Intuit (INTU) 10-Q 22 Feb 24 2024 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jan. 31, 2024	Feb. 15, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jan. 31, 2024
Document Transition Report	false
Entity File Number	0-21180
Entity Registrant Name	INTUIT INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	77-0034661
Entity Address, Address Line One	2700 Coast Avenue
Entity Address, City or Town	Mountain View
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94043
City Area Code	650
Local Phone Number	944-6000
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	INTU
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		279,979,000
Entity Central Index Key	0000896878
Amendment Flag	false
Current Fiscal Year End Date	--07-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jan. 31, 2024	Jan. 31, 2023	Jan. 31, 2024	Jan. 31, 2023
Net revenue:
Net revenue:	$ 3,386	$ 3,041	$ 6,364	$ 5,638
Cost of revenue:
Amortization of acquired technology	36	41	74	82
Selling and marketing	1,020	924	1,789	1,719
Research and development	678	630	1,358	1,255
General and administrative	344	323	686	627
Amortization of other acquired intangible assets	120	121	240	242
Total costs and expenses	3,017	2,771	5,688	5,292
Operating income	369	270	676	346
Interest expense	(57)	(65)	(122)	(114)
Interest and other income, net	42	23	64	28
Income before income taxes	354	228	618	260
Income tax provision	1	60	24	52
Net income	$ 353	$ 168	$ 594	$ 208
Earnings Per Share, Basic
Basic net income per share (in dollars per share)	$ 1.26	$ 0.60	$ 2.12	$ 0.74
Shares used in basic per share calculations (in shares)	280	281	280	281
Earnings Per Share, Diluted
Diluted net income per share (in dollars per share)	$ 1.25	$ 0.60	$ 2.10	$ 0.73
Shares used in diluted per share calculations (in shares)	284	282	284	283
Service
Net revenue:
Net revenue:	$ 2,693	$ 2,418	$ 5,143	$ 4,573
Cost of revenue:
Cost of revenue	796	708	1,503	1,328
Product and other
Net revenue:
Net revenue:	693	623	1,221	1,065
Cost of revenue:
Cost of revenue	$ 23	$ 24	$ 38	$ 39

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jan. 31, 2024	Jan. 31, 2023	Jan. 31, 2024	Jan. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 353	$ 168	$ 594	$ 208
Other comprehensive income (loss), net of income taxes:
Unrealized gain on available-for-sale debt securities	5	6	6	0
Foreign currency translation gain (loss)	13	18	(11)	(3)
Total other comprehensive income (loss), net	18	24	(5)	(3)
Comprehensive income	$ 371	$ 192	$ 589	$ 205

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Jan. 31, 2024	Jul. 31, 2023
Current assets:
Cash and cash equivalents	$ 1,474	$ 2,848
Investments	15	814
Accounts receivable, net	928	405
Notes receivable held for investment, net	1,001	687
Notes receivable held for sale	21	0
Income taxes receivable	126	29
Prepaid expenses and other current assets	345	354
Current assets before funds receivable and amounts held for customers	3,910	5,137
Funds receivable and amounts held for customers	3,390	420
Total current assets	7,300	5,557
Long-term investments	128	105
Property and equipment, net	1,049	969
Operating lease right-of-use assets	444	469
Goodwill	13,779	13,780
Acquired intangible assets, net	6,104	6,419
Long-term deferred income tax assets	383	64
Other assets	501	417
Total assets	29,688	27,780
Current liabilities:
Short-term debt	0	0
Accounts payable	789	638
Accrued compensation and related liabilities	547	665
Deferred revenue	887	921
Income taxes payable	1	698
Other current liabilities	602	448
Current liabilities before funds payable and amounts due to customers	2,826	3,370
Funds payable and amounts due to customers	3,390	420
Total current liabilities	6,216	3,790
Long-term debt	5,950	6,120
Long-term deferred income tax liabilities	3	4
Operating lease liabilities	473	480
Other long-term obligations	138	117
Total liabilities	12,780	10,511
Commitments and contingencies
Stockholders’ equity:
Preferred stock	0	0
Common stock and additional paid-in capital	19,739	19,029
Treasury stock, at cost	(17,911)	(16,772)
Accumulated other comprehensive loss	(60)	(55)
Retained earnings	15,140	15,067
Total stockholders’ equity	16,908	17,269
Total liabilities and stockholders’ equity	29,688	27,780
Income taxes payable	$ 1	$ 698

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Millions	Total	Shares of Common Stock	Common Stock and Additional Paid-In Capital	Treasury Stock	Accumulated Other Comprehensive Loss	Retained Earnings
Beginning balance (in shares) at Jul. 31, 2022		281,932
Beginning balance at Jul. 31, 2022	$ 16,441		$ 17,725	$ (14,805)	$ (60)	$ 13,581
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive income	205				(3)	208
Issuance of stock under employee stock plans, net of shares withheld for employee taxes (in shares)		1,250
Issuance of stock under employee stock plans, net of shares withheld for employee taxes	(178)		(178)
Stock repurchases under stock repurchase programs (in shares)		(2,514)
Stock repurchases under stock repurchase programs	(1,019)			(1,019)
Dividends and dividend rights declared	(452)					(452)
Share-based compensation expense	845		845
Ending balance (in shares) at Jan. 31, 2023		280,668
Ending balance at Jan. 31, 2023	15,842		18,392	(15,824)	(63)	13,337
Beginning balance (in shares) at Oct. 31, 2022		281,328
Beginning balance at Oct. 31, 2022	16,067		18,082	(15,324)	(87)	13,396
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive income	192				24	168
Issuance of stock under employee stock plans, net of shares withheld for employee taxes (in shares)		616
Issuance of stock under employee stock plans, net of shares withheld for employee taxes	(113)		(113)
Stock repurchases under stock repurchase programs (in shares)		(1,276)
Stock repurchases under stock repurchase programs	(500)			(500)
Dividends and dividend rights declared	(227)					(227)
Share-based compensation expense	423		423
Ending balance (in shares) at Jan. 31, 2023		280,668
Ending balance at Jan. 31, 2023	15,842		18,392	(15,824)	(63)	13,337
Beginning balance (in shares) at Jul. 31, 2023		280,421
Beginning balance at Jul. 31, 2023	17,269		19,029	(16,772)	(55)	15,067
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive income	589				(5)	594
Issuance of stock under employee stock plans, net of shares withheld for employee taxes (in shares)		1,707
Issuance of stock under employee stock plans, net of shares withheld for employee taxes	$ (260)		(260)
Stock repurchases under stock repurchase programs (in shares)	(2,100)	(2,103)
Stock repurchases under stock repurchase programs	$ (1,139)			(1,139)
Dividends and dividend rights declared	(521)					(521)
Share-based compensation expense	970		970
Ending balance (in shares) at Jan. 31, 2024		280,025
Ending balance at Jan. 31, 2024	16,908		19,739	(17,911)	(60)	15,140
Beginning balance (in shares) at Oct. 31, 2023		280,105
Beginning balance at Oct. 31, 2023	16,992		19,398	(17,375)	(78)	15,047
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Comprehensive income	371				18	353
Issuance of stock under employee stock plans, net of shares withheld for employee taxes (in shares)		857
Issuance of stock under employee stock plans, net of shares withheld for employee taxes	(134)		(134)
Stock repurchases under stock repurchase programs (in shares)		(937)
Stock repurchases under stock repurchase programs	(536)			(536)
Dividends and dividend rights declared	(260)					(260)
Share-based compensation expense	475		475
Ending balance (in shares) at Jan. 31, 2024		280,025
Ending balance at Jan. 31, 2024	$ 16,908		$ 19,739	$ (17,911)	$ (60)	$ 15,140

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jan. 31, 2024	Jan. 31, 2023	Jan. 31, 2024	Jan. 31, 2023
Statement of Stockholders' Equity [Abstract]
Dividends and dividend rights declared (in dollars per share)	$ 0.90	$ 0.78	$ 1.80	$ 1.56

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Jan. 31, 2024	Jan. 31, 2023
Cash flows from operating activities:
Net income	$ 594	$ 208
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	69	94
Amortization of acquired intangible assets	314	324
Non-cash operating lease cost	43	46
Share-based compensation expense	970	845
Deferred income taxes	(310)	(290)
Other	55	42
Total adjustments	1,141	1,061
Originations and purchases of loans held for sale	(96)	0
Sales and principal payments of loans held for sale	76	0
Changes in operating assets and liabilities:
Accounts receivable	(522)	(456)
Income taxes receivable	(97)	27
Prepaid expenses and other assets	(4)	(108)
Accounts payable	151	60
Accrued compensation and related liabilities	(119)	(75)
Deferred revenue	(37)	40
Income taxes payable	(697)	(8)
Operating lease liabilities	(33)	(38)
Other liabilities	159	(99)
Total changes in operating assets and liabilities	(1,199)	(657)
Net cash provided by operating activities	516	612
Cash flows from investing activities:
Purchases of corporate and customer fund investments	(92)	(388)
Sales of corporate and customer fund investments	490	125
Maturities of corporate and customer fund investments	456	225
Purchases of property and equipment	(147)	(132)
Acquisitions of businesses, net of cash acquired	0	(33)
Originations and purchases of loans held for investment	(1,140)	(1,015)
Principal repayments of loans held for investment	709	530
Other	(32)	(16)
Net cash provided by (used in) investing activities	244	(704)
Cash flows from financing activities:
Proceeds from issuance of long-term debt, net of discount and issuance costs	3,956	0
Repayment of debt	(4,200)	(9)
Proceeds from borrowings under unsecured revolving credit facility	100	0
Repayments on borrowings under unsecured revolving credit facility	(100)	0
Proceeds from borrowings under secured revolving credit facilities	95	175
Repayments on borrowings under secured revolving credit facilities	(25)	(16)
Proceeds from issuance of stock under employee stock plans	169	81
Payments for employee taxes withheld upon vesting of restricted stock units	(430)	(259)
Cash paid for purchases of treasury stock	(1,135)	(1,017)
Dividends and dividend rights paid	(516)	(446)
Net change in funds receivable and funds payable and amounts due to customers	2,921	(199)
Cash received from a bank partner	0	336
Other	(2)	(1)
Net cash provided by (used in) financing activities	833	(1,355)
Effect of exchange rates on cash, cash equivalents, restricted cash, and restricted cash equivalents	(4)	(1)
Net increase (decrease) in cash, cash equivalents, restricted cash, and restricted cash equivalents	1,589	(1,448)
Cash, cash equivalents, restricted cash, and restricted cash equivalents at beginning of period	2,852	2,997
Cash, cash equivalents, restricted cash, and restricted cash equivalents at end of period	4,441	1,549
Reconciliation of cash, cash equivalents, restricted cash, and restricted cash equivalents reported within the condensed consolidated balance sheets to the total amounts reported on the condensed consolidated statements of cash flows
Cash and cash equivalents	1,474	1,547
Restricted cash and restricted cash equivalents included in funds receivable and amounts held for customers	2,967	2
Total cash, cash equivalents, restricted cash, and restricted cash equivalents at end of period	$ 4,441	$ 1,549

