UNITED STATES
 SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549
 FORM 10-K

 ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 For the fiscal year ended

 OR

 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 For the transition period from to

 Commission file number 1-06089

 H&R Block, Inc.
 (Exact name of registrant as specified in its charter)

 Missouri
 44-0607856

 (State or other jurisdiction of
 (I.R.S. Employer

 incorporation or organization)
 Identification No.)

 One H&R Block Way, Kansas City, Missouri 64105
 (Address of principal executive offices, including zip code)
 ( 816) 854-3000
 (Registrant's telephone number, including area code)
 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

 Securities registered pursuant to Section 12(g) of the Act:
 Common Stock, without par value
 (Title of Class)
 Indicate by check mark whether the registrant is a well-known seasoned issuer as defined in Rule 405 of the Securities Act. Yes No
 Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes No
 Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No
 Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No
 Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
 Large Accelerated Filer Accelerated filer Non-accelerated filer Smaller reporting company 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.
 Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C.7262(b)) by the registered public accounting firm that prepared or issued its audit report. Yes No
 If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.
 Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b).
 Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes No
 The aggregate market value of the registrant's Common Stock (all voting stock) held by non-affiliates of the registrant, computed by reference to the price at which the stock was sold on December 31, 2024, was $ 7,028,811,568.
 Number of shares of the registrant's Common Stock, without par value, outstanding on July 31, 2025: 133,947,444.
 Documents incorporated by reference
 The definitive proxy statement for the registrant's 2025 Annual Meeting of Shareholders, to be filed no later than 120 days after June 30, 2025, is incorporated by reference in Part III to the extent described therein.

 2025 FORM 10-K AND ANNUAL REPORT

 INTRODUCTION AND FORWARD-LOOKING STATEMENTS

 ITEM 1.

 BUSINESS

 ITEM 1A.

 RISK FACTORS

 ITEM 1B.

 UNRESOLVED STAFF COMMENTS

 ITEM 1C.

 CYBERSECURITY

 ITEM 2.

 PROPERTIES

 ITEM 3.

 LEGAL PROCEEDINGS

 ITEM 4.

 MINE SAFETY DISCLOSURES

 ITEM 5.

 MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

 ITEM 6.

 SELECTED FINANCIAL DATA

 ITEM 7.

 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 ITEM 7A.

 QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

 ITEM 8.

 FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

 ITEM 9.

 CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

 ITEM 9A.

 CONTROLS AND PROCEDURES

 ITEM 9B.

 OTHER INFORMATION

 ITEM 10.

 DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

 ITEM 11.

 EXECUTIVE COMPENSATION

 ITEM 12.

 SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

 ITEM 13.

 CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

 ITEM 14.

 PRINCIPAL ACCOUNTANT FEES AND SERVICES

 ITEM 15.

 EXHIBIT INDEX

 SIGNATURES

 INTRODUCTION
 "H&R Block," "the Company," "we," "our" and "us" are used interchangeably to refer to H&R Block, Inc., to H&R Block, Inc. and its subsidiaries, or to H&R Block, Inc.'s operating subsidiaries, as appropriate to the context.
 Specified portions of our proxy statement are "incorporated by reference" in response to certain items. Our proxy statement will be made available to shareholders no later than 120 days after June 30, 2025, and will also be available on our website at www.hrblock.com.
 FORWARD-LOOKING STATEMENTS
 This report and other documents filed with the Securities and Exchange Commission (SEC) may contain forward-looking statements. In addition, our senior management may make forward-looking statements orally to analysts, investors, the media and others. 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," "could," "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, services or products, 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 man-made disasters, or changes in the regulatory environment in which we operate.
 Readers are cautioned not to place undue reliance on these forward-looking statements, which 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, operational and regulatory factors, many of which are beyond the Company's control. Investors should understand that it is not possible to predict or identify all such factors and, consequently, should not consider any such list to be a complete set of all potential risks or uncertainties.
 Details about risks, uncertainties and assumptions that could affect various aspects of our business are included throughout this Form 10-K. Investors should carefully consider all of these risks, and should pay particular attention to Item 1A, Risk Factors, and Item 7 under "Critical Accounting Estimates" of this Form 10-K.

 ITEM 1. BUSINESS
 OVERVIEW
 H&R Block provides help and inspires confidence in its clients and communities everywhere through global tax preparation services, financial products, and small business solutions. We blend digital innovation with human expertise and care to help people get the best outcome at tax time and also be better with money by using our mobile banking app, Spruce. Through Block Advisors and Wave, we help small-business owners thrive with year-round bookkeeping, payroll, advisory and payment processing solutions.
 H&R Block, Inc. was organized as a corporation in 1955 under the laws of the State of Missouri. A complete list of our subsidiaries as of June 30, 2025 can be found in Exhibit 21.

 During fiscal year 2025, we prepared

 11.3 million U.S. assisted tax returns(1)

 and our clients filed

 3.8 million DIY online paid tax returns(1)

 which contributed to our consolidated revenues of

 $3.8 billion,

 net income from continuing operations of

 $609.5 million,

 EBITDA(2) from continuing operations of

 $976.3 million,

 and diluted EPS from continuing operations of

 $4.42 per share.

 We repurchased

 6.5 million shares of our common stock,

 and declared dividends of

 $1.50 per share,

 which was an increase of

 $0.22, or 17.2%, per share from the prior year.

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

 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. Mr. 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
 We provide assisted and do-it-yourself (DIY) tax preparation solutions through multiple channels (including in-person, online and mobile applications, virtual, and desktop software) and distribute H&R Block-branded services and products, including those of our bank partners, to the general public primarily in the United States (U.S.), Canada and Australia. Tax returns are either prepared by H&R Block tax professionals in one of our company-owned or franchise offices, virtually or via an online review or prepared and filed by our clients through our DIY tax solutions. We also offer small business solutions through our company-owned and franchise offices (including in-person, online and virtual) and online through Wave. We report a single segment that includes all of our continuing operations.

 TAX PREPARATION SERVICES
 Assisted income tax return preparation and related services are provided by tax professionals via a system of retail offices operated directly by us or our franchisees. 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.
 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 is offered to clients who prepare a paid DIY online return at no additional charge.
 Assisted tax returns are covered by our 100% accuracy 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 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. In the U.S., our franchisees pay us approximately 30% of gross tax return preparation and related service revenues as a franchise royalty.

 OTHER OFFERINGS
 During fiscal year 2025, 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), SpruceSM, 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.
 Refund Transfers. 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 SpruceSM spending account, by receiving a check or by direct deposit to an existing account. RTs are available to U.S. clients and are frequently obtained by those who: (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 bank account for receipt of their refund; and/or (3) prefer to have their tax preparation fees paid directly out of their refunds. RTs are offered through our relationship with our bank partner. We offer a similar program, H&R Block Pay With Refund, to our Canadian clients through a Canadian chartered bank.
 Peace of Mind Extended Service Plan. We offer POM to U.S. and Canadian clients who obtain assisted tax preparation services, whereby we (1) represent our clients if they are audited by a taxing authority, and (2) assume the cost, subject to certain limits, of additional taxes owed by a client resulting from errors attributable to H&R Block. The additional taxes paid under POM have a cumulative limit of $6,000 for U.S. 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 Emerald Prepaid Mastercard and SpruceSM. The Emerald Card and SpruceSM 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 SpruceSM spending account offered through our bank partner. Additional funds can be added to the Emerald Card and to SpruceSM year-round, such as through direct deposit or at participating retail reload providers. The Emerald Card and SpruceSM debit card can be added to clients' mobile wallets. We distribute the Emerald Card and the SpruceSM debit card issued by our bank partner.
 H&R Block Emerald Advance Term Loans. 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.
 Tax Identity Shield. Our TIS program offers clients assistance in helping protect their tax identity and access to services to help restore their 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.
 Refund Advance Loans. 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, 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.
 H&R Block's Instant Refund. Our Canadian operations advance refunds due to certain clients from the Canada Revenue Agency (CRA), for a fee. The fee charged for this service is mandated by federal legislation which is administered by the CRA. The client assigns to us the full amount of the tax refund to be issued by the CRA and the refund amount is then sent by the CRA directly to us.
 Small Business Financial Solutions. Our Block Advisors small business certified tax professionals provide small businesses with financial expertise in taxes, bookkeeping and payroll through our office network (including in-person, online and virtual). Wave provides small business owners with an online solution to manage their finances, including payment processing, payroll and bookkeeping services.

 SEASONALITY OF BUSINESS
 Because the majority of our clients file their tax returns during the period from February through April in a typical year, a substantial majority of our revenues from income tax return preparation and related services and products are earned during this period. As a result, we generally operate at a loss through the first two quarters of our fiscal year.
 COMPETITIVE CONDITIONS
 We provide assisted and DIY tax preparation services and products, as well as small business financial solutions, and face substantial competition in and across each category, including from tax return preparation firms, software providers, accounting firms, independent tax preparers, certified public accountants and governmental organizations, including the IRS, state and foreign tax authorities.
 We are one of the largest providers of tax return preparation solutions and electronic filing services in the U.S., Canada, and Australia with 22.8 million returns filed by or through H&R Block in fiscal year 2025.
 GOVERNMENT REGULATION
 Our business is subject to various forms of government regulation, including U.S. Federal and state tax preparer regulations, financial consumer protection and privacy regulations, state regulations, franchise regulations and foreign regulations. See further discussion of these items in our Item 1A. Risk Factors and Item 7 under "Regulatory Environment" of this Form 10-K.
 HUMAN CAPITAL
 Fulfilling our Purpose 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. Together, when we balance these components, we achieve personal, team, and organizational strength.
 Associates. 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. The highest number of persons we employed during the fiscal year ended June 30, 2025, including seasonal associates, was approximately 70,100.
 Associate Engagement. 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 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.
 Compensation and Benefits. Our total rewards programs are designed to attract and retain top talent by supporting what associates need to be their authentic selves. Our equitable and comprehensive benefits offerings provide access to benefits to help both regular and seasonal associates plan for the health and security of their families. H&R Block offers comprehensive mental and behavioral health support through robust well-being programs, ensuring regular associates and their families have access to therapists, coaching, and holistic mental health services.
 To thank our associates for their resiliency and hard work, each year H&R Block takes an "Annual Reboot" – a paid week of time off offered during the first week of July – as an important time for our associates to disconnect, recharge, and reboot.
 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.
 Training and Development. Our people are the number one enabler for living our Purpose, and we recognize the importance of attracting, developing, and retaining top talent. Our goal is to provide continuous development opportunities to our associates in order to help them grow both personally and professionally. We do this through a robust offering of programs, educational courses, and learning journeys offered virtually and in person.
 Our expertise is delivered each year through our tax professional network. H&R Block tax professionals receive extensive annual tax training on topics including recent tax code changes and filing practices, and we offer additional education opportunities for tax professionals to enhance their knowledge and skills. 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.
 Belonging. 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. 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.
 SERVICE MARKS AND TRADEMARKS
 We have made a practice of offering our services and products under service marks and trademarks and of securing registration for many of these marks in the U.S. and other countries where our services and products are marketed. We consider these service marks and trademarks, in the aggregate, to be of material importance to our business, particularly our businesses providing services and products under the "H&R Block" brand. The initial duration of U.S. federal trademark registrations is 10 years. Most U.S. federal registrations can be renewed perpetually at 10-year intervals and remain enforceable so long as the marks continue to be used.

 INFORMATION ABOUT OUR EXECUTIVE OFFICERS (as of June 30, 2025)

 Jeffrey J. 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.

 Tiffany L. 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.

 Kellie J. 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.

 Dara S. 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. from January 2019 until September 2021. She also held various legal roles of increasing responsibility with The Coca-Cola Company from September 2001 until December 2018.

 Curtis A. 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. in 2022. 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.

 Scott R. 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. Mr. 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
 Our annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and all amendments to those reports filed with or furnished to the SEC are available, free of charge, through our website at www.hrblock.com as soon as reasonably practicable after such reports are electronically filed with or furnished to the SEC. 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.
 The following corporate governance documents are posted on our website at www.hrblock.com:
 The Amended and Restated Articles of Incorporation of H&R Block, Inc.;
 The Amended and Restated Bylaws of H&R Block, Inc.;
 The H&R Block, Inc. Corporate Governance Guidelines;
 The H&R Block, Inc. Code of Business Ethics and Conduct;
 The H&R Block, Inc. Board of Directors Independence Standards;
 The H&R Block, Inc. Audit Committee Charter;
 The H&R Block, Inc. Compensation Committee Charter;

 The H&R Block, Inc. Finance Committee Charter; and
 The H&R Block, Inc. Governance and Nominating Committee Charter.
 If you would like a printed copy of any of these corporate governance documents, please send your request to H&R Block, Inc., One H&R Block Way, Kansas City, Missouri 64105, Attention: Corporate Secretary.
 Information contained on our website does not constitute any part of this report.

 ITEM 1A. RISK FACTORS
 Our business activities expose us to a variety of risks. Identifying, monitoring, and managing these risks is essential to the success of our operations and the financial soundness of H&R Block. Senior management and the Board of Directors, acting as a whole and through its committees, take an active role in our risk management process and have delegated certain activities related to the oversight of risk management to the Company's enterprise risk management (ERM) team and the Enterprise Risk Committee, which is comprised of Vice Presidents of major business and control functions and members of the ERM team. The Company's ERM team, working in coordination with the Enterprise Risk Committee, is responsible for identifying and monitoring risk exposures and related mitigation and leading the continued development of our risk management policies and practices.
 An investment in our securities involves risk, including the risk that the value of that investment may decline or that returns on that investment may fall below expectations. There are a number of factors that could cause actual conditions, events, or results to differ materially from those described in forward-looking statements, many of which are beyond management's control or its ability to accurately estimate or predict, or that could adversely affect our financial position, results of operations, cash flows, and the value of an investment in our securities. The risks described below are not the only ones we face. We could also be affected by other events, factors, or uncertainties that are presently unknown to us or that we do not currently consider to be significant risks to our business. These risks may be exacerbated by the effects of local, national, and global conditions or events, including macroeconomic, political, geopolitical, or public health conditions or events, which may cause significant instability.
 STRATEGIC AND INDUSTRY RISKS
 Changes in applicable tax laws have had, and may in the future have, a negative impact on the demand for and pricing of our services. Government changes in tax filing or IRS processes may adversely affect our business and our consolidated financial position, results of operations, and cash flows.
 The U.S. government has in the past made, and may in the future make, changes to the individual income tax provisions of the Internal Revenue Code, tax regulations, and the rules and procedures for implementing such laws and regulations. In addition, taxing authorities or other relevant governing bodies in various federal, state, local, and foreign jurisdictions in which we operate may change the income tax laws in their respective jurisdictions, and such laws may vary greatly across the various jurisdictions. It is difficult to predict the manner in which future changes to the Internal Revenue Code, tax regulations, and the rules and procedures for implementing such laws and regulations, and state, local, and foreign tax laws may impact us and the tax return preparation industry. Such future changes could decrease the demand or the amount we charge for our services, and, in turn, have a material adverse effect on our business and our consolidated financial position, results of operations, and cash flows.
 In addition, taxing authorities in various federal, state, local, and foreign jurisdictions in which we operate have introduced measures seeking to simplify or otherwise modify the preparation and filing of tax returns or the issuance of refunds in their respective jurisdictions. For example, from time to time, U.S. federal and state governments have considered various proposals through which the respective governmental taxing authorities would use taxpayer information provided by employers, financial institutions, and other payers to "pre-populate," prepare, and calculate tax returns and distribute them to taxpayers. There are various initiatives from time to time seeking to expedite, reduce, or change the timing of refunds, which could reduce the demand for certain of our services or financial products.
 The adoption or expansion of any measures that significantly simplify tax return preparation, or otherwise reduce the need for third-party tax return preparation services or financial products, including governmental encroachment at the U.S. federal and state levels, as well as in foreign jurisdictions, could reduce demand for our

 services and products and could have a material adverse effect on our business and our consolidated financial position, results of operations and cash flows.
 Increased competition for clients could adversely affect our current market share and profitability.
 We face substantial competition throughout our businesses. All categories in the tax return preparation industry are highly competitive, and additional competitors have entered, and in the future may enter, the market to provide tax preparation services or products. In the assisted tax services category, there are a substantial number of tax return preparation firms and accounting firms offering tax return preparation services. Commercial tax return preparers are highly competitive with regard to price and service. In DIY and virtual, options include various forms of digital electronic assistance, including online and mobile applications, and desktop software, all of which we offer. Our DIY and virtual services and products compete with a number of online and software solutions, primarily on price and functionality. Individual tax filers may elect to change their tax preparation method, choosing from among various assisted, DIY, and virtual offerings.
 Technology advances quickly and in new and unexpected ways, and it is difficult to predict the manner in which these changes will impact the tax return preparation industry, the problems we may encounter in enhancing our services and products, or the time and resources we may need to devote to the creation, support, and maintenance of technological enhancements. New technologies we utilize, such as those related to artificial intelligence, machine learning, automation, and algorithms, involve risks and may have unexpected consequences, which may be due to their limitations, potential manipulation or unintended uses, or our failure to use or implement them effectively. There can be no assurance that we or our clients will realize the expected benefits from our investments in these new technologies. If: (1) we are slow to enhance our services, products, or technologies; (2) our competitors are able to achieve results more quickly than us; (3) there are new and unexpected entrants into the industry; or (4) there are new technologies available that provide products or services that compete with ours, we may lose, or fail to capture a significant share of the market.
 Additionally, we and many other tax return preparation firms compete by offering one or more of RTs, prepaid cards, RAs, other financial services and products, and other tax-related services and products, many of which are subject to regulatory scrutiny, litigation, and other risks. From time to time we may make changes to certain of our services and products and we can make no assurances that we will be able to offer, or that we will continue to offer, all of these services and products. Any such changes to our services or products or any failure to continue offering such services and products could negatively impact our financial results and ability to compete. Intense competition could result in a reduction of our market share, lower revenues, lower margins, and lower profitability. In addition, our small business solutions face intense competition, and we may be unsuccessful in competing with other providers, which may diminish our revenue and profitability, and harm our ability to acquire and retain clients.
 We may not be effective in achieving our strategic and operating objectives.
 Beginning in fiscal year 2026, we are launching a new growth strategy. While we believe that we have identified and will continue to identify strategic objectives that are appropriate, it is possible that our objectives may not deliver projected long-term growth in revenue and profitability due to competition, inadequate execution, incorrect assumptions, sub-optimal resource allocation, or other reasons, including any of the other risks described in this "Risk Factors" section.
 As a part of our strategy, we expect to continue to seek growth through acquisitions. Our future growth and profitability may depend, in part, upon our successful execution of those acquisitions. However, we may not be able to execute on our acquisition growth strategy due to a number of factors, including an inability to identify sufficient suitable acquisition candidates, an unwillingness of businesses to sell to us, an inability to generate the funds necessary to fully execute desired acquisitions, or an inability to successfully integrate acquired businesses into our business model and operate them effectively.
 If we are unable to realize the desired benefits from our business strategy, our ability to compete across our business and our consolidated financial position, results of operations, and cash flows could be adversely affected.

 Offers of free services or products could adversely affect our revenues and profitability.
 U.S. federal, state, and foreign governmental authorities in certain jurisdictions in which we operate currently offer, or facilitate the offering of, tax return preparation and electronic filing options to taxpayers at no charge, and certain volunteer organizations also prepare tax returns at no charge for low-income taxpayers. In addition, many of our competitors offer certain tax preparation services and products, and other financial services and products, at no charge. Government tax authorities, volunteer organizations, our competitors, and potential new market entrants have implemented, and may expand free offerings in the future. For example, in tax seasons 2024 and 2025, the IRS offered a limited free direct tax filing system, which it may continue or expand in the future. In addition, certain members of private industry offer free DIY tax software to certain taxpayers through Free File, Inc., which operates under an agreement among the IRS and those industry participants that is currently set to expire in October 2029. Taxpayer adoption of these or similar programs could expand in the future, including in the event of increased awareness and support. As a result of these or other programs, the government has, and could further, become our direct competitor, which could have a material adverse effect on our business and our consolidated financial position, results of operations, and cash flows.
 In order to compete, we have offered certain, and may in the future offer, additional services and products at no charge. There can be no assurance that we will be able to attract clients or effectively ensure the migration of clients from our free offerings to those for which we receive fees, and clients who have formerly paid for our offerings may elect to use free offerings instead. These competitive factors may diminish our revenue and profitability, or harm our ability to acquire and retain clients, resulting in a material adverse effect on our business and our consolidated financial position, results of operations, and cash flows.
 Our businesses may be adversely affected by difficult economic, geopolitical or public health conditions.
 Unfavorable changes in economic conditions, which are typically beyond our control, including without limitation, inflation, slowing growth, rising interest rates, recession, changes in the political climate, significant armed conflicts, acts of war or terrorism, supply chain or labor market disruptions, tariffs or trade wars, banking or financial market disruptions, pandemics or endemics, or other adverse changes, could negatively affect our business and financial condition. Difficult economic conditions are frequently characterized by high unemployment levels and declining consumer and business spending. These poor economic conditions may negatively affect demand and pricing for our services and products. In the event of difficult economic conditions that include high unemployment levels, clients may elect not to file tax returns or utilize lower cost preparation and filing alternatives.
 In addition, difficult economic conditions may disproportionately impact small business owners. Our small business revenues may be negatively impacted in the event of a sustained economic slowdown or recession. Difficult economic conditions, including an economic recession or high inflationary period, could have a material adverse effect on our business and our consolidated financial position, results of operations, and cash flows.
 OPERATIONAL AND EXECUTION RISKS
 Our failure to effectively address fraud within our offerings could have a material adverse effect on our business and our consolidated financial position, results of operations, and cash flows.
 Many industries have experienced an increased variety and amount of attempted fraudulent activities by third parties, and those fraudulent activities are becoming increasingly sophisticated through the use of artificial intelligence, social engineering, and other technological developments and strategies. Though this fraud is not uniquely targeted at our offerings, our failure to effectively address any such fraud may adversely impact our business and our consolidated financial position, results of operations, and cash flows. A number of companies, including those in the tax return preparation and financial services industries, have reported instances where criminals created new accounts, or gained access to consumer information or user accounts maintained on their systems by using stolen identity information (e.g., email, username, password information, or credit history) obtained from third-party sources. We have experienced, and in the future may continue to experience, this form of unauthorized and illegal use and/or access to our systems, despite no breach in the security of our systems.
 In addition to losses directly from such fraud, which could occur in some cases, we may also suffer a loss of confidence by our clients or by governmental agencies in our ability to detect and mitigate fraudulent activity, and

