§Reference·I·Financial

Income Taxes

effective tax rate, deferred tax assets and liabilities, and tax rate reconciliation.

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Home Depot

5,108disclosures indexed

5,032public companies

Key signals

The income tax disclosure reveals how much a company actually pays in taxes versus what the statutory rate would predict. Analysts focus on the effective tax rate (ETR) reconciliation, which breaks down every item driving the gap between the 21% federal rate and the company's reported ETR — including R&D credits, foreign rate differentials, and state taxes. Deferred tax assets (DTAs) and their valuation allowances signal management's confidence in future profitability: a rising allowance suggests the company doubts it can use accumulated tax benefits. Uncertain tax benefit (UTB) reserves quantify exposure to IRS challenges on aggressive positions.

Key signals to watch: sudden ETR drops without clear operational reasons, large increases in valuation allowances, growing UTB balances, and significant unremitted foreign earnings. Post-TCJA, pay attention to GILTI and BEAT provisions that affect multinational tax structures. Compare the cash taxes paid (from the cash flow statement) against the income tax provision to gauge earnings quality.

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Income Taxes

Apple

Microsoft

Alphabet

Amazon

Meta Platforms

NVIDIA

Tesla

JPMorgan Chase

Visa

Mastercard

Walmart

Exxon Mobil

Johnson & Johnson

UnitedHealth

Procter & Gamble

Home Depot

Track income taxes disclosures across the companies you watch.