Description of Business and Sum

Description of Business and Summary of Significant Accounting Policies	6 Months Ended
	Jan. 31, 2024
Accounting Policies [Abstract]
Description of Business and Summary of Significant Accounting Policies	1. Description of Business and Summary of Significant Accounting Policies Description of Business Intuit helps consumers and small businesses prosper by delivering financial management, compliance, and marketing products and services. We also provide specialized tax products to accounting professionals, who are key partners that help us serve small business customers. Our global financial technology platform, which includes TurboTax, Credit Karma, QuickBooks, and Mailchimp, is designed to help consumers and small businesses manage their finances, get and retain customers, save money, pay off debt, and do their taxes with ease and confidence. For those customers who run small businesses, we are also focused on helping them find and keep customers, get paid faster, pay their employees, manage and get access to capital, and ensure their books are done right. Lacerte, ProSeries, and ProConnect Tax Online are our leading tax preparation offerings for professional accountants. Incorporated in 1984 and headquartered in Mountain View, California, we sell our products and services primarily in the United States. Basis of Presentation These condensed consolidated financial statements include the financial statements of Intuit and its wholly-owned subsidiaries. We have eliminated all intercompany balances and transactions in consolidation. We have included all adjustments, consisting only of normal recurring items, which we considered necessary for a fair presentation of our financial results for the interim periods presented. We have reclassified certain amounts previously reported in our financial statements to conform to the current presentation. In the first quarter of fiscal 2024, to align our presentation of revenue and cost of revenue with our current revenue mix, we began to aggregate other revenue with product revenue, rather than service revenue, and cost of other revenue with cost of product revenue, rather than cost of service revenue. We reclassified the previously reported balances to conform to the current presentation. The reclassification was not material and had no impact on previously reported total net revenue or cost of revenue. On August 1, 2023, we reorganized certain technology functions in our Consumer and ProTax segments that support and benefit our overall platform. Additionally, certain workplace and real estate functions in our Small Business & Self-Employed segment are now managed at the corporate level. As a result of these reorganizations, costs associated with these functions are no longer included in segment operating income and are now included in other corporate expenses. For the three and six months ended January 31, 2023, we reclassified expenses totaling $10 million and $19 million from Small Business & Self-Employed, $43 million and $83 million from Consumer, and $16 million and $31 million from ProTax to other corporate expenses, respectively. See Note 12, " Segment Information ," for more information. These unaudited condensed consolidated financial statements and accompanying notes should be read together with the audited consolidated financial statements in Part II, Item 8 of our Annual Report on Form 10-K for the fiscal year ended July 31, 2023. Results for the six months ended January 31, 2024 are not necessarily indicative of the results we expect for the fiscal year ending July 31, 2024 or any other future period. Seasonality Our Consumer and ProTax offerings have a significant and distinct seasonal pattern as sales and revenue from our income tax preparation products and services are typically heavily concentrated in the period from November through April. This seasonal pattern typically results in higher net revenues during our second and third quarters ending January 31 and April 30, respectively. Significant Accounting Policies We described our significant accounting policies in Note 1 to the financial statements in Part II, Item 8 of our Annual Report on Form 10-K for the fiscal year ended July 31, 2023. There have been no changes to our significant accounting policies during the first six months of fiscal 2024. Use of Estimates In preparing our condensed consolidated financial statements in accordance with U.S. generally accepted accounting principles (GAAP), we make certain judgments, estimates, and assumptions that affect the amounts reported in our financial statements and the disclosures made in the accompanying notes. For example, we use judgments and estimates in determining how revenue should be recognized. These judgments and estimates include identifying performance obligations, determining if the performance obligations are distinct, determining the standalone sales price (SSP) and timing of revenue recognition for each distinct performance obligation, and estimating variable consideration to be included in the transaction price. We use estimates in determining the collectibility of accounts receivable and notes receivable held for investment, the appropriate levels of various accruals including accruals for litigation contingencies, the discount rate used to calculate lease liabilities, the amount of our worldwide tax provision, the realizability of deferred tax assets, the credit losses of available-for-sale debt securities, reserves for losses, and the fair value of assets acquired and liabilities assumed for business combinations. We also use estimates in determining the remaining economic lives and fair values of acquired intangible assets, property and equipment, and other long-lived assets. In addition, we use assumptions to estimate the fair value of reporting units and share-based compensation. Despite our intention to establish accurate estimates and use reasonable assumptions, actual results may differ from our estimates. Computation of Net Income Per Share We compute basic net income or loss per share using the weighted-average number of common shares outstanding during the period. We compute diluted net income per share using the weighted-average number of common shares and dilutive potential common shares outstanding during the period. Dilutive potential common shares consist of the shares issuable upon the exercise of stock options and upon the vesting of restricted stock units (RSUs) under the treasury stock method. We include stock options with combined exercise prices and unrecognized compensation expense that are less than the average market price for our common stock, and RSUs with unrecognized compensation expense that is less than the average market price for our common stock, in the calculation of diluted net income per share. We exclude stock options with combined exercise prices and unrecognized compensation expense that are greater than the average market price for our common stock, and RSUs with unrecognized compensation expense that is greater than the average market price for our common stock, from the calculation of diluted net income per share because their effect is anti-dilutive. Under the treasury stock method, the amount that must be paid to exercise stock options and the amount of compensation expense for future service that we have not yet recognized for stock options and RSUs are assumed to be used to repurchase shares. All of the RSUs we grant have dividend rights. Dividend rights are accumulated and paid when the underlying RSUs vest. Since the dividend rights are subject to the same vesting requirements as the underlying equity awards, they are considered a contingent transfer of value. Consequently, the RSUs are not considered participating securities, and we do not present them separately in earnings per share. In loss periods, basic net loss per share and diluted net loss per share are the same since the effect of potential common shares is anti-dilutive and therefore excluded. The following table presents the composition of shares used in the computation of basic and diluted net income per share for the periods indicated. Three Months Ended Six Months Ended (In millions, except per share amounts) January 31, January 31, January 31, January 31, Numerator: Net income $ 353 $ 168 $ 594 $ 208 Denominator: Shares used in basic per share amounts: Weighted-average common shares outstanding 280 281 280 281 Shares used in diluted per share amounts: Weighted-average common shares outstanding 280 281 280 281 Dilutive common equivalent shares from stock options and restricted stock awards 4 1 4 2 Dilutive weighted-average common shares outstanding 284 282 284 283 Basic and diluted net income per share: Basic net income per share $ 1.26 $ 0.60 $ 2.12 $ 0.74 Diluted net income per share $ 1.25 $ 0.60 $ 2.10 $ 0.73 Shares excluded from diluted net income per share: Weighted-average stock options and restricted stock units that have been excluded from dilutive common equivalent shares outstanding due to their anti-dilutive effect — 7 1 3 Deferred Revenue We record deferred revenue when we have entered into a contract with a customer, and cash payments are received or due prior to transfer of control or satisfaction of the related performance obligation. During the three and six months ended January 31, 2024, we recognized revenue of $167 million and $805 million, respectively, that was included in deferred revenue at July 31, 2023. During the three and six months ended January 31, 2023, we recognized revenue of $158 million and $693 million, respectively, that was included in deferred revenue at July 31, 2022. Our performance obligations are generally satisfied within 12 months of the initial contract date. As of January 31, 2024 and July 31, 2023, the deferred revenue balance related to performance obligations that will be satisfied after 12 months was $3 million and $5 million, respectively, and is included in other long-term obligations on our condensed consolidated balance sheets. Concentration of Credit Risk and Significant Customers No customer accounted for 10% or more of total net revenue in the three or six months ended January 31, 2024 or January 31, 2023. No customer accounted for 10% or more of gross accounts receivable at January 31, 2024 or July 31, 2023. Accounting Standards Not Yet Adopted Segment Information - In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standard Update (ASU) 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. " This standard requires incremental segment information disclosures, including disclosures of significant segment expenses that are regularly provided to the chief operating decision maker (CODM), a description of other segment items by reportable segment, and any additional measures of a segment's profit or loss used by the CODM when deciding how to allocate resources. The standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, which means that it will be effective for our annual reporting for the fiscal year ending July 31, 2025 and for interim period reporting beginning in fiscal 2026. Early adoption is permitted, and retrospective adoption is required for all prior periods presented. We are currently evaluating the impact of our pending adoption of ASU 2023-07 on our consolidated financial statements and related disclosures. Income Tax - In December 2023, the FASB issued Accounting Standard Update (ASU) 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures. " This standard requires additional disclosures related to the income tax rate reconciliation, income taxes paid by jurisdiction, and other income tax-related disclosures. The standard is effective for fiscal years beginning after December 15, 2024, which means that it will be effective for us for the fiscal year ending July 31, 2026. Early adoption is permitted. The standard should be applied on a prospective basis, and retrospective application is permitted. We are currently evaluating the impact of adopting ASU 2023-09 on our consolidated financial statements and related disclosures.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jan. 31, 2024
Fair Value Disclosures [Abstract]
Fair Value Measurements	2. Fair Value Measurements Fair Value Hierarchy The authoritative guidance defines fair value as the price that would be received from the sale of an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. When determining fair value, we consider the principal or most advantageous market for an asset or liability and assumptions that market participants would use when pricing the asset or liability. In addition, we consider and use all valuation methods that are appropriate in estimating the fair value of an asset or liability. The authoritative guidance establishes a fair value hierarchy that is based on the extent and level of judgment used to estimate the fair value of assets and liabilities. In general, the authoritative guidance requires us to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. An asset or liability’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the measurement of its fair value. The three levels of input defined by the authoritative guidance are as follows: • Level 1 uses unadjusted quoted prices that are available in active markets for identical assets or liabilities. • Level 2 uses inputs other than quoted prices included in Level 1 that are either directly or indirectly observable through correlation with market data. These include quoted prices in active markets for similar assets or liabilities; quoted prices for identical or similar assets or liabilities in markets that are not active; and inputs to valuation models or other pricing methodologies that do not require significant judgment because the inputs used in the model, such as interest rates and volatility, can be corroborated by readily observable market data for substantially the full term of the assets or liabilities. • Level 3 uses one or more unobservable inputs that are supported by little or no market activity and that are significant to the determination of fair value. Level 3 assets and liabilities include those whose fair values are determined using pricing models, discounted cash flow methodologies, or similar valuation techniques and significant management judgment or estimation. Assets and Liabilities Measured at Fair Value on a Recurring Basis The following table summarizes financial assets and financial liabilities that we measured at fair value on a recurring basis at the dates indicated, classified in accordance with the fair value hierarchy described above. January 31, 2024 July 31, 2023 (In millions) Level 1 Level 2 Total Level 1 Level 2 Total Assets: Cash equivalents, primarily money market funds and time deposits $ 46 $ — $ 46 $ 1,888 $ — $ 1,888 Available-for-sale debt securities: Corporate notes — 147 147 — 805 805 U.S. agency securities — 26 26 — 209 209 Total available-for-sale debt securities — 173 173 — 1,014 1,014 Total assets measured at fair value on a recurring basis $ 46 $ 173 $ 219 $ 1,888 $ 1,014 $ 2,902 Liabilities: Senior unsecured notes (1) $ — $ 5,509 $ 5,509 $ — $ 1,309 $ 1,309 (1) Carrying values on our condensed consolidated balance sheets at January 31, 2024 and July 31, 2023 were $5.45 billion and $1.49 billion, respectively. See Note 6, “Debt,” for more information. The following table summarizes our cash equivalents and available-for-sale debt securities by balance sheet classification and level in the fair value hierarchy at the dates indicated. January 31, 2024 July 31, 2023 (In millions) Level 1 Level 2 Total Level 1 Level 2 Total Cash equivalents: In cash and cash equivalents $ 46 $ — $ 46 $ 1,888 $ — $ 1,888 Available-for-sale debt securities: In investments $ — $ 15 $ 15 $ — $ 814 $ 814 In funds receivable and amounts held for customers — 158 158 — 200 200 Total available-for-sale debt securities $ — $ 173 $ 173 $ — $ 1,014 $ 1,014 We value our Level 1 assets, consisting primarily of money market funds and time deposits, using quoted prices in active markets for identical instruments. Financial assets whose fair values we measure on a recurring basis using Level 2 inputs consist of corporate notes and U.S. agency securities. We measure the fair values of these assets with the help of a pricing service that either provides quoted market prices in active markets for identical or similar securities or uses observable inputs for their pricing without applying significant adjustments. Our fair value processes include controls designed to ensure that we record appropriate fair values for our Level 2 investments. These controls include comparison to pricing provided by a secondary pricing service or investment manager, validation of pricing sources and models, review of key model inputs, analysis of period-over-period price fluctuations, and independent recalculation of prices where appropriate. Financial assets whose fair values we measure using Level 3 inputs consist of notes receivable held for sale. These loans are recorded at the lower of cost or fair value. As of January 31, 2024, total notes receivable held for sale were not material and the difference between amortized cost and fair value was not material. Financial liabilities whose fair values we measure using Level 2 inputs consist of senior unsecured notes. See Note 6, “Debt,” for more information. We measure the fair value of our senior unsecured notes based on their trading prices and the interest rates we could obtain for other borrowings with similar terms. There were no transfers between Level 1 and Level 2 of the fair value hierarchy during the six months ended January 31, 2024. Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis Long-term investments primarily include non-marketable equity securities in privately-held companies that do not have a readily determinable fair value. They are accounted for at cost and adjusted based on observable price changes from orderly transactions for identical or similar investments of the same issuer or impairment. These investments are classified as Level 3 in the fair value hierarchy because we estimate the value of these investments using a valuation method based on observable transaction price changes at the transaction date. We recognized $4 million of upward adjustments during the three and six months ended January 31, 2024. We recognized no upward adjustments during the three and six months ended January 31, 2023. Impairments recognized during the three and six months ended January 31, 2024 and January 31, 2023 were not material. Cumulative upward adjustments were $75 million, and cumulative impairments were not material through January 31, 2024 for measurement alternative investments held as of January 31, 2024. The carrying value of long-term investments on our condensed consolidated balance sheets was $128 million and $105 million at January 31, 2024 and July 31, 2023, respectively.

Cash and Cash Equivalents, Inve

Cash and Cash Equivalents, Investments, and Funds Receivable and Amounts Held for Customers	6 Months Ended
	Jan. 31, 2024
Cash And Cash Equivalents, Investments, And Funds Receivable And Amounts Held For Customers [Abstract]
Cash and Cash Equivalents, Investments, and Funds Receivable and Amounts Held for Customers	3. Cash and Cash Equivalents, Investments, and Funds Receivable and Amounts Held for Customers We consider highly liquid investments with maturities of three months or less at the date of purchase to be cash equivalents. In all periods presented, cash equivalents consist primarily of money market funds and time deposits. Investments consist primarily of investment-grade available-for-sale debt securities. Funds receivable and amounts held for customers represent funds receivable from third-party payment processors for customer transactions and cash held on behalf of our customers that is invested in cash and cash equivalents and investment-grade available-for-sale securities, restricted for use solely for the purpose of satisfying amounts we owe on behalf of our customers. In the first quarter of fiscal 2024, we updated our terms of service and end user license agreements related to our payroll and payments offerings to reflect a change in our obligations with respect to funds we transmit on behalf of our customers. As a result of the change, our obligations are now satisfied when the funds are settled in the customers' accounts. These obligations are reflected in funds payable and amounts due to customers in the accompanying condensed consolidated balance sheets. Under our previous agreements, our obligations were satisfied as of the point that we initiated the transmission of the funds on the customers' behalf. Except for direct obligations of the United States government, securities issued by agencies of the United States government, and money market funds, we diversify our investments in debt securities by limiting our holdings with any individual issuer. The following table summarizes our cash and cash equivalents, investments, and funds receivable and amounts held for customers by balance sheet classification at the dates indicated. January 31, 2024 July 31, 2023 (In millions) Amortized Fair Value Amortized Fair Value Classification on condensed consolidated balance sheets: Cash and cash equivalents $ 1,474 $ 1,474 $ 2,848 $ 2,848 Investments 15 15 819 814 Funds receivable and amounts held for customers 3,391 3,390 424 420 Total cash and cash equivalents, investments, and funds receivable and amounts held for customers $ 4,880 $ 4,879 $ 4,091 $ 4,082 The following table summarizes our cash and cash equivalents, investments, and relevant portion of funds receivable and amounts held for customers by investment category at the dates indicated. As of January 31, 2024 and July 31, 2023, this excludes $265 million and $216 million, respectively, of funds receivable included on our condensed consolidated balance sheets in funds receivable and amounts held for customers not measured and recorded at fair value. January 31, 2024 July 31, 2023 (In millions) Amortized Fair Value Amortized Fair Value Type of issue: Total cash, cash equivalents, restricted cash, $ 4,441 $ 4,441 $ 2,852 $ 2,852 Available-for-sale debt securities: Corporate notes 148 147 811 805 U.S. agency securities 26 26 212 209 Total available-for-sale debt securities 174 173 1,023 1,014 Total cash, cash equivalents, restricted cash, restricted cash equivalents, and investments $ 4,615 $ 4,614 $ 3,875 $ 3,866 We use the specific identification method to compute gains and losses on investments. We include realized gains and losses on our available-for-sale debt securities in interest and other income, net in our condensed consolidated statements of operations. Gross realized gains and losses on our available-for-sale debt securities for the six months ended January 31, 2024 and January 31, 2023 were not material. We accumulate unrealized gains and losses on our available-for-sale debt securities, net of tax, in accumulated other comprehensive income or loss in the stockholders’ equity section of our condensed consolidated balance sheets, except for certain unrealized losses described below. Gross unrealized gains and losses on our available-for-sale debt securities at January 31, 2024 and July 31, 2023 were not material. For available-for-sale debt securities in an unrealized loss position, we determine whether a credit loss exists. The estimate of the credit loss is determined by considering available information relevant to the collectibility of the security and information about past events, current conditions, and reasonable and supportable forecasts. The allowance for credit loss is recorded to interest and other income, net in our condensed consolidated statements of operations, not to exceed the amount of the unrealized loss. Any excess unrealized loss greater than the allowance for credit loss at a security level is recognized in accumulated other comprehensive income or loss in the stockholders' equity section of our condensed consolidated balance sheets. We determined there were no credit losses related to available-for-sale debt securities as of January 31, 2024. Unrealized losses on available-for-sale debt securities at January 31, 2024 were not material. We do not intend to sell these investments. In addition, it is m ore likely than not that we will not be required to sell them before recovery of the amortized cost basis, which may be at maturity. The following table summarizes our available-for-sale debt securities, included in investments and relevant portion of funds receivable and amounts held for customers, classified by the stated maturity date of the security at the dates indicated. January 31, 2024 July 31, 2023 (In millions) Amortized Fair Value Amortized Fair Value Due within one year $ 84 $ 83 $ 735 $ 730 Due within two years 68 68 147 144 Due within three years 22 22 141 140 Due after three years — — — — Total available-for-sale debt securities $ 174 $ 173 $ 1,023 $ 1,014 The following table summarizes our funds receivable and amounts held for customers by asset category at the dates indicated. (In millions) January 31, 2024 July 31, Restricted cash and restricted cash equivalents $ 2,967 $ 4 Restricted available-for-sale debt securities and funds receivable 423 416 Total funds receivable and amounts held for customers $ 3,390 $ 420 (In millions) January 31, 2023 July 31, Restricted cash and restricted cash equivalents $ 2 $ 201 Restricted available-for-sale debt securities and funds receivable 374 230 Total funds receivable and amounts held for customers $ 376 $ 431

