10-K – 2025-08-15 – hrb-20250630.htm

NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
NATURE OF OPERATIONS  – Our subsidiaries provide assisted and do-it-yourself (DIY) tax return preparation solutions through multiple channels (including in-person, online and mobile applications, virtual, and desktop software) and distribute H&R Block-branded services and products, including those of our bank partners, to the general public primarily in the United States (U.S.), Canada and Australia. Tax returns are either prepared by H&R Block tax professionals (in company-owned or franchise offices, virtually or via an online review) or prepared and filed by our clients through our DIY tax solutions. We also offer small business solutions through our company-owned and franchise offices (including in-person, online and virtual) and online through Wave.
"H&R Block," "the Company," "we," "our" and "us" are used interchangeably to refer to H&R Block, Inc., to H&R Block, Inc. and its subsidiaries, or to H&R Block, Inc.'s operating subsidiaries, as appropriate to the context.
PRINCIPLES OF CONSOLIDATION  – The consolidated financial statements include the accounts of the Company and our subsidiaries. Intercompany transactions and balances have been eliminated.
DISCONTINUED OPERATIONS  – Our discontinued operations include the results of operations of Sand Canyon Corporation, previously known as Option One Mortgage Corporation, which exited its mortgage business in fiscal year 2008.
SEGMENT INFORMATION – We report a single segment that includes all of our continuing operations.
MANAGEMENT ESTIMATES  – The preparation of financial statements in conformity with accounting principles generally accepted in the U.S. (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Significant estimates, assumptions and judgments are applied in the evaluation of contingent losses associated with pending claims and litigation, reserves for uncertain tax positions, and fair value of reporting units. Estimates have been prepared based on the best information available as of each balance sheet date. As such, actual results could differ materially from those estimates.
CASH AND CASH EQUIVALENTS  – All non-restricted highly liquid instruments maturing within three months at acquisition are considered to be cash equivalents.
Outstanding checks in excess of funds on deposit (book overdrafts) included in accounts payable totaled $ 2.4 million and $ 2.8 million as of June 30, 2025 and 2024, respectively.
CASH AND CASH EQUIVALENTS – RESTRICTED  – Cash and cash equivalents – restricted consists primarily of cash held by our captive insurance subsidiary that is expected to be used to pay claims.
RECEIVABLES AND RELATED ALLOWANCES  – Our trade receivables consist primarily of accounts receivable from tax clients for tax return preparation and related fees. The allowance for credit losses for these receivables requires management's judgment regarding collectibility and current economic conditions to establish an amount considered by management to be adequate to cover estimated losses as of the balance sheet date. Losses from tax clients for tax return preparation and related fees are not specifically identified and charged off; instead they are evaluated on a pooled basis. At the end of the fiscal year the outstanding balances on these receivables are evaluated based on collections received and expected collections over subsequent years. We establish an allowance for credit losses at an amount that we believe reflects the receivable at net realizable value. Typically in December of each year we charge-off the receivables to an amount we believe represents the net realizable value.
Our financing receivables consist primarily of participations in H&R Block Emerald Advance® (EA) term loans, loans made to franchisees, and amounts due under H&R Block's Instant Refund ® (Instant Refund).
Our accounting policies related to receivables and related allowances are discussed further in note 4 .
PROPERTY AND EQUIPMENT  – Buildings, equipment and leasehold improvements are initially recorded at cost and are depreciated over the estimated useful life of the assets using the straight-line method. Estimated useful lives are generally 15 to 40 years for buildings, two to five years for computers and other equipment, three to five

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years for purchased software and up to eight years for leasehold improvements. Property and equipment is retired when no longer in use.
GOODWILL AND INTANGIBLE ASSETS – Goodwill represents costs in excess of fair values assigned to the underlying net assets of acquired businesses. Goodwill is not amortized, but rather is tested for impairment annually as of February 1, or more frequently if indications of potential impairment exist.
Intangible assets, including internally-developed software, with finite lives are amortized over their estimated useful lives and are reviewed for impairment whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. Intangible assets are typically amortized over the estimated useful life of the assets using the straight-line method. Fully amortized intangible assets are retired at the end of their economic useful life.
We first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. If, based on a review of qualitative factors, it is more likely than not that the fair value of a reporting unit is less than its carrying value, we perform a quantitative analysis. If the quantitative analysis indicates the carrying value of a reporting unit exceeds its fair value, we measure any goodwill impairment losses as the amount by which the carrying amount of a reporting unit exceeds its fair value, not to exceed the total amount of goodwill allocated to that reporting unit. See additional discussion in note 6 .
LEASES  – Operating lease right-of-use (ROU) assets represent our right to use an underlying asset for the lease term and operating lease liabilities represent our obligation to make lease payments arising from the lease. The majority of our lease portfolio consists of retail office space in the U.S., Canada, and Australia. The contract terms for these retail offices generally are from May 1 to April 30, and generally run two to five years .
We record operating lease ROU assets and operating lease liabilities based on the discounted future minimum lease payments over the term of the lease. We generally do not include renewal options in the term of the lease. As the rates implicit in our leases are not readily determinable, we use our incremental borrowing rate based on the lease term and geographic location in calculating the discounted future minimum lease payments.
We recognize lease expenses for our operating leases on a straight-line basis. For lease payments that are subject to adjustments based on indexes or rates, the most current index or rate adjustments were included in the measurement of our ROU assets and lease liabilities at commencement of the lease. Variable lease costs, including non-lease components (such as common area maintenance, utilities, insurance, and taxes) and certain index-based changes in lease payments, are expensed as incurred. Our ROU assets are reviewed for impairment whenever events or changes in circumstances indicate that their carrying amount may not be recoverable.
FOREIGN CURRENCY – The financial statements of the Company’s foreign operations are translated into U.S. dollars. Assets and liabilities are translated at current exchange rates as of the balance sheet date, equity accounts at historical exchange rates, while income statement accounts are translated at the average rates in effect during the year. Translation adjustments are not included in net income, but are recorded as a separate component of other comprehensive income in stockholders' equity. Foreign currency gains and losses included in operating results for fiscal years 2025, 2024 and 2023 were not material.
TREASURY SHARES  – We record shares of common stock repurchased by us as treasury shares, at cost, resulting in a reduction of stockholders' equity. Periodically, we may retire shares held in treasury as determined by our Board of Directors. We typically reissue treasury shares as part of our stock-based compensation programs. When shares are reissued, we determine the cost using the average cost method.
FAIR VALUE MEASUREMENT – We use the following classification of financial instruments pursuant to the fair value hierarchy methodologies for assets measured at fair value:
▪ Level 1 – inputs to the valuation are quoted prices in an active market for identical assets.
▪ Level 2 – inputs to the valuation include quoted prices for similar assets in active markets utilizing a third-party pricing service to determine fair value.
▪ Level 3 – valuation is based on significant inputs that are unobservable in the market and our own estimates of assumptions that we believe market participants would use in pricing the asset.

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2025 Form 10-K | H&R Block, Inc.

Assets measured on a recurring basis are initially measured at fair value and are required to be remeasured at fair value in the financial statements at each reporting date.
Fair value estimates, methods and assumptions are set forth below. The fair value was not estimated for assets and liabilities that are not considered financial instruments.
▪ Cash and cash equivalents, including restricted – Fair value approximates the carrying amount (Level 1).
▪ Receivables, net – short-term – For short-term balances the carrying values reported in the balance sheet approximate fair market value due to the relative short-term nature of the respective instruments (Level 1).
▪ Receivables, net – long-term – The carrying values for the long-term portion of loans to franchisees approximate fair market value due to variable interest rates, low historical delinquency rates and franchise territories serving as collateral (Level 1). Long-term EA, Refund Transfer (RT) and Instant Refund receivables are carried at net realizable value which approximates fair value (Level 3). Net realizable value is determined based on historical and projected collection rates.
▪ Long-term debt – The fair value of our Senior Notes is based on quotes from multiple banks (Level 2). See note 7 for fair value.
▪ Contingent consideration – Fair value approximates the carrying amount (Level 3). See note 10 for the carrying amount.
REVENUE RECOGNITION – Revenue is recognized when a contract has been established with a customer and when we satisfy the performance obligations by the transfer of a service or product to the customer. Revenue is the amount of consideration we expect to receive for our services and products and excludes sales taxes. The majority of our services and products have multiple performance obligations. We have certain services for which, the various performance obligations are generally provided simultaneously at a point in time, and revenue is recognized at that time. We have certain services and products where we have multiple performance obligations that are provided at various points in time. For these services and products, we allocate the transaction price to the various performance obligations based on relative standalone selling prices and recognize the revenue when the respective performance obligations have been satisfied. We have determined that our contracts do not contain a significant financing component.
Service revenues consist of assisted and online tax preparation revenues, fees for electronic filing, revenues from RTs, Emerald Card®, Spruce SM , Peace of Mind® (POM), Tax Identity Shield® (TIS) and Wave.
Assisted tax preparation. Services include tax preparation and electronic filing or printing of the completed tax return. Revenues from tax preparation and printing for clients that choose to print and mail their returns, are recognized when a completed return is accepted by the customer. Revenues for electronic filing are recognized when the return is electronically filed.
Royalties. Revenues are based on contractual percentages of franchise gross receipts and are generally recorded in the period in which the services are provided by the franchisee to the customer.
DIY tax preparation. Revenues include fees for online and desktop tax preparation software and for electronic filing or printing. Revenues for online software and printing for clients that choose to print and mail their returns, are recognized when the customer uses the software to complete a return. Revenues for desktop software are recognized when the software is sold to the end user. Revenues for electronic filing are recognized when the return is electronically filed.
Refund Transfer. Revenues are recognized when the Internal Revenue Service (IRS) filing acknowledgment is received and the bank account is established at our bank partner, Pathward TM , N.A. (Pathward), a wholly-owned subsidiary of Pathward Financial, Inc.
Emerald Card® and Spruce SM . Revenues consist of interchange income from the use of debit cards and fees paid by cardholders. Interchange income is a fee paid by merchants to our bank partner through the card networks. Revenues associated with Emerald Card® and Spruce SM are recognized based on authorization of cardholder transactions.
Peace of Mind® Extended Service Plan . Revenues are initially deferred and recognized over the term of the plan, based on the historical pattern of actual claims paid, as claims paid represent the transfer of POM services to the customer. The plan is effective for the life of the tax return, which can be up to six years; however, the majority

