On this page of StockholderLetter.com we present the latest annual shareholder letter from INTUIT INC. — ticker symbol INTU. Reading current and past INTU letters to shareholders can bring important insights into the investment thesis.

 •  11/26/2025 Letter Continued (Full PDF)
 •  11/22/2023 INTU Stockholder Letter
 •  11/27/2024 INTU Stockholder Letter
 •  More "Business Services & Equipment" Category Stockholder Letters
 •  INTU Benford's Law Stock Score = 75

INTU Shareholder/Stockholder Letter Transcript:

II


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InTu
InTuIT
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2026
2026
Notice
Annual Meeting
Meeting
Notice of
of Annual
of
of Stockholders
Stockholders and
and
Proxy Statement
Statement
Thursday, January
Thursday,
January 22,
22, 2026
2026
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MISSION
MISSION
turbotax
turbotax
inTuIT
IT
inTu
Ocreditkarma
Ocreditkarma
Oquickbooks
Oquickbooks
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mailchimp
Powering
Powering Prosperity
Prosperity Around
Around the
the World
World
VALUES
VALUES
Integrity
Integrity Without
Without
Compromise
Compromise
BOLD
BOLD
2030
2030
GOALS
GOALS
Prosperity
Prosperity
TRUE
TRUE
NORTH
NORTH
GOALS
GOALS
Employees
Employees
Courage
Courage
Best-in-class Most
Most Trusted
Trusted Company
Company
Best-in-class
Customers
Customers
Delight customers
customers by
by solving
solving the
the
Delight
problems that
that matter
matter most
most
problems
Communities
Communities
We Care
Care and
and
We
Give Back
Back
Give
Growth
Growth
Accelerating revenue
revenue growth
growth to
to 20%
20%
Accelerating
Make aa difference
difference in
in the
the
Make
communities we
we serve
serve
communities
Shareholders
Shareholders
Drive long-term
long-term growth,
growth,
Drive
increasing shareholder
shareholder value
value
increasing
Al-Driven Expert
Expert Platform
Platform
Al-Driven
STRATEGY
STRATEGY
BIG
BIG BETS
BETS
Stronger
Stronger
Together
Together
Reputation
Reputation
Double household
household savings
savings rate
rate and
and
Double
improve business
business success
success rate
rate
improve
>20 points
points versus
versus industry
industry
>20
Empower
the world's
world's top
top
Empower the
talent to
to do
do the
the best
best work
work
talent
of their
their lives
lives
of
Customer
Customer
Obsession
Obsession
More Money.
Money. No
No Work.
Work. Complete
Complete Confidence.
Confidence.
More
Deliver
done-for-you experiences
Deliver done-for-you
experiences
Accelerate
Accelerate money
money benefits
benefits
Fuel
Fuel success
success for
for mid-market
mid-market
businesses
businesses

Notice
Notice of
of 2026
2026 Annual
Annual Meeting
of
of Stockholders
Stockholders
Agenda and
Board Recommendations
Recommendations
Agenda
and Board
1
2
2
2
3
3
4
4
4
Election of
of 11
11 directors
directors
Election
DATE
DATE AND
AND TIME
TIME
FOR
FOR
Thursday, January
January 22,
22, 2026
2026
Thursday,
8:00 a.m.
a.m. Pacific
Pacific Standard
Standard Time
Time
8:00
(al
(al
nominees)
(allll nominees)
    Page
Page 24
24
Intuit   s executive
Advisory
vote to
to approve
approve Intuit's
executive
Advisory vote
Intuit's
compensation
(say-on-pay)
compensation (say-on-pay)
FOR
FOR
    Page
Page 36
36
Ratification
Young LLP
Ratification of
of selection
selection of
of Ernst
Ernst &
& Young
LLP
as
Intuit   s independent
Intuit's
as Intuit's
independent registered
registered public
public
accounting
accounting firm
firm
FOR
FOR
    Page
76
Page 76
Consider
Consider and
and vote
vote upon
upon a
a stockholder
stockholder proposal,
proposal, if
if
properly
properly presented
presented at
at the
the Meeting
Meeting
AGAINST
AGAINST
X
X Page
Page 79
79
We
We also
also will
will consider
consider any
any other
other matters
matters that
that may
may properly
properly be
be brought
brought before
before the
the 2026
2026
Stockholders ("Meeting")
(   Meeting   ) (and
Annual
Annual Meeting
Meeting of
of Stockholders
("Meeting")
(and any
any postponements
postponements or
or adjournments
adjournments of
of
the
the Meeting).