 such governmental authorities may refuse to allow us to continue to offer such services or products. For example, a person with malicious intent may create a new account with stolen information or unlawfully take existing user account and password information from our clients to electronically file fraudulent federal and state tax returns, which could impede our clients' ability to file their tax returns and receive refunds (or other amounts due) and diminish public perception of the security and reliability of our services and products, despite no breach in the security of our systems. We have also experienced, and may in the future continue to experience, first party fraud, whereby an individual uses their own identity or account to engage in fraudulent activities.
 Governmental authorities in jurisdictions in which we operate have taken action, and may in the future take additional action, in an attempt to combat identity theft or other fraud, which may require changes to our systems and business practices, or those of third parties on which we rely, that cannot be anticipated. These actions may have a material adverse effect on our business and our consolidated financial position, results of operations, and cash flows.
 Furthermore, as fraudulent activity continues to become more pervasive and sophisticated, fraud detection and prevention measures that we implement could make it less convenient for legitimate clients to obtain and use our services and products, which may adversely affect the demand for our services and products, our reputation, and our financial performance.
 An interruption in our information systems, or those of our franchisees or a third party on which we rely, or an interruption in our access to the internet, could have a material adverse effect on our business and our consolidated financial position, results of operations, and cash flows.
 We, our franchisees, and other third parties material to our business operations rely heavily upon communications, networks, and information systems and the internet to conduct our business (including third-party internet-based or cloud computing services, and the information systems of our key vendors). These networks, systems, and operations are potentially vulnerable to damage or interruption from upgrades and maintenance, network failure, hardware failure, software failure, power or telecommunications failures, cyberattacks, human error, and natural disasters. As our tax preparation business is seasonal, our systems must be capable of processing high volumes during our peak periods. Therefore, any failure or interruption in our information systems, or information systems of our franchisees or a private or government third party on which we rely, or an interruption in our access to the internet or other critical business capability during our busiest periods, could negatively impact our business operations and reputation, and increase our risk of loss.
 We have experienced systems outages in the past, and there can be no assurance that system or internet failures or interruptions in critical business capabilities will not occur in the future, and, if they do occur, that we, our franchisees or the private or governmental third parties on whom we rely, will adequately address them. The precautionary measures that we, or third parties on whom we rely, have implemented to avoid systems outages and to minimize the effects of any data or communication systems interruptions or failures may not be adequate, and we and such third parties may not have anticipated or addressed all of the potential events that could threaten or undermine our or such third parties' information systems or other critical business capabilities. We do not have redundancy for all of our systems and our disaster recovery planning may not account for all eventualities. Our software and computer systems utilize cloud computing services provided by Microsoft Corporation. If the Microsoft Azure Cloud is unavailable for any reason, it could negatively impact our ability to deliver our services and products and our clients may not be able to access certain of our products or features, any of which could significantly impact our operations, business, and financial results.
 The occurrence of any systems or internet failure, or other business interruption, could negatively impact our ability to serve our clients, which in turn could have a material adverse effect on our business and our consolidated financial position, results of operations, and cash flows.
 Any significant delays in launching our tax service and product offerings, changes in government regulations or processes (including the acceptance of tax returns and the issuance of refunds and other amounts to clients by the IRS or state tax agencies) that affect how we provide such offerings to our clients, or significant problems

 with such offerings or the manner in which we provide them to our clients may harm our revenue, results of operations, and reputation.
 Tax laws and tax forms are subject to change each year, and the nature and timing of such changes are unpredictable. As a part of our business, we must incorporate any changes to tax laws and tax forms into our tax service and product offerings, including our online and mobile applications and desktop software. The unpredictable nature, timing and effective dates of changes to tax laws and tax forms can result in condensed development cycles for our tax service and product offerings because our clients expect high levels of accuracy and a timely launch of such offerings to prepare and file their taxes by the applicable tax filing deadlines and, in turn, receive any tax refund amounts on a timely basis. From time to time, we review and enhance our quality controls for preparing accurate tax returns, but there can be no assurance that we will be able to prevent all inaccuracies.
 Further, changes in governmental regulations or a significant reduction in governmental resources could result in a delay of the start of the tax season or in processing returns, create uncertainty, or result in further and unanticipated changes in requirements or processes, which may require us to make corresponding changes to our client service systems and procedures immediately prior to, or during, a tax season. In addition, unanticipated changes in governmental processes, or newly implemented processes, for (1) accepting tax filings and related forms, including the ability of taxing authorities to accept electronic tax return filings, or (2) distributing tax refunds or other amounts to clients, may result in processing delays by us or applicable taxing authorities.
 Certain of our financial products are dependent on the IRS following the client's directions to direct deposit the tax refund. If the IRS disregards this direction, and sends the tax refund via check, then it could result in a loss of tax preparation and financial product revenue, negative publicity, and client dissatisfaction. In addition, any delays in launching new or existing financial service or product offerings, or technical or other issues associated with the launch, could cause a loss of revenue, a loss of clients, or client dissatisfaction, especially if such issues occur during the tax season.
 Any major defects or delays caused by the above-described complexities may lead to loss of clients and loss of or delay in revenue, negative publicity, client dissatisfaction, a deterioration in our business relationships with our partners or our franchisees, exposure to litigation, and increased operating expenses, even if any such launch delays or defects are not caused by us. Any of the risks described above could have a material adverse effect on our business, our reputation, and our consolidated financial position, results of operations, and cash flows.
 We rely on a single vendor or a limited number of vendors to provide certain key services or products, and the loss of such relationships, the inability of these key vendors to meet our needs, or errors by the key vendors in providing services to or for us, could have a material adverse effect on our business and our consolidated financial position, results of operations, and cash flows.
 Historically, we have contracted, and in the future we will likely continue to contract, with a single vendor or a limited number of vendors to provide certain key services or products for our tax, financial, and other services and products. A few examples of this type of reliance include: our relationships with Fidelity National Information Services, Inc. (FIS), Galileo Financial Technologies, LLC, or similar vendors, for data processing and card production services; Pathward, N.A. (Pathward), a wholly-owned subsidiary of Pathward Financial, Inc., for the issuance of RTs, EAs, RAs, Emerald Cards, and Spruce accounts; and Microsoft Corporation, for technology. In certain instances, we are vulnerable to vendor error, service inefficiencies, data breaches, service interruptions, or service delays, and such issues by our key vendors in providing services to or for us could result in material losses for us due to the nature of the services being provided or our contractual relationships with our vendors. If any material adverse event were to affect one of our key vendors or if we are no longer able to contract with our key vendors for any reason, we may be forced to find an alternative provider for these critical services. It may not be possible to find a replacement vendor on terms that are acceptable to us or at all.
 Our sensitivity to any of these issues may be heightened (1) due to the seasonality of our business, (2) with respect to any vendor that we utilize for the provision of any product or service that has specialized expertise, (3) with respect to any vendor that is a sole or exclusive provider, or (4) with respect to any vendor whose indemnification obligations are limited or that does not have the financial capacity to satisfy its indemnification obligations. Some of our vendors are subject to the oversight of regulatory bodies and, as a result, our product or service offerings may be affected by the actions or decisions of such regulatory bodies. If our vendors are unable to

 meet our needs and we are not able to develop alternative sources for these services and products quickly and cost-effectively, or if a key vendor were to commit a major error or suffer a material adverse event, it could result in a material and adverse impact on our business and our consolidated financial position, results of operations, and cash flows.
 The specialized and highly seasonal nature of our business presents financial risks and operational and human capital challenges.
 Our business is highly seasonal, with the substantial portion of our revenue earned from February through April in a typical year. The concentration of our revenue-generating activity during this relatively short period presents a number of challenges for us, including (1) cash and resource management during the remainder of our fiscal year, when we generally operate at a loss and incur fixed costs and costs of preparing for the upcoming tax season, (2) responding to changes in competitive conditions, including marketing, pricing, and new product offerings, which could affect our position during the tax season, (3) disruptions, delays, or extensions in a tax season, including those caused by reduced governmental resources (including workforce reductions), pandemics, or severe weather, (4) client dissatisfaction issues or negative social media campaigns, which may not be timely discovered or satisfactorily addressed, and (5) ensuring optimal uninterrupted operations and service delivery during the tax season, which may be disrupted by natural or manmade disasters, extreme weather conditions, pandemics or endemics, catastrophes, or a wide variety of events within or outside of our control. Any unanticipated changes to federal or state tax filing deadlines may further amplify the impact of seasonality on our business and affect the comparability of our financial results from period to period. If we experience significant business disruptions during the tax season or if we are unable to effectively address the challenges described above and related challenges associated with a seasonal business, we could experience a loss, disruption, or change in timing of business, which could have a material adverse effect on our business and our consolidated financial position, results of operations, and cash flows.

 We rely on the performance of key personnel, including our executive leadership and other key associates, and we may be unable to attract and retain key personnel or fully control or accurately predict our labor costs.
 Our business depends on our ability to attract, develop, motivate, and retain key personnel in a timely manner, including members of our executive team and those in seasonal tax preparation positions (which may be required on short notice during any extended tax season or to serve extended filers) or with other required specialized expertise, such as technical positions (including with respect to cybersecurity, artificial intelligence, and machine learning). Changes in our management team resulting from the hiring or departure of executives and key associates from time to time could disrupt our business. Executive leadership transition periods may negatively impact operations due to increased or unanticipated expenses, operational inefficiencies, uncertainty, decreased employee morale and productivity, or increased turnover.
 The market for key personnel is extremely competitive, and there can be no assurance that we will be successful in our efforts to attract and retain the required qualified personnel within necessary timeframes, or at expected cost levels. As the global labor market continues to evolve, our current and prospective key personnel may seek new or different opportunities based on pay levels, benefits, or remote work policies that are different from what we offer, or may determine to leave the workforce, making it difficult to attract and retain them. If we are unable to attract, develop, motivate, and retain key personnel, our business, operations, and financial results could be negatively impacted. In addition, if our costs of labor or related costs increase, if new or revised labor laws, rules, or regulations are adopted or implemented that impact our seasonal workforce and increase our labor costs, or if our labor costs are unpredictable due to tax season fluctuations or otherwise, there could be a material adverse effect on our business and our consolidated financial position, results of operations, and cash flows.
 Our business depends on our strong reputation and the value of our brands.
 Developing and maintaining awareness of our brands is critical to achieving widespread acceptance of our existing and future services and products and is an important element in attracting new clients. In addition, our franchisees operate their businesses under our brands. Adverse publicity (whether or not justified) relating to events or activities involving or attributed to us, our franchisees, employees, vendors, or agents or our services or products, which may be enhanced due to the nature of social media, may tarnish our reputation and reduce the value of our brands. Our reputation also may be damaged by negative perceptions that our clients, employees, franchisees, and

 shareholders may have about our action or inaction on social or political issues. In addition, steps have been taken to reduce government spending, including with respect to the IRS. A significant reduction in IRS resources may increase the likelihood of governmental delays or errors in processing returns or refunds, as well as poor customer service experiences, and clients may mistakenly attribute such delays, errors, or experiences to our services or products. Damage to our reputation and loss of brand equity may reduce demand for our services and products and thus have an adverse effect on our future financial results, as well as require additional resources to rebuild our reputation and restore the value of our brands.
 Failure to maintain sound business relationships with our franchisees may have a material adverse effect on our business and we may be subject to legal and other challenges resulting from our franchisee relationships.
 Our financial success depends in part on our ability to maintain sound business relationships with our franchisees. The support of our franchisees is also critical for the success of our ongoing operations. Deterioration in our relationships with our franchisees could have a material adverse effect on our business and our consolidated financial position, results of operations, and cash flows.
 We also grant our franchisees a limited license to use our registered trademarks and, accordingly, there is risk that one or more of the franchisees may be alleged to be controlled by us. Third parties, regulators or courts may seek to hold us responsible for the actions or failures to act by our franchisees. Adverse outcomes related to legal actions could result in substantial damages and could cause our earnings to decline. Negative public opinion could also result from our or our franchisees' actual or alleged conduct in such claims, possibly damaging our reputation, which, in turn, could adversely affect our business prospects and cause the market price of our securities to decline.
 Our international operations are subject to risks that may harm our business and our consolidated financial position, results of operations, and cash flows.
 We have international operations, including tax preparation businesses in Canada and Australia, a technology and shared services center in India, a technology center in Ireland, and Wave in Canada. We may consider expansion opportunities in additional countries in the future and there is uncertainty about our ability to generate revenues from new or emerging foreign operations or expand into other international markets. Additionally, there are risks inherent in doing business internationally, including: (1) changes in trade regulations; (2) difficulties in managing foreign operations as a result of distance, language, and cultural differences; (3) profit repatriation restrictions and fluctuations in foreign currency exchange rates; (4) geopolitical events, including acts of war and terrorism, and economic and political instability; (5) compliance with anti-corruption laws such as the U.S. Foreign Corrupt Practices Act and other applicable foreign anti-corruption laws; (6) compliance with U.S. and international laws and regulations, including those concerning privacy and data protection and retention; and (7) risks related to other government regulation or required compliance with local laws. These risks inherent in international operations could prevent us from expanding into other international markets or increase our costs of doing business internationally and could have a material adverse effect on our business and our consolidated financial position, results of operations, and cash flows.
 In addition, we prepare U.S. federal and state tax returns for taxpayers residing in foreign jurisdictions, including the European Union (EU), and we and certain of our franchisees operate and provide other services in foreign jurisdictions. As a result, certain aspects of our operations are subject, or may in the future become subject, to the laws, regulations, and policies of those jurisdictions that regulate the collection, use, and transfer of personal information, which may be more stringent than those of the U.S., including, but not limited to the EU General Data Protection Regulation, the Canadian Personal Information Protection and Electronic Documents Act, and Canadian Provincial legislation.
 Costs for us to comply with such laws, regulations, and policies that are applicable to us could be significant. We may also face audits or investigations by one or more foreign governmental agencies relating to these laws, regulations, and policies that could result in the imposition of penalties or fines.

 INFORMATION SECURITY, CYBERSECURITY, AND DATA PRIVACY RISKS
 Compliance with the complex and evolving laws, regulations, standards, and contractual requirements regarding privacy and data protection could require changes in our business practices and increase costs of operation; failure to comply could result in significant claims, fines, penalties, and damages.
 Due to the nature of our business, we collect, use, and retain large amounts of personal information and data pertaining to clients, including tax return information, financial product and service information, and social security numbers. In addition, we collect, use, and retain personal information and data of our employees in the ordinary course of our business.
 We are subject to laws, rules, and regulations relating to the collection, use, disclosure, and security of such consumer and employee personal information, which have drawn increased attention from U.S. federal, state, and foreign governmental authorities in jurisdictions in which we operate. In the U.S., the IRS generally requires a tax return preparer to obtain the written consent of the taxpayer prior to using or disclosing the taxpayer's tax return information for certain purposes other than tax return preparation, which may limit our ability to market revenue-generating products to our clients. In addition, other regulations require financial institutions to adopt and disclose their consumer privacy notice and generally provide consumers with a reasonable opportunity to "opt-out" of having nonpublic personal information disclosed to unaffiliated third parties for certain purposes.
 Numerous jurisdictions have passed, and may in the future pass, new laws related to the collection, use, and retention of consumer or employee information and this area continues to be an area of interest for U.S. federal, state, and foreign governmental authorities. For example, several states have adopted comprehensive privacy laws. Subject to certain exceptions, many of these laws impose requirements on how businesses collect, process, manage, and retain certain personal information, and they often provide individuals with various rights regarding personal information collected by a business. In addition, other jurisdictions have adopted or may in the future adopt their own different privacy laws These laws may contain different requirements or may be interpreted and applied inconsistently from jurisdiction to jurisdiction. Furthermore, various jurisdictions are considering regulatory frameworks for artificial intelligence and have passed, or may in the future pass, laws and regulations that impact existing privacy and data protection requirements.
 Our current privacy and data protection policies and practices may not be consistent with all of those requirements, interpretations, or applications. In addition, changes in U.S. federal and state regulatory requirements, as well as requirements imposed by governmental authorities in foreign jurisdictions in which we operate, could result in more stringent requirements and a need to change business practices, including the types of information we can use and the manner in which we can use such information. Establishing systems and processes, or making changes to our existing policies, to achieve compliance with these complex and evolving requirements may increase our costs or limit our ability to pursue certain business opportunities. There can be no assurance that we will successfully comply in all circumstances. We are, and may in the future be, subject to regulatory investigations, claims and legal actions related to the collection, use, sharing, and/or retention of information, which could lead to further inquiries, further legal actions, other regulatory or legislative actions, harm to our reputation and brands, fines, penalties, and other damages.
 We have incurred, and may continue to incur, significant expenses to comply with existing or future privacy and data security standards and protocols imposed by law, regulation, industry standards or contractual obligations.
 A security breach of our systems, or third-party systems on which we rely, resulting in unauthorized access to personal information of our clients or employees or other sensitive, nonpublic information, may adversely affect the demand for our services and products, our reputation, and financial performance.
 We offer a range of services and products to our clients, including tax return preparation solutions, financial services and products, and small business solutions through our company-owned or franchise offices and online. Due to the nature of these services and products, we use multiple digital technologies to collect, transmit, and store high volumes of client personal information. We also collect, use, and retain other sensitive, nonpublic information, such as employee social security numbers, healthcare information, and payroll information, as well as confidential, nonpublic business information. Certain third parties and vendors have access to personal information to help deliver client benefits, services, and products, or may host certain of our and our clients' sensitive and personal information and data. Information security risks continue to increase due in part to the

 increased adoption of and reliance upon digital technologies by companies and consumers, as well as the advancements of technologies like artificial intelligence, which malicious third parties are using to create new, sophisticated approaches and more frequent attacks. Our risk and exposure to these matters remain heightened due to a variety of factors including, among other things, (1) the evolving nature of these threats and related regulation, (2) the increased activity and sophistication of hostile foreign governments, organized crime, cyber criminals, and hackers that may initiate cyberattacks against us or third-party systems on which we rely using technology and other strategies that continue to evolve, including artificial intelligence and social engineering, (3) the prominence of our brand, (4) our and our franchisees' extensive office footprint, (5) our plans to continue to implement strategies for our online and mobile applications and our desktop software, (6) our use of third-party vendors, (7) our use of certain new technologies, such as artificial intelligence and machine learning, and (8) the usage of remote working arrangements by our associates, franchisees, and third-party vendors, which has significantly expanded in recent years.
 Cybersecurity risks may result from fraud or malice from external or internal actors (a cyberattack), human error, or accidental technological failure. Cyberattacks are designed to electronically circumvent network security for malicious purposes such as unlawfully obtaining personal information, extortion, disrupting our ability to offer services, damaging our brand and reputation, stealing our intellectual property, or advancing social or political agendas. We face a variety of cyberattack threats including malware, phishing attacks, social engineering, denial of service attacks, ransomware, and other sophisticated attacks.
 Although we use security and business controls to limit access to and use of personal information and expend significant resources to maintain multiple levels of protection to address or otherwise mitigate the risk of a security breach, such measures do not and cannot provide absolute security. We regularly test our systems to discover and address potential vulnerabilities, and we rely on training and testing of our employees regarding heightened phishing and social engineering threats. We also conduct certain background checks on our employees, as allowed by law. Due to the structure of our business model, we also rely on our franchisees, vendors, and other private and governmental third parties to maintain secure systems and respond to cybersecurity risks. Where appropriate, we impose certain requirements and controls on these third parties, but it is possible that they may not appropriately employ these controls or that such controls (or their own separate requirements and controls) may be insufficient to protect personal information.
 Cybersecurity and the continued development and enhancement of our controls, processes, and practices designed to protect our systems, computers, software, data, and networks from attack, damage, or unauthorized access remain a top priority for us. As risks and regulations continue to evolve, we may be required to expend significant additional resources to continue to modify or enhance our protective measures or to investigate and remediate information security vulnerabilities. Notwithstanding these efforts, there can be no assurance that a security breach, intrusion, or loss or theft of personal information will not occur. In addition, the techniques used to obtain unauthorized access change frequently, become more sophisticated, and are often difficult to detect until after a successful attack, causing us to be unable to anticipate these techniques or implement adequate preventive measures in all cases.
 Unauthorized access to personal information has in the past, and may in the future, cause us to determine that it is required or advisable for us to notify affected individuals, regulators, or others under applicable privacy laws and regulations or otherwise. Security breach remediation could also require us to expend significant resources to assist impacted individuals, repair damaged systems, implement modified information security measures, and maintain client and business relationships. Other consequences could include reduced client demand for our services and products, loss of valuable intellectual property, reduced growth and profitability and negative impacts to future financial results, loss of our ability to deliver one or more services or products (e.g., inability to provide financial services or products or to accept and process client credit card transactions or tax returns), modifying or stopping existing business practices, legal actions, harm to our reputation and brands, fines, penalties, and other damages, and further regulation and oversight by U.S. federal, state, or foreign governmental authorities.
 A security breach or other unauthorized access to our systems, or third-party systems on which we rely, could have a material adverse effect on our business and our consolidated financial position, results of operations, and cash flows.

 LEGAL AND REGULATORY RISKS
 Regulations promulgated by federal and state regulators may affect our financial services and products businesses in new or unexpected ways, which may impact our ability to offer certain financial services or products or require changes to certain financial services or products.
 Federal and state regulators have broad powers to administer, investigate compliance with, and enforce laws governing financial services and products. In addition, state or local jurisdictions in which we operate have passed, and may in the future pass, new laws related to banking and the offering of financial products. These laws may contain different requirements or may be interpreted and applied inconsistently from jurisdiction to jurisdiction. Regulators may interpret existing laws, regulations, and rules in new and different ways as they attempt to apply them more broadly. For example, bank partnership arrangements are increasingly subject to heightened scrutiny at the federal and state level. It is difficult to predict how currently proposed or new regulations, or new interpretations of existing regulations, may impact the financial products we offer.
 Federal or state regulators may examine, investigate, and take enforcement actions against our subsidiaries that offer consumer financial services and products, as well as financial institutions and other third parties upon which our subsidiaries rely to provide consumer financial services and products. Federal and state regulators also have certain authority in enforcing and promulgating laws governing financial services and products. As a result, some regulators have issued new and broader laws and others may in the future, including certain state regulations that are more comprehensive than existing U.S. federal regulations. In addition, state attorneys general may in some cases bring actions to enforce federal laws.
 Currently proposed or new federal and state laws and regulations, or expanded interpretations of current laws and regulations that differ from our existing interpretations, may result in legal actions, may impact our ability to offer certain financial products, or may require changes to the financial products we offer, our services or contracts, and this could have a material adverse effect on our business and our consolidated financial position, results of operations, and cash flows.
 Laws and regulations or other regulatory actions could have an adverse effect on our business and our consolidated financial position, results of operations, and cash flows.
 Our tax preparation business and operations are subject to various forms of government regulation, including U.S. federal requirements regarding the signature and inclusion of identification numbers on tax returns and tax return retention requirements. U.S. federal laws also subject income tax return preparers to accuracy-related penalties, and preparers may be prohibited from continuing to act as income tax return preparers if they repeatedly engage in specified misconduct. We are also subject to, among other things, advertising standards for electronic tax return filers, and to possible monitoring by the IRS, and if deemed appropriate, the IRS could impose various penalties, including suspension from the IRS electronic filing program. Many states and local jurisdictions have laws regulating tax professionals or the offering of income tax courses, which are in addition to and may be different than federal requirements.
 In addition, our franchising activities are subject to various rules and regulations, including requirements to furnish prospective franchisees with a prescribed franchise disclosure document. Substantive state laws regulating the franchisor/franchisee relationship presently exist in a large number of states. These state laws often limit, among other things, the duration and scope of non-competition provisions, the ability of a franchisor to terminate or refuse to renew a franchise contract and the ability of a franchisor to designate sources of supply. In addition, bills have been introduced from time to time that would provide for federal regulation of the franchisor/franchisee relationship in certain respects or that would impact the traditional nature of the relationship between franchisors and franchisees.
 Additionally, our offering of consumer financial services and products are subject to various rules and regulations, including potential limitations or restrictions on the amount of interchange fees. There can be no assurance that future government regulation or changes by the payment networks will not impact interchange revenues substantially. If interchange rates decline, whether due to actions by the payment networks or future government regulation, it could impact the profitability of our consumer financial services and products or our ability to offer such services or products.

