H&R Block, Inc.
HRB Consumer Cyclical Personal Services
H&R Block, Inc.’s revenue for fiscal 2026 (year ended June 2026) was $3.9 billion, up 4.90% from fiscal 2025. In the quarter to June 2026, revenue grew 3.05%, EPS grew 4.55%, free cash flow fell 1.99% and total debt was flat, each against the same quarter a year earlier. Dividend growth for twenty-five consecutive years, revenue growth for five.
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H&R Block, Inc. (HRB) Beneish M-score
H&R Block, Inc.'s Beneish M-score for fiscal 2026 is −2.69; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2026 | −2.69 | (0.07) |
| FY2025 | −2.62 | (0.11) |
| FY2024 | −2.51 | 0.86 |
| FY2023 | −3.37 | (0.11) |
| FY2022 | −3.26 | (2.53) |
| FY2021 | −0.72 | 1.62 |
| FY2020 | −2.34 | 0.40 |
| FY2019 | −2.74 | 0.17 |
| FY2018 | −2.91 | (0.18) |
| FY2017 | −2.73 | (0.25) |
How fiscal 2026’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.87 | — | 0.80 | |
| Gross margin index | 1.00 | — | 0.53 | |
| Asset quality index | 1.01 | — | 0.41 | |
| Sales growth index | 1.05 | — | 0.94 | |
| Depreciation index | 1.00 | — | 0.11 | |
| SG&A index | 0.95 | — | −0.16 | |
| Total accruals to total assets | (0.03) | — | −0.15 | |
| Leverage index | 1.02 | — | −0.33 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.69 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| ANDG Andersen Group Inc. compare | −5.9× |
| FTDR Frontdoor Inc. compare | −2.9× |
| ROL Rollins, Inc. compare | −2.7× |
| HRB H&R Block, Inc. | −2.7× |
| BFAM Bright Horizons Family Solutions Inc. compare | −2.6× |
| RGS Regis Corporation compare | −2.6× |
| SCI Service Corporation International compare | −2.6× |
| CSV Carriage Services, Inc. compare | −2.1× |
| MED MEDIFAST INC compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI