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AI核心结论
Intuit delivered strong Q3 FY2026 results with revenue of $8.56B (+10.4% YoY) and net income of $3.06B (+8.7% YoY), driven by robust operating cash flow generation of $7.51B year-to-date, though operating margin edged slightly lower as R&D investment accelerated 18.8%.
营业收入
$8.56B
同比 ++10.37%
每股收益（基本）
$11.10
同比 ++10.01%
营业利润
$4.02B
同比 ++8.06%
提交于 · 解读更新于 · 来源: SEC EDGAR 10-Q 原文
Intuit (INTU) Q3 FY2026 营收 $8.56B，同比增长 10.4%。 净利润 $3.06B，同比增长 8.7%，稀释每股收益 $11.09。
Intuit grew total revenue to $8.56B in Q3 FY2026, up 10.4% from $7.75B in the prior-year period, reflecting continued momentum in its tax and small business platforms during the seasonally critical quarter.
来源: Source: 10-Q Income Statement
R&D expense rose 18.8% YoY to $840M, outpacing revenue growth of 10.4%, signaling that Intuit is aggressively investing in AI and product innovation, which contributed to a modest 100 bps compression in operating margin to 47.0%.
来源: Source: 10-Q Income Statement
Cumulative fiscal year-to-date operating cash flow reached $7.51B, up 28.9% from $5.83B in the same period last year, demonstrating the high cash-conversion quality of Intuit's subscription-oriented business model.
来源: Source: 10-Q Cash Flow Statement
Year-to-date share buybacks surged 64.9% to $3.34B (vs. $2.03B prior year), and dividends paid rose 14.3% to $1.02B, reflecting management's confidence in the business and commitment to returning capital, though this drove financing cash outflows up 141.1%.
来源: Source: 10-Q Cash Flow Statement
Total assets grew 7.5% YoY to $39.33B, and stockholders' equity increased modestly to $20.63B, while long-term debt declined 3.8% to $6.16B, indicating a gradually deleveraging capital structure.
来源: Source: 10-Q Balance Sheet
Operating margin declined approximately 100 bps YoY to 47.0% as R&D spending grew at nearly twice the rate of revenue (18.8% vs. 10.4%). If AI and product investments do not translate into proportional revenue acceleration, sustained margin pressure could weigh on profitability.
来源: Source: 10-Q Income Statement
Current liabilities surged 27.2% YoY to $12.28B, nearly matching the growth in current assets (+27.7% to $17.84B), resulting in a current ratio of only 1.45. A significant portion of current liabilities may relate to customer fund obligations in Intuit's financial services segment, which could create liquidity stress in adverse conditions.
来源: Source: 10-Q Balance Sheet
Cash and equivalents fell 14.0% YoY to $4.68B even as the business generated strong operating cash flow, because $3.34B in buybacks and $1.02B in dividends consumed most of the free cash generated. Continued aggressive buybacks at this pace could limit financial flexibility for acquisitions or downturns.
来源: Source: 10-Q Cash Flow Statement & Balance Sheet
The debt-to-equity ratio stands at 0.91, meaning Intuit carries nearly $1 of debt for every $1 of equity. While long-term debt declined slightly to $6.16B, the leverage level remains meaningful and could become a constraint if interest rates remain elevated or revenue growth decelerates.
来源: Source: 10-Q Balance Sheet
Q3 FY2026 is Intuit's seasonally strongest quarter due to U.S. tax filing deadlines, meaning the reported revenue and earnings figures are not representative of run-rate performance. Any regulatory changes to the tax filing process, such as IRS direct-file expansion, could disproportionately impact Intuit's peak-quarter results.
来源: Source: 10-Q Income Statement (seasonal context)
Q3 FY2026 实际 EPS $12.80，分析师一致预期 $12.82，不及预期 -0.2%。
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业收入 | $8.56B | $7.75B | +10.37% |
营业利润 | $4.02B | $3.72B | +8.06% |
净利润 | $3.06B | $2.82B | +8.65% |
每股收益（基本） | $11.10 | $10.09 | +10.01% |
每股收益（稀释） | $11.09 | $10.02 | +10.68% |
研发费用 | $840M | $707M | +18.81% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
总资产 | $39.33B | $36.59B | +7.48% |
流动资产 | $17.84B | $13.96B | +27.73% |
总负债 | $18.7B | $16.47B | +13.56% |
流动负债 | $12.28B | $9.65B | +27.16% |
股东权益 | $20.63B | $20.13B | +2.50% |
现金及等价物 | $4.68B | $5.44B | -14.00% |
长期债务 | $6.16B | $6.41B | -3.81% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
经营活动现金流YTD | $7.51B | $5.83B | +28.85% |
投资活动现金流YTD | $-1.1B | $-1.09B | -0.64% |
筹资活动现金流YTD | $-3.98B | $-1.65B | -141.10% |
股息支出YTD | $1.01B | $888M | +14.30% |
股票回购YTD | $3.34B | $2.03B | +64.91% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业利润率 | 47.0% | 48.0% | -1.00% |
净利率 | 35.8% | — | — |
净资产收益率 | 14.9% | — | — |
总资产收益率 | 7.8% | — | — |
流动比率 | $1.453 | — | — |
资产负债率 | $0.907 | — | — |
Intuit reported Q3 FY2026 revenue of $8.56B, up 10.4% YoY, and net income of $3.06B, up 8.7% YoY. Diluted EPS came in at $11.09, a 10.7% increase from $10.02 in the prior-year period, reflecting strong performance during the peak tax season quarter.
Intuit's 10.4% revenue growth to $8.56B in Q3 FY2026 was driven by its seasonally strongest quarter tied to U.S. tax filing deadlines, benefiting TurboTax and related consumer tax products. The company also continued to grow its small business and self-employed segment through QuickBooks, supported by ongoing subscription model expansion.
Intuit's operating margin declined modestly by approximately 100 basis points YoY to 47.0% in Q3 FY2026, from 48.0% in the prior-year period. The primary driver was accelerating R&D investment, which grew 18.8% YoY to $840M — nearly double the pace of revenue growth — as Intuit ramps up AI and product development spending.
Through Q3 FY2026, Intuit returned a combined $4.36B to shareholders via $3.34B in share buybacks (up 64.9% YoY) and $1.02B in dividends (up 14.3% YoY). This aggressive capital return program reflects management's confidence in the business, though it contributed to a 14.0% YoY decline in cash and equivalents to $4.68B.
Intuit's financial health appears solid, with $4.68B in cash, a current ratio of 1.45, and year-to-date operating cash flow of $7.51B (+28.9% YoY). Long-term debt declined 3.8% to $6.16B, and stockholders' equity stands at $20.63B, though the debt-to-equity ratio of 0.91 and rising current liabilities warrant monitoring.