Tax
Rates by Sector (US)Data Used: Multiple data services
Date of Analysis: Data used is as of January 2026
Download as an excel file instead: https://www.stern.nyu.edu/~adamodar/pc/datasets/taxrate.xls
For global datasets: https://www.stern.nyu.edu/~adamodar/New_Home_Page/data.html
can be obtained by clicking here
on
which companies are included in each industry
| Cash Tax Rates | ||||||||||
| Industry name | Number of firms | Total Taxable Income | Total Taxes Paid (Accrual) | Total Cash Taxes Paid | Cash Taxes/Accrual Taxes | Average across all companies | Average across only money-making companies | Aggregate tax rate | Average across only money-making companies | Aggregate tax rate |
| Advertising | 52 | $ 2,859.40 | $ 802.80 | 1019.989 | 127.05% | 5.02% | 28.08% | 116.09% | 35.67% | 146.01% |
| Aerospace/Defense | 79 | $ 46,305.39 | $ 7,923.90 | 7626.43 | 96.25% | 11.58% | 17.11% | 23.47% | 16.47% | 22.99% |
| Air Transport | 23 | $ 12,459.10 | $ 2,819.30 | 147.717 | 5.24% | 8.29% | 22.63% | 29.64% | 1.19% | 1.71% |
| Apparel | 35 | $ 3,269.62 | $ 723.03 | 1213.571 | 167.85% | 9.61% | 22.11% | 18.79% | 37.12% | 41.69% |
| Auto & Truck | 33 | $ 17,729.50 | $ 3,888.20 | 4249.959 | 109.30% | 3.74% | 21.93% | 37.09% | 23.97% | 40.44% |
| Auto Parts | 35 | $ 3,640.87 | $ 1,152.22 | 1472.275 | 127.78% | 15.00% | 31.65% | 56.51% | 40.44% | 73.56% |
| Bank (Money Center) | 15 | $ 174,403.48 | $ 30,312.15 | 19991.02 | 65.95% | 18.43% | 17.38% | 17.38% | 11.46% | 11.46% |
| Banks (Regional) | 568 | $ 65,977.03 | $ 13,708.47 | 8265.991 | 60.30% | 17.61% | 20.78% | 20.91% | 12.53% | 12.95% |
| Beverage (Alcoholic) | 14 | $ 3,106.12 | $ 768.21 | 817.006 | 106.35% | 12.35% | 24.73% | 68.73% | 26.30% | 132.02% |
| Beverage (Soft) | 27 | $ 30,523.90 | $ 5,974.60 | 7825.518 | 130.98% | 6.85% | 19.57% | 19.75% | 25.64% | 25.67% |
| Broadcasting | 24 | $ 4,321.37 | $ 1,103.54 | 1623.508 | 147.12% | 7.73% | 25.54% | 33.31% | 37.57% | 55.38% |
| Brokerage & Investment Banking | 32 | $ 69,518.70 | $ 14,217.80 | 10836.792 | 76.22% | 15.27% | 20.45% | 20.29% | 15.59% | 15.67% |
| Building Materials | 41 | $ 12,457.20 | $ 3,532.47 | 5023.429 | 142.21% | 18.02% | 28.36% | 33.86% | 40.33% | 45.22% |
| Business & Consumer Services | 155 | $ 29,749.67 | $ 6,680.99 | 6773.439 | 101.38% | 10.38% | 22.46% | 24.65% | 22.77% | 26.59% |
| Cable TV | 9 | $ 39,141.00 | $ 7,423.00 | 5159.6 | 69.51% | 10.64% | 18.96% | 15.38% | 13.18% | 26.49% |
| Chemical (Basic) | 29 | $ 823.26 | $ 289.36 | 1854.747 | 640.98% | 7.68% | 35.15% | NA | 225.29% | NA |
| Chemical (Diversified) | 4 | $ - | $ - | 182.467 | #DIV/0! | 0.00% | #DIV/0! | NA | #DIV/0! | NA |
| Chemical (Specialty) | 59 | $ 19,794.09 | $ 4,896.77 | 7045.196 | 143.87% | 13.68% | 24.74% | 39.45% | 35.59% | 50.86% |
| Coal & Related Energy | 16 | $ 231.60 | $ 22.40 | 268.39 | 1198.17% | 3.13% | 9.67% | NA | 115.89% | NA |
| Computer Services | 64 | $ 20,872.51 | $ 4,709.61 | 5530.702 | 117.43% | 10.53% | 22.56% | 23.87% | 26.50% | 27.59% |
