Fortune 500 companies got billions in tariff refunds. Here’s who’s giving customers a cut—and who isn’t

Fortune 500 companies have received billions in tariff refunds, but it remains unclear if these refunds will be passed on to consumers. Amazon, the top company on the Fortune 500 list, received approximately $640 million in tariff refunds during the second quarter of 2026, which is likely to be the major portion it expects to receive.

Target, another Fortune 500 giant, received $994 million in refunds, which boosted its net earnings and earnings per share. However, Target has stated it will not issue refunds to consumers but will use the money to bring down prices.

Nike has also recovered most of what it was owed, but the company has been quiet on whether consumers will see refunds. FedEx and UPS have begun returning refunds to customers, with FedEx holding the money for customer refunds. Automakers like Ford and General Motors have reported one-time tariff benefits, but it is unclear if they have received the full amount in cash.

Apple reported a boost from tariff refunds, which helped increase its fiscal third-quarter gross margin and contributed to earnings per share. Apple plans to invest the refunds into domestic manufacturing.

Other companies, such as Costco, Kohl's, Home Depot, Revlon, J. Crew, Bumble Bee Foods, and Tesla, have either received refunds or are unsure about the outcome. Some, like Costco, have committed to issuing refunds to consumers after facing class action lawsuits. Walmart, on the other hand, has not assumed any impact from tariff refunds in its financial guidance but plans to lower prices using the refunded money. Tesla has remained cautious, stating that the recoverability and timing of potential refunds are uncertain.