Meeting). As
As of
of the
the date
date of
of this
this proxy
proxy statement,
statement, we
we have
have not
not received
received notice
notice of
of any
any
such matters.
matters.
such
Annual
Annual Meeting
of Stockholders
Meeting of
Stockholders
Thursday,
2026
Thursday, January
January 22,
22, 2026
8:00
8:00 a.m.
a.m. Pacific
Pacific Standard
Standard Time
Time
We
you to
attend the
Meeting of
of Intuit
The Meeting
Meeting will
will be
be conducted
conducted virtually
virtually via
via
We invite
invite you
to attend
the Meeting
Intuit Inc.
Inc. The
live
live audio
audio webcast.
webcast. There
There will
wi
not be
be a
a physical
physical location
location for
our Meeting.
Meeting. To
To attend,
attend, vote
vote or
or
wi llll not
for our
submit questions,
questions, stockholders
stockholders of
of record
record should
should go
go to
www.virtualshareholdermeeting.com/
to www.virtualshareholdermeeting.com/
submit
INTU2026
and log
log in
using the
control number
number on
on their
Notice of
of Internet
or
INTU2026 and
in using
the control
their Notice
Internet Availability
Availability or
proxy card.
card. Beneficial
Beneficial owners
owners of
of shares
shares held
held by
by a
a broker,
broker, bank
bank or
or other
other nominee
nominee
proxy
("street-name
holders")
should review
review these
proxy materials
materials and
and their
Notice of
of Internet
("street-name
holders") should
these proxy
their Notice
Internet
(   street-name holders   )
Availability
or voting
voting instruction
how to
to vote
vote in
advance of
of and
and participate
participate in
Availability or
instruction form
form for
for how
in advance
in the
the
Meeting. We
encourage you
you to
Meeting 15
15 minutes
minutes before
before the
start time.
We encourage
to join
join the
the Meeting
the start
time.
Meeting.
A
recording of
of the
webcast will
wi
be available
available on
on our
our investor
investor relations
relations website
website for
at least
least 60
60
A recording
the webcast
wi llll be
for at
days
days following
Meeting.
following the
the Meeting.
Stockholders
Stockholders at
at the
close of
of business
business on
on November
November 24,
24, 2025,
2025, are
are entitled
entitled to
receive notice
notice
the close
to receive
of, and
and to
vote at,
at, the
Meeting and
and any
any and
and all
all adjournments,
adjournments, continuations
continuations or
or
to vote
the Meeting
of,
postponements thereof.
we experience
experience a
a technical
malfunction or
or other
other situation
situation that
thereof. If
If we
technical malfunction
that the
the
postponements
Meeting
Meeting chair
chair determines
determines may
may affect
affect our
our ability
ability to
satisfy the
requirements for
a virtual
virtual
to satisfy
the requirements
for a
meeting of
of stockholders
stockholders under
under the
Delaware General
General Corporation
Law, or
or that
otherwise
the Delaware
Corporation Law,
that otherwise
meeting
makes
makes it
advisable to
adjourn the
Meeting, the
Chair of
of the
Meeting will
wi
convene the
it advisable
to adjourn
the Meeting,
the Chair
the Meeting
wi llll convene
the
Meeting
Meeting at
at 9:00
9:00 a.m.