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of claims are incurred in years two and three after the sale of POM. POM has multiple performance obligations where we represent our clients if they are audited by a taxing authority, and assume the cost, subject to certain limits, of additional taxes owed by a client resulting from errors attributable to H&R Block. Incremental wages are also deferred and recognized over the term of the plan, in conjunction with the revenues earned.
Tax Identity Shield® . Revenues are initially deferred and are recognized as the various services are provided to the client, either by us or a third party, throughout the term of the contract, which generally ends on April 30th of the following year. TIS has multiple performance obligations where we provide clients assistance in helping protect their tax identity and access to services to help restore their tax identity, if necessary. Protection services include a daily scan of the dark web for personal information, a monthly scan for the client's social security number in credit header data, notifying clients if their information is detected on a tax return filed through H&R Block, and obtaining additional IRS identity protections when eligible.
Interest and fee income on Emerald Advance ® . Interest income is recorded over the life of the loan and late fees are recorded when the loan becomes 15 days past due.
Wave® . Revenues primarily consist of fees received to process payment transactions and are generally calculated as a percentage of the transaction amounts processed. Revenues are recognized upon authorization of the transaction.
MARKETING AND ADVERTISING – Marketing and advertising costs are expensed as used and totaled $ 285.8 million, $ 277.7 million and $ 286.3 million in fiscal years 2025, 2024 and 2023, respectively.
EMPLOYEE BENEFIT PLANS  – We have a 401(k) defined contribution plan in the U.S., and similar plans internationally, covering eligible full-time and seasonal employees following the completion of an eligibility period. Employer contributions to these plans are discretionary and totaled $ 28.9 million, $ 25.7 million and $ 25.6 million for continuing operations in fiscal years 2025, 2024 and 2023, respectively.
We have severance plans covering executives and eligible regular full-time or part-time active employees who incur a qualifying termination. Expenses related to severance benefits for continuing operations totaled $ 8.4 million, $ 2.6 million and $ 6.9 million in fiscal years 2025, 2024 and 2023, respectively.
NEW ACCOUNTING PRONOUNCEMENTS – In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2023-07 (ASU 2023-07), “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,” which requires companies to disclose significant segment expenses that are regularly provided to the chief operating decision maker. We adopted ASU 2023-07 during the year ended June 30, 2025, and retrospectively applied to all periods presented. The requirements of this ASU are disclosure-related and did not have an impact on our statement of operations or balance sheet. See note 13 .
In December 2023, the FASB issued Accounting Standards Update No. 2023-09 (ASU 2023-09), “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” which requires companies to consistently categorize and disclose more detailed information about the income tax rate reconciliation and income taxes paid. The new disclosures include specific categories in the rate reconciliation, income taxes paid by federal, state, and foreign jurisdiction, and disaggregated pretax income and income tax expense between domestic and foreign jurisdictions. ASU 2023-09 will be effective for annual periods beginning in fiscal year 2026 and will be applied on a prospective basis with the option to apply the standard retrospectively.

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2025 Form 10-K | H&R Block, Inc.

NOTE 2: REVENUE RECOGNITION
The majority of our revenues are from our U.S. tax services business. The following table disaggregates our U.S. revenues by major service line, with revenues from our international tax services businesses and from Wave included as separate lines:

(in 000s)
Year ended June 30, 2025 2024 2023
Revenues:
U.S. assisted tax preparation $ 2,413,229   $ 2,274,835   $ 2,167,138 
U.S. royalties 192,877   204,802   210,631 
U.S. DIY tax preparation 383,738   349,812   314,758 
Refund Transfers 137,526   142,249   143,310 
Peace of Mind® Extended Service Plan 87,326   93,087   95,181 
Tax Identity Shield® 29,920   33,386   38,265 
Emerald Card® and Spruce SM
72,888   76,093   84,651 
Interest and fee income on Emerald Advance® 28,958   40,933   47,554 
International 246,993   247,123   235,131 
Wave 109,222   96,472   90,314 
Other 58,318   51,555   45,252 
Total revenues $ 3,760,995   $ 3,610,347   $ 3,472,185 

Changes in the balances of deferred revenue and wages for POM are as follows:

(in 000s)
POM Deferred Revenue Deferred Wages
Year ended June 30, 2025 2024 2025 2024
Balance, beginning of the year $ 156,610   $ 167,257   $ 20,212   $ 21,828  
Amounts deferred 94,888   97,125   12,755   11,819  
Amounts recognized on previous deferrals ( 102,196 ) ( 107,772 ) ( 13,083 ) ( 13,435 )
Balance, end of the year $ 149,302   $ 156,610   $ 19,884   $ 20,212  

As of June 30, 2025, deferred revenue related to POM was $ 149.3 million. We expect that $ 87.4 million will be recognized over the next twelve months, while the remaining balance will be recognized over the following five years . POM deferred revenues are included in deferred revenue and other liabilities in the consolidated balance sheets. POM deferred wages are included in prepaid expenses and other current assets and other noncurrent assets.
As of June 30, 2025 and 2024, TIS deferred revenue was $ 22.6 million and $ 21.4 million, respectively. The related liabilities are included in deferred revenue and other current liabilities in the consolidated balance sheets. All deferred revenue related to TIS as of June 30, 2025 will be recognized by April 2026 .
A significant portion of our accounts receivable balances arise from services and products that we provide to our customers, with the exception of those related to EAs which arise from purchased participation interests with our bank partner. The majority of our receivables are related to RTs. Generally the prices of our services and products are fixed and determinable at the time of sale. For RTs, we record a receivable for our fees which is then collected at the time the IRS issues the client’s refund. Our receivables from customers are generally collected on a periodic basis during and subsequent to the tax season. See note 4 for our accounts receivable balances.

NOTE 3: EARNINGS PER SHARE
Basic and diluted earnings per share is computed using the two-class method. The two-class method is an earnings allocation formula that determines net income per share for each class of common stock and participating security according to dividends declared and participation rights in undistributed earnings. Per share amounts are computed by dividing net income from continuing operations attributable to common shareholders by the weighted average shares outstanding during each period.

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The computations of basic and diluted earnings per share from continuing operations are as follows:

(in 000s, except per share amounts)
Year ended June 30, 2025 2024 2023
Net income from continuing operations attributable to shareholders $ 609,450   $ 597,963   $ 561,800  
Amounts allocated to participating securities ( 2,771 ) ( 2,390 ) ( 2,272 )
Net income from continuing operations attributable to common shareholders $ 606,679   $ 595,573   $ 559,528  

Basic weighted average common shares 135,629   141,932   154,044  
Potential dilutive shares 1,711   1,958   3,204  
Dilutive weighted average common shares 137,340   143,890   157,248  

Earnings per share from continuing operations attributable to common shareholders:
Basic $ 4.47   $ 4.20   $ 3.63  
Diluted 4.42   4.14   3.56  

Diluted earnings per share excludes the impact of shares of common stock issuable upon the lapse of certain restrictions or the exercise of options to purchase 0.3 million, 0.1 million and 0.6 million shares of stock for fiscal years 2025, 2024 and 2023, respectively, as the effect would be antidilutive.

NOTE 4: RECEIVABLES
Receivables, net of their related allowance, consist of the following:

(in 000s)
As of June 30, 2025 June 30, 2024
Short-term Long-term Short-term Long-term
Loans to franchisees $ 7,386   $ 16,402   $ 5,917   $ 16,498  
Receivables for U.S. assisted and DIY tax preparation and related fees 15,896   6,361   18,440   5,332  
H&R Block's Instant Refund ® receivables
2,243   939   2,947   207  
Emerald Advance ®
13,899   22,816   17,867   21,360  
Software receivables from retailers 2,582   —   1,029   —  
Royalties and other receivables from franchisees 4,414   —   5,808   —  
Wave payment processing receivables 1,533   —   1,078   —  
Other 15,668   498   15,989   427  

$ 63,621   $ 47,016   $ 69,075   $ 43,824  

Balances presented above as short-term are included in receivables, while the long-term portions are included in other noncurrent assets in the consolidated balance sheets.
Loans to Franchisees. Franchisee loan balances consist of term loans made primarily to finance the purchase of franchises and short-term lines of credit primarily for the purpose of funding seasonal working capital needs. Loans with a principal balance more than 90 days past due or on non-accrual status were $3.1 million and $1.1 million as of June 30, 2025 and June 30, 2024, respectively.
The credit quality of these receivables is assessed at origination at an individual franchisee level. Payment history is monitored on a regular basis. Based upon our internal analysis and underwriting activities, we believe all loans to franchisees are of similar credit quality. Loans are evaluated for collectibility when they become delinquent or more than 90 days past due. Amounts deemed to be uncollectible are written off to bad debt expense and bad debt related to these loans has typically been immaterial. Additionally, the franchise territory serves as additional protection in the event a franchisee defaults on the loan, as we may revoke franchise rights, write off the remaining balance of the loan and refranchise the territory or begin operating it as company-owned.

