H&R Block (HRB)
Market Price (12/29/2025): $43.76 | Market Cap: $5.7 BilSector: Consumer Discretionary | Industry: Specialized Consumer Services
H&R Block (HRB)
Market Price (12/29/2025): $43.76Market Cap: $5.7 BilSector: Consumer DiscretionaryIndustry: Specialized Consumer Services
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 13%, Dividend Yield is 2.7%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 9.2%, FCF Yield is 10% | Weak multi-year price returns2Y Excs Rtn is -48%, 3Y Excs Rtn is -61% | Key risksHRB key risks include [1] intense competition from digital and free-file rivals eroding its high-margin, Show more. |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 23% | ||
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 17%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 15% | ||
| Low stock price volatilityVol 12M is 26% | ||
| Megatrend and thematic driversMegatrends include Automation & Robotics, Fintech & Digital Payments, and Cloud Computing. Themes include Process / Warehouse Automation, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 13%, Dividend Yield is 2.7%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 9.2%, FCF Yield is 10% |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 23% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 17%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 15% |
| Low stock price volatilityVol 12M is 26% |
| Megatrend and thematic driversMegatrends include Automation & Robotics, Fintech & Digital Payments, and Cloud Computing. Themes include Process / Warehouse Automation, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -48%, 3Y Excs Rtn is -61% |
| Key risksHRB key risks include [1] intense competition from digital and free-file rivals eroding its high-margin, Show more. |
Why The Stock Moved
Qualitative Assessment
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1. H&R Block's Fiscal Q4 2025 Earnings Missed Estimates and Fiscal 2026 Outlook Disappointed.
In August 2025, H&R Block reported adjusted earnings of $2.27 per share for the fourth quarter of fiscal 2025, falling short of the Zacks Consensus Estimate of $2.81 per share by 19.2%. While total revenues beat estimates, the company's outlook for fiscal 2026 adjusted earnings per share (EPS) in the range of $4.85-$5.00 also missed analyst expectations. This mixed financial performance and weaker-than-expected guidance contributed to investor disappointment and an initial stock price decline.
2. Announcement of CEO Transition Triggered a Significant Sell-off.
The unexpected resignation of CEO Jeffrey Jones and the announcement of his replacement by Curtis Campbell in early September 2025 led to a notable sell-off in the stock, with shares dropping from around $54 per share before the news to a low of $47.
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Stock Movement Drivers
Fundamental Drivers
The -11.5% change in HRB stock from 9/28/2025 to 12/28/2025 was primarily driven by a -14.1% change in the company's P/E Multiple.| 9282025 | 12282025 | Change | |
|---|---|---|---|
| Stock Price ($) | 49.46 | 43.77 | -11.50% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 3760.99 | 3770.74 | 0.26% |
| Net Income Margin (%) | 16.11% | 16.24% | 0.85% |
| P/E Multiple | 10.93 | 9.39 | -14.12% |
| Shares Outstanding (Mil) | 133.90 | 131.39 | 1.87% |
| Cumulative Contribution | -11.53% |
Market Drivers
9/28/2025 to 12/28/2025| Return | Correlation | |
|---|---|---|
| HRB | -11.5% | |
| Market (SPY) | 4.3% | -22.8% |
| Sector (XLY) | 1.8% | -6.7% |
Fundamental Drivers
