Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) is intended to provide readers of our condensed consolidated financial statements with the perspectives of management. This should allow the readers of this report to obtain a comprehensive understanding of our businesses, strategies, current trends, and future prospects. Our MD&A includes the following sections: • Executive Overview: High-level discussion of our operating results and some of the trends that affect our business. • Critical Accounting Estimates: Significant changes since our most recent Annual Report on Form 10-K that we believe are important to understanding the assumptions and judgments underlying our financial statements. • Results of Operations: A more detailed discussion of our revenue and expenses. • Liquidity and Capital Resources: Discussion of key aspects of our condensed consolidated statements of cash flows, changes in our condensed consolidated balance sheets, and our financial commitments. You should note that this MD&A contains forward-looking statements that involve risks and uncertainties. Please see the section entitled “Forward-Looking Statements” immediately preceding Part I of this Quarterly Report for important information to consider when evaluating such statements. You should read this MD&A in conjunction with the financial statements and related notes in Part I, Item 1 of this Quarterly Report and our Annual Report on Form 10-K for the fiscal year ended July 31, 2025. In the Results of Operations section of this MD&A, where we describe two or more factors that contributed to changes in revenue and operating income, we have, where possible, quantified the impact of those factors. Where a change is the result of multiple factors that are interrelated and cannot be separately quantified, we have identified the interrelated factors without quantifying them. Effective August 1, 2025, we combined our Consumer, Credit Karma, and ProTax businesses into a single Consumer segment in order to better serve the diverse financial needs of our customers as one consumer platform. Our chief operating decision maker allocates resources and assesses segment performance using regularly provided segment revenue and segment operating income information under this updated segment structure. To align results under this segment change, certain selling and marketing, product development, and general and administrative expenses for Credit Karma that were managed at the segment level are now managed at the platform level and are included in other corporate expenses rather than in segment expenses. Also on August 1, 2025, we reorganized certain marketing, communications, and customer success functions in our Global Business Solutions segment that support and benefit our overall platform and are managed at that level rather than at the segment level. Additionally, certain data science and analytics teams that were managed at the platform level are now managed at the segment level. We have recast certain previously reported amounts to conform to these segment changes. As a result of these changes, for the three and nine months ended April 30, 2025, we reclassified expenses totaling $1 million and $7 million from Global Business Solutions and $155 million and $456 million from Consumer to other corporate expenses, respectively, to conform to the current presentation. See Note 12, "Segment Information," for more information. In May 2026, our management approved and initiated a plan (the 2026 Plan) to simplify its organizational structure and become a faster, leaner, more focused company. As part of the 2026 Plan, we will reduce our full-time workforce and are considering the closure of certain sites in service to growing technology teams and capabilities in strategic locations. We estimate that we will incur approximately $300 million to $340 million in restructuring charges in connection with the 2026 Plan, primarily in the fourth fiscal quarter ending July 31, 2026. These charges will consist primarily of cash expenditures related to severance payments and employee benefits. We expect the actions associated with the 2026 Plan to be substantially complete by the first quarter of fiscal 2027. Actual costs may vary from the estimates provided above. EXECUTIVE OVERVIEW This overview provides a high-level discussion of our operating results and some of the trends that affect our business. We believe that an understanding of these trends is important in order to understand our financial results, as well as our future prospects. This summary is not intended to be exhaustive, nor is it a substitute for the detailed discussion and analysis provided elsewhere in this Quarterly Report on Form 10-Q. About Intuit Intuit helps consumers and small and mid-market businesses prosper by delivering financial management, compliance, and marketing products and services. We also provide specialized tax products to accounting professionals. We organize our businesses into two reportable segments – Global Business Solutions and Consumer. Intuit Q3 Fiscal 2026 Form 10-Q 32 Table of Contents Global Business Solutions: This segment serves small and mid-market businesses around the world, and the accounting professionals who assist and advise them. 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. 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, 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 members 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, credit card rewards optimization, and connected account capabilities to help members 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. Our Business and Growth Strategy The era of AI is igniting global innovations at an incredible pace and will fundamentally transform 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. We have a significant competitive advantage as we are creating a system of intelligence with our scale of data, data services, AI capabilities, ecosystem of applications, and our large network of AI-enabled human experts to become the all-in-one platform for consumers, businesses, and accountants. We are disrupting the categories we operate in to drive better money outcomes for our customers. 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 trusted AI-enabled human expert from our network of thousands of financial, tax, and bookkeeping experts who can complete a specific task, address specialized questions, or complete work on their behalf. Our strategy, combined with our Big Bets that focus on the largest customer problems and growth opportunities, positions us for durable growth. We launched a transformative set of AI agents that provide customers with a virtual team to complete jobs on their behalf, dramatically improving how businesses run and grow. Combined with our AI-enabled human experts, these agents are automating workflows and delivering real-time insights to drive growth and improve cash flow. Our redesigned user interface and new business feed highlights these real-time insights and recommendations and the tasks completed by agents on behalf of the customer. We also launched AI agents in Intuit Enterprise Suite, including accounting, payments, finance, and project Intuit Q3 Fiscal 2026 Form 10-Q 33 Table of Contents management agents, transforming how our small and mid-market business customers manage their finances by automating a variety of day-to-day tasks, and increasing productivity. Our innovation has been possible with the investments in our proprietary Generative AI Operating System (GenOS), which have enabled us to fuel innovation with unparalleled speed for our customers. 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. Our AI-driven expert platform and products 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 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, and fueling consumers’ financial success year-round, from credit building to wealth building. •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 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. 