v3.26.1
Debt
 12 Months Ended
Jul. 31, 2026
Debt Disclosure [Abstract]  
Debt
7. Debt
The following table summarizes the carrying value of our debt at the dates indicated:
EffectiveJuly 31,July 31,
(Dollars in millions)Issuance DateInterest Rate20262025
5.250%, 2023 Notes due September 2026
September 20235.325%$750 $750 
1.350%, 2020 Notes due July 2027
June 20201.486%500 500 
5.125%, 2023 Notes due September 2028
September 20235.258%750 750 
1.650%, 2020 Notes due July 2030
June 2020
1.767%500 500 
4.950%, 2026 Notes due June 2031
June 2026
5.083%750 — 
5.200%, 2023 Notes due September 2033
September 20235.312%1,250 1,250 
5.500%, 2026 Notes due June 2036
June 20265.620%1,000 — 
5.500%, 2023 Notes due September 2053
September 20235.576%1,250 1,250 
Total senior unsecured notes6,750 5,000 
Secured revolving credit facilities970 1,014 
Total principal balance of debt7,720 6,014 
Unamortized discount and debt issuance costs(51)(41)
Net carrying value of debt$7,669 $5,973 
Short-term debt$1,249 $— 
Long-term debt$6,420 $5,973 
The following table summarizes the future principal payments for debt at July 31, 2026:
(In millions)
Fiscal year ending July 31,
2027$1,250 
2028400 
20291,100 
2030720 
2031750 
Thereafter3,500 
Total future principal payments for debt$7,720 
Senior Unsecured Notes
Interest is payable semiannually for the senior unsecured notes listed in the table above. The discount and debt issuance costs are amortized to interest expense using the effective interest method over the term of the related senior note. The senior unsecured notes 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 senior unsecured notes limit our ability to create certain liens and enter into sale and leaseback transactions. As of July 31, 2026, we were compliant with all covenants governing the senior unsecured notes.
For the senior unsecured notes issued in June 2020 (2020 Notes), upon a change of control that is 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.
2026 Notes. In June 2026, we issued two series of senior unsecured notes (together, the 2026 Notes) pursuant to a public debt offering. The proceeds from the issuance were $1.74 billion, net of debt discount and issuance costs of $14 million. In August 2026, we used the net proceeds from this bond issuance, as well as cash on hand, to repay the $750 million of notes that were scheduled to mature in September 2026. We intend to use the remaining net proceeds for general corporate purposes, which may include the repayment of our senior notes due in July 2027.
Secured Revolving Credit Facilities
To finance business loans that we purchase from our originating bank partner, we have established certain SPVs, deemed to be VIEs, to enter into secured revolving credit facilities with lenders. The facilities are non-recourse to Intuit Inc. and are secured by assets of the respective SPVs, which may only be used to settle obligations of the SPVs and are each in excess of the amounts outstanding under their respective facilities. The liabilities of the SPVs can only be settled by the assets of the respective subsidiary. We can borrow up to each facility limit up to the termination date, and the outstanding principal balance is due and payable in full on the maturity date. Each facility includes certain affirmative and negative covenants, including financial covenants, that require us to maintain specified financial ratios. As of July 31, 2026, we were compliant with all covenants governing the facilities.
The following table summarizes details of the secured revolving credit facilities:
StatedUnused
Termination Date
Maturity Date
Interest Rate
Commitment Fee
Interest Rate1
2019 Secured Facility
August 2027August 2028
SOFR + 1.35%
0.25% to 0.75%
5.01%
2022 Secured Facility
April 2027May 2028
SOFR + 1.10%
0.20% to 0.40%
4.76%
2024 Secured Facility
November 2028November 2029
SOFR + 1.15%
0.20% to 0.40%
5.19%
(1)    The presented interest rates reflect the stated interest rate in effect for each of our secured revolving credit facilities as of July 31, 2026 and include any applicable unused commitment fee on the unused portions of the committed facilities.
Stated interest rates on our secured revolving credit facilities are floating and accrue interest at the Secured Overnight Financing Rate (SOFR) plus a margin. Interest on the facilities is payable monthly.
In fiscal 2026, we entered into an amendment to the 2024 Secured Facility that increased the committed and total facility limit, and extended the termination and maturity dates.
The following table summarizes each facility’s limits as of July 31, 2026 and the outstanding principal balances of the secured revolving credit facilities, which are liabilities of the SPVs, as of the dates indicated:
UncommittedCommittedTotalOutstanding Principal Balance
(Dollars in millions)Facility LimitFacility LimitFacility LimitJuly 31, 2026July 31, 2025
2019 Secured Facility$200 $300 $500 $350 $440 
2022 Secured Facility100 400 500 400 300 
2024 Secured Facility— 500 500 220 274 
Total secured revolving credit facilities:$300 $1,200 $1,500 $970 $1,014 
Unsecured Credit Facilities
2026 Credit Facility. 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 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 July 31, 2026, we were compliant with all covenants governing the 2026 Credit Facility. At July 31, 2026, no amounts were outstanding under the 2026 Credit Facility.
2026 Short-Term 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.
Commercial Paper Program
Under our established commercial paper program, we may issue and sell unsecured short-term promissory notes (commercial paper) up to $2.2 billion outstanding at any time. The maturities of the commercial paper may vary but will not exceed 397 days from the date of issuance. During the twelve months ended July 31, 2026, we temporarily increased the capacity of our commercial paper program from $1.5 billion to $3.2 billion to support our seasonal working capital needs. In March 2026, we reduced the capacity of the commercial paper program to $2.2 billion. At July 31, 2026 and July 31, 2025, no amounts were outstanding under this program.