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H&R Block's Instant Refund®. Our Canadian operations advance refunds due to certain clients from the Canada Revenue Agency (CRA), in exchange for a fee. The total fee we charge for this service is mandated by legislation which is administered by the CRA. The client assigns to us the full amount of the tax refund to be issued by the CRA and the refund is then sent by the CRA directly to us. The amount we advance to clients under this program is the amount of their estimated refund, less our fees, any amounts expected to be withheld by the CRA for amounts the client may owe to government authorities and any amounts owed to us from prior years. The CRA system for tracking amounts due to various government agencies also indicates if the client has already filed a return, does not exist in CRA records, or is bankrupt. This serves to greatly reduce the amounts of uncollectible receivables and the risk of fraudulent returns. H&R Block's Instant Refund ® amounts are generally received from the CRA within 60 days of filing the client's return, with the remaining balance collectible from the client.
Credit losses from these receivables are not specifically identified and charged off; instead we review the credit quality of these receivables on a pooled basis, segregated by the tax return year of origination with older years being deemed more unlikely to be repaid. At the end of the fiscal year, the outstanding balances on these receivables are evaluated based on collections received and expected collections over subsequent tax seasons. We establish an allowance for credit losses at an amount that we believe reflects the receivable at net realizable value. In December of each year we charge-off the receivables to an amount we believe represents the net realizable value.
B alances and amounts on non-accrual status, classified as impaired, or more than 60 days past due, by tax return year of origination, as of June 30, 2025 are as follows:

(in 000s)

Tax return year of origination Balance More Than 60 Days Past Due
2024 $ 3,451   $ 3,254  
2023 and prior 819   819  

4,270   $ 4,073  
Allowance ( 1,088 )
Net balance $ 3,182  

H&R Block Emerald Advance® . EA term loans are offered by our bank partner to clients, in November and December, in amounts of $350 to $1,300. EA term loans are interest bearing with principal and interest due in full on March 31, late fees assessed as of April 14, and any amounts unpaid are placed on non-accrual status as of April 30. We purchase participation interests in their loans, as discussed further in note 10 .
Credit losses from EAs are not specifically identified and charged off; instead we review the credit quality of our purchased participation interest in EA receivables on a pooled basis, which are segregated by the fiscal year of origination with older years being deemed more unlikely to be repaid. At the end of the fiscal year, the outstanding balances on these receivables are evaluated based on collections received and expected collections over subsequent years. We establish an allowance for credit losses at an amount that we believe reflects the receivable at net realizable value. In December of each year, we charge-off the receivables and the related allowance for EA term loans to an amount we believe represents the net realizable value.
B alances and amounts on non-accrual status, classified as impaired, or more than 60 days past due, by fiscal year of origination as of June 30, 2025, are as follows:

(in 000s)
Fiscal year of origination Balance Non-Accrual
2025 $ 33,723   $ 33,723  
2024 and prior 22,655   22,655  

56,378   $ 56,378  
Allowance ( 19,663 )
Net balance $ 36,715  

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Allowance for Credit Losses. Activity in the allowance for credit losses for EAs and all other short-term and long-term receivables for the years ended June 30, 2025, 2024 and 2023 is as follows:

(in 000s)
EAs All Other Total
Balances as of July 1, 2022 $ 26,141   $ 51,126   $ 77,267  
Provision for credit losses 16,059   36,231   52,290  
Charge-offs, recoveries and other ( 14,814 ) ( 52,249 ) ( 67,063 )
Balances as of June 30, 2023 27,386   35,108   62,494  
Provision for credit losses 33,864   48,703   82,567  
Charge-offs, recoveries and other ( 27,714 ) ( 38,484 ) ( 66,198 )
Balances as of June 30, 2024 33,536   45,327   78,863  
Provision for credit losses 19,663   45,528   65,191  
Charge-offs, recoveries and other ( 33,536 ) ( 45,699 ) ( 79,235 )
Balances as of June 30, 2025 $ 19,663   $ 45,156   $ 64,819  

For the year ended June 30, 2025, there were $33.5 million of gross charge-offs related to EAs which were originated in fiscal year 2024.

NOTE 5: PROPERTY AND EQUIPMENT
The components of property and equipment, net of accumulated depreciation and amortization, are as follows:

(in 000s)
As of June 30, 2025 June 30, 2024
Buildings $ 12,919   $ 23,200  
Computers and other equipment 54,853   46,880  
Leasehold improvements 66,758   59,553  
Purchased software 151   247  

Land and other non-depreciable assets 387   1,439  
$ 135,068   $ 131,319  

Depreciation expense of property and equipment from continuing operations for fiscal years 2025, 2024 and 2023 was $ 69.1 million, $ 60.7 million and $ 58.5 million, respectively.
The carrying value of long-lived assets held outside the U.S., which is comprised of property and equipment, totaled $ 20.9 million and $ 20.0 million as of June 30, 2025 and 2024 respectively.

NOTE 6: GOODWILL AND INTANGIBLE ASSETS
Changes in the carrying amount of goodwill for the periods ended June 30, 2025 and 2024 are as follows:

(in 000s)
Goodwill Accumulated Impairment Losses Net

Balances as of July 1, 2023 $ 913,750   $ ( 138,297 ) $ 775,453  
Acquisitions (1)
19,086   —  19,086  
Disposals and foreign currency changes, net ( 9,313 ) —  ( 9,313 )
Impairments —  —   —  
Balances as of June 30, 2024 923,523   ( 138,297 ) 785,226  
Acquisitions (1)
15,579   —   15,579  
Disposals and foreign currency changes, net 1,248   —   1,248  
Impairments —   —   —  
Balances as of June 30, 2025 $ 940,350   $ ( 138,297 ) $ 802,053  

(1) All goodwill added during the period is expected to be tax-deductible for federal income tax reporting.

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2025 Form 10-K | H&R Block, Inc.

We test goodwill for impairment annually as of February 1, or more frequently if events occur or circumstances change which would, more likely than not, reduce the fair value of a reporting unit below its carrying value.
Components of intangible assets are as follows:

(in 000s)
Gross
Carrying
Amount Accumulated
Amortization Net
June 30, 2025:

Reacquired franchise rights $ 415,700   $ ( 243,330 ) $ 172,370  
Customer relationships 354,107   ( 287,067 ) 67,040  
Internally-developed software 119,959   ( 117,604 ) 2,355  
Noncompete agreements 23,070   ( 20,188 ) 2,882  

Purchased technology 68,100   ( 55,655 ) 12,445  
Trade name 5,800   ( 3,480 ) 2,320  
$ 986,736   $ ( 727,324 ) $ 259,412  
June 30, 2024:

Reacquired franchise rights $ 403,955   $ ( 228,157 ) $ 175,798  
Customer relationships 331,435   ( 270,245 ) 61,190  
Internally-developed software 122,673   ( 119,610 ) 3,063  
Noncompete agreements 21,977   ( 19,494 ) 2,483  

Purchased technology 70,100   ( 51,432 ) 18,668  
Trade name 5,800   ( 2,900 ) 2,900  
$ 955,940   $ ( 691,838 ) $ 264,102  

Amortization of intangible assets from continuing operations for the fiscal years ended June 30, 2025, 2024 and 2023 was $ 47.7 million, $ 61.1 million and $ 72.0 million, respectively. Estimated amortization of intangible assets for fiscal years 2026 , 2027, 2028, 2029 and 2030 is $ 42.0 million, $ 35.3 million, $ 27.0 million, $ 18.4 million and $ 8.8 million, respectively.
We made payments to acquire businesses totaling $ 35.5 million, $ 43.4 million and $ 48.2 million during the fiscal years ended June 30, 2025, 2024 and 2023, respectively. The amounts and weighted-average lives of assets acquired during fiscal year 2025, including amounts capitalized related to internally-developed software, are as follows:

(dollars in 000s)
Amount Weighted-Average Life (in years)

Customer relationships $ 27,712   5
Reacquired franchise rights 11,738   6
Internally-developed software 2,305   3
Noncompete agreements 1,259   5
Total $ 43,014   5

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NOTE 7: LONG-TERM DEBT
The components of long-term debt are as follows:

(in 000s)
As of June 30, 2025 June 30, 2024

Senior Notes, 5.250 %, due October 2025 (1)
$ 350,000   $ 350,000  
Senior Notes, 2.500 %, due July 2028 (1)
500,000   500,000  
Senior Notes, 3.875 %, due August 2030 (1)
650,000   650,000  

Debt issuance costs and discounts ( 6,802 ) ( 8,905 )
Total long-term debt 1,493,198   1,491,095  
Less: Current portion ( 349,893 ) —  
Long-term portion $ 1,143,305   $ 1,491,095  
Estimated fair value of long-term debt $ 1,437,000   $ 1,391,000  

