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Hindustan Times
6 hours ago
- Hindustan Times
Cash Windfall From Trump's Tax Law Is Starting to Show Up at Big Companies
Provisions in President Trump's 'One Big Beautiful Bill Act' will give windfalls to companies. The magnitude of the cash savings from this summer's federal tax legislation is starting to take shape at America's biggest companies. AT&T recently said it expected $1.5 billion to $2 billion in cash tax savings this year, due to provisions in the tax-and-spending law dubbed the Bill Act">One Big Beautiful Bill Act. The high end of the range is equivalent to an 11% boost to analyst estimates of 2025 free cash flow before the law was enacted. AT&T estimated annual cash tax savings of $2.5 billion to $3 billion in both 2026 and 2027. In short, changes like allowing upfront depreciation of assets and immediate expensing of research-and-development expenses will bring swift windfalls to American corporations but also lasting tailwinds. This in turn has provided incremental fuel to stock markets, a counterweight to risks from tariffs and other policy uncertainty. The cash savings won't affect reported earnings, which are calculated using different accounting rules than taxes. It won't all ultimately end up in free cash flow either, because AT&T plans to reinvest much of the savings in new capital projects. But the change is still a positive for the company's shareholders and valuation, all other things being equal. 'More cash in the company's pocket. Less cash in Uncle Sam's pocket. That in theory should be good for investors,' said David Zion, founder of Zion Research Group and a longtime accounting and tax analyst. AT&T raised its 2026 and 2027 estimates for free cash flow by $1 billion each year to $18 billion and $19 billion, respectively. That means more available cash to pay for things like debt reduction or buying back stock. Free cash flow typically is defined as cash flow from operating activities minus capital expenditures. AT&T's numbers are small potatoes compared with the biggest tech giants' expected windfalls. Zion in a recent report estimated that Meta Platforms' cash tax savings could be as much as $11 billion this year. That is equivalent to 31% of previously estimated free cash flow for the year. Similarly, Zion estimates cash tax savings this year could be $15.7 billion, equivalent to 43% of the average analyst estimate for 2025 free cash flow. Other companies with estimated one-year savings equivalent to 30% of free cash flow or more include Charter Communications, Targa Resources and Texas Instruments. All told, Zion estimates $148 billion in cash tax savings for a sample that covered 369 of the companies in the S&P 500. That is equivalent to 8.5% of the companies' combined full-year estimates for free cash flow as of June 30, right before Congress passed the tax law, using estimates compiled by S&P Global Market Intelligence. Amazon, Meta, Alphabet and Microsoft together accounted for 38% of the total. Most companies, including those four, haven't disclosed estimates yet quantifying the impact. Zion used 2025 estimates for companies with calendar fiscal years and 2026 estimates for companies with non-calendar fiscal years. The firm's $148 billion estimate covers three major tax changes with the biggest potential impact on free cash flow. For starters, the new tax law brings back so-called 100% bonus depreciation. This means businesses can fully and immediately expense most depreciable assets in the U.S. for tax purposes, if they acquired and placed the assets into service after Jan. 19. The government also reinstated upfront expensing for U.S. research and development. That includes letting companies accelerate the expensing of previously unamortized R&D costs, which mainly is a one-time benefit rather than a sustainable source of cash. At Meta, for instance, Zion estimates $4.6 billion of the $11 billion in savings would come from accelerating expensing of unamortized R&D already on the books, while $3.6 billion would be from upfront expensing of new R&D, and $2.8 billion would be from full expensing of business property. Zion used rough, back-of-the-envelope math for his estimates. The savings could be lower, depending, in part, on the tax choices that companies make. For instance, some companies could elect not to fully accelerate expensing of unamortized R&D this year. Another provision in the new tax law relaxed the limit on deductibility of interest expense. The Congressional Budget Office estimated the new law's provisions on deductibility for capital expenditures, R&D and interest expense would cost the government $363 billion, $141 billion and $61 billion, respectively, over 10 years. So while some provisions provide only a near-term boost, others will keep paying off for companies for years to come. Whatever one's views about corporate tax breaks and ballooning budget deficits, they likely have helped bolster stock valuations. Write to Jonathan Weil at
Time of India
7 hours ago
- Time of India
