On January 9, 2026, Intuit Inc. (the Company), entered into a Credit Agreement (the Credit Agreement) with the lenders parties thereto (collectively, the Lenders), JPMorgan Chase Bank, N.A., as administrative agent (Agent). The Credit Agreement replaces the Company?s credit agreement dated as of February 5, 2024. The Credit Agreement is available in addition to the Company?s commercial paper program, which the Company may increase during certain periods to support seasonal working capital needs.
The Credit Agreement provides for a $2.2 billion unsecured revolving credit facility (the Facility) that expires on January 9, 2031. The proceeds of the Facility may be used for working capital and other general corporate purposes of the Company and its subsidiaries. The Company may, subject to certain customary conditions, on one or more occasions increase commitments under the Facility in an amount not to exceed $4 billion (collectively, the Incremental Facility) and may extend the maturity date of the Facility no more than one time in any twelve consecutive month period, provided the maturity date may not be extended by more than five years after the applicable extension date.
Each Lender will have discretion to determine whether it will participate in the Incremental Facility or in any such extension of the Facility maturity date. The Company expects that it will seek to utilize the Incremental Facility in part or in whole for some portion of its 2026 fiscal year in connection with its early refund processing or other products. Borrowings under the Facility will accrue interest at rates equal, at the Company?s election, to (i) in the case of U.S. dollar borrowings, either (x) the alternate base rate plus a margin that ranges from 0.000% to 0.125% or (y) the term Secured Overnight Finance Rate plus a margin that ranges from 0.700% to 1.125% and (ii) in the case of foreign currency borrowings, the interest benchmark for the relevant currency specified in the credit agreement plus a margin that ranges from 0.700% to 1.125%.
In addition, the Credit Agreement requires the Company to pay an annual commitment fee during the term of the Credit Agreement, which may vary depending on its senior debt credit ratings. The Facility is available to the Company in United States Dollars and in specified foreign currencies. The Credit Agreement contains customary representations and warranties as well as customary affirmative and negative covenants, including a requirement for the Company to maintain a maximum consolidated leverage ratio, and events of default.
At this time, the Company has not borrowed any funds under the Facility. The Company may borrow amounts under the Facility from time to time as opportunities and needs arise. The Agent, the Lenders, and their respective affiliates may have various relationships with the Company and its affiliates in the ordinary course of business involving the provision of financial services, including cash management, commercial banking, investment banking or other services.
