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Upstart Co-founder and CEO to Participate in Fireside Chat at the Goldman Sachs Communacopia and Technology Conference 2026

BURLINGAME, Calif.–(BUSINESS WIRE)–
Upstart Holdings, Inc. (NASDAQ: UPST), the leading artificial intelligence (AI) lending marketplace, today announced that Paul Gu, Co-founder and CEO, will participate in a fireside chat at the Goldman Sachs Communacopia and Technology Conference on Tuesday, September 8, at 11:30 am PT (2:30 pm ET).

A live audio webcast of the event will be available on Upstart’s investor relations website at ir.upstart.com. A replay of the webcast will be available for a limited period of time following the event.

About Upstart

Upstart (NASDAQ: UPST) is the leading AI lending marketplace, connecting millions of consumers to more than 100 banks and credit unions that leverage Upstart’s AI models and cloud applications to deliver superior credit products. With Upstart AI, lenders can approve more borrowers at lower rates while delivering the exceptional digital-first experience customers demand. More than 90% of loans are fully automated, with no human intervention by Upstart. Founded in 2012, Upstart’s platform includes personal loans, automotive loans, home equity lines of credit, and Upstart’s new Cash Line product, a revolving line of credit. Upstart is based in Burlingame, California.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260825087809/en/

Investors

Sonya Banerjee

[email protected]

Press

Eric Smith

[email protected]

KEYWORDS: California United States North America

INDUSTRY KEYWORDS: Professional Services Technology Software Finance Artificial Intelligence Internet Banking

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Zeta Global to Participate in Upcoming Investor Conferences

NEW YORK–(BUSINESS WIRE)–
Zeta Global (NYSE: ZETA), the intelligent AI infrastructure company, today announced that it is scheduled to participate in the following investor conferences:

Date	Conference
September 8	Goldman Sachs Communacopia + Technology Conference*
September 9	Citi 2026 Global TMT Conference*

*Live webcast and replay of this presentation will be accessible on Zeta’s Investor Relations website at investors.zetaglobal.com where it will remain available for 1 year.

About Zeta

Zeta Global (NYSE: ZETA) is the intelligent AI infrastructure company helping enterprises transform proprietary data into enterprise intelligence. The Zeta Data Cloud and Athena by Zeta™ connect proprietary enterprise knowledge with advanced AI to enable better decisions, more effective customer engagement, and stronger business outcomes. With one of the industry’s largest proprietary data assets, Zeta helps organizations accelerate AI transformation and build durable competitive advantage. Founded in 2007 by David A. Steinberg and John Sculley, Zeta is headquartered in New York City with offices worldwide. Learn more at www.zetaglobal.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260825730114/en/

Investor Relations

Trey Campbell

[email protected]

Press

Krystina Puleo

[email protected]

KEYWORDS: New York United States North America

INDUSTRY KEYWORDS: Software Mobile/Wireless Internet Professional Services Technology Artificial Intelligence Publishing Data Analytics Marketing Advertising Communications Finance

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Semtech Announces Second Quarter of Fiscal Year 2027 Results

• Record net sales of $341.9 million, up 17% sequentially and up 33% year-over-year

• GAAP gross margin of 53.8% and Non-GAAP adjusted gross margin of 54.5%

• GAAP operating margin of 16.3% and Non-GAAP adjusted operating margin of 24.4%

• GAAP diluted earnings per share of $1.59 and Non-GAAP adjusted diluted earnings per share of $0.71

CAMARILLO, Calif.–(BUSINESS WIRE)–
Semtech Corporation (Nasdaq: SMTC), a leading provider of high-performance semiconductors powering AI data center networking and intelligent, connected Internet of Things (“IoT”) devices worldwide, announced today unaudited financial results for its second quarter of fiscal year 2027, which ended July 26, 2026.

“The Semtech team executed exceptionally well, delivering record revenue across our key focus areas, earnings leverage that continued to outpace revenue growth and significant progress on portfolio optimization,” said Hong Hou, president and CEO. “Accelerating bookings and record backlog point to a strong inflection in growth with new revenue drivers and visibility expected to extend well into next fiscal year. Growing our focus areas and expanding margins all serve the same goal: building a predictable, high-margin and high-return business.”

“This was another quarter of disciplined execution, converting record revenue, margin expansion and diluted earnings per share growth into strong operating and free cash flow,” said Mark Lin, executive vice president and chief financial officer. “We enter the third quarter with conviction, expecting broad-based bookings strength to translate into sustained revenue, margin and earnings growth.”

Second Quarter of Fiscal Year 2027 Results

(in millions, except per share data)	Q2’27				Q1’27				Q2’26
GAAP Financial Results
Net sales	$	341.9			$	291.0			$	257.6
Gross margin		53.8	%			52.0	%			52.1	%
Operating expenses, net	$	128.0			$	125.7			$	150.3
Operating income (loss)	$	55.8			$	25.8			$	(16.2	)
Operating margin		16.3	%			8.9	%			(6.3	)%
Interest expense, net	$	1.0			$	1.0			$	4.7
Goodwill impairment	$	—			$	—			$	42.0
Net income (loss)	$	160.1			$	26.6			$	(27.1	)
Diluted earnings (loss) per share	$	1.59			$	0.27			$	(0.31	)
(in millions, except per share data)	Q2’27				Q1’27				Q2’26
Net sales	$	341.9			$	291.0			$	257.6
Non-GAAP Financial Results
Adjusted gross margin*		54.5	%			53.0	%			53.2	%
Adjusted operating expenses, net*	$	102.8			$	95.1			$	88.4
Adjusted operating income*	$	83.6			$	59.3			$	48.6
Adjusted operating margin*		24.4	%			20.4	%			18.8	%
Adjusted interest (income) expense, net*	$	(0.2	)		$	(0.1	)		$	4.1
Adjusted net income*	$	69.5			$	49.4			$	36.7
Adjusted diluted earnings per share*	$	0.71			$	0.51			$	0.41
Adjusted EBITDA*	$	91.1			$	66.4			$	56.5
Adjusted EBITDA margin*		26.6	%			22.8	%			21.9	%
*See “Non-GAAP Financial Measures” below for additional information about our non-GAAP financial results.

Third Quarter of Fiscal Year 2027 Outlook

(in millions, except per share data)
Net sales	$	410.0			+/-		$5.0
Non-GAAP Financial Measures
Adjusted gross margin*		58.3	%		+/-		100 bps
Adjusted gross margin, excluding business held for sale*		63.9	%		+/-		100 bps
Adjusted operating expenses, net*	$	112.0			+/-		$3.0
Adjusted operating income*	$	127.0			+/-		$4.0
Adjusted operating margin*		31.0	%		+/-		60 bps
Adjusted interest and other expense, net*	$	0.5
Adjusted normalized tax rate*		18	%
Adjusted diluted earnings per share*	$	1.05			+/-		$0.03
Adjusted EBITDA*	$	134.3			+/-		$4.0
Adjusted EBITDA margin*		32.8	%		+/-		60 bps
Non-GAAP diluted share count*		99.0
*See “Non-GAAP Financial Measures” below for additional information about our non-GAAP financial results.

The Company is unable to include a reconciliation of forward-looking non-GAAP results to the corresponding GAAP measures as they are not available without unreasonable efforts due to the high variability and low visibility with respect to the impact of transaction, integration and restructuring expenses, share-based awards, amortization of acquisition-related intangible assets and other items that are excluded from these non-GAAP measures. The Company expects the variability of the above charges to have a potentially significant impact on its GAAP financial results.

Webcast and Conference Call

Semtech will be hosting a conference call today to discuss its second fiscal quarter 2027 results at 1:30 p.m. Pacific time. The dial-in number for the call is (877) 407-0312. Please use conference ID 13761388. An audio webcast and supplemental earnings materials for the quarter will be available on the Investor Relations section of Semtech’s website at investors.semtech.com under “News & Events.” A replay of the call will be available through September 22, 2026 at the same website or by calling (877) 660-6853 and entering conference ID 13761388.

Non-GAAP Financial Measures

To supplement the Company’s consolidated financial statements prepared in accordance with GAAP, this release includes a presentation of select non-GAAP financial measures. The Company’s non-GAAP measures of adjusted gross margin, total semiconductor products gross margin, adjusted gross margin, excluding business held for sale, adjusted product development and engineering expense, adjusted selling, general and administrative expense, adjusted operating expenses, net, adjusted operating income, adjusted operating margin, adjusted interest (income) expense, net, adjusted net income, adjusted diluted earnings per share, adjusted normalized tax rate, adjusted EBITDA and adjusted EBITDA margin exclude the following items, if any and as applicable, as set forth in the reconciliations in the tables below under “Supplemental Information: Reconciliation of GAAP to Non-GAAP Results.”

