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1、Table of ContentsUNITED STATES SECURITIES AND EXCHANGE COMMISSIONWashington,D.C.20549_FORM 10-Q Quarterly report pursuant to Section 13 or 15(d)of the Securities Exchange Act of 1934For the quarterly period ended April 30,2025OR Transition report pursuant to Section 13 or 15(d)of the Securities Exch

2、ange Act of 1934For the transition period from _ to _.Commission File Number 0-21180INTUIT INC.(Exact name of registrant as specified in its charter)Delaware77-0034661(State or other jurisdiction of incorporation or organization)(IRS Employer Identification No.)2700 Coast Avenue,Mountain View,CA 940

3、43(Address of principal executive offices,including zip code)(650)944-6000(Registrants telephone number,including area code)Securities registered pursuant to Section 12(b)of the Act:Title of each classTrading SymbolName of each exchange on which registered Common Stock,$0.01 par valueINTUNasdaq Glob

4、al Select MarketIndicate by check mark whether the registrant:(1)has filed all reports required to be filed by Section 13 or 15(d)of the Securities Exchange Act of 1934 during the preceding 12 months(or forsuch shorter period that the registrant was required to file such reports),and(2)has been subj

5、ect to such filing requirements for the past 90 days.Yes No Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T(232.405 of thischapter)during the preceding 12 months(or for such shorter

6、 period that the registrant was required to submit such files).Yes No Indicate by check mark whether the registrant is a large accelerated filer,an accelerated filer,a non-accelerated filer,a smaller reporting company,or an emerging growth company.See thedefinitions of“large accelerated filer,”“acce

7、lerated filer,”“smaller reporting company,”and“emerging growth company”in Rule 12b-2 of the Exchange Act.Large accelerated filerAccelerated filerNon-accelerated filerSmaller reportingcompanyEmerging growthcompanyIf an emerging growth company,indicate by check mark if the registrant has elected not t

8、o use the extended transition period for complying with any new or revised financial accountingstandards provided pursuant to Section 13(a)of the Exchange Act.Indicate by check mark whether the registrant is a shell company(as defined in Rule 12b-2 of the Exchange Act).Yes No Indicate the number of

9、shares outstanding of each of the issuers classes of common stock,as of the latest practicable date.The number of shares(in thousands)of Common Stock,$0.01 parvalue,outstanding as of May 15,2025 was 278,947.INTUIT INC.FORM 10-QINDEXPagePART I-FINANCIAL INFORMATIONITEM 1:Financial Statements(Unaudite

10、d)Condensed Consolidated Statements of Operations for the three and nine months ended April 30,2025 and 20244Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended April 30,2025 and 20245Condensed Consolidated Balance Sheets at April 30,2025 and July 31,20246Co

11、ndensed Consolidated Statements of Stockholders Equity for the three and nine months ended April 30,2025 and 20247Condensed Consolidated Statements of Cash Flows for the nine months ended April 30,2025 and 20249Notes to Condensed Consolidated Financial Statements11ITEM 2:Managements Discussion and A

12、nalysis of Financial Condition and Results of Operations32ITEM 3:Quantitative and Qualitative Disclosures about Market Risk49ITEM 4:Controls and Procedures50PART II-OTHER INFORMATION ITEM 1:Legal Proceedings51ITEM 1A:Risk Factors51ITEM 2:Unregistered Sales of Equity Securities and Use of Proceeds65I

13、TEM 5:Other Information65ITEM 6:Exhibits65Signatures66Intuit,QuickBooks,TurboTax,Credit Karma,and Mailchimp,among others,are registered trademarks and/or registered service marks of Intuit Inc.,or one of its subsidiaries,in the UnitedStates and other countries.Other parties marks are the property of

14、 their respective owners.Intuit Q3 Fiscal 2025 Form 10-Q2Forward-Looking StatementsThis Quarterly Report on Form 10-Q contains forward-looking statements that involve risks and uncertainties.Please also see the section entitled Risk Factors in Item 1A of Part II of thisQuarterly Report for important

15、 information to consider when evaluating these statements.All statements in this report,other than statements that are purely historical,are forward-lookingstatements.Words such as“will,”“expect,”“anticipate,”“intend,”“plan,”“believe,”“forecast,”“estimate,”“seek,”and similar expressions also identif

16、y forward-looking statements.In this report,forward-looking statements include,without limitation,the following:our expectations and beliefs regarding future conduct and growth of the business;statements regarding the impact of macroeconomic conditions on our business;our beliefs and expectations re

17、garding seasonality,competition,and other trends that affect our business;our expectation that we will continue to invest significant resources in our product development,marketing and sales capabilities,including products and services incorporatingartificial intelligence;our expectation that we wil

18、l continue to invest significant management attention and resources in our information technology infrastructure and in our privacy and security capabilities;our expectation that we will work with the broader industry and government to protect our customers from fraud;our expectation that we will ge

19、nerate significant cash from operations;our expectation that total service revenue as a percentage of our total revenue to grow over the long term;our expectations regarding the development of future products,services,business models and technology platforms and our research and development efforts;

20、our assumptions underlying our critical accounting policies and estimates,including our judgments and estimates regarding revenue recognition;the fair value of goodwill;andexpected future amortization of acquired intangible assets;our intention not to sell our investments and our belief that it is m

21、ore likely than not that we will not be required to sell them before recovery at par;our belief that the investments we hold are not other-than-temporarily impaired;our belief that we take prudent measures to mitigate investment-related risks;our belief that our exposure to currency exchange fluctua

22、tion risk will not be significant in the future;our assessments and estimates that determine our effective tax rate;our belief that our income tax valuation allowance is sufficient;our belief that it is not reasonably possible that there will be a significant increase or decrease in our unrecognized

23、 tax benefits over the next 12 months;our belief that our cash and cash equivalents,investments and cash generated from operations will be sufficient to meet our seasonal working capital needs,capital expenditurerequirements,contractual obligations,commitments,debt service requirements and other liq

24、uidity requirements associated with our operations for at least the next 12 months;our expectation that we will return excess cash generated by operations to our stockholders through repurchases of our common stock and the payment of cash dividends,aftertaking into account our operating and strategi

25、c cash needs;our judgments and assumptions relating to our loan portfolio;our belief that our debt facilities will be available to us should we choose to borrow under them;our expectations regarding acquisitions and their impact on business and strategic priorities;our expectations regarding the tim

26、ing and costs associated with our plan of reorganization;andour assessments and beliefs regarding the future developments and outcomes of pending legal proceedings and inquiries by regulatory authorities,the liability,if any,that Intuit mayincur as a result of those proceedings and inquiries,and the

27、 impact of any potential losses or expenses associated with such proceedings or inquiries on our financial statements.We caution investors that forward-looking statements are only predictions based on our current expectations about future events and are not guarantees of future performance.Actualout

28、comes and results may differ materially from what is expressed or forecast in these forward-looking statements.Risks,uncertainties and other factors that might cause such differences,some of which could be material,include but are not limited to those discussed in the section entitled“Risk Factors”i

29、n Item 1A of Part II of this Quarterly Report.We encourage you to readcarefully all information provided in this report and in our other filings with the Securities and Exchange Commission before deciding to invest in our stock or to maintain or change yourinvestment.These forward-looking statements

30、 are based on information as of the filing date of this Quarterly Report and,except as required by law,we undertake no obligation to revise orupdate any forward-looking statement for any reason.Intuit Q3 Fiscal 2025 Form 10-Q3Table of ContentsPART I-FINANCIAL INFORMATIONITEM 1-FINANCIAL STATEMENTSIN

31、TUIT INC.CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(Unaudited)Three Months EndedNine Months Ended(In millions,except per share amounts)April 30,2025April 30,2024April 30,2025April 30,2024Net revenue:Service$6,971$6,048$13,109$11,191 Product and other783 689 1,891 1,910 Total net revenue7,754 6,

32、737 15,000 13,101 Costs and expenses:Cost of revenue:Cost of service revenue1,138 1,014 2,790 2,517 Cost of product and other revenue18 17 52 55 Amortization of acquired technology38 36 112 110 Selling and marketing1,618 1,419 3,784 3,208 Research and development707 671 2,127 2,029 General and admin

33、istrative394 355 1,177 1,041 Amortization of other acquired intangible assets120 120 360 360 Restructuring1 14 Total costs and expenses4,034 3,632 10,416 9,320 Operating income3,720 3,105 4,584 3,781 Interest expense(68)(60)(188)(182)Interest and other income,net32 27 72 91 Income before income taxe

34、s3,684 3,072 4,468 3,690 Income tax provision864 683 980 707 Net income$2,820$2,389$3,488$2,983 Basic net income per share$10.09$8.53$12.45$10.65 Shares used in basic per share calculations280 280 280 280 Diluted net income per share$10.02$8.42$12.33$10.51 Shares used in diluted per share calculatio

35、ns282 284 283 284 See accompanying notes.Intuit Q3 Fiscal 2025 Form 10-Q4Table of ContentsINTUIT INC.CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME(Unaudited)Three Months EndedNine Months Ended(In millions)April 30,2025April 30,2024April 30,2025April 30,2024Net income$2,820$2,389$3,488$2,

36、983 Other comprehensive income(loss),net of income taxes:Unrealized gain(loss)on available-for-sale debt securities1(1)1 5 Foreign currency translation gain(loss)17(6)7(17)Cumulative translation adjustment reclassified to net income 9 9 Total other comprehensive income(loss),net18 2 8(3)Comprehensiv

37、e income$2,838$2,391$3,496$2,980 See accompanying notes.Intuit Q3 Fiscal 2025 Form 10-Q5Table of ContentsINTUIT INC.CONDENSED CONSOLIDATED BALANCE SHEETS(Unaudited)(In millions)April 30,2025July 31,2024ASSETS Current assets:Cash and cash equivalents$5,443$3,609 Investments731 465 Accounts receivable

38、,net724 457 Notes receivable held for investment,net1,278 779 Notes receivable held for sale47 3 Income taxes receivable9 78 Prepaid expenses and other current assets512 366 Current assets before funds receivable and amounts held for customers8,744 5,757 Funds receivable and amounts held for custome

39、rs5,221 3,921 Total current assets13,965 9,678 Long-term investments88 131 Property and equipment,net975 1,009 Operating lease right-of-use assets560 411 Goodwill13,847 13,844 Acquired intangible assets,net5,397 5,820 Long-term deferred income tax assets1,062 698 Other assets699 541 Total assets$36,

