H&R Block Inc (NYSE: HRB) is a tax preparation services company that prepares and files tax returns for individuals through company-owned and franchised retail offices across the United States and internationally. Revenue comes primarily from per-return fees charged to assisted tax preparation clients, with additional streams from do-it-yourself digital tax software, royalties from franchised locations, and ancillary financial products. For the fiscal year ended June 30, 2025, HRB generated total revenues of $3.76 billion, with assisted tax preparation accounting for $2.41 billion (64% of total revenue), DIY tax preparation contributing $383.7 million, franchisee royalties contributing $192.9 million, and international operations contributing $247.0 million. The company also operates Wave, a small business financial software platform, which generated $109.2 million in FY2025. Financial products including the Emerald Card, Spruce, and Emerald Advance line of credit contributed $101.8 million. CEO Jeffrey J. Jones II, who joined in October 2017, is retiring effective December 31, 2025. CFO Tiffany L. Mason joined in September 2024.

Revenue model

Transactional per-return fees for assisted tax preparation, subscription and per-return fees for DIY digital tax filing, royalty fees from franchisees, ancillary financial product fees (Refund Transfers, Peace of Mind Extended Service Plan, Tax Identity Shield, Emerald Card, Emerald Advance), and software subscription revenue from Wave's small business platform.

Products and services

Assisted tax preparation (retail offices), DIY tax preparation software, Refund Transfers, Peace of Mind Extended Service Plan, Tax Identity Shield, Emerald Card prepaid debit card, Spruce mobile banking, Emerald Advance line of credit, Wave small business financial software (invoicing, payments, accounting).

Customers and end markets

Individual tax filers in the U.S., Canada, and Australia. Small business owners served primarily through Wave. Demand is driven by annual tax filing season cycles and the size of the addressable U.S. tax filing population. Economic downturns and high unemployment can reduce client volumes or shift clients toward lower-cost alternatives.

Value-chain role

Direct-to-consumer tax preparation service provider and franchisor. Operates company-owned retail offices and licenses the H&R Block brand to franchised operators who pay royalties. Also acts as a financial product distributor through partnerships with bank partners for Refund Transfers and Emerald Advance.

Geographic exposure

Primarily United States. International operations include tax preparation businesses in Canada and Australia, a technology and shared services center in India, a technology center in Ireland, and Wave headquartered in Canada. International revenues were $247.0 million in FY2025 (ended June 30, 2025).

Source: SEC 10-K, filed 2025-08-15

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