39 Companies That Paid Zero Federal Taxes Last Year

Houston-based electric company NRG Energy, with a current market capitalization of about $8.6 billion, generates and delivers power nationwide. After reporting third-quarter financials, the company adjusted its EBITDA — earnings before interest, taxes, depreciation, and amortization — projections, NRG stock tumbled 11%.

Like other energy concerns, this Tulsa, Oklahoma-based natural gas utility with a current market cap of $28.8 billion saw its stock plunge during the peak of COVID-19 pandemic shutdowns last year. Despite the sharp downturn in demand and record low gas prices, the company’s fortunes improved this year. Gas prices have improved, as demand and exports have recovered.

San Jose, California-based Sanmina Corporation (formerly Sanmina-SCI Corporation) supplies printed circuit boards and backplanes for hardware companies worldwide. With a current market value of $2.8 billion, Sanmina’s share price has surged by about 36% since the start of the year.

Santa Clara, California-based AMD is a global supplier of semiconductors that spun-off its manufacturing activity in 2009, a trend in the industry known as going “fabless.” With a current market value of $164.6 billion, AMD’s share price is up about 47% amid a semiconductor chip shortage caused by the COVID-19 pandemic’s effect on global supply chains.

The Chicago-based multinational food processing and commodities trading giant is one of the largest companies in America, with a current market cap of about $36 billion. ADM’s activities impact a broad range of products, from animal feed to cosmetics to plant-based proteins, and its profits rely heavily on trade between the U.S. and China.

Marc Benioff, boss of the San Francisco-based cloud-computing software company with a market value of about $300 billion, often speaks in favor of left-of-center political views. But the company he founded has paid no federal tax rate in recent years, which means Salesforce hasn’t been pitching in to fund the progressive public policies ostensibly lauded by its CEO and chairman.

The Des Moines, Iowa-based financial investment management and insurer with a current market value of about $18.3 billion has seen its stock price soar over 40% since the start of the year. In its recent third quarter earnings statement the company cited managing retirement accounts in the U.S. and some emerging markets as one of its growth drivers.

The Englewood, Colorado-based provider of direct-broadcast satellite television with a current market cap of about $20 billion has been shedding DISH pay TV service subscribers but has made gains in its Sling TV streaming subscribers. The company ended September with nearly 11 million subscribers, including 2.56 million for Sling TV.

The Detroit-based bank holding company with a current market value of about $17.8 billion has a longtime background in auto financing, but it also provides other financial services. It recently announced a third attempt to enter the consumer credit card business after two previous failed attempts.

The Madison, Wisconsin-based public utility with a current market value of about $14 billion provides power to residents of Iowa and Wisconsin. The company said recently it’s investing $750 million in 400 megawatts of solar power generation and 75 megawatts of battery storage in Iowa.

The St. Louis, Missouri-based holding company of energy and power companies serving residents in Missouri and Illinois has a current market value of about $22 billion. The company reported a more than 15% increase in profits in the quarter ending Sept. 30 with an 11% jump in revenue compared to the same quarter in 2020.

The Byron Center, Michigan-based multinational food distributor with a current market cap of about $900 million serves military commissaries and food retailers. In 2018, the company claimed that it used its federal tax savings for one-time bonuses and pay raises.

Like other natural gas distributors, Dallas-based Atmos is raising rates on customers as the costs of the fossil-fuel gas sharply increase ahead of the high demand winter season. Atmos has a current market value of about $12.3 billion dollars.

The second-largest wireless carrier in the U.S. merged with Sprint last year and has a current market cap of about $153 billion. Prior to the merger, the IRS last year ruled that T-Mobile could leverage Sprint’s pre-merger losses to minimize its federal tax liabilities.

The Houston-based energy infrastructure company that manages oil and gas pipelines has a current market value of about $41 billion. The company, whose stock price has risen by about 25% since the start of the year, has been calling for additional federal tax credits as an incentive to convert its pipelines to transport sequestered carbon dioxide as part of an industry-wide effort to reduce carbon emissions through capture and sequestration.

The Akron, Ohio-based electric utility has a current market value of about $21.2 billion, and the company’s stock is up more than 30% for the year. FirstEnergy recently reached a settlement to credit customers $306 million for what Ohio regulators say was excessive profit-taking amid what federal prosecutors called the state’s largest public corruption scandal.

The Allentown, Pennsylvania-based energy company has a current market value of about $22 billion. In the wake of reporting lower-than-expected profits in its third quarter ending Oct. 31, PPL said it would increase share repurchases for the rest of the year, a common method used to encourage investors to hold their stock in a company.

The Rosemead, California-based public utility holding company for Southern California Edison announced recently that it would invest about $1 billion to speed up its energy storage buildout before next summer’s extreme heat. The company’s current market value is $24.3 billion.

The Minneapolis-based utility holding company has a current market value of about $34.4 billion. Xcel is seeking to hike prices by 21.2% over the next three years on 1.3 million Minnesota customers. It claims the price hike is necessary to strengthen its grid.

The Houston-based manufacturer and suppliers of petrochemicals and fabricated polymer-based building products has seen its stock price rise over 20% this year to a current market value of about $12.7 billion. Westlake Chemical’s profit increased by more than tenfold in its recently ended third quarter compared to the same period in 2020, to $607 million.