(1)     The Senior Notes are not redeemable by the bondholders prior to maturity, although we have the right to redeem some or all of these notes at any time, at specified redemption prices. The interest rates on our Senior Notes are subject to adjustment based upon our credit ratings.
Our unsecured committed line of credit (CLOC) provides for an unsecured senior revolving credit facility in the aggregate principal amount of $ 1.5 billion, which includes a $ 175.0 million sublimit for swingline loans and a $ 50.0 million sublimit for standby letters of credit. We may request increases in the aggregate principal amount of the revolving credit facility of up to $ 500.0 million, subject to obtaining commitments from lenders and meeting certain other conditions. Our CLOC includes an annual facility fee, which will vary depending on our then current credit ratings and was scheduled to expire on June 11, 2026. On July 11, 2025, we entered into a Fifth Amended and Restated Credit and Guarantee Agreement, which amended and restated our existing CLOC, extended the maturity date to July 11, 2030, maintained the aggregate principal amount of $1.5 billion, and revised the interest rate table. Other material terms remain substantially unchanged from our existing CLOC.
The CLOC is subject to various conditions, triggers, events or occurrences that could result in earlier termination and contains customary representations, warranties, covenants and events of default, including, without limitation: (1) a covenant requiring the Company to maintain a debt-to-EBITDA ratio, as defined by the CLOC agreement, calculated on a consolidated basis of no greater than (a) 3.50 to 1.00 as of the last day of each fiscal quarter ending on March 31, June 30, and September 30 of each year and (b) 4.50 to 1.00 as of the last day of each fiscal quarter ending on December 31 of each year; (2) a covenant requiring us to maintain an interest coverage ratio (EBITDA-to-interest expense) calculated on a consolidated basis of not less than 2.50 to 1.00 as of the last date of any fiscal quarter; and (3) covenants restricting our ability to incur certain additional debt, incur liens, merge or consolidate with other companies, sell or dispose of assets (including equity interests), liquidate or dissolve, engage in certain transactions with affiliates or enter into certain restrictive agreements. The CLOC includes provisions for an equity cure which could potentially allow us to independently cure certain defaults. Proceeds under the CLOC may be used for working capital needs or for other general corporate purposes. We were in compliance with these requirements as of June 30, 2025.
We had no outstanding balance under our CLOC as of June 30, 2025 and amounts available to borrow were not limited by the debt-to-EBITDA covenant as of June 30, 2025.
OTHER INFORMATION – The aggregate payments required to retire long-term debt are $ 350.0 million in fiscal year 2026, $ 500.0 million in fiscal year 2029 and $ 650.0 million in fiscal year 2031.

NOTE 8: STOCK-BASED COMPENSATION
We have a stock-based Long Term Incentive Plan (Plan), under which we can grant stock options, restricted shares, performance-based share units, restricted share units, deferred stock units and other forms of equity to employees, non-employee directors and consultants. Stock-based compensation expense and related tax items are as follows:

52
2025 Form 10-K | H&R Block, Inc.

(in 000s)
Year ended June 30, 2025 2024 2023
Stock-based compensation expense $ 32,503   $ 34,277   $ 31,326  
Tax benefit 11,621   11,567   7,386  
Realized tax benefit 12,942   10,939   6,942  

As of June 30, 2025, we had 8.4 million shares reserved for future awards under our Plan. We issue treasury shares to satisfy the exercise or vesting of stock-based awards and believe we have adequate treasury shares available for future issuances.
We measure the fair value of restricted share units (other than performance-based share units) based on the closing price of our common stock on the grant date. We measure the fair value of performance-based share units based on the Monte Carlo valuation model, taking into account, as necessary, those provisions of the performance-based share units that are characterized as market conditions. We generally expense the grant-date fair value, net of estimated forfeitures, over the vesting period on a straight-line basis.
Options and restricted share units (other than performance-based share units) granted to employees typically vest pro-rata based upon service over a three-year period with a portion vesting each year. Performance-based share units granted to employees typically cliff vest at the end of a three-year period based upon satisfaction of both service-based and performance-based requirements. The number of performance-based share units that ultimately vest can range from zero up to 200 percent of the number granted, based on the form of the award, which can vary by year of grant. The performance metrics for these awards typically consist of earnings before interest, taxes, depreciation and amortization (EBITDA), total shareholder return or our stock price. Deferred stock units granted to non-employee directors vest when they are granted and are settled six months after the director separates from service as a director of the Company, except in the case of death.
All share units granted to employees and non-employee directors receive cumulative dividend equivalents to the extent of the units ultimately vesting at the time of distribution. Options granted under our Plan have a maximum contractual term of ten years .
A summary of restricted share units and deferred stock units, including those that are performance-based, for the year ended June 30, 2025, is as follows:

(shares in 000s)
Restricted Share Units and Deferred Stock Units
Performance-Based
Share Units
Shares Weighted-Average
Grant Date 
Fair Value Shares Weighted-Average
Grant Date 
Fair Value
Outstanding, beginning of the year 1,867   $ 33.31   1,021   $ 37.91  
Granted (1)
463   63.09   640   66.79  
Released ( 598 ) 37.03   ( 863 ) 27.97  
Forfeited ( 134 ) 47.07   ( 106 ) 48.02  
Outstanding, end of the year 1,598   $ 39.10   692   $ 52.57  

(1)     Includes adjustments for performance achievement and dividend equivalents.
The total fair value of shares vesting during fiscal years 2025, 2024 and 2023 was $ 46.3 million, $ 39.1 million and $ 33.6 million, respectively. As of June 30, 2025, we had $ 41.3 million of total unrecognized compensation cost related to these shares. This cost is expected to be recognized over a weighted-average period of two years .
When valuing our performance-based share units on the grant date, we typically estimate the expected volatility using historical volatility for H&R Block, Inc. and selected comparable companies. The dividend yield is calculated based on the current dividend and the market price of our common stock on the grant date. The risk-free interest rate is based on the U.S. Treasury zero-coupon yield curve in effect on the grant date. Both expected volatility and the risk-free interest rate are based on a period that approximates the expected term. The following assumptions were used to value performance-based share units using the Monte Carlo valuation model during the periods:

H&R Block, Inc. | 2025 Form 10-K
53

Year ended June 30, 2025 2024 2023
Expected volatility 14.95 % - 109.03 %
10.17% - 157.11%
24.80 % - 163.58 %

Expected term 3 years 3 years 3 years
Dividend yield (1)
0 %
0 %
0 %

Risk-free interest rate 3.77 %
4.54   %  3.43%

Weighted-average fair value $ 67.09   $ 44.06 $ 48.58  

(1) The valuation model assumes that dividends are reinvested by the Company on a continuous basis.

NOTE 9: INCOME TAXES
We file a consolidated federal income tax return in the U.S. with the IRS and file tax returns in various state, local, and foreign jurisdictions. Tax returns are typically examined and either settled upon completion of the examination or through the appeals process. With respect to federal, state and local jurisdictions and countries outside of the U.S., we are typically subject to examination for three to six years after the income tax returns have been filed. On November 7, 2022, the IRS commenced their examination of our 2020 tax return and related carryback claims to tax years 2015 through 2018. Our U.S. federal income tax returns for tax years 2021, 2019, and 2014 and prior are closed. Although the outcome of tax audits is always uncertain, we believe that adequate amounts of tax, interest, and penalties have been provided for in the accompanying consolidated financial statements for any adjustments that might be incurred due to federal, state, local or foreign audits.
The components of income from continuing operations upon which domestic and foreign income taxes have been provided are as follows:

(in 000s)
Year ended June 30, 2025 2024 2023
Domestic $ 437,971   $ 489,912   $ 447,900  
Foreign 343,432   272,410   263,312  
$ 781,403   $ 762,322   $ 711,212  

We operate in multiple income tax jurisdictions both within the U.S. and internationally. Accordingly, management must determine the appropriate allocation of income to each of these jurisdictions based on transfer pricing analyses of comparable companies and predictions of future economic conditions. Although these intercompany transactions reflect arm’s length terms and the proper transfer pricing documentation is in place, transfer pricing terms and conditions may be scrutinized by local tax authorities during an audit and any resulting changes may impact our mix of earnings in countries with differing statutory tax rates.

54
2025 Form 10-K | H&R Block, Inc.

The reconciliation between the statutory U.S. federal tax rate and our effective tax rate from continuing operations is as follows:

Year ended June 30, 2025 2024 2023
U.S. statutory tax rate 21.0   % 21.0   % 21.0   %
Change in tax rate resulting from:
State income taxes, net of federal income tax benefit 1.3   % 1.4   % 1.6   %
Earnings taxed in foreign jurisdictions ( 2.1 ) % ( 1.9 ) % ( 2.9 ) %
Permanent differences 0.7   % 0.7   % 0.6   %

Uncertain tax positions 1.9   % ( 0.4 ) % ( 0.9 ) %
U.S. tax on income from foreign affiliates 1.7   % 4.1   % 3.1   %

Federal income tax credits ( 1.6 ) % ( 2.4 ) % ( 1.3 ) %

Foreign investment recapture —   % 2.6   % —   %

Change in valuation allowance - domestic 0.3   % —   % ( 0.4 ) %
Change in valuation allowance - foreign —   % ( 2.8 ) % 0.7   %

Other ( 1.2 ) % ( 0.7 ) % ( 0.5 ) %
Effective tax rate 22.0   % 21.6   % 21.0   %

The components of income tax expense for continuing operations are as follows:

(in 000s)
Year ended June 30, 2025 2024 2023
Current:
Federal $ 143,298   $ 191,664   $ 97,430  
State 30,716   9,695   19,023  
Foreign 21,689   18,240   18,214  
195,703   219,599   134,667  
Deferred:
Federal ( 52,659 ) ( 59,441 ) 23,367  
State ( 4,454 ) ( 11,749 ) 1,860  
Foreign 33,363   15,950   ( 10,482 )
( 23,750 ) ( 55,240 ) 14,745  
Total income taxes for continuing operations $ 171,953   $ 164,359   $ 149,412  

