Apple received an estimated $2.2 billion, Nike got roughly $300 million, and Amazon received about $600 million in tariff refunds|Phillip Pessar; Shkuru Afshar|CC BY 2.0; CC BY-SA 4.0

Corporations are starting to receive tariff refunds, with some seeing a meaningful earnings lift.

More than 40 S&P 500 companies have reported roughly $9.6 billion in refunds over the past quarter.

Some of the largest reported refunds include:

The refunds follow the Supreme Court’s February decision to strike down President Donald Trump’s broad tariffs. After the ruling, importers rushed to claim their money back.

By the end of July, $129 billion of the $166 billion in invalidated tariffs had been approved for refunds. Customs and Border Protection had received more than 252,000 refund applications by July 31.

Will customers get the money back?
The system does not allow individual consumers to claim the money. Only companies that directly paid the tariffs, or their customs brokers, can seek refunds.

That means shoppers who paid higher prices because companies passed tariff costs on to them generally cannot file claims themselves.

Some companies say they will share the benefit with customers. But they are taking different approaches.

Amazon says it will issue direct refunds in limited cases when it can trace specific import charges that were passed on to shoppers. The company has not said how many customers will qualify.

Some FedEx, UPS, and DHL customers will receive direct refunds from their respective companies because they can trace specific shipments that were subject to tariffs.

Costco claims it plans to return some tariff-related value to members, mainly through lower prices and better deals rather than cash payments. Walmart and BJ’s have also said they intend to use refunds to help lower prices.

Apple, however, says it will use its refund to support investments in US manufacturing.