The Memphis, Tennessee-based global shipping and receiving giant said in September that a shortage of workers and higher labor costs caused its profits to decline in its most recent quarter. The company, which has a current market value of about $64.5 billion, reported $5.2 billion in net income in its fiscal year ended May 31, a more than 300% increase from the previous year as online ordering rose sharply during the COVID-19 pandemic.

The Broomfield, Colorado-based packaging and aerospace manufacturing company has a current market value of about $29.6 billion. The company manufactures a broad range of products, from aluminum cans to anti-missile system components. Ball reported profits of $179 million in its third quarter ending Sept. 30, down from $241 million in the same period last year.

Columbus, Ohio-based electric utility, with a current market value of about $42.8 billion, delivers electrical power in several U.S. states through its massive transmission system. It reported net income of $1.9 billion on $12.7 billion in revenue for the months ending Sept. 30.

The King of Prussia, Pennsylvania-based natural gas and electric power distribution announced in 2018 that it would pass its tax savings from the 2017 federal tax overhaul to its customers, and in August the company announced it was raising rates on its residential customers by 6.1%. UGI’s current market value is about $9.3 billion, and its stock price has jumped about 28% since the start of the year.

The Amsterdam, New York-based flooring products manufacturer with a current market value of about $12 billion was cited in a Washington Post article in July as one of several companies that have relied heavily on unapproved tax breaks relative to the size of their businesses, such as deductions on stock losses. The company’s stock price has done well since the start of the year, rising about 30%.

The Providence, Rhode Island-based aerospace and defense contractor with a current market value of about $17.1 billion received billions of dollars’ worth of federal contracts. In 2020, it reported pre-tax income of $278 million but also received a $1 million federal rebate, pushing its effective tax rate below zero. Its share price has jumped about 67% since the start of the year.

The Tulsa, Oklahoma-based natural gas processor with a current market cap of about $34.7 billion delivered better than expected results in its third quarter ending Sept. 30 and has generated $930 million in net income from $4.4 billion in revenue for the first nine months of the year. Its stock price has jumped about 42% in that period of time.

The Bloomfield Hills, Michigan-based transportation services company and truck dealer reported its best quarterly results in its history in the three months ending Sept. 30 driven by strong growth in the commercial truck market and its service and parts operations. Penske Automotive is the publicly traded holding of privately-held Penske Corporation.

The Jackson, Michigan-based energy company focused on local utility operations reported net income of $696 million on $5.3 billion in revenue for the nine months ending Sept. 30. The public utility delivers power to millions of Michigan residents and has a current market value of about $17.5 billion.

The Richmond, Virginia-based power and energy company is one of the country’s largest energy distributors through its electrical transmission lines and natural gas distribution systems. The company is building the nation’s largest offshore wind farm off the coast of Virginia. It has a current market value of about $61.9 billion and reported $1.95 billion in net income from $10.1 billion in revenue for the nine months ended Sept. 30.

The Irving, Texas-based manufacturer of specialty materials like basic chemicals, plastic polymers, and artificial sweeteners saw its stock price increase about 34% since the start of the year with a current market value of $18.8 billion. Celanese reported a profit of $1.4 billion on $6.3 billion in sales in the nine months ended Sept. 30, and it recently declared a quarterly dividend.

The Topeka, Kansas-based utility has a current market value of about $14.9 billion, and its stock price is up about 21% since the start of the year. The company recently raised its quarterly dividend after reporting stronger profits in its third quarter ended Sept. 30 of $449 million, compared to $365 million in the same period last year, driven by higher retail sales from warmer weather and lower tax expenses.

The Sunnyvale, California-based global network-products provider delivered better than expected third quarter financial results and its fifth consecutive quarter of year-over-year growth despite a worldwide shortage of semiconductors. Juniper’s current market value stands at about $10.2 billion, and its stock price has risen about 38% for the year.

The Houston-based oil and gas explorer recently renamed itself Coterra Energy following a merger with Denver-based Cimarex Energy. The merged company’s current market value stands at about $393 million, and its share price has nearly doubled since the start of the year.

Detroit-based energy company and utility services provider recently increased its dividend by 7% on strong results in its third quarter ended Sept. 30 to an annualized $3.54 per share. The company has a current market value of about $22.1 billion and reported $598 million in profit from $10.3 billion in revenue in the first nine months of the year.

The McLean, Virginia-based management and IT consulting company with a current market cap of about $11.6 billion reported $246.9 million in profit on $4.1 billion in sales for the first six months of its 2022 fiscal year that began on April 1. The company, one of the nation’s largest security contractors with ties to U.S. intelligence and defense, recently announced plans to spend $4 billion through 2025 on acquisitions.

The Charlotte, North Carolina-based electric power and natural gas company reported $2.9 billion in profits on $17 billion in sales for the first nine months of the year. The company with a current market value of about $78.2 billion recently announced plans to raise heating bills this winter on its customers as natural gas prices rise.

The Chicago-based telecommunications-services company reported $152 million in profit on $3.9 billion in sales for the first nine months of the year. The company with a current market value of about $2.1 billion owns US Cellular, a mobile network provider.

The Santa Clara, California-based global maker and seller of analytical equipment has a current market value of about $47.4 billion and has seen its stock price jump about 32% since the start of the year. The company, whose products include equipment for cancer research, food and beverage testing, and semiconductor analysis has reported $768 million in profit on $4.6 billion in revenue in the first nine months of the year.