Notes Receivable and Allowances

Notes Receivable and Allowances for Loan Losses	6 Months Ended
	Jan. 31, 2024
Receivables [Abstract]
Notes Receivable and Allowances for Loan Losses	4. Notes Receivable and Allowances for Loan Losses As of January 31, 2024, our notes receivable portfolio consisted of notes receivable held for investment, including term loans to small businesses and refund advance loans to consumers, and notes receivable held for sale, including term loans to small businesses. Notes Receivable Held for Investment Notes receivable that we have the intent and ability to hold until maturity are classified as notes receivable held for investment. Term loans to small businesses. We provide financing to small businesses via term loans that we originate directly or through an originating bank partner. During the six months ended January 31, 2024 and 2023, we purchased loans from our originating bank partner with principal balances in the amount of $748 million and $64 million, respectively. As of January 31, 2024, we had commitments to purchase $13 million in loans that were originated on or prior to January 31, 2024. The term loans are not secured and are recorded at amortized cost, net of allowances for loan losses. As of January 31, 2024 and July 31, 2023, the net notes receivable balance for term loans to small businesses was $807 million and $757 million, respectively. The current portion is included in notes receivable held for investment and the long-term portion is included in other assets on our condensed consolidated balance sheets. We maintain an allowance for loan losses to reserve for potentially uncollectible notes receivable. We evaluate the creditworthiness of our term loan portfolio on a pooled basis due to its composition of loans with similar general credit risk and characteristics and apply a loss rate at the time of loan origination. The allowance is subjective and requires management estimates. The loss rate and underlying probability of default methodology are updated periodically to reflect factors such as actual loan performance, changes to assumptions, portfolio growth, our current credit policies, changes to our applicant base, and macroeconomic conditions. Factors taken into consideration in the methodology include historical performance, customer creditworthiness, changes in the size and composition of the loan portfolio, delinquency levels, and actual credit loss experience. We use empirical data and management judgment to estimate losses for new credit tests or products for which we do not have enough history. We make judgments about the known and inherent risks in the loan portfolio, adverse situations that may affect borrowers’ ability to repay, and current and future economic conditions. When we determine that amounts are uncollectible, we write them off against the allowance. As of January 31, 2024 and July 31, 2023, the allowances for loan losses on term loans to small businesses were not material. We consider a loan to be delinquent when the payments are one day past due. We place delinquent loans on nonaccrual status and stop accruing interest revenue. Loans are returned to accrual status if they are brought current or have performed in accordance with the contractual terms for a reasonable period of time and, in our judgment, will continue to make periodic principal and interest payments as per contractual terms. Past due amounts were not material for all periods presented. Interest revenue is earned on loans originated and purchased and held for investment in accordance with the specified period of time and defined interest rate noted in the loan contract. Interest revenue is recorded net of amortized direct origination costs and is included in service revenue in our condensed consolidated statements of operations. Interest revenue was not material for all periods presented. Refund Advance Loans. Refund advance loans are loans available to eligible TurboTax customers based on a customer's anticipated income tax refund, at no cost to the customer. The loans are repaid from the customer's income tax refund, which is generally received within three to four weeks after acceptance of the customer's income tax return by the IRS. We partner with a third-party issuing bank to originate the loans and subsequently purchase full participating interests in those loans. The refund advance loans are not secured and are recorded at amortized cost, net of an allowance for loan losses. As of January 31, 2024 and July 31, 2023, the net notes receivable balance for refund advance loans was $329 million and $5 million, respectively. As of January 31, 2024, we had commitments to purchase $70 million in loans that were originated on or prior to January 31, 2024. We maintain an allowance for loan losses to reserve for potentially uncollectible loans. We estimate the allowance based on the expected funding of refunds by the IRS using historical trends. When we determine that any amounts are uncollectible, we write them off against the allowance. As of January 31, 2024 and July 31, 2023, the allowance for loan losses on refund advance loans was not material. Notes Receivable Held for Sale Term loans to small businesses. We have a forward flow arrangement with an institutional investor. Pursuant to this arrangement, we have a commitment to sell to the institutional investor a minimum of $250 million in participation interests in unsecured term loans purchased or made to small businesses over 18 months, subject to certain eligibility criteria. As of January 31, 2024, the remaining commitment to sell loans under this arrangement was $176 million. Term loans to small businesses originated or purchased with the intent to sell are considered notes receivable held for sale. We have the intent and ability to sell substantially all of our rights, title, and interests in these qualified loans to a third-party investor after origination or purchase. A loan that is initially designated as held for sale or held for investment may be reclassified when our intent for that loan changes. Notes receivable held for sale are recorded at the lower of cost or fair value until the loans are sold. To determine fair value, we utilize a cash flow methodology, taking into account estimated timing and expected selling prices. As of January 31, 2024, the balance of loans held for sale was $21 million and is included in notes receivable held for sale on our condensed consolidated balance sheets. Total sales of term loans during the six months ended January 31, 2024 were $74 million.

Acquired Intangible Assets

Acquired Intangible Assets	6 Months Ended
	Jan. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Acquired Intangible Assets	5. Acquired Intangible Assets The following table shows the cost, accumulated amortization, and weighted-average life in years for our acquired intangible assets at the dates indicated. The weighted-average lives are calculated for assets that are not fully amortized. (Dollars in millions) Customer Purchased Trade Covenants Total At January 31, 2024: Cost $ 6,197 $ 1,616 $ 680 $ 41 $ 8,534 Accumulated amortization (1,392) (830) (167) (41) (2,430) Acquired intangible assets, net $ 4,805 $ 786 $ 513 $ — $ 6,104 Weighted-average life in years 14 9 13 0 13 At July 31, 2023: Cost $ 6,197 $ 1,616 $ 680 $ 42 $ 8,535 Accumulated amortization (1,178) (756) (140) (42) (2,116) Acquired intangible assets, net $ 5,019 $ 860 $ 540 $ — $ 6,419 Weighted-average life in years 14 8 13 0 13 The following table shows the expected future amortization expense for our acquired intangible assets at January 31, 2024. Amortization of purchased technology is charged to amortization of acquired technology in our condensed consolidated statements of operations. Amortization of other acquired intangible assets, such as customer lists, is charged to amortization of other acquired intangible assets in our condensed consolidated statements of operations. If impairment events occur, they could accelerate the timing of acquired intangible asset charges. (In millions) Expected Twelve months ending July 31, 2024 (excluding the six months ended January 31, 2024) $ 312 2025 623 2026 620 2027 594 2028 581 Thereafter 3,374 Total expected future amortization expense $ 6,104

Debt

Debt	6 Months Ended
	Jan. 31, 2024
Debt Disclosure [Abstract]
Debt	6. Debt The carrying value of our debt was as follows at the dates indicated: (Dollars in millions) January 31, July 31, Effective Senior unsecured notes issued June 2020: 0.950% notes due July 2025 $ 500 $ 500 1.127% 1.350% notes due July 2027 500 500 1.486% 1.650% notes due July 2030 500 500 1.767% Senior unsecured notes issued September 2023: 5.250% notes due September 2026 750 — 5.367% 5.125% notes due September 2028 750 — 5.221% 5.200% notes due September 2033 1,250 — 5.268% 5.500% notes due September 2053 1,250 — 5.565% Term loan — 4,200 Secured revolving credit facilities 500 430 Total principal balance of debt 6,000 6,130 Unamortized discount and debt issuance costs (50) (10) Net carrying value of debt $ 5,950 $ 6,120 Short-term debt $ — $ — Long-term debt $ 5,950 $ 6,120 Future principal payments for debt at January 31, 2024 were as shown in the table below. (In millions) Fiscal year ending July 31, 2024 (excluding the six months ended January 31, 2024) $ — 2025 500 2026 500 2027 1,250 2028 — Thereafter 3,750 Total future principal payments for debt $ 6,000 Senior Unsecured Notes 2020 Notes. In June 2020, we issued four series of senior unsecured notes (together, the 2020 Notes) pursuant to a public debt offering. The proceeds from the issuance were $1.98 billion, net of debt discount of $2 million and debt issuance costs of $15 million. As of January 31, 2024, $1.5 billion of the 2020 Notes remained outstanding. Interest is payable semiannually on January 15 and July 15 of each year. The discount and debt issuance costs are amortized to interest expense over the term of the 2020 Notes under the effective interest method. We paid $10 million and $12 million in interest on the 2020 Notes during the six months ended January 31, 2024 and 2023, respectively. The 2020 Notes are senior unsecured obligations of Intuit and rank equally with all existing and future unsecured and unsubordinated indebtedness of Intuit and are redeemable by us at any time, subject to a make-whole premium. Upon the occurrence of change of control transactions that are accompanied by certain downgrades in the credit ratings of the 2020 Notes, we will be required to repurchase the 2020 Notes at a repurchase price equal to 101% of the aggregate outstanding principal plus any accrued and unpaid interest to but not including the date of repurchase. The indenture governing the 2020 Notes requires us to comply with certain covenants. For example, the 2020 Notes limit our ability to create certain liens and enter into sale and leaseback transactions. As of January 31, 2024, we were compliant with all covenants governing the 2020 Notes. 2023 Notes. In September 2023, we issued four series of senior unsecured notes (together, the 2023 Notes) pursuant to a public debt offering. The proceeds from the issuance were $3.96 billion, net of debt discount of $20 million and debt issuance costs of $24 million, and were used, together with operating cash, to repay the outstanding balance on our unsecured term loan. As of January 31, 2024, $4.0 billion of the 2023 Notes remained outstanding. Interest is payable semiannually on March 15 and September 15 of each year, commencing on March 15, 2024. The discount and debt issuance costs are amortized to interest expense over the term of the 2023 Notes under the effective interest method. The 2023 Notes are senior unsecured obligations of Intuit and rank equally with all existing and future unsecured and unsubordinated indebtedness of Intuit and are redeemable by us at any time, subject to a make-whole premium. The indenture governing the 2023 Notes requires us to comply with certain covenants. For example, the 2023 Notes limit our ability to create certain liens and enter into sale and leaseback transactions. As of January 31, 2024, we were compliant with all covenants governing the 2023 Notes. Unsecured Credit Facility On November 1, 2021, we entered into an amended and restated credit agreement with certain institutional lenders with an aggregate principal amount of $5.7 billion, which includes a $4.7 billion unsecured term loan that was repaid in September 2023, and a $1 billion unsecured revolving credit facility that matures on November 1, 2026 (2021 Credit Facility). On February 5, 2024, this agreement was terminated. See Note 13, "Subsequent Events" for more information. The 2021 Credit Facility includes customary affirmative and negative covenants, including financial covenants that require us to maintain a ratio of total gross debt to annual earnings before interest, taxes, depreciation, and amortization (EBITDA) of not greater than 3.25 to 1.00 and a ratio of annual EBITDA to annual interest expense of not less than 3.00 to 1.00 as of the last day of each fiscal quarter. As of January 31, 2024, we were compliant with all required covenants. Term Loan. On November 1, 2021, we borrowed the full $4.7 billion under the unsecured term loan to fund a portion of the cash consideration for the acquisition of Mailchimp. Under this agreement, we may, subject to certain customary conditions, on one or more occasions, increase commitments under the term loan in an amount not to exceed $400 million in the aggregate through November 1, 2024. In September 2023, we repaid the outstanding balance under the term loan with the proceeds from the 2023 Notes and operating cash, and at January 31, 2024, there was no balance outstanding. The term loan accrued interest at rates that were equal to, at our election, either (i) the alternate base rate plus a margin that ranges from 0.0% to 0.125%, or (ii) the Secured Overnight Finance Rate (SOFR) plus a mar gin that ranges from 0.625% to 1.125%. Actual margins under either election were based on our senior debt credit ratings. Interest on the term loan was payable monthly. We paid $42 million and $102 million in interest on the term loan during the six months ended January 31, 2024 and 2023 , respectively. Unsecured Revolving Credit Facility. The 2021 Credit Facility includes a $1 billion unsecured revolving credit facility that will expire on November 1, 2026. Under this agreement, we may increase commitments under the unsecured revolving credit facility in an amount not to exceed $250 million in the aggregate and may extend the maturity date up to two times, subject to customary conditions including lender approval. Advances under the unsecured revolving credit facility accrue interest at rates that are equal to, at our election, either (i) the alternate base rate plus a margin that ranges from 0.0% to 0.1%, or (ii) SOFR plus a margin that ranges from 0.69% to 1.1%. Actual margins under either election will be based on our senior debt credit ratings. At January 31, 2024, no amounts were outstanding under the unsecured revolving credit facility. Interest paid on the unsecured revolving credit facility was not material during the six months ended January 31, 2024. We paid no interest on the unsecured revolving credit facility during the six months ended January 31, 2023. Secured Revolving Credit Facilities 2019 Secured Facility. On February 19, 2019, a subsidiary of Intuit entered into a secured revolving credit facility with a lender to fund a portion of our loans to qualified small businesses (the 2019 Secured Facility). The 2019 Secured Facility is secured by cash and receivables of the subsidiary and is non-recourse to Intuit Inc. We have entered into several amendments to this facility, most recently on December 15, 2023. These amendments primarily increase the facility limit, extend the commitment term and maturity date, and update the benchmark interest rate. Under the amended 2019 Secured Facility, the facility limit is $500 million, of which $300 million is committed and $200 million is uncommitted. Advances accrue interest at adjusted daily simple SOFR plus 1.5%. Unused portions of the committed credit facility accrue interest at a rate ranging from 0.25% to 0.75%, depending on the total unused committed balance. The commitment term is through July 18, 2025, and the final maturity date is July 20, 2026. The agreement includes certain affirmative and negative covenants, including financial covenants that require the subsidiary to maintain specified financial ratios. As of January 31, 2024, we were compliant with all required covenants. At January 31, 2024, $275 million was outstanding under the 2019 Secured Facility and the weighted-average interest rate was 6.94%, which includes the interest on the unused committed portion. The outstanding balance is secured by cash and receivables of the subsidiary totaling $981 million. Interest on the 2019 Secured Facility is payable monthly. We paid $10 million and $6 million in interest on this secured revolving credit facility during the six months ended January 31, 2024 and 2023, respectively. 2022 Secured Facility. On October 12, 2022, another subsidiary of Intuit entered into a secured revolving credit facility with a lender to fund a portion of our loans to qualified small businesses (the 2022 Secured Facility). The 2022 Secured Facility is secured by cash and receivables of the subsidiary and is non-recourse to Intuit Inc. On October 20, 2023, we amended the 2022 Secured Facility primarily to extend the commitment term and final maturity date and increase the commitment amount. Under the amended agreement, the facility limit is $500 million, of which $225 million is committed and $275 million is uncommitted. Advances accrue interest at SOFR plus 1.3%. Unused portions of the committed credit facility accrue interest at a rate ranging from 0.2% to 0.4%, depending on the total unused committed balance. The commitment term is through April 18, 2025, and the final maturity date is April 20, 2026. The agreement includes certain affirmative and negative covenants, including financial covenants that require the subsidiary to maintain specified financial ratios. As of January 31, 2024, we were compliant with all required covenants. At January 31, 2024, $225 million was outstanding under the 2022 Secured Facility and the weighted-average interest rate was 6.62%. The outstanding balance is secured by cash and receivables of the subsidiary totaling $620 million. Interest on the 2022 Secured Facility is payable monthly. We paid $5 million in interest on this secured revolving credit facility during the six months ended January 31, 2024. Interest paid on this secured revolving credit facility was not material during the six months ended January 31, 2023.

Other Liabilities and Commitmen

Other Liabilities and Commitments	6 Months Ended
	Jan. 31, 2024
Other Liabilities Disclosure [Abstract]
Other Liabilities and Commitments	7. Other Liabilities and Commitments Other Current Liabilities Other current liabilities were as follows at the dates indicated: (In millions) January 31, July 31, Executive deferred compensation plan liabilities $ 185 $ 171 Reserve for returns, credits, and promotional discounts 101 32 Interest payable 84 12 Current portion of operating lease liabilities 81 89 Sales, property, and other taxes 57 45 Other 94 99 Total other current liabilities $ 602 $ 448 The balances of several of our other current liabilities, particularly our reserves for product returns, credits, and promotional discounts, are affected by the seasonality of our business. See Note 1, “Description of Business and Summary of Significant Accounting Policies – Seasonality,” for more information. Other Long-Term Obligations Other long-term obligations were as follows at the dates indicated: (In millions) January 31, July 31, Income tax liabilities $ 86 $ 76 Dividends payable 18 16 Deferred revenue 3 5 Other 31 20 Total other long-term obligations $ 138 $ 117 Unconditional Purchase Obligations We describe our unconditional purchase obligations in Note 9 to the financial statements in Part II, Item 8 of our Annual Report on Form 10-K for the fiscal year ended July 31, 2023. There were no significant changes outside the ordinary course of business in our purchase obligations during the six months ended January 31, 2024.

