What changed in this filing

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Item 1. Business

2026-08-14 compared with 2025-08-15 · 33 added, 53 removed, 162 unchanged (35% of the section changed)

15 unchanged sentences

EBITDA (2) from continuing operations of

$976.3 million,

$1.06 billion,

and diluted EPS from continuing operations of

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$0.18, or 12.0%, per share from the prior year.

assisted tax returns prepared includes tax returns prepared in U.S.

company-owned and franchise operations, including virtual returns.

An assisted tax return is defined as a current or prior year individual or business tax return that has been accepted by the client.

A DIY online paid return is defined as a current year individual or business tax return that has been accepted by the client.

(1) An Assisted tax return is defined as a current or prior year individual or business tax return, including virtual returns, signed by a tax professional and accepted by the client.

A DIY online paid return is defined as a current year individual or business tax return that is prepared by the client on our DIY online platform using a paid product and accepted by the client.

(2) See " Non-GAAP Financial Information " in Item 7 for a reconciliation of non-GAAP measures.

2026 Form 10-K | H&R Block, Inc.

RECENT DEVELOPMENTS

On July 11, 2025, we entered into a Fifth Amended and Restated Credit and Guarantee Agreement, which amended and restated the existing unsecured committed line of credit (CLOC), extended the scheduled 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.

See our Current Report on Form 8-K filed on July 15, 2025 for additional information.

On August 7, 2025, Jeffrey J.

Jones II notified the Board of Directors of the Company of his intention to retire as President and Chief Executive Officer of the Company, effective as of December 31, 2025.

Jones will also retire from the Board of Directors, effective on December 31, 2025.

On August 8, 2025, the Board appointed Curtis A.

Campbell, currently the Company's President, Global Consumer Tax and Chief Product Officer, to succeed Mr.

Jones as President and Chief Executive Officer, effective immediately upon Mr.

Jones’ retirement.

See our Current Report on Form 8-K filed on August 11, 2025 for more information.

FINANCIAL INFORMATION ABOUT INDUSTRY SEGMENTS

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These tax professionals provide assistance to our clients either in person or virtually in a number of ways.

Clients can come into an office, digitally "drop off" their documents for their tax professional, approve their return online, or have a tax professional review a return they prepared themselves through Tax Pro Review ® .

Clients can come into an office, digitally "drop off" their documents for their tax professional, approve their return online, or have a tax professional review and sign a return they prepared themselves through Tax Pro Review ® .

Our online software may be accessed through our website at www.hrblock.com or in a mobile application, while our desktop software may be purchased online and through third-party retail stores.

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In the U.S., our franchisees pay us approximately 30% of gross tax return preparation and related service revenues as a franchise royalty.

H&R Block, Inc.

| 2025 Form 10-K

OTHER OFFERINGS

During fiscal year 2026, we also offered U.S.

clients a number of additional services, including Refund Transfers (RT), our Peace of Mind® Extended Service Plan (POM), H&R Block Emerald Prepaid Mastercard® (Emerald Card ® ), Spruce SM , H&R Block Emerald Advance® (EA) term loans, Tax Identity Shield® (TIS), Refund Advances (RA), and small business financial solutions.

For our Canadian clients, we also offer POM, H&R Block's Instant Refund ® , H&R Block Pay With Refund®, and small business financial solutions.

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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.

H&R Block, Inc.

| 2026 Form 10-K

H&R Block Emerald Prepaid Mastercard® and Spruce SM .

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Our TIS program offers clients assistance in helping protect their tax identity and access to services to help restore thei r 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.

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, obtaining additional IRS identity protections when eligible, and in our Plus plan, an identity health score which provides insight into the likelihood of future identity fraud.

Refund Advance Loans.

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Wave® provides small business owners with an online solution to manage their finances, including payment processing, payroll and bookkeeping services.

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

SEASONALITY OF BUSINESS

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Risk Factors and Item 7 under "Regulatory Environment" of this Form 10-K.

2026 Form 10-K | H&R Block, Inc.

HUMAN CAPITAL

Fulfilling our Purpose extends to helping and inspiring confidence in our associates.

Fulfilling our Purpose, to provide help and inspire confidence in our clients and communities everywhere, extends to helping and inspiring confidence in our associates.

We remain committed to our associates’ total well-being — physical, mental, financial, career, team, and community.

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We compare our scores to the top 25th and 10th percentile of the global benchmark to challenge our associates and leaders and to yield reports that are easier for leaders to identify opportunities to take action.

Across the company, 89% of culture and engagement questions measured were at or above the top 25th percentile of the global benchmark, which is two times the amount of questions that were over benchmark in the previous year.

Across the company, 78% of culture and engagement questions measured were at or above the top 25th percentile of the global benchmark.

When looking at the top 10th percentile, 56% of questions were at or above the benchmark.

We are also pleased with our overall employee satisfaction score which currently exceeds the Top 10 benchmark by 2 points.

We are also pleased with our overall employee satisfaction score which currently exceeds the Top 10 benchmark by 1 point.

Individual leaders at all levels create and monitor culture and engagement-related goals.

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H&R Block also provides comprehensive medical insurance to our associates and extends the opportunity for medical insurance to our seasonal workforce who satisfy the eligibility guidelines of the Affordable Care Act.

Subject to meeting eligibility requirements, associates can also choose to participate in the H&R Block Retirement

H&R Block, Inc.

| 2025 Form 10-K

Savings Plan 401(k) and Employee Stock Purchase Plan.

