8-K – 2025-08-12 – 0001605297-25-000012-xbrl.zip

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (date of earliest event reported): August 12, 2025

H&R BLOCK, INC.
(Exact name of registrant as specified in charter)

Missouri 1-06089 44-0607856
(State or other jurisdiction of (Commission File Number) (I.R.S. Employer
incorporation or organization) Identification No.)

One H&R Block Way , Kansas City , MO 64105
(Address of Principal Executive Offices) (Zip Code)

( 816 ) 854-3000
(Registrant's telephone number, including area code)

Not Applicable
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐      Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐      Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐      Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐      Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol(s) Name of each exchange on which registered
Common Stock, without par value HRB New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02.    Results of Operations and Financial Condition.
On August 12, 2025, the Company issued a press release regarding the Company’s results of operations for the fiscal year ended June 30, 2025. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
Item 7.01.     Regulation FD Disclosure.
As announced in the press release described under Item 2.02 and furnished as Exhibit 99.1 to this Current Report on Form 8-K, the Company’s Board of Directors has approved an increase in its quarterly dividend of 12%, to $0.42 per share, and declared a quarterly cash dividend of $0.42 per share payable on October 6, 2025 to shareholders of record as of September 4, 2025.

Item 9.01.      Financial Statements and Exhibits.
(d) Exhibits

Exhibit Number
Description
99.1 Press Release Issued August 12, 2025

104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

H&R BLOCK, INC.

Date: August 12, 2025 By: /s/ Katharine M. Haynes
Katharine M. Haynes
Vice President and Corporate Secretary

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Document

Exhibit 99.1
News Release
For Immediate Release: August 12, 2025

H&R Block Reports Fiscal 2025 Results and Provides Fiscal 2026 Outlook
- Delivered Revenue Growth of 4% and Earnings per Share Growth of 7% -
- Returned $600 Million to Shareholders via Dividends and Share Repurchases -
- Increases Quarterly Dividend by 12% -

KANSAS CITY, Mo., August 12, 2025 (GLOBE NEWSWIRE) -- H&R Block, Inc. (NYSE: HRB) (the "Company") today released financial results 1 for its fiscal 2025 year ended June 30, 2025.
"Fiscal 2025 marked another year of meaningful progress in our transformation journey, with strong revenue growth, disciplined capital allocation, and continued innovation across our client offerings,” said Jeff Jones, president and chief executive officer. “As we look ahead, we are intensifying efforts to engage clients with more complex needs, expanding our small business reach, and further leveraging technology and AI to deliver greater business efficiencies and seamless, personalized experiences that distinguish H&R Block in the marketplace."
Fiscal 2025 Results and Key Financial Metrics
"We are pleased to have delivered strong revenue growth in fiscal 2025, propelled by a robust NAC across both Assisted and DIY and increased company-owned Assisted volume, including a landmark year for our small business operations," said Tiffany Mason, chief financial officer. "As we enter fiscal 2026, we remain committed to providing a compelling value proposition to our clients, maintaining our disciplined capital allocation strategy, and continuing to deliver meaningful, long-term value for our shareholders."
Total revenue of $3.8 billion increased by $150.6 million, or 4.2%, primarily due to an increase in overall net average charge (NAC) and higher company-owned return volumes in the U.S., partially offset by lower interest and fee income on Emerald Advance.
Total operating expenses of $2.9 billion increased by $128.0 million, or 4.6%, primarily due to higher compensation and benefits, marketing, consulting, technology and legal costs, partially offset by lower bad debt.
Net income from continuing operations increased $11.5 million, or 1.9%, to $609.5 million.
Earnings per share from continuing operations 2 of $4.42 increased by $0.28, or 6.8%; adjusted earnings per share from continuing operations 2 of $4.66 increased by $0.25, or 5.7%, due to fewer shares outstanding from share repurchases and higher net income.
During the fourth quarter of fiscal 2025, the Company expected to recognize a one-time tax benefit related to the closure of various matters under examination that would have increased the Company's
1 All amounts in this release are unaudited. Unless otherwise noted, all comparisons refer to the current period compared to the corresponding prior year period.
2 All per share amounts are from continuing operations and based on weighted average fully diluted shares over the corresponding period. The Company reports non-GAAP financial measures of performance, including adjusted earnings per share (EPS), earnings before interest, tax, depreciation, and amortization (EBITDA) from continuing operations, and free cash flow, which it considers to be useful metrics for management and investors to evaluate and compare the ongoing operating performance of the Company. See "About Non-GAAP Financial Information" below for more information regarding financial measures not prepared in accordance with generally accepted accounting principles (GAAP).

earnings per share by approximately $0.50. Due to external factors beyond the Company's control, the completion of these matters was delayed beyond fiscal 2025.