Leases

Leases	6 Months Ended
	Jan. 31, 2024
Leases [Abstract]
Leases	8. Leases We lease office facilities under non-cancellable operating lease arrangements. Our facility leases generally provide for periodic rent increases and may contain escalation clauses and renewal options. Our leases have remaining lease terms of up to 18 years, which include options to extend that are reasonably certain of being exercised. Some of our leases include one or more options to extend the leases for up to 10 years per option, which we are not reasonably certain to exercise. The options to extend are generally at rates to be determined in accordance with the agreements. Options to extend the lease are included in the lease liability if they are reasonably certain of being exercised. We sublease certain office facilities to third parties. These subleases have remaining lease terms of up to 7 years, some of which include one or more options to extend the subleases for up to 5 years per option. The components of lease expense were as follows: Three Months Ended Six Months Ended (In millions) January 31, January 31, January 31, January 31, Operating lease cost (1) $ 26 $ 36 $ 52 $ 64 Variable lease cost 6 5 12 9 Sublease income (3) (3) (6) (6) Total net lease cost $ 29 $ 38 $ 58 $ 67 (1) Includes short-term leases, which were not material for each of the three and six months ended January 31, 2024 and 2023. Supplemental cash flow information related to operating leases was as follows: Six Months Ended (In millions) January 31, January 31, Cash paid for amounts included in the measurement of operating lease liabilities $ 42 $ 48 Right-of-use assets obtained in exchange for operating lease liabilities $ 22 $ 17 Other information related to operating leases was as follows at the dates indicated: January 31, July 31, Weighted-average remaining lease term for operating leases 7.9 years 7.9 years Weighted-average discount rate for operating leases 3.2 % 3.0 % Future minimum lease payments under non-cancellable operating leases as of January 31, 2024 were as follows: (In millions) Operating Leases (1) Fiscal year ending July 31, 2024 (excluding the six months ended January 31, 2024) $ 34 2025 100 2026 82 2027 72 2028 64 Thereafter 287 Total future minimum lease payments 639 Less imputed interest (85) Present value of lease liabilities $ 554 (1) Non-cancellable sublease proceeds for the remainder of the fiscal year ending July 31, 2024 and the fiscal years ending July 31, 2025, 2026, 2027, 2028, and thereafter of $5 million, $6 million, $2 million, $1 million, $1 million, and $2 million, respectively, are not included in the table above. Supplemental balance sheet information related to operating leases was as follows at the dates indicated: (In millions) January 31, July 31, Operating lease right-of-use assets $ 444 $ 469 Other current liabilities $ 81 $ 89 Operating lease liabilities 473 480 Total operating lease liabilities $ 554 $ 569

Income Taxes

Income Taxes	6 Months Ended
	Jan. 31, 2024
Income Tax Disclosure [Abstract]
Income Taxes	9. Income Taxes Effective Tax Rate We compute our provision for or benefit from income taxes by applying the estimated annual effective tax rate to income or loss from recurring operations and adding the effects of any discrete income tax items specific to the period. For the three and six months ended January 31, 2024, we recognized excess tax benefits on share-based compensation of $56 million and $83 million, respectively, in our provision for income taxes. For the three and six months ended January 31, 2023, we recognized tax shortfalls on share-based compensation of $9 million and $2 million, respectively, in our provision for income taxes. We recorded $1 million in tax expense on pretax income of $354 million for the three months ended January 31, 2024. Our effective tax rate for the six months ended January 31, 2024 was approximately 4%. Excluding discrete tax items primarily related to share-based compensation, our effective tax rate for both periods was approximately 24%. The difference from the federal statutory rate of 21% was primarily due to state income taxes and non-deductible share-based compensation, which were partially offset by the tax benefit we received from the federal research and experimentation credit. Our effective tax rates for the three and six months ended January 31, 2023 were approximately 26% and 20%, respectively. Excluding discrete tax items primarily related to share-based compensation, our effective tax rate for both periods was approximately 24% . The difference from the federal statutory rate of 21% was primarily due to state income taxes and non-deductible share-based compensation, which were partially offset by the tax benefit we received from the federal research and experimentation credit. The Inflation Reduction Act was enacted on August 16, 2022. This law, among other provisions, provides a corporate alternative minimum tax on adjusted financial statement income, which was effective for us beginning in fiscal 2024. We do not expect any impact from the corporate alternative minimum tax in fiscal 2024. 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. Unrecognized Tax Benefits and Other Considerations The total amount of our unrecognized tax benefits at July 31, 2023 was $246 million. If we were to recognize these net benefits, our income tax expense would reflect a favorable net impact of $152 million. There were no material changes to these amounts during the three and six months ended January 31, 2024. We do not believe that it is reasonably possible that there will be a significant increase or decrease in our unrecognized tax benefits over the next 12 months. We offset a $61 million and $85 million long-term liability for uncertain tax positions against our long-term income tax receivable at January 31, 2024 and July 31, 2023, respectively. The long-term income tax receivable at January 31, 2024 was primarily related to the government’s approval of a method of accounting change request for fiscal 2018. The long-term income tax receivable at July 31, 2023 was primarily related to the government’s approval of a method of accounting change request for fiscal 2018 and a refund claim related to Credit Karma’s alternative minimum tax credit that was recorded as part of the acquisition.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jan. 31, 2024
Equity [Abstract]
Stockholders' Equity	10. Stockholders’ Equity Stock Repurchase Programs and Treasury Shares Intuit’s Board of Directors has authorized a series of common stock repurchase programs. Shares of common stock repurchased under these programs become treasury shares. During the six months ended January 31, 2024, we repurchased a total of 2.1 million shares for $1.1 billion under these programs. Included in this amount were $12 million of repurchases, which occurred in late January 2024 and settled in early February 2024. On August 22, 2023, our Board approved an increase in the authorization under the existing stock repurchase program under which we are authorized to repurchase up to an additional $2.3 billion of our common stock. At January 31, 2024, we had authorization from our Board of Directors for up to $2.7 billion in stock repurchases. Future stock repurchases under the current program are at the discretion of management, and authorization of future stock repurchase programs is subject to the final determination of our Board of Directors. Our treasury shares are repurchased at the market price on the trade date; accordingly, all amounts paid to reacquire these shares have been recorded as treasury stock on our condensed consolidated balance sheets. Any direct costs to acquire treasury stock are recorded to treasury stock on our condensed consolidated balance sheets. Repurchased shares of our common stock are held as treasury shares until they are reissued or retired. When we reissue treasury stock, if the proceeds from the sale are more than the average price we paid to acquire the shares, we record an increase in additional paid-in capital. Conversely, if the proceeds from the sale are less than the average price we paid to acquire the shares, we record a decrease in additional paid-in capital to the extent of increases previously recorded for similar transactions and a decrease in retained earnings for any remaining amount. In the past, we have satisfied option exercises and restricted stock unit vesting under our employee equity incentive plans by reissuing treasury shares, and we may do so again in the future. During the second quarter of fiscal 2014, we began issuing new shares of common stock to satisfy option exercises and RSU vesting under our 2005 Equity Incentive Plan. We have not yet determined the ultimate disposition of the shares that we have repurchased in the past, and consequently we continue to hold them as treasury shares. Dividends on Common Stock During the six months ended January 31, 2024, we declared quarterly cash dividends that totaled $1.80 per share of outstanding common stock for a total of $521 million. In February 2024, our Board of Directors declared a quarterly cash dividend of $0.90 per share of outstanding common stock payable on April 18, 2024 to stockholders of record at the close of business on April 10, 2024. Future declarations of dividends and the establishment of future record dates and payment dates are subject to the final determination of our Board of Directors. Share-Based Compensation Expense The following table summarizes the total share-based compensation expense that we recorded in operating income for the periods shown. Three Months Ended Six Months Ended (In millions) January 31, January 31, January 31, January 31, Cost of revenue $ 101 $ 91 $ 202 $ 177 Selling and marketing 125 108 248 214 Research and development 162 132 323 268 General and administrative 87 92 197 186 Total share-based compensation expense $ 475 $ 423 $ 970 $ 845 Share-Based Awards Available for Grant A summary of share-based awards available for grant under our plans for the six months ended January 31, 2024 was as follows: (Shares in thousands) Shares Balance at July 31, 2023 19,026 Additional shares authorized 12,200 Restricted stock units granted (1) (1,342) Options granted — Share-based awards canceled/forfeited/expired (1) (2) 3,393 Balance at January 31, 2024 33,277 (1) RSUs granted from the pool of shares available for grant under our 2005 Equity Incentive Plan reduce the pool by 2.3 shares for each share granted. RSUs forfeited and returned to the pool of shares available for grant under the 2005 Equity Incentive Plan increase the pool by 2.3 shares for each share forfeited. (2) Stock options and RSUs canceled, expired, or forfeited under our 2005 Equity Incentive Plan are returned to the pool of shares available for grant. Under the 2005 Equity Incentive Plan, shares withheld for income taxes upon vesting of RSUs that were granted on or after July 21, 2016 are also returned to the pool of shares available for grant. Stock options and RSUs canceled, expired, or forfeited under older expired plans are not returned to the pool of shares available for grant. Restricted Stock Unit and Restricted Stock Activity A summary of RSU and restricted stock activity for the six months ended January 31, 2024 was as follows: (Shares in thousands) Number Weighted- Average Grant Date Fair Value Nonvested at July 31, 2023 11,894 $ 433.70 Granted 583 554.87 Vested (2,030) 414.77 Forfeited (665) 362.95 Nonvested at January 31, 2024 9,782 $ 449.66 At January 31, 2024, there was approximately $3.9 billion of unrecognized compensation cost related to non-vested RSUs and restricted stock with a weighted-average vesting period of 2.7 years. We will adjust unrecognized compensation cost for actual forfeitures as they occur. Stock Option Activity A summary of stock option activity for the six months ended January 31, 2024 was as follows: Options Outstanding (Shares in thousands) Number Weighted- Average Exercise Price Per Share Balance at July 31, 2023 2,130 $ 360.17 Granted — — Exercised (460) 207.02 Canceled or expired (100) 466.02 Balance at January 31, 2024 1,570 $ 398.28 Exercisable at January 31, 2024 855 $ 335.53 At January 31, 2024, there was approximately $90 million of unrecognized compensation cost related to non-vested stock options with a weighted-average vesting period of 2.8 years. We will adjust unrecognized compensation cost for actual forfeitures as they occur.

Legal Proceedings

Legal Proceedings	6 Months Ended
	Jan. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Legal Proceedings	11. Legal Proceedings Beginning in May 2019, various legal proceedings were filed and certain regulatory inquiries were commenced in connection with our provision and marketing of free online tax preparation programs. We believe that the allegations contained within these legal proceedings are without merit and continue to defend our interests in them. These proceedings included, among others, multiple putative class actions that were consolidated into a single putative class action in the Northern District of California in September 2019 (the Intuit Free File Litigation). In August 2020, the Ninth Circuit Court of Appeals ordered that the putative class action claims be resolved through arbitration. In May 2021, the Intuit Free File Litigation was dismissed on a non-class basis after we entered into an agreement that resolved the matter on an individual non-class basis, without any admission of wrongdoing, for an amount that was not material. These proceedings also include a class action lawsuit that was filed in the Ontario (Canada) Superior Court of Justice on August 25, 2022. These proceedings also included individual demands for arbitration that were filed beginning in October 2019. As of January 31, 2023, we settled all of these arbitration claims, without any admission of wrongdoing, for an amount that was not material. In June 2021, we received a demand and draft complaint from the Federal Trade Commission (FTC) and certain state attorneys general relating to the ongoing inquiries described above. On March 29, 2022, the FTC filed an action in federal court seeking a temporary restraining order and a preliminary injunction enjoining certain Intuit business practices pending resolution of the FTC’s administrative complaint seeking to permanently enjoin certain Intuit business practices (the FTC Actions). On April 22, 2022, the Northern District of California denied the FTC’s requests for a temporary restraining order and a preliminary injunction. Beginning on March 27, 2023, a final hearing on the administrative action was held before an administrative law judge (ALJ) at the FTC and, on August 29, 2023, the FTC's ALJ issued a decision in favor of the FTC and adverse to Intuit. On January 19, 2024, the FTC Commissioners affirmed the ALJ's decision and issued a final order that requires us to adhere to certain marketing practices and does not contain any monetary penalties. On January 21, 2024, we filed a petition for review with the United States Court of Appeals for the Fifth Circuit. On January 31, 2024, we filed an application for a stay on the FTC's order, which is otherwise scheduled to become effective on March 23, 2024, pending review by the Court of Appeals for the Fifth Circuit. We intend to continue to defend our position on the merits of this case. However, the defense and resolution of this matter could involve significant costs. The state attorneys general did not join the FTC Actions, and, on May 4, 2022, we entered into a settlement agreement with the attorneys general of the 50 states and the District of Columbia, admitting no wrongdoing, that resolved the states’ inquiry, as well as actions brought by the Los Angeles City Attorney and the Santa Clara County (California) Counsel. As part of this agreement, we agreed to pay $141 million and made certain commitments regarding our advertising and marketing practices. We recorded this as a one-time charge in the quarter ended April 30, 2022, and paid the full amount to the fund administrator in the quarter ended January 31, 2023. In view of the complexity and ongoing and uncertain nature of the outstanding proceedings and inquiries, at this time we are unable to estimate a reasonably possible financial loss or range of financial loss that we may incur to resolve or settle the remaining matters. To date, the legal and other fees we have incurred related to these proceedings and inquiries have not been material. The ongoing defense and any resolution or settlement of these proceedings and inquiries could involve significant costs to us. Intuit is subject to certain routine legal proceedings, including class action lawsuits, as well as demands, claims, government inquiries, and threatened litigation, that arise in the normal course of our business, including assertions that we may be infringing patents or other intellectual property rights of others. Our failure to obtain necessary licenses or other rights, or litigation arising out of intellectual property claims could adversely affect our business. We currently believe that, in addition to any amounts accrued, the amount of potential losses, if any, for any pending claims of any type (either alone or combined) will not have a material impact on our consolidated financial statements. The ultimate outcome of any legal proceeding is uncertain and, regardless of outcome, legal proceedings can have an adverse impact on Intuit because of defense costs, negative publicity, diversion of management resources, and other factors.

Segment Information

Segment Information	6 Months Ended
	Jan. 31, 2024
Segment Reporting [Abstract]
Segment Information	12. Segment Information We have defined our four reportable segments, described below, based on factors such as how we manage our operations and how our chief operating decision maker views results. We define the chief operating decision maker as our Chief Executive Officer and our Chief Financial Officer. Our chief operating decision maker organizes and manages our business primarily on the basis of service and product offerings. On August 1, 2023, we reorganized certain technology functions in our Consumer and ProTax segments that support and benefit our overall platform. Additionally, certain workplace and real estate functions in our Small Business & Self-Employed segment are now managed at the corporate level. As a result of these reorganizations, costs associated with these functions are no longer included in segment operating income and are now included in other corporate expenses. For the three and six months ended January 31, 2023, we reclassified expenses totaling $10 million and $19 million from Small Business & Self-Employed, $43 million and $83 million from Consumer, and $16 million and $31 million from ProTax to other corporate expenses, respectively. Small Business & Self-Employed : This segment serves small businesses and the self-employed around the world, and the accounting professionals who assist and advise them. Our QuickBooks offerings include financial and business management online services and desktop software, payroll solutions, time tracking, merchant payment processing and bill pay solutions, checking accounts through an FDIC member bank partner, and financing for small businesses. Our Mailchimp offerings include marketing automation and customer relationship management. Consumer : This segment serves consumers and includes do-it-yourself and assisted TurboTax income tax preparation products and services sold in the U.S. and Canada. Credit Karma : This segment serves consumers with a personal finance platform that provides personalized recommendations of credit card, home, auto, and personal loan, and insurance products; online savings and checking accounts through an FDIC member bank partner; and access to their credit scores and reports, credit and identity monitoring, credit report dispute, credit building tools, and tools to help understand net worth and make financial progress. Our Mint offering is a personal finance offering which helps customers track their finances and daily financial behaviors. ProTax : This segment serves professional accountants in the U.S. and Canada, who are essential to both small business success and tax preparation and filing. Our professional tax offerings include Lacerte, ProSeries, and ProConnect Tax Online in the U.S., and ProFile and ProTax Online in Canada. All of our segments operate primarily in the United States and sell primarily to customers in the United States. Total international net revenue was approximately 9% and 10% of consolidated net revenue for the three and six months ended January 31, 2024, respectively. Total international net revenue was approximately 9% and 10% of consolidated net revenue for the three and six months ended January 31, 2023, respectively. We include expenses such as corporate selling and marketing, product development, general and administrative, and non-employment related legal and litigation settlement costs, which are not allocated to specific segments, in unallocated corporate items as part of other corporate expenses. For our Credit Karma reportable segment, segment expenses include certain direct expenses related to selling and marketing, product development, and general and administrative. Unallocated corporate items for all segments include share-based compensation, amortization of acquired technology, amortization of other acquired intangible assets, goodwill and intangible asset impairment charges, and professional fees and transaction charges related to business combinations. The accounting policies of our reportable segments are the same as those described in the summary of significant accounting policies in Note 1 to the financial statements in Part II, Item 8 of our Annual Report on Form 10-K for the fiscal year ended July 31, 2023 and in Note 1, "Description of Business and Summary of Significant Accounting Policies – Significant Accounting Policies" in this Quarterly Report on Form 10-Q. Except for goodwill and acquired intangible assets, we do not generally track assets by reportable segment and, consequently, we do not disclose total assets by reportable segment. The following table shows our financial results by reportable segment for the periods indicated. Three Months Ended Six Months Ended (In millions) January 31, January 31, January 31, January 31, Net revenue: Small Business & Self-Employed $ 2,245 $ 1,897 $ 4,589 $ 3,885 Consumer 492 516 679 666 Credit Karma 375 375 780 800 ProTax 274 253 316 287 Total net revenue $ 3,386 $ 3,041 $ 6,364 $ 5,638 Operating income: Small Business & Self-Employed $ 1,323 $ 1,031 $ 2,815 $ 2,219 Consumer 134 220 201 271 Credit Karma 64 96 170 190 ProTax 247 227 261 236 Total segment operating income 1,768 1,574 3,447 2,916 Unallocated corporate items: Share-based compensation expense (475) (423) (970) (845) Other corporate expenses (768) (719) (1,487) (1,401) Amortization of acquired technology (36) (41) (74) (82) Amortization of other acquired intangible assets (120) (121) (240) (242) Total unallocated corporate items (1,399) (1,304) (2,771) (2,570) Total operating income $ 369 $ 270 $ 676 $ 346 Revenue classified by significant service and product offerings was as follows: Three Months Ended Six Months Ended (In millions) January 31, January 31, January 31, January 31, Net revenue: QuickBooks Online Accounting $ 826 $ 696 $ 1,624 $ 1,364 Online Services 862 695 1,682 1,376 Total Online Ecosystem 1,688 1,391 3,306 2,740 QuickBooks Desktop Accounting 256 215 632 527 Desktop Services and Supplies 301 291 651 618 Total Desktop Ecosystem 557 506 1,283 1,145 Small Business & Self-Employed 2,245 1,897 4,589 3,885 Consumer 492 516 679 666 Credit Karma 375 375 780 800 ProTax 274 253 316 287 Total net revenue $ 3,386 $ 3,041 $ 6,364 $ 5,638

