v3.26.1
Stockholders' Equity
 12 Months Ended
Jul. 31, 2026
Share-Based Payment Arrangement [Abstract]  
Stockholders' Equity
11. Stockholders’ Equity
Stock Repurchase Programs and Treasury Shares
Intuit’s Board of Directors has authorized a common stock repurchase program. Shares of common stock repurchased under this program become treasury shares. Under this program, we repurchased 13.4 million shares of our common stock for $5.5 billion during the twelve months ended July 31, 2026. Included in this amount were $31 million of repurchases which occurred in late July 2026 and settled in August 2026. On August 19, 2025, our Board of Directors approved an increase in the authorization under the existing stock repurchase program to repurchase up to an additional $3.2 billion of our common stock. 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 $8.0 billion of our common stock. At July 31, 2026, we had remaining authorization from our Board of Directors for up to $7.9 billion in stock repurchases. 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.
Our treasury shares are repurchased at the market price on the trade date. Through July 23, 2026, all amounts paid to reacquire these shares had been recorded as treasury stock on our consolidated balance sheets. Any direct costs to acquire treasury stock were recorded to treasury stock on our consolidated balance sheets. Repurchased shares of our common stock were held as treasury shares until they were reissued or retired. When we reissue treasury stock, if the proceeds from the sale are more than the average price we paid to acquire the shares, we record an increase in additional paid-in capital. Conversely, if the proceeds from the sale are less than the average price we paid to acquire the shares, we record a decrease in additional paid-in capital to the extent of increases previously recorded for similar transactions and a decrease in retained earnings for any remaining amount.
On July 23, 2026, we retired all of our existing treasury shares. Additionally, we retired all shares repurchased from July 24, 2026 through July 31, 2026. These shares assumed the status of authorized and unissued shares upon retirement. The excess of the purchase price over par value was first deducted from APIC to the extent that APIC was available, with any remaining excess deducted from retained earnings. For the twelve months ended July 31, 2026, we retired a total of 233 million, or $27.0 billion, of treasury shares, and reduced APIC by $23.2 billion and retained earnings by $3.8 billion, with no net impact to total stockholders’ equity on our consolidated balance sheets. Any future repurchased shares will assume the status of authorized and unissued shares, and the related excess of the repurchase price over par value will be recorded consistent with the methodology described above.
Dividends on Common Stock
During the twelve months ended July 31, 2026, we declared cash dividends that totaled $4.80 per share of outstanding common stock, or approximately $1.3 billion. In August 2026, our Board of Directors declared a quarterly cash dividend of $1.38 per share of outstanding common stock payable on October 16, 2026 to stockholders of record at the close of business on October 8, 2026. 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.
Description of 2005 Equity Incentive Plan and Credit Karma, Inc. 2015 Equity Incentive Plan
Our stockholders initially approved our 2005 Equity Incentive Plan (2005 Plan) on December 9, 2004. On January 18, 2024, our stockholders approved an Amended and Restated 2005 Equity Incentive Plan (Restated 2005 Plan) that expires on January 18, 2034. Under the Restated 2005 Plan, we are permitted to grant incentive and non-qualified stock options, restricted stock awards, RSUs, stock appreciation rights, and stock bonus awards to our employees, non-employee directors, and consultants. The Compensation and Organizational Development Committee of our Board of Directors or its delegates determine who will receive grants, when those grants will be exercisable, their exercise price, and other terms. We are permitted to issue up to 171.7 million shares under the Restated 2005 Plan. The plan provides a fungible share reserve. Each stock option granted on or after November 1, 2010 reduces the share reserve by one share and each restricted stock award or restricted stock unit granted reduces the share reserve by 2.3 shares. Stock options forfeited and returned to the pool of shares available for grant increase the pool by one share for each share forfeited. Restricted stock awards and RSUs forfeited and returned to the pool of shares available for grant increase the pool by 2.3 shares for each share forfeited. Shares withheld for income taxes upon vesting of RSUs that were granted on or after July 21, 2016 are also returned to the pool of shares available for grant. Stock options granted under the 2005 Plan and the Restated 2005 Plan typically vest over three to four years based on continued service and have a seven-year term. RSUs granted under those plans typically vest over three to four years based on continued service. Certain RSUs granted to senior management vest based on the achievement of pre-established market goals.