a.m. Pacific
Pacific Standard
Standard Time
on January
January 22,
22, 2026,
2026, and
and at
at our
our principal
principal
Time on
executive offices,
offices, solely
solely for
purpose of
of adjourning
adjourning the
Meeting to
reconvene at
at a
a date,
date,
for the
the purpose
the Meeting
to reconvene
executive
time
and physical
physical or
or virtual
virtual location
location to
be announced.
announced. If
we adjourn
adjourn the
Meeting, we
we will
wi
post
time and
to be
If we
the Meeting,
wi llll post
information
regarding the
rescheduled Meeting
Meeting on
on the
relations section
section of
of our
our
information regarding
the rescheduled
the investor
investor relations
website at
at investors.intuit.com.
investors.intuit.com.
website
Your
vote as
as promptly
promptly as
as possible.
possible.
Your vote
vote is
is important.
important. Please
Please vote
Important
the Availability
of Proxy
for the
the Annual
Important Notice
Notice Regarding
Regarding the
Availability of
Proxy Materials
Materials for
Annual Meeting
Meeting
of
the proxy
proxy statement
Intuit   s
of Stockholders
Stockholders to
to Be
Be Held
Held on
on January
January 22,
22, 2026:
2026: Both
Both the
statement and
and Intuit's
Intuit's
Annual
on Form
for the
the fiscal
ended July
2025, are
Annual Report
Report on
Form 10-K
10-K for
fiscal year
year ended
July 31,
31, 2025,
are available
available
electronically
electronically at
at https://investors.intuit.com/sec-filings
https://investors.intuit.com/sec-filings and
and www.proxyvote.com.
www.proxyvote.com.
This
of Annual
the Internet
the
This Notice
Notice of
Annual Meeting,
Meeting, the
Internet Availability
Availability of
of Proxy
Proxy Materials
Materials and
and the
Proxy
of Intuit
being distributed
distributed or
Proxy Statement
Statement and
and Annual
Annual Report
Report on
on Form
Form 10-K
10-K of
Intuit are
are being
or
made
available, as
as the
the case
be, on
26, 2025.
made available,
case may
may be,
on or
or about
about November
November 26,
2025.
By order
order of
of the
Board of
of Directors,
Directors,
By
the Board
Kerry
Kerry J.
J. McLean
McLean
Executive Vice
General Counsel
Counsel and
and Corporate
Corporate Secretary
Secretary
Vice President,
President, General
Executive
Mountain
Mountain View,
California
View, California
November 26,
26, 2025
2025
November
LOCATION
LOCATION
Live
Live audio
audio webcast
webcast
www.virtualshareholdermeeting.com/
www.virtualshareholdermeeting.com/
INTU2026
INTU2026
0000
0000
0000
0000
RECORD DATE
DATE
RECORD
November
November 24,
24, 2025
2025
How
How to
to Vote
Vote
Online
the Meeting:
Meeting virtually
virtually
Online at
at the
Meeting: Attend
Attend the
the Meeting
at
at www.virtualshareholdermeeting.com/INTU2026
www.virtualshareholdermeeting.com/INTU2026
and follow
instructions on
on the
website
follow the
the instructions
the website
and
Online
the Meeting:
Online Before
Before the
Meeting: Visit
Visit
www.proxyvote.com
www.proxyvote.com
ENE
ENE
C
C;;
D
D
Mail:
Sign, date,
date, and
and return
return your
your proxy
proxy card
card in
Mail: Sign,
in the
the
enclosed envelope
envelope
enclosed
Telephone:
Call the
number on
on your
your
Telephone: Call
the telephone
telephone number
proxy
proxy card
card
Note
for Street-Name
you hold
hold your
your
Note for
Street-Name Holders:
Holders: If
If you
shares through
a broker,
broker, bank
bank or
or other
other nominee,
nominee,
through a
shares
you
you must
must instruct
your nominee
nominee how
how to
vote the
instruct your
to vote
the
shares
shares held
held in
in your
your account.