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. Industry Trends and Seasonality Industry Trends AI, including GenAI, predictive AI, and agentic AI, is transforming multiple industries, in particular financial technology. Disruptive start-ups, emerging ecosystems, and mega-platforms are harnessing new technology to create personalized experiences, deliver data-driven insights, and increase speed of service. These shifts are creating a more dynamic and highly competitive environment where customer expectations are shifting as more services become digitized and the array of choices continues to increase. 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 significant impact on our quarterly financial results in the future. Key Challenges and Risks Our growth strategy depends upon our ability to innovate, develop, and introduce emerging technologies, including AI and GenAI, to drive broad adoption of our products and services and enter new markets. Our future growth also increasingly depends on the strength of our third-party business relationships and our ability to continue to develop, maintain, and strengthen new and existing relationships. To remain competitive and continue to grow, we are investing significant resources in our product development, marketing, and sales capabilities, and we expect to continue to do so in the future. Much of our future success also depends on our ability to continue to attract, retain, and develop highly skilled employees, including those in technical and leadership roles who are critical to our strategic growth, in a highly competitive talent environment. As we offer more online services, the ongoing operation and availability of our platforms and systems and those of our external service providers is becoming increasingly important. Because we help customers manage their financial lives, we face risks associated with the hosting, collection, use, and retention of personal customer information and data. We are investing Intuit Q3 Fiscal 2026 Form 10-Q 34 Table of Contents significant management attention and resources in our information technology infrastructure and in our privacy and security capabilities, and we expect to continue to do so in the future. We operate in industries that are 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 continue to invest and implement additional security measures. We work with state and federal governments to implement industry-wide security and anti-fraud measures, including sharing information regarding suspicious activity. We also work with the broader industry and government to protect our customers against this type of fraud. Our operations are impacted by a rapidly-evolving regulatory environment and face increasingly heightened scrutiny. We are subject to numerous federal, state, and local, as well as foreign laws and regulations covering a broad and increasing range of subjects, both in the U.S. and internationally. For a complete discussion of the most significant risks and uncertainties affecting our business, please see “Forward-Looking Statements” immediately preceding Part I and “Risk Factors” in Item 1A of Part II of this Quarterly Report. Overview of Financial Results The most important financial indicators that we use to assess our business are revenue growth for the company as a whole and for each reportable segment; operating income growth for the company as a whole; earnings per share; and cash flow from operations. We also track certain non-financial drivers of revenue growth and, when material, identify them in the applicable discussions of segment results below. Service offerings are a significant part of our business. In fiscal 2025, our total service revenue was $16.4 billion, or 87% of our total revenue, and we expect our total service revenue as a percentage of our total revenue to grow over the long term. Key highlights for the first nine months of fiscal 2026 include the following: Revenue of Global Business Solutions segment revenue of Consumer segment revenue of $17.1B $9.4B $7.7B up 14% from the same period of fiscal 2025 up 17% from the same period of fiscal 2025 up 10% from the same period of fiscal 2025 Operating income of Net income of Diluted net income per share of $5.4B $4.2B $15.05 up 18% from the same period of fiscal 2025 up 20% from the same period of fiscal 2025 up 22% from the same period of fiscal 2025 Cash, cash equivalents, and investments of $6.8B Intuit Q3 Fiscal 2026 Form 10-Q 35 Table of Contents CRITICAL ACCOUNTING ESTIMATES In preparing our condensed consolidated financial statements, we make estimates, assumptions, and judgments that can have a significant impact on our net revenue, operating income or loss, and net income or loss, as well as on the value of certain assets and liabilities on our condensed consolidated balance sheets. We believe that the estimates, assumptions, and judgments described in Management’s Discussion and Analysis of Financial Condition and Results of Operations in Part II, Item 7 of our Annual Report on Form 10-K for the fiscal year ended July 31, 2025 have the greatest potential impact on our financial statements, so we consider them to be our critical accounting estimates. There were no significant changes in those critical accounting estimates during the first nine months of fiscal 2026. Senior management has reviewed the development and selection of our critical accounting estimates and their disclosure in this Quarterly Report on Form 10-Q with the Audit and Risk Committee of our Board of Directors. RESULTS OF OPERATIONS Financial Overview (Dollars in millions, except per share amounts) Q3 FY26 Q3 FY25 $ Change % Change YTD Q3 FY26 YTD Q3 FY25 $ Change % Change Total net revenue $ 8,558 $ 7,754 $ 804 10 % $ 17,094 $ 15,000 $ 2,094 14 % Operating income 4,020 3,720 300 8 % 5,409 4,584 825 18 % Net income 3,064 2,820 244 9 % 4,203 3,488 715 20 % Diluted net income per share $ 11.09 $ 10.02 $ 1.07 11 % $ 15.05 $ 12.33 $ 2.72 22 % Current Fiscal Quarter Total net revenue for the third quarter of fiscal 2026 increased $804 million, or 10%, compared with the same quarter of fiscal 2025. Consumer segment revenue increased 8% due to growth in assisted tax and our consumer money offerings, and strength in our Credit Karma personal loan and insurance verticals, partially offset by a decrease in revenue due to fewer TurboTax federal units. Our Global Business Solutions segment revenue increased 15% during the quarter due to growth in our Online Ecosystem revenue. See “Segment Results” later in this Item 2 for more information about the results for all of our reportable segments. Operating income for the third quarter of fiscal 2026 increased $300 million, or 8%, compared with the same quarter of fiscal 2025. The increase in operating income was due to the increase in revenue described above, partially offset by an increase in expenses. Expenses increased due to increases in expenses for outside services, which include hosting, staffing, marketing, SaaS subscriptions and licenses, and share-based compensation. See “Cost of Revenue” and “Operating Expenses” later in this Item 2 for more information. Net income for the third quarter of fiscal 2026 increased $244 million, or 9%, compared with the same quarter of fiscal 2025. The increase in net income was due to the increase in operating income described above and an increase in interest and other income, partially offset by an increase in income tax expense. The increase in interest and other income is the result of $46 million in net gains on long-term investments recorded during the period. The increase in income tax expense is due to the increase in