Intuit — the strategy behind it | Stratrix

Company profile

Industry: Services-Prepackaged Software
Listed: Nasdaq: INTU
Incorporated: DE
Headquarters: Mountain View, CA
Fiscal year end: Jul 31

Financials

FY2022

Revenue: $12.7B
Net income: $2.07B
Total assets: $27.7B

Intuit — reported revenue, net income and total assets by fiscal year, from SEC filings
Fiscal year	Revenue	Net income	Total assets
FY2022	$12.7B	$2.07B	$27.7B
FY2021	$9.63B	$2.06B	$15.5B
FY2020	$7.68B	$1.83B	$10.9B
FY2019	$6.78B	$1.56B	$6.28B
FY2018	$6.03B	$1.33B	$5.13B
FY2017	$5.20B	$985.0M	$4.07B

Reported fiscal years from SEC filings (10-K) — SEC EDGAR ↗. Stratrix is a strategy publication, not a real-time financial data service.

The analyses

The Adjacency Expansion · Growth & Portfolio

Intuit Bought Its Way Into Everything Adjacent to Taxes. Then It Had to Kill One of Its Own.

Mint, Credit Karma, Mailchimp, TurboTax - Intuit's acquisitions look like diversification. They were the opposite: a flywheel that funnels every user back to taxes and accounting. The proof came in 2023, when it shut down Mint's 3.6 million users to feed Credit Karma.

The Adjacency Expansion · Growth & Portfolio

Intuit Bought $19 Billion of Adjacency. The Headline Prices Were Both Wrong.

Intuit's Credit Karma and Mailchimp deals are sold as a $7.1B and a $12B platform play. Both numbers are signing-day fiction: stock-price drift turned the first into ~$8.1B and the second into a 48% cash / 52% stock package that only equals $12B at one day's closing price.

The Ecosystem Lock-In · Moat & Competition

Intuit Owns Two Lock-Ins. Only One of Them Is Actually Strong.

Everyone calls Intuit a switching-cost machine. But the two halves aren't the same: QuickBooks revenue grew 19% in FY2024 while TurboTax units fell 1% — and the FTC is still in court over how the consumer side keeps its customers.

The Ecosystem Lock-In · Moat & Competition

$53.8 Million in Lobbying Later, Intuit Watched IRS Direct File Die

Intuit makes $4.9 billion a year from TurboTax — money that exists because the IRS doesn't compete with it. Since 2004 the company has spent $53.8 million on federal lobbying, hit a record $3.9 million in 2025, and watched IRS Direct File die. The moat isn't the product. It's the rule that keeps the government out.