• Share-based compensation

• Intangible amortization

• Transaction and integration related costs or recoveries

• Restructuring and other reserves, including cumulative other reserves associated with historical activity including environmental, pension, deferred compensation and right-of-use asset impairments

• Litigation costs or dispute settlement charges or recoveries

• Equity method income or loss

• Investment gains, losses, reserves and impairments, including interest income from debt investments

• Write-off and amortization of deferred financing costs

• Interest rate swap termination

• Induced conversion expense

• Loss on extinguishment of debt

• Debt commitment fee

• Goodwill and intangible impairment

• Amortization of inventory step-up

In this release, the Company is providing a total semiconductor products gross margin metric, defined as the combined segment gross margin for the Signal Integrity and Analog Mixed Signal and Wireless reportable segments. For further information, please see the Segment Information footnote of the Company’s Form 10-Q for the quarter ended July 26, 2026. The Company is also providing an adjusted gross margin, excluding business held for sale metric, defined as adjusted gross margin excluding the results of the Company’s cellular module business, classified as held for sale as of period end. The Company also presents adjusted EBITDA, adjusted EBITDA margin and free cash flow. Adjusted EBITDA is defined as net income (loss) plus interest expense, interest income, (benefit) provision for income taxes, depreciation and amortization, and share-based compensation, and adjusted to exclude certain expenses, gains and losses that the Company believes are not indicative of its core results over time. Adjusted EBITDA margin is defined as adjusted EBITDA as a percentage of net sales. The Company considers free cash flow, which may be positive or negative, a non-GAAP financial measure defined as cash flows provided by operating activities less net capital expenditures. Management believes that the presentation of these non-GAAP measures provides useful information to investors regarding the Company’s financial condition and results of operations. These non-GAAP financial measures are adjusted to exclude the items identified above because such items are either operating expenses that would not otherwise have been incurred by the Company in the normal course of the Company’s business operations, or are not reflective of the Company’s core results over time. These excluded items may include recurring as well as non-recurring items, and no inference should be made that all of these adjustments, charges, costs or expenses are unusual, infrequent or non-recurring. For example: certain restructuring and integration-related expenses (which consist of employee termination costs, facility closure or lease termination costs, and contract termination costs) may be considered recurring given the Company’s ongoing efforts to be more cost effective and efficient; certain acquisition and disposition-related adjustments or expenses may be deemed recurring given the Company’s regular evaluation of potential transactions and investments; and certain litigation expenses or dispute settlement charges or gains (which may include estimated losses for which the Company may have established a reserve, as well as any actual settlements, judgments, or other resolutions against, or in favor of, the Company related to litigation, arbitration, disputes or similar matters, and insurance recoveries received by the Company related to such matters) may be viewed as recurring given that the Company may from time to time be involved in, and may resolve, litigation, arbitration, disputes, and similar matters.

Notwithstanding that certain adjustments, charges, costs or expenses may be considered recurring, in order to provide meaningful comparisons, the Company believes that it is appropriate to exclude such items because they are not reflective of the Company’s core results and tend to vary based on timing, frequency and magnitude.

These non-GAAP financial measures are provided to enhance the user’s overall understanding of the Company’s comparable financial performance between periods. In addition, the Company’s management generally excludes the items noted above when managing and evaluating the performance of the business. Certain non-GAAP financial measures are also used in the Company’s compensation programs. The financial statements provided with this release include reconciliations of these non-GAAP financial measures to their most comparable GAAP measures for the first and second quarters of fiscal year 2027 and the second quarter of fiscal year 2026.

The Company adopted a full-year, normalized tax rate for the computation of the non-GAAP income tax provision in order to provide better comparability across the interim reporting periods by reducing the quarterly variability in non-GAAP tax rates that can occur throughout the year. In estimating the full-year non-GAAP normalized tax rate, the Company utilized a full-year financial projection that considers multiple factors such as changes to the Company’s current operating structure, existing positions in various tax jurisdictions, the effect of key tax law changes, and other significant tax matters to the extent they are applicable to the full fiscal year financial projection. In addition to the adjustments described above, this normalized tax rate excludes the impact of share-based awards and the amortization of acquisition-related intangible assets. For the first two quarters of fiscal year 2027, the Company applied a non-GAAP normalized tax rate of 17%. For the remaining quarters of fiscal year 2027, the Company’s projected non-GAAP normalized tax rate is 18%. The Company’s non-GAAP normalized tax rate on non-GAAP net income may be adjusted during the year to account for events or trends that the Company believes materially impact the original annual non-GAAP normalized tax rate including, but not limited to, significant changes resulting from tax legislation, acquisitions, entity structures or operational changes and other significant events. These additional non-GAAP financial measures should not be considered substitutes for any measures derived in accordance with GAAP and may be inconsistent with similar measures presented by other companies.

To provide additional insight into the Company’s third quarter outlook, this release also includes a presentation of forward-looking non-GAAP financial measures. See “Third Quarter of Fiscal Year 2027 Outlook” above for further information.

Forward-Looking and Cautionary Statements

This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, as amended, based on the Company’s current expectations, estimates and projections about its operations, industry, financial condition, performance, results of operations, and liquidity. Forward-looking statements are statements other than historical information or statements of current condition and relate to matters such as future financial performance including the third quarter of fiscal year 2027 outlook; future operational performance; the anticipated impact of specific items on future earnings; the Company’s expectations regarding near term growth trends and market position; and the Company’s plans, objectives and expectations. Statements containing words such as “may,” “believes,” “see,” “anticipates,” “expects,” “intends,” “positions,” “plans,” “targets,” “projects,” “objectives,” “estimates,” “develops,” “should,” “could,” “will,” “designed to,” “projections,” or “outlook,” or other similar expressions constitute forward-looking statements.

Forward-looking statements involve known and unknown risks and uncertainties that could cause actual results and events to differ materially from those projected. Potential factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to: the volatility of our financial results or impact of the cyclical nature of our industry, including due to a growing concentration of demand in artificial intelligence-related semiconductors, during industry downturns or due to periodic economic uncertainty; the historical rapid decrease of the average selling prices of certain products; disruptions in U.S. or foreign government operations, funding or incentives; changes in export restrictions and laws affecting the Company’s trade and investments, including tariffs or retaliatory tariffs; interruption or loss of supplies or services from the limited number of suppliers and subcontractors we rely upon; our suppliers’ manufacturing capacity constraints or other supply chain disruptions; failure to successfully develop and sell new products, meet new industry standards or requirements or anticipate changes in projected or end market users; failure to adequately protect our intellectual property rights; failure to make the substantial investments in research and development that are required to remain competitive in our business or to properly anticipate competitive changes in the marketplace; the likelihood of our products being found defective or risk of liability claims asserted against us; business interruptions, such as natural disasters, acts of violence and the outbreak of contagious diseases; adverse changes to general economic conditions in China; the loss of any one of our small number of customers or failure to collect a receivable from them; competition from new or established IoT, cloud services and wireless service companies or from those with greater resources; the difficulties associated with integrating ours and Sierra Wireless, Inc.’s businesses and operations successfully as well as difficulties executing other acquisitions or divestitures, including the pending divestiture of our cellular module business and attendant risks; discovery of additional material weaknesses in our internal control over financial reporting in the future or otherwise failing to achieve and maintain effective disclosure controls, procedures and internal control over financial reporting; changes in our effective tax rates, the adoption of new U.S. or foreign tax legislation or exposure to additional tax liabilities, or material differences between our forecasted annual effective tax rates and actual tax rates; the Company’s ability to comply with, or pursue business strategies due to, our level of indebtedness or the covenants under the agreements governing our indebtedness; and adverse developments affecting the financial services industry. Additionally, forward-looking statements should be considered in conjunction with the cautionary statements contained in the risk factors disclosed in the Company’s filings with the Securities and Exchange Commission (the “SEC”), including the Company’s Annual Report on Form 10-K for the fiscal year ended January 25, 2026, filed with the SEC on March 23, 2026 as such risk factors may be amended, supplemented or superseded from time to time by other reports the Company files with the SEC. In light of the significant risks and uncertainties inherent in the forward-looking information included herein that may cause actual performance and results to differ materially from those predicted, any such forward-looking information should not be regarded as representations or guarantees by the Company of future performance or results, or that its objectives or plans will be achieved or that any of its operating expectations or financial forecasts will be realized. Reported results should not be considered an indication of future performance. Investors are cautioned not to place undue reliance on any forward-looking information contained herein, which reflect management’s analysis only as of the date hereof. These forward-looking statements speak only as of the date hereof. Except as required by law, the Company assumes no obligation to publicly release the results of any update or revision to any forward-looking statement that may be made to reflect new information, events or circumstances after the date hereof or to reflect the occurrence of unanticipated or future events, or otherwise.

