Ryufin research · Nov 2, 2026
What US companies pay in tax
We took 1,168 profitable US companies worth $2 billion or more and divided the income tax in their own accounts by their pretax profit over their last three fiscal years. Together they made $8.4T before tax and booked $1.6T of tax: 18.9%. The median company paid 21.3%, against a federal rate of 21% before state taxes.
The findings
Three fiscal years summed, so one unusual year does not decide a company's rate.
median effective rate · three fiscal years
companies · paid under 15% (of 1,168)
companies · booked a net tax benefit over three years
- The biggest pay less than the typical company: the 1,168 together paid 18.9% against a median of 21.3%. Of the five largest earners, MSFT 18.5%, AAPL 18.2%, GOOGL 16.0%, BRK-B 18.9%, NVDA 14.1%.
- 158 companies paid under 10% and 245 under 15%; 242 paid over 25%.
- A low rate in the accounts is often not a low tax bill. The rate here is the book rate, which counts deferred tax; take the deferred part out and the current rate is what is owed now. Of the 146 companies with a book rate under 10%, 51 owed 15% or more in current tax; 76 were under 10% on both.
- By sector, the utilities sector pays least at a median of 14.0%, and the consumer defensive sector most at 23.6%. Technology sits at 17.4%, with 41% of its companies under 15%.
By sector
Median three-year book rate; hover a sector for its combined rate and the share under 15%.
- Utilities14.0%
- Technology17.4%
- Energy19.5%
- Healthcare19.9%
- Financial Services20.9%
- Industrials22.8%
- Basic Materials23.0%
- Consumer Cyclical23.1%
- Communication Services23.4%
- Consumer Defensive23.6%
REITs and partnerships are left out: they pass their income to their owners and pay no corporate tax on it by design.
The largest profits and their rates
The 25 companies with the most pretax profit over three years.
| Company | Pretax profit, 3 years | Book rate | Current rate | Against the 21% federal rate |
|---|---|---|---|---|
| MSFTMicrosoft Corporation | $397B | 18.5% | 17.9% | |
| AAPLApple Inc. | $370B | 18.2% | n/a | |
| GOOGLAlphabet Inc. | $364B | 16.0% | 17.3% | |
| BRK-BBerkshire Hathaway Inc. | $313B | 18.9% | 16.4% | |
| NVDANVIDIA Corporation | $259B | 14.1% | 17.3% | |
| JPMJPMorgan Chase | $209B | 21.1% | 19.7% | |
| METAMeta Platforms | $204B | 20.6% | 13.7% | |
| AMZNAmazon | $203B | 17.4% | 17.0% | |
| XOMExxon Mobil Corporation | $143B | 28.5% | 28.1% | |
| MUMicron Technology | $111B | 14.8% | 15.0% | |
| BACBank of America | $103B | 19.0% | 20.8% | |
| WMTWalmart | $77.6B | 24.4% | 26.3% | |
| CVXChevron Corporation | $76.8B | 32.8% | 29.5% | |
| WFCWells Fargo | $70.2B | 14.0% | 10.0% | |
| VVisa Inc. | $69.1B | 17.5% | 18.1% | |
| CMCSAComcast | $64.9B | 22.0% | 23.5% | |
| JNJJohnson & Johnson | $64.3B | 15.8% | 23.3% | |
| UNHUnitedHealth Group | $63.9B | 19.9% | 23.4% | |
| TAT&T | $63.6B | 19.3% | n/a | |
| VZVerizon | $62.6B | 23.9% | 15.1% | |
| PGProcter & Gamble | $59.3B | 20.4% | 20.5% | |
| HDHome Depot | $57.9B | 23.9% | 24.2% | |
| MSMorgan Stanley | $51.4B | 22.5% | 22.1% | |
| GSGoldman Sachs | $51.0B | 21.6% | 25.4% | |
| CCitigroup | $49.8B | 26.3% | 34.1% |
Low rates among the largest
Of the 100 largest earners, the lowest three-year book rates; compare the current rate beside each.