H&R Block, Inc. | 2025 Form 10-K
55

In the United States, on July 4, 2025, H.R. 1 was signed into law. Among other provisions, the legislation reinstates immediate expensing for domestic research and experimental expenditures, extends 100% bonus depreciation for qualified property placed in service beginning January 20, 2025, and makes certain other provisions of the Tax Cuts and Jobs Act permanent. We are evaluating the impacts of this legislation and will reflect its impact in our financial statements in fiscal year 2026. At this time, we are unable to reasonably estimate the financial impact of these changes.
We account for income taxes under the asset and liability method, which requires us to record deferred income tax assets and liabilities for future tax conseq uences attributable to differences between the financial statement carrying value of existing assets and liabilities and their respective tax basis. Deferred taxes are determined separately for each tax-paying component within each tax jurisdiction based on provisions of enacted tax law. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date.
We record a valuation allowance to reduce our deferred tax assets to the estimated amount that we believe is more likely than not to be realized. Determination of a valuation allowance for deferred tax assets requires that we make judgments about future matters that are not certain, including projections of future taxable income and evaluating potential tax-planning strategies.
The significant components of deferred tax assets and liabilities are reflected in the following table:

(in 000s)
As of June 30, 2025 June 30, 2024
Deferred tax assets:

Deferred revenue 33,435   50,944  
Allowance for credit losses 30,098   30,581  

Deferred and stock-based compensation 7,204   8,060  
Net operating loss carry-forward 38,856   63,398  
Lease liabilities 130,911   117,483  
Federal tax benefits related to state unrecognized tax benefits 31,061   26,841  

Internally developed software 84,301   15,063 
Intangibles - intellectual property 61,138   71,367  
Other 22,121   6,056 
Valuation allowance ( 18,538 ) ( 16,569 )
Total deferred tax assets 420,587   373,224  
Deferred tax liabilities:
Prepaid expenses and other ( 20,396 ) ( 3,001 )
Lease right of use assets ( 128,204 ) ( 115,128 )

Intangibles ( 43,879 ) ( 51,398 )
Total deferred tax liabilities ( 192,479 ) ( 169,527 )
Net deferred tax assets $ 228,108   $ 203,697  

A reconciliation of the deferred tax assets and liabilities and the corresponding amounts reported in the consolidated balance sheets is as follows:

(in 000s)
As of June 30, 2025 June 30, 2024
Deferred income tax assets $ 228,108   $ 203,697  
Deferred tax liabilities —   —  
Net deferred tax asset $ 228,108   $ 203,697  

56
2025 Form 10-K | H&R Block, Inc.

Changes in our valuation allowance for fiscal years 2025, 2024 and 2023 are as follows:

(in 000s)
Year ended June 30, 2025 2024 2023
Balance, beginning of the year $ 16,569   $ 57,566  $ 55,172 

Additions charged to costs and expenses 4,166   4,584   6,438 

Deductions ( 2,197 ) ( 45,581 ) (4,044)
Balance, end of the year $ 18,538   $ 16,569   $ 57,566 

Our valuation allowance on deferred tax assets has a net increase of $ 2.0  million during the current period. The $ 4.2  million of additions charged to costs is primarily related to foreign tax credits that we do not expect to utilize in future years. The increase is offset by a $ 2.2  million decrease to our valuation allowance balance for adjustments related to certain domestic and foreign net operating losses utilized in the current fiscal year and changes in future projections of net operating loss utilization.
Certain of our subsidiaries file stand-alone returns in various sta te, local and foreign jurisdictions, and others join in filing consolidated or combined returns in such jurisdictions. As of June 30, 2025, we had net operating losses of $ 38.9 million in various states and foreign jurisdictions. The amount of state and foreign net operating losses varies by taxing jurisdiction. We maintain a valuation allowance of $ 4.3 million on state net operating losses and $ 5.5 million on foreign net operating losses for the portion of such loses that, more likely than not, will not be realized. Of the total net operating loss deferred tax assets, $ 29.1  million are more likely than not to be realized. Net operating loss deferred tax assets of $ 10.4 million will expire in varying amounts during fiscal years 2026 through 2045 and the remaining $ 28.5 million have no expiration.
We do not currently intend to repatriate non-borrowed funds held by our foreign subsidiaries in a manner that would trigger a tax liability; therefore, no provision has been made for income taxes that might be payable upon remittance of such earnings. The amount of unrecognized tax liability on these foreign earnings, net of expected foreign tax credits, is immaterial as of June 30, 2025.
Changes in unrecognized tax benefits for fiscal years 2025, 2024 and 2023 are as follows:

(in 000s)
Year ended June 30, 2025 2024 2023
Balance, beginning of the year $ 251,787   $ 240,063   $ 232,004  
Additions based on tax positions related to prior years 574   1,232   1,252  
Reductions based on tax positions related to prior years —   ( 4,604 ) —  
Additions based on tax positions related to the current year 37,883   37,063   33,330  
Reductions related to settlements with tax authorities ( 379 ) ( 4,472 ) ( 661 )
Expiration of statute of limitations ( 23,317 ) ( 17,495 ) ( 25,862 )

Balance, end of the year $ 266,548   $ 251,787   $ 240,063  

Included in the total gross unrecognized tax benefit ending balance as of June 30, 2025, 2024 and 2023 are $ 232.8 million, $ 207.5 million and $ 209.0 million respectively, which if recognized, would impact our effective tax rate. Increases from prior year are primarily related to additions based on current year tax positions offset by expirations of statute of limitations and settlements with taxing authorities.
We believe it is reasonably possible that the balance of unrecognized tax benefits could decrease by approximately $ 152.0 million within the next twelve months. The anticipated decrease is due to the expiration of statutes of limitations, anticipated closure of various tax matters currently under examination, and settlements with tax authorities. For such matters where a change in the balance of unrecognized tax benefits is not yet deemed reasonably possible, no estimate has been included.
Interest and penalties, if any, accrued on the unrecognized ta x benefits are reflected in income tax expense. The total gross interest recorded to income tax expense for periods ending June 30, 2025, 2024 and 2023 totaled $ 1.4 million, $ 14.1 million and $ 10.1  million, respectively. The total penalties, if any, recorded for the same periods

H&R Block, Inc. | 2025 Form 10-K
57

were immaterial. The total gross interest and penalties accrued as of June 30, 2025 and 2024 totaled $ 44.7 million and $ 42.0 million, respectively.

NOTE 10: COMMITMENTS AND CONTINGENCIES
Our U.S. and Canadian businesses offer our 100% accuracy guarantee. Assisted tax returns are covered by our 100% accuracy guarantee, whereby we will reimburse a client for penalties and interest attributable to an H&R Block error on a return. DIY tax returns are covered by our 100% accuracy guarantee, whereby we will reimburse a client (up to a maximum of $ 10,000 in the U.S), if our software makes an arithmetic error that results in payment of penalties and/or interest to the respective taxing authority that a client would otherwise not have been required to pay. Our liability related to estimated losses under the 100% accuracy guarantee was $ 11.4 million and $ 14.1 million as of June 30, 2025 and 2024, respectively. The short-term and long-term portions of this liability are included in deferred revenue and other liabilities in the consolidated balance sheets.
Liabilities related to acquisitions for (1) estimated contingent consideration based on expected financial performance of the acquired business and economic conditions at the time of acquisition and (2) estimated accrued compensation related to continued employment of key employees were $ 29.6  million and $ 26.9  million as of June 30, 2025 and 2024, respectively, with amounts recorded in deferred revenue and other liabilities. These liabilities will be settled within the next ten years. Should actual results differ from our estimates, future payments made will differ from the above estimate and any differences will be recorded in results from continuing operations.
We have contractual commitments to fund certain franchises with approved short-term lines of credit for the purpose of meeting their seasonal working capital needs. Our total obligation under these lines of credit was $ 0.4 million as of June 30, 2025, and net of amounts drawn and outstanding, our remaining commitment to fund totaled $ 0.2 million.
We are self-insured for certain risks, including employer provide d medical benefits, workers' compensation, property, general liability, tax errors and omissions, and claims related to POM. These programs maintain various self-insured retentions and commercial insurance is purchased in excess of the self-insured retentions for all but POM in company-owned offices and employer provided medical benefits. We accrue estimated losses for self-insured retentions using actuarial models and assumptions based on historical loss experience.
We have a deferred compensation plan that permits certain employees to defer portions of their compensation and accrue income on the deferred amounts. Included in deferred revenue and other liabilities is $ 9.0 million and $10.1 million as of June 30, 2025 and 2024, respectively, reflecting our obligation under this plan.
Emerald Advance® term loans are originated by Pathward® N.A. (Pathward). We purchase participation interests, at par, in all EAs originated by Pathward in accordance with our participation agreement. Our participation interest varies by jurisdiction. During fiscal year 2025, our purchased participation interests represented 87% of total EA volume originated by Pathward. See note 4 for additional information about these balances.
Refund Advance loans are originated by Pathward and offered to certain assisted U.S. tax preparation clients, based on client eligibility as determined by Pathward. We pay fees primarily based on loan size and customer type. We have provided a guarantee up to $18.0 million related to certain loans to clients prior to the IRS accepting electronic filing. We accrued an estimated liability of $2.2 million at June 30, 2025 related to this guarantee. As of June 30, 2024 we had $ 1.4  million accrued under the Refund Advance guarantee agreement, and we paid $ 2.6  million, net of recoveries, related to that guarantee during the fiscal year ended June 30, 2025.
We offer POM to U.S. and Canadian clients, whereby we (1) represent our clients if they are audited by a taxing authority, and (2) assume the cost, subject to certain limits, of additional taxes owed by a client resulting from errors attributable to H&R Block. The additional taxes paid under POM have a cumulative limit of $ 6,000 for U.S. clients and $ 3,000 CAD for Canadian clients with respect to the federal, state/provincial and local tax returns we prepared for applicable clients during the taxable year protected by POM. A loss on POM would be recognized if the sum of expected costs for services exceeded unearned revenue.