| Computers/Peripherals | 36 | $ 146,697.16 | $ 22,524.67 | 46771.922 | 207.65% | 5.91% | 15.35% | 15.77% | 31.88% | 32.86% |
| Construction Supplies | 40 | $ 28,414.49 | $ 6,406.76 | 7228.015 | 112.82% | 16.04% | 22.55% | 22.56% | 25.44% | 25.70% |
| Diversified | 20 | $ 93,816.17 | $ 16,471.00 | 22380.118 | 135.88% | 2.76% | 17.56% | 18.11% | 23.86% | 24.74% |
| Drugs (Biotechnology) | 496 | $ 40,715.56 | $ 6,414.31 | 13994.981 | 218.18% | 1.08% | 15.75% | NA | 34.37% | NA |
| Drugs (Pharmaceutical) | 228 | $ 100,525.96 | $ 16,889.28 | 32181.064 | 190.54% | 2.99% | 16.80% | 18.27% | 32.01% | 36.18% |
| Education | 32 | $ 3,579.61 | $ 1,089.51 | 784.97 | 72.05% | 15.54% | 30.44% | 26.56% | 21.93% | 23.61% |
| Electrical Equipment | 112 | $ 14,182.82 | $ 3,571.12 | 4212.36 | 117.96% | 4.82% | 25.18% | 215.86% | 29.70% | 266.89% |
| Electronics (Consumer & Office) | 8 | $ - | $ - | 28.896 | #DIV/0! | 0.00% | #DIV/0! | NA | #DIV/0! | NA |
| Electronics (General) | 114 | $ 15,919.12 | $ 3,235.11 | 3968.376 | 122.67% | 8.04% | 20.32% | 22.56% | 24.93% | 27.34% |
| Engineering/Construction | 48 | $ 13,898.53 | $ 3,328.44 | 2074.242 | 62.32% | 13.64% | 23.95% | 24.71% | 14.92% | 15.27% |
| Entertainment | 92 | $ 29,980.50 | $ 3,778.96 | 7043.259 | 186.38% | 3.30% | 12.60% | 13.30% | 23.49% | 46.92% |
| Environmental & Waste Services | 53 | $ 8,817.55 | $ 1,844.32 | 1651.929 | 89.57% | 4.27% | 20.92% | 22.29% | 18.73% | 19.76% |
| Farming/Agriculture | 35 | $ 11,271.30 | $ 2,292.69 | 3442.491 | 150.15% | 6.29% | 20.34% | 18.97% | 30.54% | 32.17% |
| Financial Svcs. (Non-bank & Insurance | 176 | $ 167,239.78 | $ 32,291.61 | 32181.914 | 99.66% | 12.06% | 19.31% | 18.64% | 19.24% | 19.68% |
| Food Processing | 78 | $ 19,644.91 | $ 4,480.95 | 6064.572 | 135.34% | 10.37% | 22.81% | 21.26% | 30.87% | 58.26% |
| Food Wholesalers | 13 | $ 3,796.90 | $ 898.96 | 968.794 | 107.77% | 9.15% | 23.68% | 23.81% | 25.52% | 26.83% |
| Furn/Home Furnishings | 27 | $ 2,405.18 | $ 699.37 | 864.904 | 123.67% | 11.38% | 29.08% | 50.92% | 35.96% | 67.71% |
| Green & Renewable Energy | 15 | $ 111.30 | $ - | 120.48 | #DIV/0! | 0.00% | 0.00% | NA | 108.25% | NA |
| Healthcare Products | 204 | $ 37,513.50 | $ 4,791.98 | 9571.187 | 199.73% | 4.85% | 12.77% | NA | 25.51% | 35.49% |
| Healthcare Support Services | 104 | $ 59,165.26 | $ 13,605.29 | 12641.769 | 92.92% | 9.80% | 23.00% | 28.45% | 21.37% | 25.60% |
| Heathcare Information and Technology | 115 | $ 20,455.45 | $ 3,088.09 | 5953.219 | 192.78% | 6.38% | 15.10% | 19.72% | 29.10% | 42.74% |
| Homebuilding | 30 | $ 21,254.86 | $ 5,031.38 | 4192.79 | 83.33% | 16.99% | 23.67% | 23.64% | 19.73% | 19.75% |
| Hospitals/Healthcare Facilities | 31 | $ 17,667.20 | $ 3,768.10 | 3197.44 | 84.86% | 11.35% | 21.33% | 21.99% | 18.10% | 18.65% |
| Hotel/Gaming | 63 | $ 33,085.61 | $ 5,497.23 | 5718.021 | 104.02% | 8.31% | 16.62% | 17.67% | 17.28% | 19.14% |
| Household Products | 110 | $ 34,641.01 | $ 7,181.60 | 8922.224 | 124.24% | 6.50% | 20.73% | 22.23% | 25.76% | 27.00% |
