Income Taxes

6 Months Ended

Oct. 31, 2025

Income Tax Disclosure [Abstract]

Income Taxes

Income Taxes

The effective income tax rates for the three- and six-month periods ended October 31, 2025 was 31.5% and 27.6%, respectively, compared with 21.9% and 23.5% in the comparable periods in the prior fiscal year. The effective rate for the three- and six-month periods ended October 31, 2025 was higher than the comparable prior year period primarily due to unfavorable stock compensation shortfall and non-deductible merger-related costs recognized in the current period.

During the six-months ended October 31, 2025, new tax legislation was enacted under the One Big Beautiful Bill Act (the “Act”). The Act includes a wide range of tax provisions that could impact the Company’s financial results in fiscal 2026 and future periods. Significant impacts stemming from the Act include 2025 and future expensing of U.S. based research and development expenditures under Internal Revenue Code Section 174, coupled with the option to deduct previously capitalized research and development expenditures. The Act also reestablished elective 100% initial-year bonus depreciation. The Company does not expect the Act to have a material impact on income tax expense. The Company is awaiting guidance from the U.S. Department of the Treasury and will continue to evaluate the full impact of the Act.