Companies in Luxembourg with the highest income tax expense
Income tax expense is the tax a company charged against profit in its income statement for the year. It is not the same as the cash it handed to tax authorities: deferred tax, provisions and timing differences separate the two, often by billions. The cash figure is a different line in the cash-flow statement. Figures are for fiscal year 2025 and are read directly from each company's SEC filings; the source column on every row links to the document.
Tenaris (TS) tops the list with $501M in income tax expense for fiscal 2025, ahead of Arcelormittal ($359M) and Ternium ($345M). The top 9 together report $1.8B in income tax expense; the gap between #1 and #9 is ×36.92. 9 companies in Luxembourg report income tax expense, 0.4% of the 2320-filer universe.
| # | Company | Income tax expense | YoY | 15-year trend |
|---|---|---|---|---|
| 1 | TenarisTSLUMaterials | $501M | +4.4% | |
| 2 | ArcelormittalMTLUMaterials | $359M | −76.6% | |
| 3 | TerniumTXLUMaterials | $345M | −37.7% | |
| 4 | Millicom International CellularTIGOLUCommunication services | $303M | +7.8% | |
| 5 | AlvotechALVOLUHealthcare | $108M | +658.2% | |
| 6 | Corporacion America AirportsCAAPLUIndustrials | $75.0M | −74.9% | |
| 7 | CriteoCRTOLUCommunication services | $54.2M | +36.2% | |
| 8 | GlobantGLOBLUTechnology | $35.2M | −15.1% | |
| 9 | Spotify TechnologySPOTLUCommunication services | $13.6M | −93.8% |
All figures from SEC filings · FY2025 · 9
see sources
- Tenaris 0001554855-26-000490
- Arcelormittal 0001243429-26-000020
- Ternium 0001342874-26-000020
- Millicom International Cellular 0001628280-26-020831
- Alvotech 0001898416-26-000004
- Corporacion America Airports 0001104659-26-029442
- Criteo 0001576427-26-000014
- Globant 0001628280-26-012910
- Spotify Technology 0001628280-26-006874
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<p style="max-width:680px;font:13px system-ui,sans-serif">Source: <a href="https://companiesranked.com/en/companies-in-luxembourg-with-the-highest-income-tax-expense">Companies in Luxembourg with the highest income tax expense</a> — CompaniesRanked, compiled from SEC EDGAR filings</p>Cite this page
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CompaniesRanked. (September 25, 2026). Companies in Luxembourg with the highest income tax expense. CompaniesRanked. https://companiesranked.com/en/companies-in-luxembourg-with-the-highest-income-tax-expenseBibTeX
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author = {{CompaniesRanked}},
title = {{Companies in Luxembourg with the highest income tax expense}},
year = {2026},
howpublished = {\url{https://companiesranked.com/en/companies-in-luxembourg-with-the-highest-income-tax-expense}},
note = {Compiled from SEC EDGAR XBRL filings; data as of 2026-09-25},
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