 Furthermore, certain of our services and product offerings may require licenses to operate, and if we fail or are unable to comply with existing or new license requirements, we may be subject to fines or penalties and our ability to operate in certain jurisdictions may be materially restricted or prohibited entirely.
 Given the nature of our businesses, we are subject to various additional federal, state, local, and foreign laws and regulations, including, without limitation, in the areas of labor, immigration, marketing and advertising, consumer protection, financial services and products, payment processing, privacy and data security, artificial intelligence, anti-competition, environmental, health and safety, insurance, and healthcare. There have been significant new or proposed regulations and/or heightened focus by the government and others in some of these areas, including, for example, privacy and data security, climate change, interchange fees, consumer financial services and products, endorsements and testimonials, telemarketing, web and wireless marketing technologies, non-competition agreements and other restrictive covenants, and labor, including overtime and exemption regulations, state and local laws on minimum wage, worker classification, and other labor-related issues. In addition, as we continue to incorporate additional or emerging technologies into our business, such as in the areas of artificial intelligence and machine learning, we may become subject to increased government regulation or regulatory scrutiny.
 The above requirements and business implications are subject to change and evolving application, including by means of new legislation, legislative changes, and/or executive orders, and there may be additional regulatory actions or enforcement priorities, or new interpretations of existing requirements that differ from ours. These developments could impose unanticipated limitations or require changes to our business, which may make elements of our business more expensive, less efficient, or impossible to conduct, and may require us to modify our current or future services or products, which effects may be heightened given the nature, broad geographic scope, and seasonality of our business. Any perceived or actual failure to comply with applicable laws, rules, and regulations could damage our reputation and result in fines, penalties, and other legal actions or require us to modify our business practices, which could have a material adverse effect on our financial position, results of operations, and cash flows.
 We face legal actions in connection with our various business activities, both past and present, and current or future legal actions may damage our reputation, impair our product offerings, or result in material liabilities and losses.
 We have been named and, in the future will likely continue to be named, in various legal actions, including class or representative actions, individual or mass arbitrations, actions or inquiries by state attorneys general and other regulators, and other litigation arising in connection with our various business activities, including relating to our various service and product offerings. For example, as previously reported, we are subject to legal actions and have received and are responding to certain governmental inquiries and other matters relating to the IRS Free File program and other aspects of our DIY tax preparation services, including the use of pixels. These inquiries and other matters include, among other things, requests for information and subpoenas from various regulators and state attorneys general and private legal actions, including class actions and mass arbitrations. The fees and legal expenses incurred in connection with such matters may be significant irrespective of the merits.
 In addition, our discontinued operations, which include the results of operations of Sand Canyon Corporation, formerly known as Option One Mortgage Corporation (including its subsidiaries, collectively, SCC), have been, and may in the future be, subject to loss contingencies, which may result in significant financial losses. The creditors of SCC or other potential claimants may attempt to assert claims against us for payment of SCC's obligations.
 We cannot predict whether the legal actions described above could lead to further inquiries, further litigation, fines, damages, injunctions or other regulatory or legislative actions, or impacts on our brand, reputation and business. See discussion in Item 8, note 12 to the consolidated financial statements for additional information.
 Failure to protect our intellectual property rights may harm our competitive position and litigation to protect our intellectual property rights or defend against third party allegations of infringement may be costly.
 Despite our efforts to protect our intellectual property and proprietary information, we may be unable to do so effectively in all cases. Our intellectual property could be wrongfully acquired as a result of a cyberattack, other wrongful conduct by employees or third parties, or human error. To the extent that our intellectual property is not

 protected effectively by trademarks, copyrights, patents, or other means, other parties with knowledge of our intellectual property, including former employees, may seek to exploit our intellectual property for their own or others' advantage. Competitors may also misappropriate our trademarks, copyrights or other intellectual property rights or duplicate our technology and products. Any significant impairment or misappropriation of our intellectual property or proprietary information could harm our business and our brand, and may adversely affect our ability to compete.
 In addition, third parties may allege we are infringing their intellectual property rights, and we may face intellectual property challenges from other parties. We may not be successful in defending against any such challenges or in obtaining licenses to avoid or resolve any intellectual property disputes and, in that event, we could lose significant revenues, incur significant royalty or technology development expenses, suffer harm to our reputation, or pay significant monetary damages.
 FINANCIAL RISKS
 Our access to liquidity may be negatively impacted by disruptions in credit markets, downgraded credit ratings, increased interest rates or our failure to meet certain covenants. Our funding costs could increase, further impacting earnings.
 We need liquidity to meet our working capital requirements, to service debt obligations, including refinancing of maturing obligations, and for general corporate purposes. Our operations are highly seasonal and substantially all of our revenues and cash flows are generated during the period from February through April in a typical year. Therefore, we normally require the use of cash to fund losses and working capital needs, periodically resulting in a working capital deficit, from May through January. We typically have relied on available cash balances from the prior tax season and borrowings to meet liquidity needs during this time period. Events may occur that could increase our need for liquidity above current levels. We may need to obtain additional sources of funding to meet these needs, which may not be available or may only be available under unfavorable terms. In addition, if rating agencies downgrade our credit rating or interest rates increase, the cost of debt under our existing financing arrangements, as well as future financing arrangements, could increase and our capital market access could decrease or become unavailable.
 Our unsecured committed line of credit (CLOC) is subject to various covenants, and a violation of a covenant could impair our access to liquidity currently available through the CLOC. In addition, if we violate a covenant in the CLOC and are unable to obtain a waiver from our lenders, our debt under the CLOC would be in default and could be accelerated by our lenders. An acceleration of the indebtedness under the CLOC would cause a cross default under the indenture governing our Senior Notes. There can be no assurance that we will be able to obtain sufficient funds to enable us to repay or refinance our debt obligations on commercially reasonable terms, or at all.
 If current sources of liquidity were to become unavailable, we would need to obtain additional sources of funding, which may not be available or may only be available under less favorable terms. This could have a material adverse effect on our business and our consolidated financial position, results of operations, and cash flows.
 The continued payment of dividends on our common stock and repurchases of our common stock are dependent on a number of factors, and cannot be assured.
 We need liquidity sufficient to fund payments of dividends on our common stock and repurchases of our common stock. In addition, holders of our common stock are only entitled to receive such dividends, and the Company may only repurchase shares, as our Board of Directors may authorize out of funds legally available for such payments. Due to the seasonal nature of our business and the fact that our business is not asset-intensive, we have had, and are likely to continue to have, a negative net worth under U.S. generally accepted accounting principles (GAAP) at various times throughout the year. Therefore, the payment of dividends or stock repurchases at such times would cause us to further increase that GAAP negative net worth. In addition, our stock repurchase program does not have an expiration date and we are not obligated to repurchase a specified number of shares. Our repurchase

 program may be suspended or terminated at any time, and there can be no assurance that our repurchase program will enhance long-term shareholder value.
 The payment of future dividends and future repurchases will depend upon our earnings, economic conditions, liquidity and capital requirements, and other factors, including our debt leverage. Even if we have sufficient resources to pay dividends and to repurchase shares of our common stock, our Board of Directors may determine to use such resources to fund other Company initiatives. Accordingly, we cannot make any assurance that future dividends will be paid, or future repurchases will be made, at levels comparable to our historical practices, if at all.
 Changes in corporate tax laws or regulations, or in the interpretations of tax laws or regulations, could materially affect our financial condition, cash flows, and operating results.
 As a profitable multinational corporation, we are subject to a material amount of taxes in the U.S. and numerous foreign jurisdictions where our subsidiaries are organized and conduct their operations. Significant judgment is required in determining our worldwide provision for income taxes and other tax liabilities. The amount of tax due in various jurisdictions may change significantly as a result of political or economic factors beyond our control, including changes to tax laws or new interpretations of existing laws that are inconsistent with previous interpretations or positions taken by taxing authorities on which we have relied. New regulatory guidance, or regulatory interpretations that differ from our existing interpretations, could materially affect our effective tax rates or value of deferred tax assets and liabilities.
 Legislatures and taxing authorities in jurisdictions in which we operate may propose additional changes to their tax rules in response to economic conditions, or as part of broader tax reformation initiatives. In the U.S, on July 4, 2025, H.R. 1 was signed into law and includes significant changes to U.S. federal income tax law. The legislation will require additional clarifying guidance which could change interpretations or assumptions we may make.
 In addition, projects undertaken by international organizations may change international tax norms relating to each country's jurisdiction to tax cross-border international trade. Given the unpredictability of these and other possible changes to tax laws and related regulations, it is difficult to assess the overall effect of such potential changes, but any such changes could, if adopted and applicable to us, adversely impact our effective tax rates and other tax liabilities.
 Our tax returns and other tax matters are periodically examined by tax authorities and governmental bodies, including the IRS, which may disagree with positions taken by us in determining our tax liability. There can be no assurance as to the outcome of these examinations. We regularly assess the likelihood of an adverse outcome resulting from these examinations to determine the adequacy of our provision for income taxes.
 If our effective tax rates were to increase, or if the ultimate determination of our taxes owed is for an amount in excess of amounts previously accrued, our operating results, cash flows, and financial condition could be adversely affected.

 ITEM 1B. UNRESOLVED STAFF COMMENTS
 None.

 ITEM 1C. CYBERSECURITY
 Risk Management and Strategy
 To help address cybersecurity threats, we have developed a strategy and implemented a program to identify, assess, and prioritize cybersecurity risks as part of our broader ERM program. We are committed to a risk-centric, layered information security approach to secure our data, systems, and services. We prioritize our data security initiatives and processes based on our assessment of known and anticipated threats to our data security. Utilizing the National Institute of Standards and Technology (NIST) Cybersecurity Framework, we strive for continuous improvement and utilize a metrics-based approach to identify and mitigate data security risks that could potentially impact our business operations or clients.
 We maintain multiple levels of protection to mitigate data security risks, and we regularly test our systems to discover and address potential vulnerabilities, including without limitation:

 • using a multi-layered, zero-trust principled approach to secure systems;
 • systematic monitoring of our sites and services to detect and respond to unauthorized activity; and
 • regular security audits and vulnerability assessments conducted by our dedicated internal information security team, our internal auditors, and by external third parties.
 In addition, we engage in a broad range of activities to secure and protect the data that we obtain through our business operations including, but not limited to:
 • continued development and enhancement of our controls, processes, and practices designed to protect our systems, computers, software, data, and networks from attack, damage, or unauthorized access;
 • security and business controls to appropriately limit access to and use of personal information, including adaptive and multifactor authentication;
 • comprehensive data protections, including encryption, to facilitate the secure storage, use, and transmission of sensitive data;
 • annual privacy/data security training to all employees and contractors and regular awareness and testing activities year-round regarding social engineering threats, such as phishing, for employees;
 • background checks on our employees, as permitted;
 • due diligence requirements and controls for third parties (e.g., service providers) with access to sensitive data throughout the lifecycle of the relationship; and
 • a dedicated global information security team that partners with all technology groups to monitor, prioritize, and remediate risks to the enterprise.
 Governance
 The Audit Committee of the Board of Directors has the primary responsibility of assisting our Board in the oversight of policies and processes pertaining to the ERM program and specifically considers risks and controls relating to, among other things, data and cybersecurity. Risks associated with cybersecurity threats are a top priority for ongoing oversight by the ERM team and the Enterprise Risk Committee. Our Vice President, Legal and Corporate Secretary, oversees the activities of the Enterprise Risk Committee and, together with the Chief Information Security Officer (CISO), briefs the Audit Committee and the Board of Directors on information security risk matters as a part of regular ERM reports, with a deep dive focused on information security at least annually (or more frequently if appropriate).
 In addition, the Audit Committee receives regular reports on cybersecurity matters from the Chief Legal and Administrative Officer (CLAO) and the CISO. The Board of Directors is also updated by the CLAO and CISO on a periodic basis. Our CLAO, who reports directly to the President and CEO, has over 30 years of leadership experience across multiple industries in roles responsible for overseeing and managing risk. Our CISO, who reports directly to the CLAO, has extensive cybersecurity knowledge and skills gained from over 30 years of experience in consulting and technology roles, with more than 18 years of Information Security specialization. Our CISO is responsible for understanding, managing, and communicating cybersecurity risks internally to our management (including the Enterprise Risk Committee on which he serves), and works closely with our Legal department to oversee compliance with legal, regulatory, and contractual security requirements.
 Our CISO heads the Information Security team, which is responsible for implementing, monitoring, and maintaining cybersecurity and data protection practices across our business. The Information Security team covers a wide range of cyber and information security responsibilities. Our CISO also receives reports on cybersecurity threats on an ongoing basis and regularly reviews risk management measures implemented by us to identify and mitigate cybersecurity risks. In addition to our internal capabilities, we also periodically engage external consultants, legal counsel, or other third-party advisors to assist with assessing, identifying, and managing cybersecurity risks.

 Material Cybersecurity Risks, Threats, and Incidents
 We have been, and continue to be, the subject of cybersecurity threats, and we describe how risks from these threats, if realized, are reasonably likely to materially affect us. See further discussion of these items in our Item 1A. Risk Factors of this Form 10-K. As of the date of this report, we have not identified risks from any known cybersecurity threats, including as a result of any prior cybersecurity incidents, that have materially affected us, including our business strategy, results of operations, or financial condition. However, there can be no assurance that cybersecurity threats will not have a material impact on us, including our business strategy, results of operations, or financial condition, in the future.

 ITEM 2. PROPERTIES
 Most of our tax offices are operated under leases throughout the U.S., Canada and Australia.
 We own our corporate headquarters, which is located in Kansas City, Missouri. Our Canadian executive offices are located in a leased office in Calgary, Alberta. Our Australian executive offices are located in a leased office in Thornleigh, New South Wales. Wave's headquarters are located in leased offices in Toronto, Ontario. We also lease shared services centers in Hyderabad and Trivandrum, India.
 All current leased and owned facilities are in reasonably good repair and adequate to meet our needs.

 ITEM 3. LEGAL PROCEEDINGS
 For a description of our material pending legal proceedings, see discussion in Item 8, note 12 to the consolidated financial statements.

 ITEM 4. MINE SAFETY DISCLOSURES
 Not applicable.

 ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
 MARKET INFORMATION AND HOLDERS – H&R Block's common stock is traded on the New York Stock Exchange (NYSE) under the symbol HRB. On July 31, 2025, there were 11,433 shareholders of record and the closing stock price on the NYSE was $54.34 per share.
 DIVIDENDS – Although we have historically paid dividends and plan to continue to do so, there can be no assurances that circumstances will not change in the future that could affect our ability or decisions to pay dividends.
 PURCHASES OF EQUITY SECURITIES BY THE ISSUER – A summary of our purchases of H&R Block common stock during the fourth quarter of fiscal year 2025 is as follows:

 Total Number of
 Shares Purchased (1)

 Average
 Price Paid
 per Share

 Total Number of Shares
 Purchased as Part of
 Publicly Announced
 Plans or Programs (2)

 Maximum Dollar Value of
 Shares that May be Purchased
 Under the Plans or Programs (2)

 April 1 – April 30
 —
 $
 56.73
 —
 $
 1,100,000

 May 1 - May 31
 $
 62.46
 —
 $
 1,100,000

 June 1 - June 30
 $
 58.91
 —
 $
 1,100,000

 $
 61.90
 —

 (1)We purchased approximately 10 thousand shares in connection with funding employee income tax withholding obligations arising upon the lapse of restrictions on restricted share units.
 (2)On August 15, 2024, we announced that our Board of Directors approved a new $1.5 billion share repurchase program. The repurchase program does not have an expiration date.

 PERFORMANCE GRAPH – The following graph compares the cumulative five-year total return provided to shareholders of H&R Block, Inc.'s common stock relative to the cumulative total returns of the S&P Midcap 400 index and the S&P 400 Consumer Services Industry index.
 An investment of $100, with reinvestment of all dividends, is assumed to have been made in our common stock and in each of the indexes on June 30, 2020, and its relative performance is tracked through June 30, 2025.

 ITEM 6. SELECTED FINANCIAL DATA
 Not applicable.

 ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
 RESULTS OF OPERATIONS
 Our subsidiaries provide assisted and DIY tax preparation solutions through multiple channels (including in-person, online and mobile applications, virtual, and desktop software) and distribute H&R Block-branded services and products, including those of our bank partners, to the general public primarily in the U.S., Canada and Australia. Tax returns are either prepared by H&R Block tax professionals in one of our 6,701 company-owned or 2,013 franchise offices (as of March 31, 2025), virtually or via an online review or prepared and filed by our clients through our DIY tax solutions. We also offer small business solutions through our company-owned and franchise offices (including in-person, online and virtual) and online through Wave. We report a single segment that includes all of our continuing operations.
 A summary of our fiscal year 2025 results is as follows:
 • Revenue increased $150.6 million, or 4.2%, largely due to increases in U.S. company-owned net average charge and tax return volume coupled with increases in DIY online paid net average charge. These increases were partially offset by lower interest and fee income on Emerald Advance due to a decrease in EA loans originated.
 • Operating expenses increased $128.0 million, or 4.6%, due to higher compensation and benefits, marketing, consulting, technology, and legal costs, partially offset by lower bad debt.
 • Pretax income increased $19.1 million, or 2.5%.
 • Net income from continuing operations of $609.5 million increased 1.9% from the prior year.
 • EBITDA(1) of $976.3 million increased $13.2 million, or 1.4%.
 • Diluted earnings per share from continuing operations increased $0.28, or 6.8%, and adjusted diluted earnings per share from continuing operations(1) increased $0.25, or 5.7%.
 (1) All non-GAAP measures are results from continuing operations. See " Non-GAAP Financial Information " at the end of this item for a reconciliation of non-GAAP measures.

 Consolidated – Financial Results

 2025
 2024
 $ Change
 % Change

 Revenues:

 U.S. tax preparation and related services:

 Assisted tax preparation
 $
 2,413,229
 $
 2,274,835
 $
 138,394
 6.1
 %

 Royalties
 192,877
 204,802
 (11,925)
 (5.8)
 %

 DIY tax preparation
 383,738
 349,812
 33,926
 9.7
 %

 Refund Transfers
 137,526
 142,249
 (4,723)
 (3.3)
 %

 Peace of Mind Extended Service Plan
 87,326
 93,087
 (5,761)
 (6.2)
 %

 Tax Identity Shield
 29,920
 33,386
 (3,466)
 (10.4)
 %

 Other
 58,318
 51,555
 6,763
 13.1
 %

 Total U.S. tax preparation and related services
 3,302,934
 3,149,726
 153,208
 4.9
 %

 Financial services:

 Emerald Card and SpruceSM

 72,888
 76,093
 (3,205)
 (4.2)
 %

 Interest and fee income on Emerald Advance
 28,958
 40,933
 (11,975)
 (29.3)
 %

 Total financial services
 101,846
 117,026
 (15,180)
 (13.0)
 %

 International
 246,993
 247,123
 (130)
 (0.1)
 %

 Wave
 109,222
 96,472
 12,750
 13.2
 %

 Total revenues
 $
 3,760,995
 $
 3,610,347
 $
 150,648
 4.2
 %

 Compensation and benefits:

 Field wages
 927,360
 869,002
 (58,358)
 (6.7)
 %

 Other wages
 306,999
 298,819
 (8,180)
 (2.7)
 %

 Benefits and other compensation
 250,729
 228,723
 (22,006)
 (9.6)
 %

 1,485,088
 1,396,544
 (88,544)
 (6.3)
 %

 Occupancy
 438,868
 432,461
 (6,407)
 (1.5)
 %

 Marketing and advertising
 285,800
 277,747
 (8,053)
 (2.9)
 %

 Depreciation and amortization
 116,827
 121,784
 4,957
 4.1
 %

 Bad debt
 74,584
 91,523
 16,939
 18.5
 %

 Other
 531,858
 485,011
 (46,847)
 (9.7)
 %

 Total operating expenses
 2,933,025
 2,805,070
 (127,955)
 (4.6)
 %

 Other income (expense), net
 31,546
 36,125
 (4,579)
 (12.7)
 %

 Interest expense on borrowings
 (78,113)
 (79,080)
 1.2
 %

 Income from continuing operations before income taxes
 781,403
 762,322
 19,081
 2.5
 %

 Income taxes
 (7,594)
 (4.6)
 %

 Net income from continuing operations
 11,487
 1.9
 %

 Net loss from discontinued operations
 (3,677)
 (2,646)
 (1,031)
 (39.0)
 %

 $
 $
 $
 10,456
 1.8
 %

 DILUTED EARNINGS PER SHARE:

 Continuing operations
 $
 4.42
 $
 4.14
 $
 0.28
 6.8
 %

 Discontinued operations
 (0.03)
 (0.02)
 (0.01)
 (50.0)
 %

 Consolidated
 $
 4.39
 $
 4.12
 $
 0.27
 6.6
 %

 Adjusted diluted EPS(1)

 $
 4.66
 $
 4.41
 $
 0.25
 5.7
 %

 EBITDA(1)

 $
 976,343
 $
 963,186
 $
 13,157
 1.4
 %

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

 FISCAL YEAR 2025 COMPARED TO FISCAL YEAR 2024
 Revenues increased $150.6 million, or 4.2%, from the prior year. U.S. assisted tax preparation revenues increased $138.4 million, or 6.1%, due to a 5.1% increase in net average charge combined with a 1.0% increase in company-owned tax return volumes in the current year. U.S. royalties revenue decreased $11.9 million, or 5.8%, due to lower franchise tax return volumes, which was primarily driven by franchise acquisitions. During the year we purchased franchise offices, which results in increasing tax preparation revenues and decreasing royalties as the revenues and returns become company-owned after the acquisition. During the year ended June 30, 2025 our total assisted tax return volume, which includes both company-owned and franchise offices, decreased 0.9% from the prior year.
 U.S. DIY tax preparation revenues increased $33.9 million, or 9.7%, due to a 9.8% increase in paid net average charge and higher desktop software revenues compared to the prior year.
 Interest and fee income on Emerald Advance decreased $12.0 million, or 29.3%, due to a decrease in EA loans originated during the current year. Wave revenues increased $12.8 million, or 13.2%, due to higher accounting, invoicing and receipts subscriptions and small business payments processing volumes.
 Total operating expenses increased $128.0 million, or 4.6%, from the prior year. Field wages increased $58.4 million, or 6.7%, due to higher tax professional wages in the current year primarily resulting from an increase in U.S. assisted tax preparation revenues. Other wages increased $8.2 million, or 2.7%, due to higher corporate wages due to salary increases in the current year. Benefits and other compensation increased $22.0 million, or 9.6%, due to higher employee insurance, severance pay and payroll taxes in the current year.
 Marketing and advertising expense increased $8.1 million, or 2.9%, primarily due to higher advertising agency and customer incentive expenses. Bad debt expense decreased $16.9 million, or 18.5%, due to lower EA bad debt rates coupled with a decrease in EA loans originated during the current year.
 Other operating expenses increased $46.8 million, or 9.7%. The components of other expenses are as follows:

 2025
 2024
 $ Change
 % Change

 Consulting and outsourced services
 $
 104,003
 $
 92,737
 $
 (11,266)
 (12.1)
 %

 Bank partner fees
 32,152
 28,856
 (3,296)
 (11.4)
 %

 Client claims and refunds
 27,422
 25,623
 (1,799)
 (7.0)
 %

 Employee and travel expenses
 35,646
 33,473
 (2,173)
 (6.5)
 %

 Technology-related expenses
 119,241
 108,694
 (10,547)
 (9.7)
 %

 Credit card/bank charges
 109,202
 102,377
 (6,825)
 (6.7)
 %

 Insurance
 17,225
 12,075
 (5,150)
 (42.7)
 %

 Legal fees and settlements
 37,819
 28,536
 (9,283)
 (32.5)
 %

 Supplies
 20,777
 23,090
 2,313
 10.0
 %

 Other
 28,371
 29,550
 1,179
 4.0
 %

 $
 531,858
 $
 485,011
 $
 (46,847)
 (9.7)
 %

 Consulting and outsourced services expense increased $11.3 million, or 12.1%, due to higher Emerald Card data processing and spend related to various strategic projects. Technology-related expenses increased by $10.5 million, or 9.7%, due to higher cloud-related technology spend. Legal fees and settlements expense increased $9.3 million, primarily due to higher outside counsel spend in the current year.
 We recorded income tax expense of $172.0 million in the current year compared to $164.4 million in the prior year. The increase is due to higher pretax income and effective tax rate in the current year. The effective tax rate for the year ended June 30, 2025, and 2024 was 22.0% and 21.6%, respectively. See Item 8, note 9 to the consolidated financial statements for additional discussion.
 FISCAL YEAR 2024 COMPARED TO FISCAL YEAR 2023
 The comparison of fiscal year 2024 to 2023 has been omitted from this Form 10-K, but can be found in our Form 10-K for the fiscal year ended June 30, 2024, filed on August 15, 2024.