Amounts reported in this press release are preliminary and subject to the finalization and filing of our unaudited financial results on Form 10-Q for the three months ended July 26, 2026. In the reported results, Q2’27 refers to the quarter ended July 26, 2026, Q1’27 refers to the quarter ended April 26, 2026 and Q2’26 refers to the quarter ended July 27, 2025. Reported amounts may not foot precisely due to rounding.

About Semtech

Semtech Corporation (Nasdaq: SMTC) is a leading provider of high-performance semiconductors powering AI data center networking and intelligent, connected IoT devices worldwide. Our global teams are committed to empowering solution architects and application developers to develop breakthrough products for the infrastructure, industrial and consumer markets. To learn more about Semtech technology, visit us at Semtech.com.

Semtech and the Semtech logo are registered trademarks or service marks of Semtech Corporation or its subsidiaries.

SMTC-F

SEMTECH CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in millions, except per share data) (unaudited)
	Q2’27				Q1’27				Q2’26
Net sales	$	341.9			$	291.0			$	257.6
Cost of sales		158.1				139.6				123.5
Gross profit		183.8				151.5				134.1
Operating expenses, net:
Product development and engineering		60.6				57.6				48.2
Selling, general and administrative		67.3				66.6				58.5
Intangible amortization		0.4				0.3				0.1
Restructuring		(0.3	)			1.2				1.5
Goodwill impairment		—				—				42.0
Total operating expenses, net		128.0				125.7				150.3
Operating income (loss)		55.8				25.8				(16.2	)
Interest expense		(2.0	)			(1.9	)			(5.2	)
Interest income		0.9				0.9				0.5
Non-operating (expense) income		(0.1	)			0.2				(1.3	)
Income (loss) before taxes and equity method income (loss)		54.7				25.1				(22.2	)
(Benefit) provision for income taxes		(101.4	)			0.1				4.8
Net income (loss) before equity method income (loss)		156.0				24.9				(27.0	)
Equity method income (loss)		4.1				1.6				(0.1	)
Net income (loss)	$	160.1			$	26.6			$	(27.1	)
Earnings (loss) per share:
Basic	$	1.72			$	0.29			$	(0.31	)
Diluted	$	1.59			$	0.27			$	(0.31	)
Weighted average number of shares used in computing earnings (loss) per share:
Basic		93.3				92.9				86.7
Diluted		100.8				98.0				86.7

SEMTECH CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (in millions) (unaudited)
	July 26, 2026			January 25, 2026
ASSETS
Current assets:
Cash and cash equivalents	$	204.1		$	195.2
Accounts receivable, net		169.9			160.6
Inventories		170.8			195.7
Prepaid taxes		21.4			15.4
Assets held for sale		132.2			—
Other current assets		44.5			88.2
Total current assets		742.8			655.1
Non-current assets:
Property, plant and equipment, net		105.2			109.3
Deferred tax assets		139.6			34.2
Goodwill		478.2			457.9
Other intangible assets, net		44.6			40.0
Other assets		136.5			113.7
Total assets	$	1,647.0		$	1,410.3
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	68.2		$	84.1
Accrued liabilities		155.2			191.8
Current portion of long-term debt		143.4			—
Liabilities held for sale		70.7			—
Total current liabilities		437.4			275.9
Non-current liabilities:
Deferred tax liabilities		—			0.1
Long-term debt		349.4			491.2
Other long-term liabilities		111.4			93.3
Stockholders’ equity		748.9			549.7
Total liabilities & equity	$	1,647.0		$	1,410.3

SEMTECH CORPORATION SUPPLEMENTAL CASH FLOW INFORMATION (in millions) (unaudited)
	Q2’27				Q1’27				Q2’26
Net cash provided by operating activities	$	68.9			$	36.2			$	44.4
Net capital expenditures		(7.5	)			(8.2	)			(2.9	)
Free cash flow	$	61.4			$	28.0			$	41.5

SEMTECH CORPORATION SUPPLEMENTAL INFORMATION: RECONCILIATION OF GAAP TO NON-GAAP RESULTS (in millions) (unaudited)
	Q2’27
(in millions)	Signal Integrity				Analog Mixed Signal and Wireless				Total Semiconductor Products				IoT Systems and Connectivity				Unallocated1				Total
Net sales	$	126.2			$	117.4			$	243.5			$	98.3			$	—			$	341.9
Segment cost of sales		43.8				46.8				90.6				64.9				2.6				158.1
Segment gross profit	$	82.4			$	70.5			$	153.0			$	33.4			$	(2.6	)		$	183.8
Segment gross margin		65.3	%			60.1	%			62.8	%			34.0	%		NM2
Gross margin (GAAP)																						53.8	%
Share-based compensation																						0.2	%
Amortization of acquired technology																						0.5	%
Adjusted gross margin (Non-GAAP)																						54.5	%
Business held for sale3																						5.2	%
Adjusted gross margin, excluding business held for sale (Non-GAAP)																						59.7	%

	Q1’27
(in millions)	Signal Integrity				Analog Mixed Signal and Wireless				Total Semiconductor Products				IoT Systems and Connectivity				Unallocated1				Total
Net sales	$	102.0			$	100.8			$	202.8			$	88.3			$	—			$	291.0
Segment cost of sales		38.0				41.6				79.6				56.7				3.3				139.6
Segment gross profit	$	64.0			$	59.2			$	123.1			$	31.6			$	(3.3	)		$	151.5
Segment gross margin		62.7	%			58.7	%			60.7	%			35.8	%		NM2
Gross margin (GAAP)																						52.0	%
Share-based compensation																						0.4	%
Amortization of acquired technology																						0.6	%
Adjusted gross margin (Non-GAAP)																						53.0	%

	Q2’26
(in millions)	Signal Integrity				Analog Mixed Signal and Wireless				Total Semiconductor Products				IoT Systems and Connectivity				Unallocated1				Total
Net sales	$	76.8			$	92.0			$	168.8			$	88.8			$	—			$	257.6
Segment cost of sales		28.9				37.5				66.4				53.7				3.4				123.5
Segment gross profit	$	47.9			$	54.6			$	102.4			$	35.1			$	(3.4	)		$	134.1
Segment gross margin		62.4	%			59.3	%			60.7	%			39.5	%		NM2
Gross margin (GAAP)																						52.1	%
Share-based compensation																						0.2	%
Amortization of acquired technology																						0.9	%
Adjusted gross margin (Non-GAAP)																						53.2	%
1 Unallocated includes share-based compensation and amortization of acquired technology
2 Not meaningful
3 Adjustment for net sales of $48.1 million and adjusted gross profit of $10.9 million related to business held for sale as of Q2’27

SEMTECH CORPORATION SUPPLEMENTAL INFORMATION: RECONCILIATION OF GAAP TO NON-GAAP RESULTS (CONTINUED) (in millions) (unaudited)
	Q2’27				Q1’27				Q2’26
Product development and engineering (GAAP)	$	60.6			$	57.6			$	48.2
Share-based compensation		(4.5	)			(6.4	)			(3.4	)
Adjusted product development and engineering (Non-GAAP)	$	56.1			$	51.1			$	44.8
	Q2’27				Q1’27				Q2’26
Selling, general and administrative (GAAP)	$	67.3			$	66.6			$	58.5
Share-based compensation		(18.7	)			(18.9	)			(13.3	)
Transaction and integration related costs, net		(0.7	)			(2.8	)			(1.2	)
Litigation costs, net		(1.3	)			(1.1	)			(0.4	)
Adjusted selling, general and administrative (Non-GAAP)	$	46.7			$	43.9			$	43.6

	Q2’27				Q1’27				Q2’26
Operating expenses, net (GAAP)	$	128.0			$	125.7			$	150.3
Share-based compensation		(23.1	)			(25.3	)			(16.7	)
Intangible amortization		(0.4	)			(0.3	)			(0.1	)
Transaction and integration related costs, net		(0.7	)			(2.8	)			(1.2	)
Restructuring and other reserves, net		0.3				(1.2	)			(1.5	)
Litigation costs, net		(1.3	)			(1.1	)			(0.4	)
Goodwill impairment		—				—				(42.0	)
Adjusted operating expenses, net (Non-GAAP)	$	102.8			$	95.1			$	88.4

