Income taxes |
6 Months Ended |
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Jun. 30, 2026 | |
| Income Tax Disclosure [Abstract] | |
| Income taxes | Income taxes The Company recorded income tax expense of $1.6 million and $2.0 million for the three months ended June 30, 2026 and 2025, respectively. The Company’s effective tax rate was 36.1% and 27.8% for the second quarter of 2026 and 2025, respectively. The Company recorded income tax expense of $2.6 million and $1.6 million for the six months ended June 30, 2026 and 2025, respectively. The Company’s effective tax rate was 65.7% and 16.2% during the six months ended June 30, 2026 and 2025, respectively. The change in the effective tax rate for the three and six months ended June 30, 2026, as compared to the same periods in 2025, was attributable mainly to non-taxable income in the prior year, higher tax expense for stock-based compensation, and additional tax expense related to prior year state tax returns. On July 4, 2025, the “One Big Beautiful Bill Act” (the “Act”) was enacted into law. The Act includes certain changes to the U.S. tax law applicable to the Company in 2026. These changes include provisions allowing accelerated tax deductions for qualified property and research expenditures, including immediate expensing for qualifying domestic research expenditures, and revisions to the U.S. taxation of profits derived from international operations. The Act did not have a material impact on the Company's consolidated financial statements for the six months ended June 30, 2026.
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