Sales growth for America's big companies is now expected to be zero

America's biggest companies now expect that sales will be flat in 2015.

In a note to clients this weekend, David Kostin at Goldman Sachs wrote that consensus forecasts for sales growth in 2015 is now at 0% as declining estimates among energy companies have taken their toll on expectations.

Here's Kostin:

"Consensus now forecasts 0% S&P 500 sales growth in 2015 following a 5% cut in revenue forecasts since October. Low oil prices along with FX headwinds and pension charges have weighed on 4Q EPS results and expectations for 2015."

Excluding energy, S&P 500 sales forecasts have been cut to 4% from 5%.

The negative revisions to sales forecasts have largely come from the energy and materials sectors, Kostin notes, with sales estimates in those sectors falling by 23% and 5%, respectively.

And so as the crash in oil prices takes it toll on America's largest oil companies, the 500 biggest companies now face the collective specter of no sales growth this year.