40、593$32,132 LIABILITIES AND STOCKHOLDERS EQUITY Current liabilities:Short-term debt$500$499 Accounts payable1,002 721 Accrued compensation and related liabilities747 921 Deferred revenue957 872 Income taxes payable614 8 Other current liabilities613 549 Current liabilities before funds payable and amo

41、unts due to customers4,433 3,570 Funds payable and amounts due to customers5,221 3,921 Total current liabilities9,654 7,491 Long-term debt5,906 5,539 Operating lease liabilities614 458 Other long-term obligations294 208 Total liabilities16,468 13,696 Commitments and contingenciesStockholders equity:

42、Preferred stock Common stock and additional paid-in capital21,380 20,251 Treasury stock,at cost(20,795)(18,750)Accumulated other comprehensive loss(46)(54)Retained earnings19,586 16,989 Total stockholders equity20,125 18,436 Total liabilities and stockholders equity$36,593$32,132 See accompanying no

43、tes.Intuit Q3 Fiscal 2025 Form 10-Q6Table of Contents.INTUIT INC.CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS EQUITY(Unaudited)Three Months Ended April 30,2025(Dollars in millions,except per share amount;shares in thousands)Shares ofCommonStockCommonStock andAdditionalPaid-In CapitalTreasurySto

44、ckAccumulatedOtherComprehensiveLossRetainedEarningsTotalStockholdersEquityBalance at January 31,2025279,740$20,995$(20,041)$(64)$17,059$17,949 Comprehensive income 18 2,820 2,838 Issuance of stock under employee stock plans,net of shares withheldfor employee taxes601(84)(84)Stock repurchases under s

45、tock repurchase programs(1,267)(754)(754)Dividends and dividend rights declared($1.04 per share)(293)(293)Share-based compensation expense 469 469 Balance at April 30,2025279,074$21,380$(20,795)$(46)$19,586$20,125 Nine Months Ended April 30,2025(Dollars in millions,except per share amount;shares in

46、thousands)Shares ofCommonStockCommonStock andAdditionalPaid-In CapitalTreasuryStockAccumulatedOtherComprehensiveLossRetainedEarningsTotalStockholdersEquityBalance at July 31,2024280,268$20,251$(18,750)$(54)$16,989$18,436 Comprehensive income 8 3,488 3,496 Issuance of stock under employee stock plans

47、,net of shares withheldfor employee taxes2,113(349)(349)Stock repurchases under stock repurchase programs(3,307)(2,045)(2,045)Dividends and dividend rights declared($3.12 per share)(891)(891)Share-based compensation expense 1,478 1,478 Balance at April 30,2025279,074$21,380$(20,795)$(46)$19,586$20,1

48、25 Intuit Q3 Fiscal 2025 Form 10-Q7Table of ContentsINTUIT INC.CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS EQUITY(Unaudited)Three Months Ended April 30,2024(Dollars in millions,except per share amount;shares in thousands)Shares ofCommonStockCommonStock andAdditionalPaid-In CapitalTreasuryStock

49、AccumulatedOtherComprehensiveLossRetainedEarningsTotalStockholdersEquityBalance at January 31,2024280,025$19,739$(17,911)$(60)$15,140$16,908 Comprehensive income 2 2,389 2,391 Issuance of stock under employee stock plans,net of shares withheldfor employee taxes590(150)(150)Stock repurchases under st

50、ock repurchase programs(910)(584)(584)Dividends and dividend rights declared($0.90 per share)(259)(259)Share-based compensation expense 451 451 Balance at April 30,2024279,705$20,040$(18,495)$(58)$17,270$18,757 Nine Months Ended April 30,2024(Dollars in millions,except per share amount;shares in tho

51、usands)Shares ofCommonStockCommonStock andAdditionalPaid-In CapitalTreasuryStockAccumulatedOtherComprehensiveLossRetainedEarningsTotalStockholdersEquityBalance at July 31,2023280,421$19,029$(16,772)$(55)$15,067$17,269 Comprehensive income (3)2,983 2,980 Issuance of stock under employee stock plans,n

52、et of shares withheldfor employee taxes2,297(410)(410)Stock repurchases under stock repurchase programs(3,013)(1,723)(1,723)Dividends and dividend rights declared($2.70 per share)(780)(780)Share-based compensation expense 1,421 1,421 Balance at April 30,2024279,705$20,040$(18,495)$(58)$17,270$18,757

53、 See accompanying notes.Intuit Q3 Fiscal 2025 Form 10-Q8Table of ContentsINTUIT INC.CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(Unaudited)Nine Months Ended(In millions)April 30,2025April 30,2024Cash flows from operating activities:Net income$3,488$2,983 Adjustments to reconcile net income to net

54、 cash provided by operating activities:Depreciation129 111 Amortization of acquired intangible assets472 470 Non-cash operating lease cost56 63 Share-based compensation expense1,478 1,421 Deferred income taxes(278)(361)Other114 69 Total adjustments1,971 1,773 Originations and purchases of loans held

55、 for sale(96)Sales and principal repayments of loans held for sale 98 Changes in operating assets and liabilities:Accounts receivable(267)(384)Income taxes receivable69 25 Prepaid expenses and other assets(227)18 Accounts payable285 286 Accrued compensation and related liabilities(173)20 Deferred re

56、venue84(79)Income taxes payable606(262)Operating lease liabilities(59)(45)Other liabilities49 130 Total changes in operating assets and liabilities367(291)Net cash provided by operating activities5,826 4,467 Cash flows from investing activities:Purchases of corporate and customer fund investments(1,

57、080)(564)Sales of corporate and customer fund investments168 491 Maturities of corporate and customer fund investments656 489 Purchases of property and equipment(99)(208)Originations and purchases of loans held for investment(2,873)(1,926)Sales of loans originally classified as held for investment30

58、0 101 Principal repayments of loans held for investment1,952 1,688 Other(117)(46)Net cash provided by(used in)investing activities(1,093)25 Cash flows from financing activities:Proceeds from issuance of long-term debt,net of discount and issuance costs 3,956 Repayments of debt(4,200)Proceeds from bo

59、rrowings under unsecured revolving credit facility 100 Repayments on borrowings under unsecured revolving credit facility(100)Proceeds from borrowings under secured revolving credit facilities364 95 Repayments on borrowings under secured revolving credit facilities(25)Proceeds from issuance of stock

60、 under employee stock plans263 226 Payments for employee taxes withheld upon vesting of restricted stock units(612)(632)Intuit Q3 Fiscal 2025 Form 10-Q9Table of ContentsCash paid for purchases of treasury stock(2,026)(1,707)Dividends and dividend rights paid(888)(773)Net change in funds receivable a

61、nd funds payable and amounts due to customers1,251 2,212 Other(4)(3)Net cash used in financing activities(1,652)(851)Effect of exchange rates on cash,cash equivalents,restricted cash,and restricted cash equivalents4(12)Net increase in cash,cash equivalents,restricted cash,and restricted cash equival

62、ents3,085 3,629 Cash,cash equivalents,restricted cash,and restricted cash equivalents at beginning of period7,099 2,852 Cash,cash equivalents,restricted cash,and restricted cash equivalents at end of period$10,184$6,481 Reconciliation of cash,cash equivalents,restricted cash,and restricted cash equi

63、valents reported within the condensed consolidated balancesheets to the total amounts reported on the condensed consolidated statements of cash flowsCash and cash equivalents$5,443$4,215 Restricted cash and restricted cash equivalents included in funds receivable and amounts held for customers4,741

64、2,266 Total cash,cash equivalents,restricted cash,and restricted cash equivalents at end of period$10,184$6,481 Supplemental schedule of non-cash investing activities:Transfers of loans originated or purchased as held for investment to held for sale$333$106 See accompanying notes.Intuit Q3 Fiscal 20

65、25 Form 10-Q10Table of ContentsINTUIT INC.NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS(Unaudited)1.Description of Business and Summary of Significant Accounting PoliciesDescription of BusinessIntuit Inc.(Intuit,we,us,or our)helps consumers and small and mid-market businesses prosper by deliv

66、ering financial management,compliance,and marketing products and services.Wealso provide specialized tax products to accounting professionals.We help consumers do their taxes with ease and confidence,understand their financial picture,build credit,save more to make ends meet,get their largest tax re

67、fund,pay off debt,andreceive personalized suggestions on how to grow their money.We help small and mid-market businesses grow and run their business all in one place,including bookkeeping,getting paid,accessing capital,paying employees,getting and retaining customers,and managing their customer rela

68、tionships.We do this through our global AI-driven expert platform and our offerings including TurboTax,Credit Karma,QuickBooks,and Mailchimp.Lacerte,ProSeries,and ProConnect Tax Online areour leading tax preparation offerings for professional accountants.Incorporated in 1984 and headquartered in Mou

69、ntain View,California,we sell our products and services primarily in theUnited States(U.S.).Basis of PresentationThese condensed consolidated financial statements include the financial statements of Intuit and its wholly-owned subsidiaries.We have eliminated all intercompany balances andtransactions

70、 in consolidation.We have included all adjustments,consisting only of normal recurring items,which we considered necessary for a fair presentation of our financial results for theinterim periods presented.We have reclassified certain amounts previously reported in our financial statements to conform

71、 to the current presentation.On August 1,2024,we renamed our Small Business&Self-Employed segment as the Global Business Solutions segment.This new name better aligns with the global reach of the Mailchimpand QuickBooks platform,our focus on serving both small and mid-market businesses,and our visio

72、n to become the end-to-end platform that customers use to grow and run their business.See Note 12,Segment Information,for more information.On August 1,2024,we reorganized certain technology and customer success functions in our Global Business Solutions,Consumer,and ProTax segments that support and

73、benefit our overallplatform and are managed at that level rather than at the segment level.As a result of these reorganizations,costs associated with these functions are no longer included in segment operatingincome and are now included in other corporate expenses.For the three and nine months ended

74、 April 30,2024,we reclassified expenses totaling$353 million and$1.0 billion from GlobalBusiness Solutions,$327 million and$521 million from Consumer,and$10 million and$26 million from ProTax to other corporate expenses,respectively,to conform to the currentpresentation.See Note 12,Segment Informati

75、on,for more information.These unaudited condensed consolidated financial statements and accompanying notes should be read together with the audited consolidated financial statements in Part II,Item 8 of ourAnnual Report on Form 10-K for the fiscal year ended July 31,2024.Results for the nine months

76、ended April 30,2025 are not necessarily indicative of the results we expect for the fiscal yearending July 31,2025 or any other future period.SeasonalityOur Consumer and ProTax offerings have a significant and distinct seasonal pattern as sales and revenue from our income tax preparation products an

