Russell companies with the lowest tax rates expected to generate $1B in 2025 – GS

Goldman Sachs analysts listed Russell 3000 (NYSEARCA:IWV) companies that have the lowest effective tax rates, according to bottom-up consensus estimates.

These companies are expected to generate at least $1B in net income next year, and therefore could be subject to the minimum tax rate. The companies are expected to pay an effective tax rates of 15% or less in the case of a tax reform.

Goldman analysts said that if corporate tax rates decline to 15%, these companies’ earnings could get a boost of about 4%.

The following Russell 3000 (IWV) stocks have a market cap of $1B or more, consensus 2025 net income of more than $1B, and consensus 2024 and 2025 tax rates below 15%, as of Aug. 28, 2024. The list excludes companies with consensus tax rates less than or equal to 0%, and stocks in the real estate (XLRE) and utilities sectors (XLU).

The companies are:

• Carnival Corporation (CCL) – consensus 2025 net income growth: 33%
• Blue Owl Capital, Inc. Class A (OWL) – consensus 2025 net income growth: 27%
• Marvell Technology, Inc. (MRVL) – consensus 2025 net income growth: 73%
• CrowdStrike Holdings, Inc. Class A (CRWD) – consensus 2025 net income growth: 20%
• TPG Inc Class A (TPG) – consensus 2025 net income growth: 44%
• Ares Management Corporation (ARES) – consensus 2025 net income growth: 43%
• Global Payments Inc. (GPN) – consensus 2025 net income growth: 10%
• First Solar, Inc. (FSLR) – consensus 2025 net income growth: 57%
• Bank of America Corp (BAC) – consensus 2025 net income growth: 10%
• AppLovin Corp. Class A (APP) – consensus 2025 net income growth: 28%
• Jazz Pharmaceuticals Public Limited Company (JAZZ) – consensus 2025 net income growth: 11%
• Thermo Fisher Scientific Inc. (TMO) – consensus 2025 net income growth: 10%
• Celanese Corporation (CE) – consensus 2025 net income growth: 25%
• Rocket Companies, Inc. Class A (RKT) – consensus 2025 net income growth: 60%
• Regeneron Pharmaceuticals, Inc. (REGN) – consensus 2025 net income growth: 8%
• Las Vegas Sands Corp. (LVS) – consensus 2025 net income growth: 13%
• Skyworks Solutions, Inc. (SWKS) – consensus 2025 net income growth: 1%
• Analog Devices, Inc. (ADI) – consensus 2025 net income growth: 18%
• Uber Technologies, Inc. (UBER) – consensus 2025 net income growth: 120%
• Boston Scientific Corporation (BSX) – consensus 2025 net income growth: 13%
• Block, Inc. Class A (SQ) – consensus 2025 net income growth: 23%
• Texas Instruments Incorporated (TXN) – consensus 2025 net income growth: 25%
• Targa Resources Corp. (TRGP) – consensus 2025 net income growth: 19%
• Darden Restaurants, Inc. (DRI) – consensus 2025 net income growth: 8%
• Lam Research Corporation (LRCX) – consensus 2025 net income growth: 21%
• Spotify Technology SA (SPOT) – consensus 2025 net income growth: 42%
• Blackstone Inc. (BX) – consensus 2025 net income growth: 28%
• Microchip Technology Incorporated (MCHP) – consensus 2025 net income growth: 71%
• Broadcom Inc. (AVGO) – consensus 2025 net income growth: 28%
• Synopsys, Inc. (SNPS) – consensus 2025 net income growth: 15%
• Agilent Technologies, Inc. (A) – consensus 2025 net income growth: 7%
• Arch Capital Group Ltd. (ACGL) – consensus 2025 net income growth: 0%
• RenaissanceRe Holdings Ltd. (RNR) – consensus 2025 net income growth: 13%
• Intel Corporation (INTC) – consensus 2025 net income growth: 271%
• Super Micro Computer, Inc. (SMCI) – consensus 2025 net income growth: 67%
• Advanced Micro Devices, Inc. (AMD) – consensus 2025 net income growth: 58%
• Jackson Financial Incorporation Class A (JXN) – consensus 2025 net income growth: -11%
• Cheniere Energy, Inc. (LNG) – consensus 2025 net income growth: 14%
• QUALCOMM Incorporated (QCOM) – consensus 2025 net income growth: 11%
• KLA Corporation (KLAC) – consensus 2025 net income growth: 24%
• International Business Machines Corporation (IBM) – consensus 2025 net income growth: 5%
• Lincoln National Corp (LNC) – consensus 2025 net income growth: 27%
• Ally Financial Inc (ALLY) – consensus 2025 net income growth: 67%
• Eli Lilly and Company (LLY) – consensus 2025 net income growth: 38%
• Applied Materials, Inc. (AMAT) – consensus 2025 net income growth: 14%
• Hershey Company (HSY) – consensus 2025 net income growth: -2%
• Johnson Controls International plc (JCI) – consensus 2025 net income growth: 4%
• Edwards Lifesciences Corporation (EW) – consensus 2025 net income growth: 8%
• Stryker Corporation (SYK) – consensus 2025 net income growth: 12%
• Keysight Technologies Inc (KEYS) – consensus 2025 net income growth: 11%
• Pfizer Inc. (PFE) – consensus 2025 net income growth: 9%
• Abbott Laboratories (ABT) – consensus 2025 net income growth: 10%
• Sarepta Therapeutics, Inc. (SRPT) – consensus 2025 net income growth: 462%
• Becton, Dickinson and Company (BDX) – consensus 2025 net income growth: 9%
• Everest Group, Ltd. (EG) – consensus 2025 net income growth: 11%