Capital Allocation
▪ The Company announced today that the Board of Directors increased the quarterly dividend by 12%, representing eight consecutive annual increases. The quarterly cash dividend is now $0.42 per share, payable on October 6, 2025 to shareholders of record as of September 4, 2025.
▪ In fiscal 2025, the Company repurchased and retired approximately 6.5 million shares, or 4.7% of shares outstanding, at an aggregate price of $400.1 million, or $61.10 per share.
▪ The Company has approximately $1.1 billion remaining on its $1.5 billion share repurchase program.
H&R Block has paid quarterly dividends consecutively since the Company became public in 1962. Since 2016, the Company has returned more than $4.5 billion to shareholders in the form of dividends and share repurchases, buying back over 43% of its shares outstanding 3 .
Fiscal Year 2026 Outlook
For fiscal year 2026, the Company expects:
▪ Revenue to be in the range of $3.875 to $3.895 billion.
▪ EBITDA 4 to be in the range of $1.015 to $1.035 billion.
▪ Effective tax rate to be approximately 25%.
▪ Adjusted Diluted Earnings Per Share 4 to be in the range of $4.85 to $5.00.
Conference Call & Webcast
The Company will host a conference call for analysts and investors to discuss fiscal 2025 results, outlook, and give a general business update at 4:30 p.m. ET on Tuesday, August 12, 2025. To join live, participants must register at https://register.vevent.com/register/BIde20112dcb6f48afb47e1f4828d62d83. Once registered, the participant will receive a dial-in number and unique PIN to access the call. Please join approximately 5 minutes prior to the scheduled start time.
The call, along with a presentation for viewing, will also be webcast in a listen-only format for the media and general public. The webcast can be accessed directly at https://edge.media-server.com/mmc/p/yzzds4pa and will be available for replay 2 hours after the call is concluded and continuing for 90 days.
About H&R Block
H&R Block, Inc. (NYSE: HRB) provides help and inspires confidence in its clients and communities everywhere through global tax preparation services, financial products, and small-business solutions. The company blends digital innovation with human expertise and care as it helps people get the best outcome at tax time and also be better with money using its mobile banking app, Spruce. Through Block Advisors and Wave, the company helps small-business owners thrive with year-round bookkeeping, payroll, advisory, and payment processing solutions. For more information, visit H&R Block News.
About Non-GAAP Financial Information
This press release and the accompanying tables include non-GAAP financial information. For a description of these non-GAAP financial measures, including the reasons management uses each measure, and reconciliations of these non-GAAP financial measures to the most directly comparable financial measures prepared in accordance with generally accepted accounting principles, please see the section of the accompanying tables titled "Non-GAAP Financial Information."
2 All per share amounts are from continuing operations and based on weighted average fully diluted shares over the corresponding period. The Company reports non-GAAP financial measures of performance, including adjusted earnings per share (EPS), earnings before interest, tax, depreciation, and amortization (EBITDA) from continuing operations, and free cash flow, which it considers to be useful metrics for management and investors to evaluate and compare the ongoing operating performance of the Company. See "About Non-GAAP Financial Information" below for more information regarding financial measures not prepared in accordance with generally accepted accounting principles (GAAP).
3 Shares outstanding calculated as of April 30, 2016.
4 EBITDA from continuing operations and Adjusted Diluted EPS are non-GAAP financial measures. Future period non-GAAP outlook includes adjustments for items not indicative of our core operations, which may include, without limitation, items described in the below section titled “Non-GAAP Financial Information” and in the accompanying tables. Such adjustments may be affected by changes in ongoing assumptions and judgments, as well as nonrecurring, unusual, or unanticipated charges, expenses or gains, or other items that may not directly correlate to the underlying performance of our business operations. The exact amounts of these adjustments are not currently determinable but may be significant. It is therefore not practicable to provide the comparable GAAP measures or reconcile this non-GAAP outlook to the most comparable GAAP measures.