Subsequent Event

Subsequent Event	6 Months Ended
	Jan. 31, 2024
Subsequent Events [Abstract]
Subsequent Event	13. Subsequent Events On February 5, 2024, the existing 2021 Credit Facility described in Note 6, "Debt" was terminated. On February 5, 2024, we entered into a credit agreement with certain lenders providing for a $1.5 billion unsecured revolving credit facility that will expire on February 5, 2029 (2024 Credit Facility), which replaced the 2021 Credit Facility. Under this agreement, we may, subject to certain customary conditions, including approval of relevant lenders, on one or more occasions, increase commitments under the 2024 Credit Facility by an amount not to exceed $1 billion in the aggregate, and, on one or more occasions, extend the expiration date of the 2024 Credit Facility by one year. The 2024 Credit Facility includes a $250 million sublimit for the issuance of letters of credit and a $500 million sublimit for borrowing swingline loans. Borrowings under the revolving credit facility will accrue interest at rates equal to (a) in the case of U.S. dollar borrowings, at our election, either (i) the alternate base rate, or (ii) the adjusted term SOFR rate, or (b) in the case of foreign currency borrowings, the interest benchmark for the relevant currency specified in the credit agreement, in each case plus an applicable margin for such loans as defined in the credit agreement. Actual margins under either election will be based on our senior debt credit ratings.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jan. 31, 2024	Jan. 31, 2023	Jan. 31, 2024	Jan. 31, 2023
Pay vs Performance Disclosure
Net income	$ 353	$ 168	$ 594	$ 208

Insider Trading Arrangements

Insider Trading Arrangements - shares	3 Months Ended	6 Months Ended
	Jan. 31, 2024	Jan. 31, 2024	Jan. 03, 2024	Dec. 26, 2023
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Scott D. Cook [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On December 26, 2023, a trust of which Scott D. Cook, founder, Director, and Chairman of the Executive Committee, is a trustee, adopted a Rule 10b5-1 trading arrangement intended to satisfy the affirmative defense of Rule 10b5-1(c) for the sale of up to 1,200,000 shares of the Company’s common stock, subject to certain conditions, from May 28, 2024 through October 10, 2025.
Name	Scott D. Cook
Title	founder, Director, and Chairman of the Executive Committee
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	May 28, 2024
Termination Date	October 10, 2025
Arrangement Duration	500 days
Aggregate Available				1,200,000
Sandeep Aujla [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On January 3, 2024, Sandeep Aujla, Executive Vice President and Chief Financial Officer, adopted a Rule 10b5-1 trading arrangement intended to satisfy the affirmative defense of Rule 10b5-1(c) for the sale of up to 4,254 shares of the Company’s common stock, subject to certain conditions, from May 28, 2024 through January 10, 2025.
Name	Sandeep Aujla
Title	Executive Vice President and Chief Financial Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	May 28, 2024
Termination Date	January 10, 2025
Arrangement Duration	227 days
Aggregate Available			4,254

Description of Business and S_2

Description of Business and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jan. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation These condensed consolidated financial statements include the financial statements of Intuit and its wholly-owned subsidiaries. We have eliminated all intercompany balances and transactions in consolidation. We have included all adjustments, consisting only of normal recurring items, which we considered necessary for a fair presentation of our financial results for the interim periods presented. We have reclassified certain amounts previously reported in our financial statements to conform to the current presentation. In the first quarter of fiscal 2024, to align our presentation of revenue and cost of revenue with our current revenue mix, we began to aggregate other revenue with product revenue, rather than service revenue, and cost of other revenue with cost of product revenue, rather than cost of service revenue. We reclassified the previously reported balances to conform to the current presentation. The reclassification was not material and had no impact on previously reported total net revenue or cost of revenue. On August 1, 2023, we reorganized certain technology functions in our Consumer and ProTax segments that support and benefit our overall platform. Additionally, certain workplace and real estate functions in our Small Business & Self-Employed segment are now managed at the corporate level. As a result of these reorganizations, costs associated with these functions are no longer included in segment operating income and are now included in other corporate expenses. For the three and six months ended January 31, 2023, we reclassified expenses totaling $10 million and $19 million from Small Business & Self-Employed, $43 million and $83 million from Consumer, and $16 million and $31 million from ProTax to other corporate expenses, respectively. See Note 12, " Segment Information ," for more information. These unaudited condensed consolidated financial statements and accompanying notes should be read together with the audited consolidated financial statements in Part II, Item 8 of our Annual Report on Form 10-K for the fiscal year ended July 31, 2023. Results for the six months ended January 31, 2024 are not necessarily indicative of the results we expect for the fiscal year ending July 31, 2024 or any other future period.
Seasonality	Seasonality
Use of Estimates	Use of Estimates In preparing our condensed consolidated financial statements in accordance with U.S. generally accepted accounting principles (GAAP), we make certain judgments, estimates, and assumptions that affect the amounts reported in our financial statements and the disclosures made in the accompanying notes. For example, we use judgments and estimates in determining how revenue should be recognized. These judgments and estimates include identifying performance obligations, determining if the performance obligations are distinct, determining the standalone sales price (SSP) and timing of revenue recognition for each distinct performance obligation, and estimating variable consideration to be included in the transaction price. We use estimates in determining the collectibility of accounts receivable and notes receivable held for investment, the appropriate levels of various accruals including accruals for litigation contingencies, the discount rate used to calculate lease liabilities, the amount of our worldwide tax provision, the realizability of deferred tax assets, the credit losses of available-for-sale debt securities, reserves for losses, and the fair value of assets acquired and liabilities assumed for business combinations. We also use estimates in determining the remaining economic lives and fair values of acquired intangible assets, property and equipment, and other long-lived assets. In addition, we use assumptions to estimate the fair value of reporting units and share-based compensation. Despite our intention to establish accurate estimates and use reasonable assumptions, actual results may differ from our estimates.
Computation of Net Income Per Share	Computation of Net Income Per Share We compute basic net income or loss per share using the weighted-average number of common shares outstanding during the period. We compute diluted net income per share using the weighted-average number of common shares and dilutive potential common shares outstanding during the period. Dilutive potential common shares consist of the shares issuable upon the exercise of stock options and upon the vesting of restricted stock units (RSUs) under the treasury stock method. We include stock options with combined exercise prices and unrecognized compensation expense that are less than the average market price for our common stock, and RSUs with unrecognized compensation expense that is less than the average market price for our common stock, in the calculation of diluted net income per share. We exclude stock options with combined exercise prices and unrecognized compensation expense that are greater than the average market price for our common stock, and RSUs with unrecognized compensation expense that is greater than the average market price for our common stock, from the calculation of diluted net income per share because their effect is anti-dilutive. Under the treasury stock method, the amount that must be paid to exercise stock options and the amount of compensation expense for future service that we have not yet recognized for stock options and RSUs are assumed to be used to repurchase shares. All of the RSUs we grant have dividend rights. Dividend rights are accumulated and paid when the underlying RSUs vest. Since the dividend rights are subject to the same vesting requirements as the underlying equity awards, they are considered a contingent transfer of value. Consequently, the RSUs are not considered participating securities, and we do not present them separately in earnings per share. In loss periods, basic net loss per share and diluted net loss per share are the same since the effect of potential common shares is anti-dilutive and therefore excluded.
Deferred Revenue	Deferred Revenue We record deferred revenue when we have entered into a contract with a customer, and cash payments are received or due prior to transfer of control or satisfaction of the related performance obligation. During the three and six months ended January 31, 2024, we recognized revenue of $167 million and $805 million, respectively, that was included in deferred revenue at July 31, 2023. During the three and six months ended January 31, 2023, we recognized revenue of $158 million and $693 million, respectively, that was included in deferred revenue at July 31, 2022. Our performance obligations are generally satisfied within 12 months of the initial contract date. As of January 31, 2024 and July 31, 2023, the deferred revenue balance related to performance obligations that will be satisfied after 12 months was $3 million and $5 million, respectively, and is included in other long-term obligations on our condensed consolidated balance sheets.
Concentration of Credit Risk and Significant Customers	Concentration of Credit Risk and Significant Customers No customer accounted for 10% or more of total net revenue in the three or six months ended January 31, 2024 or January 31, 2023. No customer accounted for 10% or more of gross accounts receivable at January 31, 2024 or July 31, 2023.
Accounting Standards Not Yet Adopted	Accounting Standards Not Yet Adopted Segment Information - In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standard Update (ASU) 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. " This standard requires incremental segment information disclosures, including disclosures of significant segment expenses that are regularly provided to the chief operating decision maker (CODM), a description of other segment items by reportable segment, and any additional measures of a segment's profit or loss used by the CODM when deciding how to allocate resources. The standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, which means that it will be effective for our annual reporting for the fiscal year ending July 31, 2025 and for interim period reporting beginning in fiscal 2026. Early adoption is permitted, and retrospective adoption is required for all prior periods presented. We are currently evaluating the impact of our pending adoption of ASU 2023-07 on our consolidated financial statements and related disclosures. Income Tax - In December 2023, the FASB issued Accounting Standard Update (ASU) 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures. " This standard requires additional disclosures related to the income tax rate reconciliation, income taxes paid by jurisdiction, and other income tax-related disclosures. The standard is effective for fiscal years beginning after December 15, 2024, which means that it will be effective for us for the fiscal year ending July 31, 2026. Early adoption is permitted. The standard should be applied on a prospective basis, and retrospective application is permitted. We are currently evaluating the impact of adopting ASU 2023-09 on our consolidated financial statements and related disclosures.
Fair Value Hierarchy	Fair Value Hierarchy The authoritative guidance defines fair value as the price that would be received from the sale of an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. When determining fair value, we consider the principal or most advantageous market for an asset or liability and assumptions that market participants would use when pricing the asset or liability. In addition, we consider and use all valuation methods that are appropriate in estimating the fair value of an asset or liability. The authoritative guidance establishes a fair value hierarchy that is based on the extent and level of judgment used to estimate the fair value of assets and liabilities. In general, the authoritative guidance requires us to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. An asset or liability’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the measurement of its fair value. The three levels of input defined by the authoritative guidance are as follows: • Level 1 uses unadjusted quoted prices that are available in active markets for identical assets or liabilities. • Level 2 uses inputs other than quoted prices included in Level 1 that are either directly or indirectly observable through correlation with market data. These include quoted prices in active markets for similar assets or liabilities; quoted prices for identical or similar assets or liabilities in markets that are not active; and inputs to valuation models or other pricing methodologies that do not require significant judgment because the inputs used in the model, such as interest rates and volatility, can be corroborated by readily observable market data for substantially the full term of the assets or liabilities. • Level 3

Description of Business and S_3

Description of Business and Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jan. 31, 2024
Accounting Policies [Abstract]
Composition of shares used in the computation of basic and diluted net income per share	The following table presents the composition of shares used in the computation of basic and diluted net income per share for the periods indicated. Three Months Ended Six Months Ended (In millions, except per share amounts) January 31, January 31, January 31, January 31, Numerator: Net income $ 353 $ 168 $ 594 $ 208 Denominator: Shares used in basic per share amounts: Weighted-average common shares outstanding 280 281 280 281 Shares used in diluted per share amounts: Weighted-average common shares outstanding 280 281 280 281 Dilutive common equivalent shares from stock options and restricted stock awards 4 1 4 2 Dilutive weighted-average common shares outstanding 284 282 284 283 Basic and diluted net income per share: Basic net income per share $ 1.26 $ 0.60 $ 2.12 $ 0.74 Diluted net income per share $ 1.25 $ 0.60 $ 2.10 $ 0.73 Shares excluded from diluted net income per share: Weighted-average stock options and restricted stock units that have been excluded from dilutive common equivalent shares outstanding due to their anti-dilutive effect — 7 1 3

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jan. 31, 2024
Fair Value Disclosures [Abstract]
Financial assets and liabilities measured at fair value on recurring basis	The following table summarizes financial assets and financial liabilities that we measured at fair value on a recurring basis at the dates indicated, classified in accordance with the fair value hierarchy described above. January 31, 2024 July 31, 2023 (In millions) Level 1 Level 2 Total Level 1 Level 2 Total Assets: Cash equivalents, primarily money market funds and time deposits $ 46 $ — $ 46 $ 1,888 $ — $ 1,888 Available-for-sale debt securities: Corporate notes — 147 147 — 805 805 U.S. agency securities — 26 26 — 209 209 Total available-for-sale debt securities — 173 173 — 1,014 1,014 Total assets measured at fair value on a recurring basis $ 46 $ 173 $ 219 $ 1,888 $ 1,014 $ 2,902 Liabilities: Senior unsecured notes (1) $ — $ 5,509 $ 5,509 $ — $ 1,309 $ 1,309 (1) Carrying values on our condensed consolidated balance sheets at January 31, 2024 and July 31, 2023 were $5.45 billion and $1.49 billion, respectively. See Note 6, “Debt,” for more information.
Cash equivalents and available-for-sale debt and equity securities by balance sheet classification and level in the fair value hierarchy	The following table summarizes our cash equivalents and available-for-sale debt securities by balance sheet classification and level in the fair value hierarchy at the dates indicated. January 31, 2024 July 31, 2023 (In millions) Level 1 Level 2 Total Level 1 Level 2 Total Cash equivalents: In cash and cash equivalents $ 46 $ — $ 46 $ 1,888 $ — $ 1,888 Available-for-sale debt securities: In investments $ — $ 15 $ 15 $ — $ 814 $ 814 In funds receivable and amounts held for customers — 158 158 — 200 200 Total available-for-sale debt securities $ — $ 173 $ 173 $ — $ 1,014 $ 1,014

Cash and Cash Equivalents, In_2

Cash and Cash Equivalents, Investments, and Funds Receivable and Amounts Held for Customers (Tables)	6 Months Ended
	Jan. 31, 2024
Cash And Cash Equivalents, Investments, And Funds Receivable And Amounts Held For Customers [Abstract]
Cash and cash equivalents, investments and funds held for customers by balance sheet classification	The following table summarizes our cash and cash equivalents, investments, and funds receivable and amounts held for customers by balance sheet classification at the dates indicated. January 31, 2024 July 31, 2023 (In millions) Amortized Fair Value Amortized Fair Value Classification on condensed consolidated balance sheets: Cash and cash equivalents $ 1,474 $ 1,474 $ 2,848 $ 2,848 Investments 15 15 819 814 Funds receivable and amounts held for customers 3,391 3,390 424 420 Total cash and cash equivalents, investments, and funds receivable and amounts held for customers $ 4,880 $ 4,879 $ 4,091 $ 4,082
Cash and cash equivalents, investments and funds held for customers by investment category	The following table summarizes our cash and cash equivalents, investments, and relevant portion of funds receivable and amounts held for customers by investment category at the dates indicated. As of January 31, 2024 and July 31, 2023, this excludes $265 million and $216 million, respectively, of funds receivable included on our condensed consolidated balance sheets in funds receivable and amounts held for customers not measured and recorded at fair value. January 31, 2024 July 31, 2023 (In millions) Amortized Fair Value Amortized Fair Value Type of issue: Total cash, cash equivalents, restricted cash, $ 4,441 $ 4,441 $ 2,852 $ 2,852 Available-for-sale debt securities: Corporate notes 148 147 811 805 U.S. agency securities 26 26 212 209 Total available-for-sale debt securities 174 173 1,023 1,014 Total cash, cash equivalents, restricted cash, restricted cash equivalents, and investments $ 4,615 $ 4,614 $ 3,875 $ 3,866
Available-for-sale debt securities classified by the stated maturity date of the security	The following table summarizes our available-for-sale debt securities, included in investments and relevant portion of funds receivable and amounts held for customers, classified by the stated maturity date of the security at the dates indicated. January 31, 2024 July 31, 2023 (In millions) Amortized Fair Value Amortized Fair Value Due within one year $ 84 $ 83 $ 735 $ 730 Due within two years 68 68 147 144 Due within three years 22 22 141 140 Due after three years — — — — Total available-for-sale debt securities $ 174 $ 173 $ 1,023 $ 1,014
Schedule of funds held for customers	The following table summarizes our funds receivable and amounts held for customers by asset category at the dates indicated. (In millions) January 31, 2024 July 31, Restricted cash and restricted cash equivalents $ 2,967 $ 4 Restricted available-for-sale debt securities and funds receivable 423 416 Total funds receivable and amounts held for customers $ 3,390 $ 420 (In millions) January 31, 2023 July 31, Restricted cash and restricted cash equivalents $ 2 $ 201 Restricted available-for-sale debt securities and funds receivable 374 230 Total funds receivable and amounts held for customers $ 376 $ 431