account. The
The nominee
nominee will
wi
give
wi llll give
you a
a Notice
Notice of
of Internet
or voting
voting
Internet Availability
Availability or
you
instruction
you do
do not
not provide
provide voting
voting
instruction form.
form. If
If you
instructions,
your nominee
nominee will
wi
not be
be permitted
permitted to
instructions, your
wi llll not
to
vote on
on certain
certain proposals
proposals and
and may
may elect
elect not
not to
vote
to vote
vote
on
on any
any of
of the
proposals. Voting
shares will
wi
the proposals.
Voting your
your shares
wi llll
help to
ensure that
your interests
interests are
are represented
represented
to ensure
that your
help
at
at the
Meeting.
the Meeting.

A Letter
A
Letter to
to Our
Our Stockholders
Stockholders
November
November 26,
26, 2025
2025
Dear fellow
fellow Intuit
Dear
Intuit stockholders:
stockholders:
We believe
Al
We
believe that
that Al
will disrupt
disrupt every
every industry
industry and
and how
how people
people live
live and
and work.
work.
AI will
Its
Its accelerating
accelerating pace
pace has
has created
created a
a massive
massive opportunity
opportunity for
for Intuit
Intuit to
to
transform
transform our
our customers'
customers' financial
financial lives.
lives. We're
We're leading
leading this
this disruption
disruption by
by
combining
AI, and
combining data,
data, Al,
Al,
and human
human intelligence
intelligence to
to power
power prosperity
prosperity for
for
consumers, businesses,
businesses, and
and accountants
accountants around
around the
the world.
world.
consumers,
AI acting
With
With Al
Al
acting as
as a
a force
force multiplier,
multiplier, Intuit
Intuit now
now operates
operates at
at an
an entirely
entirely new
new
speed.
AI, and
speed. Our
Our investments
investments in
in data,
data, data
data services,
services, Al,
Al,
and human
human expertise
expertise are
are
enabling
enabling Intuit
Intuit to
to become
become the
the system
system of
of intelligence
intelligence that
that learns
learns from
from our
our
customers to
to deliver
deliver personalized
personalized experiences
experiences that
that anticipate
anticipate what
what they
they
customers
need and
and get
get things
things done
done for
for them.
them. These
These done-for-you
done-for-you experiences
experiences
need
automate
automate everyday
everyday tasks,
tasks, manage
manage complex
complex tax,
tax, financial,
financial, and
and business
business
workflows,
workflows, and
and drive
drive smarter
smarter money
money decisions.
decisions. With
customers no
no
With Intuit,
Intuit, customers
longer have
have to
to leave
leave our
our platform   they
platform   they have
have everything
everything they
they need
need to
to help
help
longer
them prosper,
prosper, all
all in
in one
one place.
place.
them
AI-driven expert
We
declared our
our strategy
strategy to
to be
be an
an Al-driven
expert platform
platform in
in 2019
2019 and
and it
it
We declared
Al-driven
profoundly
profoundly changed
changed our
our growth
growth potential.
potential. That
That strategy
strategy is
is working
working and
has
and has
laid the
the groundwork
groundwork for
for our
our strong
strong performance
performance in
in fiscal
fiscal 2025,
2025, when
when we
we
laid
grew full-year
full-year revenue
revenue by
by 16%.
