The White House clarified that this tax would only apply to new visas and is not an annual fee. Nevertheless, the announcement prompted companies and governments worldwide to quickly assess the potential implications over the weekend. In response, Baird compiled a list of companies within the consulting and professional services industry, detailing their average visa application approvals from 2015 to 2024. The accompanying chart highlights the companies with the highest approval rates.
Baird noted that the actual number of workers who end up working in the U.S. is typically lower than the number of approvals granted. Leading the list is the India-based consulting firm Infosys, which averages just over 3,750 approvals annually. This comes during a challenging year for the company, with its stock price plummeting around 22%. Despite this, the average analyst polled by LSEG maintains a hold rating on the stock, with a typical price target suggesting a potential rebound of over 17% in the coming year.
Following Infosys is Cognizant Technology Solutions, averaging more than 2,450 approvals each year. Baird analyst David Koning indicated that Cognizant is the most affected company within his coverage group. He pointed out that application numbers have been declining since mid-2010, and the actual number of workers arriving on this visa type is likely closer to 1,000. Koning estimates that Cognizant could experience a margin impact of 25 basis points and a 1.5% decrease in earnings per share. The company’s shares have also fallen more than 11% in 2025. Analysts generally hold a neutral stance on Cognizant, with a price target that implies a potential 27% rally, according to LSEG.
Goldman Sachs’ James Schneider echoed these concerns, identifying Cognizant as facing the highest risk in his coverage. In contrast, professional services firm Accenture is expected to experience a more modest impact from the new policy. Accenture has seen just under 1,200 approvals on average each year, although Koning noted a significant decline in these numbers in recent years. He estimates a financial impact of less than 5 basis points on margins and around 0.25% on earnings per share. Accenture’s shares have dropped over 31% since the beginning of 2025, yet the typical analyst surveyed by LSEG maintains a buy rating, with a price target indicating an upside of more than 28%.
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