Operating cash flow remains robust with an OCF/NI ratio of 1.73 in 2026Q3, although free cash flow margins exhibit extreme seasonal volatility, peaking at 61.2% during peak tax periods.
| Metric | TTM | Jul'25 | Jul'24 | Jul'23 | Jul'22 | Jul'21 | Jul'20 | Jul'19 | Jul'18 | Jul'17 | Jul'16 | Jul'15 | Jul'14 | Jul'13 | Jul'12 | Jul'11 | Jul'10 | Jul'09 | Jul'08 | Jul'07 | Jul'06 | Jul'05 | Jul'04 | Jul'03 | Jul'02 | Jul'01 | Jul'00 | Jul'99 | Jul'98 | Jul'97 | Jul'96 |
|---|
| Cash from Operations | 7.89B | 6.21B | 4.88B | 5.05B | 3.89B | 3.25B | 2.41B | 2.32B | 2.11B | 1.6B | 1.4B | 1.5B | 1.45B | 1.37B | 1.25B | 1.01B | 998M | 812.36M | 830.19M | 726.76M | 609.55M | 597.7M | 574.58M | 569.44M | 577.23M | 233.21M | 6.06M | 73.2M | 68.3M | 81.1M | 61.5M |
| Operating CF Margin % | - | 32.96% | 29.99% | 35.12% | 30.56% | 33.74% | 31.44% | 34.26% | 35.05% | 30.89% | 29.85% | 35.88% | 32.27% | 32.75% | 32.72% | 26.3% | 28.89% | 25.53% | 27% | 27.19% | 26.58% | 29.33% | 31.88% | 35.66% | 43.99% | 18.49% | 0.55% | 8.64% | 11.52% | 13.54% | 11.42% |
| Operating CF Growth % | 134.79% | 27.09% | -3.21% | 29.75% | 19.66% | 34.63% | 3.87% | 10.04% | 32.08% | 14.13% | -6.85% | 3.44% | 6.44% | 9.63% | 23% | 1.5% | 22.85% | -2.15% | 14.23% | 19.23% | 1.98% | 4.03% | 0.9% | -1.35% | 147.51% | 3745.86% | -91.72% | 7.17% | -15.78% | 31.87% | -19.61% |
| Net Income | 4.58B | 3.87B | 2.96B | 2.38B | 2.07B | 2.06B | 1.83B | 1.56B | 1.21B | 971M | 625M | 365M | 857M | 805M | 792M | 634M | 574M | 447.04M | 476.76M | 440M | 377.43M | 374.98M | 317.03M | 263.2M | 69.76M | -82.79M | 305.66M | 376.5M | -12.2M | -19.8M | -20.7M |
| Depreciation & Amortization | 836M | 809M | 789M | 806M | 746M | 363M | 218M | 225M | 253M | 236M | 238M | 231M | 197M | 232M | 242M | 241M | 256M | 274.67M | 216.46M | 138.73M | 117.01M | 134.47M | 115.72M | 92.96M | 74.84M | 325.62M | 213.2M | 141.3M | 53.2M | 58.7M | 68.4M |
| Stock-Based Compensation | 2.04B | 1.97B | 1.94B | 1.71B | 1.31B | 753M | 435M | 401M | 382M | 326M | 281M | 257M | 204M | 195M | 169M | 153M | 135M | 132.78M | 113.28M | 77.31M | 5.33M | 5.49M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 993M | -435M | -554M | -628M | 120M | -42M | -179M | -7M | 51M | 8M | 129M | -15M | 169M | 82M | 9M | 112M | -69M | 22.28M | 60.55M | -39.2M | -18.94M | 18.46M | 51.7M | 22.54M | -24.7M | -76.68M | -140.37M | -25.1M | -39.2M | -14.5M | 0 |
| Other Non-Cash Items | 74M | 202M | 175M | 171M | 85M | 125M | -18M | 15M | 85M | 13M | -42M | 216M | -79M | -4M | -59M | -22M | -17M | 22.45M | -66.83M | 19.07M | 115.82M | 42.02M | 88.95M | 84.3M | 506.72M | 159.63M | -386.44M | -579.3M | 50.7M | 18.1M | 8.1M |
| Working Capital Changes | -638M | -206M | -429M | 601M | -436M | -11M | 132M | 133M | 130M | 45M | 170M | 450M | 106M | 56M | 93M | -105M | 119M | -86.86M | 29.96M | 90.84M | 12.9M | 22.28M | 1.18M | 106.43M | -49.38M | -92.57M | 14.01M | 159.8M | 15.8M | 38.6M | 5.7M |
| Change in Receivables | -201M | -44M | -100M | 106M | -31M | -104M | -59M | 11M | 5M | 5M | -20M | 24M | -5M | 12M | -10M | -36M | 2M | -17.69M | 11.43M | -3.91M | -10.98M | -4.71M | -2.04M | -28.16M | -13.71M | 39.88M | -3.64M | -3M | -17.1M | 7.5M | -10.5M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | -65M | 20M | -23M | -28M | 0 | 32M | -31M | 19M | -30M | 29M | -85M | 67M | -85.12M | 46.47M | 27.29M | 35.91M | 0 | 0 | 0 | 0 | 0 | 0 | -1.2M | -1M | 1.4M | 2.1M |
| Change in Payables | 69M | 73M | 133M | -97M | -95M | 206M | 33M | 90M | 12M | 0 | -23M | 35M | 34M | 4M | 19M | -24M | 40M | -6.86M | -17.5M | 18.57M | 4.26M | -3.06M | 12.29M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -2.33B | -2.32B | -227M | -922M | -5.42B | -3.96B | -97M | -566M | -532M | -85M | 371M | -182M | -57M | -485M | -225M | 497M | -997M | -432.44M | -86.81M | -1.39B | -38.16M | 8.06M | -211M | -486.62M | -25.56M | -283.31M | -202.68M | 180.4M | -473.2M | -118M | -102.9M |
| Capital Expenditures | -173M | -124M | -191M | -260M | -229M | -125M | -137M | -155M | -124M | -230M | -522M | -261M | -209M | -209M | -196M | -228M | -130M | -182.45M | -306.13M | -153.26M | -82.07M | -38.19M | -52.26M | -50.4M | -42.56M | -77.1M | -94.94M | -544.2M | -383.9M | -27.6M | -69.3M |
| CapEx % of Revenue | 0.83% | 0.66% | 1.17% | 1.81% | 1.8% | 1.3% | 1.78% | 2.28% | 2.06% | 4.44% | 11.12% | 6.23% | 4.64% | 5.01% | 5.15% | 5.92% | 3.76% | 5.73% | 9.96% | 5.73% | 3.58% | 1.87% | 2.9% | 3.16% | 3.24% | 6.11% | 8.68% | 64.2% | 64.77% | 4.61% | 12.87% |
| Acquisitions | -184M | -184M | -83M | -33M | -5.68B | -3.06B | 0 | -64M | -363M | 0 | 463M | -95M | 554M | 43M | -392M | -15M | -96M | -187.36M | -167.38M | -1.22B | -19.06M | -4.34M | -123.55M | -214.81M | -278.26M | -168.37M | -2.07B | 0 | 9M | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 1.66B | 2.6B | -609M | -303M | -438M | -66M | 15M | 18M | -52M | -45M | 12M | 18M | -7M | -11M | 14M | 43M | 42M | -361.54M | 38.82M | -83.17M | 163.82M | -24.03M | 29.14M | -34.47M | -30.88M | 0 | -19.27M | -6.9M | -1.2M | -76.3M | -1.6M |
| Cash from Financing | -3.84B | -1.51B | -397M | -4.27B | 1.73B | -3.18B | 2.03B | -1.03B | -634M | -1.63B | -1.94B | -1.34B | -1.55B | -262M | -1.34B | -1.01B | -467M | -110.31M | -586.51M | 733.86M | -478.82M | -548.1M | -506.54M | -320.39M | -210.46M | 80.66M | 59.34M | 126.6M | 496.3M | 39M | 9.7M |
| Debt Issued (Net) | -249M | -71M | -89M | -810M | 4.88B | -1.34B | 2.93B | -2M | -50M | -512M | 500M | 0 | 0 | 0 | -500M | 0 | 0 | 0 | 0 | 997.75M | -923K | -3.91M | -18.97M | -3.27M | -11.33M | -7.77M | 59.5M | 0 | -4.8M | 29.6M | -3.2M |
| Equity Issued (Net) | -4.07B | -2.37B | -1.99B | -1.97B | -2.47B | -1B | -112M | -556M | -272M | -839M | -2.26B | -1.14B | -1.41B | -127M | -736M | -1.08B | -460M | -102M | -603.05M | -293.92M | -504.88M | -544.09M | -491.04M | -658.47M | -184.78M | 88.44M | 0 | 126.6M | 501.1M | 9.4M | 12.9M |
| Dividends Paid | -1.32B | -1.19B | -1.03B | -889M | -774M | -646M | -561M | -501M | -407M | -353M | -318M | -283M | -220M | -203M | -178M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -4.21B | -2.77B | -1.99B | -1.97B | -1.86B | -1B | -323M | -556M | -272M | -839M | -2.26B | -1.25B | -1.58B | -292M | -900M | -1.36B | -900M | -300.25M | -800M | -506.75M | -784.19M | -709.89M | -610.18M | -814.33M | -318.35M | -8.37M | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 1.8B | 2.12B | 2.71B | -603M | 96M | -187M | -226M | 25M | 95M | 72M | 142M | 84M | 81M | 68M | 70M | 71M | -7M | -8.31M | 16.54M | 30.02M | 26.98M | -98K | 3.48M | 341.35M | -14.34M | 0 | -162K | 0 | 0 | 0 | 0 |
| Net Change in Cash | 2.63B | 2.38B | 4.25B | -145M | 178M | -3.88B | 4.34B | 721M | 935M | -109M | -170M | -41M | -160M | 616M | -329M | 508M | -465M | 265.56M | 158.14M | 75.6M | 95.76M | 57.85M | -142.79M | -238.91M | 340.79M | 33.15M | -137.28M | 380.2M | 91.4M | 2.1M | -31.7M |
| Free Cash Flow | 7.71B | 6.08B | 4.63B | 4.79B | 3.66B | 3.13B | 2.28B | 2.17B | 1.99B | 1.37B | 879M | 1.24B | 1.25B | 1.16B | 1.05B | 785M | 868M | 629.91M | 524.06M | 573.5M | 527.48M | 559.52M | 522.32M | 519.04M | 534.67M | 156.11M | -88.88M | -471M | -315.6M | 53.5M | -7.8M |
| FCF Margin % | 36.87% | 32.3% | 28.46% | 33.31% | 28.76% | 32.44% | 29.65% | 31.97% | 33% | 26.44% | 18.73% | 29.65% | 27.63% | 27.74% | 27.57% | 20.38% | 25.12% | 19.79% | 17.04% | 21.46% | 23% | 27.46% | 28.98% | 32.5% | 40.75% | 12.38% | -8.13% | -55.57% | -53.25% | 8.93% | -1.45% |
| FCF Growth % | 26.43% | 31.27% | -3.18% | 30.76% | 17.12% | 37.24% | 4.98% | 9.1% | 45.22% | 55.75% | -29.28% | -0.16% | 7.61% | 10.19% | 33.76% | -9.56% | 37.8% | 20.2% | -8.62% | 8.73% | -5.73% | 7.12% | 0.63% | -2.92% | 242.49% | 275.64% | 81.13% | -49.24% | -689.91% | 785.9% | -117.89% |
| FCF per Share | 27.95 | 21.49 | 16.32 | 16.91 | 12.89 | 11.45 | 8.63 | 8.22 | 7.62 | 5.25 | 3.32 | 4.35 | 4.28 | 3.82 | 3.44 | 2.48 | 2.67 | 1.91 | 1.55 | 1.61 | 1.46 | 1.48 | 1.31 | 1.23 | 1.22 | 0.38 | -0.21 | -1.18 | -0.96 | 0.19 | -0.03 |
| FCF Conversion (FCF/Net Income) | 1.68x | 1.60x | 1.65x | 2.12x | 1.88x | 1.58x | 1.32x | 1.49x | 1.59x | 1.65x | 1.43x | 4.12x | 1.60x | 1.59x | 1.57x | 1.60x | 1.74x | 1.82x | 1.74x | 1.65x | 1.46x | 1.57x | 1.81x | 1.66x | 4.12x | -2.82x | 0.02x | 0.19x | -5.60x | 1.19x | -2.97x |
| Interest Paid | 0 | 284M | 200M | 272M | 67M | 30M | 14M | 17M | 19M | 42M | 37M | 32M | 32M | 33M | 60M | 60M | 61M | 56M | 56M | 6.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 1.41B | 1.88B | 484M | 303M | 578M | 493M | 325M | 245M | 430M | 389M | 222M | 240M | 309M | 312M | 270M | 277M | 190M | 186M | 221.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Regulatory tax filing disruption