The -18.5% change in HRB stock from 6/29/2025 to 12/28/2025 was primarily driven by a -26.3% change in the company's P/E Multiple.| 6292025 | 12282025 | Change | |
|---|---|---|---|
| Stock Price ($) | 53.72 | 43.77 | -18.52% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 3712.61 | 3770.74 | 1.57% |
| Net Income Margin (%) | 15.20% | 16.24% | 6.90% |
| P/E Multiple | 12.74 | 9.39 | -26.33% |
| Shares Outstanding (Mil) | 133.85 | 131.39 | 1.84% |
| Cumulative Contribution | -18.54% |
Market Drivers
6/29/2025 to 12/28/2025| Return | Correlation | |
|---|---|---|
| HRB | -18.5% | |
| Market (SPY) | 12.6% | -9.8% |
| Sector (XLY) | 11.9% | 6.8% |
Fundamental Drivers
The -15.5% change in HRB stock from 12/28/2024 to 12/28/2025 was primarily driven by a -23.6% change in the company's P/E Multiple.| 12282024 | 12282025 | Change | |
|---|---|---|---|
| Stock Price ($) | 51.77 | 43.77 | -15.45% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 3620.36 | 3770.74 | 4.15% |
| Net Income Margin (%) | 16.19% | 16.24% | 0.32% |
| P/E Multiple | 12.29 | 9.39 | -23.60% |
| Shares Outstanding (Mil) | 139.15 | 131.39 | 5.58% |
| Cumulative Contribution | -15.72% |
Market Drivers
12/28/2024 to 12/28/2025| Return | Correlation | |
|---|---|---|
| HRB | -15.5% | |
| Market (SPY) | 17.0% | 11.3% |
| Sector (XLY) | 7.0% | 13.1% |
Fundamental Drivers
The 30.3% change in HRB stock from 12/29/2022 to 12/28/2025 was primarily driven by a 17.5% change in the company's Shares Outstanding (Mil).| 12292022 | 12282025 | Change | |
|---|---|---|---|
| Stock Price ($) | 33.58 | 43.77 | 30.33% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 3450.63 | 3770.74 | 9.28% |
| Net Income Margin (%) | 15.56% | 16.24% | 4.41% |
| P/E Multiple | 9.96 | 9.39 | -5.77% |
| Shares Outstanding (Mil) | 159.28 | 131.39 | 17.51% |
| Cumulative Contribution | 26.34% |
Market Drivers
12/29/2023 to 12/28/2025| Return | Correlation | |
|---|---|---|
| HRB | -4.2% | |
| Market (SPY) | 48.4% | 17.5% |
| Sector (XLY) | 38.6% | 17.1% |
Price Returns Compared
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| HRB Return | -28% | 55% | 60% | 37% | 12% | -15% | 133% |
| Peers Return | 16% | 38% | -12% | 21% | 26% | 16% | 150% |
| S&P 500 Return | 16% | 27% | -19% | 24% | 23% | 18% | 114% |
Monthly Win Rates [3] | |||||||
| HRB Win Rate | 50% | 75% | 67% | 58% | 58% | 42% | |
| Peers Win Rate | 52% | 65% | 42% | 68% | 57% | 52% | |
| S&P 500 Win Rate | 58% | 75% | 42% | 67% | 75% | 73% | |
Max Drawdowns [4] | |||||||
| HRB Max Drawdown | -48% | -1% | -9% | -20% | -6% | -20% | |
| Peers Max Drawdown | -34% | -5% | -26% | -7% | -9% | -23% | |
| S&P 500 Max Drawdown | -31% | -1% | -25% | -1% | -2% | -15% | |
[1] Cumulative total returns since the beginning of 2020
[2] Peers: HPQ, HPE, IBM, CSCO, AAPL. See HRB Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/26/2025 (YTD)
How Low Can It Go
| Event | HRB | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -40.4% | -25.4% |
| % Gain to Breakeven | 67.8% | 34.1% |
| Time to Breakeven | 217 days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -52.2% | -33.9% |
| % Gain to Breakeven | 109.1% | 51.3% |
| Time to Breakeven | 413 days | 148 days |
| 2018 Correction | ||
| % Loss | -28.6% | -19.8% |
| % Gain to Breakeven | 40.0% | 24.7% |
| Time to Breakeven | 1,416 days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -47.4% | -56.8% |
| % Gain to Breakeven | 90.1% | 131.3% |
| Time to Breakeven | 1,393 days | 1,480 days |
Compare to HPQ, HPE, IBM, CSCO, AAPL
In The Past
H&R Block's stock fell -40.4% during the 2022 Inflation Shock from a high on 8/18/2022. A -40.4% loss requires a 67.8% gain to breakeven.