In connection with our acquisition of Credit Karma on December 3, 2020, we assumed the Credit Karma, Inc. 2015 Equity Incentive Plan, as amended (Credit Karma Plan), under which the assumed equity awards were granted. Under the Restated 2005 Plan, effective January 20, 2022, shares available under the Credit Karma Plan became available for grant under the Restated 2005 Plan and no shares may be granted out of the Credit Karma Plan. After January 20, 2022, shares forfeited and returned to the pool from grants issued out of the Credit Karma Plan increase the pool by 2.3 shares for each share forfeited.
At July 31, 2026, there were approximately 11.3 million shares available for grant under the Restated 2005 Plan.
Description of Employee Stock Purchase Plan
On November 26, 1996, our stockholders initially adopted our Employee Stock Purchase Plan (ESPP) under Section 423 of the Internal Revenue Code. The ESPP permits our eligible employees to make payroll deductions to purchase our stock on regularly scheduled purchase dates at a discount. Our stockholders have approved amendments to the ESPP to permit the issuance of up to 25.8 million shares under the ESPP, which expires upon the earliest to occur of (a) termination of the ESPP by our Board of Directors, or (b) issuance of all the shares of Intuit’s common stock reserved for issuance under the ESPP. Offering periods under the ESPP are six months in duration and composed of two consecutive three-month accrual periods. Shares are purchased at 85% of the lower of the closing price for Intuit common stock on the first day of the offering period or the last day of the accrual period.
Under the ESPP, employees purchased 438,432 shares of Intuit common stock during the twelve months ended July 31, 2026; 306,286 shares during the twelve months ended July 31, 2025; and 360,028 shares during the twelve months ended July 31, 2024. At July 31, 2026, there were 1,219,234 shares available for issuance under this plan.
Share-Based Compensation Expense
The following table summarizes the total share-based compensation expense that we recorded in operating income for the periods shown.
Twelve Months Ended July 31,
(In millions)202620252024
Cost of service revenue
$370 $420 $398 
Cost of product and other revenue
1 3 4 
Selling and marketing587 541 506 
Research and development706 629 639 
General and administrative392 375 368 
Restructuring
— — 25 
Total share-based compensation expense 2,056 1,968 1,940 
Income tax benefit(366)(548)(594)
Decrease in net income$1,690 $1,420 $1,346 
Determining Fair Value
Valuation and Amortization Methods
RSUs granted typically vest based on continued service. We value these time-based RSUs at the date of grant using the intrinsic value method. We amortize the fair value of time-based RSUs on a straight-line basis over the service period. These time-based RSUs accounted for approximately 90% of our total share-based compensation expense during the twelve months ended July 31, 2026. Certain RSUs granted to senior management vest based on the achievement of pre-established market goals. We estimate the fair value of market-based RSUs at the date of grant using a Monte Carlo valuation methodology and amortize those fair values over the requisite service period for each separately vesting tranche of the award. The Monte Carlo methodology that we use to estimate the fair value of market-based RSUs at the date of grant incorporates into the valuation the possibility that the market condition may not be satisfied. Provided that the requisite service is rendered, the total fair value of the market-based RSUs at the date of grant must be recognized as compensation expense even if the market condition is not achieved. However, the number of shares that ultimately vest can vary significantly with the performance of the specified market criteria. All of the RSUs we grant have dividend rights that are subject to the same vesting requirements as the underlying equity awards, so we do not adjust the market price of our stock on the date of grant for dividends.
We estimate the fair value of stock options granted using a lattice binomial model. Our stock options have various restrictions, including vesting provisions and restrictions on transfer, and are often exercised prior to their contractual maturity. We believe that lattice binomial models are more capable of incorporating the features of our stock options than closed-form models such as the Black Scholes model. The use of a lattice binomial model requires the use of extensive actual employee exercise behavior and a number of complex assumptions, including the expected volatility of our stock price over the term of the options, risk-free interest rates, and expected dividends. We amortize the fair value of options on a straight-line basis over the requisite service periods of the awards, which are generally the vesting periods.