As reported in recent financial statements, Intuit consistently generates operating cash flow significantly higher than net income, with an OCF/NI ratio reaching 1.73 in 2026Q3, illustrating the substantial impact of non-cash charges like stock-based compensation and depreciation on the company's reported GAAP profitability metrics.
The persistent gap between net income and operating cash flow suggests that GAAP earnings may understate the company's true cash-generating capacity. Investors should monitor this divergence, as it indicates that a significant portion of the company's reported profit is effectively reinvested into equity-based incentives rather than cash outflows.
Based on the provided cash flow data, Intuit's free cash flow margins exhibit extreme seasonal swings, peaking at 61.2% in 2026Q3 compared to 9.3% in 2025Q4, which reflects the company's heavy reliance on the U.S. tax season for its primary cash inflows.
This high degree of seasonality necessitates a trailing twelve-month view to accurately assess the underlying cash flow trajectory. The ability to maintain positive free cash flow even in off-peak quarters suggests a resilient subscription-based revenue model that provides a baseline of liquidity throughout the year.
According to recent SEC filings, Intuit experiences significant working capital fluctuations, with a $922 million inflow in 2025Q3 followed by a $573 million outflow in 2025Q4, highlighting the cyclical nature of cash collections tied to the timing of tax-related service delivery and subscription renewals.
These working capital movements appear to be a structural feature of the business rather than an operational inefficiency. The timing of these cash flows warrants close attention, as they dictate the company's ability to fund share repurchases and dividends without relying on external financing.
Based on reported figures, Intuit maintains a consistent capital deployment strategy, utilizing $1.7 billion for share repurchases in 2026Q3 alone, which underscores management's commitment to returning excess cash to shareholders despite the significant capital requirements of its platform-centric growth model.
The scale of these repurchases, often exceeding quarterly net income, suggests that management views the current valuation as attractive or is focused on offsetting the dilutive impact of stock-based compensation. Investors should monitor whether this pace of buybacks remains sustainable if the company pursues further large-scale acquisitions.
Quick answers to the most common questions about buying INTU stock.
Intuit Inc. (INTU) generated $6.21B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Intuit Inc. (INTU) generated $6.08B in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Intuit Inc. (INTU) spent $124.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Intuit Inc. (INTU) returned $1.19B to shareholders via cash dividends and spent $2.77B on share repurchases. This shows the company's commitment to returning capital to its equity investors.