Amazon to share portion of $600M Trump tariff refund with select customers

In February 2026, the Supreme Court struck down President Trump's tariffs, ruling that the government owes businesses $166 billion in tariff refunds. Now, company earnings calls at the end of the second quarter are revealing how much these companies have received as a result of the ruling — and what they intend to do with the windfall.

Amazon [NASDAQ: AMZN] CFO Brian Olsavsky said in an earnings call that the company received $600 million in tariff refunds and plans to distribute a portion of the funds back to a small selection of customers who paid specific import charges as a result of the tariffs.

How Amazon's Refund Compares

Amazon's refund is relatively limited compared to many other large companies that claimed tariff refunds:

• Apple [NASDAQ: AAPL] announced that tariff refunds represented 2 percentage points of its 50.1% gross margin.
• Ford said it's set to receive $1.3 billion in tariff refunds.

On Amazon's earnings call, Olsavsky explained that the reason for the limited refund is because the tariffs had a limited impact on Amazon directly.

"First, our teams did a lot of work forward-buying and pre-positioning inventory to avoid tariff costs. Second, we are not the importer of record for the large majority of items sold in our store, given suppliers typically handle imports and pay relevant tariffs. In cases where we did see an increase in cost due to tariffs, we largely absorbed these costs rather than pass them on to customers."

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— Brian Olsavsky, CFO, Amazon

Who Gets a Refund from Amazon?

Amazon has remained vague about how much of the $600 million refund will go to customers, but said it has identified "a limited set of circumstances" where Amazon passed import charges onto customers.

"When we receive those refunds, we will proactively contact affected customers and automatically issue refunds to them. Otherwise, like other large retailers, we'll utilize refunds to continue to invest in low prices for customers."

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— Brian Olsavsky, CFO, Amazon

Price Trends During the Tariff Period

From the start of 2025 up to September, Amazon's prices rose an average of 5.7%, according to CNBC reporting. This was considerably higher than:

| Retailer | Price Increase | |----------|---------------| | Amazon | 5.7% | | Walmart | 1.7% | | Target | 1.7% |

However, Amazon's sales are driven by third-party sellers, which make up over 60% of all units sold, and these sellers have also been hit by tariffs.

Tariff Refunds Haven't Reached Consumers

Despite its limited refund, Amazon is one of the few companies that has announced an intention to directly refund customers affected by tariffs, however few these incidents may be.

Executives at Walmart, which is set to receive $2.4 billion in tariff refunds, plan to use the funds to "invest" — though specific details on consumer benefits remain unclear.

Stock performance referenced: AMZN -0.14%, COST +0.76%, TGT -0.42%, AAPL +0.45%, WMT -0.24%