58
2025 Form 10-K | H&R Block, Inc.

NOTE 11: LEASES
O ur lease costs and other information related to operating leases consisted of the following:

(dollars in 000s)
Year ended June 30, 2025 2024 2023
Operating lease costs $ 244,127   $ 242,372   $ 238,899  
Variable lease costs 93,216   88,629   85,239  
Subrental income ( 464 ) ( 508 ) ( 575 )
Total lease costs $ 336,879   $ 330,493   $ 323,563  

Cash paid for operating lease costs $ 239,792   $ 239,292   $ 236,423  
New operating right of use assets and related lease liabilities $ 293,190   $ 266,970   $ 253,755  
Weighted-average remaining operating lease term (years) 3 3 2
Weighted-average operating lease discount rate 5.0 % 5.0 % 4.1 %

Aggregate operating lease maturities as of June 30, 2025 are as follows:

(in 000s)

2026 $ 230,102  
2027 166,425  
2028 102,033  
2029 45,036  
2030 19,309  
2031 and thereafter 11,898  
Total future undiscounted operating lease payments 574,803  
Less imputed interest ( 42,753 )
Total operating lease liabilities $ 532,050  

NOTE 12: LITIGATION AND OTHER RELATED CONTINGENCIES
We are a respondent in numerous litigation and arbitration matters, arising both in the ordinary course of business and otherwise, including as described below. The matters described below are not all of the lawsuits or arbitrations to which we are subject. In some of the matters, very large or indeterminate amounts, including punitive damages, may be sought. Various jurisdictions and arbitration forums permit considerable variation in the assertion of monetary damages or other relief. The jurisdictions or forums may permit claimants not to specify the monetary damages sought or may permit claimants to state only that the amount sought is sufficient to invoke the jurisdiction or forum. In addition, the jurisdictions or forums may permit claimants to allege monetary damages in amounts well exceeding reasonably possible verdicts in the jurisdiction or forum for similar matters. We believe that the monetary relief which may be specified in a lawsuit or arbitration matter bears little relevance to its merits or disposition value due to this variability in pleadings and our experience in handling and resolving numerous claims over an extended period of time.
The outcome of a matter and the amount or range of potential loss at particular points in time may be difficult to ascertain. Among other things, uncertainties can include how fact finders will evaluate documentary evidence and the credibility and effectiveness of witness testimony, and how courts and arbitrators will apply the law. Disposition valuations are also subject to the uncertainty of how opposing parties and their counsel will view the relevant evidence, circumstances, and applicable law.
In addition to litigation and arbitration matters, we are also subject to other loss contingencies arising out of our business activities, including as described below.
We accrue liabilities for litigation, arbitration, and other related loss contingencies and any related settlements when it is probable that a loss has been incurred and the amount of the loss can be reasonably estimated. If a range of loss is estimated, and some amount within that range appears to be a better estimate than any other

H&R Block, Inc. | 2025 Form 10-K
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amount within that range, then that amount is accrued. If no amount within the range can be identified as a better estimate than any other amount, we accrue the minimum amount in the range.
For such matters where a loss is believed to be reasonably possible, but not probable, or the loss cannot be reasonably estimated, no accrual has been made. It is possible that such matters could require us to pay damages or make other expenditures or accrue liabilities in amounts that could not be reasonably estimated as of June 30, 2025. While the potential future liabilities could be material in the particular quarterly or annual periods in which they are recorded, based on information currently known, we do not believe any such liabilities are likely to have a material adverse effect on our business and our consolidated financial position, results of operations, and cash flows. As of June 30, 2025 and 2024 our total accrued liabilities were $ 6.2 million and $ 7.2 million, respectively.
Our estimate of the aggregate range of reasonably possible losses includes (1) matters where a liability has been accrued and there is a reasonably possible loss in excess of the amount accrued for that liability, and (2) matters where a liability has not been accrued but we believe a loss is reasonably possible. This aggregate range only represents those losses as to which we are currently able to estimate a reasonably possible loss or range of loss. It does not represent our maximum loss exposure.
Matters for which we are not currently able to estimate the reasonably possible loss or range of loss are not included in this range. We are often unable to estimate the possible loss or range of loss until developments in such matters have provided sufficient information to support an assessment of the reasonably possible loss or range of loss, such as precise information about the amount of damages or other remedies being asserted, the defenses to the claims being asserted, discovery from other parties and investigation of factual allegations, rulings by courts or arbitrators on motions or appeals, analyses by experts, or the status or terms of any settlement negotiations.
The estimated range of reasonably possible loss is based upon currently available information and is subject to significant judgment and a variety of assumptions, as well as known and unknown uncertainties. The matters underlying the estimated range will change from time to time, and actual results may vary significantly from the current estimate. As of June 30, 2025, we believe the estimate of the aggregate range of reasonably possible losses in excess of amounts accrued, where the range of loss can be estimated, is not material.
At the end of each reporting period, we review relevant information with respect to litigation, arbitration and other related loss contingencies and update our accruals, disclosures, and estimates of reasonably possible loss or range of loss based on such reviews. Costs incurred with defending matters are expensed as incurred. Any receivable for insurance recoveries is recorded separately from the corresponding liability, and only if recovery is determined to be probable and reasonably estimable.
We believe we have meritorious defenses to the claims asserted in the various matters described in this note, and we intend to defend them vigorously. The amounts claimed in the matters are substantial, however, and there can be no assurances as to their outcomes. In the event of unfavorable outcomes, it could require modifications to our operations; in addition, the amounts that may be required to be paid to discharge or settle the matters could be substantial and could have a material adverse impact on our business and our consolidated financial position, results of operations, and cash flows.
We have received and are responding to certain governmental inquiries, class actions, and mass arbitrations relating to the IRS Free File Program and other aspects of our DIY tax preparation services, including the use of pixels. An accrual related to these matters is included in our loss contingency accrual.
We are from time to time a party to litigation, arbitration, and other loss contingencies not discussed herein arising out of our business operations. These matters may include actions by state attorneys general, other state regulators, federal regulators, individual claimants, and cases in which claimants seek to represent others who may be similarly situated.
While we cannot provide assurance that we will ultimately prevail in each instance, we believe the amount, if any, we are required to pay to discharge or settle these other matters will not have a material adverse impact on our business and our consolidated financial position, results of operations, and cash flows.

60
2025 Form 10-K | H&R Block, Inc.

NOTE 13: SEGMENT INFORMATION
We provide assisted and DIY tax preparation solutions through multiple channels (including in-person, online and mobile applications, virtual, and desktop software) and distribute H&R Block-branded services and products, including those of our bank partners, to the general public primarily in the U.S., Canada and Australia. We report a single segment that includes all of our continuing operations. The majority of our revenues are from our U.S. tax services business.
The Company's Chief Operating Decision Maker (CODM) is our chief executive officer, who regularly reviews consolidated financial information to evaluate financial performance and allocate resources. Specifically, the CODM uses revenues, operating expenses, net income and EBITDA at a consolidated level, as key financial metrics in deciding how to reinvest to grow the business through our strategic imperatives of Block Experience, Financial Products and Small Business. These financial metrics are used by the CODM to make operating decisions and identify growth opportunities. The measure of segment assets is total consolidated assets as presented on the consolidated balance sheet.

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The following table presents the significant revenue and expense categories included in the segment's net income from continuing operations as regularly provided to the CODM on a consolidated basis and then reconciled to net income for the years ended June 30, 2025 , 2024 and 2023:

Consolidated – Financial Results    (in 000s, except per share amounts)
Year ended June 30, 2025 2024 2023
Revenues:
U.S. tax preparation and related services:
Assisted tax preparation $ 2,413,229   $ 2,274,835   $ 2,167,138 
Royalties 192,877   204,802   210,631 
DIY tax preparation 383,738   349,812   314,758 
Refund Transfers 137,526   142,249   143,310 
Peace of Mind® Extended Service Plan 87,326   93,087   95,181 
Tax Identity Shield® 29,920   33,386   38,265 
Emerald Card® and Spruce SM
72,888   76,093   84,651 
Interest and fee income on Emerald Advance® 28,958   40,933   47,554 
International 246,993   247,123   235,131 
Wave 109,222   96,472   90,314 
Other 58,318   51,555   45,252 
Total revenues $ 3,760,995   $ 3,610,347   $ 3,472,185 
Compensation and benefits:
Field wages 927,360   869,002  841,742 
Other wages 306,999   298,819  273,850 
Benefits and other compensation 250,729   228,723  220,530 
1,485,088   1,396,544  1,336,122 
Occupancy 438,868   432,461  428,167 
Marketing and advertising 285,800   277,747   286,255  
Depreciation and amortization 116,827   121,784  130,501 
Bad debt 74,584   91,523  60,401 
Other 531,858   485,011  482,041 
Total operating expenses 2,933,025   2,805,070  2,723,487 
Other income (expense), net 31,546   36,125  35,492 
Interest expense on borrowings (78,113) (79,080) (72,978)
Income from continuing operations before income taxes 781,403   762,322  711,212 
Income taxes 171,953   164,359  149,412 
Segment net income from continuing operations $ 609,450   $ 597,963  $ 561,800 

Reconciliation of segment profit:
Reconciling items:
         Net loss from discontinued operations ( 3,677 ) (2,646) (8,100)
Net income $ 605,773   $ 595,317  $ 553,700 

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
There were no disagreements or reportable events requiring disclosure pursuant to Item 304(b) of Regulation S-K.