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H&R Block, Inc., through its subsidiaries, provides assisted income tax return preparation and do-it-yourself (DIY) tax return preparation services and products to the general public primarily in the United States, Canada, and Australia. The company offers assisted income tax return preparation and related services through a system of retail offices operated directly by the company or its franchisees. It also provides DIY tax services and products, including federal and state income tax returns, access to tax tips, advice and tax-related news, use of calculators for tax planning, and error checking and electronic filing; and software online, as well as through third-party retail stores. In addition, the company offers Refund Transfers and H&R Block Emerald Prepaid Mastercard, which enables clients to receive their tax refunds; Peace of Mind extended service plans; H&R Block Emerald Advance lines of credit; Tax Identity Shield that provides clients assistance in helping protect their tax identity and access to services to help restore their tax identity; refund advance loans; H&R Block Instant Refund; and H&R Block Pay With Refund services. Further, it offers small business financial solutions through its company-owned or franchise offices, and online. The company was founded in 1955 and is headquartered in Kansas City, Missouri.
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Here are 1-3 brief analogies for H&R Block:
- The brick-and-mortar version of Intuit's TurboTax.
- Like a nationwide chain of tax preparation offices, offering similar services to Intuit's TurboTax but with human experts at your local branch.
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- Assisted Tax Preparation: Professional tax preparation services offered in-person, virtually, or via drop-off by H&R Block tax professionals.
- Do-It-Yourself (DIY) Tax Software and Online Filing: Software and web-based platforms enabling individuals to prepare and e-file their own income tax returns.
- Tax-Related Financial Products: Services such as Refund Transfers, Prepaid Debit Cards, and Refund Advance Loans designed to help clients access their tax refunds.
- Small Business Tax and Payroll Services: Tax preparation and related payroll solutions specifically tailored for small business clients.
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H&R Block (symbol: HRB) primarily sells its tax preparation services and products directly to **individuals** and very small businesses, making it a business-to-consumer (B2C) company. It does not primarily sell to other large companies.
The company serves the following categories of customers:
- Assisted Tax Preparation Clients: These are individuals and small business owners who choose to have their taxes prepared by a human tax professional at one of H&R Block's physical offices. This category includes a broad range of filers, from those with simple W-2 income to those with more complex tax situations involving self-employment, investments, rental properties, and various deductions, who value personalized service, expert advice, and accuracy guarantees.
- Do-It-Yourself (DIY) Tax Filers (Online & Software): This segment comprises customers who prefer to prepare their own taxes using H&R Block's online tax preparation platforms or its downloadable desktop software. These customers are often comfortable with technology and seek a cost-effective solution, with options ranging from free basic filing to more comprehensive packages for complex returns.
- Small Business Owners and Self-Employed Individuals: While overlapping with the above categories, this group specifically focuses on individuals who operate as sole proprietors, freelancers, independent contractors, or gig economy participants. They utilize H&R Block's services (both assisted and DIY) to navigate tax complexities such as Schedule C, business income and expenses, estimated taxes, and other self-employment related tax requirements.
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Pathward Financial, Inc. (CASH)
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Jeffrey J. Jones II, President and Chief Executive Officer
Jeffrey J. Jones II has over 35 years of executive management experience. Prior to joining H&R Block in October 2017, he served as the first president of the global ride-sharing company Uber. He also held roles as Executive Vice President and Chief Marketing Officer for Target, and executive and leadership positions with The Coca-Cola Company and Gap. Jones founded a tech-focused subsidiary called LB Works at Leo Burnett and co-founded a consulting firm that was later sold to a publicly traded company.
Tiffany Mason, Chief Financial Officer
Tiffany Mason was appointed Chief Financial Officer of H&R Block, effective September 13, 2024. Before joining H&R Block, Mason served as Executive Vice President and Chief Financial Officer at Driven Brands, where she led a successful Initial Public Offering (IPO). Her background also includes senior finance positions at Lowe's Companies, and experience with PwC, Bank of America, and McCormick & Company. Mason serves on the Board of Directors and as the Audit Committee Chair of Leaf Home, a private company backed by Gridiron Capital.
Curtis Campbell, President, Global Consumer Tax and Chief Product Officer
Curtis Campbell joined H&R Block in May 2024 and currently serves as President, Global Consumer Tax and Chief Product Officer. He is slated to succeed Jeffrey J. Jones II as CEO, effective January 1, 2026. Prior to his time at H&R Block, Campbell held the position of President and CEO of TaxAct.