16%. Today,
Today, we
we are
are proud
proud to
to be
be over
over four
four times
times
grew
the
the size
size we
we were
were 10
years ago,
ago, with
with nearly
nearly $19
$19 billion
billion in
in revenue
revenue and
and
10 years
growing
growing double
double digits,
digits, a
a 26%
26% GAAP
GAAP operating
operating margin,
margin, and
and a
a 40%
40% nonnon(1)
GAAP operating
operating margin.
margin.(1)
margin.(1)
GAAP
In
fiscal 2025,
2025, we
we took
took our
our greatest
greatest leap
leap forward
forward in
in two
two decades
decades to
to deliver
deliver
In fiscal
impactful
impactful innovations
innovations to
to our
our customers.
customers. We
launched a
a transformative,
transformative, allallWe launched
in-one business
business platform
platform with
with a
a virtual
virtual team
team of
of Al
agents and
and Al-enabled
Al
Al-enabled
in-one
AI agents
AI-enabled
human experts
experts that
that can
can manage
manage lead
lead to
to cash
cash for
for customers.
customers. We
expanded
We expanded
human
our market
market opportunity
opportunity by
by accelerating
accelerating our
our innovation
innovation in
in the
the mid-market
mid-market
our
with
with the
the introduction
introduction of
of Intuit
Intuit Enterprise
Enterprise Suite
Suite and
and new
new go-to-market
go-to-market
capabilities.
capabilities. And
And we
we delivered
delivered breakthrough
breakthrough adoption
adoption of
of TurboTax
TurboTax Live
Live to
to
disrupt the
the assisted
assisted tax
tax category
category and
and create
create a
a consumer
consumer platform
platform that
that helps
helps
disrupt
people manage
manage their
their entire
entire financial
financial lives
lives year-round,
year-round, from
from credit
credit building
building
people
to
to wealth
wealth building.
building.
AI has
Al
Al
has also
also transformed
transformed how
how we
we work
work at
at Intuit.
Intuit. Across
Across every
every team
team from
from
we're using
Al
engineering to
to marketing
marketing to
to sales,
sales, we   re
we're
using Al
to operate
operate more
more efficiently
efficiently
engineering
AI to
Developers alone
and increase
increase productivity.
productivity. Developers
alone are
are coding
coding on
on average
average 40%
40%
and
faster
AI than
Al
just a
faster with
with Al
than just
a year
year ago.
ago. This
This velocity
velocity is
is fueling
fueling the
the innovation
innovation and
and
benefits
benefits we're
we're delivering
delivering to
to customers
customers while
while simultaneously
simultaneously driving
driving strong
strong
margin expansion
expansion across
across our
our platform.
platform.
margin
Looking
we're narrowing
ramping up
Looking ahead,
ahead, we   re
we're
narrowing our
our focus
focus and
and ramping
up investments
investments in
in
the
company's largest
the company   s
company's
largest growth
growth opportunities   delivering
opportunities   delivering done-for-you
done-for-you
experiences,
experiences, accelerating
accelerating money
money benefits,
benefits, and
and fueling
fueling success
success for
for midmidWe believe
market businesses.
businesses. We
believe these
these opportunities
opportunities will
will significantly
significantly
market
accelerate innovation
innovation for
for our
our customers
customers and
and drive
drive durable
durable growth
growth for
for
accelerate
the
the company.
company.
Every day,
day, our
our more
more than
than 18,000
18,000 global
global employees
employees bring
bring a
a relentless
relentless focus
focus
Every
on execution
execution and
and a
a passion
passion for
for solving
solving the
the problems
problems that
that matter
matter most
most to
to our
our
on
customers.
customers. With
With a
a massive
massive runway
runway ahead,
ahead, there   s
there's
there's no
no limit
limit to
to how
how far
far we   ll
we'll
we'll go.
go.
Sasan K.
K. Goodarzi
Goodarzi
Sasan
President and
President
and Chief
Chief Executive
Executive Officer
Officer
Intuit
Intuit Inc.
Inc.
(1)
(1)
(1)
See
See Appendix
Appendix A
A to
to this
this proxy
proxy statement
statement for
for information
information regarding
regarding non-GAAP
non-GAAP financial
financial measures,
measures, including
including aa reconciliation
reconciliation of
of non-GAAP
non-GAAP financial
financial measures
measures to
to
the
the most
most directly
directly comparable
comparable GAAP
GAAP financial
financial measures.
measures.

