Revenue exhibits extreme seasonality with a 2026Q3 peak of $2.2 billion, while off-season periods suffer from negative operating margins, such as the -150.3% margin recorded in 2026Q2.
| Metric | TTM | Jun'25 | Jun'24 | Jun'23 | Jun'22 | Jun'21 | Jun'20 | Apr'19 | Apr'18 | Apr'17 | Apr'16 | Apr'15 | Apr'14 | Apr'13 | Apr'12 | Apr'11 | Apr'10 | Apr'09 | Apr'08 | Apr'07 | Apr'06 | Apr'05 | Apr'04 | Apr'03 | Apr'02 | Apr'01 | Apr'00 | Apr'99 | Apr'98 | Apr'97 | Apr'96 |
|---|
| Sales/Revenue | 1.52B | 3.76B | 3.61B | 3.47B | 3.46B | 3.46B | 2.64B | 3.09B | 3.16B | 3.04B | 3.04B | 3.08B | 3.02B | 2.91B | 2.89B | 2.94B | 3.75B | 4.08B | 4.09B | 4.02B | 3.57B | 3.1B | 4.02B | 3.75B | 3.29B | 2.53B | 2.45B | 1.64B | 1.27B | 1.1B | 871.53M |
| Revenue Growth % | -59.18% | 4.17% | 3.98% | 0.26% | 0% | 31.2% | -14.71% | -2.06% | 4.07% | -0.06% | -1.32% | 1.8% | 4.07% | 0.42% | -1.74% | -21.51% | -8.12% | -0.07% | 1.63% | 12.49% | 15.43% | -22.92% | 7.25% | 14.02% | 30.07% | 3.03% | 49.08% | 29.5% | 15.72% | 25.92% | 10.32% |
| Cost of Goods Sold | 749.62M | 2.09B | 1.99B | 1.92B | 1.88B | 1.88B | 1.71B | 1.76B | 1.74B | 1.64B | 1.69B | 1.87B | 1.82B | 1.74B | 1.92B | 1.78B | 2.47B | 2.6B | 2.59B | 2.51B | 2.15B | 1.89B | 2.18B | 591.43M | 539.47M | 397.24M | 338.5M | 215.67M | 155.09M | 130.56M | 41.46M |
| COGS % of Revenue | - | 55.47% | 55.16% | 55.4% | 54.32% | 54.32% | 64.87% | 56.77% | 55.06% | 54.16% | 55.48% | 60.71% | 60.25% | 60.03% | 66.42% | 60.33% | 65.78% | 63.58% | 63.33% | 62.38% | 60.03% | 61.06% | 54.19% | 15.79% | 16.42% | 15.72% | 13.81% | 13.11% | 12.21% | 11.9% | 4.76% |
| Gross Profit | 766.04M | 1.67B | 1.62B | 1.55B | 1.58B | 1.58B | 927.44M | 1.34B | 1.42B | 1.39B | 1.35B | 1.21B | 1.2B | 1.16B | 971.74M | 1.17B | 1.28B | 1.49B | 1.5B | 1.51B | 1.43B | 1.21B | 1.84B | 3.16B | 2.75B | 2.13B | 2.11B | 1.43B | 1.11B | 966.9M | 830.07M |
| Gross Margin % | 50.54% | 44.53% | 44.84% | 44.6% | 45.68% | 45.68% | 35.13% | 43.23% | 44.94% | 45.84% | 44.52% | 39.29% | 39.75% | 39.97% | 33.58% | 39.67% | 34.22% | 36.42% | 36.67% | 37.62% | 39.97% | 38.94% | 45.81% | 84.21% | 83.58% | 84.28% | 86.19% | 86.89% | 87.79% | 88.1% | 95.24% |
| Gross Profit Growth % | - | 3.47% | 4.52% | -2.1% | 0% | 70.58% | -30.68% | -5.79% | 2.03% | 2.91% | 11.82% | 0.62% | 3.5% | 19.52% | -16.82% | -9.01% | -13.68% | -0.74% | -0.95% | 5.89% | 18.47% | -34.48% | -41.66% | 14.89% | 29% | 0.73% | 47.9% | 28.17% | 15.31% | 16.48% | 11.08% |
| Operating Expenses | 788.22M | 846.91M | 813.5M | 800.03M | 837.11M | 837.11M | 744.36M | 722.17M | 668.15M | 675.95M | 719.41M | 414.98M | 1.97B | 464.78M | 1.54B | 551.86M | 631.5M | 648.49M | 788.9M | 853.25M | 891.69M | 643.81M | 616.36M | 2.17B | 2.03B | 1.66B | 1.71B | 1.07B | 843.37M | 752.71M | 653.55M |
| OpEx % of Revenue | - | 22.52% | 22.53% | 23.04% | 24.17% | 24.17% | 28.2% | 23.33% | 21.14% | 22.26% | 23.68% | 13.48% | 64.99% | 15.99% | 53.15% | 18.74% | 16.83% | 15.88% | 19.3% | 21.22% | 24.94% | 20.79% | 15.34% | 58.05% | 61.81% | 65.87% | 69.8% | 65.3% | 66.41% | 68.59% | 74.99% |
