U.S. Corporate Profits Soared in Second Quarter, Boosted by Tax Cuts and Economic Growth

Commerce Department measured 16.1% year-over-year gain, the largest in six years

Harriet Torry and

Theo Francis

Updated Aug. 29, 2018 1:46 p.m. ET

WASHINGTON—U.S. corporate profits boomed in the second quarter, boosted by large tax cuts and stronger economic growth than initially reported.

The Commerce Department said its broadest measure of profits across the U.S. economy rose 16.1% from the second quarter a year earlier, the largest year-over-year gain in six years.

Taxes were a big...