Table of
Table
of Contents
Contents
1
1
1
CEO
CEO Pay
Pay Ratio
Ratio
71
71
Corporate Governance
Governance
Corporate
9
9
Pay
Pay Versus
Versus Performance
Performance
72
72
Corporate
Practices
Corporate Governance
Governance Practices
9
9
Proxy
Proxy Summary
Summary
Proposal
Proposal 3
3
Responsibilities and
Board Responsibilities
and Structure
Structure
Board
10
10
Board Composition
Composition
Board
15
15
Board
Board Committees
Committees and
and Charters
Charters
16
16
Annual Board
Evaluation
Annual
Board Evaluation
19
19
Tenure
Tenure and
and Rotation
Rotation
76
76
Transactions
Related Persons
Transactions with
with Related
Persons
20
20
Independence
Independence and
and Performance
Performance
76
76
Insider Trading
Insider
Trading Policy
Policy
20
20
Accountability
Accountability to
to Stockholders
Stockholders
77
77
Engagement
Stockholder Engagement
Stockholder
20
20
Policy
Policy on
on Pre-Approval
Pre-Approval of
of Services
Services
77
77
Corporate
Responsibility Highlights
Highlights
Corporate Responsibility
23
23
1
Proposal 1
1
Proposal
Ratification
Ratification of
of Selection
Selection of
of Independent
Independent Registered
Registered
Public
Public Accounting
Accounting Firm
Firm
76
76
Fees
Fees Paid
Paid to
to Ernst
Ernst &
& Young
Young
77
77
Audit
Risk Committee
Audit and
and Risk
Committee Report
Report
78
78
Proposal 4
Proposal
4
Election of
of Directors
Directors
Election
24
24
Director Nominees
Our Director
Nominees
Our
24
24
Director
Director Compensation
Compensation
31
31
Annual
Annual Retainer
Retainer and
and Equity
Equity Compensation
Compensation Program
Program for
for
Non-Employee
Non-Employee Directors
Directors
31
31
Director
Director Compensation
Compensation Policies
Policies and
and Plans
Plans
32
32
Security Ownership
Security
Ownership Table
Table
81
81
33
33
Information About
About the
Voting, and
and Proxies
Proxies
Information
the Meeting,
Meeting, Voting,
83
83
Director
Director Summary
Summary Compensation
Compensation Table
Table
36
36
Compensation
Compensation Discussion
Discussion and
and Analysis
Analysis
37
37
Executive
Executive Summary
Summary
37
37
Compensation
Compensation Philosophy
Philosophy and
and Objectives
Objectives
41
41
Components of
of Compensation
Compensation
Components
42
42
Fiscal
Fiscal 2025
2025 Compensation
Compensation Actions
Actions
48
48
Other Benefits
Benefits
Other
53
53
Role
Role of
of Compensation
Compensation Consultants,
Consultants, Executive
Executive Officers,
Officers,
and
and the
the Board
Board in
in Compensation
Compensation Decisions
Decisions
54
54
Fiscal
Fiscal 2025
2025 Compensation
Compensation Peer
Peer Group
Group
54
54
Our
Our Compensation
Compensation Policies
Policies and
and Practices
Practices
55
55
Compensation
Compensation and
and Organizational
Organizational Development
Development
Committee
Committee Report
Report
58
58
Executive
Executive Compensation
Compensation Tables
Tables
59
59
Fiscal
Fiscal Year
Year 2025
2025 Summary
Summary Compensation
Compensation Table
Table
59
59
Grants
Grants of
of Plan-Based
Plan-Based Awards
Awards During
During Fiscal
Fiscal Year
Year 2025
2025
61
61
Outstanding Equity
Equity Awards
Awards at
at Fiscal
Fiscal 2025
2025 Year-End
Year-End
Outstanding
63
63
Option
Option Exercises
Exercises and
and Stock
Stock Vested
Vested During
During Fiscal
Fiscal
Year
Year 2025
2025
66
66
Non-Qualified Deferred
Deferred Compensation
Compensation for
for Fiscal
Fiscal
Non-Qualified
Year
Year 2025
2025
67
67
Potential
Potential Payments
Payments Upon
Upon Termination
Termination of
of Employment
Employment
or
or Change
Change in
in Control
Control
67
67
Equity
Equity Compensation
Compensation Plan
Plan Information
Information
71
71
79
79
Board Statement
Statement in
in Opposition
Opposition to
Board
to
Stockholder Proposal
Proposal
Stockholder
80
80
Stock Ownership
Ownership Information
Information
Stock
81
81
Appendix A
A -- Non-GAAP
Non-GAAP Financial
Financial Measures
Appendix
Measures
Proposal
Proposal 2
2
Advisory
Advisory Vote
Vote to
to Approve
Approve Executive
Executive Compensation
Compensation
Stockholder
Stockholder Proposal
Proposal
A-1
A-1
All
All statements
statements made
made in
in this
this document,
document, other
other than
than statements
statements of
of