77、d services are typically heavilyconcentrated 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.Significant Accounting PoliciesWe described our significant accountin

78、g policies in Note 1 to the financial statements in Part II,Item 8 of our Annual Report on Form 10-K for the fiscal year ended July 31,2024.There havebeen no changes to our significant accounting policies during the first nine months of fiscal 2025.Intuit Q3 Fiscal 2025 Form 10-Q11Table of ContentsU

79、se of EstimatesIn preparing our condensed consolidated financial statements in accordance with U.S.generally accepted accounting principles(GAAP),we make certain judgments,estimates,andassumptions that affect the amounts reported in our financial statements and the disclosures made in the accompanyi

80、ng notes.For example,we use judgments and estimates in determininghow revenue should be recognized.These judgments and estimates include identifying performance obligations,determining if the performance obligations are distinct,determining thestandalone sales price(SSP)and timing of revenue recogni

81、tion for each distinct performance obligation,and estimating variable consideration to be included in the transaction price.We useestimates in determining the collectibility of accounts receivable and notes receivable held for investment,the appropriate levels of various accruals including accruals

82、for litigationcontingencies,the discount rate used to calculate lease liabilities,the amount of our worldwide tax provision,the realizability of deferred tax assets,the credit losses of available-for-sale debtsecurities,reserves for losses,the fair value of assets acquired and liabilities assumed fo

83、r business combinations,and the fair value of notes receivable held for sale.We also use estimates indetermining the remaining economic lives and fair values of acquired intangible assets,property and equipment,and other long-lived assets.In addition,we use assumptions to estimate thefair value of r

84、eporting units and share-based compensation.Despite our intention to establish accurate estimates and use reasonable assumptions,actual results may differ from ourestimates.Computation of Net Income Per ShareWe compute basic net income or loss per share using the weighted-average number of common sh

85、ares outstanding during the period.We compute diluted net income per share using theweighted-average number of common shares and dilutive potential common shares outstanding during the period.Dilutive potential common shares consist of the shares issuable upon theexercise of stock options and upon t

86、he vesting of restricted stock units(RSUs)under the treasury stock method.We include stock options with combined exercise prices and unrecognized compensation expense that are less than the average market price for our common stock,and RSUs withunrecognized compensation expense that is less than the

87、 average market price for our common stock,in the calculation of diluted net income per share.We exclude stock options withcombined exercise prices and unrecognized compensation expense that are greater than the average market price for our common stock,and RSUs with unrecognized compensationexpense

88、 that is greater than the average market price for our common stock,from the calculation of diluted net income per share because their effect is anti-dilutive.Under the treasury stockmethod,the amount that must be paid to exercise stock options and the amount of compensation expense for future servi

89、ce that we have not yet recognized for stock options and RSUs areassumed to be used to repurchase shares.Dividend rights apply to all RSUs that we grant and are accumulated and paid when the underlying RSUs vest.Since the dividend rights are subject to the same vesting requirements as theunderlying

90、equity awards,they are considered a contingent transfer of value.Consequently,the RSUs are not considered participating securities,and we do not present them separately inearnings per share.In loss periods,basic net loss per share and diluted net loss per share are the same since the effect of poten

91、tial common shares is anti-dilutive and therefore excluded.Intuit Q3 Fiscal 2025 Form 10-Q12Table of ContentsThe following table presents the composition of shares used in the computation of basic and diluted net income per share for the periods indicated.Three Months EndedNine Months Ended(In milli

92、ons,except per share amounts)April 30,2025April 30,2024April 30,2025April 30,2024Numerator:Net income$2,820$2,389$3,488$2,983 Denominator:Shares used in basic per share amounts:Weighted-average common shares outstanding280 280 280 280 Shares used in diluted per share amounts:Weighted-average common

93、shares outstanding280 280 280 280 Dilutive potential common equivalent shares from share-based awards2 4 3 4 Dilutive weighted-average common shares outstanding282 284 283 284 Basic and diluted net income per share:Basic net income per share$10.09$8.53$12.45$10.65 Diluted net income per share$10.02$

94、8.42$12.33$10.51 Shares excluded from diluted net income per share:Weighted-average share-based awards that have been excluded from dilutive common equivalent sharesoutstanding due to their anti-dilutive effect1 Deferred RevenueWe record deferred revenue when we have entered into a contract with a c

95、ustomer,and cash payments are received or due prior to transfer of control or satisfaction of the relatedperformance obligation.During the three and nine months ended April 30,2025,we recognized revenue of$111 million and$829 million,respectively,that was included in deferred revenue atJuly 31,2024.

96、During the three and nine months ended April 30,2024,we recognized revenue of$85 million and$890 million,respectively,that was included in deferred revenue at July 31,2023.Our performance obligations are generally satisfied within 12 months of the initial contract date.As of April 30,2025 and July 3

97、1,2024,the deferred revenue balance related to performanceobligations that will be satisfied after 12 months was$3 million and$4 million,respectively,and is included in other long-term obligations on our condensed consolidated balance sheets.Concentration of Credit Risk and Significant CustomersNo c

98、ustomer accounted for 10%or more of total net revenue in the three or nine months ended April 30,2025 or April 30,2024.No customer accounted for 10%or more of gross accountsreceivable at April 30,2025 or July 31,2024.Accounting Standards Not Yet AdoptedSegment Information-In November 2023,the Financ

99、ial Accounting Standards Board(FASB)issued Accounting Standard Update(ASU)2023-07,Segment Reporting(Topic 280):Improvements to Reportable Segment Disclosures.This standard requires incremental segment information disclosures,including disclosures of significant segment expenses that areregularly pro

100、vided to the chief operating decision maker(CODM),a description of other segment items by reportable segment,and any additional measures of a segments profit or loss usedby the CODM when deciding how to allocate resources.The standard is effective for fiscal years beginning after December 15,2023,an

101、d interim periods within fiscal years beginning afterDecember 15,2024,which means that it will be effective for our annual reporting for the fiscal year ending July 31,2025 and for interim period reporting beginning in fiscal 2026.Earlyadoption is permitted,and retrospective adoption is required for

102、 all prior periods presented.We are currently evaluating the impact of our pending adoption of ASU 2023-07 on ourconsolidated financial statements and related disclosures.Intuit Q3 Fiscal 2025 Form 10-Q13Table of ContentsIncome Tax-In December 2023,the FASB issued ASU 2023-09,Income Taxes(Topic 740)

103、:Improvements to Income Tax Disclosures.This standard requires additional disclosures relatedto the income tax rate reconciliation,income taxes paid by jurisdiction,and other income tax-related disclosures.The standard is effective for fiscal years beginning after December 15,2024,which means that i

104、t will be effective for us for the fiscal year ending July 31,2026.Early adoption is permitted on either a prospective or retrospective basis.We are currently evaluating theimpact of our pending adoption of ASU 2023-09 on our consolidated financial statements and related disclosures.Income Statement

105、-Expense Disaggregation-In November 2024,the FASB issued ASU 2024-03,Income Statement-Reporting Comprehensive Income-Expense DisaggregationDisclosures(Subtopic 220-40):Disaggregation of Income Statement Expenses,and in January 2025,the FASB issued ASU 2025-01,Income Statement-Reporting Comprehensive

106、 Income-Expense Disaggregation Disclosures(Subtopic 220-40):Clarifying the Effective Date,which clarified the effective date of ASU 2024-03.This standard requires entities to disaggregateoperating expenses into specific categories such as employee compensation,depreciation,and intangible asset amort

107、ization,by relevant expense caption on the statement of operations.Thestandard is effective for fiscal years beginning after December 15,2026,and interim periods within fiscal years beginning after December 15,2027,which means that it will be effective for ourannual reporting for the fiscal year end

108、ing July 31,2028 and for interim period reporting beginning in fiscal 2029.Early adoption is permitted on either a prospective or retrospective basis.Weare currently evaluating the impact of our pending adoption of ASU 2024-03 on our consolidated financial statements and related disclosures.Business

109、 Combinations and Consolidation-In May 2025,the FASB issued ASU 2025-03,Business Combinations(Topic 805)and Consolidation(Topic 810):Determining the AccountingAcquirer in the Acquisition of a Variable Interest Entity(VIE).This standard clarifies the guidance in determining the accounting acquirer in

110、 a business combination effected primarily byexchanging equity interests when the acquiree is a VIE that meets the definition of a business.The standard is effective for fiscal years beginning after December 15,2026,including interimperiods within those fiscal years,which means that it will be effec

111、tive for us in the first quarter of our fiscal year beginning August 1,2027.Early adoption is permitted,and the standard is to beapplied prospectively to acquisitions after the adoption date.We are currently evaluating the impact of our pending adoption of ASU 2025-03 on our consolidated financial s

112、tatements andrelated disclosures.2.Fair Value MeasurementsFair Value HierarchyThe authoritative guidance defines fair value as the price that would be received from the sale of an asset or paid to transfer a liability in an orderly transaction between market participants onthe measurement date.When

113、determining fair value,we consider the principal or most advantageous market for an asset or liability and assumptions that market participants would use whenpricing the asset or liability.In addition,we consider and use all valuation methods that are appropriate in estimating the fair value of an a

114、sset or liability.The authoritative guidance establishes a fair value hierarchy that is based on the extent and level of judgment used to estimate the fair value of assets and liabilities.In general,theauthoritative guidance requires us to maximize the use of observable inputs and minimize the use o

115、f unobservable inputs when measuring fair value.An asset or liabilitys categorization withinthe fair value hierarchy is based upon the lowest level of input that is significant to the measurement of its fair value.The three levels of input defined by the authoritative guidance are asfollows:Level 1

116、uses unadjusted quoted prices that are available in active markets for identical assets or liabilities.Level 2 uses inputs other than quoted prices included in Level 1 that are either directly or indirectly observable through correlation with market data.These include quoted prices inactive markets

117、for similar assets or liabilities;quoted prices for identical or similar assets or liabilities in markets that are not active;and inputs to valuation models or other pricingmethodologies that do not require significant judgment because the inputs used in the model,such as interest rates and volatili

118、ty,can be corroborated by readily observable marketdata for substantially the full term of the assets or liabilities.Level 3 uses one or more unobservable inputs that are supported by little or no market activity and that are significant to the determination of fair value.Level 3 assets and liabilit

119、iesinclude those whose fair values are determined using pricing models,discounted cash flow methodologies,or similar valuation techniques and significant management judgment orestimation.Intuit Q3 Fiscal 2025 Form 10-Q14Table of ContentsAssets and Liabilities Measured at Fair Value on a Recurring Ba

120、sisThe following table summarizes financial assets that we measured at fair value on a recurring basis at the dates indicated,classified in accordance with the fair value hierarchy describedabove.April 30,2025July 31,2024(In millions)Level 1Level 2TotalFair ValueLevel 1Level 2TotalFair ValueAssets:C

121、ash equivalents,primarily money market funds$3,692$3,692$2,538$2,538 Available-for-sale debt securities:Corporate notes 529 529 456 456 U.S.agency securities 352 352 159 159 Total available-for-sale debt securities 881 881 615 615 Total assets measured at fair value on a recurring basis$3,692$881$4,

122、573$2,538$615$3,153 The following table summarizes our cash equivalents and available-for-sale debt securities by balance sheet classification and level in the fair value hierarchy at the dates indicated.April 30,2025July 31,2024(In millions)Level 1Level 2TotalFair ValueLevel 1Level 2TotalFair Value

123、Cash equivalents:In cash and cash equivalents$3,692$3,692$2,538$2,538 In funds receivable and amounts held for customers Total cash equivalents$3,692$3,692$2,538$2,538 Available-for-sale debt securities:In investments$731$731$465$465 In funds receivable and amounts held for customers 150 150 150 150

124、 Total available-for-sale debt securities$881$881$615$615 We value our Level 1 assets,consisting primarily of money market funds,using quoted prices in active markets for identical instruments.Financial assets whose fair values we measure on a recurring basis using Level 2 inputs consist of corporat

125、e notes and U.S.agency securities.We measure the fair values of these assetswith the help of a pricing service that either provides quoted market prices in active markets for identical or similar securities or uses observable inputs for their pricing without applyingsignificant adjustments.Our fair

126、value processes include controls designed to ensure that we record appropriate fair values for our Level 2 investments.These controls include comparison topricing provided by a secondary pricing service or investment manager,validation of pricing sources and models,review of key model inputs,analysi

127、s of period-over-period price fluctuations,and independent recalculation of prices where appropriate.Financial assets whose fair values we measure using Level 3 inputs consist of notes receivable held for sale.These loans are recorded at the lower of cost or fair value.As of April 30,2025and July 31

128、,2024,total notes receivable held for sale were not material and the difference between amortized cost and fair value was not material.Financial liabilities whose fair values we measure using Level 2 inputs consist of senior unsecured notes.We measure the fair value of our senior unsecured notes bas

129、ed on their tradingprices and the interest rates we could obtain for other borrowings with similar terms.At April 30,2025 and July 31,2024,the total estimated fair value of the senior unsecured notes was$5.4billion and$5.5 billion,respectively.At each of the reporting periods ended April 30,2025 and

130、 July 31,2024,the carrying value of the senior unsecured notes was$5.5 billion.See Note 6,“Debt,”for more information.Intuit Q3 Fiscal 2025 Form 10-Q15Table of ContentsAssets and Liabilities Measured at Fair Value on a Non-Recurring BasisLong-term investments primarily include non-marketable equity

131、securities in privately-held companies that do not have a readily determinable fair value.They are accounted for at cost andadjusted based on observable price changes from orderly transactions for identical or similar investments of the same issuer,or impairment.These investments are classified as L

132、evel 3 in thefair value hierarchy because we estimate the value of these investments using a valuation method based on observable transaction price changes at the transaction date.The following table summarizes the adjustments to the carrying value of our long-term investments.Three Months EndedNine

133、 Months Ended(In millions)April 30,2025April 30,2024April 30,2025April 30,2024Upward adjustments$8$4 Downward adjustments,including impairments (51)Net adjustments$(43)$4 Cumulative upward adjustments amounted to$82 million,and cumulative downward adjustments,including impairments,amounted to$69 mil

134、lion through April 30,2025 for measurementalternative investments held as of April 30,2025.The carrying value of long-term investments on our condensed consolidated balance sheets was$88 million and$131 million at April 30,2025 and July 31,2024,respectively.3.Cash and Cash Equivalents,Investments,an

135、d Funds Receivable and Amounts Held for CustomersWe consider highly liquid investments with maturities of three months or less at the date of purchase to be cash equivalents.In all periods presented,cash equivalents consist primarily ofmoney market funds.Investments consist primarily of investment-g

136、rade available-for-sale debt securities.Funds receivable and amounts held for customers represent funds receivable fromthird-party payment processors for customer transactions,funds in transit to our customers,and funds held on behalf of our customers that are invested in cash and cash equivalents a

137、ndinvestment-grade available-for-sale securities,restricted for use solely for the purpose of satisfying amounts we owe on behalf of our customers.Our obligations with respect to funds wetransmit on behalf of our customers are satisfied when the funds are settled in the customers accounts.These obli

138、gations,including funds in transit to our customers,are reflected in fundspayable and amounts due to customers in the accompanying condensed consolidated balance sheets.Except for direct obligations of the U.S.government,securities issued by agencies of the U.S.government,and money market funds,we d

139、iversify our investments in debt securities by limitingour holdings with any individual issuer.The following table summarizes our cash and cash equivalents,investments,and funds receivable and amounts held for customers by balance sheet classification at the dates indicated.April 30,2025July 31,2024

140、(In millions)AmortizedCostFair ValueAmortizedCostFair ValueClassification on condensed consolidated balance sheets:Cash and cash equivalents$5,443$5,443$3,609$3,609 Investments731 731 465 465 Funds receivable and amounts held for customers5,220 5,221 3,921 3,921 Total cash and cash equivalents,inves

141、tments,and funds receivable and amounts held for customers$11,394$11,395$7,995$7,995 Intuit Q3 Fiscal 2025 Form 10-Q16Table of ContentsThe following table summarizes our cash and cash equivalents,investments,and relevant portion of funds receivable and amounts held for customers by investment catego

142、ry at the datesindicated.As of April 30,2025 and July 31,2024,this excludes$330 million and$281 million,respectively,of funds receivable on our condensed consolidated balance sheets in fundsreceivable and amounts held for customers that were not measured and recorded at fair value.April 30,2025July

143、31,2024(In millions)AmortizedCostFair ValueAmortizedCostFair ValueType of issue:Total cash,cash equivalents,restricted cash,and restricted cash equivalents$10,184$10,184$7,099$7,099 Available-for-sale debt securities:Corporate notes528 529 456 456 U.S.agency securities352 352 159 159 Total available

144、-for-sale debt securities880 881 615 615 Total cash,cash equivalents,restricted cash,restricted cash equivalents,and investments$11,064$11,065$7,714$7,714 We use the specific identification method to compute gains and losses on investments.We include realized gains and losses on our available-for-sa

145、le debt securities in interest and otherincome,net in our condensed consolidated statements of operations.Gross realized gains and losses on our available-for-sale debt securities for the nine months ended April 30,2025 andApril 30,2024 were not material.We accumulate unrealized gains and losses on

146、our available-for-sale debt securities,net of tax,in accumulated other comprehensive income or loss in the stockholders equity section of ourcondensed consolidated balance sheets,except for certain unrealized losses described below.Gross unrealized gains and losses on our available-for-sale debt sec

147、urities at April 30,2025 andJuly 31,2024 were not material.For available-for-sale debt securities in an unrealized loss position,we determine whether a credit loss exists.The estimate of the credit loss is determined by considering available informationrelevant to the collectibility of the security

148、and information about past events,current conditions,and reasonable and supportable forecasts.The allowance for credit loss is recorded to interestand other income,net in our condensed consolidated statements of operations,not to exceed the amount of the unrealized loss.Any excess unrealized loss gr

149、eater than the allowance forcredit loss at a security level is recognized in accumulated other comprehensive income or loss in the stockholders equity section of our condensed consolidated balance sheets.Wedetermined there were no credit losses related to available-for-sale debt securities as of Apr

150、il 30,2025.Unrealized losses on available-for-sale debt securities at April 30,2025 were notmaterial.We do not intend to sell these investments.In addition,it is more likely than not that we will not be required to sell them before recovery of the amortized cost basis,which may be atmaturity.The fol

151、lowing table summarizes our available-for-sale debt securities,included in investments and relevant portion of funds receivable and amounts held for customers,classified by the statedmaturity date of the security at the dates indicated.April 30,2025July 31,2024(In millions)AmortizedCostFair ValueAmo

152、rtizedCostFair ValueDue within one year$764$764$517$516 Due within two years66 67 55 56 Due within three years50 50 43 43 Total available-for-sale debt securities$880$881$615$615 Intuit Q3 Fiscal 2025 Form 10-Q17Table of ContentsThe following table summarizes our funds receivable and amounts held fo

153、r customers by asset category at the dates indicated.(In millions)April 30,2025July 31,2024Restricted cash and restricted cash equivalents$4,741$3,490 Restricted available-for-sale debt securities and funds receivable480 431 Total funds receivable and amounts held for customers$5,221$3,921(In millio

154、ns)April 30,2024July 31,2023Restricted cash and restricted cash equivalents$2,266$4 Restricted available-for-sale debt securities and funds receivable456 416 Total funds receivable and amounts held for customers$2,722$420 4.Notes Receivable and Allowances for Credit LossesAs of April 30,2025,our not

155、es receivable portfolio consisted of notes receivable held for investment,including term loans to small and mid-market businesses and refund advance loans toconsumers,and notes receivable held for sale,including term loans to small and mid-market businesses.We classify loans as notes receivable held

156、 for investment when we have both theintent and ability to hold until maturity or payoff.We classify loans as notes receivable held for sale when we have the intent and ability to sell substantially all of our rights,title,and interests ina qualified loan to a third-party investor.A loan that is ini

157、tially designated as held for sale or held for investment may be reclassified when our intent for that loan changes.When a loan held forinvestment is reclassified to held for sale and recorded at the lower of amortized cost or fair value,the related allowance for credit losses for that loan is relea

158、sed,and any adjustment to recordthe loan at the lower of amortized cost or fair value is recorded.Notes Receivable Held for InvestmentTerm loans to small and mid-market businesses.We provide financing to small and mid-market businesses via term loans that we originate directly or through an originat

159、ing bank partner.During the nine months ended April 30,2025 and April 30,2024,we purchased term loans from our originating bank partner with principal balances in the amount of$2.4 billion and$1.2 billion,respectively.As of April 30,2025,we had commitments to purchase$32 million in term loans that w

160、ere originated on or prior to April 30,2025.The term loans are not secured and are recorded at amortized cost,which includes unpaid principal balances,deferred origination costs,and any related discount or premium,net ofallowances for credit losses.As of April 30,2025 and July 31,2024,the net notes

