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

Some of America’s biggest companies are receiving hundreds of millions of dollars in tariff refunds, or booking even larger financial benefits.

However, many consumers are wondering if those refunds will find their way back into their wallets.

After the Supreme Court ruled that the International Emergency Economic Powers Act did not give the president authority to impose tariffs, major Fortune 500 companies, including Amazon and Target , have received hundreds of millions of dollars in tariff refunds.

Some have pledged to issue refunds to consumers who bore increased costs thanks to the tariffs, while others have stayed mum on the subject.

The Trump administration said as of July 31, it certified $100 billion in tariff refunds, including interest, out of the $166 billion it collected.

Companies that received cash Amazon, ranking No.1 on the Fortune 500, stands out as one of the largest companies to have already collected refunds.

The e-commerce giant said “we received approximately $640 million of tariff refunds under the International Emergency Economic Powers Act (“IEEPA”),” during the second quarter of 2026, according to its SEC filing .

The amount represented the “significant majority of refunds” it expects to receive.

Amazon has said it may offer refunds to only a limited number of customers impacted by the tariffs.

Target received almost a billion dollars in refunds during the second quarter, it said on Wednesday .

The department store received $994 million in tariff refunds, adding $752 million to net earnings for a total of $1.88 billion and $1.65 to earnings per share.

Target CFO Jim Lee confirmed the company will not issue refunds as a result of the company’s IEEPA refunds, but will use the money towards bringing lower prices.

“We have, and we will continue to, invest in price to ensure our guests are getting tremendous value each and every time they visit us at Target,” Lee told Modern Retail.

Nike has also recovered most of what it was owed.