	Q2’27				Q1’27			Q2’26
Operating income (loss) (GAAP)	$	55.8			$	25.8		$	(16.2	)
Share-based compensation		23.8				26.4			17.3
Intangible amortization		2.3				2.1			2.4
Transaction and integration related costs, net		0.7				2.8			1.2
Restructuring and other reserves, net		(0.3	)			1.2			1.5
Litigation costs, net		1.3				1.1			0.4
Goodwill impairment		—				—			42.0
Adjusted operating income (Non-GAAP)	$	83.6			$	59.3		$	48.6

	Q2’27			Q1’27			Q2’26
Operating margin (GAAP)	16.3	%		8.9	%		(6.3	)%
Share-based compensation	7.0	%		9.1	%		6.7	%
Intangible amortization	0.7	%		0.7	%		0.9	%
Transaction and integration related costs, net	0.2	%		0.9	%		0.5	%
Restructuring and other reserves, net	(0.1	)%		0.4	%		0.6	%
Litigation costs, net	0.3	%		0.4	%		0.1	%
Goodwill impairment	—	%		—	%		16.3	%
Adjusted operating margin (Non-GAAP)	24.4	%		20.4	%		18.8	%

SEMTECH CORPORATION SUPPLEMENTAL INFORMATION: RECONCILIATION OF GAAP TO NON-GAAP RESULTS (CONTINUED) (in millions, except per share data) (unaudited)
	Q2’27				Q1’27				Q2’26
Interest expense, net (GAAP)	$	1.0			$	1.0			$	4.7
Amortization of deferred financing costs		(1.1	)			(1.1	)			(1.3	)
Write-off of deferred financing costs		(0.2	)			—				(0.4	)
Interest rate swap termination		—				—				1.0
Adjusted interest (income) expense, net (Non-GAAP)	$	(0.2	)		$	(0.1	)		$	4.1

	Q2’27				Q1’27				Q2’26
Net income (loss) (GAAP)	$	160.1			$	26.6			$	(27.1	)
Adjustments to GAAP net income (loss):
Share-based compensation		23.8				26.4				17.3
Intangible amortization		2.3				2.1				2.4
Transaction and integration related costs, net		0.7				2.8				1.2
Restructuring and other reserves, net		(0.3	)			1.2				1.5
Litigation costs, net		1.3				1.1				0.4
Investment gains, net		—				(0.1	)			—
Amortization of deferred financing costs		1.1				1.1				1.3
Write-off of deferred financing costs		0.2				—				0.4
Interest rate swap termination		—				—				(1.0	)
Goodwill impairment		—				—				42.0
Total Non-GAAP adjustments before taxes		29.0				34.5				65.3
Associated tax effect		(115.6	)			(10.0	)			(1.7	)
Equity method (income) loss		(4.1	)			(1.6	)			0.1
Total of supplemental information, net of taxes		(90.6	)			22.9				63.7
Adjusted net income (Non-GAAP)	$	69.5			$	49.4			$	36.7
Diluted earnings (loss) per share (GAAP)	$	1.59			$	0.27			$	(0.31	)
Adjustments per above		(0.88	)			0.24				0.72
Adjusted diluted earnings per share (Non-GAAP)	$	0.71			$	0.51			$	0.41
Weighted-average number of shares used in computing diluted earnings (loss) per share:
GAAP		100.8				98.0				86.7
Non-GAAP		97.7				96.5				90.0

SEMTECH CORPORATION SUPPLEMENTAL INFORMATION: RECONCILIATION OF GAAP TO NON-GAAP RESULTS (CONTINUED) (in millions) (unaudited)
	Q2’27				Q1’27				Q2’26
Net income (loss) (GAAP)	$	160.1			$	26.6			$	(27.1	)
Interest expense		2.0				1.9				5.2
Interest income		(0.9	)			(0.9	)			(0.5	)
Non-operating expense (income), net		0.1				(0.2	)			1.3
(Benefit) provision for income taxes		(101.4	)			0.1				4.8
Equity method (income) loss		(4.1	)			(1.6	)			0.1
Share-based compensation		23.8				26.4				17.3
Depreciation and amortization		9.8				9.2				10.3
Transaction and integration related costs, net		0.7				2.8				1.2
Restructuring and other reserves, net		(0.3	)			1.2				1.5
Litigation costs, net		1.3				1.1				0.4
Goodwill impairment		—				—				42.0
Adjusted EBITDA (Non-GAAP)	$	91.1			$	66.4			$	56.5

	Q2’27			Q1’27			Q2’26
Operating margin (GAAP)	16.3	%		8.9	%		(6.3	)%
Share-based compensation	7.0	%		9.1	%		6.7	%
Depreciation and amortization	2.9	%		3.1	%		4.0	%
Transaction and integration related costs, net	0.2	%		0.9	%		0.5	%
Restructuring and other reserves, net	(0.1	)%		0.4	%		0.6	%
Litigation costs, net	0.3	%		0.4	%		0.1	%
Goodwill impairment	—	%		—	%		16.3	%
Adjusted EBITDA margin (Non-GAAP)	26.6	%		22.8	%		21.9	%

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20260825691875/en/

Mitch Haws

Semtech Corporation

[email protected]

KEYWORDS: California United States North America

INDUSTRY KEYWORDS: Software Networks Internet Artificial Intelligence Technology Apps/Applications IOT (Internet of Things) Semiconductor

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Contineum Therapeutics to Present at the 2026 Morgan Stanley Global Healthcare Conference

SAN DIEGO–(BUSINESS WIRE)–
Contineum Therapeutics, Inc. (NASDAQ: CTNM) (Contineum or the Company), a clinical-stage biopharmaceutical company pioneering differentiated small molecule therapies for inflammatory and fibrotic diseases with significant unmet need, today announced that management is scheduled to present at the 2026 Morgan Stanley Global Healthcare Conference on Tuesday, September 15th at 5:35 p.m. ET.

An audio webcast of the fireside chat can be accessed on the Investors section of Contineum’s website. A webcast replay will also be available.

About Contineum Therapeutics

Contineum Therapeutics (Nasdaq: CTNM) is a clinical-stage biopharmaceutical company pioneering novel, oral small molecule therapies for inflammatory and fibrotic diseases with significant unmet need. Contineum is advancing a pipeline of internally-developed programs with multiple drug candidates now in clinical trials. PIPE-791 is an LPA1 receptor antagonist in clinical development for idiopathic pulmonary fibrosis and chronic pain. PIPE-307 is a selective inhibitor of the M1 receptor in clinical development for major depressive disorder. For more information, please visit www.contineum-tx.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260825617969/en/

Steve Kunszabo

Contineum Therapeutics

Senior Director, Investor Relations & Corporate Communications

858-649-1158

[email protected]

KEYWORDS: California United States North America

INDUSTRY KEYWORDS: Biotechnology Pharmaceutical Health

MEDIA:

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Intuit Reports Fourth Quarter and Full Year Fiscal 2026 Results; Sets Fiscal 2027 Guidance

Fourth-quarter revenue grew 14 percent, full year fiscal 2026 revenue grew 14 percent

MOUNTAIN VIEW, Calif.–(BUSINESS WIRE)–Intuit Inc. (Nasdaq: INTU) the global financial technology platform that makes Intuit TurboTax, Credit Karma, QuickBooks, Mailchimp, and Intuit Enterprise Suite, announced financial results for the fourth quarter and full fiscal year 2026, which ended July 31, 2026.

“We surpassed $20 billion in revenue for the full year with growth fueled by our Big Bets which collectively grew 34 percent and represented 30 percent of full-year revenue,” said Sasan Goodarzi, Intuit’s chairman and chief executive officer. “Our strategy is to win as an AI-driven expert platform by creating a financial system of intelligence that increasingly does the work for consumers, businesses, and accountants and helps them accomplish the outcomes that matter most. Looking ahead, we’re focused on scaling our Big Bets, accelerating customer growth, and making deliberate choices to create a stronger foundation for durable long-term growth.”

Financial Highlights

For the full year:

• Total revenue increased 14 percent to $21.4 billion.

• Global Business Solutions revenue increased 16 percent to $12.9 billion, and Online Ecosystem revenue increased 19 percent to $9.9 billion.

• Consumer revenue increased 11 percent to $8.6 billion.

• GAAP operating income increased 20 percent to $5.9 billion, and non-GAAP operating income increased 18 percent to $8.9 billion.

• GAAP earnings per share increased 20 percent to $16.46, and non-GAAP earnings per share increased 20 percent to $24.27.

For the fourth quarter:

• Total revenue increased 14 percent to $4.4 billion.

• Global Business Solutions revenue increased 14 percent to $3.4 billion, and Online Ecosystem revenue increased 17 percent to $2.6 billion.

• Consumer revenue increased 14 percent to $930 million.

Unless otherwise noted, all growth rates refer to the current period versus the comparable prior-year period, and the business metrics and associated growth rates refer to worldwide business metrics.