161、receivable held for investment balance for term loans to small and mid-market businesses was$1.4 billionand$912 million,respectively.The current portion is included in notes receivable held for investment and the long-term portion is included in other assets on our condensed consolidatedbalance shee

162、ts.We maintain an allowance for credit losses on loans held for investment to reserve for lifetime expected credit losses in the loan portfolio.The allowance for credit losses is determined basedon our current estimate of lifetime expected credit losses,historical credit losses,estimates of recoveri

163、es,and future expectations as of each balance sheet date.We evaluate thecreditworthiness of our term loan portfolio on a pooled basis due to its composition of loans with similar general credit risk and characteristics.The allowance for credit losses is subjective andrequires management estimates,in

164、cluding such factors as known and inherent risks in the loan portfolio,historical losses,adverse situations that may affect borrowers ability to repay,andcurrent and forecasted economic conditions.Expected credit losses are measured based on a loss forecasting model and calculated by applying loss c

165、urves derived from loan level risksegment and term mixes,aggregated at monthly loan vintages.Loss curves are estimated based on a combination of empirical loss curve data and management judgment.Themethodologies are updated periodically to reflect factors such as actual loan performance and changes

166、in assumptions based on loan risk characteristics.We use empirical data andmanagement judgment to estimate losses for new credit tests or products for which we do not have enough history.When available information confirms that the specific loans or portionsthereof are uncollectible,identified amoun

167、ts are charged off against the allowance for credit losses.Loans are charged off as the contractual principal becomes 120 days past due or meetscertain other charge-off policy requirements.Subsequent recoveries of the unpaid principal balance,if any,are credited to the allowance for credit losses.As

168、 of April 30,2025 and July 31,2024,the allowances for credit losses were not material.During the nine months ended April 30,2025 and April 30,2024,the amount of charge-offs recorded and the amount of recoveries onterm loans to small and mid-market businesses were not material.Intuit Q3 Fiscal 2025 F

169、orm 10-Q18Table of ContentsWe consider a loan to be delinquent when the payments are one day past due.We place delinquent term loans on nonaccrual status and stop accruing interest revenue.Term loans arereturned to accrual status if they are brought current or have performed in accordance with the c

170、ontractual terms for a reasonable period of time and,in our judgment,will continue to makeperiodic principal and interest payments as per contractual terms.Past due amounts were not material for all periods presented.Interest revenue is earned on term loans originated and purchased and held for inve

171、stment in accordance with the specified period of time and defined interest rate noted in the loan contract.Interest revenue is recorded net of amortized deferred origination fees and costs,and loan discounts,and is included in service revenue in our condensed consolidated statements ofoperations.In

172、terest revenue was not material for all periods presented.Refund Advance Loans.Refund advance loans are loans available to eligible TurboTax customers based on a customers anticipated income tax refund,at no cost to the customer.Theloans are repaid from the customers income tax refund,which is gener

173、ally received within three to four weeks after acceptance of the customers income tax return by the Internal RevenueService(IRS).We partner with third-party issuing banks to originate the loans and subsequently purchase full participating interests in those loans.The refund advance loans are not sec

174、uredand are recorded at amortized cost,net of an allowance for credit losses.As of April 30,2025 and July 31,2024,the net notes receivable balances for refund advance loans were$1 millionand$4 million,respectively.We maintain an allowance for credit losses to reserve for potentially uncollectible lo

175、ans.We estimate the allowance for credit losses based on expected funding ofrefunds by the IRS using historical trends.When we determine that any amounts are uncollectible,we charge them off against the allowance for credit losses.As of April 30,2025 and July 31,2024,the allowances for credit losses

176、 on refund advance loans were not material.Notes Receivable Held for SaleTerm loans to small and mid-market businesses.We have entered into two forward flow arrangements with institutional investors that facilitate the sale of participation interests inunsecured term loans.In August 2023,we entered

177、into a forward flow arrangement with an institutional investor(2023 Forward Flow Agreement),which has since been amended,most recently in January 2025.Pursuant to the amended 2023 Forward Flow Agreement,we have a commitment to sell to the institutional investor a minimum of approximately$8 million m

178、onthly and$350 millioncumulatively in participation interests in unsecured term loans to small and mid-market businesses over four years,subject to certain eligibility criteria.As of April 30,2025,we have met thecumulative commitment to sell term loans under this arrangement,and the remaining monthl

179、y commitments total$218 million through July 31,2027.In January 2025,we entered into a forward flow arrangement with an institutional investor(2025 Forward Flow Agreement)that terminates on July 23,2029.Pursuant to the 2025 ForwardFlow Agreement,we have a commitment to sell to the institutional inve

180、stor a minimum of$300 million in participation interests in unsecured term loans to small and mid-market businessesover the first 18 months of the arrangement,subject to certain eligibility criteria.The 2025 Forward Flow Agreement also includes monthly commitments that vary based on certain conditio

181、ns,up to a maximum monthly commitment of$45 million.As of April 30,2025,the remaining cumulative commitment totals$279 million.Notes receivable held for sale are recorded at the lower of amortized cost or fair value determined on an individual loan basis.We recognize a gain or loss on sale of loans

182、sold to third partiesby calculating the difference between the proceeds received and the carrying value of the loans sold.As of April 30,2025 and July 31,2024,the balances of notes receivable held for salewere$47 million and$3 million,respectively,and are included in notes receivable held for sale o

183、n our condensed consolidated balance sheets.Total sales of term loans during the ninemonths ended April 30,2025 and April 30,2024 amounted to$288 million and$193 million,respectively.For the three and nine months ended April 30,2025 and April 30,2024,gains onsales of loans were not material.Intuit Q

184、3 Fiscal 2025 Form 10-Q19Table of Contents5.Acquired Intangible AssetsThe following table shows the cost,accumulated amortization,and weighted-average life in years for our acquired intangible assets at the dates indicated.The weighted-average lives arecalculated for assets that are not fully amorti

185、zed.(Dollars in millions)CustomerLists/UserRelationshipsPurchasedTechnologyTradeNamesand LogosTotalAt April 30,2025:Cost$6,196$1,698$680$8,574 Accumulated amortization(1,927)(1,017)(233)(3,177)Acquired intangible assets,net$4,269$681$447$5,397 Weighted-average life in years1481313At July 31,2024:Cos

186、t$6,196$1,648$680$8,524 Accumulated amortization(1,605)(905)(194)(2,704)Acquired intangible assets,net$4,591$743$486$5,820 Weighted-average life in years1481313The following table shows the expected future amortization expense for our acquired intangible assets at April 30,2025.Amortization of purch

187、ased technology is charged to amortization ofacquired technology in our condensed consolidated statements of operations.Amortization of other acquired intangible assets,such as customer lists,is charged to amortization of otheracquired intangible assets in our condensed consolidated statements of op

188、erations.If impairment events occur,they could accelerate the timing of acquired intangible asset charges.(In millions)ExpectedFutureAmortizationExpenseFiscal year ending July 31,2025(excluding the nine months ended April 30,2025)$161 2026644 2027618 2028599 2029581 Thereafter2,794 Total expected fu

189、ture amortization expense$5,397 Intuit Q3 Fiscal 2025 Form 10-Q20Table of Contents6.DebtThe carrying value of our debt was as follows at the dates indicated:(Dollars in millions)April 30,2025July 31,2024EffectiveInterest RateSenior unsecured notes issued June 2020:0.950%notes due July 2025$500$500 1

190、.127%1.350%notes due July 2027500 500 1.486%1.650%notes due July 2030500 500 1.767%Senior unsecured notes issued September 2023:5.250%notes due September 2026750 750 5.325%5.125%notes due September 2028750 750 5.258%5.200%notes due September 20331,250 1,250 5.312%5.500%notes due September 20531,250

191、1,250 5.576%Secured revolving credit facilities949 585 Total principal balance of debt6,449 6,085 Unamortized discount and debt issuance costs(43)(47)Net carrying value of debt$6,406$6,038 Short-term debt$500$499 Long-term debt$5,906$5,539 Future principal payments for debt at April 30,2025 were as

192、shown in the table below.(In millions)Future PrincipalPaymentsFiscal year ending July 31,2025(excluding the nine months ended April 30,2025)$500 2026 20271,250 2028300 20291,399 Thereafter3,000 Total future principal payments for debt$6,449 Senior Unsecured Notes2020 Notes.In June 2020,we issued fou

193、r series of senior unsecured notes(together,the 2020 Notes)pursuant to a public debt offering.The proceeds from the issuance were$1.98 billion,net of debt discount of$2 million and debt issuance costs of$15 million.As of April 30,2025,$1.5 billion in principal on the 2020 Notes remained outstanding.

194、Interest is payable semiannually on January 15 and July 15 of each year.The discount and debt issuance costs are amortized to interest expense using the effective interest method over theterm of the 2020 Notes.We paid$10 million in interest on the 2020 Notes during each of the nine months ended Apri

195、l 30,2025 and 2024.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 anytime,subject to a make-whole premium.Upon the occurrence of change of control transactions tha

196、t are accompanied by certain downgrades in the credit ratings of the 2020 Notes,we will berequired 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 ofrepurchase.The indenture gove

197、rning 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 andleaseback transactions.As of April 30,2025,we were compliant with all covenants governing the 2020 Notes.Intuit Q3 Fiscal 2025 Form 10-Q21Tabl

198、e of Contents2023 Notes.In September 2023,we issued four series of senior unsecured notes(together,the 2023 Notes)pursuant to a public debt offering.The proceeds from the issuance were$3.96billion,net of debt discount of$20 million and debt issuance costs of$24 million,and were used,together with op

199、erating cash,to repay the outstanding balance on our unsecured term loan.As of April 30,2025,$4.0 billion in principal on the 2023 Notes remained outstanding.Interest is payable semiannually on March 15 and September 15 of each year.The discount and debt issuance costs are amortized to interest expe

200、nse using the effective interest method overthe term of the 2023 Notes.We paid$212 million and$106 million in interest on the 2023 Notes during the nine months ended April 30,2025 and 2024,respectively.The 2023 Notes are senior unsecured obligations of Intuit and rank equally with all existing and f

201、uture unsecured and unsubordinated indebtedness of Intuit and are redeemable by us at anytime,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 certainliens and enter into sale an

202、d leaseback transactions.As of April 30,2025,we were compliant with all covenants governing the 2023 Notes.Unsecured Credit Facilities2024 Credit Facility.On February 5,2024,we terminated our amended and restated credit agreement dated November 1,2021(2021 Credit Facility),and entered into a credit

