“Wait… they pay taxes?” Yes — and a lot. But 2025 is a very different year.
These companies didn’t suddenly become “tax-free.” They’re using legal, policy-driven incentives tied to massive AI infrastructure investment (data centers, servers, chips) that create big upfront deductions and tax deferrals.
The headline numbers (2024 vs. 2025)
Estimates from 2025 filings referenced in the Yahoo Finance summary you provided
*Alphabet number cited as combined federal + state taxes in the summary you shared.
Key point: This is mostly timing. Lots of this is deferred — not “zero forever.”
Quick definitions (non-nerdy)
- Bonus depreciation: Government lets businesses deduct a big chunk of equipment costs up front (instead of over many years).
- R&D timing: R&D costs get special treatment and interact with other rules; the impact is often about timing/cash taxes.
- Deferral: “Not paying today” doesn’t mean “not paying ever.” It often means “paying later.”