Acquired Intangible Assets (Tab

Acquired Intangible Assets (Tables)	6 Months Ended
	Jan. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of intangible assets acquired	The following table shows the cost, accumulated amortization, and weighted-average life in years for our acquired intangible assets at the dates indicated. The weighted-average lives are calculated for assets that are not fully amortized. (Dollars in millions) Customer Purchased Trade Covenants Total At January 31, 2024: Cost $ 6,197 $ 1,616 $ 680 $ 41 $ 8,534 Accumulated amortization (1,392) (830) (167) (41) (2,430) Acquired intangible assets, net $ 4,805 $ 786 $ 513 $ — $ 6,104 Weighted-average life in years 14 9 13 0 13 At July 31, 2023: Cost $ 6,197 $ 1,616 $ 680 $ 42 $ 8,535 Accumulated amortization (1,178) (756) (140) (42) (2,116) Acquired intangible assets, net $ 5,019 $ 860 $ 540 $ — $ 6,419 Weighted-average life in years 14 8 13 0 13
Schedule of future amortization expense	The following table shows the expected future amortization expense for our acquired intangible assets at January 31, 2024. Amortization of purchased technology is charged to amortization of acquired technology in our condensed consolidated statements of operations. Amortization of other acquired intangible assets, such as customer lists, is charged to amortization of other acquired intangible assets in our condensed consolidated statements of operations. If impairment events occur, they could accelerate the timing of acquired intangible asset charges. (In millions) Expected Twelve months ending July 31, 2024 (excluding the six months ended January 31, 2024) $ 312 2025 623 2026 620 2027 594 2028 581 Thereafter 3,374 Total expected future amortization expense $ 6,104

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jan. 31, 2024
Debt Disclosure [Abstract]
Schedule of long-term debt instruments	The carrying value of our debt was as follows at the dates indicated: (Dollars in millions) January 31, July 31, Effective Senior unsecured notes issued June 2020: 0.950% notes due July 2025 $ 500 $ 500 1.127% 1.350% notes due July 2027 500 500 1.486% 1.650% notes due July 2030 500 500 1.767% Senior unsecured notes issued September 2023: 5.250% notes due September 2026 750 — 5.367% 5.125% notes due September 2028 750 — 5.221% 5.200% notes due September 2033 1,250 — 5.268% 5.500% notes due September 2053 1,250 — 5.565% Term loan — 4,200 Secured revolving credit facilities 500 430 Total principal balance of debt 6,000 6,130 Unamortized discount and debt issuance costs (50) (10) Net carrying value of debt $ 5,950 $ 6,120 Short-term debt $ — $ — Long-term debt $ 5,950 $ 6,120
Schedule of maturities of long-term debt	Future principal payments for debt at January 31, 2024 were as shown in the table below. (In millions) Fiscal year ending July 31, 2024 (excluding the six months ended January 31, 2024) $ — 2025 500 2026 500 2027 1,250 2028 — Thereafter 3,750 Total future principal payments for debt $ 6,000

Other Liabilities and Commitm_2

Other Liabilities and Commitments (Tables)	6 Months Ended
	Jan. 31, 2024
Other Liabilities Disclosure [Abstract]
Other current liabilities	Other current liabilities were as follows at the dates indicated: (In millions) January 31, July 31, Executive deferred compensation plan liabilities $ 185 $ 171 Reserve for returns, credits, and promotional discounts 101 32 Interest payable 84 12 Current portion of operating lease liabilities 81 89 Sales, property, and other taxes 57 45 Other 94 99 Total other current liabilities $ 602 $ 448
Other long-term obligations	Other long-term obligations were as follows at the dates indicated: (In millions) January 31, July 31, Income tax liabilities $ 86 $ 76 Dividends payable 18 16 Deferred revenue 3 5 Other 31 20 Total other long-term obligations $ 138 $ 117

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jan. 31, 2024
Leases [Abstract]
Components of lease expense	The components of lease expense were as follows: Three Months Ended Six Months Ended (In millions) January 31, January 31, January 31, January 31, Operating lease cost (1) $ 26 $ 36 $ 52 $ 64 Variable lease cost 6 5 12 9 Sublease income (3) (3) (6) (6) Total net lease cost $ 29 $ 38 $ 58 $ 67 (1) Includes short-term leases, which were not material for each of the three and six months ended January 31, 2024 and 2023. Supplemental cash flow information related to operating leases was as follows: Six Months Ended (In millions) January 31, January 31, Cash paid for amounts included in the measurement of operating lease liabilities $ 42 $ 48 Right-of-use assets obtained in exchange for operating lease liabilities $ 22 $ 17 Other information related to operating leases was as follows at the dates indicated: January 31, July 31, Weighted-average remaining lease term for operating leases 7.9 years 7.9 years Weighted-average discount rate for operating leases 3.2 % 3.0 % Supplemental balance sheet information related to operating leases was as follows at the dates indicated: (In millions) January 31, July 31, Operating lease right-of-use assets $ 444 $ 469 Other current liabilities $ 81 $ 89 Operating lease liabilities 473 480 Total operating lease liabilities $ 554 $ 569
Future minimum lease payments	Future minimum lease payments under non-cancellable operating leases as of January 31, 2024 were as follows: (In millions) Operating Leases (1) Fiscal year ending July 31, 2024 (excluding the six months ended January 31, 2024) $ 34 2025 100 2026 82 2027 72 2028 64 Thereafter 287 Total future minimum lease payments 639 Less imputed interest (85) Present value of lease liabilities $ 554 (1) Non-cancellable sublease proceeds for the remainder of the fiscal year ending July 31, 2024 and the fiscal years ending July 31, 2025, 2026, 2027, 2028, and thereafter of $5 million, $6 million, $2 million, $1 million, $1 million, and $2 million, respectively, are not included in the table above.

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	Jan. 31, 2024
Equity [Abstract]
Total share-based compensation expense	The following table summarizes the total share-based compensation expense that we recorded in operating income for the periods shown. Three Months Ended Six Months Ended (In millions) January 31, January 31, January 31, January 31, Cost of revenue $ 101 $ 91 $ 202 $ 177 Selling and marketing 125 108 248 214 Research and development 162 132 323 268 General and administrative 87 92 197 186 Total share-based compensation expense $ 475 $ 423 $ 970 $ 845
Summary of share-based awards available for grant	A summary of share-based awards available for grant under our plans for the six months ended January 31, 2024 was as follows: (Shares in thousands) Shares Balance at July 31, 2023 19,026 Additional shares authorized 12,200 Restricted stock units granted (1) (1,342) Options granted — Share-based awards canceled/forfeited/expired (1) (2) 3,393 Balance at January 31, 2024 33,277 (1) RSUs granted from the pool of shares available for grant under our 2005 Equity Incentive Plan reduce the pool by 2.3 shares for each share granted. RSUs forfeited and returned to the pool of shares available for grant under the 2005 Equity Incentive Plan increase the pool by 2.3 shares for each share forfeited. (2) Stock options and RSUs canceled, expired, or forfeited under our 2005 Equity Incentive Plan are returned to the pool of shares available for grant. Under the 2005 Equity Incentive Plan, shares withheld for income taxes upon vesting of RSUs that were granted on or after July 21, 2016 are also returned to the pool of shares available for grant. Stock options and RSUs canceled, expired, or forfeited under older expired plans are not returned to the pool of shares available for grant.
Summary of restricted stock unit activity	A summary of RSU and restricted stock activity for the six months ended January 31, 2024 was as follows: (Shares in thousands) Number Weighted- Average Grant Date Fair Value Nonvested at July 31, 2023 11,894 $ 433.70 Granted 583 554.87 Vested (2,030) 414.77 Forfeited (665) 362.95 Nonvested at January 31, 2024 9,782 $ 449.66
Summary of stock option activity	A summary of stock option activity for the six months ended January 31, 2024 was as follows: Options Outstanding (Shares in thousands) Number Weighted- Average Exercise Price Per Share Balance at July 31, 2023 2,130 $ 360.17 Granted — — Exercised (460) 207.02 Canceled or expired (100) 466.02 Balance at January 31, 2024 1,570 $ 398.28 Exercisable at January 31, 2024 855 $ 335.53

Segment Information (Tables)

Segment Information (Tables)	6 Months Ended
	Jan. 31, 2024
Segment Reporting [Abstract]
Financial results by reportable segment	The following table shows our financial results by reportable segment for the periods indicated. Three Months Ended Six Months Ended (In millions) January 31, January 31, January 31, January 31, Net revenue: Small Business & Self-Employed $ 2,245 $ 1,897 $ 4,589 $ 3,885 Consumer 492 516 679 666 Credit Karma 375 375 780 800 ProTax 274 253 316 287 Total net revenue $ 3,386 $ 3,041 $ 6,364 $ 5,638 Operating income: Small Business & Self-Employed $ 1,323 $ 1,031 $ 2,815 $ 2,219 Consumer 134 220 201 271 Credit Karma 64 96 170 190 ProTax 247 227 261 236 Total segment operating income 1,768 1,574 3,447 2,916 Unallocated corporate items: Share-based compensation expense (475) (423) (970) (845) Other corporate expenses (768) (719) (1,487) (1,401) Amortization of acquired technology (36) (41) (74) (82) Amortization of other acquired intangible assets (120) (121) (240) (242) Total unallocated corporate items (1,399) (1,304) (2,771) (2,570) Total operating income $ 369 $ 270 $ 676 $ 346
Revenue classified by significant product and service offerings	Revenue classified by significant service and product offerings was as follows: Three Months Ended Six Months Ended (In millions) January 31, January 31, January 31, January 31, Net revenue: QuickBooks Online Accounting $ 826 $ 696 $ 1,624 $ 1,364 Online Services 862 695 1,682 1,376 Total Online Ecosystem 1,688 1,391 3,306 2,740 QuickBooks Desktop Accounting 256 215 632 527 Desktop Services and Supplies 301 291 651 618 Total Desktop Ecosystem 557 506 1,283 1,145 Small Business & Self-Employed 2,245 1,897 4,589 3,885 Consumer 492 516 679 666 Credit Karma 375 375 780 800 ProTax 274 253 316 287 Total net revenue $ 3,386 $ 3,041 $ 6,364 $ 5,638

Description of Business and S_4

Description of Business and Summary of Significant Accounting Policies - Basic and Diluted Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jan. 31, 2024	Jan. 31, 2023	Jan. 31, 2024	Jan. 31, 2023
Accounting Policies [Abstract]
Net income	$ 353	$ 168	$ 594	$ 208
Shares used in basic per share amounts:
Weighted-average common shares outstanding (in shares)	280	281	280	281
Shares used in diluted per share amounts:
Weighted-average common shares outstanding (in shares)	280	281	280	281
Dilutive common equivalent shares from stock options and restricted stock awards (in shares)	4	1	4	2
Dilutive weighted-average common shares outstanding (in shares)	284	282	284	283
Basic and diluted net income per share:
Basic net income per share (in dollars per share)	$ 1.26	$ 0.60	$ 2.12	$ 0.74
Diluted net income per share (in dollars per share)	$ 1.25	$ 0.60	$ 2.10	$ 0.73
Shares excluded from diluted net income per share:
Weighted-average stock options and restricted stock units that have been excluded from dilutive common equivalent shares outstanding due to their anti-dilutive effect (in shares)	0	7	1	3

Description of Business and S_5

Description of Business and Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jan. 31, 2024	Jan. 31, 2023	Jan. 31, 2024	Jan. 31, 2023	Jul. 31, 2023
Segment Reporting Information [Line Items]
Revenue recognized	$ 167	$ 158	$ 805	$ 693
Deferred revenue	3		$ 3		$ 5
Description of timing			12 months
Segment Reconciling Items
Segment Reporting Information [Line Items]
Other corporate expenses	$ 768	719	$ 1,487	1,401
Segment Reconciling Items | Reorganization of Certain Workplace and Real Estate Functions
Segment Reporting Information [Line Items]
Other corporate expenses		10		19
Segment Reconciling Items | Reorganization of Certain Technology Functions
Segment Reporting Information [Line Items]
Other corporate expenses		43		83
Segment Reconciling Items | Reorganization of Certain Technology Functions
Segment Reporting Information [Line Items]
Other corporate expenses		16		31
Small Business & Self-Employed | Operating Segments | Reorganization of Certain Workplace and Real Estate Functions
Segment Reporting Information [Line Items]
Other corporate expenses		10		19
Consumer | Operating Segments | Reorganization of Certain Technology Functions
Segment Reporting Information [Line Items]
Other corporate expenses		43		83
ProTax | Operating Segments | Reorganization of Certain Technology Functions
Segment Reporting Information [Line Items]
Other corporate expenses		$ 16		$ 31

Fair Value Measurements - Recur

Fair Value Measurements - Recurring Basis (Details) - USD ($) $ in Millions	Jan. 31, 2024	Jul. 31, 2023
Assets:
Cash equivalents, primarily money market funds and time deposits	$ 1,474	$ 2,848
Available-for-sale debt securities, fair value	173	1,014
Long-term debt	5,950	6,120
Senior unsecured notes
Assets:
Long-term debt	5,450	1,490
Fair value, measurements, recurring
Assets:
Cash equivalents, primarily money market funds and time deposits	46	1,888
Available-for-sale debt securities, fair value	173	1,014
Total assets measured at fair value on a recurring basis	219	2,902
Fair value, measurements, recurring | Senior unsecured notes
Assets:
Senior unsecured notes	5,509	1,309
Fair value, measurements, recurring | Level 1
Assets:
Cash equivalents, primarily money market funds and time deposits	46	1,888
Available-for-sale debt securities, fair value	0	0
Total assets measured at fair value on a recurring basis	46	1,888
Fair value, measurements, recurring | Level 1 | Senior unsecured notes
Assets:
Senior unsecured notes	0	0
Fair value, measurements, recurring | Level 2
Assets:
Cash equivalents, primarily money market funds and time deposits	0	0
Available-for-sale debt securities, fair value	173	1,014
Total assets measured at fair value on a recurring basis	173	1,014
Fair value, measurements, recurring | Level 2 | Senior unsecured notes
Assets:
Senior unsecured notes	5,509	1,309
Fair value, measurements, recurring | Corporate notes
Assets:
Available-for-sale debt securities, fair value	147	805
Fair value, measurements, recurring | Corporate notes | Level 1
Assets:
Available-for-sale debt securities, fair value	0	0
Fair value, measurements, recurring | Corporate notes | Level 2
Assets:
Available-for-sale debt securities, fair value	147	805
Fair value, measurements, recurring | U.S. agency securities
Assets:
Available-for-sale debt securities, fair value	26	209
Fair value, measurements, recurring | U.S. agency securities | Level 1
Assets:
Available-for-sale debt securities, fair value	0	0
Fair value, measurements, recurring | U.S. agency securities | Level 2
Assets:
Available-for-sale debt securities, fair value	$ 26	$ 209

