What changed in this filing

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Item 1. Business

2025-08-15 compared with 2024-08-15 · 45 added, 26 removed, 170 unchanged (29% of the section changed)

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2025 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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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.

Our generative AI powered technology, AI Tax Assist, and human help was offered to clients who prepared a paid DIY online return in the current year at no additional charge.

Our generative AI powered technology, AI Tax Assist, and human help is offered to clients who prepare a paid DIY online return at no additional charge.

Assisted tax returns are covered by our 100% accu racy guarantee, whereby we will reimburse a client for penalties and interest attributable to an H&R Block error on a tax return.

DIY tax returns are covered by our 100% accuracy guarantee, whereby we will reimburse a client up to a maximum of $10,000 if our software makes an arithmetic error that results in payment of penalties and/or interest to the respective taxing authority that the client would otherwise not have been required to pay.

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 the client would otherwise not have been required to pay.

We offer franchises as a way to expand our presence in certain geographic areas.

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Refund Transfers.

RTs enable clients to receive their tax refunds by their chosen method of disbursement and include a feature enabling clients to deduct tax preparation and related fees from their tax refunds.

Depending on circumstances, clients may choose to receive their RT proceeds by a load to their Emerald Card®, a deposit to their Spruce Spending Account, by receiving a check or by direct deposit to an existing account.

RTs enable clients to receive their tax refunds by their chosen method of disbursement and include a feature enabling clients to authorize payment of their tax preparation and related fees from their tax refunds.

Depending on circumstances, clients may choose to receive their RT funds by a load to their Emerald Card®, a deposit to their Spruce SM spending account, by receiving a check or by direct deposit to an existing account.

RTs are available to U.S.

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(1) do not have bank accounts into which the Internal Revenue Service (IRS) can direct deposit their refunds;

(2) like the convenience and benefits of a temporary account for receipt of their refund;

(2) like the convenience and benefits of a temporary bank account for receipt of their refund;

and/or (3) prefer to have their tax preparation fees paid directly out of their refunds.

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

The Emerald Card ® and Spruce SM debit card can be used for everyday purchases, bill payments and ATM withdrawals anywhere Debit Mastercard ® (Mastercard is a registered trademark of Mastercard International Incorporated) is accepted.

Clients can receive their tax refunds and direct RT, EA or RA proceeds directly onto an Emerald Card ® or into their Spruce SM account.

The Emerald Card ® and Spruce SM debit cards can be used for everyday purchases and ATM withdrawals anywhere Debit Mastercard ® (Mastercard is a registered trademark of Mastercard International Incorporated) is accepted.

Clients can receive their tax refunds and RT funds and direct EA or RA proceeds directly onto an Emerald Card ® or into their Spruce SM spending account offered through our bank partner.

Additional funds can be added to the Emerald Card ® and to Spruce SM year-round, such as through direct deposit or at participating retail reload providers.

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H&R Block Emerald Advance® Term Loans.

EA term loans are offered by our bank partner to clients in our offices, in November and December, in amounts of $350 to $1,300.

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, and there are no annual fees or required monthly payments.

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RAs are interest-free loans offered by our bank partner, which are available to eligible U.S.

assisted clients in company-owned and participating franchise locations, including virtual clients.

assisted clients in company-owned and participating franchise locations, including virtual clients, in January and February.

In tax season 2025, RAs were offered in amounts of $250, $500, $750, $1,250 and $4,000, based on client eligibility as determined by our bank partner.

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Together, when we balance these components, we achieve personal, team, and organizational strength.

We had approxima tely 4,200 regular full-time associates as of June 30, 2024.

We had approximately 4,300 regular full-time associates as of June 30, 2025.

Our business is dependent on the availability of a seasonal workforce, including tax professionals, and our ability to hire, train, and supervise these associates.

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We administer an annual survey to all associates to better understand their levels of engagement and identify areas where we can improve.

We compare our scores to the top 25th 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, over 40% of culture and engagement questions measured were at or above the top 25th percentile of the global benchmark.

We are pleased with our overall employee satisfaction score which currently meets the Top 25 benchmark.

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.

When looking at the top 10th percentile, 61% 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.

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 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.

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.

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

Training and Development.

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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 better our client experience.

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

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

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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 our commitment to diversity and inclusion makes us a stronger, more successful company.

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 focusing on LGBTQ+, neurodiversity, young professionals, veterans, women, Black, and Hispanic/Latino/a/x associates.

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.

SERVICE MARKS AND TRADEMARKS

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

Bowen , 49, became our Chief Financial Officer in May 2016.

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

Tax Services Finance from May 2013 through April 2016.

He will be retiring effective September 13, 2024.

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

Mason , 50, became our Chief Financial Officer in September 2024.

Prior to that, she served as Executive Vice President and Chief Financial Officer of Driven Brands Holdings Inc.

from March 2020 until May 2023.

She also held various roles of increasing responsibility at Lowe's Companies, Inc.

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 , 57, became our Chief Legal Officer in January 2022.

Redler , 58, became our Chief Legal Officer in January 2022 and our Chief Legal and Administrative Officer in April 2025.

Prior to joining the Company, she served as General Counsel and Corporate Secretary for Tilray, Inc.

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Prior to TaxAct, Mr.

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

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.

Manuel , 50, became our Chief Strategy and Operations Officer in August 2024.

Prior to that, he served as President, General Manager of Tribute Technology from 2022 until 2024.

Manuel served as Chief Product Officer, General Manager of McClatchy Media Company from 2017 until 2020, and he also served in various Vice President roles at Thomson Reuters from 2010 to 2017.

AVAILABILITY OF REPORTS AND OTHER INFORMATION

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Compensation Committee Charter;

H&R Block, Inc.

| 2025 Form 10-K

▪ The H&R Block, Inc.

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Information contained on our website does not constitute any part of this report.

H&R Block, Inc.

| 2024 Form 10-K

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