Major US companies are receiving billions of dollars in tariff refunds after the US Supreme Court struck down a key part of President Donald Trump's tariff programme. The refunds are providing a significant, though in many cases temporary, lift to corporate earnings.
More than 40 S&P 500 companies have disclosed about $9.6 billion in tariff refunds over the past few months, according to a report by The Wall Street Journal. At least $2.1 billion of that amount has already been received in cash.
The refund process gathered pace after the Supreme Court invalidated tariffs imposed under a key emergency-powers provision. US Customs and Border Protection had received more than 252,000 refund applications by July 31. Around $128.7 billion in refunds had been accepted for processing.
Apple Leads the Refund Windfall
Apple has emerged as the biggest disclosed beneficiary so far. The iPhone maker reported nearly $2.2 billion in tariff refunds.
Apple said the refunds added 11 cents to its latest quarterly earnings per share. That represented roughly 5% of its total quarterly earnings.
Nike also received substantial relief. The sportswear giant reported $302 million in tariff refunds during the quarter ended May 31. It said nearly all of another $684 million had been received by July 15.
Amazon reported $640 million in refunds. The company said it would reimburse customers where it could identify tariffs that had been passed directly to them. In other cases, Amazon plans to use the money to support lower prices and continued investment.
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Refunds Spread Across Industries
FedEx has reported about $800 million in refunds. Since it typically passes duties and taxes through to customers, the company plans to distribute the refunds to shippers and consumers.
General Motors disclosed roughly $500 million, while Caterpillar recorded $392 million in expected tariff recoveries.
Other major beneficiaries include Lockheed Martin, with $140 million, and Stanley Black & Decker, with $118 million.
GE HealthCare said $107 million in refunds had been received, with another $38 million expected. The refunds contributed 18 cents to its $1.24 quarterly earnings per share.
Ford Motor Company expects about $3 billion in tariff reimbursements from the government and suppliers. Around $1.3 billion is tied directly to the Supreme Court decision.
Refunds Do Not Mean Permanent Gains
The financial impact varies because companies are using different accounting methods. Some recognise refunds after receiving cash, while others record expected payments as receivables.
The benefits may also prove temporary. Many companies continue to pay tariffs on imports, which can offset part of the refunds.
Technology hardware companies have disclosed roughly $2.5 billion in refunds. However, Apple accounts for nearly 90% of that total.
The scale of the refunds highlights how the court ruling is reshaping corporate finances. For some companies, the payments are materially lifting earnings. For others, they may simply recover costs created by tariffs that remain part of the operating environment.
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