 FINANCIAL CONDITION
 These comments should be read in conjunction with the consolidated balance sheets and consolidated statements of cash flows included in Item 8.
 CAPITAL RESOURCES AND LIQUIDITY –
 OVERVIEW – Our primary sources of capital and liquidity include cash from operations (including changes in working capital), draws on our CLOC, and issuances of debt. We use our sources of liquidity primarily to fund working capital, service and repay debt, pay dividends, repurchase shares of our common stock, and acquire businesses.
 Our operations are highly seasonal and substantially all of our revenues and cash flow are generated during the period from February through April in a typical year. Therefore, we normally require the use of cash to fund losses and working capital needs, periodically resulting in a working capital deficit, from May through January. We typically have relied on available cash balances from the prior tax season and borrowings to meet liquidity needs.
 Given the likely availability of a number of liquidity options discussed herein, we believe that in the absence of any unexpected developments, our existing sources of capital as of June 30, 2025 are sufficient to meet our future operating and financing needs.
 DISCUSSION OF CONSOLIDATED STATEMENTS OF CASH FLOWS – The following table summarizes our statements of cash flows for fiscal year 2025 and 2024. See Item 8 for the complete consolidated statements of cash flows for these periods.

 2025
 2024

 Net cash provided by (used in):

 Operating activities
 $
 680,883
 $
 720,860

 Investing activities
 (105,373)
 (93,858)

 Financing activities
 (647,443)
 (564,311)

 Effects of exchange rates on cash
 (121)
 (2,814)

 Net increase (decrease) in cash and cash equivalents, including restricted balances
 $
 (72,054)
 $
 59,877

 Operating Activities. Cash provided by operating activities totaled $680.9 million for the year ended June 30, 2025 compared to $720.9 million in the prior year period. The decrease is primarily due to changes in income tax reserves and accounts payable.
 Investing Activities. Cash used in investing activities totaled $105.4 million for the year ended June 30, 2025 compared to $93.9 million for the prior year period. The increase is primarily due to higher capital expenditures, partially offset by lower payments made for business acquisitions in the current year.
 Financing Activities. Cash used in financing activities totaled $647.4 million for the year ended June 30, 2025 compared to $564.3 million for the prior year period. The increase is primarily due to higher repurchases of common stock and dividends in the current year.
 CASH REQUIREMENTS –
 Dividends and Share Repurchase. Returning capital to shareholders in the form of dividends and the repurchase of outstanding shares has historically been a significant component of our capital allocation plan.
 We have consistently paid quarterly dividends. Dividends paid totaled $197.3 million and $179.8 million in the years ended June 30, 2025 and 2024, respectively. Although we have historically paid dividends and plan to continue to do so, there can be no assurances that circumstances will not change in the future that could affect our ability or decisions to pay dividends.

 On August 15, 2024, the Board of Directors approved a $1.5 billion share repurchase program. The repurchase program does not have an expiration date and replaced the previously existing share repurchase program.
 During the year ended June 30, 2025, we repurchased $400.1 million of our common stock at an average price of $61.10 per share, excluding excise taxes in connection with such repurchases. In the prior year, we repurchased $350.1 million of our common stock at an average price of $43.66 per share, excluding excise taxes in connection with such repurchases. Our current share repurchase program has remaining authorization of $1.1 billion and does not have an expiration date.
 Share repurchases are subject to prevailing market prices, may be made in open market transactions (some of which may be effectuated under SEC Rule 10b5-1) and remain subject to the discretion of our Board of Directors. The Company may cancel or suspend the repurchase of shares at any time. Any repurchases will be funded primarily through available cash and cash from operations. There can be no assurance that we will repurchase any shares.
 The following table summarizes our shares outstanding, shares repurchased, and annual dividends per share:

 2025
 2024
 2023

 Shares outstanding
 133,947
 139,591
 146,150

 Shares repurchased
 6,549
 8,020
 14,635

 Dividends declared per share
 $
 1.50
 $
 1.28
 $
 1.16

 Capital Investment. Capital expenditures totaled $82.0 million and $63.7 million for the years ended June 30, 2025 and 2024, respectively. Our capital expenditures relate primarily to recurring improvements to retail offices, as well as investments in computers, software and related assets. In addition to our capital expenditures, we also made payments to acquire businesses. We acquired franchise and competitor businesses totaling $35.5 million and $43.4 million during the years ended June 30, 2025 and 2024, respectively. See Item 8, note 6 for additional information on our acquisitions.
 Contractual Obligations and Commercial Commitments. Effective October 18, 2024, we amended our Program Management Agreement (PMA) with Pathward, N.A to extend the term of the PMA for two years until June 30, 2027. We are party to many contractual obligations involving commitments to make payments to third parties, which may impact our short-term and long-term liquidity and capital resource needs. Our contractual obligations primarily consist of operating leases, contingent acquisition payments, and long-term debt and related interest payments. See Item 8, note 7, 10, and 11 to the consolidated financial statements for additional information.
 FINANCING RESOURCES – During fiscal year 2025, our existing CLOC had capacity of up to $1.5 billion and was scheduled to expire in June 2026. On July 11, 2025, we entered into a Fifth Amended and Restated Credit and Guarantee Agreement, which amended and restated our existing 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 the Fourth Amended and Restated Credit and Guarantee Agreement. Proceeds under the CLOC may be used for working capital needs or for other general corporate purposes. We were in compliance with our CLOC covenants as of June 30, 2025. As of June 30, 2025, amounts available to borrow under the CLOC were not limited by the debt-to-EBITDA covenant. We had no balance outstanding under our CLOC as of June 30, 2025.
 See Item 8, note 7 to the consolidated financial statements for discussion of our CLOC and Senior Notes, including discussion of the amendment and restatement of our CLOC effective July 11, 2025.

 The following table provides ratings for debt issued by Block Financial LLC (Block Financial) as of June 30, 2025 and 2024:

 As of

 Short-term
 Long-term
 Outlook
 Short-term
 Long-term
 Outlook

 Moody's
 P-3
 Baa3
 Stable
 P-3
 Baa3
 Stable

 S&P
 A-2
 BBB
 Stable
 A-2
 BBB
 Stable

 CASH AND OTHER ASSETS – As of June 30, 2025, we held cash and cash equivalents, excluding restricted amounts, of $983.3 million, including $205.9 million held by our foreign subsidiaries.
 Foreign Operations. Seasonal borrowing needs of our Canadian operations are typically funded by our U.S. operations. To mitigate foreign currency risk, we sometimes enter into foreign exchange forward contracts. There were no forward contracts outstanding as of June 30, 2025.
 We do not currently intend to repatriate non-borrowed funds held by our foreign subsidiaries in a manner that would trigger a tax liability.
 The impact of changes in foreign exchange rates during the period on our international cash balances resulted in a decrease of $0.1 million and $2.8 million during the years ended June 30, 2025 and 2024, respectively.
 SUMMARIZED GUARANTOR FINANCIAL STATEMENTS – Block Financial is a 100% owned indirect subsidiary of H&R Block, Inc. Block Financial is the Issuer and H&R Block, Inc. is the full and unconditional Guarantor of our Senior Notes, CLOC and other indebtedness issued from time to time.
 The following table presents summarized financial information for H&R Block, Inc. (Guarantor) and Block Financial (Issuer) on a combined basis after intercompany eliminations and excludes investments in and equity earnings in non-guarantor subsidiaries.

 SUMMARIZED BALANCE SHEET

 As of June 30, 2025
 GUARANTOR AND ISSUER

 Current assets
 $
 38,254

 Noncurrent assets
 1,836,847

 Current liabilities
 432,139

 Noncurrent liabilities
 1,148,806

 SUMMARIZED STATEMENTS OF OPERATIONS

 Year ended June 30, 2025
 GUARANTOR AND ISSUER

 Total revenues
 $
 126,240

 Income from continuing operations before income taxes
 58,596

 Net income from continuing operations
 45,120

 41,443

 The table above reflects $1.8 billion of non-current intercompany receivables due to the Issuer from non-guarantor subsidiaries.

 CRITICAL ACCOUNTING ESTIMATES
 We consider the estimates discussed below to be critical to understanding our financial statements, as they require the use of significant judgment and estimation in order to measure, at a specific point in time, matters that are inherently uncertain. Specific methods and assumptions for these critical accounting estimates are described in the following paragraphs. We have reviewed and discussed each of these estimates with the Audit Committee of our Board of Directors. For all of these estimates, we caution that future events rarely develop precisely as forecasted and estimates routinely require adjustment and may require material adjustment.
 See Item 8, note 1 to the consolidated financial statements for discussion of our significant accounting policies.
 LITIGATION AND OTHER RELATED CONTINGENCIES –
 Nature of Estimates Required. We accrue liabilities related to certain legal matters for which we believe it is probable that a loss has been incurred and the amount of such loss can be reasonably estimated. Assessing the likely outcome of pending or threatened litigation or other related loss contingencies, including the amount of potential loss, if any, is highly subjective.
 Assumptions and Approach Used. We are subject to pending or threatened litigation and other related loss contingencies, which are described in Item 8, note 12 to the consolidated financial statements. It is our policy to routinely assess the likelihood of any adverse judgments or outcomes related to legal matters, as well as ranges of probable losses. A determination of the amount of the liability required to be accrued, if any, for these contingencies is made after analysis of each known issue and an analysis of historical experience. In cases where we have concluded that a loss is only reasonably possible or remote, or is not reasonably estimable, no liability is accrued.
 Sensitivity of Estimate to Change. It is reasonably possible that pending or future litigation and other related loss contingencies may vary from the amounts accrued. Our estimate of the aggregate range of reasonably possible losses includes (1) matters where a liability has been accrued and there is a reasonably possible loss in excess of the amount accrued for that liability, and (2) matters where a liability has not been accrued but we believe a loss is reasonably possible. This aggregate range represents only those losses as to which we are currently able to estimate a reasonably possible loss or range of loss. It does not represent our maximum loss exposure. As of June 30, 2025, we believe the estimate of the aggregate range of reasonably possible losses in excess of amounts accrued, where the range of loss can be estimated, is not material.
 However, our judgments on whether a loss is probable, reasonably possible, or remote, and our estimates of probable loss amounts may differ from actual results due to difficulties in predicting changes in or interpretations of, laws, predicting the outcome of court trials, arbitration hearings, settlement discussions and related activity, predicting the outcome of class certification actions, and numerous other uncertainties. Due to the number of claims which are periodically asserted against us, and the magnitude of damages sought in those claims, actual losses in the future may significantly differ from our current estimates.
 Our accrued liabilities for litigation and other related contingencies are disclosed in Item 8, note 12 to the consolidated financial statements.
 INCOME TAXES – UNCERTAIN TAX POSITIONS –
 Nature of Estimates Required. The income tax laws of jurisdictions in which we operate are complex and subject to different interpretations by the taxpayer and applicable government taxing authorities. Income tax returns filed by us are based on our interpretation of these rules. The amount of income taxes we pay is subject to ongoing audits by federal, state and foreign tax authorities, which may result in proposed assessments, including interest or penalties. We accrue a liability for unrecognized tax benefits arising from uncertain tax positions reflecting our judgment as to the ultimate resolution of the applicable issues.
 Assumptions and Approach Used. Differences between a tax position taken or expected to be taken in our tax returns and the amount of benefit recorded in our financial statements result in uncertain tax positions. Uncertain tax positions are recorded in the balance sheet as either a liability or reductions to recorded tax assets as applicable. Our uncertain tax positions arise from items such as apportionment of income for state purposes, transfer pricing, and the deductibility of intercompany transactions. We evaluate each uncertain tax position based

 on its technical merits. For each position, we consider all applicable information including relevant tax laws, the taxing authorities' potential position, our tax return position, and the possible settlement outcomes to determine the amount of liability to record. In making this determination, we assume the tax authority has all relevant information at its disposal.
 Sensitivity of Estimate to Change. Our assessment of the technical merits and measurement of tax benefits associated with uncertain tax positions is subject to a high degree of judgment and estimation. Actual results may differ from our current judgments due to a variety of factors, including changes in law, interpretations of law by taxing authorities that differ from our assessments, changes in the jurisdictions in which we operate and results of routine tax examinations. We believe we have adequately provided for any reasonably foreseeable outcomes related to these matters. However, our future results may include favorable or unfavorable adjustments to our estimated tax liabilities in the period the assessments are made or resolved, or when statutes of limitation on potential assessments expire. As a result, our effective tax rate may fluctuate on a quarterly basis.
 A schedule of changes in our uncertain tax positions during the last three years is included in Item 8, note 9 to the consolidated financial statements.
 GOODWILL –
 Nature of Estimates Required. We test goodwill for impairment annually as of February 1 or more frequently if events occur or circumstances change which would, more likely than not, reduce the fair value of a reporting unit below its carrying value. We first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. If, based on a review of qualitative factors, it is more likely than not that the fair value of a reporting unit is less than its carrying value, we perform a quantitative analysis. Our goodwill impairment analysis utilizes both income and market approaches, which includes revenue and expense forecasts, selection of market multiples of comparable publicly traded companies and selection of a discount rate, all of which are highly subjective.
 Assumptions and Approach Used. Our goodwill impairment analysis is performed at the reporting unit level. Our valuation methods include a discounted cash flow model for the income approach and the guideline public company method for the market approach. The income approach requires significant management judgment with respect to revenue and expense forecasts and selection of an appropriate discount rate. The market approach requires significant assumptions related to the selection of comparable publicly traded companies and the market multiples. Changes in projections or assumptions could materially affect our estimate of reporting unit fair values. The use of different assumptions could increase or decrease estimated discounted future operating cash flows and could affect our conclusion regarding the existence or amount of potential impairment.
 Sensitivity of Estimate to Change. Estimates of fair value may be adversely impacted by declining economic conditions and changes in the industries and markets in which we operate. Additionally, if future operating results of our reporting units are below our current modeled expectations, fair value estimates may decline. Any of these factors could result in future impairments, and those impairments could be significant.
 A schedule of changes in our goodwill balances, including any impairment charges, is included in Item 8, note 6 to the consolidated financial statements.
 NEW ACCOUNTING PRONOUNCEMENTS
 See Item 8, note 1 to the consolidated financial statements for any recently issued accounting pronouncements.

 REGULATORY ENVIRONMENT
 The federal government, various state, local, provincial and foreign governments, and some self-regulatory organizations have enacted statutes and ordinances, or adopted rules and regulations, regulating many aspects of our business. These aspects include, but are not limited to, commercial income tax return preparation, income tax courses, the electronic filing of income tax returns, the offering of RTs and RAs, privacy and data security, consumer protection, marketing and advertising, artificial intelligence, franchising, antitrust and competition, sales methods, and financial services and products. Regulatory attention in the area of financial services and products may in the future impact our program, our contractual arrangements with our bank partner or other partners, or the offering of financial services and products to our clients. We work to comply with those laws that are

 applicable to us or our services or products, and we continue to monitor developments in the regulatory environment in which we operate.
 See further discussion of these items in our Item 1A. Risk Factors under "Legal and Regulatory Risks" of this Form 10-K.
 From time to time, we receive inquiries from governmental authorities regarding the applicability of laws to our services and products and other matters relating to our business. We cannot predict what effect future laws, changes in interpretations of existing laws or the results of future governmental inquiries with respect to services and products or other matters relating to our business may have on our consolidated financial position, results of operations and cash flows. We have received certain governmental inquiries related to the IRS Free File Program and our DIY tax preparation services. We may also be subject to future inquiries or other proceedings regarding these programs or other aspects of our business. Regulatory inquiries may result in us incurring additional expense, diversion of management's attention, adverse judgments, settlements, fines, penalties, injunctions or other relief. See additional discussion of legal matters in Item 8, note 12 to the consolidated financial statements.

 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 of continuing operations, each subject to permitted adjustments, as performance metrics in incentive compensation calculations for our employees.
 The following is a reconciliation of net income to EBITDA from continuing operations, which is a non-GAAP financial measure:

 Year ended

 Net income - as reported
 $
 $

 Discontinued operations, net
 3,677
 2,646

 Net income from continuing operations - as reported

 Add back:

 Income taxes

 Interest expense
 78,113
 79,080

 Depreciation and amortization
 116,827
 121,784

 366,893
 365,223

 EBITDA from continuing operations
 $
 976,343
 $
 963,186

 The following is a reconciliation of our results from continuing operations to our adjusted results from continuing operations, which is a non-GAAP financial measure:

 Year ended

 Net income from continuing operations - as reported
 $
 $

 Adjustments:

 Amortization of intangibles related to acquisitions (pretax)
 44,673
 50,835

 Tax effect of adjustments(1)

 (10,865)
 (11,751)

 Adjusted net income from continuing operations
 $
 643,258
 $
 637,047

 Diluted earnings per share from continuing operations - as reported
 $
 4.42
 $
 4.14

 Adjustments, net of tax
 0.24
 0.27

 Adjusted diluted earnings per share from continuing operations
 $
 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.

 ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
 INTEREST RATE RISK
 GENERAL – We have a formal investment policy that strives to minimize the market risk exposure of our cash equivalents, which are primarily affected by credit quality and movements in interest rates. The guidelines in our investment policy focus on managing liquidity and preserving principal and earnings.
 Our cash equivalents are primarily held for liquidity purposes and are comprised of high quality, short-term investments, including money market funds and U.S. Treasuries. Because our cash and cash equivalents have a short maturity, our portfolio's market value is relatively insensitive to interest rate changes.
 Interest expense on our CLOC borrowings is determined based on short-term interest rates. As our CLOC borrowings are generally seasonal, interest rate risk typically increases during the months of November through March. We had no outstanding balance on our CLOC as of June 30, 2025.
 Our long-term debt as of June 30, 2025, consists of fixed-rate Senior Notes; therefore, a change in interest rates would have no impact on consolidated pretax earnings until these notes mature or are refinanced. The interest we pay on our Senior Notes is fixed and is subject to adjustment based upon our credit ratings. See Item 8, note 7 to the consolidated financial statements.
 FOREIGN EXCHANGE RATE RISK
 Our operations in international markets are exposed to movements in currency exchange rates. The currencies primarily involved are the Canadian dollar and the Australian dollar. We translate revenues and expenses related to these operations at the average of exchange rates in effect during the period. Assets and liabilities of foreign subsidiaries are translated into U.S. dollars at exchange rates at the end of the year. Translation adjustments are recorded as a separate component of other comprehensive income in stockholders' equity. Translation of financial results into U.S. dollars does not presently materially affect, and has not historically materially affected, our consolidated financial results, although such changes do affect the year-to-year comparability of the operating results in U.S. dollars of our international businesses. The impact of changes in foreign exchange rates during the period on our international cash balances resulted in a decrease of $0.1 million and $2.8 million during the years ended June 30, 2025 and 2024, respectively. We estimate a 10% change in foreign exchange rates by itself would impact consolidated pretax income for the years ended June 30, 2025 and 2024 by $4.5 million and $4.3 million, respectively, and cash balances, excluding restricted balances, as of June 30, 2025 and 2024 by $19.7 million and $16.7 million, respectively.
 We generally use foreign exchange forward contracts to mitigate foreign currency exchange rate risk for loans we advance to our Canadian operations. We had no forward contracts outstanding at June 30, 2025 or 2024.

 ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
 DISCUSSION OF FINANCIAL RESPONSIBILITY
 H&R Block's management is responsible for the integrity and objectivity of the information contained in this document. Management is responsible for the consistency of reporting this information and for ensuring that accounting principles generally accepted in the U.S. are properly applied. In discharging this responsibility, management maintains an extensive program of internal audits and requires members of management to certify financial information within their scope of management. Our system of internal control over financial reporting also includes formal policies and procedures, including a Code of Business Ethics and Conduct that reinforces our commitment to ethical business conduct and is designed to encourage our employees and directors to act with high standards of integrity in all that they do.
 The Audit Committee of the Board of Directors, composed solely of independent outside directors, meets periodically with management, the independent auditor and the Vice President, Audit Services (our chief internal auditor) to review matters relating to our financial statements, internal audit activities, internal accounting controls and non-audit services provided by the independent auditors. The independent auditor and the Vice President, Audit Services have full access to the Audit Committee and meet with the committee, both with and without management present, to discuss the scope and results of their audits, including internal controls and financial matters.
 Deloitte & Touche LLP audited our consolidated financial statements for the fiscal years 2025, 2024 and 2023. The audits were conducted in accordance with the standards of the Public Company Accounting Oversight Board (United States).
 MANAGEMENT'S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING
 Management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Exchange Act Rules 12a-15(f). Under the supervision and with the participation of our Chief Executive Officer and Chief Financial Officer, we conducted an evaluation of the effectiveness of our internal control over financial reporting based on the criteria established in "Internal Control - Integrated Framework" issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO), using the 2013 framework, as of June 30, 2025.
 Based on our assessment, our Chief Executive Officer and Chief Financial Officer concluded that as of June 30, 2025, the Company's internal control over financial reporting was effective based on the criteria set forth by COSO, using the 2013 framework. The Company's external auditor, Deloitte & Touche LLP, an independent registered public accounting firm, has issued an audit report on the effectiveness of the Company's internal control over financial reporting.