Jill Cress, Chief Marketing & Experience Officer
Jill Cress is the Chief Marketing & Experience Officer at H&R Block. Her previous roles include Vice President Global Brand at PayPal, Chief Marketing and Communications Officer at National Geographic, and Executive Vice President at Mastercard.
Dara Redler, Chief Legal & Administrative Officer
Dara Redler joined H&R Block as Chief Legal Officer in 2022. Before H&R Block, she served as General Counsel and Corporate Secretary for Tilray, Inc., where she built a global legal function and led legal negotiations for a transformative merger transaction. Prior to Tilray, she held various legal roles of increasing responsibility over 17 years at The Coca-Cola Company. She also previously served as Senior Counsel and a member of the management team for Worldspan, a global computer reservation system.
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Key Risks to H&R Block's Business:
- Intense Competition and Shift to Digital/Free Filing: H&R Block faces significant competitive pressure from rivals like Intuit's TurboTax in the do-it-yourself (DIY) tax preparation segment, other low-cost online providers, and the increasing presence of government-backed initiatives such as the IRS Direct File program. This competition is eroding market share, particularly for simpler returns, and exerts downward pressure on pricing, threatening H&R Block's traditional assisted and premium DIY services. The ongoing shift in consumer preference towards digital solutions and away from the higher-margin, in-office model also poses a considerable internal threat.
- Changes in Tax Laws: Simplification of the tax code is an existential, long-term threat to H&R Block's core assisted tax preparation business. Regulatory changes, such as the permanent increase of the standard deduction as seen in the "One Big Beautiful Bill Act (OBBBA)" in July 2025, reduce the complexity of tax filing for millions, thereby decreasing the demand for professional tax preparation services.
- Highly Seasonal Revenue Stream: H&R Block's business is characterized by extreme seasonality, with the vast majority of its revenue generated during a concentrated period from February through April (Q4-Q1 of its fiscal year). This dependence on a short tax season creates financial risks and presents ongoing operational challenges, including the need to efficiently manage a large seasonal workforce and overcome periods of low activity outside the peak filing period.
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- The U.S. Internal Revenue Service (IRS) launched a pilot "Direct File" program in 2024, allowing eligible taxpayers in select states to file their federal income taxes directly with the IRS for free. If expanded nationally, this government-backed free filing option directly competes with H&R Block's core assisted and DIY tax preparation services, potentially eroding its customer base, particularly among taxpayers with simpler returns.
- Rapid advancements in Artificial Intelligence (AI) and automation could significantly enhance existing do-it-yourself (DIY) tax software and enable the emergence of new AI-first platforms. These technologies can automate data extraction, categorization of financial transactions, identification of deductions, and ensure compliance with increasing accuracy and minimal human input, thereby reducing the perceived need for professional tax preparers and traditional assisted services.
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H&R Block (HRB) primarily operates within the tax preparation services and tax preparation software markets. The addressable markets for their main products and services are as follows:
Tax Preparation Services (Assisted and Online Services)
- Global Market: The global tax preparation services market size was valued at approximately $31.64 billion in 2023 and is projected to reach around $48.7 billion by 2033.
- North American Market: In 2023, North America held a significant share of the global tax preparation services market, accounting for over 40% and generating $12.6 billion in revenue.
- U.S. Market: The U.S. tax preparation services market was estimated at $14.3 billion in 2024 and is projected to reach $14.5 billion in 2025. Another source indicates the U.S. market size was $12.3 billion in 2024.
Tax Preparation Software (DIY Tax Software)
- Global Market: The global tax preparation software market size was valued at approximately $9.49 billion in 2024 and is expected to reach about $12.56 billion by 2033. Another estimate places the global market at $17.6 billion in 2024, projected to reach $43 billion by 2034.
- U.S. Market: The U.S. tax preparation software market size was $6.4 billion in 2024 and is expected to grow to $12.9 billion by 2032.