ITEM 9A. CONTROLS AND PROCEDURES
(a) EVALUATION OF DISCLOSURE CONTROLS AND PROCEDURES – We have established disclosure controls and procedures (Disclosure Controls) to ensure that information required to be disclosed in the Company's reports filed under the Securities Exchange Act of 1934, as amended, is recorded, processed, summarized and reported within the time periods specified in the U.S. Securities and Exchange Commission's rules and forms. Disclosure Controls

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are also designed to ensure that such information is accumulated and communicated to management, including the Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. Our Disclosure Controls were designed to provide reasonable assurance that the controls and procedures would meet their objectives. Our management, including the Chief Executive Officer and Chief Financial Officer, does not expect that our Disclosure Controls will prevent all error and all fraud. A control system, no matter how well designed and operated, can provide only reasonable assurance of achieving the designed control objectives and management is required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within the Company have been detected. These inherent limitations include the realities that judgments in decision-making can be faulty and that breakdowns can occur because of simple error or mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusions of two or more people or by management override of the control. Because of the inherent limitations in a cost-effective, maturing control system, misstatements due to error or fraud may occur and not be detected.
As of the end of the period covered by this Form 10-K, management, under the supervision and with the participation of our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of the design and operations of our Disclosure Controls. Based on this evaluation, our Chief Executive Officer and Chief Financial Officer have concluded our Disclosure Controls were effective as of the end of the period covered by this Annual Report on Form 10-K.
(b) MANAGEMENT'S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING – Management is responsible for establishing and maintaining adequate internal control over financial reporting for the Company, as such term is defined in Exchange Act Rules 13a-15(f). Under the supervision and with the participation of our Chief Executive Officer and Chief Financial Officer, we conducted an evaluation of the effectiveness of our internal control over financial reporting as of June 30, 2025 based on the criteria established in "Internal Control – Integrated Framework" issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO), using the 2013 framework.
Based on our assessment, our Chief Executive Officer and Chief Financial Officer concluded that, as of June 30, 2025, the Company's internal control over financial reporting was effective based on the criteria set forth by COSO.
The Company's external auditors that audited the consolidated financial statements included in Item 8 , Deloitte & Touche LLP, an independent registered public accounting firm, have issued an audit report on the effectiveness of the Company's internal control over financial reporting. This report appears near the beginning of Item 8 .
(c) CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING – During the quarter ended June 30, 2025, there were no changes that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

ITEM 9B. OTHER INFORMATION
During the three months ended June 30, 2025, no director or officer of the Company adopted or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement," as each term is defined in Item 408(a) of Regulation S-K.

PART III

ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE
Information about our executive officers is included under the caption "Information About Our Executive Officers" in Item 1 of this report on Form 10-K.
The following information appearing in our definitive proxy statement, to be filed no later than 120 days after June 30, 2025, is incorporated herein by reference:
▪ Information appearing under the heading "Proposal 1 – Election of Directors";

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▪ Information appearing under the heading "Delinquent Section 16(a) Reports" (if applicable);
▪ Information appearing under the heading "Board of Directors' Meetings and Committees" regarding identification of the Audit Committee and Audit Committee financial experts;
▪ Information appearing under the heading “Other Executive Compensation Practices and Policies” regarding the Company’s Insider Trading Policy.
We have adopted a Code of Business Ethics and Conduct that applies to our directors, officers and employees, including our Chief Executive Officer, Chief Financial Officer, Chief Accounting Officer and persons performing similar functions. A copy of the Code of Business Ethics and Conduct is available on our website at www.hrblock.com . We intend to provide information on our website regarding amendments to, or waivers under, the Code of Business Ethics and Conduct.

ITEM 11. EXECUTIVE COMPENSATION
The information called for by this item is contained in our definitive proxy statement to be filed pursuant to Regulation 14A not later than 120 days after June 30, 2025, in the sections entitled "Director Compensation," "Director Compensation Table," "Compensation Discussion and Analysis," "Compensation Committee Report," "Compensation Committee Interlocks and Insider Participation," "Risk Assessment in Compensation Programs," and "Executive Compensation," and is incorporated herein by reference.

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS
The information called for by this item is contained in our definitive proxy statement to be filed pursuant to Regulation 14A not later than 120 days after June 30, 2025, in the sections entitled "Equity Compensation Plans" and "Information Regarding Security Holders," and is incorporated herein by reference.

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE
The information called for by this item is contained in our definitive proxy statement to be filed pursuant to Regulation 14A not later than 120 days after June 30, 2025, in the sections entitled "Employment Agreements, Change in Control and Other Arrangements," "Review of Related Person Transactions," and "Corporate Governance," and is incorporated herein by reference.

ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES
The information called for by this item relating to our principal accountant, Deloitte & Touche LLP (PCAOB ID No. 34 ) is contained in our definitive proxy statement to be filed pursuant to Regulation 14A not later than 120 days after June 30, 2025, in the section entitled "Audit Fees," and is incorporated herein by reference.

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PART IV

ITEM 15. EXHIBIT INDEX
The following exhibits are numbered in accordance with the Exhibit Table of Item 601 of Regulation S-K:

3.1 Amended and Restated Articles of Incorporation of H&R Block, Inc., as amended through September 12, 2013, filed as Exhibit 3.1 to the Company's current report on Form 8-K filed September 16, 2013, file number 1-06089, is incorporated herein by reference.

3.2 Amended and Restated Bylaws of H&R Block, Inc., as amended through July 14, 2015, filed as Exhibit 3.1 to the Company's current report on Form 8-K filed July 16, 2015, file number 1-06089, is incorporated herein by reference.

4.1 Indenture dated as of October 20, 1997, among H&R Block, Inc., Block Financial Corporation and Bankers Trust Company, as Trustee, filed as Exhibit 4(a) to the Company's quarterly report on Form 10-Q for the quarter ended October 31, 1997, file number 1-06089, is incorporated herein by reference.

4.2 First Supplemental Indenture, dated as of April 18, 2000, among H&R Block, Inc., Block Financial Corporation, Bankers Trust Company and the Bank of New York, filed as Exhibit 4(a) to the Company's current report on Form 8-K filed April 17, 2000, file number 1-06089, is incorporated herein by reference.

4.3 Second Supplemental Indenture, dated September 30, 2015, among H&R Block, Inc., Block Financial LLC (formerly known as Block Financial Corporation), Deutsche Bank Trust Company Americas (formerly known as Bankers Trust Company) and U.S. Bank National Association, as separate trustee, filed as Exhibit 4.1 to the Company's current report on Form 8-K filed September 30, 2015, file number 1-06089, is incorporated herein by reference.

4.4 Third Supplemental Indenture, dated August 7, 2020, among H&R Block, Inc., Block Financial LLC (formerly known as Block Financial Corporation), Deutsche Bank Trust Company Americas (formerly known as Bankers Trust Company) and U.S. Bank National Association, as separate trustee, filed as Exhibit 4.1 to the Company's current report on Form 8–K filed August 7, 2020, file number 1–06089, is incorporated herein by reference.

4.5 Fourth Supplemental Indenture, dated June 25, 2021, among H&R Block, Inc., Block Financial LLC (formerly known as Block Financial Corporation), Deutsche Bank Trust Company Americas (formerly known as Bankers Trust Company) and U.S. Bank National Association, as separate trustee, filed as Exhibit 4.1 to the Company's current report on Form 8-K filed June 25, 2021, file number 1-06089, is incorporated herein by reference.

4.6 Officers’ Certificate, dated September 30, 2015, of Block Financial LLC (including the Form of the 4.125% Note due 2020 and the Form of the 5.250% Note due 2025), filed as Exhibit 4.2 to the Company's current report on Form 8-K filed September 30, 2015, file number 1-06089, is incorporated herein by reference.

4.7 Officers’ Certificate, dated August 7, 2020, of Block Financial LLC (including the Form of the 3.875% Notes due 2030), filed as Exhibit 4.2 to the Company's current report on Form 8–K filed August 7, 2020, file number 1–06089, is incorporated herein by reference.

4.8 Officers’ Certificate, dated June 25, 2021, of Block Financial LLC (including the Form of the 2.500% Notes due 2028), filed as Exhibit 4.2 to the Company's current report on Form 8-K filed June 25, 2021, file number 1-06089, is incorporated herein by reference.

4.9 Form of Certificate of Designation, Preferences and Rights of Participating Preferred Stock of H&R Block, Inc., filed as Exhibit 4(e) to the Company's annual report on Form 10-K for the fiscal year ended April 30, 1995, file number 1-06089, is incorporated herein by reference.

4.10 Form of Certificate of Amendment of Certificate of Designation, Preferences and Rights of Participating Preferred Stock of H&R Block, Inc., filed as Exhibit 4(j) to the Company's annual report on Form 10-K for the fiscal year ended April 30, 1998, file number 1-06089, is incorporated herein by reference.

4.11 Form of Certificate of Designation, Preferences and Rights of Delayed Convertible Preferred Stock of H&R Block, Inc., filed as Exhibit 4(f) to the Company's annual report on Form 10-K for the fiscal year ended April 30, 1995, file number 1-06089, is incorporated herein by reference.

4.12 Description of Securities.

10.1 * 2013 Long-Term Incentive Plan, as amended and restated on March 6, 2013, filed as Exhibit 10.1 to the Company's quarterly report on Form 10-Q for the quarter ended January 31, 2013, file number 1-06089, is incorporated herein by reference.

10.2 * Form of 2013 Long Term Incentive Plan Award Agreement for Deferred Stock Units, as approved on September 12, 2013, filed as Exhibit 10.1 to the Company's quarterly report on Form 10-Q for the quarter ended October 31, 2013, file number 1-06089, is incorporated herein by reference.