 /s/ Jeffrey J. Jones II
 /s/ Tiffany L. Mason

 Jeffrey J. Jones II
 Tiffany L. Mason

 President and Chief Executive Officer
 Chief Financial Officer

 REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
 To the Board of Directors and Stockholders of H&R Block, Inc.

 Opinion on the Financial Statements
 We have audited the accompanying consolidated balance sheets of H&R Block, Inc. and subsidiaries (the "Company") as of June 30, 2025 and 2024, the related consolidated statements of operations and comprehensive income, stockholders' equity, and cash flows, for each of the three years in the period ended June 30, 2025, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of June 30, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended June 30, 2025, in conformity with accounting principles generally accepted in the United States of America.
 We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of June 30, 2025, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated August 15, 2025, expressed an unqualified opinion on the Company's internal control over financial reporting.
 Basis for Opinion
 These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
 We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
 Critical Audit Matters
 The critical audit matters communicated below are matters arising from the current-period audit of the financial statements that were communicated or required to be communicated to the audit committee and that (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.
 Income Taxes - Uncertain Tax Positions - Refer to Note 9 to the consolidated financial statements
 Critical Audit Matter Description
 The Company operates in multiple income tax jurisdictions both within the United States and internationally. Accordingly, management must determine the appropriate allocation of income to each of these jurisdictions based on transfer pricing analyses of comparable companies and predictions of future economic conditions.

 Transfer pricing terms and conditions may be scrutinized by local tax authorities during an audit and any resulting changes may impact the mix of earnings in countries with differing statutory tax rates. The Company accrues a liability for unrecognized tax benefits arising from uncertain tax positions reflecting their judgment as to the ultimate resolution of the applicable issues. For each position, management considers all applicable information including relevant tax laws, the taxing authorities' potential position, management's tax return position, and the possible settlement outcomes to determine the amount of liability to record.
 We identified the Company's determination of uncertain tax positions measured in accordance with the Company's transfer pricing policies as a critical audit matter because of the significant judgment in the application of the tax law in applying the arm's-length standard to intercompany transactions and scrutiny by local tax authorities. The significant level of judgment increases the uncertainty in evaluating the valuation of tax balances, including any uncertain tax positions that relate to the Company's transfer pricing. As a result, we utilized a high degree of auditor judgment and increased the extent of work performed, including involving our income tax specialists to evaluate whether management's judgments in interpreting and applying tax laws were appropriate.
 How the Critical Audit Matter Was Addressed in the Audit
 Our audit procedures related to the Company's uncertain tax positions for transfer pricing included the following, among others:
 • We tested the effectiveness of controls over management's evaluation and determination of uncertain tax positions. This evaluation includes management's assessment of tax positions taken by the Company on its tax returns, including transfer pricing terms and conditions, and the related recorded amounts for uncertain tax positions.
 • With the assistance of our income tax specialists, we evaluated the Company's transfer pricing methodologies and performed the following:
 Evaluated the appropriateness of management's application of jurisdictional tax regulations in applying the arm's length standard to intercompany transactions.
 Evaluated the application of the transfer pricing method to transactions subject to transfer pricing.
 Tested the application of the transfer pricing policies by legal entity through an independent calculation.
 Evaluated management's approach to identifying uncertain tax positions related to changes in the transfer pricing terms and conditions and tested the calculation of the tax positions at the individual legal entity level and at the consolidated level.
 Goodwill - Wave Reporting Unit - Refer to Note 6 to the consolidated financial statements
 Critical Audit Matter Description
 The Company tests goodwill for impairment annually as of February 1 ("measurement date"), or more frequently if events occur or circumstances change which would, more likely than not, reduce the fair value of a reporting unit below its carrying value. The Company determines the fair value of the Wave reporting unit using the income approach ("discounted cash flow model") and the market approach ("guideline public company method"). The determination of the fair value using the discounted cash flow model requires management to make significant estimates and assumptions related to forecasts of future revenues, operating margins, and the discount rate. The determination of the fair value using the guideline public company method requires management to make significant assumptions related to the selection of market multiples of comparable publicly traded companies. The goodwill balance was $783 million as of February 1, 2025, of which $159 million relates to the Wave reporting unit. The estimated fair value of the Wave reporting unit exceeded its carrying value as of the measurement date and, therefore, no impairment was recognized.

 We identified the Company's goodwill impairment assessment for the Wave reporting unit as of the measurement date as a critical audit matter because of the significant judgments made by management to estimate the fair value of Wave. This required a high degree of auditor judgment and an increased extent of effort, including the need to involve our fair value specialists, when performing audit procedures to evaluate the reasonableness of management's estimates and assumptions related to forecasts of future revenues and operating margins and selection of market multiples of comparable publicly traded companies and the discount rate.
 How the Critical Audit Matter Was Addressed in the Audit
 Our audit procedures related to the forecasts of future revenues and operating margins ("forecasts"), selection of market multiples of comparable publicly traded companies, and the discount rate for the Wave reporting unit included the following, among others:
 • We tested the effectiveness of the control over management's evaluation and determination of estimates and assumptions related to the forecast of future revenues and operating margins and selection of market multiples of comparable publicly traded companies and the discount rate.
 • We evaluated management's ability to accurately forecast by comparing actual results to management's historical forecasts.
 • We evaluated the reasonableness of management's revenue and operating margin forecasts by comparing the forecasts to (1) the Company's historical revenue growth and operating margin rates, (2) internal communications to management and the Board of Directors, (3) forecasted information included in industry reports, applicable market data, and guideline public company information, and (4) underlying analyses detailing business strategies and growth plans.
 • We tested the source information underlying the determination of the discount rate.
 • With the assistance of our fair value specialists, we performed the following:
 Evaluated the valuation methodologies
 Tested the mathematical accuracy of the discount rate calculations
 Evaluated the market multiples, including comparing the reporting unit's growth and profitability to the guideline public companies, testing the underlying source information and mathematical accuracy of the calculations, and comparing the multiples selected by management to the guideline companies.

 /s/ Deloitte & Touche LLP
 Kansas City, Missouri
 August 15, 2025

 We have served as the Company's auditor since 2007.

 REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
 To the Board of Directors and Stockholders of H&R Block, Inc.

 Opinion on Internal Control over Financial Reporting
 We have audited the internal control over financial reporting of H&R Block, Inc. and subsidiaries (the "Company") as of June 30, 2025, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of June 30, 2025, based on criteria established in Internal Control — Integrated Framework (2013) issued by COSO.
 We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated financial statements as of and for the year ended June 30, 2025, of the Company and our report dated August 15, 2025, expressed an unqualified opinion on those financial statements.
 Basis for Opinion
 The Company's management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management's Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company's internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
 We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.
 Definition and Limitations of Internal Control over Financial Reporting
 A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.

 Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

 /s/ Deloitte & Touche LLP
 Kansas City, Missouri
 August 15, 2025

 CONSOLIDATED STATEMENTS OF OPERATIONS
AND COMPREHENSIVE INCOME

 2025
 2024
 2023

 REVENUES:

 Service revenues
 $
 3,473,932
 $
 3,302,337
 $
 3,156,921

 Royalty, product and other revenues
 287,063
 308,010
 315,264

 3,760,995
 3,610,347
 3,472,185

 OPERATING EXPENSES:

 Costs of revenues
 2,086,111
 1,991,566
 1,923,452

 Selling, general and administrative
 846,914
 813,504
 800,035

 Total operating expenses
 2,933,025
 2,805,070
 2,723,487

 Other income (expense), net
 31,546
 36,125
 35,492

 Interest expense on borrowings
 ( 78,113)
 ( 79,080)
 ( 72,978)

 Income from continuing operations before income taxes
 781,403
 762,322
 711,212

 Income taxes
 149,412

 Net income from continuing operations
 561,800

 Net loss from discontinued operations, net of tax benefits of $ 1,100, $ 790 and $ 2,423

 ( 3,677)
 ( 2,646)
 ( 8,100)

 NET INCOME
 $
 $
 $

 BASIC EARNINGS PER SHARE:

 Continuing operations
 $
 4.47
 $
 4.20
 $
 3.63

 Discontinued operations
 ( 0.02)
 ( 0.02)
 ( 0.05)

 Consolidated
 $
 4.45
 $
 4.18
 $
 3.58

 DILUTED EARNINGS PER SHARE:

 Continuing operations
 $
 4.42
 $
 4.14
 $
 3.56

 Discontinued operations
 ( 0.03)
 ( 0.02)
 ( 0.05)

 Consolidated
 $
 4.39
 $
 4.12
 $
 3.51

 COMPREHENSIVE INCOME:

 $
 $
 $

 Change in foreign currency translation adjustments
 1,090
 ( 11,746)
 ( 15,454)

 Other comprehensive income (loss)
 1,090
 ( 11,746)
 ( 15,454)

 Comprehensive income
 $
 606,863
 $
 583,571
 $
 538,246

 See accompanying notes to consolidated financial statements.

 CONSOLIDATED BALANCE SHEETS
 (in 000s, except share
and per share amounts)

 As of

 ASSETS

 Cash and cash equivalents
 $
 983,277
 $
 1,053,326

 Cash and cash equivalents - restricted
 19,862
 21,867

 Receivables, less allowance for credit losses of $ 55,775 and $ 61,182

 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, at cost, less accumulated depreciation and amortization of $ 828,744 and $ 838,814

 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, 800,000,000 shares authorized, shares issued of 164,367,434 and 170,915,771

 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, of 30,420,033 and 31,324,609

 ( 644,052)
 ( 637,507)

 Total stockholders' equity
 88,896
 90,594

 Total liabilities and stockholders' equity
 $
 3,263,898
 $
 3,218,810

 See accompanying notes to consolidated financial statements.

 CONSOLIDATED STATEMENTS OF CASH FLOWS

 2025
 2024
 2023

 CASH FLOWS FROM OPERATING ACTIVITIES:

 $
 $
 $

 Adjustments to reconcile net income to net cash provided by operating activities:

 Depreciation and amortization
 116,827
 121,784
 130,501

 Provision for credit losses
 65,191
 82,567
 52,290

 Deferred taxes
 ( 34,612)
 ( 40,940)
 49,579

 Stock-based compensation
 32,503
 34,277
 31,326

 Changes in assets and liabilities, net of acquisitions:

 Receivables
 ( 62,247)
 ( 108,394)
 ( 57,244)

 Prepaid expenses, other current and noncurrent assets
 3,183
 ( 7,287)
 ( 7,011)

 Accounts payable, accrued expenses, salaries, wages and payroll taxes
 ( 23,009)
 ( 4,662)
 ( 67,627)

 Deferred revenue, other current and noncurrent liabilities
 ( 1,575)
 ( 28,507)
 ( 4,773)

 Income tax receivables, accrued income taxes and income tax reserves
 ( 20,613)
 75,444
 144,164

 Other, net
 ( 538)
 1,261
 ( 3,064)

 Net cash provided by operating activities
 680,883
 720,860
 821,841

 CASH FLOWS FROM INVESTING ACTIVITIES:

 Capital expenditures
 ( 82,034)
 ( 63,678)
 ( 69,698)

 Payments made for business acquisitions, net of cash acquired
 ( 35,518)
 ( 43,358)
 ( 48,246)

 Franchise loans funded
 ( 21,705)
 ( 18,891)
 ( 21,633)

 Payments from franchisees
 23,786
 24,926
 27,350

 Other, net
 10,098
 7,143
 10,838

 Net cash used in investing activities
 ( 105,373)
 ( 93,858)
 ( 101,389)

 CASH FLOWS FROM FINANCING ACTIVITIES:

 Repayments of line of credit borrowings
 ( 1,950,000)
 ( 1,025,000)
 ( 970,000)

 Proceeds from line of credit borrowings
 1,950,000
 1,025,000
 970,000

 Dividends paid
 ( 197,330)
 ( 179,775)
 ( 177,925)

 Repurchase of common stock, including shares surrendered
 ( 437,133)
 ( 379,569)
 ( 568,952)

 Other, net
 ( 12,980)
 ( 4,967)
 ( 4,115)

 Net cash used in financing activities
 ( 647,443)
 ( 564,311)
 ( 750,992)

 Effects of exchange rate changes on cash
 ( 121)
 ( 2,814)
 ( 4,857)

 Net increase (decrease) in cash and cash equivalents, including restricted balances
 ( 72,054)
 59,877
 ( 35,397)

 Cash, cash equivalents and restricted cash, beginning of the period
 1,075,193
 1,015,316
 1,050,713

 Cash, cash equivalents and restricted cash, end of the period
 $
 1,003,139
 $
 1,075,193
 $
 1,015,316

 SUPPLEMENTARY CASH FLOW DATA:

 Income taxes paid (received), net (includes payments for purchased investment tax credits)
 $
 226,820
 $
 131,173
 $
 ( 45,539)

 Interest paid on borrowings
 74,639
 75,694
 69,554

 Accrued additions to property and equipment
 2,591
 3,052
 2,238

 Accrued dividends payable to common shareholders
 50,208
 44,653
 42,953

 See accompanying notes to consolidated financial statements.

 CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
 (amounts in 000s, except per share amounts)

 Common Stock
 Additional
Paid-in
Capital
 Accumulated Other
 Comprehensive
 Income (Loss)(1)

 Retained
Earnings
(Deficit)
 Treasury Stock
 Total
Stockholders'
Equity

 Shares
 Amount
 Shares
 Amount

 Balances as of July 1, 2022
 193,571
 $
 1,936
 $
 772,182
 $
 ( 21,645)
 $
 120,405
 ( 33,641)
 $
 ( 661,247)
 $
 211,631

 —
 —
 —
 —
 —
 —

 Other comprehensive loss
 —
 —
 —
 ( 15,454)
 —
 —
 —
 ( 15,454)

 Stock-based compensation
 —
 —
 27,086
 —
 —
 —
 —
 27,086

 Stock-based awards exercised or vested
 —
 —
 ( 20,258)
 —
 ( 1,899)
 1,298
 25,656
 3,499

 Acquisition of treasury shares(2)

 —
 —
 —
 —
 —
 ( 443)
 ( 18,734)
 ( 18,734)

 Repurchase and retirement of common shares
 ( 14,635)
 ( 147)
 ( 8,634)
 —
 ( 543,098)
 —
 —
 ( 551,879)

 Cash dividends declared - $ 1.16 per share

 —
 —
 —
 —
 ( 177,785)
 —
 —
 ( 177,785)

 Balances as of June 30, 2023
 178,936
 $
 1,789
 $
 770,376
 $
 ( 37,099)
 $
 ( 48,677)
 ( 32,786)
 $
 ( 654,325)
 $
 32,064

 —
 —
 —
 —
 —
 —

 Other comprehensive loss
 —
 —
 —
 ( 11,746)
 —
 —
 —
 ( 11,746)

 Stock-based compensation
 —
 —
 30,733
 —
 —
 —
 —
 30,733

 Stock-based awards exercised or vested
 —
 —
 ( 33,794)
 —
 ( 3,703)
 2,305
 46,267
 8,770

 Acquisition of treasury shares(2)

 —
 —
 —
 —
 —
 ( 844)
 ( 29,449)
 ( 29,449)

 Repurchase and retirement of common shares
 ( 8,020)
 ( 80)
 ( 4,732)
 —
 ( 348,808)
 —
 —
 ( 353,620)

 Cash dividends declared - $ 1.28 per share

 —
 —
 —
 —
 ( 181,475)
 —
 —
 ( 181,475)

 Balances as of June 30, 2024
 170,916
 $
 1,709
 $
 762,583
 $
 ( 48,845)
 $
 12,654
 ( 31,325)
 $
 ( 637,507)
 $
 90,594

 —
 —
 —
 —
 —
 —

 Other comprehensive income
 —
 —
 —
 1,090
 —
 —
 —
 1,090

 Stock-based compensation
 —
 —
 31,132
 —
 —
 —
 —
 31,132

 Stock-based awards exercised or vested
 —
 —
 ( 22,788)
 —
 ( 3,377)
 1,492
 30,490
 4,325

 Acquisition of treasury shares(2)

 —
 —
 —
 —
 —
 ( 587)
 ( 37,035)
 ( 37,035)

 Repurchase and retirement of common shares
 ( 6,549)
 ( 65)
 ( 3,929)
 —
 ( 400,104)
 —
 —
 ( 404,098)

 Cash dividends declared - $ 1.50 per share

 —
 —
 —
 —
 ( 202,885)
 —
 —
 ( 202,885)

 Balances as of June 30, 2025
 164,367
 $
 1,644
 $
 766,998
 $
 ( 47,755)
 $
 12,061
 ( 30,420)
 $
 ( 644,052)
 $
 88,896

 (1) The balance of our accumulated other comprehensive income (loss) consists of foreign currency translation adjustments.
 (2) Represents shares swapped or surrendered to us in connection with the vesting or exercise of stock-based awards.
 See accompanying notes to consolidated financial statements.

 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 NATURE OF OPERATIONS – Our subsidiaries provide assisted and do-it-yourself (DIY) tax return preparation solutions through multiple channels (including in-person, online and mobile applications, virtual, and desktop software) and distribute H&R Block-branded services and products, including those of our bank partners, to the general public primarily in the United States (U.S.), Canada and Australia. Tax returns are either prepared by H&R Block tax professionals (in company-owned or franchise offices, virtually or via an online review) or prepared and filed by our clients through our DIY tax solutions. We also offer small business solutions through our company-owned and franchise offices (including in-person, online and virtual) and online through Wave.
 "H&R Block," "the Company," "we," "our" and "us" are used interchangeably to refer to H&R Block, Inc., to H&R Block, Inc. and its subsidiaries, or to H&R Block, Inc.'s operating subsidiaries, as appropriate to the context.
 PRINCIPLES OF CONSOLIDATION – The consolidated financial statements include the accounts of the Company and our subsidiaries. Intercompany transactions and balances have been eliminated.
 DISCONTINUED OPERATIONS – Our discontinued operations include the results of operations of Sand Canyon Corporation, previously known as Option One Mortgage Corporation, which exited its mortgage business in fiscal year 2008.
 SEGMENT INFORMATION – We report a single segment that includes all of our continuing operations.
 MANAGEMENT ESTIMATES – The preparation of financial statements in conformity with accounting principles generally accepted in the U.S. (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Significant estimates, assumptions and judgments are applied in the evaluation of contingent losses associated with pending claims and litigation, reserves for uncertain tax positions, and fair value of reporting units. Estimates have been prepared based on the best information available as of each balance sheet date. As such, actual results could differ materially from those estimates.
 CASH AND CASH EQUIVALENTS – All non-restricted highly liquid instruments maturing within three months at acquisition are considered to be cash equivalents.
 Outstanding checks in excess of funds on deposit (book overdrafts) included in accounts payable totaled $ 2.4 million and $ 2.8 million as of June 30, 2025 and 2024, respectively.
 CASH AND CASH EQUIVALENTS – RESTRICTED – Cash and cash equivalents – restricted consists primarily of cash held by our captive insurance subsidiary that is expected to be used to pay claims.
 RECEIVABLES AND RELATED ALLOWANCES – Our trade receivables consist primarily of accounts receivable from tax clients for tax return preparation and related fees. The allowance for credit losses for these receivables requires management's judgment regarding collectibility and current economic conditions to establish an amount considered by management to be adequate to cover estimated losses as of the balance sheet date. Losses from tax clients for tax return preparation and related fees are not specifically identified and charged off; instead they are evaluated on a pooled basis. At the end of the fiscal year the outstanding balances on these receivables are evaluated based on collections received and expected collections over subsequent years. We establish an allowance for credit losses at an amount that we believe reflects the receivable at net realizable value. Typically in December of each year we charge-off the receivables to an amount we believe represents the net realizable value.
 Our financing receivables consist primarily of participations in H&R Block Emerald Advance (EA) term loans, loans made to franchisees, and amounts due under H&R Block's Instant Refund (Instant Refund).
 Our accounting policies related to receivables and related allowances are discussed further in note 4.
 PROPERTY AND EQUIPMENT – Buildings, equipment and leasehold improvements are initially recorded at cost and are depreciated over the estimated useful life of the assets using the straight-line method. Estimated useful lives are generally 15 to 40 years for buildings, two to five years for computers and other equipment, three to five

 years for purchased software and up to eight years for leasehold improvements. Property and equipment is retired when no longer in use.
 GOODWILL AND INTANGIBLE ASSETS – Goodwill represents costs in excess of fair values assigned to the underlying net assets of acquired businesses. Goodwill is not amortized, but rather is tested for impairment annually as of February 1, or more frequently if indications of potential impairment exist.
 Intangible assets, including internally-developed software, with finite lives are amortized over their estimated useful lives and are reviewed for impairment whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. Intangible assets are typically amortized over the estimated useful life of the assets using the straight-line method. Fully amortized intangible assets are retired at the end of their economic useful life.
 We first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. If, based on a review of qualitative factors, it is more likely than not that the fair value of a reporting unit is less than its carrying value, we perform a quantitative analysis. If the quantitative analysis indicates the carrying value of a reporting unit exceeds its fair value, we measure any goodwill impairment losses as the amount by which the carrying amount of a reporting unit exceeds its fair value, not to exceed the total amount of goodwill allocated to that reporting unit. See additional discussion in note 6.
 LEASES – Operating lease right-of-use (ROU) assets represent our right to use an underlying asset for the lease term and operating lease liabilities represent our obligation to make lease payments arising from the lease. The majority of our lease portfolio consists of retail office space in the U.S., Canada, and Australia. The contract terms for these retail offices generally are from May 1 to April 30, and generally run two to five years.
 We record operating lease ROU assets and operating lease liabilities based on the discounted future minimum lease payments over the term of the lease. We generally do not include renewal options in the term of the lease. As the rates implicit in our leases are not readily determinable, we use our incremental borrowing rate based on the lease term and geographic location in calculating the discounted future minimum lease payments.
 We recognize lease expenses for our operating leases on a straight-line basis. For lease payments that are subject to adjustments based on indexes or rates, the most current index or rate adjustments were included in the measurement of our ROU assets and lease liabilities at commencement of the lease. Variable lease costs, including non-lease components (such as common area maintenance, utilities, insurance, and taxes) and certain index-based changes in lease payments, are expensed as incurred. Our ROU assets are reviewed for impairment whenever events or changes in circumstances indicate that their carrying amount may not be recoverable.
 FOREIGN CURRENCY – The financial statements of the Company's foreign operations are translated into U.S. dollars. Assets and liabilities are translated at current exchange rates as of the balance sheet date, equity accounts at historical exchange rates, while income statement accounts are translated at the average rates in effect during the year. Translation adjustments are not included in net income, but are recorded as a separate component of other comprehensive income in stockholders' equity. Foreign currency gains and losses included in operating results for fiscal years 2025, 2024 and 2023 were not material.
 TREASURY SHARES – We record shares of common stock repurchased by us as treasury shares, at cost, resulting in a reduction of stockholders' equity. Periodically, we may retire shares held in treasury as determined by our Board of Directors. We typically reissue treasury shares as part of our stock-based compensation programs. When shares are reissued, we determine the cost using the average cost method.
 FAIR VALUE MEASUREMENT – We use the following classification of financial instruments pursuant to the fair value hierarchy methodologies for assets measured at fair value:
 Level 1 – inputs to the valuation are quoted prices in an active market for identical assets.
 Level 2 – inputs to the valuation include quoted prices for similar assets in active markets utilizing a third-party pricing service to determine fair value.
 Level 3 – valuation is based on significant inputs that are unobservable in the market and our own estimates of assumptions that we believe market participants would use in pricing the asset.

