Utilities companies 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.

Ranks 1–84 of 84 · Fiscal year 2025 · Data as of September 25, 2026

Cheniere Energy (LNG) tops the list with $1.5B in income tax expense for fiscal 2025, ahead of Edison International ($1.3B) and Constellation Energy ($1.2B). The top 10 together report $9.7B in income tax expense; the gap between #1 and #10 is ×2.12. 84 companies in Utilities report income tax expense, 3.6% of the 2320-filer universe. The last place on the list, Quest Resource, comes in at $16,000.

Income tax expense
#CompanyIncome tax expenseYoY15-year trend
1Cheniere EnergyLNGUS$1.5B+83.5%
2Edison InternationalEIXUS$1.3B+7,494.1%
3Constellation EnergyCEGUS$1.2B+53.4%
4OneokOKEUS$1.0B+3.0%
5Williams CompaniesWMBUS$857M+33.9%
6Kinder MorganKMIUS$832M+21.1%
7SouthernSOUS$828M−14.6%
8TC EnergyTRPCA$815M+21.0%
9Waste ManagementWMUS$717M+0.6%
10SempraSREUS$701M+220.1%
11Duke EnergyDUKUS$642M+8.8%
12Venture GlobalVGUS$630M+44.2%
13Consolidated EdisonEDUS$574M+80.5%
14Dominion EnergyDUS$532M+29.4%
15Targa ResourcesTRGPUS$530M+37.8%
16ExelonEXCUS$523M+152.7%
17EntergyETRUS$498M+30.7%
18Republic ServicesRSGUS$455M+17.3%
19Brookfield InfrastructureBIPCUS$385M+5.5%
20Energy TransferETUS$350M−35.3%
21Waste ConnectionsWCNCA$341M+133.2%
22Essential UtilitiesWTRGUS$311M+1.0%
23American Water WorksAWKUS$311M+1.0%
24PPLPPLUS$291M+27.6%
25FirstenergyFEUS$288M−23.6%
26FortisFTSCA$281M+11.3%
27Atmos EnergyATOUS$279M+44.8%
28NRG EnergyNRGUS$270M−16.4%
29Public Service EnterprisePEGUS$263M+396.2%
30CMS EnergyCMSUS$246M+39.8%
31NiSourceNIUS$204M+28.9%
32CenterPoint EnergyCNPUS$195M0.0%
33VistraVSTUS$179M−72.7%
34National Fuel GasNFGUS$176M+1,702.0%
35Hydro OneHRNNFCA$157M+18.6%
36Antero MidstreamAMUS$151M+2.2%
37DT MidstreamDTMUS$144M+5.1%
38Eversource EnergyESUS$140M−67.0%
39Clean HarborsCLHUS$137M+4.5%
40AmerenAEEUS$136M+63.9%
41American Electric PowerAEPUS$129M+$168M
42Wec EnergyWECUS$118M−46.8%
43Wisconsin Electric PowerWELPPUS$115M−15.7%
44Pinnacle West CapitalPNWUS$107M−3.4%
45ArchrockAROCUS$101M+67.7%
46New Jersey ResourcesNJRUS$97.0M+14.2%
47Oge EnergyOGEUS$89.8M+13.5%
48Algonquin Power & UtilitiesAQNCA$65.0M−65.2%
49New Fortress EnergyNFEUS$61.4M−12.7%
50SpireSRUS$59.7M+1.7%
51EmeraEMACA$58.0M+$174M
52Clearway EnergyCWENUS$56.0M+86.7%
53Portland General ElectricPORUS$53.0M+43.2%
54Talen EnergyTLNUS$53.0M−45.9%
55Chesapeake UtilitiesCPKUS$52.7M+22.0%
56Kinetik HoldingsKNTKUS$50.7M+120.2%
57Otter TailOTTRUS$46.4M−28.9%
58Enlight Renewable EnergyENLTIL$43.9M+140.1%
59Black HillsBKHUS$43.7M+20.4%
60Northwest NaturalNWNUS$41.4M+33.1%
61Hawaiian Electric IndustriesHEUS$40.6M+$512M
62American States WaterAWRUS$39.4M+30.4%
63Kodiak Gas ServicesKGSUS$31.9M+24.7%
64EvergyEVRGUS$29.9M−0.3%
65Kenon HoldingsKENSG$28.2M−30.4%
66Excelerate EnergyEEUS$27.9M+6.9%
67AvistaAVAUS$24.0M+700.0%
68Enterprise Products PartnersEPDUS$23.0M−64.6%
69California Water ServiceCWTUS$19.1M−55.0%
70UgiUGIUS$18.0M−74.6%
71UnitilUTLUS$15.3M+9.3%
72Western Midstream PartnersWESUS$15.1M−16.7%
73H2o AmericaHTOUS$12.4M+37.7%
74TransaltaTACCA$12.2M−79.2%
75Via RenewablesVIASPUS$10.5M−35.3%
76TXNM EnergyTXNMUS$10.2M−52.7%
77Genie EnergyGNEUS$8.3M−46.2%
78Northwestern EnergyNWEUS$6.5M+$15.9M
79Casella Waste SystemsCWSTUS$5.2M−31.0%
80USA Compression PartnersUSACUS$4.9M+118.2%
81Middlesex WaterMSEXUS$4.8M−30.2%
82Consolidated WaterCWCOKY$2.2M−2.4%
83Hallador EnergyHNRGUS$1.8M+$11.2M
84Quest ResourceQRHCUS$16,000−94.5%

All figures from SEC filings · FY2025 · 84

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{{cite web |title=Utilities companies with the highest income tax expense |url=https://companiesranked.com/en/utilities-companies-with-the-highest-income-tax-expense |website=CompaniesRanked |date=2026-09-25 |language=en}}

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@misc{companiesranked-en-utilities-companies-with-the-highest-income-tax-expense-2026,
  author       = {{CompaniesRanked}},
  title        = {{Utilities companies with the highest income tax expense}},
  year         = {2026},
  howpublished = {\url{https://companiesranked.com/en/utilities-companies-with-the-highest-income-tax-expense}},
  note         = {Compiled from SEC EDGAR XBRL filings; data as of 2026-09-25},
  urldate      = {2026-09-25}
}

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