“Fiscal 2026 demonstrated the strength of our platform and the growing contribution of our Big Bets,” said Sandeep Aujla, Intuit’s chief financial officer. “As we look ahead, we are focused on execution and taking a disciplined approach to investments as we scale our Big Bets and accelerate customer growth. We remain committed to delivering durable revenue growth, operating margin expansion, and growing capital returns to shareholders over the long term.”

Business Segment Results

For the full year:

• Global Business Solutions revenue increased 16 percent to $12.9 billion. Excluding Mailchimp, Global Business Solutions revenue increased 18 percent. Online Ecosystem revenue increased 19 percent to $9.9 billion. Excluding Mailchimp, Online Ecosystem revenue increased 23 percent.
  • QuickBooks Online Accounting revenue increased 23 percent.

  • Online Services revenue increased 16 percent. Excluding Mailchimp, Online Services revenue grew 24 percent.

  • Total international online revenue increased 10 percent on a constant currency basis.

• Consumer revenue increased 11 percent to $8.6 billion.
  • TurboTax revenue increased 7 percent to $5.3 billion. TurboTax Live revenue increased 37 percent, representing 53 percent of total TurboTax revenue.

  • Credit Karma revenue increased 20 percent to $2.6 billion.

  • ProTax revenue increased 4 percent to $647 million.

TurboTax Federal Unit Data

Units in millions	Full Fiscal Year 2026	Full Fiscal Year 2025	Change Year-Over-Year
Desktop Units	4.1	4.4	(7)%
Online Units	34.9	35.5	(2)%
Total U.S. TurboTax Units	39.0	39.9	(2)%

For the fourth quarter:

• Global Business Solutions revenue increased 14 percent to $3.4 billion. Excluding Mailchimp, Global Business Solutions revenue increased 15 percent. Online Ecosystem revenue increased 17 percent to $2.6 billion. Excluding Mailchimp, Online Ecosystem revenue increased 20 percent.
  • QuickBooks Online Accounting revenue increased 20 percent driven by higher effective prices, customer growth, and mix shift.

  • Online Services revenue increased 15 percent driven by money and payroll. Excluding Mailchimp, Online Services revenue increased 21 percent.

  • Total international online revenue increased 10 percent on a constant currency basis.

• Consumer revenue increased 14 percent to $930 million.
  • TurboTax revenue increased 3 percent to $153 million.

  • Credit Karma revenue increased 16 percent to $743 million driven by strength in personal loans, auto insurance, and credit cards.

  • ProTax revenue increased 6 percent to $34 million.

Capital Allocation Summary

• Total cash and investments balance was $7.2 billion and total debt was $7.7 billion as of July 31, 2026. In June, we issued $1.75 billion in senior notes which further strengthens our liquidity to address debt maturing in fiscal 2027.

• Intuit repurchased $5.5 billion of stock during fiscal year 2026, up 96 percent versus last year, and these repurchases drove a 2 percent reduction in weighted-average diluted shares outstanding as share repurchases more than offset dilution from share-based compensation. The company has a total remaining authorization of $7.9 billion to repurchase shares.

• Intuit’s Board approved a quarterly dividend of $1.38 per share, payable on October 16, 2026. This represents a 15 percent increase versus last year.

Mailchimp Segment Reporting Change

Effective August 1, 2026, the company began managing Mailchimp as a separate operating segment from Global Business Solutions. Mailchimp will be a separate reportable segment beginning in fiscal 2027. Additional information can be found on the company’s fact sheet at https://investors.intuit.com/financial-information.

Non-GAAP Reporting Change

Effective August 1, 2026, share-based compensation expense will no longer be excluded from Intuit’s non-GAAP financial measures. The company views share-based compensation as a recurring component of the compensation program, and believes including this expense in non-GAAP financial measures reflects core operating results.

Forward-looking Guidance

Intuit announced guidance for the full year fiscal 2027 as well as the first quarter of fiscal 2027. All guidance reflects the Mailchimp segment reporting change as well as the non-GAAP reporting change noted above. The company expects:

Full Year Fiscal 2027 Guidance

	GAAP		Non-GAAP
	FY27	Change	FY27	Change
Total Revenue	$23,279 to $23,512	9% to 10%
Global Business Solutions	$13,068 to $13,158	13% to 14%
TurboTax	$5,377 to $5,453	2% to 3%
Credit Karma	$2,919 to $2,973	11% to 13%
ProTax	$659 to $662	2%
Consumer	$8,955 to $9,088	4% to 6%
Mailchimp	$1,256 to $1,266	(1)% to 0%
Operating Income	$7,408 to $7,490	26% to 27%	$8,063 to $8,145(1)	17% to 18%
Diluted Earnings Per Share	$20.12 to $20.36	22% to 24%	$22.88 to $23.12(1)	23% to 24%
Dollars are in millions, except earnings per share. See “About Non-GAAP Financial Measures” below for more information regarding financial measures not prepared in accordance with Generally Accepted Accounting Principles (GAAP).
(1) Non-GAAP operating income guidance includes $2,020 million from share-based compensation expense, and non-GAAP diluted earnings per share guidance includes a $5.81 impact from share-based compensation expense.

First Quarter Fiscal 2027 Guidance

	GAAP		Non-GAAP
	Q1FY27	Change	Q1FY27	Change
Total Revenue	$4,294 to $4,313	11%
Operating Income	$716 to $729	34% to 37%	$902 to $915(1)	26% to 28%
Diluted Earnings Per Share	$1.71 to $1.75	8% to 10%	$2.44 to $2.48(1)	30% to 33%
Dollars are in millions, except earnings per share. See “About Non-GAAP Financial Measures” below for more information regarding financial measures not prepared in accordance with Generally Accepted Accounting Principles (GAAP).
(1) Non-GAAP operating income guidance includes $521 million from share-based compensation expense, and non-GAAP diluted earnings per share guidance includes a $1.48 impact from share-based compensation expense.

Conference Call Details

Intuit executives will discuss the financial results on a conference call at 1:30 p.m. Pacific time on August 25. The conference call can be heard live at https://investors.intuit.com/news-events/ir-calendar. Prepared remarks for the call will be available on Intuit’s website after the call ends.

Investor Day 2027

Intuit will host its annual Investor Day on September 17 at 8:00 a.m. Pacific time, at its headquarters in Mountain View, CA. The event can be viewed live at https://investors.intuit.com/news-events/ir-calendar and a replay will be available on the Intuit Investor Relations website. The half-day event will include presentations from Sasan Goodarzi, chief executive officer, Sandeep Aujla, chief financial officer, and other leaders.

About Intuit

Intuit is the global financial technology platform that powers prosperity for the people and communities we serve. With approximately 100 million customers worldwide using products such as TurboTax, Credit Karma, QuickBooks, and Mailchimp, and Intuit Enterprise Suite, we believe that everyone should have the opportunity to prosper. We never stop working to find new, innovative ways to make that possible. Please visit us at Intuit.com and find us on social for the latest information about Intuit and our products and services.

About Non-GAAP Financial Measures

This press release and the accompanying tables include non-GAAP financial measures. For a description of these non-GAAP financial measures, including the reasons management uses each measure, and reconciliations of these non-GAAP financial measures to the most directly comparable financial measures prepared in accordance with Generally Accepted Accounting Principles, please see the section of the accompanying tables titled “About Non-GAAP Financial Measures” as well as the related Table B1, Table B2, and Table E. A copy of the press release issued by Intuit today can be found on the investor relations page of Intuit’s website.

Cautions About Forward-looking Statements

This press release contains forward-looking statements, including expectations regarding: forecasts and timing of growth and future financial results of Intuit and its reporting segments; Intuit’s prospects for the business in fiscal 2027 and beyond; Intuit’s growth outside the US; timing and growth of revenue from current or future products, features, and services; innovation across our ecosystem; demand for our products; customer growth and retention; Intuit’s corporate tax rate; changes to our products, including the impact of artificial intelligence (AI); the amount and timing of any future dividends or share repurchases; our capital structure; our share-based compensation expense; availability of our offerings; and the impact of strategic decisions on our business; as well as all of the statements under the heading “Forward-looking Guidance.”