| Selling, General & Admin | 726.09M | 846.91M | 813.5M | 800.03M | 837.11M | 837.11M | 744.36M | 722.17M | 668.15M | 675.95M | 719.41M | 367.03M | 361.3M | 373.3M | 378.19M | 529.16M | 631.5M | 648.49M | 788.9M | 852.95M | 891.69M | 693.15M | 846.16M | 1.88B | 1.76B | 1.67B | 1.41B | 1B | 804.47M | 741.07M | 649.58M |
| SG&A % of Revenue | - | 22.52% | 22.53% | 23.04% | 24.17% | 24.17% | 28.2% | 23.33% | 21.14% | 22.26% | 23.68% | 11.92% | 11.95% | 12.85% | 13.07% | 17.97% | 16.83% | 15.88% | 19.3% | 21.21% | 24.94% | 22.38% | 21.06% | 50.3% | 53.54% | 66.14% | 57.47% | 61.08% | 63.35% | 67.53% | 74.53% |
| Research & Development | 84.9M | 119.24M | 108.69M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | 3.17% | 3.01% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | -2M | -119.24M | -108.69M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 47.94M | 1.6B | 91.47M | 1.16B | 22.7M | 0 | 0 | 0 | 300K | 0 | -49.33M | -229.79M | 290.24M | 271.53M | -7M | 302.25M | 69.34M | 38.9M | 11.64M | 3.97M |
| Operating Income | -22.2M | 827.97M | 805.28M | 748.7M | 744.9M | 744.9M | 183.08M | 615.79M | 752.05M | 715.98M | 633.19M | 794.67M | -763.21M | 696.69M | -566.29M | 616.34M | 652.43M | 838.87M | 709.54M | 659.56M | 537.01M | 562.15M | 1.22B | 980.24M | 715.43M | 465.07M | 402.09M | 355.07M | 271.52M | 214.19M | 176.52M |
| Operating Margin % | -1.46% | 22.01% | 22.3% | 21.56% | 21.51% | 21.51% | 6.94% | 19.9% | 23.8% | 23.58% | 20.84% | 25.81% | -25.24% | 23.97% | -19.57% | 20.93% | 17.39% | 20.54% | 17.36% | 16.4% | 15.02% | 18.15% | 30.47% | 26.16% | 21.77% | 18.41% | 16.4% | 21.59% | 21.38% | 19.52% | 20.25% |
| Operating Income Growth % | - | 2.82% | 7.56% | 0.51% | 0% | 306.86% | -70.27% | -18.12% | 5.04% | 13.08% | -20.32% | 204.12% | -209.55% | 223.03% | -191.88% | -5.53% | -22.22% | 18.23% | 7.58% | 22.82% | -4.47% | -54.09% | 24.9% | 37.01% | 53.83% | 15.66% | 13.24% | 30.77% | 26.77% | 21.34% | 15.08% |
| EBITDA | 7.47M | 944.8M | 927.06M | 879.2M | 887.08M | 887.08M | 352.62M | 782.49M | 935.35M | 898.15M | 806.79M | 954.47M | -647.61M | 789.09M | -462.72M | 737.97M | 779.33M | 962.5M | 829.05M | 809.78M | 685.34M | 712.09M | 1.47B | 1.14B | 870.81M | 670.67M | 549.31M | 429.68M | 327.3M | 250.71M | 310.35M |
| EBITDA Margin % | 0.49% | 25.12% | 25.68% | 25.32% | 25.61% | 25.61% | 13.36% | 25.28% | 29.6% | 29.58% | 26.56% | 31% | -21.41% | 27.15% | -15.99% | 25.06% | 20.77% | 23.57% | 20.29% | 20.14% | 19.17% | 22.99% | 36.66% | 30.48% | 26.5% | 26.55% | 22.4% | 26.13% | 25.77% | 22.84% | 35.61% |
| EBITDA Growth % | -99.19% | 1.91% | 5.44% | -0.89% | 0% | 151.57% | -54.94% | -16.34% | 4.14% | 11.32% | -15.47% | 247.38% | -182.07% | 270.54% | -162.7% | -5.31% | -19.03% | 16.1% | 2.38% | 18.16% | -3.76% | -51.66% | 28.99% | 31.15% | 29.84% | 22.09% | 27.84% | 31.28% | 30.55% | -19.21% | 40.38% |
| D&A (Non-Cash Add-back) | 29.67M | 116.83M | 121.78M | 130.5M | 142.18M | 142.18M | 169.54M | 166.69M | 183.29M | 182.17M | 173.6M | 159.8M | 115.6M | 92.41M | 103.58M | 121.63M | 126.9M | 123.63M | 119.51M | 150.22M | 148.32M | 149.94M | 248.85M | 161.82M | 155.39M | 205.61M | 147.22M | 74.61M | 55.79M | 36.53M | 133.82M |
