DFT studies have been carried out on 46 azuliporphyrin (AzP) and tropiporphyrin (TrP) tautomers, cations, and dications. The structures were minimized using DFT-B3LYP/6-311++G(d,p), and the relative stabilities of the tautomers for each series were computed with M06-2X and B3LYP-D3 functionals. Nucleus independent chemical shifts, both NICS(0) and NICS(1)(zz), were calculated for both the center of the macrocycles and the individual pyrrolic and carbocyclic subunits. In addition, anisotropy of induced current density (AICD) plots were generated for all of the species under investigation. The results provided insights into the favored conjugation pathways and aromatic properties of these important carbaporphyrinoid systems. The pi delocalization pathways for AzP were complex, and contrary to previous speculations, there was no evidence for tropylium characteristics in the favored free base structure. The global diatropicity of AzP was found to increase with increasing solvent polarity, in agreement with experimental observations. TrP was shown to be planar and to possess a large global diamagnetic ring current. However, NICS calculations and AICD plots indicated that the cycloheptatrienyl components of the two most favored TrP tautomers have paratropic characteristics. These results are not fully consistent with the proton NMR spectra for TrPs. A dihydroTrP and a Diels-Alder adduct were investigated, and these showed exceptionally large shielding effects with NICS(1)(zz) values of -36.53 and -36.92 ppm, respectively, in agreement with experimental results. A silver(III) complex of tropiporphyrin was also examined, and this showed no paratropic character for the seven-membered ring, although in this case, the system was found to be severely twisted. Overall, the results provide important information about the electronic properties of AzP and TrP tautomers, as well as for related protonated species, and complement the extensive experimental studies that have been conducted on these systems.