v3.26.1
Income Taxes
 9 Months Ended
Jun. 30, 2026
Income Tax Disclosure [Abstract]  
Income Taxes

9. Income Taxes

The following table summarizes the Company’s income tax expense (benefit) and effective income tax rate for the three and nine months ended June 30, 2026 and 2025.

 

 

 

Three Months Ended
June 30,

 

 

Nine Months Ended
June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Income (loss) before income taxes

 

$

8.4

 

 

$

44.9

 

 

$

(9.7

)

 

$

39.0

 

Income tax expense (benefit)

 

 

2.3

 

 

 

12.6

 

 

 

(2.3

)

 

 

10.7

 

Effective income tax rate

 

 

27.4

%

 

 

28.1

%

 

 

23.7

%

 

 

27.4

%

 

The decrease in the effective tax rate for the three months ended June 30, 2026, when compared to the three months ended June 30, 2025, is primarily attributable to the unfavorable federal return to provision adjustment being recorded in the third quarter of FY25.

The decrease in the effective tax rate for the nine months ended June 30, 2026, when compared to the nine months ended June 30, 2025 is primarily attributable to the effect of the overall year-to-date shortfall position on equity compensation. The relative amounts of the year-to-date shortfall compared with the year-to-date pre-tax loss for the nine months ended June 30, 2026 makes up a larger positive effect on the effective tax rate than the amount of windfall compared to year-to-date pretax income for the nine months ended June 30, 2025.