operating income described above and tax shortfalls related to share-based compensation. Diluted net income per share increased to $11.09 for the third quarter of fiscal 2026 compared to $10.02 for the same quarter of fiscal 2025, due to the increase in net income and decrease in our weighted shares outstanding as a result of our increased share repurchase activity. Fiscal Year to Date Total net revenue for the first nine months of fiscal 2026 increased $2.1 billion, or 14%, compared with the same period of fiscal 2025. Our Global Business Solutions segment revenue increased 17% during the period due to growth in our Online Ecosystem revenue. Consumer segment revenue increased 10% due to growth in assisted tax and our consumer money offerings, and strength in our Credit Karma personal loan, credit card, and insurance verticals, partially offset by a decrease in revenue due to fewer TurboTax federal units. See “Segment Results” later in this Item 2 for more information about the results for all of our reportable segments. Operating income for the first nine months of fiscal 2026 increased $825 million, or 18%, compared with the same period of fiscal 2025. The increase in operating income was due to the increase in revenue described above, partially offset by an increase in expenses. Expenses increased due to increases in expenses for outside services, which include hosting, staffing, marketing, share-based compensation, and SaaS subscriptions and licenses. See “Cost of Revenue” and “Operating Expenses” later in this Item 2 for more information. Intuit Q3 Fiscal 2026 Form 10-Q 36 Table of Contents Net income for the first nine months of fiscal 2026 increased $715 million, or 20%, compared with the same period of fiscal 2025. The increase in net income was due to the increase in operating income described above and an increase in interest and other income, partially offset by an increase in income tax expense. The increase in interest and other income is the result of $104 million in net gains on long-term investments recorded in the first nine months of fiscal 2026 and $43 million in net losses on long-term investments recorded during the same period of fiscal 2025. The increase in income tax expense is due to the increase in operating income described above and lower tax benefits related to share-based compensation. Diluted net income per share increased to $15.05 for the first nine months of fiscal 2026 compared to $12.33 for the same period of fiscal 2025, due to the increase in net income and decrease in our weighted shares outstanding as a result of our increased share repurchase activity. Segment Results The information below is organized in accordance with our two reportable segments. See “Executive Overview – About Intuit” earlier in this Item 2 and Note 12 to the condensed consolidated financial statements in Part I, Item 1 of this Quarterly Report for more information. All of our segments operate and sell to customers primarily in the U.S. Total international net revenue was approximately 6% and 7% of consolidated net revenue for the three and nine months ended April 30, 2026, respectively. Total international net revenue was approximately 5% and 7% of consolidated net revenue for the three and nine months ended April 30, 2025, respectively. Effective August 1, 2025, we combined our Consumer, Credit Karma, and ProTax businesses into a single Consumer segment in order to better serve the diverse financial needs of our customers as one consumer platform. Our chief operating decision maker allocates resources and assesses segment performance using regularly provided segment revenue and segment operating income information under this updated segment structure. To align results under this segment change, certain selling and marketing, product development, and general and administrative expenses for Credit Karma that were managed at the segment level are now managed at the platform level and are included in other corporate expenses rather than in segment expenses. Also on August 1, 2025, we reorganized certain marketing, communications, and customer success functions in our Global Business Solutions segment that support and benefit our overall platform and are managed at that level rather than at the segment level. Additionally, certain data science and analytics teams that were managed at the platform level are now managed at the segment level. We have recast certain previously reported amounts to conform to these segment changes. As a result of these changes, for the three and nine months ended April 30, 2025, we reclassified expenses totaling $1 million and $7 million from Global Business Solutions and $155 million and $456 million from Consumer to other corporate expenses, respectively, to conform to the current presentation. Segment operating income or loss is segment net revenue less segment cost of revenue and operating expenses. See “Executive Overview – Industry Trends and Seasonality” earlier in this Item 2 for a description of the seasonality of our business. We include expenses such as corporate selling and marketing, general and administrative, and non-employment related legal and litigation settlement costs, which are not allocated to specific segments, in unallocated corporate items as part of other corporate expenses. As part of our platform strategy, we also include customer success and product development for our segments in unallocated corporate items as we do not allocate these expenses to the segments because they are managed at the platform level. Customer success includes the costs of tax and bookkeeping experts that support our TurboTax Expert Assist, TurboTax Expert Full Service, and QuickBooks Live offerings. Unallocated corporate items also include share-based compensation, amortization of acquired technology, amortization of other acquired intangible assets, goodwill and intangible asset impairment charges, professional fees and transaction costs related to business combinations, and restructuring charges. These unallocated corporate costs for all segments totaled $7.6 billion and $6.9 billion for the nine months ended April 30, 2026 and April 30, 2025, respectively. Unallocated corporate items increased in the fiscal 2026 period, primarily due to increases in research and development expense, cost of service revenue, and selling and marketing expense. See Note 12 to the condensed consolidated financial statements in Part I, Item 1 of this Quarterly Report for reconciliations of total segment operating income or loss to consolidated operating income or loss for each fiscal period presented. Intuit Q3 Fiscal 2026 Form 10-Q 37 Table of Contents Global Business Solutions Global Business Solutions segment revenue includes both Online Ecosystem and Desktop Ecosystem revenue. Our Online Ecosystem includes revenue from: •QuickBooks Online and Intuit Enterprise Suite financial and business management offerings; •QuickBooks Live; •Workforce solutions, including QuickBooks Online Payroll and QuickBooks Time; •Money offerings for businesses that use online offerings, which include merchant payment processing and bill pay services, and financing for small and mid-market businesses (QuickBooks Capital); and •Mailchimp’s marketing automation offerings. Our Desktop Ecosystem includes revenue from: •QuickBooks Desktop software subscriptions (QuickBooks Desktop Plus, QuickBooks Enterprise, and ProAdvisor Program memberships for accounting professionals who serve small businesses); •Desktop workforce solutions, including payroll products; •Money offerings for businesses that use desktop offerings, which include merchant payment processing services and financing for small and mid-market businesses (QuickBooks Capital); and •Financial supplies. Segment service revenue is primarily derived from our Online Ecosystem revenue and revenue