203、agreementwith certain lenders providing for a$1.5 billion unsecured revolving credit facility that expires on February 5,2029(2024 Credit Facility).Under the 2024 Credit Facility,we may,subject to certain customary conditions,including approval of relevant lenders,on one or more occasions,increase c

204、ommitments under the 2024Credit Facility by an amount not to exceed$1 billion in the aggregate,and,on one or more occasions,extend the maturity date of the 2024 Credit Facility by one year.The 2024 Credit Facilityincludes a$500 million sublimit for borrowing swingline loans and a$250 million sublimi

205、t for the issuance of letters of credit.Advances under the 2024 Credit Facility accrue interest at ratesequal 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 0.0%to 0.125%,or(ii)the adjusted term Secured OvernightFinance Rate(

206、SOFR)plus a margin that ranges from 0.7%to 1.125%,or(b)in the case of foreign currency borrowings,the interest benchmark for the relevant currency specified in the creditagreement plus a margin that ranges from 0.7%to 1.125%.Actual margins under either election are based on our senior debt credit ra

207、tings.The 2024 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 beforeinterest,taxes,depreciation,and amortization(EBITDA),as defined in the agreement,of not greater than 4.00 to

208、1.00 as measured on a rolling twelve month basis as of the last day of eachfiscal quarter.As of April 30,2025,we were compliant with all covenants governing the 2024 Credit Facility.At April 30,2025,no amounts were outstanding under the 2024 Credit Facility.Wepaid no interest on the 2024 Credit Faci

209、lity during the nine months ended April 30,2025 and 2024.2025 Credit Facility.On January 30,2025,we entered into a credit agreement with certain lenders providing for a$4.5 billion unsecured short-term revolving credit facility(2025 CreditFacility)to fund a portion of our TurboTax early tax refund o

210、ffering.We terminated the 2025 Credit Facility on March 3,2025.Advances under the 2025 Credit Facility accrued interest at rates equal to,at our election,either(i)the alternate base rate plus a margin of 0.125%,or(ii)the adjusted daily simple SOFR orterm SOFR plus a margin of 1.125%.Unused portions

211、of the commitment accrued a fee of 0.10%per annum.We paid$2 million in interest on the 2025 Credit Facility during the nine monthsended April 30,2025.Secured Revolving Credit Facilities2019 Secured Facility.On February 19,2019,a subsidiary of Intuit entered into a secured revolving credit facility w

212、ith a lender to fund the lending products and services we offer to qualifiedsmall and mid-market businesses(the 2019 Secured Facility).The 2019 Secured Facility is secured by cash and receivables of the subsidiary and is non-recourse to Intuit Inc.We haveentered into several amendments to this facil

213、ity,most recently on January 31,2025.These amendments primarily increase the facility limit,extend the commitment term and final maturitydate,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 mil

214、lion 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 thetotal unused committed balance.The commitment term is through August 31,2027,and the final maturity

215、 date is August 31,2028.The agreement includes certain affirmative and negativecovenants,including financial covenants that require the subsidiary to maintain specified financial ratios.As of April 30,2025,we were compliant with all covenants governing the 2019Secured Facility.At April 30,2025,$440

216、million was outstanding under the 2019 Secured Facility and the weighted-average interest rate was 5.76%.The outstanding balance is secured bycash and receivables of the subsidiary totaling$1.6 billion as of April 30,2025.Interest on the 2019 Secured Facility is payable monthly.We paid$17 million an

217、d$15 million in interest on the2019 Secured Facility during the nine months ended April 30,2025 and 2024,respectively.Intuit Q3 Fiscal 2025 Form 10-Q22Table of Contents2022 Secured Facility.On October 12,2022,another subsidiary of Intuit entered into a secured revolving credit facility with a lender

218、 to fund the lending products and services we offer toqualified small and mid-market businesses(the 2022 Secured Facility).The 2022 Secured Facility is secured by cash and receivables of the subsidiary and is non-recourse to Intuit Inc.Wehave entered into several amendments to this facility,most rec

219、ently on March 11,2025.These amendments primarily extend the commitment term and final maturity date,increase thecommitment 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 isuncommitted.Ad

220、vances accrue interest at 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 unusedcommitted balance.The commitment term is through April 30,2027,and the final maturity date is May 1,2028.The agreement includes certa

221、in affirmative and negative covenants,includingfinancial covenants that require the subsidiary to maintain specified financial ratios.As of April 30,2025,we were compliant with all covenants governing the 2022 Secured Facility.At April 30,2025,$300 million was outstanding under the 2022 Secured Faci

222、lity and the weighted-average interest rate was 5.58%.The outstanding balance is secured by cash and receivables of thesubsidiary totaling$1.0 billion as of April 30,2025.Interest on the 2022 Secured Facility is payable monthly.We paid$14 million and$8 million in interest on the 2022 Secured Facilit

223、y duringthe nine months ended April 30,2025 and 2024,respectively.2024 Secured Facility.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 toqualified small and mid-market businesses(the 20

224、24 Secured Facility).The 2024 Secured Facility is secured by cash and receivables of the subsidiary and is non-recourse to Intuit Inc.Weentered into an amendment to the 2024 Secured Facility on February 6,2025,which increased the commitment amount.Under the amended 2024 Secured Facility,the facility

225、 limit is$300 million,all of which is committed.Advances accrue interest at 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 1,2027,and the final ma

226、turity date is November 1,2028.The agreement includes certainaffirmative and negative covenants,including financial covenants that require the subsidiary to maintain specified financial ratios.As of April 30,2025,we were compliant with all covenantsgoverning the 2024 Secured Facility.At April 30,202

227、5,$209 million was outstanding under the 2024 Secured Facility and the weighted-average interest rate was 5.65%,which includes the feeon the unused committed portion.The outstanding balance is secured by cash and receivables of the subsidiary totaling$548 million as of April 30,2025.Interest on the

228、2024 Secured Facilityis payable monthly.We paid$2 million in interest on the 2024 Secured Facility during the nine months ended April 30,2025.Commercial Paper ProgramUnder our established commercial paper program,we may issue and sell unsecured short-term promissory notes(commercial paper)up to$1.5

229、billion.The maturities of the commercial papermay vary but will not exceed 397 days from the date of issuance.During the three months ended April 30,2025,we temporarily increased the capacity of our commercial paper program from$1.5 billion to$2.0 billion to support our seasonal working capital need

230、s.As of April 30,2025,the capacity of the commercial paper program was$1.5 billion.At each of the periods endedApril 30,2025 and July 31,2024,no amounts were outstanding under this program.We paid$3 million in interest on commercial paper during the nine months ended April 30,2025.7.Other Liabilitie

231、s and CommitmentsOther Current LiabilitiesOther current liabilities were as follows at the dates indicated:(In millions)April 30,2025July 31,2024Executive deferred compensation plan liabilities$227$207 Sales,property,and other taxes100 47 Current portion of operating lease liabilities67 71 Reserve f

232、or returns,credits,and promotional discounts60 40 Interest payable37 84 Other122 100 Total other current liabilities$613$549 The balances of several of our other current liabilities,particularly our reserves for returns,credits,and promotional discounts,are affected by the seasonality of our busines

233、s.See Note 1,“Description of Business and Summary of Significant Accounting Policies Seasonality,”for more information.Intuit Q3 Fiscal 2025 Form 10-Q23Table of ContentsOther Long-Term ObligationsOther long-term obligations were as follows at the dates indicated:(In millions)April 30,2025July 31,202

234、4Income tax liabilities$236$157 Dividends payable19 19 Deferred income tax liabilities11 3 Deferred revenue3 4 Other25 25 Total other long-term obligations$294$208 Unconditional Purchase ObligationsWe describe our unconditional purchase obligations in Note 9 to the financial statements in Part II,It

235、em 8 of our Annual Report on Form 10-K for the fiscal year ended July 31,2024.InDecember 2024,we amended an existing cloud services agreement to extend the term through 2032.Under the amended agreement,we have annual minimum purchase commitments thatrange from$256 million to$411 million per contract

236、 year,and a total minimum purchase commitment of$3.5 billion over the eight-year term.There were no other significant changes outsidethe ordinary course of business in our purchase obligations during the nine months ended April 30,2025.8.LeasesWe lease office facilities under non-cancellable operati

237、ng lease arrangements.Our facility leases generally provide for periodic rent increases and may contain escalation clauses and renewaloptions.Our leases have remaining lease terms of up to 17 years,which include options to extend that are reasonably certain of being exercised.Some of our leases incl

238、ude one or moreoptions to extend the lease for up to 10 years per option,which we are not reasonably certain to exercise.The options to extend are generally at rates to be determined in accordance with theagreements.Options to extend the lease are included in the lease liability if they are reasonab

239、ly certain of being exercised.We sublease certain office facilities to third parties.These subleases have remaining lease terms of up to 6 years,one of which includes an option to extend the sublease for up to 5 years.The components of lease expense were as follows:Three Months EndedNine Months Ende

240、d(In millions)April 30,2025April 30,2024April 30,2025April 30,2024Operating lease cost$28$25$82$77 Variable lease cost5 6 15 18 Sublease income(2)(3)(8)(9)Total net lease cost$31$28$89$86 Includes short-term leases,which were not material for each of the three and nine months ended April 30,2025 and

241、 2024.Supplemental cash flow information related to operating leases was as follows:Nine Months Ended(In millions)April 30,2025April 30,2024Cash paid for amounts included in the measurement of operating lease liabilities$78$58 Right-of-use assets obtained in exchange for operating lease liabilities$

242、210$28 Other information related to operating leases was as follows at the dates indicated:April 30,2025July 31,2024Weighted-average remaining lease term for operating leases8.3 years7.7 yearsWeighted-average discount rate for operating leases3.8%3.3%(1)(1)Intuit Q3 Fiscal 2025 Form 10-Q24Table of C

243、ontentsFuture minimum lease payments under non-cancellable operating leases as of April 30,2025 were as follows:(In millions)OperatingLeases Fiscal year ending July 31,2025(excluding the nine months ended April 30,2025)$16 202685 2027105 202896 2029100 Thereafter411 Total future minimum lease paymen

244、ts813 Less imputed interest(132)Present value of lease liabilities$681 Non-cancellable future sublease proceeds as of April 30,2025 totaled$19 million through July 31,2029 and$3 million thereafter,and are not included in the table above.Supplemental balance sheet information related to operating lea

245、ses was as follows at the dates indicated:(In millions)April 30,2025July 31,2024Operating lease right-of-use assets$560$411 Other current liabilities$67$71 Operating lease liabilities614 458 Total operating lease liabilities$681$529 As of April 30,2025,we have additional operating leases with total

