Provision for Income Taxes |
6 Months Ended |
|---|---|
Jun. 30, 2026 | |
| Income Tax Disclosure [Abstract] | |
| Provision for Income Taxes | 9. Provision for Income Taxes The Company calculated the year-to-date provision for income taxes by applying the estimated annual effective tax rate to the ordinary year-to-date income before income taxes for each applicable jurisdiction and adjusted for discrete tax items in the period. The Company’s provision for income taxes was $8.1 million and $10.0 million for the three months ended June 30, 2025 and 2026, respectively. The Company’s provision for income taxes was $16.0 million and $22.4 million for the six months ended June 30, 2025 and 2026, respectively, reflecting effective tax rates of approximately 25.6% and 28.3%, respectively. The higher effective tax rate in 2026 compared to the U.S. federal statutory rate was primarily driven by limitations on the deductibility of stock-based compensation and the impact of loss entities for which no tax benefit is available due to valuation allowances.
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