Expected Term. The expected term of options granted represents the period of time that they are expected to be outstanding and is a derived output of the lattice binomial model. The expected term of stock options is impacted by all of the underlying assumptions and calibration of our model. The lattice binomial model assumes that option exercise behavior is a function of the option’s remaining life and the extent to which the market price of our common stock exceeds the option
exercise price. The lattice binomial model estimates the probability of exercise as a function of these two variables based on the history of exercises and cancellations on all past option grants made by us.
Expected Volatility. We estimate the volatility of our common stock at the date of grant based on the implied volatility of one-year publicly traded options on our common stock. Our decision to use implied volatility was based on the availability of actively traded options on our common stock and our assessment that implied volatility is more representative of future stock price trends than historical volatility.
Risk-Free Interest Rate. We base the risk-free interest rate that we use in our option valuation model on the implied yield in effect at the time of option grant on constant maturity U.S. Treasury issues with equivalent remaining terms.
Dividends. We use an annualized expected dividend yield in our option valuation model. We paid quarterly cash dividends during all years presented and currently expect to continue to pay cash dividends in the future.
Forfeitures. We adjust share-based compensation expense for actual forfeitures as they occur.
We used the following assumptions to estimate the fair value of stock options granted and shares purchased under our Employee Stock Purchase Plan for the periods indicated:
Twelve Months Ended July 31,
202620252024
Assumptions for stock options:
Expected volatility58.64 %29.54 %
  31%
Weighted-average expected volatility58.64 %29.54 %31 %
Risk-free interest rate4.41 %3.95 %
 4.13%
Expected dividend yield1.70 %0.53 %0.57 %
Assumptions for ESPP:
Expected volatility (range)
30% - 47%
30% - 31%
27% - 36%
Weighted-average expected volatility38 %30 %31 %
Risk-free interest rate (range)
3.69% - 4.24%
4.29% - 5.39%
4.94% - 5.55%
Expected dividend yield (range)
0.64% - 1.06%
0.56% - 0.69%
0.57% - 0.75%
Share-Based Awards Available for Grant
A summary of share-based awards available for grant under our plans for the fiscal periods indicated was as follows:
(Shares in thousands)Shares
Available
for Grant
Balance at July 31, 202319,026 
Additional shares authorized12,200 
Restricted stock units granted (1)
(9,782)
Options granted(326)
Share-based awards canceled/forfeited/expired (1)(2)
6,199 
Balance at July 31, 202427,317 
Restricted stock units granted (1)
(8,812)
Options granted(287)
Share-based awards canceled/forfeited/expired (1)(2)
6,929 
Balance at July 31, 202525,147 
Restricted stock units granted (1)
(21,070)
Options granted(69)
Share-based awards canceled/forfeited/expired (1)(2)
7,272 
Balance at July 31, 202611,280 
(1)RSUs granted from the pool of shares available for grant under our Restated 2005 Plan reduce the pool by 2.3 shares for each share granted. RSUs forfeited and returned to the pool of shares available for grant under the Restated 2005 Plan increase the pool by 2.3 shares for each share forfeited.
(2)Stock options and RSUs canceled, expired, or forfeited under our Restated 2005 Plan are returned to the pool of shares available for grant. Under the Restated 2005 Plan, shares withheld for income taxes upon vesting of RSUs that were granted on or after July 21, 2016 are also returned to the pool of shares available for grant.
Restricted Stock Unit and Restricted Stock Activity
A summary of RSU and restricted stock activity for the periods indicated was as follows:
(Shares in thousands)Number
of Shares
Weighted-Average
Grant Date
Fair Value
Unvested at July 31, 202311,894 $433.70 
Granted
4,253 590.59 
Vested(4,233)439.08 
Forfeited(990)390.17 
Unvested at July 31, 202410,924 496.64 
Granted
3,831 696.82 
Vested(3,674)512.36 
Forfeited(1,508)456.60 
Unvested at July 31, 20259,573 577.03 
Granted9,161 291.74 
Vested(3,598)561.86 
Forfeited(1,677)542.33 
Unvested at July 31, 202613,459 $391.22 
Additional information regarding our RSUs is shown in the table below.