Because these forward-looking statements involve risks and uncertainties, there are important factors that could cause our actual results to differ materially from the expectations expressed in the forward-looking statements. These risks and uncertainties may be amplified by the effects of global developments and conditions or events, including macroeconomic uncertainty and geopolitical conditions, which have caused significant global economic instability and uncertainty. Given these risks and uncertainties, persons reading this communication are cautioned not to place any undue reliance on such forward-looking statements. These factors include, without limitation, the following: our ability to realize the anticipated benefits of our restructuring plan (Plan); risks related to the preliminary nature of the estimate of the charges to be incurred in connection with the Plan, which is subject to change; risks related to any delays in the timing for implementing the Plan or potential disruptions to our business or operations as we execute on the Plan; our ability to compete successfully; potential governmental encroachment in our tax business; our ability to develop, deploy, and use AI in our platform and offerings; our ability to adapt to technological change and to successfully extend our platform; our ability to predict consumer behavior; our ability to anticipate and solve new and existing customer problems; our reliance on intellectual property; our ability to protect our intellectual property rights; any harm to our reputation; risks associated with our environmental, social, and governance efforts; risks associated with acquisition and divestiture activity; the issuance of equity or incurrence of debt to fund acquisitions or for general business purposes; cybersecurity incidents (including those affecting the third parties we rely on); customer or regulator concerns about privacy and cybersecurity incidents; fraudulent activities by third parties, including through the use of AI; our failure to process transactions effectively; interruption or failure of our information technology; our ability to maintain critical third-party business relationships; our ability to attract and retain talent and the success of our hybrid work model; our ability to effectively develop and deploy AI in our offerings; any deficiency in the quality or accuracy of our offerings (including the advice given by experts on our platform); any delays in product launches; difficulties in processing or filing customer tax submissions; risks associated with international operations; risks associated with climate change; changes to, and evolving interpretations of public policy, laws, or regulations affecting our businesses; allegations of legal claims and legal proceedings in which we are involved; fluctuations in the results of our tax business due to seasonality and other factors beyond our control; changes in tax rates and tax reform legislation; global economic conditions (including, without limitation, inflation); exposure to credit, counterparty, and other risks in providing capital to businesses; amortization of acquired intangible assets and impairment charges; our ability to repay or otherwise comply with the terms of our outstanding debt; our ability to repurchase shares or distribute dividends; volatility of our stock price; and our ability to successfully market our offerings.

More details about these and other risks that may impact our business are included in our Form 10-K for fiscal 2025 and in our other SEC filings. You can locate these reports through our website at https://investors.intuit.com. First-quarter and full-year fiscal 2027 guidance speaks only as of the date it was publicly issued by Intuit. Other forward-looking statements represent the judgment of the management of Intuit as of the date of this presentation. Except as required by law, we do not undertake any duty to update any forward-looking statement or other information in this presentation.

TABLE A INTUIT INC. GAAP CONSOLIDATED STATEMENTS OF OPERATIONS (In millions, except per share amounts) (Unaudited)
	Three Months Ended								Twelve Months Ended
	July 31, 2026				July 31, 2025				July 31, 2026				July 31, 2025
Net revenue:
Service	$	3,783			$	3,291			$	18,911			$	16,400
Product and other		571				540				2,537				2,431
Total net revenue		4,354				3,831				21,448				18,831
Costs and expenses:
Cost of revenue:
Cost of service revenue		894				834				4,016				3,624
Cost of product and other revenue		16				16				63				68
Amortization of acquired technology		43				44				174				156
Selling and marketing		1,264				1,251				5,534				5,035
Research and development		857				801				3,376				2,928
General and administrative		391				424				1,623				1,601
Amortization of other acquired intangible assets		121				121				485				481
Restructuring		293				1				293				15
Total costs and expenses [A]		3,879				3,492				15,564				13,908
Operating income		475				339				5,884				4,923
Interest expense		(70	)			(59	)			(256	)			(247	)
Interest and other income, net		135				86				389				158
Income before income taxes		540				366				6,017				4,834
Income tax (benefit) provision [B]		177				(15	)			1,451				965
Net income	$	363			$	381			$	4,566			$	3,869
Basic net income per share	$	1.34			$	1.36			$	16.53			$	13.82
Shares used in basic per share calculations		272				279				276				280
Diluted net income per share	$	1.34			$	1.35			$	16.46			$	13.67
Shares used in diluted per share calculations		272				282				277				283
See accompanying Notes.

INTUIT INC. NOTES TO TABLE A
[A]		The following table summarizes the total share-based compensation expense that we recorded in operating income for the periods shown.
			Three Months Ended						Twelve Months Ended
		(In millions)	July 31, 2026			July 31, 2025			July 31, 2026			July 31, 2025
		Cost of revenue	$	93		$	101		$	371		$	423
		Selling and marketing		144			137			587			541
		Research and development		174			159			706			629
		General and administrative		96			93			392			375
		Total share-based compensation expense	$	507		$	490		$	2,056		$	1,968
[B]		We recognized tax shortfalls on share-based compensation of $43 million in our provision for income taxes for the twelve months ended July 31, 2026. We recognized excess tax benefits on share-based compensation of $143 million in our provision for income taxes for the twelve months ended July 31, 2025.
		Our effective tax rate for the twelve months ended July 31, 2026 was approximately 24%. This rate differed from the federal statutory rate of 21% primarily due to state income taxes and non-deductible share-based compensation, which were partially offset by the benefit we received from the federal research and experimentation credit.
		Our effective tax rate for the twelve months ended July 31, 2025 was approximately 20%. Excluding certain tax benefits primarily related to share-based compensation, our effective tax rate was approximately 24%. This rate differed from the federal statutory rate of 21% primarily due to state income taxes and non-deductible share-based compensation, which were partially offset by the 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 corporate tax laws. As changes occur, we account for finalized legislation in the period of enactment.

TABLE B1 INTUIT INC. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO MOST DIRECTLY COMPARABLE GAAP FINANCIAL MEASURES (In millions, except per share amounts) (Unaudited)
	Fiscal 2026
	Q1				Q2				Q3				Q4				Full Year
GAAP operating income (loss)	$	534			$	855			$	4,020			$	475			$	5,884
Amortization of acquired technology		44				44				43				43				174
Amortization of other acquired intangible assets		121				121				122				121				485
Restructuring		—				—				—				293				293
Net (gain) loss on executive deferred compensation plan liabilities		16				8				10				9				43
Share-based compensation expense		543				521				485				507				2,056
Non-GAAP operating income (loss)	$	1,258			$	1,549			$	4,680			$	1,448			$	8,935
GAAP net income (loss)	$	446			$	693			$	3,064			$	363			$	4,566
Amortization of acquired technology		44				44				43				43				174
Amortization of other acquired intangible assets		121				121				122				121				485
Restructuring		—				—				—				293				293
Net (gain) loss on executive deferred compensation plan liabilities		16				8				10				9				43
Share-based compensation expense		543				521				485				507				2,056
Net (gain) loss on debt securities and other investments [A]		(34	)			(29	)			(44	)			(67	)			(174	)
Net (gain) loss on executive deferred compensation plan assets		(15	)			(8	)			(9	)			(8	)			(40	)
Net (gain) loss on disposal of a business		—				—				(1	)			5				4
Income tax effects and adjustments [B]		(182	)			(190	)			(134	)			(169	)			(675	)
Non-GAAP net income (loss)	$	939			$	1,160			$	3,536			$	1,097			$	6,732
GAAP diluted net income (loss) per share	$	1.59			$	2.48			$	11.09			$	1.34			$	16.46
Amortization of acquired technology		0.16				0.16				0.16				0.16				0.63
Amortization of other acquired intangible assets		0.43				0.43				0.44				0.44				1.75
Restructuring		—				—				—				1.08				1.06
Net (gain) loss on executive deferred compensation plan liabilities		0.05				0.03				0.04				0.03				0.15
Share-based compensation expense		1.93				1.86				1.76				1.86				7.42
Net (gain) loss on debt securities and other investments [A]		(0.12	)			(0.10	)			(0.16	)			(0.25	)			(0.63	)
Net (gain) loss on executive deferred compensation plan assets		(0.05	)			(0.03	)			(0.03	)			(0.03	)			(0.14	)
Net (gain) loss on disposal of a business		—				—				(0.01	)			0.02				0.01
Income tax effects and adjustments [B]		(0.65	)			(0.68	)			(0.49	)			(0.62	)			(2.44	)
Non-GAAP diluted net income (loss) per share	$	3.34			$	4.15			$	12.80			$	4.03			$	24.27
Shares used in GAAP diluted per share calculations		281				280				276				272				277
Shares used in non-GAAP diluted per share calculations		281				280				276				272				277

[A]		During the three months ended October 31, 2025, January 31, 2026, April 30, 2026, and July 31, 2026, we recognized $34 million, $31 million, $46 million, and $69 million, respectively, in net gains on other long-term investments.
[B]		As discussed in “About Non-GAAP Financial Measures – Income Tax Effects and Adjustments” following Table E, our long-term non-GAAP tax rate eliminates the effects of non-recurring and period-specific items. Income tax adjustments consist primarily of the tax impact of the non-GAAP pre-tax adjustments and tax effects related to share-based compensation.
See “About Non-GAAP Financial Measures” immediately following Table E for information on these measures, the items excluded from the most directly comparable GAAP measures in arriving at non-GAAP financial measures, and the reasons management uses each measure and excludes the specified amounts in arriving at each non-GAAP financial measure.

