Java 8 - Best way to transform a list: map or foreach?

I agree with the existing answers that the second form is better because it does not have any side effects and is easier to parallelise (just use a parallel stream).

Performance wise, it appears they are equivalent until you start using parallel streams. In that case, map will perform really much better. See below the micro benchmark results:

Benchmark                         Mode  Samples    Score   Error  Units
SO28319064.forEach                avgt      100  187.310 ± 1.768  ms/op
SO28319064.map                    avgt      100  189.180 ± 1.692  ms/op
SO28319064.mapWithParallelStream  avgt      100   55,577 ± 0,782  ms/op

You can't boost the first example in the same manner because forEach is a terminal method - it returns void - so you are forced to use a stateful lambda. But that is really a bad idea if you are using parallel streams.

Finally note that your second snippet can be written in a sligthly more concise way with method references and static imports:

myFinalList = myListToParse.stream()
    .filter(Objects::nonNull)
    .map(this::doSomething)
    .collect(toList()); 

Don't worry about any performance differences, they're going to be minimal in this case normally.

Method 2 is preferable because

1. it doesn't require mutating a collection that exists outside the lambda expression.

2. it's more readable because the different steps that are performed in the collection pipeline are written sequentially: first a filter operation, then a map operation, then collecting the result (for more info on the benefits of collection pipelines, see Martin Fowler's excellent article.)

3. you can easily change the way values are collected by replacing the Collector that is used. In some cases you may need to write your own Collector, but then the benefit is that you can easily reuse that.