Twelve Months Ended July 31,
(In millions)202620252024
Total fair market value of shares vested$1,767 $2,434 $2,575 
Share-based compensation for RSUs$1,958 $1,882 $1,857 
Total tax benefit related to RSU share-based compensation expense$360 $524 $545 
Cash tax benefits realized for tax deductions for RSUs$378 $533 $526 
At July 31, 2026, there was $4.9 billion of unrecognized compensation cost related to unvested RSUs and restricted stock with a weighted-average vesting period of 3.0 years. We adjust unrecognized compensation cost for actual forfeitures as they occur.
Stock Option Activity
A summary of stock option activity for the periods indicated was as follows:
Options Outstanding
(Shares in thousands)Number of
Shares
Weighted-Average
Exercise Price
Per Share
Balance at July 31, 20232,130 $360.17 
Granted326 626.32 
Exercised(570)212.89 
Canceled or expired(114)467.16 
Balance at July 31, 20241,772 449.66 
Granted287 781.21 
Exercised(660)354.70 
Canceled or expired(80)493.70 
Balance at July 31, 20251,319 566.59 
Granted69 281.53 
Exercised(30)478.86 
Canceled or expired(118)601.89 
Balance at July 31, 20261,240 $549.37 
Information regarding stock options outstanding as of July 31, 2026 is summarized below:
Number
of Shares
(in thousands)		Weighted-
Average
Remaining
Contractual
Life
(in years)		Weighted-
Average
Exercise
Price per
Share		Aggregate
Intrinsic
Value
(in millions)
Options outstanding1,240 3.86$549.37 $4 
Options exercisable793 2.89$508.10 $1 
The aggregate intrinsic values at July 31, 2026 are calculated as the difference between the exercise price of the underlying options and the market price of our common stock for shares that were in-the-money at that date. In-the-money options at July 31, 2026 were options that had exercise prices that were lower than the $316.07 market price of our common stock at that date.
Additional information regarding our stock options and ESPP shares is shown in the table below.
Twelve Months Ended July 31,
(In millions, except per share amounts)
202620252024
Weighted-average fair value of options granted (per share)$124.58 $246.17 $188.54 
Total grant date fair value of options vested$48 $43 $38 
Aggregate intrinsic value of options exercised$5 $208 $209 
Share-based compensation expense for stock options and ESPP$98 $86 $83 
Total tax benefit for stock option and ESPP share-based compensation$6 $24 $49 
Cash received from option exercises$14 $234 $121 
Cash tax benefits realized related to tax deductions for non-qualified option exercises and disqualifying dispositions under all share-based payment arrangements$2 $27 $49 
At July 31, 2026, there was $88 million of unrecognized compensation cost related to unvested stock options with a weighted-average vesting period of 2.6 years. We adjust unrecognized compensation cost for actual forfeitures as they occur.
Accumulated Other Comprehensive Loss
Comprehensive income consists of two elements, net income and other comprehensive income (loss). Other comprehensive income (loss) items are recorded in the stockholders’ equity section of our consolidated balance sheets and are excluded from net income. Our other comprehensive income (loss) primarily consists of foreign currency translation adjustments for subsidiaries with functional currencies other than the U.S. dollar and unrealized gains and losses on marketable debt securities classified as available-for-sale.
The following table shows the components of accumulated other comprehensive loss, net of income taxes, in the stockholders’ equity section of our consolidated balance sheets at the dates indicated.
July 31,
(In millions)20262025
Foreign currency translation adjustments$(50)$(51)
Unrealized gain (loss) on available-for-sale debt securities(1)1 
Other(6)— 
Total accumulated other comprehensive loss$(57)$(50)