TABLE B2 INTUIT INC. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES TO MOST DIRECTLY COMPARABLE GAAP FINANCIAL MEASURES (In millions, except per share amounts) (Unaudited)
	Fiscal 2025
	Q1				Q2				Q3				Q4				Full Year
GAAP operating income (loss)	$	271			$	593			$	3,720			$	339			$	4,923
Amortization of acquired technology		37				37				38				44				156
Amortization of other acquired intangible assets		120				120				120				121				481
Restructuring		9				4				1				1				15
Professional fees for business combinations		—				—				2				—				2
Net (gain) loss on executive deferred compensation plan liabilities		5				8				(7	)			21				27
Share-based compensation expense		511				498				469				490				1,968
Non-GAAP operating income (loss)	$	953			$	1,260			$	4,343			$	1,016			$	7,572
GAAP net income (loss)	$	197			$	471			$	2,820			$	381			$	3,869
Amortization of acquired technology		37				37				38				44				156
Amortization of other acquired intangible assets		120				120				120				121				481
Restructuring		9				4				1				1				15
Professional fees for business combinations		—				—				2				—				2
Net (gain) loss on executive deferred compensation plan liabilities		5				8				(7	)			21				27
Share-based compensation expense		511				498				469				490				1,968
Net (gain) loss on debt securities and other investments [A]		42				3				2				(2	)			45
Net (gain) loss on executive deferred compensation plan assets		(4	)			(7	)			7				(20	)			(24	)
Income tax effects and adjustments [B]		(208	)			(196	)			(172	)			(260	)			(836	)
Non-GAAP net income (loss)	$	709			$	938			$	3,280			$	776			$	5,703
GAAP diluted net income (loss) per share	$	0.70			$	1.67			$	10.02			$	1.35			$	13.67
Amortization of acquired technology		0.13				0.13				0.13				0.16				0.55
Amortization of other acquired intangible assets		0.42				0.42				0.43				0.43				1.70
Restructuring		0.03				0.01				—				—				0.05
Professional fees for business combinations		—				—				0.01				—				0.01
Net (gain) loss on executive deferred compensation plan liabilities		0.02				0.03				(0.02	)			0.07				0.10
Share-based compensation expense		1.80				1.76				1.66				1.74				6.95
Net (gain) loss on debt securities and other investments [A]		0.15				0.01				0.01				(0.01	)			0.16
Net (gain) loss on executive deferred compensation plan assets		(0.02	)			(0.02	)			0.02				(0.07	)			(0.09	)
Income tax effects and adjustments [B]		(0.73	)			(0.69	)			(0.61	)			(0.92	)			(2.95	)
Non-GAAP diluted net income (loss) per share	$	2.50			$	3.32			$	11.65			$	2.75			$	20.15
Shares used in GAAP diluted per share calculations		283				283				282				282				283
Shares used in non-GAAP diluted per share calculations		283				283				282				282				283

[A]		During the three months ended October 31, 2024, we recognized a $42 million net loss on other long-term investments.
[B]		As discussed in “About Non-GAAP Financial Measures – Income Tax Effects and Adjustments” following Table E, our long-term non-GAAP tax rate eliminates the effects of non-recurring and period-specific items. Income tax adjustments consist primarily of the tax impact of the non-GAAP pre-tax adjustments and tax effects related to share-based compensation.
See “About Non-GAAP Financial Measures” immediately following Table E for information on these measures, the items excluded from the most directly comparable GAAP measures in arriving at non-GAAP financial measures, and the reasons management uses each measure and excludes the specified amounts in arriving at each non-GAAP financial measure.

TABLE C INTUIT INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In millions) (Unaudited)
	July 31, 2026			July 31, 2025
ASSETS
Current assets:
Cash and cash equivalents	$	4,705		$	2,884
Investments		2,495			1,668
Accounts receivable, net		625			530
Notes receivable held for investment		1,468			1,403
Notes receivable held for sale		179			—
Income taxes receivable		124			50
Prepaid expenses and other current assets		677			496
Current assets before funds receivable and amounts held for customers		10,273			7,031
Funds receivable and amounts held for customers		5,038			7,076
Total current assets		15,311			14,107
Long-term investments		248			94
Property and equipment, net		1,023			961
Operating lease right-of-use assets		609			541
Goodwill		13,981			13,980
Acquired intangible assets, net		4,642			5,302
Long-term deferred income tax assets		172			1,222
Other assets		800			751
Total assets	$	36,786		$	36,958
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Short-term debt	$	1,249		$	—
Accounts payable		873			792
Accrued compensation and related liabilities		1,068			858
Deferred revenue		1,072			1,019
Other current liabilities		863			625
Current liabilities before funds payable and amounts due to customers		5,125			3,294
Funds payable and amounts due to customers		5,038			7,076
Total current liabilities		10,163			10,370
Long-term debt		6,420			5,973
Long-term deferred income tax liabilities		239			20
Operating lease liabilities		667			597
Other long-term obligations		305			288
Total liabilities		17,794			17,248
Stockholders’ equity		18,992			19,710
Total liabilities and stockholders’ equity	$	36,786		$	36,958

TABLE D INTUIT INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) (Unaudited)
	Twelve Months Ended
	July 31, 2026				July 31, 2025
Cash flows from operating activities:
Net income	$	4,566			$	3,869
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation		187				172
Amortization of acquired intangible assets		659				637
Non-cash operating lease cost		106				75
Share-based compensation expense		2,056				1,968
Provision for expected credit losses		237				134
Deferred income taxes		1,279				(435	)
Other		(248	)			(7	)
Total adjustments		4,276				2,544
Changes in operating assets and liabilities:
Accounts receivable		(95	)			(71	)
Income taxes receivable		(74	)			27
Prepaid expenses and other assets		(221	)			(283	)
Accounts payable		63				73
Accrued compensation and related liabilities		202				(64	)
Deferred revenue		51				142
Operating lease liabilities		(93	)			(77	)
Other liabilities		163				47
Total changes in operating assets and liabilities		(4	)			(206	)
Net cash provided by operating activities		8,838				6,207
Cash flows from investing activities:
Purchases of corporate and customer fund investments		(3,892	)			(2,363	)
Sales of corporate and customer fund investments		547				320
Maturities of corporate and customer fund investments		2,554				864
Purchases of property and equipment		(221	)			(124	)
Acquisitions of businesses, net of cash acquired		—				(184	)
Originations and purchases of notes receivable held for investment		(6,755	)			(3,992	)
Sales of notes receivable originally classified as held for investment		2,210				562
Principal repayments of notes receivable held for investment		4,253				2,706
Other		(108	)			(107	)
Net cash used in investing activities		(1,412	)			(2,318	)
Cash flows from financing activities:
Proceeds from issuance of long-term debt, net of discount and issuance costs		1,736				—
Repayments of debt		—				(500	)
Proceeds from borrowings under secured revolving credit facilities		186				429
Repayments on borrowings under secured revolving credit facilities		(230	)			—
Proceeds from issuance of stock under employee stock plans		180				398
Payments for employee taxes withheld upon vesting of restricted stock units		(709	)			(982	)
Cash paid for purchases of treasury stock		(5,412	)			(2,772	)
Dividends and dividend rights paid		(1,347	)			(1,189	)
Net change in funds receivable and funds payable and amounts due to customers		(2,086	)			3,107
Other		(7	)			(1	)
Net cash used in financing activities		(7,689	)			(1,510	)
Effect of exchange rates on cash, cash equivalents, restricted cash, and restricted cash equivalents		(2	)			3
Net increase (decrease) in cash, cash equivalents, restricted cash, and restricted cash equivalents		(265	)			2,382
Cash, cash equivalents, restricted cash, and restricted cash equivalents at beginning of period		9,481				7,099
Cash, cash equivalents, restricted cash, and restricted cash equivalents at end of period	$	9,216			$	9,481
Reconciliation of cash, cash equivalents, restricted cash, and restricted cash equivalents reported within the consolidated balance sheets to the total amounts reported on the consolidated statements of cash flows
Cash and cash equivalents	$	4,705			$	2,884
Restricted cash and restricted cash equivalents included in funds receivable and amounts held for customers		4,511				6,597
Total cash, cash equivalents, restricted cash, and restricted cash equivalents at end of period	$	9,216			$	9,481
Supplemental disclosure of cash flow information:
Interest paid	$	295			$	284
Supplemental schedule of non-cash investing and financing activities:
Transfers of notes receivable originated or purchased as held for investment to held for sale	$	2,348			$	546
Retirement of treasury stock	$	27,006			$	—