246、minimum lease payments of$138 million for office facilities that have not yet commenced and therefore are not reflected onthe condensed consolidated balance sheets nor in the tables above.These leases are expected to commence in fiscal years 2025 and 2027 and have lease terms ranging from six to 10y

247、ears.9.Income TaxesEffective Tax RateWe 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 anydiscrete income tax items specific to the period.For the three and nine months e

248、nded April 30,2025,we recognized excess tax benefits on share-based compensation of$18 million and$75 million,respectively,in our provision for incometaxes.For the three and nine months ended April 30,2024,we recognized excess tax benefits on share-based compensation of$40 million and$123 million,re

249、spectively,in our provision forincome taxes.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-basedcompensation,our effective tax rate for both periods was approximately 24%.The

250、 difference from the federal statutory rate of 21%was primarily due to state income taxes and non-deductibleshare-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 e

251、nded April 30,2024 were approximately 22%and 19%,respectively.Excluding discrete tax items primarily related to share-basedcompensation,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-d

252、eductibleshare-based compensation,which were partially offset by the tax benefit we received from the federal research and experimentation credit.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 co

253、rporate tax laws.As changesoccur,we account for finalized legislation in the period of enactment.(1)(1)Intuit Q3 Fiscal 2025 Form 10-Q25Table of ContentsUnrecognized Tax Benefits and Other ConsiderationsThe total amount of our unrecognized tax benefits at April 30,2025 was$409 million.If we were to

254、recognize these net benefits,our income tax expense would reflect a favorable net impact of$273 million.The increase in the unrecognized tax benefits during the nine months ended April 30,2025 was primarily related to positions taken on the tax return.We do not believe that it isreasonably possible

255、that there will be a significant increase or decrease in our unrecognized tax benefits over the next 12 months.We offset a$61 million and$66 million long-term liability for uncertain tax positions against our long-term income tax receivable at April 30,2025 and July 31,2024,respectively.The long-ter

256、mincome tax receivable at April 30,2025 and July 31,2024 was primarily related to the governments approval of a method of accounting change request for fiscal 2018.10.Stockholders EquityStock Repurchase Programs and Treasury SharesIntuits Board of Directors has authorized a series of common stock re

257、purchase programs.Shares of common stock repurchased under these programs become treasury shares.During thenine months ended April 30,2025,we repurchased a total of 3.3 million shares for$2.0 billion under these programs.Included in this amount were$12 million of repurchases,which occurredin late Ap

258、ril 2025 and settled in early May 2025.On August 20,2024,our Board of Directors approved an increase in the authorization under the existing stock repurchase program underwhich we are authorized to repurchase up to an additional$3 billion of our common stock.At April 30,2025,we had authorization fro

259、m our Board of Directors for up to$2.8 billion in stockrepurchases.Future stock repurchases under the current program are at the discretion of management,and authorization of future stock repurchase programs is subject to the finaldetermination of our Board of Directors.Our treasury shares are repur

260、chased at the market price on the trade date;accordingly,all amounts paid to reacquire these shares have been recorded as treasury stock on our condensedconsolidated balance sheets.Any direct costs to acquire treasury stock are recorded to treasury stock on our condensed consolidated balance sheets.

261、Repurchased shares of our commonstock are held as treasury shares until they are reissued or retired.When we reissue treasury stock,if the proceeds from the sale are more than the average price we paid to acquire theshares,we record an increase in additional paid-in capital.Conversely,if the proceed

262、s from the sale are less than the average price we paid to acquire the shares,we record a decrease inadditional paid-in capital to the extent of increases previously recorded for similar transactions and a decrease in retained earnings for any remaining amount.In the past,we have satisfied option ex

263、ercises and restricted stock unit vesting under our employee equity incentive plans by reissuing treasury shares,and we may do so again in the future.For all periods presented,we issued new shares of common stock to satisfy option exercises and RSU vesting under our 2005 Equity Incentive Plan.We hav

264、e not yet determined the ultimatedisposition of the shares that we have repurchased in the past,and consequently we continue to hold them as treasury shares.Dividends on Common StockDuring the nine months ended April 30,2025,we declared quarterly cash dividends that totaled$3.12 per share of outstan

265、ding common stock for a total of$891 million.In May 2025,ourBoard of Directors declared a quarterly cash dividend of$1.04 per share of outstanding common stock payable on July 18,2025 to stockholders of record at the close of business on July 10,2025.Future declarations of dividends and the establis

266、hment of future record dates and payment dates are subject to the final determination of our Board of Directors.Intuit Q3 Fiscal 2025 Form 10-Q26Table of ContentsShare-Based Compensation ExpenseThe following table summarizes the total share-based compensation expense that we recorded in operating in

267、come for the periods shown.Three Months EndedNine Months Ended(In millions)April 30,2025April 30,2024April 30,2025April 30,2024Cost of revenue$101$98$322$300 Selling and marketing131 121 404 369 Research and development148 155 470 478 General and administrative89 77 282 274 Total share-based compens

268、ation expense$469$451$1,478$1,421 Share-Based Awards Available for GrantA summary of share-based awards available for grant under our plans for the nine months ended April 30,2025 was as follows:(Shares in thousands)SharesAvailablefor GrantBalance at July 31,202427,317 Restricted stock units granted

269、(2,486)Options granted Share-based awards canceled/forfeited/expired5,092 Balance at April 30,202529,923 RSUs granted from the pool of shares available for grant under our 2005 Equity Incentive Plan reduce the pool by 2.3 shares for each share granted.RSUs forfeited and returned to the pool of share

270、savailable for grant under the 2005 Equity Incentive Plan increase the pool by 2.3 shares for each share forfeited.Stock options and RSUs canceled,expired,or forfeited under our 2005 Equity Incentive Plan are returned to the pool of shares available for grant.Under the 2005 Equity Incentive Plan,sha

271、res withheld forincome 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 ActivityA summary of RSU and restricted stock activity for the nine months ended April 30,2025 was as fo

272、llows:(Shares in thousands)Numberof SharesWeighted-AverageGrant DateFair ValueNonvested at July 31,202410,924$496.64 Granted1,081$629.35 Vested(2,435)$488.95 Forfeited(1,200)$443.39 Nonvested at April 30,20258,370$523.65 At April 30,2025,there was approximately$3.8 billion of unrecognized compensati

273、on cost related to non-vested RSUs and restricted stock with a weighted-average vesting period of2.6 years.We adjust unrecognized compensation cost for actual forfeitures as they occur.(1)(1)(2)(1)(2)Intuit Q3 Fiscal 2025 Form 10-Q27Table of ContentsStock Option ActivityA summary of stock option act

274、ivity for the nine months ended April 30,2025 was as follows:Options Outstanding(Shares in thousands)Numberof SharesWeighted-AverageExercisePricePer ShareBalance at July 31,20241,772$449.66 Granted$Exercised(435)$344.36 Canceled or expired(56)$482.41 Balance at April 30,20251,281$483.92 Exercisable

275、at April 30,2025670$416.94 At April 30,2025,there was approximately$90 million of unrecognized compensation cost related to non-vested stock options with a weighted-average vesting period of 2.6 years.We adjustunrecognized compensation cost for actual forfeitures as they occur.11.Legal ProceedingsBe

276、ginning in May 2019,various legal proceedings were filed and certain regulatory inquiries were commenced in connection with our provision and marketing of free online tax preparationprograms.We believe that the allegations contained within these legal proceedings are without merit and continue to de

277、fend our interests in them.These proceedings included,among others,multiple putative class actions that were consolidated into a single putative class action in the Northern District of California in September 2019(the Intuit Free File Litigation).In August 2020,the Ninth Circuit Court of Appeals or

278、dered that the putative class action claims be resolved through arbitration.In May 2021,the Intuit Free File Litigation was dismissed on a non-class basisafter we entered into an agreement that resolved the matter on an individual non-class basis,without any admission of wrongdoing,for an amount tha

279、t was not material.These proceedingsalso include a class action lawsuit that was filed in the Ontario(Canada)Superior Court of Justice on August 25,2022.These proceedings also included individual demands for arbitration that were filed beginning in October 2019.As of January 31,2023,we settled all o

280、f these arbitration claims,without anyadmission of wrongdoing,for an amount that was not material.In June 2021,we received a demand and draft complaint from the Federal Trade Commission(FTC)and certain state attorneysgeneral relating to the ongoing inquiries described above.On March 29,2022,the FTC

281、filed an action in federal court seeking a temporary restraining order and a preliminary injunctionenjoining certain Intuit business practices pending resolution of the FTCs administrative complaint seeking to permanently enjoin certain Intuit business practices(the FTC Actions).On April22,2022,the

282、Northern District of California denied the FTCs requests for a temporary restraining order and a preliminary injunction.Beginning on March 27,2023,a final hearing on theadministrative action was held before an administrative law judge(ALJ)at the FTC and,on August 29,2023,the FTCs ALJ issued a decisi

283、on in favor of the FTC and adverse to Intuit.OnJanuary 19,2024,the FTC Commissioners affirmed the ALJs decision and issued a final order that requires us to adhere to certain marketing practices and does not contain any monetarypenalties.On January 21,2024,we filed a petition for review with the Uni

284、ted States Court of Appeals for the Fifth Circuit and this appeal is pending.The FTCs order became effective onMarch 23,2024,and is now pending review by the Court of Appeals.We intend to continue to defend our position on the merits of this case.However,the defense and resolution of this mattercoul

285、d involve significant costs.The state attorneys general did not join the FTC Actions,and,on May 4,2022,we entered into a settlement agreement with the attorneys general of the 50 states and the District of Columbia,admitting no wrongdoing,that resolved the states inquiry,as well as actions brought b

286、y the Los Angeles City Attorney and the Santa Clara County(California)Counsel.As part of thisagreement,we agreed to pay$141 million and made certain commitments regarding our advertising and marketing practices.We recorded this as a one-time charge in the quarter ended April30,2022,and paid the full

287、 amount to the fund administrator in the quarter ended January 31,2023.In view of the complexity and ongoing and uncertain nature of the outstanding proceedings and inquiries,at this time,we are unable to estimate a reasonably possible financial loss or range offinancial loss that we may incur to re

288、solve or settle the remaining matters.To date,the legal and other fees we have incurred related to these proceedings and inquiries have not been material.The ongoing defense and any resolution or settlement of theseproceedings and inquiries could involve significant costs to us.Intuit is subject to

289、certain routine legal proceedings,including class action lawsuits,as well as demands,claims,government inquiries,and threatened litigation,that arise in the normal courseof our business,including assertions that we may be infringing patents or other intellectual property rights of others.Our failure

290、 to obtain necessary licenses or other rights,or Intuit Q3 Fiscal 2025 Form 10-Q28Table of Contentslitigation arising out of intellectual property claims could adversely affect our business.We currently believe that,in addition to any amounts accrued,the amount of potential losses,if any,forany pend

291、ing claims of any type(either alone or combined)will not have a material impact on our condensed consolidated financial statements.The ultimate outcome of any legal proceeding isuncertain and,regardless of outcome,legal proceedings can have an adverse impact on Intuit because of defense costs,negati

292、ve publicity,diversion of management resources,and otherfactors.12.Segment InformationWe have defined our four reportable segments,described below,based on factors such as how we manage our operations and how our chief operating decision maker views results.Wedefine the chief operating decision make

293、r as our Chief Executive Officer and our Chief Financial Officer.Our chief operating decision maker organizes and manages our business primarily onthe basis of service and product offerings.On August 1,2024,we renamed our Small Business&Self-Employed segment as the Global Business Solutions segment.