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Expected Drivers of Future Revenue Growth for H&R Block (HRB)
Over the next 2-3 years, H&R Block (HRB) is anticipated to drive revenue growth through several key initiatives and market dynamics:- Growth in Assisted Tax Preparation and Increased Net Average Charge (NAC): H&R Block expects continued growth in its U.S. assisted tax preparation business. This growth is anticipated to come from both increased volumes and a higher net average charge (NAC) for their services. The company's focus on improving client experience and conversion, along with maintaining low single-digit price increases, is expected to contribute to this trend.
- Expansion of Small Business Services and Wave: The company has observed and expects continued double-digit growth in its Wave segment, particularly in high-margin subscription products like Pro-Tier. H&R Block views small business services as an increasingly meaningful revenue contributor, driven by strong payments volume and strategic franchise acquisitions.
- Leveraging AI and Enhancing Client Experience: H&R Block plans to focus on improving the client experience and leveraging artificial intelligence (AI) to enhance productivity. These technological advancements are aimed at attracting and retaining clients, ultimately supporting revenue growth.
- Growth of Financial Products, including Spruce: The mobile banking platform, Spruce, is showing positive deposit trends, with a significant portion of deposits coming from non-tax sources. The company has expressed satisfaction with Spruce's growth and performance in both Assisted and DIY channels, nearing a milestone of $1 billion in customer deposits since launch.
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Share Repurchases
- H&R Block authorized a new $1.5 billion share repurchase program in August 2024, replacing a prior authorization.
- In fiscal year 2024, the company repurchased $350 million, retiring approximately 8.0 million shares, or 5.5% of outstanding shares.
- During the first quarter of fiscal year 2026 (ended September 30, 2025), H&R Block repurchased 7.9 million shares for $400 million, completing its fiscal 2026 repurchase plan.
Share Issuance
- The company's basic shares outstanding have consistently declined, falling by 4.44% in fiscal 2025 to $0.136 billion.
- Basic shares outstanding decreased by 7.86% in fiscal 2024 to $0.142 billion, and by 8.59% in fiscal 2023 to $0.154 billion.
- The number of shares outstanding decreased by 4.72% over the last twelve months.
Capital Expenditures
- Capital expenditures totaled -$76.49 million in the last 12 months.
- The company is making strategic investments to support innovation and growth, particularly in technology and operations.
- H&R Block's "Block Horizons" five-year strategy emphasizes leveraging human expertise and technological infrastructure for innovation.
Latest Trefis Analyses
| Title | Topic | |
|---|---|---|
| DASHBOARDS | ||
| H&R Block Earnings Notes | ||
| H&R Block Earnings Notes | ||
| H&R Block Earnings Notes | ||
| How Low Can H&R Block Stock Really Go? | Return | |
| H&R Block vs Freeport-McMoRan: Which Is A Better Investment? | Counter-Intuitive Comparisons | |
| H&R Block vs Boyd Gaming: Which Is A Better Investment? | Counter-Intuitive Comparisons | |
| How Does H&R Block Stock Stack Up Against Its Peers? | Peer Comparison | |
| HRB Dip Buy Analysis | ||
| H&R Block (HRB) Operating Cash Flow Comparison | Financials | |
| H&R Block (HRB) Net Income Comparison | Financials |
| Title | |
|---|---|
| ARTICLES |
Trade Ideas
Select ideas related to HRB. For more, see Trefis Trade Ideas.