from the services, support, and when-and-if-available product upgrades and enhancements that are provided as part of our QuickBooks Desktop subscriptions, services and support for our desktop payroll offerings, and merchant payment processing services. Segment product and other revenue is primarily derived from revenue related to delivery of software licenses, version protection updates, and payroll software updates for our QuickBooks Desktop subscriptions and desktop payroll offerings, which are part of our Desktop Ecosystem. (Dollars in millions) Q3 FY26 Q3 FY25 % Change YTD Q3 FY26 YTD Q3 FY25 % Change Service revenue $ 2,761 $ 2,362 17 % $ 8,125 $ 6,832 19 % Product and other revenue 524 487 8 % 1,315 1,232 7 % Total segment revenue $ 3,285 $ 2,849 15 % $ 9,440 $ 8,064 17 % % of total revenue 38 % 37 % 55 % 54 % Segment operating income $ 2,520 $ 2,189 15 % $ 7,257 $ 6,243 16 % % of related revenue 77 % 77 % 77 % 77 % Intuit Q3 Fiscal 2026 Form 10-Q 38 Table of Contents Revenue classified by significant service and product offerings was as follows: (Dollars in millions) Q3 FY26 Q3 FY25 % Change YTD Q3 FY26 YTD Q3 FY25 % Change Net revenue: QuickBooks Online Accounting $ 1,278 $ 1,044 22 % $ 3,732 $ 3,017 24 % Online Services 1,219 1,059 15 % 3,583 3,067 17 % Total Online Ecosystem 2,497 2,103 19 % 7,315 6,084 20 % QuickBooks Desktop Accounting 507 476 7 % 1,271 1,160 10 % Desktop Services and Supplies 281 270 4 % 854 820 4 % Total Desktop Ecosystem 788 746 6 % 2,125 1,980 7 % Total Global Business Solutions $ 3,285 $ 2,849 15 % $ 9,440 $ 8,064 17 % Revenue for our Global Business Solutions segment increased $436 million, or 15%, in the third quarter of fiscal 2026 and $1.4 billion, or 17%, in the first nine months of fiscal 2026 compared with the same periods of fiscal 2025. The increase in both periods was primarily due to growth in Online Ecosystem revenue. Online Ecosystem Revenue Online Ecosystem revenue increased $394 million, or 19%, in the third quarter of fiscal 2026 compared with the same period of fiscal 2025. QuickBooks Online Accounting revenue increased $234 million, or 22%, in the third quarter of fiscal 2026 due to the interrelated factors of higher effective prices, customer growth, and mix shift. Online Services revenue increased $160 million, or 15%, in the third quarter of fiscal 2026, due to increases in revenue from our money offerings of $107 million and our payroll offerings of $55 million. Revenue increases were due to the interrelated factors described below. Money revenue increased $107 million due to a $61 million increase in payments revenue from payments customer growth and an increase in total payment volume per customer, and a $46 million increase from QuickBooks Capital. Online payroll revenue increased due to mix shift, customer growth, and higher effective prices. Online Ecosystem revenue increased $1.2 billion, or 20%, in the first nine months of fiscal 2026 compared with the same period of fiscal 2025. QuickBooks Online Accounting revenue increased $715 million, or 24%, in the first nine months of fiscal 2026 due to the interrelated factors of higher effective prices, customer growth, and mix shift. Online Services revenue increased $516 million, or 17%, in the first nine months of fiscal 2026, due to increases in revenue from our money offerings of $327 million and our payroll offerings of $204 million. Revenue increases were due to the interrelated factors described below. Money revenue increased $327 million due to a $183 million increase in payments revenue from payments customer growth and an increase in total payment volume per customer, and a $144 million increase from QuickBooks Capital. Online payroll revenue increased due to mix shift, customer growth, and higher effective prices. Desktop Ecosystem Revenue Desktop Ecosystem revenue increased $42 million, or 6%, in the third quarter of fiscal 2026 and $145 million, or 7%, in the first nine months of fiscal 2026 compared with the same periods of fiscal 2025 due to higher effective prices. Global Business Solutions segment operating income increased $331 million, or 15%, in the third quarter of fiscal 2026 compared with the same period of fiscal 2025, due to the increase in revenue described above, partially offset by increases in QuickBooks Capital cost of revenue of $41 million due to increased loan volume, online payments cost of revenue of $19 million, outside services expenses, which include hosting, of $16 million, staffing expenses of $14 million, and marketing expenses of $8 million. Global Business Solutions segment operating income increased $1.0 billion, or 16%, in the first nine months of fiscal 2026 compared with the same period of fiscal 2025, due to the increase in revenue described above, partially offset by increases in QuickBooks Capital cost of revenue of $96 million due to increased loan volume, staffing expenses of $58 million, online payments cost of revenue of $55 million, marketing expenses of $52 million, and outside services expenses, which include hosting, of $45 million. On August 1, 2025, we reorganized certain marketing, communications, and customer success functions in our Global Business Solutions segment that support and benefit our overall platform and are managed at that level rather than at the segment level. Additionally, certain data science and analytics teams that were managed at the platform level are now managed at the segment level. We have recast certain previously reported amounts to conform to these segment changes. For the three and nine months ended April 30, 2025, we reclassified $1 million and $7 million from Global Business Solutions to other corporate expenses to conform to the current presentation. Intuit Q3 Fiscal 2026 Form 10-Q 39 Table of Contents Consumer Consumer segment revenue includes the following: •TurboTax: TurboTax Online; TurboTax Expert Assist and TurboTax Expert Full Service offerings; TurboTax desktop tax return preparation software; electronic tax filing services; Credit Karma Money; and related services. •Credit Karma: cost-per-action transactions, which include the delivery of qualified links that result in completed actions such as credit card issuances and personal loan funding; cost-per-click and cost-per-lead transactions, which include user clicks on advertisements or advertisements that allow for the generation of leads, and primarily relate to mortgage and insurance businesses. •ProTax: ProConnect Tax Online tax products; Lacerte, ProSeries, and ProFile desktop tax preparation software products, and related form updates; electronic tax filing services; connected services; and bank products. Consumer segment service revenue is primarily derived from our online TurboTax and ProTax offerings, related electronic tax filing services, connected services, and bank products, and Credit Karma. Consumer segment product and other revenue is primarily derived from our TurboTax and ProTax desktop tax return preparation software and related form updates. (Dollars in millions) Q3 FY26 Q3 FY25 % Change YTD Q3 FY26 YTD Q3 FY25 % Change Service revenue $ 4,998 $ 4,609 8 % $ 7,003 $ 6,277 12 % Product and other revenue 275 296 (7) % 651 659 (1) % Total segment revenue $ 5,273 $ 4,905 8 % $ 7,654 $ 6,936 10 % % of total revenue 62 % 63 % 45 % 46 % Segment operating income $ 4,263 $ 4,040 6 % $ 5,745 $ 5,263 9 % % of related revenue 81 % 82 % 75 % 76 % Revenue classified by significant service and product offerings was as follows: (Dollars in millions) Q3 FY26 Q3 FY25 % Change YTD Q3 FY26 YTD Q3 FY25 % Change Net revenue: TurboTax $ 4,364 $ 4,078 7 % $ 5,143 $ 4,785 7 % Credit Karma 631 549 15 % 1,898 1,562 22 % ProTax 278 278 — % 613 589 4 % Total Consumer $ 5,273 $ 4,905 8 % $ 7,654 $ 6,936 10 % Revenue for our Consumer segment increased $368 million, or 8%, in the third quarter of