| Information Services | 15 | $ 3,708.30 | $ 806.16 | 1264.2 | 156.82% | 18.16% | 21.74% | 22.12% | 34.09% | 37.14% |
| Insurance (General) | 21 | $ 9,838.00 | $ 2,195.81 | 1979.662 | 90.16% | 12.77% | 22.32% | 23.03% | 20.12% | 21.07% |
| Insurance (Life) | 20 | $ 24,081.20 | $ 4,497.60 | 4635.97 | 103.08% | 15.19% | 18.68% | 18.87% | 19.25% | 19.48% |
| Insurance (Prop/Cas.) | 57 | $ 64,076.73 | $ 13,833.46 | 8627.387 | 62.37% | 18.37% | 21.59% | 21.75% | 13.46% | 13.58% |
| Investments & Asset Management | 283 | $ 56,503.34 | $ 10,459.67 | 9654.138 | 92.30% | 3.53% | 18.51% | 19.04% | 17.09% | 17.85% |
| Machinery | 105 | $ 26,215.46 | $ 5,560.58 | 7798.868 | 140.25% | 13.37% | 21.21% | 21.29% | 29.75% | 30.85% |
| Metals & Mining | 73 | $ 14,412.01 | $ 4,966.79 | 4375.127 | 88.09% | 2.52% | 34.46% | 36.36% | 30.36% | 32.16% |
| Office Equipment & Services | 14 | $ 884.27 | $ 210.10 | 304.851 | 145.10% | 12.30% | 23.76% | 26.13% | 34.47% | 37.79% |
| Oil/Gas (Integrated) | 4 | $ 67,399.10 | $ 21,188.40 | 18904.562 | 89.22% | 28.24% | 31.44% | 31.44% | 28.05% | 28.05% |
| Oil/Gas (Production and Exploration) | 142 | $ 51,516.06 | $ 13,052.73 | 11060.97 | 84.74% | 6.66% | 25.34% | 25.93% | 21.47% | 22.24% |
| Oil/Gas Distribution | 23 | $ 22,585.33 | $ 4,604.81 | 708.759 | 15.39% | 9.17% | 20.39% | 22.08% | 3.14% | 3.34% |
| Oilfield Svcs/Equip. | 97 | $ 25,121.00 | $ 4,658.91 | 5915.465 | 126.97% | 8.75% | 18.55% | 19.02% | 23.55% | 27.24% |
| Packaging & Container | 19 | $ 6,960.70 | $ 1,641.00 | 3375.309 | 205.69% | 15.57% | 23.58% | 24.33% | 48.49% | 56.58% |
| Paper/Forest Products | 6 | $ 534.00 | $ 138.00 | 220.6 | 159.86% | 8.60% | 25.84% | 41.64% | 41.31% | 79.87% |
| Power | 46 | $ 54,715.42 | $ 7,120.49 | 2557.75 | 35.92% | 12.75% | 13.01% | 9.69% | 4.67% | 4.70% |
| Precious Metals | 56 | $ 15,632.95 | $ 4,493.94 | 1690.305 | 37.61% | 5.97% | 28.75% | 29.36% | 10.81% | 11.04% |
| Publishing & Newspapers | 19 | $ 1,957.43 | $ 524.61 | 538.559 | 102.66% | 10.21% | 26.80% | 22.41% | 27.51% | 29.02% |
| R.E.I.T. | 190 | $ 40,719.09 | $ 1,430.45 | 1380.548 | 96.51% | 1.58% | 3.51% | 4.19% | 3.39% | 4.73% |
| Real Estate (Development) | 14 | $ 614.10 | $ 155.31 | 41.243 | 26.56% | 4.91% | 25.29% | 37.82% | 6.72% | 10.03% |
| Real Estate (General/Diversified) | 12 | $ 484.73 | $ 82.57 | 51.36 | 62.20% | 4.65% | 17.03% | 16.19% | 10.60% | 10.60% |
| Real Estate (Operations & Services) | 54 | $ 3,168.12 | $ 620.33 | 1067.163 | 172.03% | 8.70% | 19.58% | 28.94% | 33.68% | 49.91% |
| Recreation | 49 | $ 2,419.20 | $ 628.51 | 956.914 | 152.25% | 11.45% | 25.98% | NA | 39.55% | NA |
| Reinsurance | 1 | $ 1,255.00 | $ 381.00 | 212 | 55.64% | 30.36% | 30.36% | 30.36% | 16.89% | 16.89% |
| Restaurant/Dining | 64 | $ 24,531.68 | $ 5,226.66 | 5931.628 | 113.49% | 9.92% | 21.31% | 22.06% | 24.18% | 25.61% |
| Retail (Automotive) | 34 | $ 13,865.02 | $ 3,122.75 | 2740.234 | 87.75% | 10.77% | 22.52% | 21.74% | 19.76% | 22.05% |
| Retail (Building Supply) | 14 | $ 30,183.00 | $ 7,272.29 | 7104.255 | 97.69% | 11.84% | 24.09% | 24.61% | 23.54% | 24.03% |