10.3 * Form of 2013 Long Term Incentive Plan Award Agreement for Non-Qualified Stock Options, as approved on July 18, 2016, filed as Exhibit 10.4 to the Company’s current report on Form 8-K filed July 22, 2016, file number 1-06089, is incorporated herein by reference.

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10.4 * Form of 2013 Long Term Incentive Plan Award Agreement for Non-Qualified Stock Options, as approved on June 19, 2017, filed as Exhibit 10.4 to the Company’s current report on Form 8-K filed June 23, 2017, file number 1-06089, is incorporated herein by reference.

10.5 * The Company's 2003 Long-Term Executive Compensation Plan, as amended September 30, 2010, filed as Exhibit 10.2 to the Company's quarterly report on Form 10-Q for the quarter ended October 31, 2010, file number 1-06089, is incorporated herein by reference.

10.6 * First Amendment to the Company's 2003 Long-Term Executive Compensation Plan, effective May 10, 2012, filed as Exhibit 10.1 to the Company's current report on Form 8-K filed May 11, 2012, file number 1-06089, is incorporated herein by reference.

10.7 * Form of 2003 Long-Term Executive Compensation Plan Grant Agreement for Stock Options as approved on June 20, 2012, filed as Exhibit 10.3 to the Company's current report on Form 8-K filed June 26, 2012, file number 1-06089, is incorporated herein by reference.

10.8 * H&R Block Deferred Compensation Plan for Executives, as amended and restated effective January 1, 2022, filed as Exhibit 10.1 to the Company's quarterly report on Form 10-Q for the quarter ended December 31, 2021, file number 1-06089, is incorporated herein by reference.

10.9 * The Amended and Restated H&R Block Executive Performance Plan, filed as Exhibit 10.8 to the Company's quarterly report on Form 10-Q for the quarter ended July 31, 2019, file number 1-06089, is incorporated herein by reference.

10.10 * The H&R Block, Inc. 2000 Employee Stock Purchase Plan, as amended and restated on March 2, 2020, filed as Exhibit 10.1 to the Company's quarterly report on Form 10-Q for the quarter ended January 31, 2020, file number 1-06089, is incorporated herein by reference.

10.11 * H&R Block Severance Plan, as amended and restated on May 5, 2025

10.12 * H&R Block Inc. Executive Severance Plan, as amended and restated effective May 9, 2022, filed as Exhibit 10.1 to the Company's quarterly report on Form 10-Q for the fiscal quarter ended March 31, 2022, file number 1-06089, is incorporated herein by reference.

10.13 * Form of Indemnification Agreement with Directors and Officers, filed as Exhibit 10.2 to the Company's quarterly report on Form 10-Q for the quarter ended January 31, 2012, file number 1-06089, is incorporated herein by reference.

10.14 * 2008 Deferred Stock Unit Plan for Outside Directors, as amended on September 14, 2011, filed as Exhibit 10.27 to the Company's annual report on Form 10-K for the year ended April 30, 2012, file number 1-06089, is incorporated herein by reference.

10.15 * Employment Agreement dated November 4, 2021, between H&R Block, Inc., HRB Professional Resources LLC, and Jeffrey J. Jones II, filed as Exhibit 10.1 to the Company’s current report on Form 8-K filed November 4, 2021, file number 1-06089, is incorporated herein by reference.

10.16 * H&R Block, Inc. 2018 Long Term Incentive Plan, filed as Exhibit 10.1 to the Company’s current report on Form 8-K filed September 14, 2017, file number 1-06089, is incorporated herein by reference.

10.17 * Form of 2018 Long Term Incentive Plan Award Agreement for Deferred Stock Units, as approved on November 3, 2017, filed as Exhibit 10.1 to the Company’s quarterly report on Form 10-Q for the quarter ended October 31, 2017, file number 1-06089, is incorporated herein by reference.

10.18 * Form of 2018 Long Term Incentive Plan Award Agreement for Non-Qualified Stock Options, filed as Exhibit 10.3 to the Company’s current report on Form 8-K filed September 14, 2017, file number 1-06089, is incorporated herein by reference.

10.19 * Form of 2018 Long Term Incentive Plan Award Agreement for Restricted Share Units, as approved on August 11, 2022, filed as Exhibit 10.1 to the Company's current report on Form 8-K filed August 17, 2022, file number 1-06089, is incorporated herein by reference.

10.20 * Form of 2018 Long Term Incentive Plan Award Agreement for Performance Share Units, as approved on August 11, 2022, filed as Exhibit 10.2 to the Company's current report on Form 8-K filed August 17, 2022, file number 1-06089, is incorporated herein by reference.

10.21 * Form of 2018 Long Term Incentive Plan Award Agreement for Restricted Share Units, as approved on August 13, 2025.

10.22 * Form of 2018 Long Term Incentive Plan Award Agreement for Performance Share Units, as approved on August 13, 2025.

10.25 Fourth Amended and Restated Credit and Guarantee Agreement dated June 11, 2021, by and among Block Financial LLC, H&R Block, Inc., the lenders party thereto from time to time, and JPMorgan Chase Bank, N.A., as administrative agent, filed as Exhibit 10.1 to the Company’s current report on Form 8-K filed June 15, 2021, file number 1-06089, is incorporated herein by reference.

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10.26 First Amendment to Fourth Amended and Restated Credit and Guarantee Agreement, dated May 25, 2023, by and among Block Financial LLC, H&R Block, Inc., the lenders party thereto from time to time, and JPMorgan Chase Bank, N.A., as administrative agent, including Annex I, which is a conformed copy of the Fourth Amended and Restated Credit and Guarantee Agreement as amended by the First Amendment, filed as Exhibit 10.1 to the Company's current report on Form 8-K filed May 30, 2023, file number 1-06089, is incorporated herein by reference.

10.27 Fifth Amended and Restated Credit and Guarantee Agreement dated July 11, 2025 by and among Block Financial LLC, H&R Block, Inc., the lenders party thereto from time to time, and JPMorgan Chase Bank, N.A., as administrative agent, filed as Exhibit 10.1 to the Company's current report on Form 8-K filed July 15, 2025, file number 1-06089, is incorporated herein by reference.

10.28 Program Management Agreement, dated August 5, 2020, by and between Emerald Financial Services, LLC and Pathward, N.A. filed as Exhibit 10.1 to the Company's quarterly report on Form 10-Q for the quarter ended July 31, 2020, file number 1-06089, is incorporated herein by reference.

10.29 First Amendment to Program Management Agreement, dated December 20, 2021, by and between Emerald Financial Services, LLC and Pathward, N.A. filed as Exhibit 10.1 to the Company’s current report on Form 8-K filed December 23, 2021, file number 1-06089, is incorporated herein by reference.

10.30 Second Amendment to Program Management Agreement, dated October 20, 2023, by and between Emerald Financial Services, LLC and Pathward, N.A. filed as Exhibit 10.1 to the Company's quarterly report on Form 10-Q for the quarter ended September 30, 2023, file number 1-06089, is incorporated herein by reference.

10.31 Third Amendment to Program Management Agreement, dated April 1, 2024, by and between Emerald Financial Services, LLC and Pathward, N.A. filed as Exhibit 10.30 to the Company's annual report on Form 10-K for the fiscal year ended June 30, 2024, file number 1-06089, is incorporated herein by reference.

10.32 Fourth Amendment to Program Management Agreement, dated October 18, 2024, by and between Emerald Financial Services, LLC and Pathward, N.A. filed as Exhibit 10.1 to the Company's current report on Form 8-K filed on October 23, 2024, file number 1-06089, is incorporated herein by reference.

19.1 H&R Block, Inc. Insider Trading Policy

21 Subsidiaries of the Company.

22 List of Guarantor and Issuer Subsidiaries.

23 Consent of Deloitte & Touche LLP, Independent Registered Public Accounting Firm.

31.1 Certification by Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.2 Certification by Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32.1 ** Certification by Chief Executive Officer pursuant to 18 U.S.C. 1350, as adopted by Section 906 of the Sarbanes-Oxley Act of 2002.

32.2 ** Certification by Chief Financial Officer pursuant to 18 U.S.C. 1350, as adopted by Section 906 of the Sarbanes-Oxley Act of 2002.

97 H&R Block, Inc. Policy for the Recovery of Erroneously Awarded Compensation

101.INS XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document

101.SCH XBRL Taxonomy Extension Schema
101.CAL XBRL Extension Calculation Linkbase
101.LAB XBRL Taxonomy Extension Label Linkbase
101.PRE XBRL Taxonomy Extension Presentation Linkbase
101.DEF XBRL Taxonomy Extension Definition Linkbase
104 Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

*    Indicates management contracts, compensatory plans or arrangements.
** Furnished, not filed.

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SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

H&R BLOCK, INC.

/s/ Jeffrey J. Jones II
Jeffrey J. Jones II
President and Chief Executive Officer
August 15, 2025

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the date indicated on August 15, 2025.

/s/ Jeffrey J. Jones II /s/ Tiffany L. Mason /s/ Kellie J. Logerwell
Jeffrey J. Jones II Tiffany L. Mason Kellie J. Logerwell
President, Chief Executive Officer Chief Financial Officer Chief Accounting Officer
and Director (principal financial officer) (principal accounting officer)
(principal executive officer)

/s/ Richard A. Johnson /s/ Sean H. Cohan /s/ Robert A. Gerard
Richard A. Johnson Sean H. Cohan Robert A. Gerard
Director, Chairman of the Board Director Director

/s/ Anuradha Gupta /s/ Mia F. Mends /s/ Victoria J. Reich
Anuradha Gupta Mia F. Mends Victoria J. Reich
Director Director Director

/s/ Matthew E. Winter
Matthew E. Winter
Director

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