Aug 5, 2026
Follow us on Google for more Moneywise news
Add us on GoogleIn February 2026, the Supreme Court struck down President Trump’s tariffs, ruling that the government owes businesses $166 billion in tariff refunds. Now, company earnings calls at the end of the second quarter are revealing how much these companies have received as a result of the ruling, and what they intend to do with the windfall.
Amazon [NASDAQ:AMZN] CFO Brian Olsavsky said in an earnings call that the company received $600 million in tariff refunds and plans to distribute a portion of the funds back to a small selection of customers who paid specific import charges as a result of the tariffs.
Advertisement
Amazon’s refund is relatively limited compared to many of the other large companies that claimed a tariff refund. Apple [NASDAQ:AAPL] announced that tariff refunds represented 2 percentage points of its 50.1% gross margin. In April, Ford said it’s set to receive $1.3 billion in tariff refunds.
Thanks for subscribing!
The money news that actually matters.
By signing up, you accept Moneywise Terms of Use, Subscription Agreement, and Privacy Policy.
On Amazon’s earnings call, Olsavsky says the reason for the limited refund is because the tariffs had a limited impact on Amazon directly.
“First, our teams did a lot of work forward-buying and pre-positioning inventory to avoid tariff costs. Second, we are not the importer of record for the large majority of items sold in our store, given suppliers typically handle imports and pay relevant tariffs,” Olsavsky said on the call. “In cases where we did see an increase in cost due to tariffs, we largely absorbed these costs rather than pass them on to customers.”
Who gets a refund from Amazon?
Amazon has remained vague about how much of the $600 billion refund will go to customers, but said it has identified “a limited set of circumstances” where Amazon passed import charges onto customers.
“When we receive those refunds, we will proactively contact affected customers and automatically issue refunds to them,” Olsavsky said. “Otherwise, like other large retailers, we’ll utilize refunds to continue to invest in low prices for customers.”
From the start of 2025 up to September, Amazon’s prices rose an average of 5.7%, according to CNBC reporting. Its price increase was considerably higher than those of Walmart [NASDAQ:WMT] and Target [NYSE:TGT], both of which saw a 1.7% price hike in the same period. However, Amazon’s sales are driven by third-party sellers, which make up over 60% of all units sold, and have been hit by tariffs as well.
Tariff refunds haven’t reached consumers
Despite its limited refund, Amazon is one of the few companies that has announced an intention to directly refund customers affected by tariffs, however few these incidents may be.
Executives at Walmart, which is set to receive $2.4 billion in tariff refunds, plan to use tariff refunds to “invest in the customer and invest in price,” Walmart CFO John David Rainey said in its recent earnings call, stopping short of offering rebates for tariff-increased prices in 2025.
“We’ll continue to lean in and try to be there for our members and customers in this environment,” he said.
Similarly, Costco [NASDAQ:COST] has not announced a cash payout yet, but its CEO, Ron Vachris, said on an earnings call in May, “Our plan is to return to our members in some form the portion of tariffs that were passed on to them.” However, returns will be seen in future prices, not refunds on past prices.
Some companies have expressed no intentions to pass on tariff refunds to consumers. Apple, with its estimated refund of $2.2 billion, says its investing in U.S. manufacturing, making no mention of potential rebates.
Advertisement
Nintendo, which sued the federal government in March for part of the tariff refund, is fending off a class-action lawsuit that alleges it is illegally profiting from bloated prices as a result of tariffs if it does not pass the refund onto its customers.
“Nintendo or one of its retailers set a price for each product, and consumers decided whether that price was worth paying,” Nintendo attorneys wrote in a motion to dismiss the lawsuit.
“Those who bought Nintendo’s products received exactly what they bargained and paid for: a console, game, and/or accessory at a price to which both parties agreed. The money Plaintiffs paid represents the purchase price of the goods they wanted and received.”
Of the $166 billion up for grabs, approximately $71 billion has been returned through May and June, according to the Tax Foundation. Though companies are the main beneficiaries of the tariff refunds, consumers bore a significant burden of the tariffs, averaging a tax increase of about $1,000 per U.S. household in 2025.
Legislation introduced to the House of Representatives in March by representatives Rosa DeLauro, Frank Mrvan, and Angie Craig would require companies that receive more than $5 million in tariff refunds to distribute refunds directly to consumers. The Tariff Relief for Consumers Act was referred to the House Committee on Ways and Means, where it still remains.
You May Also Like
- JP Morgan sees gold hitting $6,000/oz before 2027 — and a Gold IRA lets you hold the physical metal while deferring the tax bill. Get your free guide from Priority Gold
- Dave Ramsey warns nearly 50% of Americans are making 1 big Social Security mistake — here’s what it is and the simple steps to fix it ASAP
- Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's how
- Millionaires under 43 are reshaping investing — just 25% of their portfolios are in stocks. Here’s where their money is going
Paul Kim is a Brooklyn-based freelance writer and editor. He has spent much of his career in service journalism, helping readers make smart decisions, whether they’re looking for the best pet insurance or a great place to grab lunch.
