H&R Block (HRB) Investor presentation summary

Business model and market position

• Anchored in essential tax preparation services with steady ~1% industry CAGR and proven resilience through economic cycles and regulatory shifts.

• Expanding small business solutions to drive year-round engagement and diversify revenue streams.

• National scale with ~8,700 offices and ~60,000 tax professionals, supported by a leading DIY platform.

• Omni-channel model integrates in-person, virtual, and digital solutions for client flexibility.

• Trusted brand with over 70 years of history and high client satisfaction rates.

Financial performance and capital allocation

• FY25 revenue reached $3.76B, EBITDA $976M, free cash flow $599M, and adjusted EPS $4.66.

• Consistent revenue growth (4.2% in FY25) and strong net income ($610M in FY25).

• Robust free cash flow generation enables disciplined capital allocation and shareholder returns.

• $4.5B returned to shareholders through dividends and buybacks since 2016, with a 43% reduction in shares outstanding.

• Quarterly dividends have more than doubled since 2016, reinforcing commitment to shareholder value.

Strategic growth drivers

• Small business segment delivered double-digit growth, reaching ~$0.7B in FY25 revenue.

• Large, underpenetrated small business TAM (> $100B) offers significant expansion potential.

• Prioritizing higher-value, more complex clients to maximize lifetime value.

• AI and digital innovation enhance client experience and empower tax professionals.

• Integrated financial products (Spruce, Emerald Advance, Refund Advance) deepen year-round client relationships.