294、This new name better aligns with the global reach of the Mailchimpand QuickBooks platform,our focus on serving both small and mid-market businesses,and our vision to become the end-to-end platform that customers use to grow and run their business.On August 1,2024,we reorganized certain technology an

295、d customer success functions in our Global Business Solutions,Consumer,and ProTax segments that support and benefit our overallplatform and are managed at that level rather than at the segment level.As a result of these reorganizations,costs associated with these functions are no longer included in

296、segment operatingincome and are now included in other corporate expenses.For the three and nine months ended April 30,2024,we reclassified expenses totaling$353 million and$1.0 billion from GlobalBusiness Solutions,$327 million and$521 million from Consumer,and$10 million and$26 million from ProTax

297、to other corporate expenses,respectively,to conform to the currentpresentation.Global Business Solutions:This segment serves small and mid-market businesses around the world,and the accounting professionals who assist and advise them.OurQuickBooks offerings include financial and business management

298、online services and desktop software,payroll solutions,time tracking,merchant payment processing and bill paysolutions,checking accounts through an FDIC member bank partner,financing for small and mid-market businesses,and bookkeeping services.Our Mailchimp offerings includemarketing automation and

299、customer relationship management.Consumer:This segment serves consumers and includes do-it-yourself and assisted TurboTax income tax preparation products and services sold in the U.S.and Canada.Credit Karma:This segment serves consumers with a personal finance platform that provides personalized rec

300、ommendations of credit card,home,auto,and personal loan,andinsurance products;online savings and checking accounts through an FDIC member bank partner;and access to their credit scores and reports,credit and identity monitoring,creditreport dispute,credit building tools,and tools to help understand

301、net worth and make financial progress.ProTax:This segment serves professional accountants in the U.S.and Canada,who are essential to both small business success and tax preparation and filing.Our professional taxofferings include Lacerte,ProSeries,and ProConnect Tax Online in the U.S.,and ProFile an

302、d ProTax Online in Canada.All of our segments operate primarily in the U.S.and sell primarily to customers in the U.S.Total international net revenue was approximately 5%and 7%of consolidated net revenue for thethree and nine months ended April 30,2025,respectively.Total international net revenue wa

303、s approximately 6%and 8%of consolidated net revenue for the three and nine months endedApril 30,2024,respectively.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 specifi

304、csegments,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 GlobalBusiness Solutions,Consumer,and ProTax segments in unallocated corporate items as we do not allocate these expenses to

305、the segments because they are managed at the platform level.Customer success includes the costs of tax and bookkeeping experts that support our TurboTax Live and QuickBooks Live offerings.For our Credit Karma reportable segment,segmentexpenses include certain direct expenses related to selling and m

306、arketing,product development,and general and administrative.Unallocated corporate items for all segments include share-based compensation,amortization of acquired technology,amortization of other acquired intangible assets,goodwill and intangible asset impairment charges,professional fees andtransac

307、tion charges related to business combinations,and restructuring charges.The accounting policies of our reportable segments are the same as those described in the summary of significant accounting policies in Note 1 to the financial statements in Part II,Item 8 ofour Annual Report on Form 10-K for th

308、e fiscal year ended July 31,2024 and in Note 1,Description of Business and Summary of Significant Accounting Policies Significant AccountingPolicies in this Quarterly Report on Form 10-Q.Except for goodwill and acquired intangible assets,we do not generally track assets by reportable segment and,con

309、sequently,we do notdisclose total assets by reportable segment.Intuit Q3 Fiscal 2025 Form 10-Q29Table of ContentsThe following table shows our financial results by reportable segment for the periods indicated.Three Months EndedNine Months Ended(In millions)April 30,2025April 30,2024April 30,2025Apri

310、l 30,2024Net revenue:Global Business Solutions$2,849$2,387$8,064$6,976 Consumer4,048 3,653 4,733 4,332 Credit Karma579 443 1,614 1,223 ProTax278 254 589 570 Total net revenue$7,754$6,737$15,000$13,101 Operating income:Global Business Solutions$2,188$1,804$6,236$5,301 Consumer3,422 3,055 3,727 3,450

311、Credit Karma207 110 555 280 ProTax256 235 525 512 Total segment operating income6,073 5,204 11,043 9,543 Unallocated corporate items:Share-based compensation expense(469)(451)(1,478)(1,421)Other corporate expenses(1,725)(1,492)(4,495)(3,871)Amortization of acquired technology(38)(36)(112)(110)Amorti

312、zation of other acquired intangible assets(120)(120)(360)(360)Restructuring(1)(14)Total unallocated corporate items(2,353)(2,099)(6,459)(5,762)Total operating income$3,720$3,105$4,584$3,781 Revenue classified by significant service and product offerings was as follows:Three Months EndedNine Months E

313、nded(In millions)April 30,2025April 30,2024April 30,2025April 30,2024Net revenue:QuickBooks Online Accounting$1,044$860$3,017$2,484 Online Services1,059 894 3,067 2,576 Total Online Ecosystem2,103 1,754 6,084 5,060 QuickBooks Desktop Accounting442 337 1,052 969 Desktop Services and Supplies304 296 9

314、28 947 Total Desktop Ecosystem746 633 1,980 1,916 Global Business Solutions2,849 2,387 8,064 6,976 Consumer4,048 3,653 4,733 4,332 Credit Karma579 443 1,614 1,223 ProTax278 254 589 570 Total net revenue$7,754$6,737$15,000$13,101 Intuit Q3 Fiscal 2025 Form 10-Q30Table of Contents13.RestructuringIn Ju

315、ly 2024,our management approved,committed to,and initiated a plan of reorganization(the Plan)focused on reallocating resources to our key growth areas.The Plan included the exitof employees and the closing of real estate sites in certain markets in service to growing technology teams and capabilitie

316、s in strategic locations.The actions associated with the Plan weresubstantially complete in the first quarter of fiscal 2025.Total restructuring costs associated with the Plan are estimated to be approximately$238 million.During the nine months ended April30,2025,we recorded a$14 million charge in c

317、onnection with the Plan.This charge is primarily related to severance,employee benefits,and site closure costs and is recorded to restructuringin our condensed consolidated statements of operations.Any changes to the estimates of executing the Plan will be reflected in future results of operations.T

318、he following table summarizes the activity for the Plan.(In millions)AccruedJuly 31,2024Additional Costs/AdjustmentsCash PaymentsNon-Cash ItemsAccruedApril 30,2025Total CostsIncurred to DateTotal ExpectedPlan CostGlobal Business Solutions$84$4$(81)$7$100$100 Consumer9 (9)9 9 Credit Karma ProTax2 (2)

319、2 2 Corporate92 10(95)(5)2 126 127 Totals$187$14$(187)$(5)$9$237$238 Restructuring costs within corporate relate to platform expenses and other administrative functions that are not allocated to the segments.The liability for restructuring charges is included in accrued compensation and related liab

320、ilities in the accompanying condensed consolidated balance sheets.(1)(1)Intuit Q3 Fiscal 2025 Form 10-Q31Table of ContentsITEM 2-MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSManagements Discussion and Analysis of Financial Condition and Results of Operations(MD

321、&A)is intended to provide readers of our condensed consolidated financial statements with theperspectives of management.This should allow the readers of this report to obtain a comprehensive understanding of our businesses,strategies,current trends,and future prospects.OurMD&A includes the following

322、 sections:Executive Overview:High-level discussion of our operating results and some of the trends that affect our business.Critical Accounting Policies and Estimates:Significant changes since our most recent Annual Report on Form 10-K that we believe are important to understanding the assumptions a

323、ndjudgments 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 ourfi

324、nancial 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 precedingPart I of this Quarterly Report for important information to consider when evaluating such state

325、ments.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 yearended July 31,2024.In the Results of Operations section of this MD&A,where we describe two or more factors th

326、at contributed to changes in revenue and operating income,we have,where possible,quantifiedthe 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 withoutquantifying them.In Jul

327、y 2024,our management approved,committed to,and initiated a plan of reorganization(the Plan)focused on reallocating resources to our key growth areas.The Plan included the exitof employees and the closing of real estate sites in certain markets in service to growing technology teams and capabilities

328、 in strategic locations.The actions associated with the Plan weresubstantially complete in the first quarter of fiscal 2025.Total restructuring costs associated with the Plan are estimated to be approximately$238 million.During the nine months ended April30,2025,we recorded a$14 million charge in co

329、nnection with the Plan.This charge is primarily related to severance,employee benefits,and site closure costs and is recorded to restructuringin our condensed consolidated statements of operations.See Note 13,Restructuring,for more information.On August 1,2024,we renamed our Small Business&Self-Empl

330、oyed segment as the Global Business Solutions segment.This new name better aligns with the global reach of the Mailchimpand QuickBooks platform,our focus on serving both small and mid-market businesses,and our vision to become the end-to-end platform that customers use to grow and run their business

331、.On August 1,2024,we reorganized certain technology and customer success functions in our Global Business Solutions,Consumer,and ProTax segments that support and benefit our overallplatform and are managed at that level rather than at the segment level.As a result of these reorganizations,costs asso

332、ciated with these functions are no longer included in segment operatingincome and are now included in other corporate expenses.For the three and nine months ended April 30,2024,we reclassified expenses totaling$353 million and$1.0 billion from GlobalBusiness Solutions,$327 million and$521 million fr

333、om Consumer,and$10 million and$26 million from ProTax to other corporate expenses,respectively,to conform to the currentpresentation.See Note 12,Segment Information,for more information.EXECUTIVE OVERVIEWThis 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 orderto und