| EBIT | -111.16M | 859.52M | 841.4M | 784.19M | 747.35M | 747.35M | 92.72M | 632.21M | 758.1M | 722.24M | 638.44M | 788.05M | 822.39M | 776.31M | 573.7M | 639.04M | 652.43M | 838.87M | 709.54M | 659.56M | 537.01M | 562.15M | 1.22B | 980.24M | 715.43M | 465.07M | 402.09M | 355.07M | 271.52M | 214.19M | 176.52M |
| Net Interest Income | -15.76M | -78.11M | -79.08M | -72.98M | -88.28M | -106.87M | -81.84M | -70.54M | -82.51M | -89.12M | -56.45M | -44.97M | -35.36M | -74.3M | 7.71M | 134.15M | 122.41M | 154.52M | 151.56M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 14.25M | 16.51M | 6.86M | 3.83M | 12.51M | 272K | 19.92M | 0 | 99.8M | 134.15M | 122.41M | 154.52M | 151.56M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 15.76M | 78.11M | 79.08M | 72.98M | 88.28M | 106.87M | 96.09M | 87.05M | 89.37M | 92.95M | 68.96M | 45.25M | 55.28M | 74.3M | 92.09M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -144.56M | -46.57M | -42.95M | -37.49M | -85.83M | -85.83M | -186.46M | -70.63M | -83.32M | -86.7M | -63.71M | -51.86M | 1.53B | 5.33M | 1.14B | 11.36M | 131.7M | 501K | 25.53M | -23.76M | -26.53M | -34.54M | -61.36M | 6.83M | 1.41M | 8.01M | 10.18M | 28.47M | 24.92M | 10.87M | 20.93M |
| Pretax Income | -166.76M | 781.4M | 762.32M | 711.21M | 659.07M | 659.07M | -3.37M | 545.16M | 668.73M | 629.29M | 569.48M | 742.8M | 767.12M | 702.01M | 576.07M | 627.7M | 784.13M | 839.37M | 735.07M | 635.8M | 510.48M | 527.61M | 1.16B | 987.08M | 716.84M | 473.08M | 412.27M | 383.54M | 296.43M | 225.06M | 197.46M |
| Pretax Margin % | -11% | 20.78% | 21.11% | 20.48% | 19.03% | 19.03% | -0.13% | 17.61% | 21.16% | 20.73% | 18.74% | 24.13% | 25.37% | 24.16% | 19.91% | 21.31% | 20.9% | 20.55% | 17.99% | 15.81% | 14.28% | 17.04% | 28.94% | 26.35% | 21.82% | 18.73% | 16.81% | 23.32% | 23.34% | 20.51% | 22.66% |
| Income Tax | 67.37M | 171.95M | 164.36M | 149.41M | 98.42M | 98.42M | -9.53M | 99.9M | 41.82M | 208.37M | 185.93M | 256.06M | 267.02M | 236.85M | 230.1M | 235.16M | 295.19M | 326.31M | 289.12M | 261.46M | 212.94M | 207.86M | 462.52M | 407.01M | 282.44M | 196.33M | 160.37M | 145.75M | 112.64M | 81.28M | 72.37M |
| Effective Tax Rate % | -40.4% | 22.01% | 21.56% | 21.01% | 14.93% | 14.93% | 282.45% | 18.33% | 6.25% | 33.11% | 32.65% | 34.47% | 34.81% | 33.74% | 39.94% | 37.46% | 37.65% | 38.88% | 39.33% | 41.12% | 41.71% | 39.4% | 39.77% | 41.23% | 39.4% | 41.5% | 38.9% | 38% | 38% | 36.12% | 36.65% |
| Net Income | 299.88M | 605.77M | 595.32M | 553.7M | 553.67M | 553.67M | -7.53M | 422.51M | 613.15M | 408.94M | 374.27M | 473.66M | 475.16M | 433.95M | 265.93M | 406.11M | 479.24M | 485.67M | -308.65M | -433.65M | 490.41M | 623.91M | 694.09M | 580.06M | 434.4M | 281.16M | 251.9M | 215.37M | 392.13M | 47.76M | 177.17M |
| Net Margin % | 19.79% | 16.11% | 16.49% | 15.95% | 15.99% | 15.99% | -0.29% | 13.65% | 19.4% | 13.47% | 12.32% | 15.39% | 15.71% | 14.93% | 9.19% | 13.79% | 12.77% | 11.89% | -7.55% | -10.78% | 13.72% | 20.15% | 17.27% | 15.48% | 13.22% | 11.13% | 10.27% | 13.09% | 30.88% | 4.35% | 20.33% |