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 11302025 | BBWI | Bath & Body Works | Dip Buy | DB | Insider Buys | Low D/EDip Buy with Strong Insider BuyingBuying dips for companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | 13.7% | 13.7% | 0.0% |
| 11262025 | HRB | H&R Block | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 6.0% | 6.0% | -0.1% |
| 11262025 | LRN | Stride | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 3.8% | 3.8% | -4.4% |
| 11212025 | ABNB | Airbnb | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 19.7% | 19.7% | 0.0% |
| 11212025 | MTN | Vail Resorts | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 2.3% | 2.3% | -1.6% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons for H&R Block
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 60.97 |
| Mkt Cap | 158.8 |
| Rev LTM | 56,496 |
| Op Inc LTM | 7,584 |
| FCF LTM | 7,327 |
| FCF 3Y Avg | 7,366 |
| CFO LTM | 8,590 |
| CFO 3Y Avg | 8,697 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 5.2% |
| Rev Chg 3Y Avg | 2.8% |
| Rev Chg Q | 8.3% |
| QoQ Delta Rev Chg LTM | 2.0% |
| Op Mgn LTM | 20.1% |
| Op Mgn 3Y Avg | 19.1% |
| QoQ Delta Op Mgn LTM | 0.2% |
| CFO/Rev LTM | 19.0% |
| CFO/Rev 3Y Avg | 20.8% |
| FCF/Rev LTM | 16.7% |
| FCF/Rev 3Y Avg | 18.5% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 158.8 |
| P/S | 2.9 |
| P/EBIT | 21.2 |
| P/E | 33.0 |
| P/CFO | 16.2 |
| Total Yield | 5.2% |
| Dividend Yield | 2.1% |
| FCF Yield 3Y Avg | 6.2% |
| D/E | 0.3 |
| Net D/E | 0.3 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 0.2% |
| 3M Rtn | 4.9% |
| 6M Rtn | 10.9% |
| 12M Rtn | 11.8% |
| 3Y Rtn | 73.5% |
| 1M Excs Rtn | -1.1% |
| 3M Excs Rtn | 0.6% |
| 6M Excs Rtn | -1.3% |
| 12M Excs Rtn | -4.6% |
| 3Y Excs Rtn | -6.2% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| United States (U.S.) assisted tax preparation | 2,275 | 2,167 | 2,095 | 260 | 2,035 |
| United States (U.S.) do-it-yourself (DIY) tax preparation | 350 | 315 | 319 | 76 | 313 |
| International | 247 | 235 | 231 | 22 | 250 |
| United States (U.S.) royalties | 205 | 211 | 225 | 30 | 226 |
| Refund Transfers | 142 | 143 | 163 | 14 | 163 |
| Wave | 96 | 90 | 81 | 12 | 58 |
| Peace of Mind® Extended Service Plan | 93 | 95 | 95 | 20 | 99 |
| Emerald Card® and Spruce SM | 76 | 85 | 125 | 19 | 137 |
| Other | 52 | 45 | 46 | 8 | 38 |
| Interest and fee income on Emerald Advance® | 41 | 48 | 44 | 0 | 53 |
| Tax Identity Shield® | 33 | 38 | 39 | 4 | 41 |
| Total | 3,610 | 3,472 | 3,463 | 466 | 3,414 |
Price Behavior
Price Behavior
| Market Price | $43.77 | |
| Market Cap ($ Bil) | 5.8 | |
| First Trading Date | 11/12/1986 | |
| Distance from 52W High | -28.8% | |
| 50 Days | 200 Days | |
| DMA Price | $45.74 | $51.69 |
| DMA Trend | down | down |
| Distance from DMA | -4.3% | -15.3% |
| 3M | 1YR | |
| Volatility | 26.6% | 26.5% |
| Downside Capture | -32.89 | 13.40 |
| Upside Capture | -84.44 | -5.31 |
| Correlation (SPY) | -21.3% | 11.9% |
HRB Betas & Captures as of 11/30/2025
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.45 | -0.48 | -0.31 | -0.13 | 0.19 | 0.42 |
| Up Beta | -1.22 | -0.60 | -0.37 | -0.01 | 0.34 | 0.40 |
| Down Beta | 0.82 | 0.00 | -0.08 | -0.05 | 0.11 | 0.29 |
| Up Capture | -177% | -110% | -67% | -42% | -5% | 16% |
| Bmk +ve Days | 13 | 26 | 39 | 74 | 142 | 427 |
| Stock +ve Days | 7 | 17 | 25 | 56 | 116 | 382 |