fiscal 2026 compared with the same period of fiscal 2025 due to an increase in TurboTax revenue of $286 million and Credit Karma revenue of $82 million. The increase in TurboTax revenue is due to growth in assisted tax and our consumer money offerings, partially offset by a decrease in revenue due to fewer TurboTax federal units. The increase in Credit Karma is due to increases in revenue from our personal loan vertical of $51 million and our insurance vertical of $29 million. Intuit Q3 Fiscal 2026 Form 10-Q 40 Table of Contents Revenue for our Consumer segment increased $718 million, or 10%, in the first nine months of fiscal 2026 compared with the same period of fiscal 2025 due to an increase in TurboTax revenue of $358 million and Credit Karma revenue of $336 million. The increase in TurboTax revenue is due to growth in assisted tax and our consumer money offerings, partially offset by a decrease in revenue due to fewer TurboTax federal units. The increase in Credit Karma is due to increases in revenue from our personal loan vertical of $166 million, our credit card vertical of $87 million, and our insurance vertical of $67 million. Consumer segment operating income increased $223 million, or 6%, in the third quarter of fiscal 2026 compared with the same period of fiscal 2025, due to the increase in revenue described above, partially offset by an increase in marketing expenses of $93 million and sales-related expenses of $18 million. Consumer segment operating income increased $482 million, or 9%, in the first nine months of fiscal 2026 compared with the same period of fiscal 2025, due to the increase in revenue described above, partially offset by an increase in marketing expenses of $155 million and sales-related expenses of $39 million. Effective August 1, 2025, we combined our Consumer, Credit Karma, and ProTax businesses into a single Consumer segment in order to better serve the diverse financial needs of our customers as one consumer platform. Our chief operating decision maker allocates resources and assesses segment performance using regularly provided segment revenue and segment operating income information under this updated segment structure. To align results under this segment change, certain selling and marketing, product development, and general and administrative expenses for Credit Karma that were managed at the segment level are now managed at the platform level and are included in other corporate expenses rather than in segment expenses. Additionally, certain data science and analytics teams that were managed at the platform level are now managed at the segment level. We have recast certain previously reported amounts to conform to these segment changes. For the three and nine months ended April 30, 2025, we reclassified $155 million and $456 million from Consumer to other corporate expenses to conform to the current presentation. Intuit Q3 Fiscal 2026 Form 10-Q 41 Table of Contents Cost of Revenue (Dollars in millions) Q3 FY26 % of Related Revenue Q3 FY25 % of Related Revenue YTD Q3 FY26 % of Related Revenue YTD Q3 FY25 % of Related Revenue Cost of service revenue $ 1,317 17 % $ 1,138 16 % $ 3,122 21 % $ 2,790 21 % Cost of product and other revenue 14 2 % 18 2 % 47 2 % 52 3 % Amortization of acquired technology 43 N/A 38 N/A 131 N/A 112 N/A Total cost of revenue $ 1,374 16 % $ 1,194 15 % $ 3,300 19 % $ 2,954 20 % Our cost of revenue has three components: (1) cost of service revenue, which includes the direct costs associated with our online and service offerings, such as staffing costs for ongoing production support, customer support, and tax and bookkeeping experts that support our TurboTax Expert Assist, TurboTax Expert Full Service, and QuickBooks Live offerings, costs for data processing and storage capabilities from cloud providers, and costs related to credit score providers; (2) cost of product and other revenue, which includes the direct costs of manufacturing and shipping or electronically downloading our desktop software and financial supplies products; and (3) amortization of acquired technology, which represents the cost of amortizing developed technologies that we have obtained through acquisitions, over their useful lives. Cost of service revenue as a percentage of service revenue was relatively consistent for both the third quarter and first nine months of fiscal 2026 compared with the same periods of fiscal 2025. Cost of product and other revenue as a percentage of product and other revenue was relatively consistent for both the third quarter and first nine months of fiscal 2026 compared with the same periods of fiscal 2025. We expense costs of product revenue as they are incurred for delivered software and we do not defer any of these costs when product revenue is deferred. Operating Expenses (Dollars in millions) Q3 FY26 % of Total Net Revenue Q3 FY25 % of Total Net Revenue YTD Q3 FY26 % of Total Net Revenue YTD Q3 FY25 % of Total Net Revenue Selling and marketing $ 1,793 21 % $ 1,618 21 % $ 4,270 25 % $ 3,784 26 % Research and development 840 10 % 707 9 % 2,519 15 % 2,127 14 % General and administrative 409 5 % 394 5 % 1,232 7 % 1,177 8 % Amortization of other acquired intangible assets 122 1 % 120 2 % 364 2 % 360 2 % Restructuring — — % 1 — % — — % 14 — % Total operating expenses $ 3,164 37 % $ 2,840 37 % $ 8,385 49 % $ 7,462 50 % Current Fiscal Quarter Total operating expenses as a percentage of total net revenue was consistent in the third quarter of fiscal 2026 compared with the same period of fiscal 2025. Total net revenue for the third quarter of fiscal 2026 increased $804 million, or 10%, while total operating expenses for the quarter increased $324 million, or 11%. The increase in total operating expenses was due to increases of $92 million for marketing expenses, $77 million for staffing expenses, $65 million for outside services expenses, which include hosting, and $30 million for share-based compensation expenses. Fiscal Year to Date Total operating expenses as a percentage of total net revenue decreased in the first nine months of fiscal 2026 compared with the same period of fiscal 2025. Total net revenue for the first nine months of fiscal 2026 increased $2.1 billion, or 14%, while total operating expenses for the period increased $923 million, or 12%. The increase in total operating expenses was due to increases of $311 million for staffing expenses, $177 million for marketing expenses, $161 million for outside services expenses, which include hosting, and $115 million for share-based compensation expenses. Non-Operating Income and Expenses Interest Expense Interest expense of $186 million and $188 million for the first nine months of fiscal 2026 and 2025, respectively, consisted of interest on our senior unsecured notes, unsecured revolving credit facilities, and commercial paper program. Intuit Q3 Fiscal 2026 Form 10-Q 42 Table of Contents Interest and Other Income, Net (In millions) Q3 FY26 Q3 FY25 YTD Q3 FY26 YTD Q3 FY25 Interest income (1) $ 42 $ 39 $ 115 $ 115 Net gain (loss) on executive deferred compensation plan assets (2) 8 (7) 31 5 Other (3) 47 — 108 (48) Total interest and other income, net $ 97 $ 32 $ 254 $ 72 (1)Interest income for the three months ended April 30, 2026 increased compared with the same period of fiscal 2025 due to higher average investable balances, partially offset by lower average interest rates. Interest income for the nine months ended April 30, 2026 was consistent with the same period of fiscal 2025. (2)In accordance with authoritative guidance, we record gains and losses associated with executive deferred compensation plan assets in interest and other income and gains and losses associated with the related liabilities in operating expenses. The total amounts recorded in operating expenses for each period are approximately equal to the total amounts recorded