| Retail (Distributors) | 62 | $ 19,607.32 | $ 4,588.95 | 4041.556 | 88.07% | 14.59% | 23.40% | 24.03% | 20.61% | 21.21% |
| Retail (General) | 23 | $ 148,809.22 | $ 29,661.90 | 23681.68 | 79.84% | 19.10% | 19.93% | 20.31% | 15.91% | 16.36% |
| Retail (Grocery and Food) | 15 | $ 4,442.00 | $ 747.70 | 1192.313 | 159.46% | 12.22% | 16.83% | 16.99% | 26.84% | 27.04% |
| Retail (REITs) | 26 | $ 6,983.94 | $ 106.91 | 224.538 | 210.03% | 1.60% | 1.53% | 0.89% | 3.22% | 3.45% |
| Retail (Special Lines) | 94 | $ 22,514.92 | $ 5,497.01 | 5670.159 | 103.15% | 10.07% | 24.41% | 26.06% | 25.18% | 26.61% |
| Rubber& Tires | 3 | $ - | $ - | 170 | #DIV/0! | 0.00% | #DIV/0! | NA | #DIV/0! | NA |
| Semiconductor | 66 | $ 186,113.50 | $ 29,388.10 | 29295.653 | 99.69% | 5.11% | 15.79% | 15.11% | 15.74% | 16.09% |
| Semiconductor Equip | 31 | $ 24,279.74 | $ 4,143.58 | 4141.952 | 99.96% | 9.96% | 17.07% | 17.44% | 17.06% | 17.29% |
| Shipbuilding & Marine | 8 | $ 948.10 | $ 195.10 | 206.246 | 105.71% | 5.26% | 20.58% | 21.20% | 21.75% | 22.36% |
| Shoe | 11 | $ 4,744.72 | $ 899.27 | 1775.269 | 197.41% | 11.86% | 18.95% | 17.99% | 37.42% | 38.08% |
| Software (Entertainment) | 77 | $ 238,763.50 | $ 53,711.20 | 36496.863 | 67.95% | 5.29% | 22.50% | 22.02% | 15.29% | 15.43% |
| Software (Internet) | 29 | $ 3,157.73 | $ 541.45 | 491.343 | 90.75% | 3.05% | 17.15% | 242.91% | 15.56% | 228.94% |
| Software (System & Application) | 309 | $ 210,887.43 | $ 37,983.32 | 42122.596 | 110.90% | 5.51% | 18.01% | 18.49% | 19.97% | 21.16% |
| Steel | 19 | $ 5,261.80 | $ 1,081.32 | 1116.5 | 103.25% | 9.28% | 20.55% | 17.84% | 21.22% | 37.14% |
| Telecom (Wireless) | 12 | $ 15,791.30 | $ 3,620.51 | 546.272 | 15.09% | 4.02% | 22.93% | 22.64% | 3.46% | 3.49% |
| Telecom. Equipment | 57 | $ 21,304.48 | $ 3,524.02 | 6485.85 | 184.05% | 7.06% | 16.54% | 15.33% | 30.44% | 31.96% |
| Telecom. Services | 39 | $ 56,089.56 | $ 10,368.25 | 8348.371 | 80.52% | 3.40% | 18.49% | 17.91% | 14.88% | 16.02% |
| Tobacco | 10 | $ 22,985.87 | $ 4,804.93 | 5067.412 | 105.46% | 14.77% | 20.90% | 20.96% | 22.05% | 22.10% |
| Transportation | 19 | $ 21,430.10 | $ 3,409.93 | 3852.203 | 112.97% | 8.54% | 15.91% | NA | 17.98% | 22.49% |
| Transportation (Railroads) | 4 | $ 16,652.00 | $ 3,736.00 | 2492.457 | 66.71% | 16.98% | 22.44% | 22.64% | 14.97% | 15.24% |
| Trucking | 26 | $ 4,698.10 | $ 1,153.91 | 1018.053 | 88.23% | 12.60% | 24.56% | 25.78% | 21.67% | 23.69% |
| Utility (General) | 14 | $ 20,678.40 | $ 2,991.33 | 1262.2 | 42.20% | 12.77% | 14.47% | 14.47% | 6.10% | 6.10% |
| Utility (Water) | 14 | $ 2,637.97 | $ 420.48 | 77.334 | 18.39% | 11.19% | 15.94% | 14.65% | 2.93% | 2.99% |
| Total Market | 5994 | $ 3,104,146.45 | $ 601,577.62 | 615962.33 | 102.39% | 8.30% | 19.38% | 19.96% | 19.84% | 21.91% |
| Total Market (without financials) | 4822 | $ 2,472,508.18 | $ 480,061.05 | 519789.456 | 108.28% | 7.10% | 19.42% | 20.20% | 21.02% | 23.74% |
Updated January 2026
By Aswath Damodaran