| Net Income Growth % | -46.84% | 1.76% | 7.52% | 0% | 0% | 7456.82% | -101.78% | -31.09% | 49.93% | 9.27% | -20.98% | -0.31% | 9.5% | 63.18% | -34.52% | -15.26% | -1.32% | 257.36% | 28.83% | -188.43% | -21.4% | -10.11% | 19.66% | 33.53% | 54.5% | 11.62% | 16.96% | -45.08% | 721.13% | -73.05% | 65.18% |
| Net Income (Continuing) | 300.41M | 609.45M | 597.96M | 561.8M | 560.65M | 560.65M | 6.16M | 445.26M | 626.91M | 420.92M | 383.55M | 486.74M | 500.1M | 465.16M | 345.97M | 392.55M | 488.95M | 513.05M | 445.95M | 374.34M | 297.54M | 319.75M | 700.45M | 580.06M | 434.4M | 276.75M | 251.9M | 237.79M | 183.79M | 143.78M | 125.09M |
| Discontinued Operations | -1.02M | -3.68M | -2.65M | -8.1M | -6.97M | -6.97M | -13.68M | -22.75M | -13.76M | -11.97M | -9.29M | -13.08M | -24.94M | -31.21M | -80.04M | 13.56M | -9.7M | -27.38M | -754.59M | -807.99M | 192.87M | 304.16M | 0 | 0 | 0 | 0 | 0 | -22.43M | 208.34M | -96.02M | 52.08M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 129.32M | 0 |
| EPS (Diluted) | 2.32 | 4.39 | 4.12 | 3.51 | 3.22 | 2.94 | -0.04 | 2.04 | 2.92 | 1.91 | 1.49 | 1.71 | 1.72 | 1.58 | 0.89 | 1.31 | 1.43 | 1.45 | -0.94 | -1.33 | 1.47 | 1.85 | 1.92 | 1.30 | 1.17 | 0.77 | 0.64 | 0.54 | 0.91 | 0.11 | 0.42 |
| EPS Growth % | 36.92% | 6.55% | 17.38% | 9.01% | 4.55% | 7836.84% | -101.86% | -30.14% | 52.88% | 28.19% | -12.87% | -0.58% | 8.86% | 77.53% | -32.06% | -8.39% | -1.38% | 254.26% | 29.32% | -190.48% | -20.54% | -3.65% | 47.69% | 11.11% | 51.95% | 20.31% | 18.52% | -40.66% | 727.27% | -73.81% | 68% |
| EPS (Basic) | - | 4.52 | 4.18 | 3.63 | 3.46 | 3.00 | -0.04 | 2.06 | 2.94 | 1.92 | 1.50 | 1.72 | 1.73 | 1.59 | 0.89 | 1.31 | 1.44 | 1.46 | -0.95 | -1.34 | 1.49 | 1.88 | 1.96 | 1.33 | 1.21 | 0.77 | 0.64 | 0.54 | 0.94 | 0.12 | 0.43 |
| Diluted Shares Outstanding | 129.49M | 137.34M | 143.89M | 154.49M | 171.44M | 188.78M | 198.11M | 206.72M | 210.21M | 214.09M | 250.82M | 277.14M | 276.03M | 274.36M | 298.6M | 309.78M | 333.24M | 334.54M | 327.47M | 326.05M | 333.61M | 337.25M | 361.51M | 446.2M | 371.29M | 367.53M | 396.69M | 402.55M | 430.91M | 423.36M | 424.24M |
| Basic Shares Outstanding | 129.49M | 133.95M | 141.93M | 153.51M | 159.93M | 186.83M | 196.7M | 205.37M | 208.82M | 212.81M | 249.01M | 275.03M | 273.83M | 273.06M | 297.86M | 309.23M | 332.28M | 332.79M | 324.81M | 323.62M | 329.13M | 331.87M | 354.13M | 436.14M | 359.01M | 365.15M | 393.59M | 398.83M | 419.39M | 415.94M | 415.7M |
| Dividend Payout Ratio | - | 32.57% | 30.2% | 32.13% | 33.68% | 35.23% | - | 48.63% | 32.7% | 45.76% | 53.89% | 46.44% | 46.09% | 50.05% | 78.52% | 46% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Extreme Seasonal Revenue Concentration
According to the provided quarterly income statements, H&R Block exhibits extreme revenue seasonality, with fiscal third-quarter revenue consistently reaching approximately $2.2 billion, while off-season periods show significant contraction, complicating the assessment of underlying organic growth durability across the broader fiscal year for the company.
