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.

• 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.

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.

Pathward Financial, Inc. (CASH)

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.

Key Risks to H&R Block's Business:

1. 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.
2. 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.
3. 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.

• 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.

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.

Expected Drivers of Future Revenue Growth for H&R Block (HRB)

• 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.

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.