INTUIT INC. (INTU)

How they make money

we help put more money in customers’ pockets, save them time by eliminating work, and help ensure that they have complete confidence in every financial decision they make. Our strategy is to be an AI-driven expert platform by connecting customers to a virtual team of AI agents and AI-enabled human tax and financial experts. We're creating done-for-you experiences by automating everyday tasks, managing complex workflows and processes, and solving challenges before they arise with predictive insights. We connect customers to AI-enabled human experts for that last mile of decisions or to complete the work for them. We harness the power of data, data services, AI, and human intelligence that helⓘ

Revenue mix

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Economics & cash

Revenue $18.83B. Operating margin 26.1%. FCF (OCF−capex) $6.12B. sults of Operations: A more detailed discussion of our revenue and expenses. • Liquidity and Capital Resources: Discussion of key aspects of our consolidated statements of cash flows, changes in our consolidated balance sheets, and our financial commitments. You should note that this MD&A contains forward-looking statements that involve risks and uncertainties. Please see the section entitled “Forⓘ

Balance sheet & capital allocation

Cash & equivalents $2.88B; long-term debt (XBRL concept) $5.97B; goodwill $13.98B; SBC $1.97B; diluted/basic shares signal 279.1M shares. xpected cash flow available for other purposes, including capital expenditures, share repurchases and acquisitions; and •limiting our flexibility in planning for, or reacting to, changes in our businesses and our industries. If we are unable to generate sufficient cash flow from operations in the future to service our debt, we may be required, among other things, to seek additiⓘ

Quality & fragility

tments to historical loss data. We make judgments about the creditworthiness of significant customers based on ongoing credit evaluations. When we determine that amounts are uncollectible, we write them off against the allowance. Funds Receivable and Amounts Held for Customers and Funds Payable and Amounts Due to Customers Funds receivable and amounts held for customers represent funds receivable from third-party payment processors for customer transactions, funds in transit to our customers, and funds held on behalf of our customers that areⓘ

What management is saying

r relationships that enable us to enhance or expand our offerings more rapidly. We expect to expand our third-party technology relationships as we continue to pursue our growth strategy. Our offerings have rapid development cycles. In addition, developing consumer and professional tax software and services presents unique challenges because of the demanding development cycle required to accurately incorporate federal and state tax law and tax form changes within a rigid timetable. Theⓘ

Risks that aren’t boilerplate

INC. FISCAL 2025 FORM 10-K INDEX Page PART I ITEM 1: Business 4 ITEM 1A: Risk Factors 15 ITEM 1B: Unresolved Staff Comments 29 ITEM 1C: Cybersecurity 29 ITEM 2: Properties 30 ITEM 3: Legal Proceedings 30 ITEM 4: Mine …ⓘ

o rely on distributors who sell products into the retail channel. COMPETITION We face intense competition in all aspects of our businesses across all of our offerings. Competition is rapidly evolving, fragmented, and …ⓘ

ss 4 ITEM 1A: Risk Factors 15 ITEM 1B: Unresolved Staff Comments 29 ITEM 1C: Cybersecurity 29 ITEM 2: Properties 30 ITEM 3: Legal Proceedings 30 ITEM 4: Mine Safety Disclosures 30 PART II ITEM 5: Market for Registrant…ⓘ

ta. In addition, malicious actors may attempt to use the information technology supply chain to compromise our systems by, for example, introducing malware through software updates. This risk is exacerbated with the a…ⓘ

future developments and outcomes of pending legal proceedings and inquiries by regulatory authorities, the liability, if any, that Intuit may incur as a result of those proceedings and inquiries, and the impact of any…ⓘ

Open questions

1. Which mix shift (segment / geo / product) actually drove the latest year — and is it durable?
2. How much of FCF is structural vs working-capital / one-time timing?
3. What does capital allocation imply for per-share value after SBC and M&A?
4. Which risk in the filing would change the thesis if it worsened for 2–3 years?