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the securities laws. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include words or variation of words such as "expects," "anticipates," "intends," "plans," "believes," "commits," "seeks," "estimates," "projects," "forecasts," "targets," "would," "will," "should," "goal," "could" or "may" or other similar expressions. Forward-looking statements provide management's current expectations or predictions of future conditions, events or results. All statements that address operating performance, events or developments that we expect or anticipate will occur in the future are forward-looking statements. They may include estimates of revenues, client trajectory, income, effective tax rate, earnings per share, cost savings, capital expenditures, dividends, share repurchases, liquidity, capital structure, market share, industry volumes or other financial items, descriptions of management’s plans or objectives for future operations, products or services, or descriptions of assumptions underlying any of the above. They may also include the expected impact of external events beyond the Company’s control, such as outbreaks of infectious disease, severe weather events, natural or manmade disasters, or changes in the regulatory environment in which we operate. All forward-looking statements speak only as of the date they are made and reflect the Company's good faith beliefs, assumptions and expectations, but they are not guarantees of future performance or events. Furthermore, the Company disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions, factors, or expectations, new information, data or methods, future events or other changes, except as required by law. By their nature, forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those suggested by the forward-looking statements. Factors that might cause such differences include, but are not limited to a variety of economic, competitive and regulatory factors, many of which are beyond the Company's control, that are described in our Annual Report on Form 10-K for the most recently completed fiscal year in the section entitled "Risk Factors" and additional factors we may describe from time to time in other filings with the Securities and Exchange Commission. You may get such filings for free at our website at https://investors.hrblock.com. In addition, factors that may cause the Company’s actual estimated effective tax rate to differ from estimates include the Company’s actual results from operations compared to current estimates, future discrete items, changes in interpretations and assumptions the Company has made, future actions of the Company, or increases in applicable tax rates in jurisdictions where the Company operates. You should understand that it is not possible to predict or identify all such factors and, consequently, you should not consider any such list to be a complete set of all potential risks or uncertainties.
For Further Information

Investor Relations: Jessica Hazel, (816) 854-4214, jessica.hazel@hrblock.com

Media Relations: Media Desk, mediadesk@hrblock.com

TABLE FOLLOWS

FINANCIAL RESULTS (unaudited, in 000s - except per share amounts)
Three months ended June 30, Year ended June 30,
2025 2024 2025 2024
REVENUES:
U.S. tax preparation and related services:
Assisted tax preparation $ 686,009   $ 652,405  $ 2,413,229   $ 2,274,835 
Royalties 49,565   51,732  192,877   204,802 
DIY tax preparation 152,092   134,283  383,738   349,812 
Refund Transfers 22,297   21,357  137,526   142,249 
Peace of Mind® Extended Service Plan 32,459   33,987  87,326   93,087 
Tax Identity Shield® 14,973   16,576  29,920   33,386 
Other 18,103   18,918  58,318   51,555 
Total U.S. tax preparation and related services 975,498   929,258  3,302,934   3,149,726 
Financial services:
Emerald Card® and Spruce SM
13,719   14,600  72,888   76,093 
Interest and fee income on Emerald Advance® 2,364   4,231  28,958   40,933 
Total financial services 16,083   18,831  101,846   117,026 
International 89,889   88,725  246,993   247,123 
Wave 29,541   25,816  109,222   96,472 
Total revenues $ 1,111,011   $ 1,062,630  $ 3,760,995   $ 3,610,347 
Compensation and benefits:
Field wages 244,785   218,473  927,360   869,002 
Other wages 76,312   76,694  306,999   298,819 
Benefits and other compensation 61,998   57,759  250,729   228,723 
383,095   352,926  1,485,088   1,396,544 
Occupancy 112,842   112,618  438,868   432,461 
Marketing and advertising 64,298   66,612  285,800   277,747 
Depreciation and amortization 29,580   30,780  116,827   121,784 
Bad debt 11,959   23,963  74,584   91,523 
Other 137,958   124,900  531,858   485,011 
Total operating expenses 739,732   711,799  2,933,025   2,805,070 