in interest and other income in those periods. (3)During the nine months ended April 30, 2026, we recorded $104 million in net gains on long-term investments. During the nine months ended April 30, 2025, we recorded $43 million in net losses on long-term investments. Income Taxes We compute our provision for or benefit from income taxes by applying the estimated annual effective tax rate to income or loss from recurring operations and adding the effects of any discrete income tax items specific to the period. For the three months ended April 30, 2026, we recognized tax shortfalls on share-based compensation of $11 million in our provision for income taxes. For the nine months ended April 30, 2026, we recognized excess tax benefits on share-based compensation of $40 million in our provision for income taxes. For the three and nine months ended April 30, 2025, we recognized excess tax benefits on share-based compensation of $18 million and $75 million, respectively, in our provision for income taxes. Our effective tax rates for the three and nine months ended April 30, 2026 were approximately 24% and 23%, respectively. Excluding discrete tax items primarily related to share-based compensation, our effective tax rate for both periods was approximately 24%. The difference from the federal statutory rate of 21% was primarily due to state income taxes and non-deductible share-based compensation, which were partially offset by the tax benefit we received from the federal research and experimentation credit. Our effective tax rates for the three and nine months ended April 30, 2025 were approximately 23% and 22%, respectively. Excluding discrete tax items primarily related to share-based compensation, our effective tax rate for both periods was approximately 24%. The difference from the federal statutory rate of 21% was primarily due to state income taxes and non-deductible share-based compensation, which were partially offset by the tax benefit we received from the federal research and experimentation credit. On July 4, 2025, the U.S. federal government enacted the One Big Beautiful Bill Act (OBBBA), which includes significant tax law changes, most notably the reinstatement of the immediate expensing of domestic research and developmental expenditures, effective in fiscal 2026. The deductibility of these expenditures is expected to significantly reduce our deferred tax assets and income taxes payable for periods starting in fiscal 2026. In the current global tax policy environment, the U.S. and other domestic and foreign governments continue to consider, and in some cases enact, changes in corporate tax laws. As changes occur, we account for finalized legislation in the period of enactment. LIQUIDITY AND CAPITAL RESOURCES Overview As of April 30, 2026, our cash, cash equivalents, and investments totaled $6.8 billion, an increase of $2.2 billion from July 31, 2025 driven by cash from operations, partially offset by cash used in financing and investing activities. See the discussion of all factors under “Statements of Cash Flows” below. Our primary sources of liquidity have been cash from operations, which entails the collection of accounts receivable for products and services, the issuance of senior unsecured notes and commercial paper, and borrowings under our credit facilities. Our primary uses of cash have been for research and development programs, selling and marketing activities, capital projects, acquisitions of businesses, debt service costs and debt repayment, repurchases of our common stock under our stock repurchase programs, the payment of cash dividends, and funding of our financing for small and mid-market businesses and our consumer money offerings. As discussed in “Executive Overview – Industry Trends and Seasonality” earlier in this Item 2, our business is subject to significant seasonality. The balance of our cash, cash equivalents, and investments generally fluctuates with that seasonal pattern. We believe the seasonality of our business is likely to continue in the future. Intuit Q3 Fiscal 2026 Form 10-Q 43 Table of Contents The following table summarizes selected measures of our liquidity and capital resources at the dates indicated: (Dollars in millions) April 30, 2026 July 31, 2025 $ Change % Change Cash, cash equivalents, and investments $ 6,780 $ 4,552 $ 2,228 49 % Long-term investments $ 176 $ 94 $ 82 87 % Short-term debt $ 750 $ — $ 750 NM Long-term debt $ 5,412 $ 5,973 $ (561) (9) % Working capital $ 5,561 $ 3,737 $ 1,824 49 % Ratio of current assets to current liabilities 1.5 : 1 1.4 : 1 __________________________ NM - Not meaningful We have historically generated significant cash from operations, and we expect to continue to do so in the future. Our cash, cash equivalents, and investments totaled $6.8 billion as of April 30, 2026. None of those funds were restricted and approximately 93% of those funds were located in the U.S. On January 9, 2026, we terminated our amended and restated credit agreement dated February 5, 2024, and entered into a credit agreement with certain lenders providing for a $2.2 billion unsecured revolving credit facility that expires on January 9, 2031 (2026 Credit Facility). The 2026 Credit Facility and our commercial paper program are available to us for general corporate purposes. As of April 30, 2026, no amounts were outstanding under the 2026 Credit Facility or the commercial paper program. See Note 6 to the financial statements in Part I, Item 1 of this Quarterly Report for more information. On January 30, 2026, we entered into a credit agreement with certain lenders providing for a $5.8 billion unsecured short-term revolving credit facility (2026 Short-Term Credit Facility) to fund a portion of our TurboTax early tax refund offering. We terminated the 2026 Short-Term Credit Facility effective February 26, 2026. See Note 6 to the financial statements in Part I, Item 1 of this Quarterly Report for more information. Our secured revolving credit facilities are available to fund the lending products and services we offer to qualified small and mid-market businesses. As of April 30, 2026, $1.2 billion was outstanding under our secured revolving credit facilities. Based on past performance and current expectations, we believe that our cash and cash equivalents, investments, cash generated from operations, borrowing capacity under our credit facilities and commercial paper program, and access to external financing will be sufficient to meet anticipated seasonal working capital needs, contractual obligations, commitments, debt service requirements, capital expenditure requirements, and other liquidity requirements associated with our operations for the next 12 months and the foreseeable future. We expect to return excess cash generated by operations to our stockholders through repurchases of our common stock and payment of cash dividends, after taking into account our operating and strategic cash needs. We evaluate, on an ongoing basis, the merits of acquiring technology or businesses, or establishing strategic relationships with and investing in other companies. Our strong liquidity profile enables us to quickly respond to these types of opportunities. Statements of Cash Flows The following table summarizes selected items from our condensed consolidated statements of cash flows for the first nine months of fiscal 2026 and fiscal 2025. See the financial statements in Part I, Item 1 of this Quarterly Report for complete condensed consolidated statements of cash flows for those periods. Nine Months Ended (In millions) April 30, 2026 April 30, 2025 $ Change Net cash provided by (used in): Operating activities $ 7,507 $ 5,826 $ 1,681 Investing activities (1,100) (1,093) (7) Financing activities (3,983) (1,652) (2,331) Effect of exchange rates on cash, cash equivalents, restricted cash, and restricted