Subject to meeting eligibility requirements, associates can also choose to participate in the H&R Block Retirement Savings Plan 401(k) and Employee Stock Purchase Plan.

Collectively, these programs promote and support the physical, mental, financial, and community well-being of our associates.

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In preparation for the upcoming tax season, our tax professionals receive training on H&R Block products, soft skills, and tax office best practices.

These resources ultimately enable us to continue enhancing our services and impressing our clients.

These resources ultimately enable us to continue enhancing our services and the client experience.

At H&R Block, we foster a culture of belonging, where every voice is heard and our associates feel safe, included, and inspired.

We are committed to a fair and respectful workplace culture, free of discrimination;

and we work to foster a Connected Culture that ensures all associates have a strong sense of belonging across the organization.

Connected Culture is a relationship centered principle at H&R Block that puts associates and clients at the heart of our strategic focus.

It creates an environment of clear accountability, partnership, and trust – all focused on common goals, allowing for accelerated business and personal progress.

We are committed to a fair and respectful workplace that is free of discrimination.

Our High Performing Connected Culture is a relationship centered principle at H&R Block that puts associates and clients at the heart of our strategic focus.

It creates an environment of clear accountability, partnership, continuous learning, and trust – all focused on common goals, allowing for accelerated business and personal outcomes.

Relationships are at the heart of how we work with each other, our customers, and in our communities.

In the workplace we are committed to creating an environment where everyone feels they belong, and we believe that this commitment makes us a stronger, more successful company.

We continually reflect on our management approaches to improve the workplace, including discussions with our Board of Directors, to review how we can provide a sense of belonging within the company for our associates - what we call Belonging@Block.

One of the many ways we work to foster a Connected Culture across the organization for all associates to connect, support, motivate, and inspire is through our associate-led Belonging Groups.

We continually reflect on our

H&R Block, Inc.

| 2026 Form 10-K

management approaches to improve the workplace, including discussions with our Board of Directors, to review how we can provide a strong sense of belonging within the company for our associates - what we call Belonging@Block.

One of the many ways we foster this culture across the organization for all associates to connect, support, motivate, and inspire is through our associate-led Belonging Groups.

SERVICE MARKS AND TRADEMARKS

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federal registrations can be renewed perpetually at 10-year intervals and remain enforceable so long as the marks continue to be used.

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

INFORMATION ABOUT OUR EXECUTIVE OFFICERS (as of June 30, 2026)

Jones II , 57, became our President and Chief Executive Officer in October 2017 and was our President and Chief Executive Officer-Designate from August 2017 to October 2017.

Before joining the Company, he served as the President of Ridesharing at Uber Technologies, Inc.

from October 2016 until March 2017.

He also served as the Executive Vice President and Chief Marketing Officer of Target Corporation from April 2012 until September 2016.

He will be retiring as President and Chief Executive Officer effective December 31, 2025.

Campbell , 54, became our President and Chief Executive Officer in January 2026 and was our President of Global Consumer Tax and Chief Product Officer from June 2024 to January 2026.

Prior to that, he served as the Chief Executive Officer of TaxAct where he ran TaxAct from 2018 until it was sold by Blucora, Inc.

He continued to lead TaxAct after the sale until 2023.

Prior to TaxAct, Mr.

Campbell served Capital One Financial Corporation as Managing Vice President from 2017 to 2018.

He also served in Vice President roles at Intuit Inc, leading Product Management and Strategy from 2014 to 2017.

Mason , 51, became our Chief Financial Officer in September 2024.

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from February 2006 until October 2019, including as interim Chief Financial Officer in 2018 and Senior Vice President, Corporate Finance and Treasurer from 2015 to 2019.

Logerwell , 55, became our Chief Accounting Officer in July 2016.

Prior to that, she served as our Vice President of Corporate and Field Accounting from December 2014 until July 2016 and as our Assistant Controller from December 2010 until December 2014.

Redler , 59, became our Chief Legal Officer in January 2022 and our Chief Legal and Administrative Officer in April 2025.

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She also held various legal roles of increasing responsibility with The Coca-Cola Company from September 2001 until December 2018.

Campbell , 52, became our President, Global Consumer Tax and Chief Product Officer in June 2024.

Prior to that, he served as the Chief Executive Officer of TaxAct where he ran TaxAct from 2018 until it was sold by Blucora, Inc.

He continued to lead TaxAct after the sale until 2023.

Prior to TaxAct, Mr.

Campbell served Capital One Financial Corporation as Managing Vice President from 2017 to 2018.

He also served in Vice President roles at Intuit Inc, leading Product Management and Strategy from 2014 to 2017.

Mark Darling , 49, became our Chief Retail Officer in January 2026.

Prior to that, he served as our Senior Vice President of U.S.

Retail Operations from May 2023 to January 2026, our Vice President of U.S.

Retail – West Market & Block Advisors from December 2020 to May 2023, and our Vice President of Workforce Planning and Experience from October 2019 to December 2020.

Manuel , 51, became our Chief Strategy and Operations Officer in August 2024.

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The SEC maintains a website at www.sec.gov containing reports, proxy and information statements and other information regarding issuers who file electronically with the SEC.

2026 Form 10-K | H&R Block, Inc.

The following corporate governance documents are posted on our website at www.hrblock.com:

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Compensation Committee Charter;

H&R Block, Inc.

| 2025 Form 10-K

▪ The H&R Block, Inc.

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business