Intuit's defining moves.
The defining strategic moves at Intuit — each one explained and grounded in the record.
The Ecosystem Lock-In · Ecosystem Lock-In
Intuit's Best Investment Isn't Software. It's Lobbyists.
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.
8 min
The Ecosystem Lock-In · Ecosystem Lock-In
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.
8 min
The Crisis Response · Decision Forks
Intuit Wrote Down the Threat Itself: A Government That Lets You File for Free
Intuit doesn't fear a competitor. It told the SEC that free government filing could have 'material and adverse' revenue implications - then spent a record $3.9 million in 2025 lobbying, the year the White House suspended IRS Direct File.
7 min
The Adjacency Expansion · Growth & Expansion
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.
8 min