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President Donald J. Trump’s One Big Beautiful Bill is fueling a renaissance in American business competitiveness. Thanks to the landmark bill’s tax reforms — including full expensing for new domestic factories, capital investments, and R&D, along with the largest tax cut in history and numerous other pro-growth provisions — companies nationwide are reporting enhanced cash flow, accelerated job-creating investments, and increased business.

In earnings reports and shareholder calls, companies are singling out the legislation as a key catalyst for renewed optimism:

AT&T says it could see as much as $8 billion in cash savings over the next two years, allowing it to invest in its network and pension plan.
- CEO John Stankey: “Thanks to the policies in this legislation, we intend to invest more rapidly in next generation networks … In addition to investing a portion of these cash tax savings into our network, we intend to contribute $1.5 billion to our pension plan by the end of next year. This, coupled with the job creation associated with our stepped-up investments in world-class US communications infrastructure, demonstrates why the One Big Beautiful Bill Act is great policy for American workers.”
Johnson & Johnson says the company finally has “certainty” for its planned U.S.-based manufacturing investments.
- Executive VP and CFO Joseph Wolk: “We are pleased that the One Big Beautiful Bill Act provides certainty for our previously announced $55 billion commitment to invest here in the United States. This includes provisions such as permanent expensing for domestic R&D spend, permanent bonus depreciation, and 100% expensing of qualified production property, including our newly planned facility in North Carolina.”
Northrop Grumman Corporation says it will see “a cash tax benefit of $200 million to $250 million for the year.”
- Corporate VP and CFO Ken Crews: “We did have very strong segment operating performance within the quarter, as you mentioned. One non-operational item that offset that was the change regarding tax reform. And overall, tax reform was a positive change, increasing cash flow that we can invest in the business, provide opportunities for people, and things of that nature.”
Booz Allen Hamilton says it is raising its free cash flow outlook by $200 million.
- CFO Matt Calderone: “We saw a meaningful increase in our cash flow outlook. The change in R&D capitalization in The One Big Beautiful Bill will result in roughly $200 million federal cash tax benefit this fiscal year.”
United Rentals, Inc., says it is raising its free cash flow outlook by $400 million.
- Executive VP and CFO Ted Grace: “Supported by the strength of our underlying business and the benefits from recent tax reform, we have increased our planned share repurchases for the year by $400 million to $1.9 billion. … The increase in free cash flow primarily reflects the benefits of recently enacted tax reform, which reinstated full expensing of CapEx and thus, will reduce our cash taxes.”
PACCAR, Inc., a manufacturer of large commercial trucks, says it has seen an increase in interest by potential buyers.
- CEO Preston Feight: “[Customers] are actually starting to engage us on that as that legislation has passed, and It does have benefits to their cash, their ability to deploy that cash for capital asset purchases like trucks is starting to be part of the conversation and is part of our optimism for the latter part of the year.”
The Walt Disney Company says it expects to see a further boost to earnings.
- Senior Executive VP and CFO Hugh Johnston: “It will be a positive to us … We do expect a positive cash tax impact, which obviously benefits us from a cash flow perspective.”
Other U.S. companies will see cash windfalls, predicts one longtime analyst — including as much as $15.7 billion in tax savings for Amazon and $11 billion for Meta.
- The Wall Street Journal: “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.”