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H&R Block Inc. · Financials
Is this a real, growing, cash-generative business, or a story propped up by accounting?
Business engineSteady: revenue compounds ~3.3%/yr (FY22→FY26), net margin 18.6%, and free cash flow (~$756.1M) tracks net income. Earnings are cash, not paper.
The four lines that matter · FY22–FY26
Revenue ($M)▲4.9%
3,945.4
FY22→FY26CAGR +3.3%/yr
Net income ($M)▲21.1%
733.6
FY22→FY26CAGR +7.3%/yr
Free cash flow ($M)▲26.3%
756.1
FY22→FY26CAGR +0.3%/yr
Diluted EPS▲28.9%
5.66
buyback-liftedCAGR +15.1%/yr
What the receipts whisper · what a headline number hides
Share count
−22.9%
159.9mn → 123.3mn diluted shares since FY22. Part of EPS growth is the shrinking denominator. Watch net income too.
Capex
$82.6M
steady at 2.1% of revenue (+0.7% YoY).
Returns vs FCF
96%
$723.9M returned vs $756.1M of FCF in FY26. Buybacks + dividends covered by cash flow.
What the income statement says · FY22–FY26
Where every revenue dollar goes · FY26 ($M)
19¢ of every revenue dollar becomes profit. The biggest cost lever is COGS.
Margin trend · direction beats level Gross Operating Net
Over this window: gross 45.7% → 44.3%. Net margin 18.6% is more than double the sector median.
The receipt · income statement · FY22–FY26 USD millions except per-share & ratios · hover a line for its definition
| Line item | TTM † | FY26 | FY25 | FY24 | FY23 | FY22 | YoY | CAGR 22→26 |
|---|---|---|---|---|---|---|---|---|
| Revenue & profitability | ||||||||
Revenue | 3,770.7 | 3,945.4 | 3,761.0 | 3,610.3 | 3,472.2 | 3,463.3 | ▲4.9% | +3.3% |
Cost of revenue | 2,090.5 | 2,196.4 | 2,086.1 | 1,991.6 | 1,923.5 | 1,881.3 | ▲5.3% | +3.9% |
Gross profit | 1,680.2 | 1,749.0 | 1,674.9 | 1,618.8 | 1,548.7 | 1,582.0 | ▲4.4% | +2.5% |
Selling, general & admin | 830.9 | 841.3 | 846.9 | 813.5 | 800.0 | 837.1 | ▼0.7% | +0.1% |
Total operating expenses | 830.9 | 841.3 | 846.9 | 813.5 | 800.0 | 837.1 | ▼0.7% | +0.1% |
Operating incomefeeds ROC rank | 849.3 | 907.7 | 828.0 | 805.3 | 748.7 | 744.9 | ▲9.6% | +5.1% |
Other income, net | −51.9 | −53.8 | −46.6 | −43.0 | −37.5 | −85.8 | — | — |
Pretax income | 797.3 | 853.9 | 781.4 | 762.3 | 711.2 | 659.1 | ▲9.3% | +6.7% |
Income tax | 181.8 | 117.6 | 172.0 | 164.4 | 149.4 | 98.4 | ▼31.6% | +4.5% |
Net incomePiotroski ROA ✓feeds Buffett Quality owner earnings | 612.5 | 733.6 | 605.8 | 595.3 | 553.7 | 553.7 | ▲21.1% | +7.3% |
| Per share | ||||||||
Diluted EPSbuyback-sensitive | 4.39 | 5.66 | 4.39 | 4.12 | 3.51 | 3.22 | ▲28.9% | +15.1% |
Diluted shares (mn) | 126.43 | 123.27 | 133.95 | 139.59 | 147.00 | 159.95 | ▼8.0% | −6.3% |
| Margins | ||||||||
Gross margin61st pct in Consumer Cyclical | 44.6% | 44.3% | 44.5% | 44.8% | 44.6% | 45.7% | ▼0.2pp | −1.3pp |
Operating margin | 22.5% | 23.0% | 22.0% | 22.3% | 21.6% | 21.5% | ▲1.0pp | +1.5pp |
Net margin94th pct in Consumer Cyclical | 16.2% | 18.6% | 16.1% | 16.5% | 15.9% | 16.0% | ▲2.5pp | +2.6pp |
† TTM = trailing four quarters through 2025-09-30.b Basic EPS. The company's diluted figure is not in our data feed for this period; its reported basic EPS agrees with net income to common shareholders over basic shares within 2%, so it is shown instead.c Computed by Tenet. The company's diluted figure is not in our data feed for this period, so this is net income attributable to common shareholders divided by the larger of the weighted basic and diluted share counts.
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These lines feed the tenet checklists: see which gates passTenets →Margins & returns continue as sector-ranked ratiosStatistics →
Annual report filed 2026-08-14 · view filings on SEC EDGAR ↗ · reported currency USD · as-filed figures may be later restated.
Statements normalized in our fundamentals DB · Not investment advice.
Statements normalized in our fundamentals DB · Not investment advice.
Annual and quarterly statements as filed, normalized into one comparable shape · Not investment advice.