| Company | Pretax profit, 3 years | Book rate | Current rate | Against the 21% federal rate |
|---|---|---|---|---|
| ABTAbbott Laboratories | $22.1B | -15.8% | 20.2% | |
| PFEPfizer | $16.6B | -8.5% | 37.8% | |
| TSLATesla, Inc. | $24.2B | -7.2% | 16.5% | |
| IBMIBM | $24.8B | 2.9% | 20.6% | |
| NEENextEra Energy | $17.9B | 3.0% | -10.8% | |
| DISWalt Disney Company | $24.3B | 7.2% | 27.3% | |
| APOApollo Global Management | $19.7B | 7.2% | 14.1% | |
| TMOThermo Fisher Scientific | $20.6B | 7.2% | -1.8% | |
| AVGOBroadcom | $47.7B | 9.1% | 10.3% | |
| LRCXLam Research | $18.6B | 11.5% | 16.0% | |
| FCNCAFirst Citizens BancShares, Inc. | $18.6B | 11.8% | 13.2% | |
| GEGE Aerospace | $28.1B | 12.0% | n/a | |
| ORCLOracle Corporation | $45.5B | 12.0% | 22.3% | |
| TXNTexas Instruments | $18.6B | 12.2% | 15.1% | |
| NFLXNetflix | $28.9B | 13.1% | 18.6% | |
| AMGNAmgen | $21.4B | 13.6% | 28.3% | |
| CBChubb Limited | $34.0B | 14.0% | 11.9% | |
| WFCWells Fargo | $70.2B | 14.0% | 10.0% | |
| NVDANVIDIA Corporation | $259B | 14.1% | 17.3% | |
| CSCOCisco | $39.3B | 14.2% | 18.9% |
A negative book rate is a net tax benefit, most often a deferred tax asset recognised when a company expects to use past losses or credits; it is not a refund of that size.
High rates among the largest
Of the 100 largest earners, the highest three-year book rates.
| Company | Pretax profit, 3 years | Book rate | Current rate | Against the 21% federal rate |
|---|---|---|---|---|
| FCXFreeport-McMoRan | $19.3B | 36.4% | 33.5% | |
| COPConocoPhillips | $42.6B | 33.9% | 29.0% | |
| CVXChevron Corporation | $76.8B | 32.8% | 29.5% | |
| XOMExxon Mobil Corporation | $143B | 28.5% | 28.1% | |
| CCitigroup | $49.8B | 26.3% | 34.1% | |
| TJXTJX Companies | $19.7B | 24.9% | 24.2% | |
| COSTCostco | $32.8B | 24.7% | 25.2% | |
| FDXFedEx | $17.1B | 24.7% | 29.1% | |
| CVSCVS Health | $19.5B | 24.5% | 30.4% | |
| QCOMQualcomm | $30.4B | 24.5% | 21.4% | |
| WMTWalmart | $77.6B | 24.4% | 26.3% | |
| ACNAccenture | $31.3B | 24.1% | 22.9% | |
| LOWLowe's | $28.1B | 24.0% | 23.0% | |
| VZVerizon | $62.6B | 23.9% | 15.1% | |
| HDHome Depot | $57.9B | 23.9% | 24.2% |
How it was measured
Income tax expense divided by income before tax, each summed over the company’s last three fiscal years from its SEC filings, for US-GAAP filers worth $2 billion or more whose latest year ended within two years and whose three-year pretax result was a profit. The current rate subtracts the deferred income tax line of the cash flow statement. Both are rates on worldwide profit, including foreign and state taxes, as the accounts report them; they are not the cash taxes paid in a given year and not the figure on a tax return. Left out: 292 companies without a three-year profit, 102 foreign filers, 85 REITs and real estate companies, and 38rates outside -50% to 100%, where a small profit makes the ratio meaningless. Each company’s income statement is on its Financials page, for example Microsoft’s.
The full table, one row per company, is free to reuse under CC BY 4.0: tax-rates-2026.json. Please cite “Ryufin, What US companies pay in tax (2026)” with a link to this page.