Company: NGVC
Filing Date: 2025-12-11
Form Type: 10-K
Source: 0001437749-25-037556
Chunk: 563

Company: Natural Grocers by Vitamin Cottage, Inc.
Filing Date: 2025-12-11
Form: 10-K
Item: Item 6
Chunk 563
---
 years ended September 30, 2025, 2024 and 2023.

FTVC LLC: The Company has one operating lease (see Note 12) with FTVC, which is owned by the Company’s four non-independent Board members and other related family members. Rent paid to FTVC was less than $0.1 million for each of the years ended September 30, 2025, 2024 and 2023.

77

16. Income Taxes

The following are the components of the provision for income taxes for the years ended September 30, 2025, 2024 and 2023, respectively, dollars in thousands:

			Year ended September 30,

			2025

			2024

			2023

			Current federal income tax expense

			$
			12,575

			10,413

			5,291

			Current state income tax expense

			2,516

			2,408

			1,311

			Total current income tax expense

			15,091

			12,821

			6,602

			Deferred federal income tax benefit

			(2,246
			
			)

			(3,283
			)

			(1,334
			)

			Deferred state income tax benefit

			(362
			
			)

			(672
			)

			(141
			)

			Total deferred income tax benefit

			(2,608
			
			)

			(3,955
			)

			(1,475
			)

			Total provision for income taxes

			$
			12,483

			8,866

			5,127

The differences between the United States federal statutory income tax rate and the Company’s effective tax rate are as follows:

			Year ended September 30,

			2025

			2024

			2023

			Statutory tax rate

			21.0
			
			%

			21.0

			21.0

			State income taxes, net of federal income tax expense

			2.9

			2.9

			3.1

			Enhanced food deduction

			(1.3
			
			)

			(1.9
			
			)

			(3.1