INTUIT INC. 8-K

What Happened

• Intuit Inc. announced on January 9, 2026 that it entered into a Credit Agreement providing a $2.2 billion unsecured revolving credit facility that replaces its February 5, 2024 credit agreement. The Facility expires on January 9, 2031 and may be increased (subject to lender approvals and customary conditions) by up to $4.0 billion in aggregate incremental commitments. Intuit has not borrowed under the Facility as of the filing.
• The Facility is arranged by JPMorgan Chase Bank, N.A. as administrative agent, with Bank of America, Morgan Stanley Senior Funding and The Bank of Nova Scotia as co-syndication agents and other banks serving as joint lead arrangers/bookrunners. The proceeds may be used for working capital and other general corporate purposes, including seasonal working capital needs and certain 2026 product processing (e.g., early refund processing).

Key Details

• Facility size: $2.2 billion unsecured revolving credit facility; incremental commitments possible up to $4.0 billion.
• Maturity: January 9, 2031; Company may extend maturity one time in any 12-month period, but any extension cannot push the maturity more than five years beyond the applicable extension date.
• Pricing: U.S. dollar borrowings at borrower’s election — alternate base rate + margin (0.000%–0.125%) or term SOFR + margin (0.700%–1.125%); foreign currency borrowings priced off the relevant currency benchmark + margin (0.700%–1.125%). Annual commitment fee varies with Intuit’s senior debt ratings.
• Covenants and obligations: customary representations, affirmative and negative covenants, events of default, and a requirement to maintain a maximum consolidated leverage ratio. (Filing also notes creation of a direct financial obligation.)

Why It Matters

• Liquidity and flexibility: The new facility provides Intuit with a substantial unsecured liquidity backstop to support working capital, seasonal needs and product processing without immediate borrowing.
• Cost and optionality: Competitive interest spreads and an incremental option up to $4B give Intuit flexibility to scale financing if needed; commitment fees depend on credit ratings, so funding costs could change with rating moves.
• Financial covenant: The leverage covenant is a governance constraint investors should monitor because it could affect borrowing capacity or trigger default risks if leverage rises materially.
• No immediate draw: Because Intuit has not drawn on the facility, this is precautionary capacity rather than new debt on the balance sheet today.