Cash Flow Statement

The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

Intuit Inc., consolidated cash flow statement

US$ in millions

12 months ended:	Jul 31, 2026	Jul 31, 2025	Jul 31, 2024	Jul 31, 2023	Jul 31, 2022	Jul 31, 2021
Net income	4,566)	3,869)	2,963)	2,384)	2,066)	2,062)
Depreciation	187)	172)	159)	160)	187)	166)
Amortization of acquired intangible assets	659)	637)	630)	646)	559)	197)
Non-cash operating lease cost	106)	75)	81)	90)	83)	62)
Share-based compensation expense	2,056)	1,968)	1,940)	1,712)	1,308)	753)
Provision for expected credit losses	237)	134)	118)	—)	—)	—)
Deferred income taxes	1,279)	(435)	(554)	(628)	120)	(42)
Other	(248)	(7)	(26)	81)	2)	(39)
Adjustments	4,276)	2,544)	2,348)	2,061)	2,259)	1,097)
Originations and purchases of notes receivable held for sale	—)	—)	(96)	—)	—)	(41)
Sales and principal repayments of notes receivable held for sale	—)	—)	98)	—)	—)	143)
Accounts receivable	(95)	(71)	(52)	42)	(31)	(104)
Income taxes receivable	(74)	27)	(48)	64)	29)	(51)
Prepaid expenses and other assets	(221)	(283)	(30)	(75)	(121)	30)
Accounts payable	63)	73)	133)	(97)	(95)	206)
Accrued compensation and related liabilities	202)	(64)	257)	88)	(357)	(70)
Deferred revenue	51)	142)	(49)	111)	71)	22)
Operating lease liabilities	(93)	(77)	(71)	(81)	(83)	(66)
Other liabilities	163)	47)	(569)	549)	151)	22)
Changes in operating assets and liabilities	(4)	(206)	(429)	601)	(436)	(11)
Adjustments to reconcile net income to net cash provided by operating activities	4,272)	2,338)	1,921)	2,662)	1,823)	1,188)
Net cash provided by operating activities	8,838)	6,207)	4,884)	5,046)	3,889)	3,250)
Purchases of corporate and customer fund investments	(3,892)	(2,363)	(780)	(1,015)	(830)	(1,489)
Sales of corporate and customer fund investments	547)	320)	526)	240)	1,524)	229)
Maturities of corporate and customer fund investments	2,554)	864)	676)	449)	234)	550)
Purchases of property and equipment	(175)	(84)	(191)	(210)	(157)	(53)
Capitalization of internal use software	(46)	(40)	(59)	(50)	(72)	(72)
Acquisitions of businesses, net of cash acquired	—)	(184)	(83)	(33)	(5,682)	(3,064)
Originations and purchases of notes receivable held for investment	(6,755)	(3,992)	(2,538)	(1,983)	(933)	(232)
Sales of notes receivable originally classified as held for investment	2,210)	562)	234)	—)	—)	—)
Principal repayments of notes receivable held for investment	4,253)	2,706)	2,068)	1,727)	519)	136)
Other	(108)	(107)	(80)	(47)	(24)	30)
Net cash used in investing activities	(1,412)	(2,318)	(227)	(922)	(5,421)	(3,965)
Proceeds from issuance of long-term debt, net of discount and issuance costs	1,736)	—)	3,956)	—)	4,700)	—)
Repayments of debt	—)	(500)	(4,200)	(1,009)	—)	(338)
Proceeds from borrowings under unsecured revolving credit facility	—)	—)	100)	—)	—)	—)
Repayments on borrowings under unsecured revolving credit facility	—)	—)	(100)	—)	—)	(1,000)
Proceeds from borrowings under secured revolving credit facilities	186)	429)	180)	222)	182)	—)
Repayments on borrowings under secured revolving credit facilities	(230)	—)	(25)	(23)	—)	—)
Proceeds from issuance of stock under employee stock plans	180)	398)	282)	228)	162)	196)
Payments for employee taxes withheld upon vesting of restricted stock units	(709)	(982)	(1,002)	(633)	(611)	(383)
Cash paid for purchases of treasury stock	(5,412)	(2,772)	(1,988)	(1,967)	(1,861)	(1,005)
Dividends and dividend rights paid	(1,347)	(1,189)	(1,034)	(889)	(774)	(646)
Net change in funds receivable and funds payable and amounts due to customers	(2,086)	3,107)	3,436)	(197)	(56)	2)
Other	(7)	(1)	(2)	(1)	(10)	(2)
Net cash provided by (used in) financing activities	(7,689)	(1,510)	(397)	(4,269)	1,732)	(3,176)
Effect of exchange rates on cash, cash equivalents, restricted cash, and restricted cash equivalents	(2)	3)	(13)	—)	(22)	13)
Net increase (decrease) in cash, cash equivalents, restricted cash, and restricted cash equivalents	(265)	2,382)	4,247)	(145)	178)	(3,878)
Cash, cash equivalents, restricted cash, and restricted cash equivalents at beginning of period	9,481)	7,099)	2,852)	2,997)	2,819)	6,697)
Cash, cash equivalents, restricted cash, and restricted cash equivalents at end of period	9,216)	9,481)	7,099)	2,852)	2,997)	2,819)

Based on: 10-K (reporting date: 2026-07-31), 10-K (reporting date: 2025-07-31), 10-K (reporting date: 2024-07-31), 10-K (reporting date: 2023-07-31), 10-K (reporting date: 2022-07-31), 10-K (reporting date: 2021-07-31).

The financial trajectory of the company is characterized by a consistent expansion in net income and a substantial increase in net cash provided by operating activities over the observed period. Net income grew from US$ 2,062 million in 2021 to US$ 4,566 million by 2026, reflecting a strong upward trend in profitability. This growth is mirrored in the operating cash flow, which rose from US$ 3,250 million to US$ 8,838 million, indicating a highly efficient conversion of earnings into liquidity.

Operating Cash Flow Drivers: A significant portion of the adjustments to reconcile net income to operating cash is driven by share-based compensation, which increased from US$ 753 million in 2021 to US$ 2,056 million in 2026. Amortization of acquired intangible assets also experienced a marked increase, rising from US$ 197 million in 2021 to US$ 659 million in 2026, suggesting a history of significant acquisitions that continue to impact the non-cash expense profile.
Investment Strategy Evolution: Investing activities shifted from aggressive business acquisitions in 2021 and 2022, where outflows totaled US$ 3,064 million and US$ 5,682 million respectively, toward a strategy focused on notes receivable held for investment. Originations and purchases of these notes escalated from US$ 232 million in 2021 to US$ 6,755 million in 2026. This is partially offset by increasing principal repayments, which reached US$ 4,253 million in 2026.
Capital Allocation and Shareholder Returns: There is a clear trend of accelerating shareholder returns. Cash paid for the purchase of treasury stock grew from US$ 1,005 million in 2021 to US$ 5,412 million in 2026. Similarly, dividend payments increased steadily from US$ 646 million to US$ 1,347 million over the same period. These activities were supported by operational cash flow and periodic issuances of long-term debt, such as the US$ 4,700 million and US$ 3,956 million issuances in 2022 and 2024.

The company's liquidity position has remained robust, with the cash and cash equivalents balance ending at US$ 9,216 million in 2026, compared to US$ 2,819 million in 2022. The overall financial strategy demonstrates a transition from a phase of inorganic growth through acquisitions to a phase of aggressive capital return to shareholders, underpinned by strong and scalable operational cash generation.

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Intuit Inc. (NASDAQ:INTU)

Cash Flow Statement