As we’ve noted in previous posts, companies started to make disclosures about tariff refunds earlier this spring after the U.S. Supreme Court struck down President Trump’s use of certain tariff powers in February. That was Q1, when many companies weren’t certain what they wanted to say because the ruling and the subsequent process to obtain tariff refunds was still new.

Now we’re in Q2, and things have changed considerably. Many companies are disclosing specific refund amounts they’re seeking or have already received. Others have made more exotic moves, such as Children’s Place ($PLCE) selling off its expected tariff refund at 67 cents on the dollar. 

Let’s see what a few other firms have said about tariffs.

FedEx

FedEx ($FDX) filed its latest annual report on July 20, for the fiscal year that ended on May 31. In the Contingencies footnote, FedEx disclosed that it had received cash refunds of $800 million by the end of May. 

The company also said it plans to refund that $800 million back to individual customers! As such, FedEx recorded $749 million as within its current liabilities line item, representing estimated customer refund obligations for those cash refunds from Uncle Sam. So there’s one interesting example of how companies are treating these refunds, both financially and from an accounting perspective.

Nike

We previously wrote about Nike ($NKE) on July 1, when the company’s latest earnings release said gross profit margin rose 49.2 percent, “primarily due to the expected recovery” of $986 million in IEEPA tariffs. 

At the time, we struggled to answer several questions. What does “expected recovery” mean? Was that $986 million in Nike coffers already, or not? Exactly where would that $986 million appear on the income statement? 

Nike filed its annual report on July 15 for the period ending May 31, and now we know. The company said this in its Summary of Significant Accounting Policies section:

During the fourth quarter of fiscal 2026, the company deemed recovery of those tariffs to be probable. Accordingly, the company recognized a benefit of $986 million in Cost of sales within the Consolidated Statements of Income for the recovery of IEEPA tariffs paid, for which $965 million and $21 million of the benefit was classified within North America and Converse, respectively, largely offsetting the impact of the IEEPA tariffs recognized during fiscal 2026. 

As of May 31, 2026, the Company received $302 million and recorded $684 million of outstanding IEEPA tariff receivables reflected within Accounts receivable, net on the Consolidated Balance Sheets. Subsequent to May 31, 2026, the Company received substantially all of the remaining IEEPA tariff receivable.

So Nike booked the $986 million as accounts receivable (which we expected, honestly) and subsequent to period-end, those monies were in fact paid.

Nike did not say anything about what it will do with the refunds, such as repay them to customers. 

Pentair

Water treatment company Pentair ($PNR) filed its Q2 earnings statement on July 14 for the quarter that ended June 30. The company reported a substantial cut in expected EPS and adjusted EPS, mostly due to an ongoing inventory issue — but also mentioned a positive impact from IEEPA tariff refunds!

Pentair then said it expects Q2 results to include $35 million in tariff refunds, compared to $930 million in revenue for the quarter. That’s 3.7 percent, so definitely material enough to disclose.

The company also disclosed further down that for all of 2026 it expects to receive “$35 to $50 million” in tariff refunds. So presumably that’s another $15 million at most coming to Pentair as refunds for the rest of the year.

Search Yourself

You can always search for more details about tariff refunds on your own. The best place to start is our Disclosures & Footnotes Query page. Just identify the company or companies that you want to research, and then enter “IEEPA” in the text search field on the left side of your screen. IEEPA is the name of the tariff program invalided by the Supreme Court, and that search will bring up all mentions of the word. 

Tariff refund disclosures are likely to be right behind it.