 Assets measured on a recurring basis are initially measured at fair value and are required to be remeasured at fair value in the financial statements at each reporting date.
 Fair value estimates, methods and assumptions are set forth below. The fair value was not estimated for assets and liabilities that are not considered financial instruments.
 Cash and cash equivalents, including restricted – Fair value approximates the carrying amount (Level 1).
 Receivables, net – short-term – For short-term balances the carrying values reported in the balance sheet approximate fair market value due to the relative short-term nature of the respective instruments (Level 1).
 Receivables, net – long-term – The carrying values for the long-term portion of loans to franchisees approximate fair market value due to variable interest rates, low historical delinquency rates and franchise territories serving as collateral (Level 1). Long-term EA, Refund Transfer (RT) and Instant Refund receivables are carried at net realizable value which approximates fair value (Level 3). Net realizable value is determined based on historical and projected collection rates.
 Long-term debt – The fair value of our Senior Notes is based on quotes from multiple banks (Level 2). See note 7 for fair value.
 Contingent consideration – Fair value approximates the carrying amount (Level 3). See note 10 for the carrying amount.
 REVENUE RECOGNITION – Revenue is recognized when a contract has been established with a customer and when we satisfy the performance obligations by the transfer of a service or product to the customer. Revenue is the amount of consideration we expect to receive for our services and products and excludes sales taxes. The majority of our services and products have multiple performance obligations. We have certain services for which, the various performance obligations are generally provided simultaneously at a point in time, and revenue is recognized at that time. We have certain services and products where we have multiple performance obligations that are provided at various points in time. For these services and products, we allocate the transaction price to the various performance obligations based on relative standalone selling prices and recognize the revenue when the respective performance obligations have been satisfied. We have determined that our contracts do not contain a significant financing component.
 Service revenues consist of assisted and online tax preparation revenues, fees for electronic filing, revenues from RTs, Emerald Card, SpruceSM, Peace of Mind (POM), Tax Identity Shield (TIS) and Wave.
 Assisted tax preparation. Services include tax preparation and electronic filing or printing of the completed tax return. Revenues from tax preparation and printing for clients that choose to print and mail their returns, are recognized when a completed return is accepted by the customer. Revenues for electronic filing are recognized when the return is electronically filed.
 Royalties. Revenues are based on contractual percentages of franchise gross receipts and are generally recorded in the period in which the services are provided by the franchisee to the customer.
 DIY tax preparation. Revenues include fees for online and desktop tax preparation software and for electronic filing or printing. Revenues for online software and printing for clients that choose to print and mail their returns, are recognized when the customer uses the software to complete a return. Revenues for desktop software are recognized when the software is sold to the end user. Revenues for electronic filing are recognized when the return is electronically filed.
 Refund Transfer. Revenues are recognized when the Internal Revenue Service (IRS) filing acknowledgment is received and the bank account is established at our bank partner, PathwardTM, N.A. (Pathward), a wholly-owned subsidiary of Pathward Financial, Inc.
 Emerald Card and SpruceSM. Revenues consist of interchange income from the use of debit cards and fees paid by cardholders. Interchange income is a fee paid by merchants to our bank partner through the card networks. Revenues associated with Emerald Card and SpruceSM are recognized based on authorization of cardholder transactions.
 Peace of Mind Extended Service Plan. Revenues are initially deferred and recognized over the term of the plan, based on the historical pattern of actual claims paid, as claims paid represent the transfer of POM services to the customer. The plan is effective for the life of the tax return, which can be up to six years; however, the majority

 of claims are incurred in years two and three after the sale of POM. POM has multiple performance obligations where we represent our clients if they are audited by a taxing authority, and assume the cost, subject to certain limits, of additional taxes owed by a client resulting from errors attributable to H&R Block. Incremental wages are also deferred and recognized over the term of the plan, in conjunction with the revenues earned.
 Tax Identity Shield. Revenues are initially deferred and are recognized as the various services are provided to the client, either by us or a third party, throughout the term of the contract, which generally ends on April 30th of the following year. TIS has multiple performance obligations where we provide clients assistance in helping protect their tax identity and access to services to help restore their 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.
 Interest and fee income on Emerald Advance. Interest income is recorded over the life of the loan and late fees are recorded when the loan becomes 15 days past due.
 Wave. Revenues primarily consist of fees received to process payment transactions and are generally calculated as a percentage of the transaction amounts processed. Revenues are recognized upon authorization of the transaction.
 MARKETING AND ADVERTISING – Marketing and advertising costs are expensed as used and totaled $ 285.8 million, $ 277.7 million and $ 286.3 million in fiscal years 2025, 2024 and 2023, respectively.
 EMPLOYEE BENEFIT PLANS – We have a 401(k) defined contribution plan in the U.S., and similar plans internationally, covering eligible full-time and seasonal employees following the completion of an eligibility period. Employer contributions to these plans are discretionary and totaled $ 28.9 million, $ 25.7 million and $ 25.6 million for continuing operations in fiscal years 2025, 2024 and 2023, respectively.
 We have severance plans covering executives and eligible regular full-time or part-time active employees who incur a qualifying termination. Expenses related to severance benefits for continuing operations totaled $ 8.4 million, $ 2.6 million and $ 6.9 million in fiscal years 2025, 2024 and 2023, respectively.
 NEW ACCOUNTING PRONOUNCEMENTS – In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2023-07 (ASU 2023-07), "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures," which requires companies to disclose significant segment expenses that are regularly provided to the chief operating decision maker. We adopted ASU 2023-07 during the year ended June 30, 2025, and retrospectively applied to all periods presented. The requirements of this ASU are disclosure-related and did not have an impact on our statement of operations or balance sheet. See note 13.
 In December 2023, the FASB issued Accounting Standards Update No. 2023-09 (ASU 2023-09), "Income Taxes (Topic 740): Improvements to Income Tax Disclosures," which requires companies to consistently categorize and disclose more detailed information about the income tax rate reconciliation and income taxes paid. The new disclosures include specific categories in the rate reconciliation, income taxes paid by federal, state, and foreign jurisdiction, and disaggregated pretax income and income tax expense between domestic and foreign jurisdictions. ASU 2023-09 will be effective for annual periods beginning in fiscal year 2026 and will be applied on a prospective basis with the option to apply the standard retrospectively.

 NOTE 2: REVENUE RECOGNITION
 The majority of our revenues are from our U.S. tax services business. The following table disaggregates our U.S. revenues by major service line, with revenues from our international tax services businesses and from Wave included as separate lines:

 2025
 2024
 2023

 Revenues:

 U.S. assisted tax preparation
 $
 2,413,229
 $
 2,274,835
 $
 2,167,138

 U.S. royalties
 192,877
 204,802
 210,631

 U.S. DIY tax preparation
 383,738
 349,812
 314,758

 Refund Transfers
 137,526
 142,249
 143,310

 Peace of Mind Extended Service Plan
 87,326
 93,087
 95,181

 Tax Identity Shield
 29,920
 33,386
 38,265

 Emerald Card and SpruceSM

 72,888
 76,093
 84,651

 Interest and fee income on Emerald Advance
 28,958
 40,933
 47,554

 International
 246,993
 247,123
 235,131

 Wave
 109,222
 96,472
 90,314

 Other
 58,318
 51,555
 45,252

 Total revenues
 $
 3,760,995
 $
 3,610,347
 $
 3,472,185

 Changes in the balances of deferred revenue and wages for POM are as follows:

 POM
 Deferred Revenue
 Deferred Wages

 2025
 2024
 2025
 2024

 Balance, beginning of the year
 $
 156,610
 $
 167,257
 $
 20,212
 $
 21,828

 Amounts deferred
 94,888
 97,125
 12,755
 11,819

 Amounts recognized on previous deferrals
 ( 102,196)
 ( 107,772)
 ( 13,083)
 ( 13,435)

 Balance, end of the year
 $
 149,302
 $
 156,610
 $
 19,884
 $
 20,212

 As of June 30, 2025, deferred revenue related to POM was $ 149.3 million. We expect that $ 87.4 million will be recognized over the next twelve months, while the remaining balance will be recognized over the following five years. POM deferred revenues are included in deferred revenue and other liabilities in the consolidated balance sheets. POM deferred wages are included in prepaid expenses and other current assets and other noncurrent assets.
 As of June 30, 2025 and 2024, TIS deferred revenue was $ 22.6 million and $ 21.4 million, respectively. The related liabilities are included in deferred revenue and other current liabilities in the consolidated balance sheets. All deferred revenue related to TIS as of June 30, 2025 will be recognized by April 2026.
 A significant portion of our accounts receivable balances arise from services and products that we provide to our customers, with the exception of those related to EAs which arise from purchased participation interests with our bank partner. The majority of our receivables are related to RTs. Generally the prices of our services and products are fixed and determinable at the time of sale. For RTs, we record a receivable for our fees which is then collected at the time the IRS issues the client's refund. Our receivables from customers are generally collected on a periodic basis during and subsequent to the tax season. See note 4 for our accounts receivable balances.

 NOTE 3: EARNINGS PER SHARE
 Basic and diluted earnings per share is computed using the two-class method. The two-class method is an earnings allocation formula that determines net income per share for each class of common stock and participating security according to dividends declared and participation rights in undistributed earnings. Per share amounts are computed by dividing net income from continuing operations attributable to common shareholders by the weighted average shares outstanding during each period.

 The computations of basic and diluted earnings per share from continuing operations are as follows:

 2025
 2024
 2023

 Net income from continuing operations attributable to shareholders
 $
 $
 $
 561,800

 Amounts allocated to participating securities
 ( 2,771)
 ( 2,390)
 ( 2,272)

 Net income from continuing operations attributable to common shareholders
 $
 606,679
 $
 595,573
 $
 559,528

 Basic weighted average common shares
 135,629
 141,932
 154,044

 Potential dilutive shares
 1,711
 1,958
 3,204

 Dilutive weighted average common shares
 137,340
 143,890
 157,248

 Earnings per share from continuing operations attributable to common shareholders:

 Basic
 $
 4.47
 $
 4.20
 $
 3.63

 Diluted
 4.42
 4.14
 3.56

 Diluted earnings per share excludes the impact of shares of common stock issuable upon the lapse of certain restrictions or the exercise of options to purchase 0.3 million, 0.1 million and 0.6 million shares of stock for fiscal years 2025, 2024 and 2023, respectively, as the effect would be antidilutive.

 NOTE 4: RECEIVABLES
 Receivables, net of their related allowance, consist of the following:

 As of

 Short-term
 Long-term
 Short-term
 Long-term

 Loans to franchisees
 $
 7,386
 $
 16,402
 $
 5,917
 $
 16,498

 Receivables for U.S. assisted and DIY tax preparation and related fees
 15,896
 6,361
 18,440
 5,332

 H&R Block's Instant Refund receivables

 2,243
 2,947

 Emerald Advance

 13,899
 22,816
 17,867
 21,360

 Software receivables from retailers
 2,582
 —
 1,029
 —

 Royalties and other receivables from franchisees
 4,414
 —
 5,808
 —

 Wave payment processing receivables
 1,533
 —
 1,078
 —

 Other
 15,668
 15,989

 $
 63,621
 $
 47,016
 $
 69,075
 $
 43,824

 Balances presented above as short-term are included in receivables, while the long-term portions are included in other noncurrent assets in the consolidated balance sheets.
 Loans to Franchisees. Franchisee loan balances consist of term loans made primarily to finance the purchase of franchises and short-term lines of credit primarily for the purpose of funding seasonal working capital needs. Loans with a principal balance more than 90 days past due or on non-accrual status were $3.1 million and $1.1 million as of June 30, 2025 and June 30, 2024, respectively.
 The credit quality of these receivables is assessed at origination at an individual franchisee level. Payment history is monitored on a regular basis. Based upon our internal analysis and underwriting activities, we believe all loans to franchisees are of similar credit quality. Loans are evaluated for collectibility when they become delinquent or more than 90 days past due. Amounts deemed to be uncollectible are written off to bad debt expense and bad debt related to these loans has typically been immaterial. Additionally, the franchise territory serves as additional protection in the event a franchisee defaults on the loan, as we may revoke franchise rights, write off the remaining balance of the loan and refranchise the territory or begin operating it as company-owned.

 H&R Block's Instant Refund. Our Canadian operations advance refunds due to certain clients from the Canada Revenue Agency (CRA), in exchange for a fee. The total fee we charge for this service is mandated by legislation which is administered by the CRA. The client assigns to us the full amount of the tax refund to be issued by the CRA and the refund is then sent by the CRA directly to us. The amount we advance to clients under this program is the amount of their estimated refund, less our fees, any amounts expected to be withheld by the CRA for amounts the client may owe to government authorities and any amounts owed to us from prior years. The CRA system for tracking amounts due to various government agencies also indicates if the client has already filed a return, does not exist in CRA records, or is bankrupt. This serves to greatly reduce the amounts of uncollectible receivables and the risk of fraudulent returns. H&R Block's Instant Refund amounts are generally received from the CRA within 60 days of filing the client's return, with the remaining balance collectible from the client.
 Credit losses from these receivables are not specifically identified and charged off; instead we review the credit quality of these receivables on a pooled basis, segregated by the tax return year of origination with older years being deemed more unlikely to be repaid. At the end of the fiscal year, the outstanding balances on these receivables are evaluated based on collections received and expected collections over subsequent tax seasons. We establish an allowance for credit losses at an amount that we believe reflects the receivable at net realizable value. In December of each year we charge-off the receivables to an amount we believe represents the net realizable value.
 B alances and amounts on non-accrual status, classified as impaired, or more than 60 days past due, by tax return year of origination, as of June 30, 2025 are as follows:

 Tax return year of origination
 Balance
 More Than 60 Days Past Due

 2024
 $
 3,451
 $
 3,254

 2023 and prior

 4,270
 $
 4,073

 Allowance
 ( 1,088)

 Net balance
 $
 3,182

 H&R Block Emerald Advance. 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, late fees assessed as of April 14, and any amounts unpaid are placed on non-accrual status as of April 30. We purchase participation interests in their loans, as discussed further in note 10.
 Credit losses from EAs are not specifically identified and charged off; instead we review the credit quality of our purchased participation interest in EA receivables on a pooled basis, which are segregated by the fiscal year of origination with older years being deemed more unlikely to be repaid. At the end of the fiscal year, the outstanding balances on these receivables are evaluated based on collections received and expected collections over subsequent years. We establish an allowance for credit losses at an amount that we believe reflects the receivable at net realizable value. In December of each year, we charge-off the receivables and the related allowance for EA term loans to an amount we believe represents the net realizable value.
 B alances and amounts on non-accrual status, classified as impaired, or more than 60 days past due, by fiscal year of origination as of June 30, 2025, are as follows:

 Fiscal year of origination
 Balance
 Non-Accrual

 2025
 $
 33,723
 $
 33,723

 2024 and prior
 22,655
 22,655

 56,378
 $
 56,378

 Allowance
 ( 19,663)

 Net balance
 $
 36,715

 Allowance for Credit Losses. Activity in the allowance for credit losses for EAs and all other short-term and long-term receivables for the years ended June 30, 2025, 2024 and 2023 is as follows:

 EAs
 All Other
 Total

 Balances as of July 1, 2022
 $
 26,141
 $
 51,126
 $
 77,267

 Provision for credit losses
 16,059
 36,231
 52,290

 Charge-offs, recoveries and other
 ( 14,814)
 ( 52,249)
 ( 67,063)

 Balances as of June 30, 2023
 27,386
 35,108
 62,494

 Provision for credit losses
 33,864
 48,703
 82,567

 Charge-offs, recoveries and other
 ( 27,714)
 ( 38,484)
 ( 66,198)

 Balances as of June 30, 2024
 33,536
 45,327
 78,863

 Provision for credit losses
 19,663
 45,528
 65,191

 Charge-offs, recoveries and other
 ( 33,536)
 ( 45,699)
 ( 79,235)

 Balances as of June 30, 2025
 $
 19,663
 $
 45,156
 $
 64,819

 For the year ended June 30, 2025, there were $33.5 million of gross charge-offs related to EAs which were originated in fiscal year 2024.

 NOTE 5: PROPERTY AND EQUIPMENT
 The components of property and equipment, net of accumulated depreciation and amortization, are as follows:

 As of

 Buildings
 $
 12,919
 $
 23,200

 Computers and other equipment
 54,853
 46,880

 Leasehold improvements
 66,758
 59,553

 Purchased software

 Land and other non-depreciable assets
 1,439

 $
 135,068
 $
 131,319

 Depreciation expense of property and equipment from continuing operations for fiscal years 2025, 2024 and 2023 was $ 69.1 million, $ 60.7 million and $ 58.5 million, respectively.
 The carrying value of long-lived assets held outside the U.S., which is comprised of property and equipment, totaled $ 20.9 million and $ 20.0 million as of June 30, 2025 and 2024 respectively.

 NOTE 6: GOODWILL AND INTANGIBLE ASSETS
 Changes in the carrying amount of goodwill for the periods ended June 30, 2025 and 2024 are as follows:

 Goodwill
 Accumulated Impairment Losses
 Net

 Balances as of July 1, 2023
 $
 913,750
 $
 ( 138,297)
 $
 775,453

 Acquisitions(1)

 19,086
 —
 19,086

 Disposals and foreign currency changes, net
 ( 9,313)
 —
 ( 9,313)

 Impairments
 —
 —
 —

 Balances as of June 30, 2024
 923,523
 ( 138,297)
 785,226

 Acquisitions(1)

 15,579
 —
 15,579

 Disposals and foreign currency changes, net
 1,248
 —
 1,248

 Impairments
 —
 —
 —

 Balances as of June 30, 2025
 $
 940,350
 $
 ( 138,297)
 $
 802,053

 (1) All goodwill added during the period is expected to be tax-deductible for federal income tax reporting.

 We test goodwill for impairment annually as of February 1, or more frequently if events occur or circumstances change which would, more likely than not, reduce the fair value of a reporting unit below its carrying value.
 Components of intangible assets are as follows:

 Gross
Carrying
Amount
 Accumulated
Amortization
 Net

 June 30, 2025:

 Reacquired franchise rights
 $
 415,700
 $
 ( 243,330)
 $
 172,370

 Customer relationships
 354,107
 ( 287,067)
 67,040

 Internally-developed software
 119,959
 ( 117,604)
 2,355

 Noncompete agreements
 23,070
 ( 20,188)
 2,882

 Purchased technology
 68,100
 ( 55,655)
 12,445

 Trade name
 5,800
 ( 3,480)
 2,320

 $
 986,736
 $
 ( 727,324)
 $
 259,412

 June 30, 2024:

 Reacquired franchise rights
 $
 403,955
 $
 ( 228,157)
 $
 175,798

 Customer relationships
 331,435
 ( 270,245)
 61,190

 Internally-developed software
 122,673
 ( 119,610)
 3,063

 Noncompete agreements
 21,977
 ( 19,494)
 2,483

 Purchased technology
 70,100
 ( 51,432)
 18,668

 Trade name
 5,800
 ( 2,900)
 2,900

 $
 955,940
 $
 ( 691,838)
 $
 264,102

 Amortization of intangible assets from continuing operations for the fiscal years ended June 30, 2025, 2024 and 2023 was $ 47.7 million, $ 61.1 million and $ 72.0 million, respectively. Estimated amortization of intangible assets for fiscal years 2026, 2027, 2028, 2029 and 2030 is $ 42.0 million, $ 35.3 million, $ 27.0 million, $ 18.4 million and $ 8.8 million, respectively.
 We made payments to acquire businesses totaling $ 35.5 million, $ 43.4 million and $ 48.2 million during the fiscal years ended June 30, 2025, 2024 and 2023, respectively. The amounts and weighted-average lives of assets acquired during fiscal year 2025, including amounts capitalized related to internally-developed software, are as follows:

 (dollars in 000s)

 Amount
 Weighted-Average Life (in years)

 Customer relationships
 $
 27,712

 Reacquired franchise rights
 11,738

 Internally-developed software
 2,305

 Noncompete agreements
 1,259

 Total
 $
 43,014

 NOTE 7: LONG-TERM DEBT
 The components of long-term debt are as follows:

 As of

 Senior Notes, 5.250 %, due October 2025 (1)

 $
 350,000
 $
 350,000

 Senior Notes, 2.500 %, due July 2028 (1)

 500,000
 500,000

 Senior Notes, 3.875 %, due August 2030 (1)

 650,000
 650,000

 Debt issuance costs and discounts
 ( 6,802)
 ( 8,905)

 Total long-term debt
 1,493,198
 1,491,095

 Less: Current portion
 ( 349,893)
 —

 Long-term portion
 $
 1,143,305
 $
 1,491,095

 Estimated fair value of long-term debt
 $
 1,437,000
 $
 1,391,000

 (1) The Senior Notes are not redeemable by the bondholders prior to maturity, although we have the right to redeem some or all of these notes at any time, at specified redemption prices. The interest rates on our Senior Notes are subject to adjustment based upon our credit ratings.
 Our unsecured committed line of credit (CLOC) provides for an unsecured senior revolving credit facility in the aggregate principal amount of $ 1.5 billion, which includes a $ 175.0 million sublimit for swingline loans and a $ 50.0 million sublimit for standby letters of credit. We may request increases in the aggregate principal amount of the revolving credit facility of up to $ 500.0 million, subject to obtaining commitments from lenders and meeting certain other conditions. Our CLOC includes an annual facility fee, which will vary depending on our then current credit ratings and was scheduled to expire on June 11, 2026. On July 11, 2025, we entered into a Fifth Amended and Restated Credit and Guarantee Agreement, which amended and restated our existing CLOC, extended the 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.
 The CLOC is subject to various conditions, triggers, events or occurrences that could result in earlier termination and contains customary representations, warranties, covenants and events of default, including, without limitation: (1) a covenant requiring the Company to maintain a debt-to-EBITDA ratio, as defined by the CLOC agreement, calculated on a consolidated basis of no greater than (a) 3.50 to 1.00 as of the last day of each fiscal quarter ending on March 31, June 30, and September 30 of each year and (b) 4.50 to 1.00 as of the last day of each fiscal quarter ending on December 31 of each year; (2) a covenant requiring us to maintain an interest coverage ratio (EBITDA-to-interest expense) calculated on a consolidated basis of not less than 2.50 to 1.00 as of the last date of any fiscal quarter; and (3) covenants restricting our ability to incur certain additional debt, incur liens, merge or consolidate with other companies, sell or dispose of assets (including equity interests), liquidate or dissolve, engage in certain transactions with affiliates or enter into certain restrictive agreements. The CLOC includes provisions for an equity cure which could potentially allow us to independently cure certain defaults. Proceeds under the CLOC may be used for working capital needs or for other general corporate purposes. We were in compliance with these requirements as of June 30, 2025.
 We had no outstanding balance under our CLOC as of June 30, 2025 and amounts available to borrow were not limited by the debt-to-EBITDA covenant as of June 30, 2025.
 OTHER INFORMATION – The aggregate payments required to retire long-term debt are $ 350.0 million in fiscal year 2026, $ 500.0 million in fiscal year 2029 and $ 650.0 million in fiscal year 2031.

