Company profile
SEC EDGAR ↗- 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
Latest full fiscal year from SEC filings (10-K) — SEC EDGAR ↗. Stratrix is a strategy publication, not a real-time financial data service.
The analyses
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.
8 min
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.
8 min
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.
8 min
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.
8 min