Fair Value Measurements - Balan

Fair Value Measurements - Balance Sheet Classification (Details) - USD ($) $ in Millions	Jan. 31, 2024	Jul. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents:	$ 1,474	$ 2,848
Available-for-sale debt securities, fair value	173	1,014
Fair value, measurements, recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents:	46	1,888
Available-for-sale debt securities, fair value	173	1,014
Fair value, measurements, recurring | In cash and cash equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents:	46	1,888
Fair value, measurements, recurring | Available for sale debt securities in investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities, fair value	15	814
Fair value, measurements, recurring | Funds receivable and amounts held for customers
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities, fair value	158	200
Fair value, measurements, recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents:	46	1,888
Available-for-sale debt securities, fair value	0	0
Fair value, measurements, recurring | Level 1 | In cash and cash equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents:	46	1,888
Fair value, measurements, recurring | Level 1 | Available for sale debt securities in investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities, fair value	0	0
Fair value, measurements, recurring | Level 1 | Funds receivable and amounts held for customers
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities, fair value	0	0
Fair value, measurements, recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents:	0	0
Available-for-sale debt securities, fair value	173	1,014
Fair value, measurements, recurring | Level 2 | In cash and cash equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents:	0	0
Fair value, measurements, recurring | Level 2 | Available for sale debt securities in investments
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities, fair value	15	814
Fair value, measurements, recurring | Level 2 | Funds receivable and amounts held for customers
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale debt securities, fair value	$ 158	$ 200

Fair Value Measurements - Narra

Fair Value Measurements - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jan. 31, 2024	Jan. 31, 2023	Jan. 31, 2024	Jan. 31, 2023	Jul. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term investments	$ 128,000,000		$ 128,000,000		$ 105,000,000
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Upward adjustments to non-marketable equity securities	4,000,000	$ 4,000,000	4,000,000	$ 4,000,000
Cumulative upward adjustments to non-marketable equity securities	$ 75,000,000		$ 75,000,000

Cash and Cash Equivalents, In_3

Cash and Cash Equivalents, Investments, and Funds Receivable and Amounts Held for Customers - Classification on Balance Sheets (Details) - USD ($) $ in Millions	Jan. 31, 2024	Jul. 31, 2023	Jan. 31, 2023	Jul. 31, 2022
Amortized Cost
Cash and cash equivalents	$ 1,474	$ 2,848	$ 1,547
Investments	15	819
Funds receivable and amounts held for customers	3,391	424
Total cash and cash equivalents, investments, and funds receivable and amounts held for customers	4,880	4,091
Fair Value
Cash equivalents:	1,474	2,848
Investments	15	814
Total funds receivable and amounts held for customers	3,390	420	$ 376	$ 431
Total cash and cash equivalents, investments, and funds receivable and amounts held for customers	$ 4,879	$ 4,082

Cash and Cash Equivalents, In_4

Cash and Cash Equivalents, Investments, and Funds Receivable and Amounts Held for Customers - Type of Issue (Details) - USD ($)	Jan. 31, 2024	Jul. 31, 2023	Jan. 31, 2023	Jul. 31, 2022
Cash and Cash Equivalents Items [Line Items]
Funds receivable included on our condensed consolidated balance sheets in funds receivable and amounts held for customers not measured and recorded at fair value	$ 265,000,000	$ 216,000,000
Total cash, cash equivalents, restricted cash, and restricted cash equivalents at end of period	4,441,000,000	2,852,000,000	$ 1,549,000,000	$ 2,997,000,000
Available-for-sale securities:
Available-for-sale debt securities, amortized cost	174,000,000	1,023,000,000
Available-for-sale debt securities, fair value	173,000,000	1,014,000,000
Total cash, cash equivalents, restricted cash, restricted cash equivalents, and investments, amortized cost	4,615,000,000	3,875,000,000
Total cash, cash equivalents, restricted cash, restricted cash equivalents, and investments, fair value	4,614,000,000	3,866,000,000
Credit losses related to available-for-sale securities	0
Total cash, cash equivalents, restricted cash, and restricted cash equivalents
Cash and Cash Equivalents Items [Line Items]
Total cash, cash equivalents, restricted cash, and restricted cash equivalents at end of period	4,441,000,000	2,852,000,000
Cash, cash equivalents, restricted cash, and restricted cash equivalents, fair value	4,441,000,000	2,852,000,000
Corporate notes
Available-for-sale securities:
Available-for-sale debt securities, amortized cost	148,000,000	811,000,000
Available-for-sale debt securities, fair value	147,000,000	805,000,000
U.S. agency securities
Available-for-sale securities:
Available-for-sale debt securities, amortized cost	26,000,000	212,000,000
Available-for-sale debt securities, fair value	$ 26,000,000	$ 209,000,000

Cash and Cash Equivalents, In_5

Cash and Cash Equivalents, Investments, and Funds Receivable and Amounts Held for Customers - Classified by the Stated Maturity Date (Details) - USD ($) $ in Millions	Jan. 31, 2024	Jul. 31, 2023
Amortized Cost
Due within one year	$ 84	$ 735
Due within two years	68	147
Due within three years	22	141
Due after three years	0	0
Total available-for-sale debt securities	174	1,023
Fair Value
Due within one year	83	730
Due within two years	68	144
Due within three years	22	140
Due after three years	0	0
Total available-for-sale debt securities	$ 173	$ 1,014

Cash and Cash Equivalents, In_6

Cash and Cash Equivalents, Investments, and Funds Receivable and Amounts Held for Customers - Investments in Funds Held for Customers (Details) - USD ($) $ in Millions	Jan. 31, 2024	Jul. 31, 2023	Jan. 31, 2023	Jul. 31, 2022
Cash And Cash Equivalents, Investments, And Funds Receivable And Amounts Held For Customers [Abstract]
Restricted cash and restricted cash equivalents	$ 2,967	$ 4	$ 2	$ 201
Restricted available-for-sale debt securities and funds receivable	423	416	374	230
Total funds receivable and amounts held for customers	$ 3,390	$ 420	$ 376	$ 431

Notes Receivable and Allowanc_2

Notes Receivable and Allowances for Loan Losses (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended		6 Months Ended
	Aug. 31, 2023	Jan. 31, 2024	Jan. 31, 2023	Jan. 31, 2024	Jul. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Loans purchased from originating bank partner, principal balance		$ 748	$ 64
Commitment to purchase, amount originated before period end		$ 13		$ 13
Period past due considered delinquent		1 day		1 day
Minimum commitment to sell participation interest in unsecured term loans	$ 250
Notes receivable, remaining amount held for sale		$ 176		$ 176
Notes receivable held for sale		21		21	$ 0
Loans sold				74
Minimum
Accounts, Notes, Loans and Financing Receivable [Line Items]
Term of commitment	18 months
Small Business Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable, net		807		807	757
Refund Advance Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Commitment to purchase, amount originated before period end		70		70
Notes receivable, net		$ 329		$ 329	$ 5

Acquired Intangible Assets - In

Acquired Intangible Assets - Intangible Assets Acquired (Details) - USD ($) $ in Millions	Jan. 31, 2024	Jul. 31, 2023
Acquired Finite-Lived Intangible Assets [Line Items]
Cost	$ 8,534	$ 8,535
Accumulated amortization	(2,430)	(2,116)
Acquired intangible assets, net	$ 6,104	$ 6,419
Weighted-average life in years	13 years	13 years
Customer Lists / User Relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Cost	$ 6,197	$ 6,197
Accumulated amortization	(1,392)	(1,178)
Acquired intangible assets, net	$ 4,805	$ 5,019
Weighted-average life in years	14 years	14 years
Purchased Technology
Acquired Finite-Lived Intangible Assets [Line Items]
Cost	$ 1,616	$ 1,616
Accumulated amortization	(830)	(756)
Acquired intangible assets, net	$ 786	$ 860
Weighted-average life in years	9 years	8 years
Trade Names and Logos
Acquired Finite-Lived Intangible Assets [Line Items]
Cost	$ 680	$ 680
Accumulated amortization	(167)	(140)
Acquired intangible assets, net	$ 513	$ 540
Weighted-average life in years	13 years	13 years
Covenants Not to Compete or Sue
Acquired Finite-Lived Intangible Assets [Line Items]
Cost	$ 41	$ 42
Accumulated amortization	(41)	(42)
Acquired intangible assets, net	$ 0	$ 0
Weighted-average life in years	0 years	0 years

Acquired Intangible Assets - Fu

Acquired Intangible Assets - Future Amortization (Details) - USD ($) $ in Millions	Jan. 31, 2024	Jul. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
2024 (excluding the six months ended January 31, 2024)	$ 312
2025	623
2026	620
2027	594
2028	581
Thereafter	3,374
Acquired intangible assets, net	$ 6,104	$ 6,419

Debt - Schedule of Long-term De

Debt - Schedule of Long-term Debt (Details) - USD ($)	Jan. 31, 2024	Jul. 31, 2023
Debt Instrument [Line Items]
Total principal balance of debt	$ 6,000,000,000	$ 6,130,000,000
Unamortized discount and debt issuance costs	(50,000,000)	(10,000,000)
Net carrying value of debt	5,950,000,000	6,120,000,000
Short-term debt	0	0
Long-term debt	5,950,000,000	6,120,000,000
Line of Credit | Revolving Credit Facility | Subsidiary
Debt Instrument [Line Items]
Secured revolving credit facilities	500,000,000	430,000,000
0.950% notes due July 2025 | Senior Unsecured Notes
Debt Instrument [Line Items]
Total principal balance of debt	$ 500,000,000	500,000,000
Effective Interest Rate	1.127%
Stated interest rate (in percent)	0.95%
1.350% notes due July 2027 | Senior Unsecured Notes
Debt Instrument [Line Items]
Total principal balance of debt	$ 500,000,000	500,000,000
Effective Interest Rate	1.486%
Stated interest rate (in percent)	1.35%
1.650% notes due July 2030 | Senior Unsecured Notes
Debt Instrument [Line Items]
Total principal balance of debt	$ 500,000,000	500,000,000
Effective Interest Rate	1.767%
Stated interest rate (in percent)	1.65%
5.250% notes due September 2026 | Senior Unsecured Notes
Debt Instrument [Line Items]
Total principal balance of debt	$ 750,000,000	0
Effective Interest Rate	5.367%
Stated interest rate (in percent)	5.25%
5.125% notes due September 2028 | Senior Unsecured Notes
Debt Instrument [Line Items]
Total principal balance of debt	$ 750,000,000	0
Effective Interest Rate	5.221%
Stated interest rate (in percent)	5.125%
5.200% notes due September 2033 | Senior Unsecured Notes
Debt Instrument [Line Items]
Total principal balance of debt	$ 1,250,000,000	0
Effective Interest Rate	5.268%
Stated interest rate (in percent)	5.20%
5.500% notes due September 2053 | Senior Unsecured Notes
Debt Instrument [Line Items]
Total principal balance of debt	$ 1,250,000,000	0
Effective Interest Rate	5.565%
Stated interest rate (in percent)	5.50%
Term loan
Debt Instrument [Line Items]
Total principal balance of debt	$ 0	$ 4,200,000,000
Unsecured revolving credit facility | Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Secured revolving credit facilities	$ 0

Debt - Schedule of Maturities o

Debt - Schedule of Maturities of Long-Term Debt (Details) - USD ($) $ in Millions	Jan. 31, 2024	Jul. 31, 2023
Debt Disclosure [Abstract]
2024 (excluding the six months ended January 31, 2024)	$ 0
2025	500
2026	500
2027	1,250
2028	0
Thereafter	3,750
Total future principal payments for debt	$ 6,000	$ 6,130

Debt - Narrative (Details)

Debt - Narrative (Details)				1 Months Ended	3 Months Ended		6 Months Ended
	May 09, 2023 USD ($)	Oct. 12, 2022 USD ($)	Nov. 01, 2021 USD ($) extension	Jun. 30, 2020 USD ($)	Jan. 31, 2024 USD ($)	Jan. 31, 2023 USD ($)	Jan. 31, 2024 USD ($)	Jan. 31, 2023 USD ($)	Jul. 31, 2023 USD ($)
Debt Instrument [Line Items]
Restrictive covenant, ratio of total gross debt to EBIDTA			3.25
Restrictive covenant, ratio of annual interest expense to EBIDTA			3
Net carrying value of debt					$ 5,950,000,000		$ 5,950,000,000		$ 6,120,000,000
Unamortized debt issuance costs					50,000,000		50,000,000		10,000,000
Interest paid on revolving credit facility					57,000,000	$ 65,000,000	122,000,000	$ 114,000,000
Unsecured Debt
Debt Instrument [Line Items]
Aggregate principal amount			$ 5,700,000,000
Unsecured Debt | The Rocket Science Group LLC (Mailchimp)
Debt Instrument [Line Items]
Net carrying value of debt			4,700,000,000		0		0
Line of Credit | Revolving Credit Facility | Subsidiary
Debt Instrument [Line Items]
Secured revolving credit facilities					500,000,000		500,000,000		$ 430,000,000
Revolving Credit Facility Due 2026 | Revolving Credit Facility
Debt Instrument [Line Items]
Aggregate principal amount			1,000,000,000
Option to increase credit amount			$ 400,000,000
Unsecured Term Loan Due 2024 | Base Rate | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate			0%
Unsecured Term Loan Due 2024 | Base Rate | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate			0.125%
Unsecured Term Loan Due 2024 | SOFR | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate			0.625%
Unsecured Term Loan Due 2024 | SOFR | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate			1.125%
Unsecured Term Loan Due 2024 | Unsecured Debt
Debt Instrument [Line Items]
Aggregate principal amount			$ 4,700,000,000
Unsecured revolving credit facility | Unsecured Debt | Term loan
Debt Instrument [Line Items]
Interest paid							42,000,000	102,000,000
Unsecured revolving credit facility | Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Revolving credit facility, increase limit			$ 250,000,000
Unsecured revolving credit facility extension | extension			2
Secured revolving credit facilities					0		0
Unsecured revolving credit facility | Line of Credit | Revolving Credit Facility | Base Rate | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate			0%
Unsecured revolving credit facility | Line of Credit | Revolving Credit Facility | Base Rate | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate			0.10%
Unsecured revolving credit facility | Line of Credit | Revolving Credit Facility | SOFR | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate			0.69%
Unsecured revolving credit facility | Line of Credit | Revolving Credit Facility | SOFR | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate			1.10%
The Senior Unsecured Notes | Senior Unsecured Notes
Debt Instrument [Line Items]
Proceeds from issuance				$ 1,980,000,000
Unamortized discount				2,000,000
Debt issuance costs				$ 15,000,000
Interest paid							10,000,000	12,000,000
Redemption price (in percent)				101%
Net carrying value of debt					1,500,000,000		1,500,000,000
Secured Revolving Credit Facility, 2019 | Line of Credit | Revolving Credit Facility | Subsidiary
Debt Instrument [Line Items]
Interest paid							10,000,000	$ 6,000,000
Line of credit, current borrowing capacity	$ 300,000,000
Line of credit, maximum borrowing capacity	500,000,000
Secured revolving credit facilities					$ 275,000,000		$ 275,000,000
Line of credit, remaining borrowing capacity	$ 200,000,000
Interest rate at period end					6.94%		6.94%
Secured Revolving Credit Facility, 2019 | Line of Credit | Revolving Credit Facility | Subsidiary | Asset Pledged as Collateral
Debt Instrument [Line Items]
Secured amount					$ 981,000,000		$ 981,000,000
Secured Revolving Credit Facility, 2019 | Line of Credit | Revolving Credit Facility | Minimum | Subsidiary
Debt Instrument [Line Items]
Interest rate on unused portion of line of credit	0.25%
Secured Revolving Credit Facility, 2019 | Line of Credit | Revolving Credit Facility | Maximum | Subsidiary
Debt Instrument [Line Items]
Interest rate on unused portion of line of credit	0.75%
Secured Revolving Credit Facility, 2019 | Line of Credit | Revolving Credit Facility | SOFR | Subsidiary
Debt Instrument [Line Items]
Basis spread on variable rate	1.50%
Secured Revolving Credit Facility, 2022 | Line of Credit | Revolving Credit Facility | Subsidiary
Debt Instrument [Line Items]
Interest paid							5,000,000
Line of credit, current borrowing capacity		$ 225,000,000
Line of credit, maximum borrowing capacity		500,000,000
Secured revolving credit facilities					$ 225,000,000		$ 225,000,000
Line of credit, remaining borrowing capacity		$ 275,000,000
Interest rate at period end					6.62%		6.62%
Secured Revolving Credit Facility, 2022 | Line of Credit | Revolving Credit Facility | Subsidiary | Asset Pledged as Collateral
Debt Instrument [Line Items]
Secured amount					$ 620,000,000		$ 620,000,000
Secured Revolving Credit Facility, 2022 | Line of Credit | Revolving Credit Facility | Minimum | Subsidiary
Debt Instrument [Line Items]
Interest rate on unused portion of line of credit		0.20%
Secured Revolving Credit Facility, 2022 | Line of Credit | Revolving Credit Facility | Maximum | Subsidiary
Debt Instrument [Line Items]
Interest rate on unused portion of line of credit		0.40%
Secured Revolving Credit Facility, 2022 | Line of Credit | Revolving Credit Facility | SOFR | Subsidiary
Debt Instrument [Line Items]
Basis spread on variable rate		1.30%
The 2023 Senior Unsecured Notes | Senior Unsecured Notes
Debt Instrument [Line Items]
Proceeds from issuance				$ 3,960,000,000
Unamortized discount				20,000,000
Debt issuance costs				$ 24,000,000
Net carrying value of debt					$ 4,000,000,000		$ 4,000,000,000