The stark contrast between peak tax season performance and off-season revenue suggests that the company remains tethered to a rigid, calendar-driven business model. Investors should monitor whether the recent pivot toward small business services can effectively decouple top-line performance from the traditional U.S. tax filing cycle.
As reported in financial statements, gross margins fluctuate wildly from over 50% during peak quarters to negative territory in off-peak periods, reflecting the high fixed-cost burden of maintaining a physical retail footprint that remains underutilized for the majority of the fiscal year for the firm.
The inability to maintain positive gross margins outside of the tax season highlights the inherent inefficiency of the company's current retail-heavy infrastructure. This structural reality suggests that margin expansion is likely capped unless management can successfully migrate a larger share of the client base to virtual or digital-only service models.
Based on the reported figures, operating income scales aggressively during the third quarter, yet the company consistently incurs significant operating losses in the first and second quarters, indicating that fixed SG&A costs are not sufficiently offset by off-season revenue streams to achieve year-round operating efficiency.
The company's operating leverage appears highly sensitive to volume fluctuations, as the fixed cost base for retail locations and professional staffing creates a high break-even threshold. This pattern suggests that any disruption to peak-season volume could have a disproportionate impact on annual profitability, warranting close scrutiny of cost-discipline measures.
Data from the last ten quarters suggests that H&R Block's reliance on a narrow window of peak-season profitability creates a precarious financial profile, as the company struggles to generate meaningful operating income outside of the primary tax filing months, potentially leaving it vulnerable to competitive shifts.
Short-term observers might point to the strong third-quarter margins as evidence of a healthy business, but the persistent off-season losses suggest a fundamental mismatch between the company's cost structure and its revenue generation capabilities. The long-term viability of this model remains questionable if digital-first competitors continue to erode the assisted-filing segment.
Quick answers to the most common questions about buying HRB stock.
For fiscal year 2025, H&R Block, Inc. (HRB) reported total revenue of $3.76B. This represents a 331.5% increase compared to $871.5M in 1996.
H&R Block, Inc. (HRB) is profitable, generating $605.8M in net income for the fiscal year ending 2025 with a net profit margin of 16.1%.
H&R Block, Inc. (HRB) reported an operating income of $828.0M, resulting in an operating profit margin of 22.0%. This margin reflects the operational efficiency of the business before interest and taxes.
H&R Block, Inc. (HRB) generated $1.67B in gross profit for the year, representing a gross profit margin of 44.5%. This demonstrates the company's core pricing power and production efficiency.