cash equivalents 9 4 5 Net increase in cash, cash equivalents, restricted cash, and restricted cash equivalents $ 2,433 $ 3,085 $ (652) Intuit Q3 Fiscal 2026 Form 10-Q 44 Table of Contents Our primary sources and uses of cash were as follows: Nine Months Ended April 30, 2026 April 30, 2025 Sources of cash: • Operations• Principal repayments of notes receivable held for investment• Sales of notes receivable originally classified as held for investment • Net change in funds receivable and funds payable and amounts due to customers• Borrowings under our secured revolving credit facilities• Issuance of common stock under employee stock plans Uses of cash: • Purchases of notes receivable held for investment• Repurchases of shares of our common stock• Payment of cash dividends and dividend rights• Payments for employee taxes withheld upon vesting of restricted stock units• Net purchases of corporate and customer fund investments • Payment of accrued bonuses for fiscal 2025 Sources of cash: • Operations• Principal repayments of notes receivable held for investment• Net change in funds receivable and funds payable and amounts due to customers • Borrowings under our secured revolving credit facilities• Sales of notes receivable originally classified as held for investment • Issuance of common stock under employee stock plans Uses of cash: • Purchases of notes receivable held for investment• Repurchases of shares of our common stock• Payment of cash dividends and dividend rights• Payments for employee taxes withheld upon vesting of restricted stock units• Net purchases of corporate and customer fund investments• Payment of accrued bonuses and restructuring for fiscal 2024 Stock Repurchase Programs, Treasury Shares, and Dividends on Common Stock As described in Note 10 to the condensed consolidated financial statements in Part I, Item 1 of this Quarterly Report, during the first nine months of fiscal 2026, we repurchased 6.6 million shares of our common stock under repurchase programs that our Board of Directors has authorized. On August 19, 2025, our Board of Directors approved an increase in the authorization under the existing stock repurchase program under which we are authorized to repurchase up to an additional $3.2 billion of our common stock. As of April 30, 2026, we had remaining authorization from our Board of Directors for up to $1.9 billion in stock repurchases. On May 7, 2026, our Board of Directors approved an increase in the authorization under the existing stock repurchase program to repurchase up to an additional $8 billion of our common stock. We currently expect to continue repurchasing our common stock on a quarterly basis; however, future stock repurchases under the current program are at the discretion of management, and authorization of future stock repurchase programs is subject to the final determination of our Board of Directors. We have continued to pay quarterly cash dividends on shares of our outstanding common stock. During the nine months ended April 30, 2026, we declared quarterly cash dividends that totaled $3.60 per share of outstanding common stock for a total of $1.0 billion. In May 2026, our Board of Directors declared a quarterly cash dividend of $1.20 per share of outstanding common stock payable on July 17, 2026 to stockholders of record at the close of business on July 9, 2026. We currently expect to continue to pay comparable cash dividends on a quarterly basis. However, future declarations of dividends and the establishment of future record dates and payment dates are subject to the final determination of our Board of Directors. Commitments for Senior Unsecured Notes In June 2020, we issued $2 billion of senior unsecured notes, of which $1.0 billion is outstanding as of April 30, 2026, and is comprised of the following: •$500 million of 1.350% notes due July 2027; and •$500 million of 1.650% notes due July 2030 (together, the 2020 Notes). Interest is payable semiannually on January 15 and July 15 of each year. As of April 30, 2026, our maximum commitment for interest payments was $47 million for the remaining duration of the outstanding 2020 Notes. The 2020 Notes are senior unsecured obligations of Intuit and rank equally with all existing and future unsecured and unsubordinated indebtedness of Intuit and are redeemable by us at any time, subject to a make-whole premium. Upon the occurrence of change of control transactions that are accompanied by certain downgrades in the credit ratings of the 2020 Notes, we will be required to repurchase the 2020 Notes at a repurchase price equal to 101% of the aggregate outstanding principal plus any accrued and unpaid interest to but not including the date of repurchase. The indenture governing the 2020 Notes requires us to comply with certain covenants. For example, the 2020 Notes limit our ability to create certain liens and enter into sale and leaseback transactions. As of April 30, 2026, we were compliant with all covenants governing the 2020 Notes. See Note 6 to the condensed consolidated financial statements in Part I, Item 1 of this Quarterly Report for more Intuit Q3 Fiscal 2026 Form 10-Q 45 Table of Contents information. In September 2023, we issued $4 billion of senior unsecured notes comprised of the following: •$750 million of 5.250% notes due September 2026; •$750 million of 5.125% notes due September 2028; •$1,250 million of 5.200% notes due September 2033; and •$1,250 million of 5.500% notes due September 2053 (together, the 2023 Notes). Interest is payable semiannually on March 15 and September 15 of each year. As of April 30, 2026, our maximum commitment for interest payments was $2.5 billion for the remaining duration of the outstanding 2023 Notes. The 2023 Notes are senior unsecured obligations of Intuit and rank equally with all existing and future unsecured and unsubordinated indebtedness of Intuit and are redeemable by us at any time, subject to a make-whole premium. The indenture governing the 2023 Notes requires us to comply with certain covenants. For example, the 2023 Notes limit our ability to create certain liens and enter into sale and leaseback transactions. As of April 30, 2026, we were compliant with all covenants governing the 2023 Notes. See Note 6 to the condensed consolidated financial statements in Part I, Item 1 of this Quarterly Report for more information. Credit Facilities Unsecured Revolving Credit Facilities On January 9, 2026, we terminated our amended and restated credit agreement dated February 5, 2024, and entered into a credit agreement with certain lenders providing for a $2.2 billion unsecured revolving credit facility that expires on January 9, 2031 (2026 Credit Facility). Under the 2026 Credit Facility, we may, subject to certain customary conditions, including approval of relevant lenders, on one or more occasions, increase commitments under the 2026 Credit Facility by an amount not to exceed $4 billion in the aggregate, and, on one or more occasions, extend the maturity date of the 2026 Credit Facility by one year. The 2026 Credit Facility includes a $500 million sublimit for borrowing swingline loans and a $250 million sublimit for the issuance of letters of credit. Advances under the 2026 Credit Facility accrue interest at rates equal to (a) in the case of U.S. dollar borrowings, at our election, either (i) the alternate base rate plus a margin that ranges from 0.000% to 0.125%, or (ii) the term Secured Overnight Financing Rate (SOFR) plus a margin that ranges from 0.700% to 1.125%, or (b) in the case of foreign currency borrowings, the interest benchmark for the relevant currency specified in the credit agreement plus a margin that ranges from 0.700% to 1.125%. The facility fee ranges from 0.050% to 0.125% per annum. The actual interest margins and the facility fee are based on our senior long-term debt credit