| Down Capture | 44% | -19% | -5% | 20% | 34% | 78% |
| Bmk -ve Days | 7 | 16 | 24 | 52 | 107 | 323 |
| Stock -ve Days | 12 | 24 | 36 | 68 | 131 | 361 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Comparison of HRB With Other Asset Classes (Last 1Y) | |||||||
|---|---|---|---|---|---|---|---|
| HRB | Sector ETF | Equity | Gold | Commodities | Real Estate | Bitcoin | |
| Annualized Return | -17.4% | 7.5% | 17.8% | 72.1% | 8.6% | 4.4% | -8.2% |
| Annualized Volatility | 26.3% | 24.3% | 19.4% | 19.3% | 15.2% | 17.0% | 35.0% |
| Sharpe Ratio | -0.75 | 0.24 | 0.72 | 2.70 | 0.34 | 0.09 | -0.08 |
| Correlation With Other Assets | 13.7% | 11.8% | -1.2% | 4.3% | 34.6% | -3.6% | |
ETFs used for asset classes: Sector ETF = XLY, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
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Based On 5-Year Data
| Comparison of HRB With Other Asset Classes (Last 5Y) | |||||||
|---|---|---|---|---|---|---|---|
| HRB | Sector ETF | Equity | Gold | Commodities | Real Estate | Bitcoin | |
| Annualized Return | 26.7% | 9.6% | 14.7% | 18.7% | 11.5% | 4.6% | 30.8% |
| Annualized Volatility | 30.3% | 23.8% | 17.1% | 15.5% | 18.7% | 18.9% | 48.6% |
| Sharpe Ratio | 0.82 | 0.36 | 0.70 | 0.97 | 0.50 | 0.16 | 0.57 |
| Correlation With Other Assets | 26.9% | 30.2% | 2.6% | 7.8% | 35.2% | 7.1% | |
ETFs used for asset classes: Sector ETF = XLY, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Comparison of HRB With Other Asset Classes (Last 10Y) | |||||||
|---|---|---|---|---|---|---|---|
| HRB | Sector ETF | Equity | Gold | Commodities | Real Estate | Bitcoin | |
| Annualized Return | 6.7% | 13.2% | 14.8% | 15.3% | 7.0% | 5.3% | 69.2% |
| Annualized Volatility | 35.0% | 21.9% | 18.0% | 14.7% | 17.6% | 20.8% | 55.8% |
| Sharpe Ratio | 0.28 | 0.55 | 0.71 | 0.86 | 0.32 | 0.22 | 0.90 |
| Correlation With Other Assets | 36.5% | 40.6% | -1.9% | 10.6% | 41.8% | 10.1% | |
ETFs used for asset classes: Sector ETF = XLY, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 11/6/2025 | -3.5% | -12.8% | -17.8% |
| 8/12/2025 | -3.1% | -0.6% | 2.1% |
| 5/7/2025 | -5.3% | -8.6% | -4.9% |
| 2/4/2025 | -0.1% | -3.7% | -1.8% |
| 11/7/2024 | -6.6% | -6.7% | -11.0% |
| 8/15/2024 | 12.1% | 10.7% | 12.7% |
| 5/9/2024 | 8.8% | 7.8% | 2.5% |
| 2/6/2024 | -1.9% | -0.7% | 2.8% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 10 | 11 | 14 |
| # Negative | 15 | 14 | 11 |
| Median Positive | 7.6% | 9.1% | 11.6% |
| Median Negative | -5.0% | -5.3% | -7.6% |
| Max Positive | 19.5% | 43.2% | 51.6% |
| Max Negative | -9.5% | -24.6% | -41.8% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 9302025 | 11062025 | 10-Q 9/30/2025 |
| 6302025 | 8152025 | 10-K 6/30/2025 |
| 3312025 | 5072025 | 10-Q 3/31/2025 |
| 12312024 | 2062025 | 10-Q 12/31/2024 |
| 9302024 | 11072024 | 10-Q 9/30/2024 |
| 6302024 | 8152024 | 10-K 6/30/2024 |
| 3312024 | 5092024 | 10-Q 3/31/2024 |
| 12312023 | 2062024 | 10-Q 12/31/2023 |
| 9302023 | 11072023 | 10-Q 9/30/2023 |
| 6302023 | 8172023 | 10-K 6/30/2023 |
| 3312023 | 5092023 | 10-Q 3/31/2023 |
| 12312022 | 2072023 | 10-Q 12/31/2022 |
| 9302022 | 11032022 | 10-Q 9/30/2022 |
| 6302022 | 8162022 | 10-K 6/30/2022 |
| 3312022 | 5102022 | 10-Q 3/31/2022 |
| 12312021 | 2042022 | 10-Q 12/31/2021 |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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