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- **Q1 Stronger Than Tax Season Norms**: 5% rev growth, 90M EBITDA margin.
- **AI Driven 20% Wave Upsell**: 15M clients saw 2025 benefits.
- **200M+ Recovered Refunds** thru Second Look.

**【CEO Opening Remarks】**
- Q1 revenue grew 5% YoY to $204M, driven by U.S. assisted tax and Wave subscription growth.
- Emphasized Second Look product recovery savings of $2.5M+ for clients, improving retention and lifetime value.
- FY26 outlook: Revenue $3.875B-$3.895B, EBITDA $1.015B-$1.035B, EPS $4.85-$5.00.

**【CFO Financial Details】**
- Q1 GAAP net loss to $165M (down 3.5% YoY), EBITDA margin 9.4%.
- Operating expenses $411M (-2.9% YoY) with lower legal fees.
- 7.9M shares repurchased at $50.90 avg, +455M capital return Q1.

**【Q&A Highlights】**
- Curtis: AI Assist now 80% accurate on 90% of tax codes, 2M users/month.
- 85% of small biz saw 2025 tax benefits, 15% price hike in Wave.
- 60% DIY now use AI Assist, 40% price up 2-3% QoQ.

**【Strategic Moves】**
- 60% of tax pros now use Block Assist, 80% DIY see benefits.
- 20% Wave subs now use bookkeeping, 15% price up.
- 30M small biz filed 2025 extensions, 10M filed Q1.
- 85% Q1 Wave subs renewed, 15% price up.

H&R Block, Inc. (HRB) Q1 2026 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

HRB

HRB fundamentals

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