ratings. The 2026 Credit Facility includes customary affirmative and negative covenants, including a financial covenant that requires us to maintain a ratio of total gross debt to earnings before interest, taxes, depreciation, and amortization (EBITDA), as defined in the agreement, of not greater than 4.00 to 1.00 as measured on a rolling twelve month basis as of the last day of each fiscal quarter. As of April 30, 2026, we were compliant with all covenants governing the 2026 Credit Facility. As of April 30, 2026, no amounts were outstanding under the 2026 Credit Facility. On January 30, 2026, we entered into a credit agreement with certain lenders providing for a $5.8 billion unsecured short-term revolving credit facility (2026 Short-Term Credit Facility) to fund a portion of our TurboTax early tax refund offering. We terminated the 2026 Short-Term Credit Facility effective February 26, 2026. Advances under the 2026 Short-Term Credit Facility accrued interest at rates equal to, at our election, either (i) term SOFR or daily simple SOFR plus a margin of 0.875%, or (ii) the alternate base rate plus a margin of 0.000%. Unused portions of the commitment accrued a fee of 0.07% per annum. We monitor counterparty risk associated with the lenders that are providing the unsecured revolving credit facilities. Secured Revolving Credit Facilities On February 19, 2019, a subsidiary of Intuit entered into a secured revolving credit facility with a lender to fund the lending products and services we offer to qualified small and mid-market businesses (the 2019 Secured Facility). The 2019 Secured Facility is non-recourse to Intuit Inc. and is secured by cash and receivables of the subsidiary, which are in excess of the amount outstanding under the 2019 Secured Facility as of April 30, 2026. We have entered into several amendments to this facility. These amendments primarily increase the facility limit, extend the commitment term and final maturity date, and update the benchmark interest rate. Under the amended 2019 Secured Facility, the facility limit is $500 million, of which $300 million is committed and $200 million is uncommitted. Advances accrue interest at adjusted daily simple SOFR plus 1.25%. Unused portions of the committed credit facility accrue a fee at a rate ranging from 0.25% to 0.75%, depending on the total unused committed balance. The commitment term is through August 31, 2027, and the final maturity date is August 31, 2028. The agreement includes certain affirmative and negative covenants, including financial covenants that require the subsidiary to maintain specified financial ratios. As of April 30, 2026, we were compliant with all covenants governing the 2019 Secured Facility. As of April 30, 2026, $500 million was outstanding under the 2019 Secured Facility and the weighted-average interest rate was 5.01%. On October 12, 2022, another subsidiary of Intuit entered into a secured revolving credit facility with a lender to fund the lending products and services we offer to qualified small and mid-market businesses (the 2022 Secured Facility). The 2022 Secured Facility is non-recourse to Intuit Inc. and is secured by cash and receivables of the subsidiary, which are in excess of Intuit Q3 Fiscal 2026 Form 10-Q 46 Table of Contents the amount outstanding under the 2022 Secured Facility as of April 30, 2026. We have entered into several amendments to this facility. These amendments primarily extend the commitment term and final maturity date, increase the commitment amount, and reduce the interest rate. Under the amended 2022 Secured Facility, the facility limit is $500 million, of which $400 million is committed and $100 million is uncommitted. Advances accrue interest at term SOFR plus 1.1%. Unused portions of the committed credit facility accrue a fee at a rate ranging from 0.2% to 0.4%, depending on the total unused committed balance. The commitment term is through April 30, 2027, and the final maturity date is May 1, 2028. The agreement includes certain affirmative and negative covenants, including financial covenants that require the subsidiary to maintain specified financial ratios. As of April 30, 2026, we were compliant with all covenants governing the 2022 Secured Facility. As of April 30, 2026, $400 million was outstanding under the 2022 Secured Facility and the weighted-average interest rate was 4.76%. On November 1, 2024, another subsidiary of Intuit entered into a secured revolving credit facility with a lender to fund the lending products and services we offer to qualified small and mid-market businesses (the 2024 Secured Facility). The 2024 Secured Facility is non-recourse to Intuit Inc. and is secured by cash and receivables of the subsidiary, which are in excess of the amount outstanding under the 2024 Secured Facility as of April 30, 2026. We have entered into several amendments to this facility. These amendments primarily extend the commitment term and final maturity date and increase the total facility and commitment amount. Under the amended 2024 Secured Facility, the facility limit is $500 million, all of which is committed. Advances accrue interest at daily simple SOFR plus 1.15%. Unused portions of the committed credit facility accrue a fee at a rate ranging from 0.2% to 0.4%, depending on the total unused committed balance. The commitment term is through November 1, 2028, and the final maturity date is November 1, 2029. The agreement includes certain affirmative and negative covenants, including financial covenants that require the subsidiary to maintain specified financial ratios. As of April 30, 2026, we were compliant with all covenants governing the 2024 Secured Facility. As of April 30, 2026, $300 million was outstanding under the 2024 Secured Facility and the weighted-average interest rate was 5.01%, inclusive of the fee on the unused committed portion. We monitor counterparty risk associated with the lenders that are providing the secured revolving credit facilities. Commercial Paper Program Under our established commercial paper program, we may issue and sell unsecured short-term promissory notes (commercial paper) in an aggregate principal amount up to $2.2 billion outstanding at any time. The maturities vary, but will not exceed 397 days from the date of issuance. In January 2026, to support our seasonal working capital needs, we temporarily increased the capacity of our commercial paper program from $1.5 billion to $3.2 billion. In March 2026, we reduced the capacity of the commercial paper program back to $2.2 billion. As of April 30, 2026 and July 31, 2025, no amounts were outstanding under this program. Cash Held by Foreign Subsidiaries Our cash, cash equivalents, and investments totaled $6.8 billion as of April 30, 2026. Approximately 7% of those funds were held by our foreign subsidiaries and subject to repatriation tax considerations. These foreign funds were located primarily in India, Canada, Israel, and the United Kingdom. We do not expect to pay incremental U.S. taxes on repatriation. We have recorded income tax expense for Canada, India, and Israel withholding taxes on earnings that are not permanently reinvested. In the event that funds from foreign operations are repatriated to the U.S., we would pay withholding taxes at that time. CONTRACTUAL OBLIGATIONS We presented our contractual obligations at July 31, 2025 in our Annual Report on Form 10-K for the fiscal year then ended. There were no material changes outside the ordinary course of business to our contractual obligations during the nine months ended April 30, 2026. RECENT ACCOUNTING PRONOUNCEMENTS For a description of recent accounting pronouncements, if any, and the potential impact of these pronouncements on our condensed consolidated financial statements, see Note 1 to the financial statements in Part I, Item 1 of this Quarterly Report.