Other Liabilities and Commitm_3

Other Liabilities and Commitments - Other Current Liabilities (Details) - USD ($) $ in Millions	Jan. 31, 2024	Jul. 31, 2023
Other Liabilities Disclosure [Abstract]
Executive deferred compensation plan liabilities	$ 185	$ 171
Reserve for returns, credits, and promotional discounts	101	32
Interest payable	84	12
Current portion of operating lease liabilities	81	89
Sales, property, and other taxes	57	45
Other	94	99
Total other current liabilities	$ 602	$ 448

Other Liabilities and Commitm_4

Other Liabilities and Commitments - Other Long-Term Obligations (Details) - USD ($) $ in Millions	Jan. 31, 2024	Jul. 31, 2023
Debt Disclosure [Abstract]
Income tax liabilities	$ 86	$ 76
Dividends payable	18	16
Deferred revenue	3	5
Other	31	20
Total other long-term obligations	$ 138	$ 117

Leases - Narrative (Details)

Leases - Narrative (Details)	6 Months Ended
	Jan. 31, 2024 claim option_to_extend
Lessee, Lease, Description [Line Items]
Number of options to extend | option_to_extend	1
Option to extend operating leases	10 years
Number of options to extend sublease | claim	1
Option to extend sublease	5 years
Maximum
Lessee, Lease, Description [Line Items]
Operating lease terms	18 years
Operating sublease terms	7 years

Leases - Lease Cost (Details)

Leases - Lease Cost (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jan. 31, 2024	Jan. 31, 2023	Jan. 31, 2024	Jan. 31, 2023
Leases [Abstract]
Operating lease cost	$ 26	$ 36	$ 52	$ 64
Variable lease cost	6	5	12	9
Sublease income	(3)	(3)	(6)	(6)
Total net lease cost	$ 29	$ 38	$ 58	$ 67

Leases - Supplemental Cash Flow

Leases - Supplemental Cash Flows (Details) - USD ($) $ in Millions	6 Months Ended
	Jan. 31, 2024	Jan. 31, 2023
Leases [Abstract]
Cash paid for amounts included in the measurement of operating lease liabilities	$ 42	$ 48
Right-of-use assets obtained in exchange for operating lease liabilities	$ 22	$ 17

Leases - Other Lease Informatio

Leases - Other Lease Information (Details)	Jan. 31, 2024	Jul. 31, 2023
Leases [Abstract]
Weighted-average remaining lease term for operating leases	7 years 10 months 24 days	7 years 10 months 24 days
Weighted-average discount rate for operating leases	3.20%	3%

Leases - Schedule of Future Pay

Leases - Schedule of Future Payments (Details) - USD ($) $ in Millions	Jan. 31, 2024	Jul. 31, 2023
Operating Lease Maturity
2024 (excluding the six months ended January 31, 2024)	$ 34
2025	100
2026	82
2027	72
2028	64
Thereafter	287
Total future minimum lease payments	639
Less imputed interest	(85)
Present value of lease liabilities	554	$ 569
Sublease Income Maturity
Remainder of fiscal year 2024	5
2025	6
2026	2
2027	1
2028	1
Thereafter	$ 2

Leases - Supplemental Balance S

Leases - Supplemental Balance Sheet (Details) - USD ($) $ in Millions	Jan. 31, 2024	Jul. 31, 2023
Leases [Abstract]
Operating lease right-of-use assets	$ 444	$ 469
Other current liabilities	81	89
Operating lease liabilities	473	480
Total operating lease liabilities	$ 554	$ 569
Operating lease, liability, current, statement of financial position	Other Liabilities, Current

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jan. 31, 2024	Jan. 31, 2023	Jan. 31, 2024	Jan. 31, 2023	Jul. 31, 2023
Income Tax Disclosure [Abstract]
Tax shortfalls (benefits) on share-based compensation	$ (56)	$ 9	$ (83)	$ 2
Effective tax rate	4%	26%		20%
Income before income taxes	$ 354	$ 228	$ 618	$ 260
Effective tax rate, excluding discrete tax benefits	24%	24%	24%	24%
Total amount of unrecognized tax benefits					$ 246
Favorable net impact to income tax expense due to recognition of tax benefits	$ 152		$ 152
Long-term liability for uncertain tax positions	61		61		$ 85
Income tax provision	$ 1	$ 60	$ 24	$ 52

Stockholders' Equity - Stock Re

Stockholders' Equity - Stock Repurchase Programs and Treasury Shares and Dividends on Common Stock (Details) - USD ($) $ / shares in Units, shares in Millions	1 Months Ended		3 Months Ended		6 Months Ended
	Feb. 22, 2024	Jan. 31, 2024	Jan. 31, 2024	Jan. 31, 2023	Jan. 31, 2024	Jan. 31, 2023	Aug. 22, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock repurchased (in shares)					2.1
Total stock repurchased, including amounts not included under repurchase plans		$ 12,000,000			$ 1,100,000,000
Stock repurchase program, remaining authorized repurchase amount		$ 2,700,000,000	$ 2,700,000,000		$ 2,700,000,000		$ 2,300,000,000
Common stock, dividends, per share, cash paid (in dollars per share)					$ 1.80
Quarterly cash dividends declared			$ (260,000,000)	$ (227,000,000)	$ (521,000,000)	$ (452,000,000)
Cash dividends declared per common share (in dollars per share)			$ 0.90	$ 0.78	$ 1.80	$ 1.56
Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Cash dividends declared per common share (in dollars per share)	$ 0.90

Stockholders' Equity - Share-Ba

Stockholders' Equity - Share-Based Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jan. 31, 2024	Jan. 31, 2023	Jan. 31, 2024	Jan. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation	$ 475	$ 423	$ 970	$ 845
Cost of revenue
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation	101	91	202	177
Selling and marketing
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation	125	108	248	214
Research and development
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation	162	132	323	268
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation	$ 87	$ 92	$ 197	$ 186

Stockholders' Equity - Share-_2

Stockholders' Equity - Share-Based Awards Available for Grant (Details) shares in Thousands	6 Months Ended
	Jan. 31, 2024 shares
Shares Available for Grant
Shares available for grant, beginning balance (in shares)	19,026
Additional shares authorized (in shares)	12,200
Restricted stock units granted (in shares)	(1,342)
Options granted, number of shares (in shares)	0
Share-based awards canceled/forfeited/expired (in shares)	3,393
Shares available for grant, ending balance (in shares)	33,277
Pool shares reduced for each share granted (in shares)	2.3
Pool shares increased for each share forfeited (in shares)	2.3

Stockholders' Equity - Restrict

Stockholders' Equity - Restricted Stock Unit and Restricted Stock Activity (Details) - Restricted Stock Units and Restricted Stock $ / shares in Units, shares in Thousands, $ in Billions	6 Months Ended
	Jan. 31, 2024 USD ($) $ / shares shares
Number of Shares
Nonvested at beginning of period (in shares) | shares	11,894
Granted (in shares) | shares	583
Vested (in shares) | shares	(2,030)
Forfeited (in shares) | shares	(665)
Nonvested at end of period (in shares) | shares	9,782
Weighted- Average Grant Date Fair Value
Nonvested, weighted average grant date fair value, at beginning of period (in dollars per shares) | $ / shares	$ 433.70
Granted, weighted average grant date fair value (in dollars per shares) | $ / shares	554.87
Vested, weighted average grant date fair value (in dollars per shares) | $ / shares	414.77
Forfeited, weighted average grant date fair value (in dollars per shares) | $ / shares	362.95
Nonvested, weighted average grant date fair value, at end of period (in dollars per shares) | $ / shares	$ 449.66
Unrecognized compensation cost related to non-vested RSUs | $	$ 3.9
Weighted average vesting period, in years	2 years 8 months 12 days

Stockholders' Equity - Stock Op

Stockholders' Equity - Stock Option Activity (Details) $ / shares in Units, shares in Thousands, $ in Millions	6 Months Ended
	Jan. 31, 2024 USD ($) $ / shares shares
Number of Shares
Options granted, number of shares (in shares)	0
Employee Stock Option
Number of Shares
Options outstanding, beginning balance (in shares)	2,130
Options granted, number of shares (in shares)	0
Options exercised, number of shares (in shares)	(460)
Options canceled or expired, number of shares (in shares)	(100)
Options outstanding, ending balance (in shares)	1,570
Exercisable (in shares)	855
Weighted- Average Exercise Price Per Share
Weighted average exercise price per share, beginning balance (in dollars per share) | $ / shares	$ 360.17
Options granted, weighted average exercise price per share (in dollars per share) | $ / shares	0
Options exercised, weighted average exercise price per share (in dollars per share) | $ / shares	207.02
Options canceled or expired, weighted average exercise price per share (in dollars per share) | $ / shares	466.02
Weighted average exercise price per share, ending balance (in dollars per share) | $ / shares	398.28
Exercisable, weighted average exercise price per share (in dollars per share) | $ / shares	$ 335.53
Unrecognized compensation cost related to non-vested share based compensation expense | $	$ 90
Expected weighted average vesting period to recognize compensation cost related to share based compensation expense, in years	2 years 9 months 18 days

Legal Proceedings (Details)

Legal Proceedings (Details) $ in Millions	3 Months Ended
	Jan. 31, 2023 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Litigation settlement	$ 141

Segment Information - Narrative

Segment Information - Narrative (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jan. 31, 2024 USD ($)	Jan. 31, 2023 USD ($)	Jan. 31, 2024 USD ($) segment	Jan. 31, 2023 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | segment			4
Total operating income	$ 369	$ 270	$ 676	$ 346
Operating Segments
Segment Reporting Information [Line Items]
Total operating income	1,768	1,574	3,447	2,916
Operating Segments | Small Business & Self-Employed
Segment Reporting Information [Line Items]
Total operating income	1,323	1,031	2,815	2,219
Operating Segments | Small Business & Self-Employed | Reorganization of Certain Workplace and Real Estate Functions
Segment Reporting Information [Line Items]
Other corporate expenses		10		19
Operating Segments | Consumer
Segment Reporting Information [Line Items]
Total operating income	134	220	201	271
Operating Segments | Consumer | Reorganization of Certain Technology Functions
Segment Reporting Information [Line Items]
Other corporate expenses		43		83
Operating Segments | ProTax
Segment Reporting Information [Line Items]
Total operating income	247	227	261	236
Operating Segments | ProTax | Reorganization of Certain Technology Functions
Segment Reporting Information [Line Items]
Other corporate expenses		16		31
Segment Reconciling Items
Segment Reporting Information [Line Items]
Other corporate expenses	$ 768	719	$ 1,487	1,401
Segment Reconciling Items | Reorganization of Certain Workplace and Real Estate Functions
Segment Reporting Information [Line Items]
Other corporate expenses		10		19
Segment Reconciling Items | Reorganization of Certain Technology Functions
Segment Reporting Information [Line Items]
Other corporate expenses		43		83
Segment Reconciling Items | Reorganization of Certain Technology Functions
Segment Reporting Information [Line Items]
Other corporate expenses		$ 16		$ 31
Non-US | Revenue Benchmark | Geographic Concentration Risk
Segment Reporting Information [Line Items]
International total net revenue as a percentage of total	9%	9%	10%	10%

Segment Information - Results b

Segment Information - Results by Reportable Segment (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jan. 31, 2024	Jan. 31, 2023	Jan. 31, 2024	Jan. 31, 2023
Financial results by reportable segment
Net revenue:	$ 3,386	$ 3,041	$ 6,364	$ 5,638
Total operating income	369	270	676	346
Unallocated corporate items:
Share-based compensation expense	(475)	(423)	(970)	(845)
Amortization of acquired technology	(36)	(41)	(74)	(82)
Amortization of other acquired intangible assets	(120)	(121)	(240)	(242)
Operating Segments
Financial results by reportable segment
Total operating income	1,768	1,574	3,447	2,916
Segment Reconciling Items
Unallocated corporate items:
Share-based compensation expense	(475)	(423)	(970)	(845)
Other corporate expenses	(768)	(719)	(1,487)	(1,401)
Amortization of acquired technology	(36)	(41)	(74)	(82)
Amortization of other acquired intangible assets	(120)	(121)	(240)	(242)
Total unallocated corporate items	(1,399)	(1,304)	(2,771)	(2,570)
Small Business & Self-Employed
Financial results by reportable segment
Net revenue:	2,245	1,897	4,589	3,885
Small Business & Self-Employed | Operating Segments
Financial results by reportable segment
Net revenue:	2,245	1,897	4,589	3,885
Total operating income	1,323	1,031	2,815	2,219
Consumer | Operating Segments
Financial results by reportable segment
Net revenue:	492	516	679	666
Total operating income	134	220	201	271
Credit Karma | Operating Segments
Financial results by reportable segment
Net revenue:	375	375	780	800
Total operating income	64	96	170	190
ProTax | Operating Segments
Financial results by reportable segment
Net revenue:	274	253	316	287
Total operating income	$ 247	$ 227	$ 261	$ 236

Segment Information - Disaggreg

Segment Information - Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jan. 31, 2024	Jan. 31, 2023	Jan. 31, 2024	Jan. 31, 2023
Revenue from External Customer [Line Items]
Net revenue:	$ 3,386	$ 3,041	$ 6,364	$ 5,638
Small Business & Self-Employed
Revenue from External Customer [Line Items]
Net revenue:	2,245	1,897	4,589	3,885
Online Ecosystem Subsegment | Small Business & Self-Employed
Revenue from External Customer [Line Items]
Net revenue:	1,688	1,391	3,306	2,740
Online Ecosystem Subsegment | Small Business & Self-Employed | QuickBooks
Revenue from External Customer [Line Items]
Net revenue:	826	696	1,624	1,364
Online Ecosystem Subsegment | Small Business & Self-Employed | Online Services
Revenue from External Customer [Line Items]
Net revenue:	862	695	1,682	1,376
Desktop Ecosystem Subsegment | Small Business & Self-Employed
Revenue from External Customer [Line Items]
Net revenue:	557	506	1,283	1,145
Desktop Ecosystem Subsegment | Small Business & Self-Employed | QuickBooks
Revenue from External Customer [Line Items]
Net revenue:	256	215	632	527
Desktop Ecosystem Subsegment | Small Business & Self-Employed | Desktop Services and Supplies
Revenue from External Customer [Line Items]
Net revenue:	$ 301	$ 291	$ 651	$ 618

Subsequent Event (Details)

Subsequent Event (Details) $ in Millions	Feb. 05, 2024 USD ($)	Nov. 01, 2021
Business Acquisition [Line Items]
Restrictive covenant, ratio of total gross debt to EBIDTA		3.25
Subsequent Event | Line of Credit | 2024 Credit Facility | Revolving Credit Facility
Business Acquisition [Line Items]
Line of credit, maximum borrowing capacity	$ 1,500
Option to increase credit amount	$ 1,000
Term of option to extend credit agreement	1 year
Restrictive covenant, ratio of total gross debt to EBIDTA	4
Subsequent Event | Line of Credit | 2024 Credit Facility | Letter of Credit
Business Acquisition [Line Items]
Line of credit, maximum borrowing capacity	$ 250
Subsequent Event | Line of Credit | 2024 Credit Facility | Swingline Loans
Business Acquisition [Line Items]
Line of credit, maximum borrowing capacity	$ 500