historical
historical or
or current
current facts,
facts, are
are forward-looking
forward-looking statements
statements within
within
meaning of
Private Securities
Reform Act
Act of
the meaning
of the
the Private
Securities Litigation
Litigation Reform
of
the
1995.
1995. Forward-looking
Forward-looking statements
statements in
in this
this document
document address
address our
our
aspirations,
aspirations, plans,
plans, and
and goals,
goals, including
including those
those relating
relating to
to our
our
and progress
job
strategies, plans,
plans, and
progress regarding
regarding our
our climate,
climate, job
strategies,
job readiness
creation, and
and job
readiness initiatives,
initiatives, as
as well
well as
as expectations
expectations
creation,
regarding
regarding innovation
innovation across
across our
our ecosystem
ecosystem and
and changes
changes to
to our
our
and services
products, including
including products
products and
services incorporating
incorporating artificial
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products,
intelligence. The
The fact
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that we
we included
included such
such information
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does not
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indicate
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these contents
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are necessarily
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or
or required
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to be
be disclosed
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in our
our filings
filings with
with the
the Securities
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and
Exchange
We use
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Exchange Commission.
Commission. We
use words
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such as
as "anticipates,"
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"believes,"
"expects,"
"future,"
"potential,"
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"design,"
   believes,    "expects,"
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   design,   
"believes,"
   will,    "may,"
   may,    "can,"
   can,    "should,"
   should,    "plan,"
   plan,    and
"will,"
"may,"
"can,"
"should,"
"plan,"
"will,"
and similar
similar expressions
expressions to
to
Forward-looking
identify forward-looking
forward-looking statements.
statements. Forward-looking
identify
management's current
statements are
are based
based on
on management   s
management's
current expectations
expectations
statements
and
In
and assumptions
assumptions that
that are
are subject
subject to
to change
change in
in the
the future.
future. In
addition,
addition, forward-looking
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may
measuring progress
be based
based on
on standards
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for measuring
progress that
that are
are still
still
be
developing
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and internal
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controls and
and processes
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that continue
continue to
to
evolve.
Actual results
evolve. Actual
results could
could differ
differ materially
materially for
for a
a variety
variety of
of
Risks and
reasons. Risks
and uncertainties
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that could
could cause
cause our
our actual
actual
reasons.
management's
results to
to differ
differ significantly
significantly from
from management's
expectations
results
management   s expectations
are
Annual Report
Report on
Form 10-K
are described
described in
in our
our Annual
on Form
10-K for
for the
the fiscal
fiscal
year
July 31,
Except as
year ended
ended July
31, 2025.
2025. Except
as may
may be
be required
required by
by law,
law, we
we
undertake
no obligation
obligation to
to update
update any
any forward-looking
forward-looking
undertake no
statements,
statements, whether
whether because
because of
of new
new information,
information, future
future events,
events,
or
or otherwise.
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 11/26/2025 Letter Continued (Full PDF)