Boeing defence workers strike for first time in nearly 30 years: 32k machinists reject revised wage, retirement offer; last walkout was in 1996, lasted 99 days
In an unprecedented move, Boeing Co.'s defence workers in St. Louis have initiated their first strike in nearly 30 years after rejecting the company's revised contract proposal. Approximately 3,200 machinists ceased work at midnight following their rejection of an offer featuring a 20% wage increase and enhanced retirement benefits. The last strike action occurred in 1996, lasting 99 days. "IAM District 837 members have spoken loud and clear, they deserve a contract that reflects their skill, dedication, and the critical role they play in our nation's defense," Tom Boelling, the union local's top official, said in a statement ahead of the deadline, as quoted by Bloomberg. The strike poses additional financial challenges for Boeing's defence and space division, which accounts for roughly one-third of company revenue. However, this strike affects a significantly smaller operation compared to the civil aircraft division's walkout last year, which halted Seattle-area production and led to Boeing's nearly £24 billion equity sale. "We are prepared for a strike and have fully implemented our contingency plan to ensure our non-striking workforce can continue supporting our customers," Dan Gillian, a Boeing vice president and senior St. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Knee pain treatment prices might surprise you Knee pain| search ads Find Now Undo Louis site executive, said in a statement, quoted by Bloomberg. The striking workers produce F-15 fighters, T-7 training jets, missiles, munitions and 777X commercial jet components. Boeing secured a contract in March to develop the US's next-generation stealth fighter, the F-47, outbidding Lockheed Martin Corp. Boeing's defence segment reported profits for two consecutive quarters, avoiding previous charges. The division improved its performance on fixed-price development programmes that had caused earlier cost overruns. Aerospace manufacturers have experienced increased union activity, with skilled mechanics gaining bargaining power amid labour shortages. Earlier this year, Pratt & Whitney faced a three-week machinists' strike, affecting Airbus SE engine supplies. Boeing's commercial operations experienced a two-month worker stoppage in late 2024. During the July 29 earnings call, Boeing CEO Kelly Ortberg minimised the strike's potential impact, noting the St. Louis union's smaller size compared to Seattle's. On July 31, Gillian told reporters that Boeing had modified its offer to address Local 837 members' concerns following their initial proposal rejection. The revised offer would increase average wages from £75,000 to £102,600 for IAM 837 members. Boeing removed a disputed scheduling proposal and modified 401(k) terms for immediate full contribution increases. The company stated it would withdraw its £5,000 signing bonus if workers didn't ratify the contract on Sunday. Stay informed with the latest business news, updates on bank holidays and public holidays . Discover stories of India's leading eco-innovators at Ecopreneur Honours 2025
Business Standard
8 hours ago
- Business Standard
L&T's renewables vertical bags significant order for Solar-BESS project in Bihar
Larsen & Toubro (L&T) has announced that its Renewables business vertical has secured a significant order to develop a grid-connected 116 MWac PV plant, integrated with a 241 MWh Battery Energy Storage System (BESS), at Kajra in Bihar. As per L&T's internal classification, the value of the contract falls within the range of Rs 1,000 crore to Rs 2,500 crore. According to a regulatory filing, this engineering, procurement, and construction (EPC) order marks an extension of the earlier phase of the project. With this addition, the total co-located storage capacity at the Lakhisarai renewable energy site will rise to 495 MWh making it the largest such project awarded by a state utility in India. The deployment of a 4-hour BESS alongside intermittent solar generation will facilitate energy time-shifting enabling surplus clean energy to be stored and dispatched during peak demand periods. The advanced BESS system will feature liquid cooling technology, which ensures higher power density, enhanced safety, and extended operational life. This initiative aligns with the Government of Indias policy emphasis on co-located renewable energy storage systems and supports Bihars Jal-Jeevan-Hariyali Abhiyan (Water, Life, and Greenery Mission). It also contributes to employment generation and long-term energy security in the region. Earlier, L&Ts Renewables vertical had secured an EPC order for a 275 MW Solar PV project in Gujarat, further strengthening its portfolio of flexible, efficient, and cost-effective clean energy systems. Larsen & Toubro is an Indian multinational engaged in EPC projects, hi-tech manufacturing, and services. The company reported 30% jump in consolidated net profit to Rs 3,617.19 crore on a 16% rise in revenue to Rs 63,678.92 crore in Q1 FY26 as compared with Q1 FY25. The counter rose 0.29% to Rs 3,600.10 on the BSE.