TABLE E INTUIT INC. RECONCILIATION OF FORWARD-LOOKING GUIDANCE FOR NON-GAAP FINANCIAL MEASURES TO PROJECTED GAAP REVENUE, OPERATING INCOME, AND EPS (In millions, except per share amounts) (Unaudited)
	Forward-Looking Guidance
	GAAP Range of Estimate									Non-GAAP Range of Estimate
	From			To			Adjmts			From			To
Three Months Ending October 31, 2026
Revenue	$	4,294		$	4,313		$	—		$	4,294		$	4,313
Operating income	$	716		$	729		$	186	[a]	$	902		$	915
Diluted earnings per share	$	1.71		$	1.75		$	0.73	[b]	$	2.44		$	2.48
Twelve Months Ending July 31, 2027
Revenue	$	23,279		$	23,512		$	—		$	23,279		$	23,512
Operating income	$	7,408		$	7,490		$	655	[c]	$	8,063		$	8,145
Diluted earnings per share	$	20.12		$	20.36		$	2.76	[d]	$	22.88		$	23.12

See “About Non-GAAP Financial Measures” immediately following Table E for information on these measures, the items excluded from the most directly comparable GAAP measures in arriving at non-GAAP financial measures, and the reasons management uses each measure and excludes the specified amounts in arriving at each non-GAAP financial measure. Beginning in the first quarter of fiscal 2027, our non-GAAP financial measures will no longer exclude share-based compensation expense. The GAAP and Non-GAAP financial measures above are inclusive of $521 million and $2.0 billion of share-based compensation expense for the three months ending October 31, 2026, and the twelve months ended July 31, 2027, respectively.
[a]		Reflects estimated adjustments for amortization of other acquired intangible assets of approximately $121 million; amortization of acquired technology of approximately $43 million; and restructuring charges of approximately $22 million.
[b]		Reflects estimated adjustments in item [a], income taxes related to these adjustments, and other income tax effects related to the use of the non-GAAP tax rate.
[c]		Reflects estimated adjustments for amortization of other acquired intangible assets of approximately $483 million; amortization of acquired technology of approximately $150 million; and restructuring charges of approximately $22 million.
[d]		Reflects estimated adjustments in item [c], income taxes related to these adjustments, and other income tax effects related to the use of the non-GAAP tax rate.

INTUIT INC.

ABOUT NON-GAAP FINANCIAL MEASURES

The accompanying press release dated August 25, 2026 contains non-GAAP financial measures. Table B1, Table B2, and Table E reconcile the non-GAAP financial measures in that press release to the most directly comparable financial measures prepared in accordance with Generally Accepted Accounting Principles (GAAP). These non-GAAP financial measures include non-GAAP operating income (loss), non-GAAP net income (loss), and non-GAAP diluted net income (loss) per share.

Non-GAAP financial measures should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. These non-GAAP financial measures do not reflect a comprehensive system of accounting, differ from GAAP measures with the same names, and may differ from non-GAAP financial measures with the same or similar names that are used by other companies.

We compute non-GAAP financial measures using the same consistent method from quarter to quarter and year to year. We may consider whether other significant items that arise in the future should be excluded from our non-GAAP financial measures. Beginning in the first quarter of fiscal 2027, our non-GAAP financial measures will no longer exclude share-based compensation expense. Share-based compensation is a recurring component of our compensation program, and we believe including this expense in our non-GAAP financial measures reflects our core operating results.

We exclude the following items from all of our non-GAAP financial measures:

• Amortization of acquired technology

• Amortization of other acquired intangible assets

• Restructuring charges

• Share-based compensation expense⁽¹⁾
• Gains and losses on executive deferred compensation plan liabilities

• Goodwill and intangible asset impairment charges

• Gains and losses on disposals of businesses and long-lived assets

• Professional fees and transaction costs for business combinations

We also exclude the following items from non-GAAP net income (loss) and diluted net income (loss) per share:

• Gains and losses on debt securities and other investments

• Gains and losses on executive deferred compensation plan assets

• Income tax effects and adjustments

• Discontinued operations

(1) Historical results in Tables B1 and B2 exclude share-based compensation expense from our non-GAAP financial measures. Forward-looking guidance for fiscal 2027 in Table E includes share-based compensation expense in our non-GAAP financial measures.

We believe these non-GAAP financial measures provide meaningful supplemental information regarding Intuit’s operating results primarily because they exclude amounts that we do not consider part of ongoing operating results when planning and forecasting and when assessing the performance of the organization, our individual operating segments, or our senior management. Segment managers are not held accountable for share-based compensation expense, amortization, restructuring, or the other excluded items and, accordingly, we exclude these amounts from our measures of segment performance. We believe our non-GAAP financial measures also facilitate the comparison by management and investors of results for current periods and guidance for future periods with results for past periods.

The following are descriptions of the items we exclude from our non-GAAP financial measures.

Amortization of acquired technology and amortization of other acquired intangible assets. When we acquire a business in a business combination, we are required by GAAP to record the fair values of the intangible assets of the business and amortize them over their useful lives. Amortization of acquired technology in cost of revenue includes amortization of software and other technology assets of acquired businesses. Amortization of other acquired intangible assets in operating expenses includes amortization of assets such as customer and user relationships and trade names and logos.

Restructuring charges. This consists of costs incurred as a direct result of discrete strategic restructuring actions, including, but not limited to severance and other one-time termination benefits, and other costs, which are different in terms of size, strategic nature, and frequency than ongoing productivity and business improvements.

Share-based compensation expense. This consists of non-cash expenses for stock options, restricted stock units, and our Employee Stock Purchase Plan. When considering the impact of equity awards, we place greater emphasis on overall shareholder dilution rather than the accounting charges associated with those awards.

Gains and losses on executive deferred compensation plan liabilities. We exclude from our non-GAAP financial measures gains and losses on the revaluation of our executive deferred compensation plan liabilities.

Goodwill and intangible asset impairment charges. We exclude from our non-GAAP financial measures non-cash charges to adjust the carrying values of goodwill and other acquired intangible assets to their estimated fair values.

Gains and losses on disposals of businesses and long-lived assets. We exclude from our non-GAAP financial measures gains and losses on disposals of businesses and long-lived assets because they are unrelated to our ongoing business operating results.

Professional fees and transaction costs for business combinations. We exclude from our non-GAAP financial measures the professional fees we incur to complete business combinations. These include investment banking, legal, and accounting fees.

Gains and losses on debt securities and other investments. We exclude from our non-GAAP financial measures credit losses on available-for-sale debt securities and gains and losses on other investments.

Gains and losses on executive deferred compensation plan assets. We exclude from our non-GAAP financial measures gains and losses on the revaluation of our executive deferred compensation plan assets.

Income tax effects and adjustments. We use a long-term non-GAAP tax rate for evaluating operating results and for planning, forecasting, and analyzing future periods. This long-term non-GAAP tax rate excludes the income tax effects of the non-GAAP pre-tax adjustments described above, and eliminates the effects of non-recurring and period specific items which can vary in size and frequency. Based on our long-term projections, we are using a long-term non-GAAP tax rate of 24% for fiscal 2026 and fiscal 2027. This long-term non-GAAP tax rate could be subject to change for various reasons including significant acquisitions, changes in our geographic earnings mix, or fundamental tax law changes in major jurisdictions in which we operate. We will evaluate this long-term non-GAAP tax rate on an annual basis and whenever any significant events occur which may materially affect this rate.

Operating results and gains and losses on the sale of discontinued operations. From time to time, we sell or otherwise dispose of selected operations as we adjust our portfolio of businesses to meet our strategic goals. In accordance with GAAP, we segregate the operating results of discontinued operations as well as gains and losses on the sale of these discontinued operations from continuing operations on our GAAP statements of operations but continue to include them in GAAP net income or loss and net income or loss per share. We exclude these amounts from our non-GAAP financial measures.

The reconciliations of the forward-looking non-GAAP financial measures to the most directly comparable GAAP financial measures in Table E include all information reasonably available to Intuit at the date of this press release. These tables include adjustments that we can reasonably predict. Events that could cause the reconciliation to change include acquisitions and divestitures of businesses, goodwill and other asset impairments, sales of available-for-sale debt securities and other investments, and disposals of businesses and long-lived assets.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260825805841/en/

Investors

Kendra Goodenough

Intuit Inc.

650-944-3663

[email protected]

Media

Kali Fry

Intuit Inc.

650-944-3036

[email protected]

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