and availability of our information technology and communications systems and those of our external service providers, including, for example, third-party or cloud computing services and large language models.”

Annual report 2026A · The company itself

“We rely on internal systems and external systems maintained by manufacturers, distributors, and other service providers to take and fulfill customer orders, handle customer service requests and host certain online activities.”

Annual report 2026A · The company itself

“We rely on our network infrastructure, data hosting, public cloud, and software-as-a-service providers, and internal technology systems for many of our development, marketing, operational, support, sales, accounting, and financial reporting activities.”

Annual report 2026A · The company itself

“We are subject to an increasing number of local, state, federal, and international laws, regulations, and rules and standards. These relate to, without limitation, labor, advertising and marketing, tax, financial services, AI, data privacy and security, electronic funds transfer, money transmission, lending, digital content, consumer protection, real estate, billing, e-commerce, promotions, quality of services, intellectual property ownership and infringement, import and export requirements, anti-bribery and anti-corruption, insurance, foreign exchange controls and cash repatriation restrictions, antitrust and competition, environmental, health and safety, and other regulated activities.”

Annual report 2026A · The company itself

“Regulations related to data privacy, cybersecurity, the collection, processing, storage, transfer and use of data, and the use of AI are evolving and becoming increasingly complex and fragmented. Many jurisdictions in which we operate globally have enacted, or are in the process of enacting, data privacy legislation or regulations aimed at creating and enhancing individual privacy rights. For example, the General Data Protection Regulation (GDPR) regulates the collection, use, and retention of personal information by our offerings in the EU.”

Annual report 2026A · The company itself

“Each of these privacy, security and data protection requirements could impose significant limitations on us, require changes to our business practices, require notification to customers, workers, and others of a security incident, restrict our use or storage of personal information, limit our use of third-party tools and vendors, or cause changes in customer purchasing behavior that may make our business more costly, less efficient or impossible to conduct, and may require us to modify our current or future products or services, which may make customers less likely to purchase our products and may harm our future financial results. Additionally, any actual or alleged noncompliance with these laws and regulations, or failure to meet evolving customer expectations could result in negative publicity or harm to our reputation and subject us to investigations, claims or other remedies, including demands that we modify or cease existing business practices, and expose us to significant fines, penalties and other damages.”

Annual report 2026A · The company itself

“In particular, we have relationships with banks, credit unions and other financial institutions that support certain critical services we offer to our customers. If macroeconomic conditions or other factors cause any of these institutions to fail, consolidate, stop providing certain services, impose new or higher costs for certain services, or institute cost-cutting efforts, or give rise to speculation relating to such events, it may be more difficult to offer, if at all, those services to our customers, in which case our business and financial results may suffer.”

Annual report 2026A · The company itself

“Some financial institutions and other entities have in the past decreased or suspended their activity on Credit Karma’s platform and could do so in the future.”

Annual report 2026A · The company itself

“For example, we have designed a significant portion of our software and computer systems to utilize data processing and storage capabilities provided by public cloud providers. If any public cloud service that we use is unavailable to us for any reason, our customers may not be able to access certain of our cloud products or features, which could significantly impact our operations, business, and financial results.”

Annual report 2026A · The company itself

“We rely on our network infrastructure, data hosting, public cloud, and software-as-a-service providers, and internal technology systems for many of our development, marketing, operational, support, sales, accounting, and financial reporting activities.”

Annual report 2026A · The company itself

“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.”

Annual report 2026A · The company itself

“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.”

Annual report 2026A · The company itself

“Additionally, the business operations of our third-party partners and the third-party partners who support them have been and could continue to be disrupted, including as a result of major technical outages, uncertain macroeconomic conditions, such as trade wars, and global health crises, such as pandemics. If our third-party partners are unable to help us operate our business or prevent us from delivering critical services to our customers or accepting and fulfilling customer orders, our business and financial results may be negatively impacted.”

Annual report 2026A · The company itself

“These macroeconomic conditions or global events, such as political instability, sanctions, and war, have caused, and could, in the future, cause disruptions and volatility in global financial markets, increased rates of default and bankruptcy, decreases in consumer and small business spending and other unforeseen consequences.”

Annual report 2026A · The company itself

“In addition, increased interest rates may make offers from Credit Karma’s partners less attractive to Credit Karma's users. Users may decrease their engagement on the platform or their creditworthiness could be negatively impacted, reducing users' ability to qualify, or to receive attractive or favorable terms, for platform offerings, such as credit cards and loans.”

Annual report 2026A · The company itself

“Moreover, adverse macroeconomic conditions, such as inflation and rising interest rates, have impacted and may continue to impact both small and mid-market businesses and consumers, and may increase the likelihood that the borrowers are unable to repay their loans.”

Annual report 2026A · The company itself

“High unemployment and changes in the tax code and the government programs that are administered by tax authorities have caused, and could in the future cause, a significant decrease in the number of tax returns filed, which may have a significant effect on the number of tax returns we prepare and file.”

Annual report 2026A · The company itself

“Moreover, adverse macroeconomic conditions, such as inflation and rising interest rates, have impacted and may continue to impact both small and mid-market businesses and consumers, and may increase the likelihood that the borrowers are unable to repay their loans.”

Annual report 2026A · The company itself

“We are subject to an increasing number of local, state, federal, and international laws, regulations, and rules and standards. These relate to, without limitation, labor, advertising and marketing, tax, financial services, AI, data privacy and security, electronic funds transfer, money transmission, lending, digital content, consumer protection, real estate, billing, e-commerce, promotions, quality of services, intellectual property ownership and infringement, import and export requirements, anti-bribery and anti-corruption, insurance, foreign exchange controls and cash repatriation restrictions, antitrust and competition, environmental, health and safety, and other regulated activities.”

Annual report 2026A · The company itself

“Many of our products and services utilize our own intellectual property, as well as the intellectual property of third parties, which we license under agreements that may need to be renewed or renegotiated from time to time. We may not be able to obtain licenses to these third-party technologies or content on reasonable terms, or at all, in the future.”

Annual report 2026A · The company itself

“Additionally, the business operations of our third-party partners and the third-party partners who support them have been and could continue to be disrupted, including as a result of major technical outages, uncertain macroeconomic conditions, such as trade wars, and global health crises, such as pandemics. If our third-party partners are unable to help us operate our business or prevent us from delivering critical services to our customers or accepting and fulfilling customer orders, our business and financial results may be negatively impacted.”

Annual report 2026A · The company itself

“Our consumer tax business also faces significant competition from the public sector, where we face the risk of federal and state taxing authorities implementing revenue-raising strategies that involve developing and providing government tax software or other government return preparation systems at public expense. These or similar programs have been and may continue to be introduced or expanded in the future, which may change the voluntary compliance tax system in ways that could cause us to lose customers and revenue.”

Annual report 2026A · The company itself

“TurboTax delivers do-it-yourself and assisted income tax preparation products and services sold in the United States (U.S.) and Canada.”

Annual report 2026A · The company itself

“Fiscal 2026 Fiscal 2025 Fiscal 2024 Global Business Solutions 60 % 59 % 59 % Consumer 40 % 41 % 41 % 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.”

Annual report 2026A · The company itself

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

Annual report 2026A · The company itself

“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.”

Annual report 2026A · The company itself

“TurboTax delivers do-it-yourself and assisted income tax preparation products and services sold in the United States (U.S.) and Canada.”

Annual report 2026A · The company itself

“These offerings are available either online or as desktop versions in the U.S. and Canada.”

Annual report 2026A · The company itself

“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.”

Annual report 2026A · The company itself