 NOTE 8: STOCK-BASED COMPENSATION
 We have a stock-based Long Term Incentive Plan (Plan), under which we can grant stock options, restricted shares, performance-based share units, restricted share units, deferred stock units and other forms of equity to employees, non-employee directors and consultants. Stock-based compensation expense and related tax items are as follows:

 2025
 2024
 2023

 Stock-based compensation expense
 $
 32,503
 $
 34,277
 $
 31,326

 Tax benefit
 11,621
 11,567
 7,386

 Realized tax benefit
 12,942
 10,939
 6,942

 As of June 30, 2025, we had 8.4 million shares reserved for future awards under our Plan. We issue treasury shares to satisfy the exercise or vesting of stock-based awards and believe we have adequate treasury shares available for future issuances.
 We measure the fair value of restricted share units (other than performance-based share units) based on the closing price of our common stock on the grant date. We measure the fair value of performance-based share units based on the Monte Carlo valuation model, taking into account, as necessary, those provisions of the performance-based share units that are characterized as market conditions. We generally expense the grant-date fair value, net of estimated forfeitures, over the vesting period on a straight-line basis.
 Options and restricted share units (other than performance-based share units) granted to employees typically vest pro-rata based upon service over a three-year period with a portion vesting each year. Performance-based share units granted to employees typically cliff vest at the end of a three-year period based upon satisfaction of both service-based and performance-based requirements. The number of performance-based share units that ultimately vest can range from zero up to 200 percent of the number granted, based on the form of the award, which can vary by year of grant. The performance metrics for these awards typically consist of earnings before interest, taxes, depreciation and amortization (EBITDA), total shareholder return or our stock price. Deferred stock units granted to non-employee directors vest when they are granted and are settled six months after the director separates from service as a director of the Company, except in the case of death.
 All share units granted to employees and non-employee directors receive cumulative dividend equivalents to the extent of the units ultimately vesting at the time of distribution. Options granted under our Plan have a maximum contractual term of ten years.
 A summary of restricted share units and deferred stock units, including those that are performance-based, for the year ended June 30, 2025, is as follows:

 (shares in 000s)

 Restricted Share Units and Deferred Stock Units

 Performance-Based
Share Units

 Shares
 Weighted-Average
Grant Date
Fair Value
 Shares
 Weighted-Average
Grant Date
Fair Value

 Outstanding, beginning of the year
 1,867
 $
 33.31
 1,021
 $
 37.91

 Granted(1)

 63.09
 66.79

 Released
 ( 598)
 37.03
 ( 863)
 27.97

 Forfeited
 ( 134)
 47.07
 ( 106)
 48.02

 Outstanding, end of the year
 1,598
 $
 39.10
 $
 52.57

 (1) Includes adjustments for performance achievement and dividend equivalents.
 The total fair value of shares vesting during fiscal years 2025, 2024 and 2023 was $ 46.3 million, $ 39.1 million and $ 33.6 million, respectively. As of June 30, 2025, we had $ 41.3 million of total unrecognized compensation cost related to these shares. This cost is expected to be recognized over a weighted-average period of two years.
 When valuing our performance-based share units on the grant date, we typically estimate the expected volatility using historical volatility for H&R Block, Inc. and selected comparable companies. The dividend yield is calculated based on the current dividend and the market price of our common stock on the grant date. The risk-free interest rate is based on the U.S. Treasury zero-coupon yield curve in effect on the grant date. Both expected volatility and the risk-free interest rate are based on a period that approximates the expected term. The following assumptions were used to value performance-based share units using the Monte Carlo valuation model during the periods:

 2025
 2024
 2023

 Expected volatility
 14.95 % - 109.03 %

 10.17% - 157.11%

 24.80 % - 163.58 %

 Expected term
 3 years
 3 years
 3 years

 Dividend yield (1)

 0 %

 0 %

 0 %

 Risk-free interest rate
 3.77 %

 4.54
 %
 3.43%

 Weighted-average fair value
 $
 67.09
 $
 44.06
 $
 48.58

 (1)The valuation model assumes that dividends are reinvested by the Company on a continuous basis.

 NOTE 9: INCOME TAXES
 We file a consolidated federal income tax return in the U.S. with the IRS and file tax returns in various state, local, and foreign jurisdictions. Tax returns are typically examined and either settled upon completion of the examination or through the appeals process. With respect to federal, state and local jurisdictions and countries outside of the U.S., we are typically subject to examination for three to six years after the income tax returns have been filed. On November 7, 2022, the IRS commenced their examination of our 2020 tax return and related carryback claims to tax years 2015 through 2018. Our U.S. federal income tax returns for tax years 2021, 2019, and 2014 and prior are closed. Although the outcome of tax audits is always uncertain, we believe that adequate amounts of tax, interest, and penalties have been provided for in the accompanying consolidated financial statements for any adjustments that might be incurred due to federal, state, local or foreign audits.
 The components of income from continuing operations upon which domestic and foreign income taxes have been provided are as follows:

 2025
 2024
 2023

 Domestic
 $
 437,971
 $
 489,912
 $
 447,900

 Foreign
 343,432
 272,410
 263,312

 $
 781,403
 $
 762,322
 $
 711,212

 We operate in multiple income tax jurisdictions both within the U.S. and internationally. Accordingly, management must determine the appropriate allocation of income to each of these jurisdictions based on transfer pricing analyses of comparable companies and predictions of future economic conditions. Although these intercompany transactions reflect arm's length terms and the proper transfer pricing documentation is in place, transfer pricing terms and conditions may be scrutinized by local tax authorities during an audit and any resulting changes may impact our mix of earnings in countries with differing statutory tax rates.

 The reconciliation between the statutory U.S. federal tax rate and our effective tax rate from continuing operations is as follows:

 2025
 2024
 2023

 U.S. statutory tax rate
 21.0
 %
 21.0
 %
 21.0
 %

 Change in tax rate resulting from:

 State income taxes, net of federal income tax benefit
 1.3
 %
 1.4
 %
 1.6
 %

 Earnings taxed in foreign jurisdictions
 ( 2.1)
 %
 ( 1.9)
 %
 ( 2.9)
 %

 Permanent differences
 0.7
 %
 0.7
 %
 0.6
 %

 Uncertain tax positions
 1.9
 %
 ( 0.4)
 %
 ( 0.9)
 %

 U.S. tax on income from foreign affiliates
 1.7
 %
 4.1
 %
 3.1
 %

 Federal income tax credits
 ( 1.6)
 %
 ( 2.4)
 %
 ( 1.3)
 %

 Foreign investment recapture
 —
 %
 2.6
 %
 —
 %

 Change in valuation allowance - domestic
 0.3
 %
 —
 %
 ( 0.4)
 %

 Change in valuation allowance - foreign
 —
 %
 ( 2.8)
 %
 0.7
 %

 Other
 ( 1.2)
 %
 ( 0.7)
 %
 ( 0.5)
 %

 Effective tax rate
 22.0
 %
 21.6
 %
 21.0
 %

 The components of income tax expense for continuing operations are as follows:

 2025
 2024
 2023

 Current:

 Federal
 $
 143,298
 $
 191,664
 $
 97,430

 State
 30,716
 9,695
 19,023

 Foreign
 21,689
 18,240
 18,214

 195,703
 219,599
 134,667

 Deferred:

 Federal
 ( 52,659)
 ( 59,441)
 23,367

 State
 ( 4,454)
 ( 11,749)
 1,860

 Foreign
 33,363
 15,950
 ( 10,482)

 ( 23,750)
 ( 55,240)
 14,745

 Total income taxes for continuing operations
 $
 $
 $
 149,412

 In the United States, on July 4, 2025, H.R. 1 was signed into law. Among other provisions, the legislation reinstates immediate expensing for domestic research and experimental expenditures, extends 100% bonus depreciation for qualified property placed in service beginning January 20, 2025, and makes certain other provisions of the Tax Cuts and Jobs Act permanent. We are evaluating the impacts of this legislation and will reflect its impact in our financial statements in fiscal year 2026. At this time, we are unable to reasonably estimate the financial impact of these changes.
 We account for income taxes under the asset and liability method, which requires us to record deferred income tax assets and liabilities for future tax consequences attributable to differences between the financial statement carrying value of existing assets and liabilities and their respective tax basis. Deferred taxes are determined separately for each tax-paying component within each tax jurisdiction based on provisions of enacted tax law. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date.
 We record a valuation allowance to reduce our deferred tax assets to the estimated amount that we believe is more likely than not to be realized. Determination of a valuation allowance for deferred tax assets requires that we make judgments about future matters that are not certain, including projections of future taxable income and evaluating potential tax-planning strategies.
 The significant components of deferred tax assets and liabilities are reflected in the following table:

 As of

 Deferred tax assets:

 Deferred revenue
 33,435
 50,944

 Allowance for credit losses
 30,098
 30,581

 Deferred and stock-based compensation
 7,204
 8,060

 Net operating loss carry-forward
 38,856
 63,398

 Lease liabilities
 130,911
 117,483

 Federal tax benefits related to state unrecognized tax benefits
 31,061
 26,841

 Internally developed software
 84,301
 15,063

 Intangibles - intellectual property
 61,138
 71,367

 Other
 22,121
 6,056

 Valuation allowance
 ( 18,538)
 ( 16,569)

 Total deferred tax assets
 420,587
 373,224

 Deferred tax liabilities:

 Prepaid expenses and other
 ( 20,396)
 ( 3,001)

 Lease right of use assets
 ( 128,204)
 ( 115,128)

 Intangibles
 ( 43,879)
 ( 51,398)

 Total deferred tax liabilities
 ( 192,479)
 ( 169,527)

 Net deferred tax assets
 $
 228,108
 $
 203,697

 A reconciliation of the deferred tax assets and liabilities and the corresponding amounts reported in the consolidated balance sheets is as follows:

 As of

 Deferred income tax assets
 $
 228,108
 $
 203,697

 Deferred tax liabilities
 —
 —

 Net deferred tax asset
 $
 228,108
 $
 203,697

 Changes in our valuation allowance for fiscal years 2025, 2024 and 2023 are as follows:

 2025
 2024
 2023

 Balance, beginning of the year
 $
 16,569
 $
 57,566
 $
 55,172

 Additions charged to costs and expenses
 4,166
 4,584
 6,438

 Deductions
 ( 2,197)
 ( 45,581)
 (4,044)

 Balance, end of the year
 $
 18,538
 $
 16,569
 $
 57,566

 Our valuation allowance on deferred tax assets has a net increase of $ 2.0 million during the current period. The $ 4.2 million of additions charged to costs is primarily related to foreign tax credits that we do not expect to utilize in future years. The increase is offset by a $ 2.2 million decrease to our valuation allowance balance for adjustments related to certain domestic and foreign net operating losses utilized in the current fiscal year and changes in future projections of net operating loss utilization.
 Certain of our subsidiaries file stand-alone returns in various state, local and foreign jurisdictions, and others join in filing consolidated or combined returns in such jurisdictions. As of June 30, 2025, we had net operating losses of $ 38.9 million in various states and foreign jurisdictions. The amount of state and foreign net operating losses varies by taxing jurisdiction. We maintain a valuation allowance of $ 4.3 million on state net operating losses and $ 5.5 million on foreign net operating losses for the portion of such loses that, more likely than not, will not be realized. Of the total net operating loss deferred tax assets, $ 29.1 million are more likely than not to be realized. Net operating loss deferred tax assets of $ 10.4 million will expire in varying amounts during fiscal years 2026 through 2045 and the remaining $ 28.5 million have no expiration.
 We do not currently intend to repatriate non-borrowed funds held by our foreign subsidiaries in a manner that would trigger a tax liability; therefore, no provision has been made for income taxes that might be payable upon remittance of such earnings. The amount of unrecognized tax liability on these foreign earnings, net of expected foreign tax credits, is immaterial as of June 30, 2025.
 Changes in unrecognized tax benefits for fiscal years 2025, 2024 and 2023 are as follows:

 2025
 2024
 2023

 Balance, beginning of the year
 $
 251,787
 $
 240,063
 $
 232,004

 Additions based on tax positions related to prior years
 1,232
 1,252

 Reductions based on tax positions related to prior years
 —
 ( 4,604)
 —

 Additions based on tax positions related to the current year
 37,883
 37,063
 33,330

 Reductions related to settlements with tax authorities
 ( 379)
 ( 4,472)
 ( 661)

 Expiration of statute of limitations
 ( 23,317)
 ( 17,495)
 ( 25,862)

 Balance, end of the year
 $
 266,548
 $
 251,787
 $
 240,063

 Included in the total gross unrecognized tax benefit ending balance as of June 30, 2025, 2024 and 2023 are $ 232.8 million, $ 207.5 million and $ 209.0 million respectively, which if recognized, would impact our effective tax rate. Increases from prior year are primarily related to additions based on current year tax positions offset by expirations of statute of limitations and settlements with taxing authorities.
 We believe it is reasonably possible that the balance of unrecognized tax benefits could decrease by approximately $ 152.0 million within the next twelve months. The anticipated decrease is due to the expiration of statutes of limitations, anticipated closure of various tax matters currently under examination, and settlements with tax authorities. For such matters where a change in the balance of unrecognized tax benefits is not yet deemed reasonably possible, no estimate has been included.
 Interest and penalties, if any, accrued on the unrecognized tax benefits are reflected in income tax expense. The total gross interest recorded to income tax expense for periods ending June 30, 2025, 2024 and 2023 totaled $ 1.4 million, $ 14.1 million and $ 10.1 million, respectively. The total penalties, if any, recorded for the same periods

 were immaterial. The total gross interest and penalties accrued as of June 30, 2025 and 2024 totaled $ 44.7 million and $ 42.0 million, respectively.

 NOTE 10: COMMITMENTS AND CONTINGENCIES
 Our U.S. and Canadian businesses offer our 100% accuracy guarantee. Assisted tax returns are covered by our 100% accuracy guarantee, whereby we will reimburse a client for penalties and interest attributable to an H&R Block error on a return. 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 a client would otherwise not have been required to pay. Our liability related to estimated losses under the 100% accuracy guarantee was $ 11.4 million and $ 14.1 million as of June 30, 2025 and 2024, respectively. The short-term and long-term portions of this liability are included in deferred revenue and other liabilities in the consolidated balance sheets.
 Liabilities related to acquisitions for (1) estimated contingent consideration based on expected financial performance of the acquired business and economic conditions at the time of acquisition and (2) estimated accrued compensation related to continued employment of key employees were $ 29.6 million and $ 26.9 million as of June 30, 2025 and 2024, respectively, with amounts recorded in deferred revenue and other liabilities. These liabilities will be settled within the next ten years. Should actual results differ from our estimates, future payments made will differ from the above estimate and any differences will be recorded in results from continuing operations.
 We have contractual commitments to fund certain franchises with approved short-term lines of credit for the purpose of meeting their seasonal working capital needs. Our total obligation under these lines of credit was $ 0.4 million as of June 30, 2025, and net of amounts drawn and outstanding, our remaining commitment to fund totaled $ 0.2 million.
 We are self-insured for certain risks, including employer provided medical benefits, workers' compensation, property, general liability, tax errors and omissions, and claims related to POM. These programs maintain various self-insured retentions and commercial insurance is purchased in excess of the self-insured retentions for all but POM in company-owned offices and employer provided medical benefits. We accrue estimated losses for self-insured retentions using actuarial models and assumptions based on historical loss experience.
 We have a deferred compensation plan that permits certain employees to defer portions of their compensation and accrue income on the deferred amounts. Included in deferred revenue and other liabilities is $ 9.0 million and $10.1 million as of June 30, 2025 and 2024, respectively, reflecting our obligation under this plan.
 Emerald Advance term loans are originated by Pathward N.A. (Pathward). We purchase participation interests, at par, in all EAs originated by Pathward in accordance with our participation agreement. Our participation interest varies by jurisdiction. During fiscal year 2025, our purchased participation interests represented 87% of total EA volume originated by Pathward. See note 4 for additional information about these balances.
 Refund Advance loans are originated by Pathward and offered to certain assisted U.S. tax preparation clients, based on client eligibility as determined by Pathward. We pay fees primarily based on loan size and customer type. We have provided a guarantee up to $18.0 million related to certain loans to clients prior to the IRS accepting electronic filing. We accrued an estimated liability of $2.2 million at June 30, 2025 related to this guarantee. As of June 30, 2024 we had $ 1.4 million accrued under the Refund Advance guarantee agreement, and we paid $ 2.6 million, net of recoveries, related to that guarantee during the fiscal year ended June 30, 2025.
 We offer POM to U.S. and Canadian clients, whereby we (1) represent our clients if they are audited by a taxing authority, and (2) assume the cost, subject to certain limits, of additional taxes owed by a client resulting from errors attributable to H&R Block. The additional taxes paid under POM have a cumulative limit of $ 6,000 for U.S. 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. A loss on POM would be recognized if the sum of expected costs for services exceeded unearned revenue.

 NOTE 11: LEASES
 O ur lease costs and other information related to operating leases consisted of the following:

 (dollars in 000s)

 2025
 2024
 2023

 Operating lease costs
 $
 244,127
 $
 242,372
 $
 238,899

 Variable lease costs
 93,216
 88,629
 85,239

 Subrental income
 ( 464)
 ( 508)
 ( 575)

 Total lease costs
 $
 336,879
 $
 330,493
 $
 323,563

 Cash paid for operating lease costs
 $
 239,792
 $
 239,292
 $
 236,423

 New operating right of use assets and related lease liabilities
 $
 293,190
 $
 266,970
 $
 253,755

 Weighted-average remaining operating lease term (years)

 Weighted-average operating lease discount rate
 5.0 %
 5.0 %
 4.1 %

 Aggregate operating lease maturities as of June 30, 2025 are as follows:

 2026
 $
 230,102

 2027
 166,425

 2028
 102,033

 2029
 45,036

 2030
 19,309

 2031 and thereafter
 11,898

 Total future undiscounted operating lease payments
 574,803

 Less imputed interest
 ( 42,753)

 Total operating lease liabilities
 $
 532,050

 NOTE 12: LITIGATION AND OTHER RELATED CONTINGENCIES
 We are a respondent in numerous litigation and arbitration matters, arising both in the ordinary course of business and otherwise, including as described below. The matters described below are not all of the lawsuits or arbitrations to which we are subject. In some of the matters, very large or indeterminate amounts, including punitive damages, may be sought. Various jurisdictions and arbitration forums permit considerable variation in the assertion of monetary damages or other relief. The jurisdictions or forums may permit claimants not to specify the monetary damages sought or may permit claimants to state only that the amount sought is sufficient to invoke the jurisdiction or forum. In addition, the jurisdictions or forums may permit claimants to allege monetary damages in amounts well exceeding reasonably possible verdicts in the jurisdiction or forum for similar matters. We believe that the monetary relief which may be specified in a lawsuit or arbitration matter bears little relevance to its merits or disposition value due to this variability in pleadings and our experience in handling and resolving numerous claims over an extended period of time.
 The outcome of a matter and the amount or range of potential loss at particular points in time may be difficult to ascertain. Among other things, uncertainties can include how fact finders will evaluate documentary evidence and the credibility and effectiveness of witness testimony, and how courts and arbitrators will apply the law. Disposition valuations are also subject to the uncertainty of how opposing parties and their counsel will view the relevant evidence, circumstances, and applicable law.
 In addition to litigation and arbitration matters, we are also subject to other loss contingencies arising out of our business activities, including as described below.
 We accrue liabilities for litigation, arbitration, and other related loss contingencies and any related settlements when it is probable that a loss has been incurred and the amount of the loss can be reasonably estimated. If a range of loss is estimated, and some amount within that range appears to be a better estimate than any other

 amount within that range, then that amount is accrued. If no amount within the range can be identified as a better estimate than any other amount, we accrue the minimum amount in the range.
 For such matters where a loss is believed to be reasonably possible, but not probable, or the loss cannot be reasonably estimated, no accrual has been made. It is possible that such matters could require us to pay damages or make other expenditures or accrue liabilities in amounts that could not be reasonably estimated as of June 30, 2025. While the potential future liabilities could be material in the particular quarterly or annual periods in which they are recorded, based on information currently known, we do not believe any such liabilities are likely to have a material adverse effect on our business and our consolidated financial position, results of operations, and cash flows. As of June 30, 2025 and 2024 our total accrued liabilities were $ 6.2 million and $ 7.2 million, respectively.
 Our estimate of the aggregate range of reasonably possible losses includes (1) matters where a liability has been accrued and there is a reasonably possible loss in excess of the amount accrued for that liability, and (2) matters where a liability has not been accrued but we believe a loss is reasonably possible. This aggregate range only represents those losses as to which we are currently able to estimate a reasonably possible loss or range of loss. It does not represent our maximum loss exposure.
 Matters for which we are not currently able to estimate the reasonably possible loss or range of loss are not included in this range. We are often unable to estimate the possible loss or range of loss until developments in such matters have provided sufficient information to support an assessment of the reasonably possible loss or range of loss, such as precise information about the amount of damages or other remedies being asserted, the defenses to the claims being asserted, discovery from other parties and investigation of factual allegations, rulings by courts or arbitrators on motions or appeals, analyses by experts, or the status or terms of any settlement negotiations.
 The estimated range of reasonably possible loss is based upon currently available information and is subject to significant judgment and a variety of assumptions, as well as known and unknown uncertainties. The matters underlying the estimated range will change from time to time, and actual results may vary significantly from the current estimate. As of June 30, 2025, we believe the estimate of the aggregate range of reasonably possible losses in excess of amounts accrued, where the range of loss can be estimated, is not material.
 At the end of each reporting period, we review relevant information with respect to litigation, arbitration and other related loss contingencies and update our accruals, disclosures, and estimates of reasonably possible loss or range of loss based on such reviews. Costs incurred with defending matters are expensed as incurred. Any receivable for insurance recoveries is recorded separately from the corresponding liability, and only if recovery is determined to be probable and reasonably estimable.
 We believe we have meritorious defenses to the claims asserted in the various matters described in this note, and we intend to defend them vigorously. The amounts claimed in the matters are substantial, however, and there can be no assurances as to their outcomes. In the event of unfavorable outcomes, it could require modifications to our operations; in addition, the amounts that may be required to be paid to discharge or settle the matters could be substantial and could have a material adverse impact on our business and our consolidated financial position, results of operations, and cash flows.
 We have received and are responding to certain governmental inquiries, class actions, and mass arbitrations relating to the IRS Free File Program and other aspects of our DIY tax preparation services, including the use of pixels. An accrual related to these matters is included in our loss contingency accrual.
 We are from time to time a party to litigation, arbitration, and other loss contingencies not discussed herein arising out of our business operations. These matters may include actions by state attorneys general, other state regulators, federal regulators, individual claimants, and cases in which claimants seek to represent others who may be similarly situated.
 While we cannot provide assurance that we will ultimately prevail in each instance, we believe the amount, if any, we are required to pay to discharge or settle these other matters will not have a material adverse impact on our business and our consolidated financial position, results of operations, and cash flows.