Other income (expense), net 12,331   15,143  31,546   36,125 
Interest expense on borrowings (15,828) (15,776) (78,113) (79,080)
Income from continuing operations before income taxes 367,782   350,198  781,403   762,322 
Income taxes 67,373   91,832  171,953   164,359 
Net income from continuing operations 300,409   258,366  609,450   597,963 
Net loss from discontinued operations (970) (549) (3,677) (2,646)
Net income $ 299,439   $ 257,817  $ 605,773   $ 595,317 

DILUTED EARNINGS PER SHARE:
Continuing operations $ 2.21   $ 1.82  $ 4.42   $ 4.14 
Discontinued operations (0.01) (0.01) (0.03) (0.02)
Consolidated $ 2.20   $ 1.81  $ 4.39   $ 4.12 

WEIGHTED AVERAGE DILUTED SHARES 135,318   141,761  137,340   143,890 

Adjusted diluted EPS (1)
$ 2.27   $ 1.89  $ 4.66   $ 4.41 
EBITDA (1)
$ 413,190   $ 396,754  $ 976,343   $ 963,186 

(1)      All non-GAAP measures are results from continuing operations. See " Non-GAAP Financial Information " for a reconciliation of non-GAAP measures.

CONSOLIDATED BALANCE SHEETS (unaudited, in 000s - except per share data)
As of June 30, 2025 2024

ASSETS
Cash and cash equivalents $ 983,277   $ 1,053,326 
Cash and cash equivalents - restricted 19,862   21,867 
Receivables, net 63,621   69,075 

Prepaid expenses and other current assets 95,788   95,208 
Total current assets 1,162,548   1,239,476 
Property and equipment, net 135,068   131,319
Operating lease right of use asset 521,215   461,986
Intangible assets, net 259,412   264,102 
Goodwill 802,053   785,226 
Deferred tax assets and income taxes receivable 317,691   271,658 
Other noncurrent assets 65,911   65,043 
Total assets $ 3,263,898   $ 3,218,810 
LIABILITIES AND STOCKHOLDERS’ EQUITY
LIABILITIES:

Accounts payable and accrued expenses $ 144,046   $ 155,830 
Accrued salaries, wages and payroll taxes 107,375   105,548 
Accrued income taxes and reserves for uncertain tax positions 296,244   318,830 
Current portion of long-term debt 349,893   — 
Operating lease liabilities 209,203   206,070 
Deferred revenue and other current liabilities 191,849   191,050 
Total current liabilities 1,298,610   977,328 
Long-term debt 1,143,305   1,491,095 
Deferred tax liabilities and reserves for uncertain tax positions 306,134   291,063 
Operating lease liabilities 322,847   265,373 
Deferred revenue and other noncurrent liabilities 104,106   103,357 
Total liabilities 3,175,002   3,128,216 
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS’ EQUITY:
Common stock, no par, stated value $.01 per share 1,644   1,709 
Additional paid-in capital 766,998   762,583 
Accumulated other comprehensive loss (47,755) (48,845)
Retained earnings 12,061   12,654 
Less treasury shares, at cost (644,052) (637,507)
Total stockholders' equity 88,896   90,594 
Total liabilities and stockholders' equity $ 3,263,898   $ 3,218,810 

CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited, in 000s)
Year ended June 30, 2025 2024
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 605,773   $ 595,317 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization 116,827   121,784 
Provision for credit losses 65,191   82,567 
Deferred taxes (34,612) (40,940)
Stock-based compensation 32,503   34,277 

Changes in assets and liabilities, net of acquisitions:
Receivables (62,247) (108,394)
Prepaid expenses and other current and noncurrent assets 3,183   (7,287)
Accounts payable, accrued expenses, salaries, wages and payroll taxes (23,009) (4,662)
Deferred revenue, other current and noncurrent liabilities (1,575) (28,507)
Income tax receivables, accrued income taxes and income tax reserves (20,613) 75,444 
Other, net (538) 1,261 
Net cash provided by operating activities 680,883   720,860 

CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures (82,034) (63,678)
Payments made for business acquisitions, net of cash acquired (35,518) (43,358)
Franchise loans funded (21,705) (18,891)
Payments from franchisees 23,786   24,926 
Other, net 10,098   7,143 
Net cash used in investing activities (105,373) (93,858)

CASH FLOWS FROM FINANCING ACTIVITIES:
Repayments of line of credit borrowings (1,950,000) (1,025,000)
Proceeds from line of credit borrowings 1,950,000   1,025,000 

Dividends paid (197,330) (179,775)
Repurchase of common stock, including shares surrendered (437,133) (379,569)

Other, net (12,980) (4,967)
Net cash used in financing activities (647,443) (564,311)

Effects of exchange rate changes on cash (121) (2,814)

Net increase (decrease) in cash and cash equivalents, including restricted balances (72,054) 59,877 
Cash, cash equivalents and restricted cash, beginning of the year 1,075,193   1,015,316 
Cash, cash equivalents and restricted cash, end of the year $ 1,003,139   $ 1,075,193 

SUPPLEMENTARY CASH FLOW DATA:
Income taxes paid, net (includes payments for purchased investment tax credits) $ 226,820   $ 131,173 
Interest paid on borrowings 74,639   75,694 
Accrued additions to property and equipment 2,591   3,052 

Accrued dividends payable to common shareholders 50,208   44,653 

(in 000s)
Three months ended June 30, Year ended June 30,
NON-GAAP FINANCIAL MEASURE - EBITDA 2025 2024 2025 2024

Net income - as reported $ 299,439   $ 257,817  $ 605,773   $ 595,317 
Discontinued operations, net 970   549  3,677   2,646 
Net income from continuing operations - as reported 300,409   258,366  609,450   597,963 
Add back:
Income taxes 67,373   91,832  171,953   164,359 
Interest expense 15,828   15,776  78,113   79,080 
Depreciation and amortization 29,580   30,780  116,827   121,784 
112,781   138,388  366,893   365,223 
EBITDA from continuing operations $ 413,190   $ 396,754  $ 976,343   $ 963,186 

(in 000s, except per share amounts)
Three months ended June 30, Year ended June 30,
NON-GAAP FINANCIAL MEASURE - ADJUSTED EPS 2025 2024 2025 2024

Net income from continuing operations - as reported $ 300,409   $ 258,366  $ 609,450   $ 597,963 
Adjustments:
Amortization of intangibles related to acquisitions (pretax) 11,357   13,142  44,673   50,835 
Tax effect of adjustments (1)
(2,754) (2,936) (10,865) (11,751)
Adjusted net income from continuing operations $ 309,012   $ 268,572  $ 643,258   $ 637,047 
Diluted earnings per share from continuing operations - as reported $ 2.21   $ 1.82  $ 4.42   $ 4.14 
Adjustments, net of tax 0.06   0.07  0.24   0.27 
Adjusted diluted earnings per share from continuing operations $ 2.27   $ 1.89  $ 4.66   $ 4.41 

(1) The tax effect of adjustments is the difference between the tax provision calculation on a GAAP basis and on an adjusted non-GAAP basis.

NON-GAAP FINANCIAL INFORMATION
Non-GAAP financial measures should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. Because these measures are not measures of financial performance under GAAP and are susceptible to varying calculations, they may not be comparable to similarly titled measures for other companies.
We consider our non-GAAP financial measures to be performance measures and a useful metric for management and investors to evaluate and compare the ongoing operating performance of our business. We make adjustments for certain non-GAAP financial measures related to amortization of intangibles from acquisitions and goodwill impairments. We may consider whether other significant items that arise in the future should be excluded from our non-GAAP financial measures.
We measure the performance of our business using a variety of metrics, including earnings before interest, taxes, depreciation and amortization (EBITDA) from continuing operations, adjusted EBITDA from continuing operations, adjusted diluted earnings per share from continuing operations, free cash flow, and free cash flow yield. We also use EBITDA from continuing operations and pretax income from continuing operations, each subject to permitted adjustments, as performance metrics in incentive compensation calculations for our employees.