Intuit dividend: cash coverage and yield
Intuit's current quarterly dividend is $1.38, or $5.52 annually, and the base forecast rises from $6.24 to $6.99 and then $7.83. Intuit's fiscal 2026 free cash flow of $8,617M covered $1,347M of dividends.
How much does Intuit pay per share?
Dividends rise in the base case because Intuit has increased them every year in the five-year record. The base starts at $6.24 and reaches $6.99. It ends at $7.83. The bear case holds the current quarterly rate at $1.38, or $5.52 annually, while the bull case maintains increases near the recent 15% pace. Fiscal 2026 free cash flow of $8,617M covered dividends of $1,347M, supporting the base path.
| Jul 2026 | Jul 2025 | Jul 2024 | Jul 2023 | Jul 2022 | |
|---|---|---|---|---|---|
| Free cash flow per share | 31.11 | 21.49 | 16.32 | 16.91 | 12.89 |
| − Dividends paid, per share | 4.86 | 4.20 | 3.64 | 3.14 | 2.73 |
| − Share buybacks, per share | 19.54 | 9.80 | 7.00 | 6.95 | 6.55 |
| = FCF not paid out, per share | 6.71 | 7.50 | 5.68 | 6.82 | 3.61 |
What this means. The company's own free cash flow per share is higher because it does not subtract the value of shares given to employees as pay; we subtract it because those new shares reduce what each existing share gets.
Is Intuit's dividend covered by its cash?
Cash from operations was $8,838 million in fiscal 2026, against net income of $4,566 million. After $221 million of capital spending, conventional free cash flow was $8,617 million. Low capital spending does not mean the business is cheap to maintain: engineers, security, support and marketing are largely expensed through operations.
Stock compensation explains part of the gap. Intuit recorded $2,056 million of share-based compensation. It is added back because no cash leaves immediately, but employees still receive valuable ownership. Subtracting it from free cash flow leaves $6,561 million of “real free cash flow”, an owner-cost measure rather than a company-reported subtotal.
Working capital, payroll settlement and lending can also absorb cash. Dividends are therefore sustainable only if covered by repeatable cash after investment, compensation and financing needs.
| Jul 2026 | Jul 2025 | Jul 2024 | Jul 2023 | Jul 2022 | |
|---|---|---|---|---|---|
| Free cash flow | 8,617 | 6,083 | 4,634 | 4,786 | 3,660 |
| − Dividends paid | 1,347 | 1,189 | 1,034 | 889 | 774 |
| − Share buybacks | 5,412 | 2,772 | 1,988 | 1,967 | 1,861 |
| = Free cash flow not paid out | 1,858 | 2,122 | 1,612 | 1,930 | 1,025 |
| Paid to shareholders | 6,759 | 3,961 | 3,022 | 2,856 | 2,635 |
| Paid out, % of free cash flow | 78.4% | 65.1% | 65.2% | 59.7% | 72.0% |
What could change Intuit's dividend?
Quarterly buybacks, dividend decisions and evidence that AI lowers service effort will then determine whether the forecast keeps its base assumptions or moves toward the wider bull path.
| October 2027 | October 2028 | October 2029 | |
|---|---|---|---|
| Free cash flow after stock pay | 5,600 (4,900 / 6,300) | 6,200 (4,700 / 7,200) | 6,900 (5,100 / 8,200) |
| Shares (millions) | 256 (261 / 254) | 245 (255 / 242) | 236 (250 / 233) |
| Dividends per share | 6.24 (5.52 / 6.35) | 6.99 (5.52 / 7.30) | 7.83 (5.52 / 8.40) |
| Enterprise value to free cash flow after stock pay | 15.00 (12.00 / 19.00) | 16.00 (10.00 / 21.00) | 17.00 (9.00 / 23.00) |
| Net debt | 2,188 (1,079 / 1,852) | 2,923 (1,139 / 2,241) | 3,089 (799 / 1,819) |