 NOTE 13: SEGMENT INFORMATION
 We provide assisted and DIY tax preparation solutions through multiple channels (including in-person, online and mobile applications, virtual, and desktop software) and distribute H&R Block-branded services and products, including those of our bank partners, to the general public primarily in the U.S., Canada and Australia. We report a single segment that includes all of our continuing operations. The majority of our revenues are from our U.S. tax services business.
 The Company's Chief Operating Decision Maker (CODM) is our chief executive officer, who regularly reviews consolidated financial information to evaluate financial performance and allocate resources. Specifically, the CODM uses revenues, operating expenses, net income and EBITDA at a consolidated level, as key financial metrics in deciding how to reinvest to grow the business through our strategic imperatives of Block Experience, Financial Products and Small Business. These financial metrics are used by the CODM to make operating decisions and identify growth opportunities. The measure of segment assets is total consolidated assets as presented on the consolidated balance sheet.

 The following table presents the significant revenue and expense categories included in the segment's net income from continuing operations as regularly provided to the CODM on a consolidated basis and then reconciled to net income for the years ended June 30, 2025, 2024 and 2023:

 Consolidated – Financial Results

 2025
 2024
 2023

 Revenues:

 U.S. tax preparation and related services:

 Assisted tax preparation
 $
 2,413,229
 $
 2,274,835
 $
 2,167,138

 Royalties
 192,877
 204,802
 210,631

 DIY tax preparation
 383,738
 349,812
 314,758

 Refund Transfers
 137,526
 142,249
 143,310

 Peace of Mind Extended Service Plan
 87,326
 93,087
 95,181

 Tax Identity Shield
 29,920
 33,386
 38,265

 Emerald Card and SpruceSM

 72,888
 76,093
 84,651

 Interest and fee income on Emerald Advance
 28,958
 40,933
 47,554

 International
 246,993
 247,123
 235,131

 Wave
 109,222
 96,472
 90,314

 Other
 58,318
 51,555
 45,252

 Total revenues
 $
 3,760,995
 $
 3,610,347
 $
 3,472,185

 Compensation and benefits:

 Field wages
 927,360
 869,002
 841,742

 Other wages
 306,999
 298,819
 273,850

 Benefits and other compensation
 250,729
 228,723
 220,530

 1,485,088
 1,396,544
 1,336,122

 Occupancy
 438,868
 432,461
 428,167

 Marketing and advertising
 285,800
 277,747
 286,255

 Depreciation and amortization
 116,827
 121,784
 130,501

 Bad debt
 74,584
 91,523
 60,401

 Other
 531,858
 485,011
 482,041

 Total operating expenses
 2,933,025
 2,805,070
 2,723,487

 Other income (expense), net
 31,546
 36,125
 35,492

 Interest expense on borrowings
 (78,113)
 (79,080)
 (72,978)

 Income from continuing operations before income taxes
 781,403
 762,322
 711,212

 Income taxes
 149,412

 Segment net income from continuing operations
 $
 $
 $
 561,800

 Reconciliation of segment profit:

 Reconciling items:

 Net loss from discontinued operations
 ( 3,677)
 (2,646)
 (8,100)

 $
 $
 $

 ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
 There were no disagreements or reportable events requiring disclosure pursuant to Item 304(b) of Regulation S-K.

 ITEM 9A. CONTROLS AND PROCEDURES
 (a) EVALUATION OF DISCLOSURE CONTROLS AND PROCEDURES – We have established disclosure controls and procedures (Disclosure Controls) to ensure that information required to be disclosed in the Company's reports filed under the Securities Exchange Act of 1934, as amended, is recorded, processed, summarized and reported within the time periods specified in the U.S. Securities and Exchange Commission's rules and forms. Disclosure Controls

 are also designed to ensure that such information is accumulated and communicated to management, including the Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. Our Disclosure Controls were designed to provide reasonable assurance that the controls and procedures would meet their objectives. Our management, including the Chief Executive Officer and Chief Financial Officer, does not expect that our Disclosure Controls will prevent all error and all fraud. A control system, no matter how well designed and operated, can provide only reasonable assurance of achieving the designed control objectives and management is required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within the Company have been detected. These inherent limitations include the realities that judgments in decision-making can be faulty and that breakdowns can occur because of simple error or mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusions of two or more people or by management override of the control. Because of the inherent limitations in a cost-effective, maturing control system, misstatements due to error or fraud may occur and not be detected.
 As of the end of the period covered by this Form 10-K, management, under the supervision and with the participation of our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of the design and operations of our Disclosure Controls. Based on this evaluation, our Chief Executive Officer and Chief Financial Officer have concluded our Disclosure Controls were effective as of the end of the period covered by this Annual Report on Form 10-K.
 (b) MANAGEMENT'S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING – Management is responsible for establishing and maintaining adequate internal control over financial reporting for the Company, as such term is defined in Exchange Act Rules 13a-15(f). Under the supervision and with the participation of our Chief Executive Officer and Chief Financial Officer, we conducted an evaluation of the effectiveness of our internal control over financial reporting as of June 30, 2025 based on the criteria established in "Internal Control – Integrated Framework" issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO), using the 2013 framework.
 Based on our assessment, our Chief Executive Officer and Chief Financial Officer concluded that, as of June 30, 2025, the Company's internal control over financial reporting was effective based on the criteria set forth by COSO.
 The Company's external auditors that audited the consolidated financial statements included in Item 8, Deloitte & Touche LLP, an independent registered public accounting firm, have issued an audit report on the effectiveness of the Company's internal control over financial reporting. This report appears near the beginning of Item 8.
 (c) CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING – During the quarter ended June 30, 2025, there were no changes that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

 ITEM 9B. OTHER INFORMATION
 During the three months ended June 30, 2025, no director or officer of the Company adopted or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement," as each term is defined in Item 408(a) of Regulation S-K.

 ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE
 Information about our executive officers is included under the caption "Information About Our Executive Officers" in Item 1 of this report on Form 10-K.
 The following information appearing in our definitive proxy statement, to be filed no later than 120 days after June 30, 2025, is incorporated herein by reference:
 Information appearing under the heading "Proposal 1 – Election of Directors";

 Information appearing under the heading "Delinquent Section 16(a) Reports" (if applicable);
 Information appearing under the heading "Board of Directors' Meetings and Committees" regarding identification of the Audit Committee and Audit Committee financial experts;
 Information appearing under the heading "Other Executive Compensation Practices and Policies" regarding the Company's Insider Trading Policy.
 We have adopted a Code of Business Ethics and Conduct that applies to our directors, officers and employees, including our Chief Executive Officer, Chief Financial Officer, Chief Accounting Officer and persons performing similar functions. A copy of the Code of Business Ethics and Conduct is available on our website at www.hrblock.com. We intend to provide information on our website regarding amendments to, or waivers under, the Code of Business Ethics and Conduct.

 ITEM 11. EXECUTIVE COMPENSATION
 The information called for by this item is contained in our definitive proxy statement to be filed pursuant to Regulation 14A not later than 120 days after June 30, 2025, in the sections entitled "Director Compensation," "Director Compensation Table," "Compensation Discussion and Analysis," "Compensation Committee Report," "Compensation Committee Interlocks and Insider Participation," "Risk Assessment in Compensation Programs," and "Executive Compensation," and is incorporated herein by reference.

 ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS
 The information called for by this item is contained in our definitive proxy statement to be filed pursuant to Regulation 14A not later than 120 days after June 30, 2025, in the sections entitled "Equity Compensation Plans" and "Information Regarding Security Holders," and is incorporated herein by reference.

 ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE
 The information called for by this item is contained in our definitive proxy statement to be filed pursuant to Regulation 14A not later than 120 days after June 30, 2025, in the sections entitled "Employment Agreements, Change in Control and Other Arrangements," "Review of Related Person Transactions," and "Corporate Governance," and is incorporated herein by reference.

 ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES
 The information called for by this item relating to our principal accountant, Deloitte & Touche LLP (PCAOB ID No. 34) is contained in our definitive proxy statement to be filed pursuant to Regulation 14A not later than 120 days after June 30, 2025, in the section entitled "Audit Fees," and is incorporated herein by reference.

 ITEM 15. EXHIBIT INDEX
 The following exhibits are numbered in accordance with the Exhibit Table of Item 601 of Regulation S-K:

 3.1
 Amended and Restated Articles of Incorporation of H&R Block, Inc., as amended through September 12, 2013, filed as Exhibit 3.1 to the Company's current report on Form 8-K filed September 16, 2013, file number 1-06089, is incorporated herein by reference.

 3.2
 Amended and Restated Bylaws of H&R Block, Inc., as amended through July 14, 2015, filed as Exhibit 3.1 to the Company's current report on Form 8-K filed July 16, 2015, file number 1-06089, is incorporated herein by reference.

 4.1
 Indenture dated as of October 20, 1997, among H&R Block, Inc., Block Financial Corporation and Bankers Trust Company, as Trustee, filed as Exhibit 4(a) to the Company's quarterly report on Form 10-Q for the quarter ended October 31, 1997, file number 1-06089, is incorporated herein by reference.

 4.2
 First Supplemental Indenture, dated as of April 18, 2000, among H&R Block, Inc., Block Financial Corporation, Bankers Trust Company and the Bank of New York, filed as Exhibit 4(a) to the Company's current report on Form 8-K filed April 17, 2000, file number 1-06089, is incorporated herein by reference.

 4.3
 Second Supplemental Indenture, dated September 30, 2015, among H&R Block, Inc., Block Financial LLC (formerly known as Block Financial Corporation), Deutsche Bank Trust Company Americas (formerly known as Bankers Trust Company) and U.S. Bank National Association, as separate trustee, filed as Exhibit 4.1 to the Company's current report on Form 8-K filed September 30, 2015, file number 1-06089, is incorporated herein by reference.

 4.4
 Third Supplemental Indenture, dated August 7, 2020, among H&R Block, Inc., Block Financial LLC (formerly known as Block Financial Corporation), Deutsche Bank Trust Company Americas (formerly known as Bankers Trust Company) and U.S. Bank National Association, as separate trustee, filed as Exhibit 4.1 to the Company's current report on Form 8–K filed August 7, 2020, file number 1–06089, is incorporated herein by reference.

 4.5
 Fourth Supplemental Indenture, dated June 25, 2021, among H&R Block, Inc., Block Financial LLC (formerly known as Block Financial Corporation), Deutsche Bank Trust Company Americas (formerly known as Bankers Trust Company) and U.S. Bank National Association, as separate trustee, filed as Exhibit 4.1 to the Company's current report on Form 8-K filed June 25, 2021, file number 1-06089, is incorporated herein by reference.

 4.6
 Officers' Certificate, dated September 30, 2015, of Block Financial LLC (including the Form of the 4.125% Note due 2020 and the Form of the 5.250% Note due 2025), filed as Exhibit 4.2 to the Company's current report on Form 8-K filed September 30, 2015, file number 1-06089, is incorporated herein by reference.

 4.7
 Officers' Certificate, dated August 7, 2020, of Block Financial LLC (including the Form of the 3.875% Notes due 2030), filed as Exhibit 4.2 to the Company's current report on Form 8–K filed August 7, 2020, file number 1–06089, is incorporated herein by reference.

 4.8
 Officers' Certificate, dated June 25, 2021, of Block Financial LLC (including the Form of the 2.500% Notes due 2028), filed as Exhibit 4.2 to the Company's current report on Form 8-K filed June 25, 2021, file number 1-06089, is incorporated herein by reference.

 4.9
 Form of Certificate of Designation, Preferences and Rights of Participating Preferred Stock of H&R Block, Inc., filed as Exhibit 4(e) to the Company's annual report on Form 10-K for the fiscal year ended April 30, 1995, file number 1-06089, is incorporated herein by reference.

 4.10
 Form of Certificate of Amendment of Certificate of Designation, Preferences and Rights of Participating Preferred Stock of H&R Block, Inc., filed as Exhibit 4(j) to the Company's annual report on Form 10-K for the fiscal year ended April 30, 1998, file number 1-06089, is incorporated herein by reference.

 4.11
 Form of Certificate of Designation, Preferences and Rights of Delayed Convertible Preferred Stock of H&R Block, Inc., filed as Exhibit 4(f) to the Company's annual report on Form 10-K for the fiscal year ended April 30, 1995, file number 1-06089, is incorporated herein by reference.

 4.12
 Description of Securities.

 10.1
 *
 2013 Long-Term Incentive Plan, as amended and restated on March 6, 2013, filed as Exhibit 10.1 to the Company's quarterly report on Form 10-Q for the quarter ended January 31, 2013, file number 1-06089, is incorporated herein by reference.

 10.2
 *
 Form of 2013 Long Term Incentive Plan Award Agreement for Deferred Stock Units, as approved on September 12, 2013, filed as Exhibit 10.1 to the Company's quarterly report on Form 10-Q for the quarter ended October 31, 2013, file number 1-06089, is incorporated herein by reference.

 10.3
 *
 Form of 2013 Long Term Incentive Plan Award Agreement for Non-Qualified Stock Options, as approved on July 18, 2016, filed as Exhibit 10.4 to the Company's current report on Form 8-K filed July 22, 2016, file number 1-06089, is incorporated herein by reference.

 10.4
 *
 Form of 2013 Long Term Incentive Plan Award Agreement for Non-Qualified Stock Options, as approved on June 19, 2017, filed as Exhibit 10.4 to the Company's current report on Form 8-K filed June 23, 2017, file number 1-06089, is incorporated herein by reference.

 10.5
 *
 The Company's 2003 Long-Term Executive Compensation Plan, as amended September 30, 2010, filed as Exhibit 10.2 to the Company's quarterly report on Form 10-Q for the quarter ended October 31, 2010, file number 1-06089, is incorporated herein by reference.

 10.6
 *
 First Amendment to the Company's 2003 Long-Term Executive Compensation Plan, effective May 10, 2012, filed as Exhibit 10.1 to the Company's current report on Form 8-K filed May 11, 2012, file number 1-06089, is incorporated herein by reference.

 10.7
 *
 Form of 2003 Long-Term Executive Compensation Plan Grant Agreement for Stock Options as approved on June 20, 2012, filed as Exhibit 10.3 to the Company's current report on Form 8-K filed June 26, 2012, file number 1-06089, is incorporated herein by reference.

 10.8
 *
 H&R Block Deferred Compensation Plan for Executives, as amended and restated effective January 1, 2022, filed as Exhibit 10.1 to the Company's quarterly report on Form 10-Q for the quarter ended December 31, 2021, file number 1-06089, is incorporated herein by reference.

 10.9
 *
 The Amended and Restated H&R Block Executive Performance Plan, filed as Exhibit 10.8 to the Company's quarterly report on Form 10-Q for the quarter ended July 31, 2019, file number 1-06089, is incorporated herein by reference.

 10.10
 *
 The H&R Block, Inc. 2000 Employee Stock Purchase Plan, as amended and restated on March 2, 2020, filed as Exhibit 10.1 to the Company's quarterly report on Form 10-Q for the quarter ended January 31, 2020, file number 1-06089, is incorporated herein by reference.

 10.11
 *
 H&R Block Severance Plan, as amended and restated on May 5, 2025

 10.12
 *
 H&R Block Inc. Executive Severance Plan, as amended and restated effective May 9, 2022, filed as Exhibit 10.1 to the Company's quarterly report on Form 10-Q for the fiscal quarter ended March 31, 2022, file number 1-06089, is incorporated herein by reference.

 10.13
 *
 Form of Indemnification Agreement with Directors and Officers, filed as Exhibit 10.2 to the Company's quarterly report on Form 10-Q for the quarter ended January 31, 2012, file number 1-06089, is incorporated herein by reference.

 10.14
 *
 2008 Deferred Stock Unit Plan for Outside Directors, as amended on September 14, 2011, filed as Exhibit 10.27 to the Company's annual report on Form 10-K for the year ended April 30, 2012, file number 1-06089, is incorporated herein by reference.

 10.15
 *
 Employment Agreement dated November 4, 2021, between H&R Block, Inc., HRB Professional Resources LLC, and Jeffrey J. Jones II, filed as Exhibit 10.1 to the Company's current report on Form 8-K filed November 4, 2021, file number 1-06089, is incorporated herein by reference.

 10.16
 *
 H&R Block, Inc. 2018 Long Term Incentive Plan, filed as Exhibit 10.1 to the Company's current report on Form 8-K filed September 14, 2017, file number 1-06089, is incorporated herein by reference.

 10.17
 *
 Form of 2018 Long Term Incentive Plan Award Agreement for Deferred Stock Units, as approved on November 3, 2017, filed as Exhibit 10.1 to the Company's quarterly report on Form 10-Q for the quarter ended October 31, 2017, file number 1-06089, is incorporated herein by reference.

 10.18
 *
 Form of 2018 Long Term Incentive Plan Award Agreement for Non-Qualified Stock Options, filed as Exhibit 10.3 to the Company's current report on Form 8-K filed September 14, 2017, file number 1-06089, is incorporated herein by reference.

 10.19
 *
 Form of 2018 Long Term Incentive Plan Award Agreement for Restricted Share Units, as approved on August 11, 2022, filed as Exhibit 10.1 to the Company's current report on Form 8-K filed August 17, 2022, file number 1-06089, is incorporated herein by reference.

 10.20
 *
 Form of 2018 Long Term Incentive Plan Award Agreement for Performance Share Units, as approved on August 11, 2022, filed as Exhibit 10.2 to the Company's current report on Form 8-K filed August 17, 2022, file number 1-06089, is incorporated herein by reference.

 10.21
 *
 Form of 2018 Long Term Incentive Plan Award Agreement for Restricted Share Units, as approved on August 13, 2025.

 10.22
 *
 Form of 2018 Long Term Incentive Plan Award Agreement for Performance Share Units, as approved on August 13, 2025.

 10.25
 Fourth Amended and Restated Credit and Guarantee Agreement dated June 11, 2021, by and among Block Financial LLC, H&R Block, Inc., the lenders party thereto from time to time, and JPMorgan Chase Bank, N.A., as administrative agent, filed as Exhibit 10.1 to the Company's current report on Form 8-K filed June 15, 2021, file number 1-06089, is incorporated herein by reference.

 10.26
 First Amendment to Fourth Amended and Restated Credit and Guarantee Agreement, dated May 25, 2023, by and among Block Financial LLC, H&R Block, Inc., the lenders party thereto from time to time, and JPMorgan Chase Bank, N.A., as administrative agent, including Annex I, which is a conformed copy of the Fourth Amended and Restated Credit and Guarantee Agreement as amended by the First Amendment, filed as Exhibit 10.1 to the Company's current report on Form 8-K filed May 30, 2023, file number 1-06089, is incorporated herein by reference.

 10.27
 Fifth Amended and Restated Credit and Guarantee Agreement dated July 11, 2025 by and among Block Financial LLC, H&R Block, Inc., the lenders party thereto from time to time, and JPMorgan Chase Bank, N.A., as administrative agent, filed as Exhibit 10.1 to the Company's current report on Form 8-K filed July 15, 2025, file number 1-06089, is incorporated herein by reference.

 10.28
 Program Management Agreement, dated August 5, 2020, by and between Emerald Financial Services, LLC and Pathward, N.A. filed as Exhibit 10.1 to the Company's quarterly report on Form 10-Q for the quarter ended July 31, 2020, file number 1-06089, is incorporated herein by reference.

 10.29
 First Amendment to Program Management Agreement, dated December 20, 2021, by and between Emerald Financial Services, LLC and Pathward, N.A. filed as Exhibit 10.1 to the Company's current report on Form 8-K filed December 23, 2021, file number 1-06089, is incorporated herein by reference.

 10.30
 Second Amendment to Program Management Agreement, dated October 20, 2023, by and between Emerald Financial Services, LLC and Pathward, N.A. filed as Exhibit 10.1 to the Company's quarterly report on Form 10-Q for the quarter ended September 30, 2023, file number 1-06089, is incorporated herein by reference.

 10.31
 Third Amendment to Program Management Agreement, dated April 1, 2024, by and between Emerald Financial Services, LLC and Pathward, N.A. filed as Exhibit 10.30 to the Company's annual report on Form 10-K for the fiscal year ended June 30, 2024, file number 1-06089, is incorporated herein by reference.

 10.32
 Fourth Amendment to Program Management Agreement, dated October 18, 2024, by and between Emerald Financial Services, LLC and Pathward, N.A. filed as Exhibit 10.1 to the Company's current report on Form 8-K filed on October 23, 2024, file number 1-06089, is incorporated herein by reference.

 19.1
 H&R Block, Inc. Insider Trading Policy

 Subsidiaries of the Company.

 List of Guarantor and Issuer Subsidiaries.

 Consent of Deloitte & Touche LLP, Independent Registered Public Accounting Firm.

 31.1
 Certification by Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

 31.2
 Certification by Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

 32.1
 **
 Certification by Chief Executive Officer pursuant to 18 U.S.C. 1350, as adopted by Section 906 of the Sarbanes-Oxley Act of 2002.

 32.2
 **
 Certification by Chief Financial Officer pursuant to 18 U.S.C. 1350, as adopted by Section 906 of the Sarbanes-Oxley Act of 2002.

 H&R Block, Inc. Policy for the Recovery of Erroneously Awarded Compensation

 101.INS

 101.SCH

 101.CAL

 101.LAB

 101.PRE

 101.DEF

 * Indicates management contracts, compensatory plans or arrangements.
 ** Furnished, not filed.

 SIGNATURES
 Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 H&R BLOCK, INC.

 /s/ Jeffrey J. Jones II

 Jeffrey J. Jones II

 President and Chief Executive Officer

 August 15, 2025

 Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the date indicated on August 15, 2025.

 /s/ Jeffrey J. Jones II
 /s/ Tiffany L. Mason
 /s/ Kellie J. Logerwell

 Jeffrey J. Jones II
 Tiffany L. Mason
 Kellie J. Logerwell

 President, Chief Executive Officer
 Chief Financial Officer
 Chief Accounting Officer

 and Director
 (principal financial officer)
 (principal accounting officer)

 (principal executive officer)

 /s/ Richard A. Johnson
 /s/ Sean H. Cohan
 /s/ Robert A. Gerard

 Richard A. Johnson
 Sean H. Cohan
 Robert A. Gerard

 Director, Chairman of the Board

 /s/ Anuradha Gupta
 /s/ Mia F. Mends
 /s/ Victoria J. Reich

 Anuradha Gupta
 Mia F. Mends
 Victoria J. Reich

 /s/ Matthew E. Winter

 Matthew E. Winter