Nutex Health Inc.NUTX
Nutex Health Inc. Income Taxes Disclosure
Income Taxes
On July 4, 2025, the One Big Beautiful Bill Act was signed into law, enacting significant changes to the U.S. tax code and coverage benefits for certain public healthcare insurance beneficiaries. The legislation includes several changes to federal tax law that generally allow for more favorable deductibility of certain business expenses beginning in 2025, including the reinstatement of 100% bonus depreciation. While certain provisions of the Act have and will continue to affect the timing of cash payments in 2025 and future years, there has not been nor do we anticipate a material impact on our financial statements.
Income tax expense (benefit) consisted of the following (in thousands):
| Year ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Current taxes: | |||||||||||||||||
| Federal | $ | 36,658 | $ | 21,398 | $ | (188) | |||||||||||
| State | 10,690 | 6,755 | 828 | ||||||||||||||
| Deferred taxes: | |||||||||||||||||
| Federal | 14,242 | (10,737) | (4,157) | ||||||||||||||
| State | 2,834 | (2,396) | (1,550) | ||||||||||||||
| Total income tax expense (benefit) | $ | 64,424 | $ | 15,020 | $ | (5,067) | |||||||||||
The items accounting for differences between income taxes computed at the federal statutory rate and the provision recorded for income taxes were as follows (in thousands):
| Year ended December 31, | ||||||||
| 2025 | ||||||||
| Tax Rate (%) | ||||||||
| US Federal statutory tax rate | $ | 51,404 | 21.0 | |||||
State and local income taxes, net of federal income tax effect(1) | 8,757 | 3.6 | ||||||
| Changes in valuation allowances | (944) | (0.4) | ||||||
| Noncontrolling interest | (22,784) | (9.3) | ||||||
| Stock compensation | 24,569 | 10.0 | ||||||
| Other permanent adjustments | 2,137 | 0.9 | ||||||
| Nontaxable or nondeductible items | 3,922 | 1.6 | ||||||
| Other adjustments | 1,285 | 0.5 | ||||||
| Total income tax expense | $ | 64,424 | 26.3 | |||||
1.For 2025, state taxes in Arkansas, New Mexico and Oklahoma made up the majority (greater than 50%) of the tax effect in this category.
| Year ended December 31 | |||||||||||
| 2024 | 2023 | ||||||||||
| Income taxes computed at the federal statutory rate | $ | 23,063 | $ | (10,183) | |||||||
| Effect of: | |||||||||||
| State taxes, net of federal benefits | 5,804 | (2,565) | |||||||||
| Income of flow-through entities | (10,687) | (420) | |||||||||
| Change in valuation allowance | (6,538) | 7,482 | |||||||||
| Non-deductible stock compensation | 4,167 | 846 | |||||||||
| Non-deductible goodwill impairment expense | 1,013 | 459 | |||||||||
| Worthless Stock deduction | (2,013) | — | |||||||||
| Other, net | 211 | (686) | |||||||||
| Total income tax expense | $ | 15,020 | $ | (5,067) | |||||||
Deferred tax assets and liabilities were as follows (in thousands):
| December 31, | |||||||||||
| 2025 | 2024 | ||||||||||
| Deferred tax assets: | |||||||||||
| Net operating loss carryforwards | $ | — | $ | — | |||||||
| Capital loss carryforwards | 37 | 944 | |||||||||
| Accrued liabilities | 1,048 | 890 | |||||||||
| Accrued professional fees | 6,407 | 6904 | |||||||||
| ROU Liability | 58,006 | 64,789 | |||||||||
| Stock-based compensation | 604 | 394 | |||||||||
| Interest expense limitation | — | 53 | |||||||||
| Other | 527 | 561 | |||||||||
| Total deferred tax assets | 66,629 | 74,535 | |||||||||
| Deferred tax liabilities: | |||||||||||
| Cash to accrual adjustments | — | (2,457) | |||||||||
| Property and equipment | (6,451) | (7,074) | |||||||||
| ROU Asset | (46,264) | (51,964) | |||||||||
| Deferred revenue | (18,948) | — | |||||||||
| Intangible assets | (3,583) | (3,910) | |||||||||
| Other | (472) | (199) | |||||||||
| Total deferred tax liabilities | (75,718) | (65,604) | |||||||||
| Net deferred tax assets before valuation allowance | (9,089) | 8,931 | |||||||||
| Valuation allowance | — | (944) | |||||||||
| Net deferred tax assets (liabilities) | $ | (9,089) | $ | 7,987 | |||||||
During 2025, Nutex concluded, based on applicable tax law, relevant authorities, and a decision from the Fifth Circuit in June of 2025 that its right to recognize revenue from HaloMD arbitration activities under the No Surprises Act was not sufficiently fixed for income tax purposes. As a result, the Company deferred the related revenue on its 2024 federal income tax return filed in October 2025. The resulting net balance sheet adjustment between the current tax payable and the deferred tax liability was a change in estimate and did not materially affect the Company’s 2025 effective tax rate.
As of December 31, 2025 the Company fully utilized its federal and state net operating losses. As of December 31, 2025 and 2024, the Company had a capital loss carryforward of $0.2 million and $4.5 million, respectively. Due to the uncertainty about the Company's ability to utilize the capital loss prior to the expiration date, the Company maintained a
valuation allowance against that deferred tax asset as of December 31, 2024. The expired capital loss was written off and the corresponding valuation allowance was reversed as of December 31, 2025.
Cash paid for income taxes, net of refunds, was $0.8 million for both of the years ended December 31, 2024 and 2023. Cash paid for income taxes, net of refunds for the year ended December 31, 2025 was as follows (in thousands):
| Jurisdiction | Amount | |||||||
| Federal | $ | 58,050 | ||||||
| Arizona | 2,340 | |||||||
| Arkansas | 3,460 | |||||||
| California | 630 | |||||||
| Florida | 275 | |||||||
| Idaho | 310 | |||||||
| Indiana | 780 | |||||||
| Kansas | 1,000 | |||||||
| Louisiana | 990 | |||||||
| New Mexico | 2,050 | |||||||
| Oklahoma | 1,760 | |||||||
| Texas | 510 | |||||||
| Wisconsin | 660 | |||||||
| Total | $ | 72,815 | ||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 5, 2026 | Showing above |
| 2024 | Mar 31, 2025 | |
| 2023 | Mar 29, 2024 | |
| 2022 | Mar 3, 2023 | |
| 2021 | Mar 31, 2022 | |
About Income Taxes Disclosures
The income tax disclosure reveals how much a company actually pays in taxes versus what the statutory rate would predict. Analysts focus on the effective tax rate (ETR) reconciliation, which breaks down every item driving the gap between the 21% federal rate and the company's reported ETR — including R&D credits, foreign rate differentials, and state taxes. Deferred tax assets (DTAs) and their valuation allowances signal management's confidence in future profitability: a rising allowance suggests the company doubts it can use accumulated tax benefits. Uncertain tax benefit (UTB) reserves quantify exposure to IRS challenges on aggressive positions.
Key signals to watch: sudden ETR drops without clear operational reasons, large increases in valuation allowances, growing UTB balances, and significant unremitted foreign earnings. Post-TCJA, pay attention to GILTI and BEAT provisions that affect multinational tax structures. Compare the cash taxes paid (from the cash flow statement) against the income tax provision to gauge earnings quality.