Tariff Refunds at Lightning Speed! Over 40 S&P 500 Companies Claim $9.6 Billion, Apple Bags Nearly $2.2 Billion

As large U.S. companies begin receiving refunds on tariffs previously paid, some firms are experiencing substantial boosts to their profits.

Despite earlier warnings that the tariff refund process might be 'slow and chaotic,' many businesses appear to be reclaiming funds at an astonishing pace: more than 40 companies in the S&P 500 index have reported receiving a total of approximately $9.6 billion in tariff refunds during the past quarter, with at least $2.1 billion already received as actual cash.

The largest disclosed refunds so far include: Apple (AAPL-US) nearly $2.2 billion, Nike (NKE-US) $986 million, FedEx (FDX-US) about $800 million, Amazon (AMZN-US) $640 million, and General Motors (GM-US) $500 million.

As of July 31, U.S. Customs and Border Protection (CBP) had received over 252,000 refund applications related to tariffs ruled illegal by the Supreme Court. Agency officials told a federal court last week that CBP faces a backlog of refund requests totaling $128.7 billion.

Several companies said they have already received all or most of the refunds they applied for, or expect to receive them soon. For example, Nike stated that in the final quarter of its fiscal year ending May 31, it received $302 million in refunds, and by the time it issued its annual shareholder report on July 15, it had nearly received the remaining $684 million.

Other firms explicitly noted that some of their refund applications are still pending. Industrial measurement and automation technology manufacturer Fortive recognized a $4.5 million benefit from tariffs already refunded and expects to receive up to an additional $25 million in the coming period.

These refund amounts reported by companies do not necessarily mean the cash has already been deposited. Firms vary in how they account for these in financial reporting—some only recognize the amount upon actual receipt, while others reflect expected recoveries in their financial statements.

Barcode scanner and printer maker Zebra Technologies (ZBRA-US) determined in Q2 that $73 million in tariffs it previously paid would likely be fully refunded. By the end of the quarter ending July 4, the company had received $14 million in cash, with the remainder recorded as receivables. As of July 31, the company said it had received an additional $27 million in refunds.

For some companies, tariff refunds have made a significant contribution to single-quarter performance. Apple said the tariff refunds increased its last quarter’s earnings per share by 11 cents, accounting for about 5% of that quarter’s EPS.

GE Healthcare Technologies said that of its $1.24 per-share profit in the quarter ended June 30, 18 cents came from tariff refunds. The company said it had already received $107 million in tax refunds and expects another $38 million.

However, for many companies, even as tariff refunds bring notable benefits, they are offset by ongoing tariff payments.

Heavy equipment giant Caterpillar (CAT-US) recently recognized $392 million in expected recoverable refunds for the latest quarter but said its financial outlook for the remainder of the year does not include further refunds. The company expects its total tariff expenses for the year to reach $2.2 billion, not including recoverable amounts.

So far, the technology hardware sector has reported the highest refund amounts—about six companies totaling $2.5 billion, with nearly 90% coming from Apple.

More than 12 capital goods companies have reported around $1.3 billion in refunds, including heavy equipment makers Caterpillar and Deere (DE-US) at $272 million, defense contractor Lockheed Martin (LMT-US) receiving $140 million over six months, and toolmaker Stanley Black & Decker (SWK-US) at $118 million.

Several companies said they plan to pass part of the refunds back to customers. For example, FedEx said it will begin returning its $800 million in refunds to shipping customers and consumers starting in August.

FedEx said it acts as a collection agent for tariffs and taxes, legally required to charge customers these fees, and customers can track the status of refunds via FedEx’s website.

Costco (COST-US) is one of several companies facing class-action lawsuits from consumers seeking tariff refunds. The company said it plans to return refunds to customers “in some form,” at levels comparable to the tariff costs previously passed on to customers. However, it noted that the federal refund process itself could take several months.

IDEX, which sells pumps and valves serving multiple industries, said it expects to return $14.7 million to customers—about two-thirds of the over $20 million in refunds it has already received.

Some companies have not clearly specified the sources of expected recoverable amounts. Ford Motor (F-US) said it expects to receive about $3 billion in tariff compensation from the federal government and suppliers combined, with about $1.3 billion stemming from the Supreme Court ruling that invalidated the Trump administration’s emergency tariffs.

Amazon said it has identified “limited situations” where tariff costs were borne by customers, and once it receives the refund cash, it will contact those customers and return the funds.