Insight ReportTariff Refunds in 2Q26: Billions Booked by Retailers and Brands, Guidance Split Abhinav Tagore, Analyst Sector Lead: John Mercer, Head of Global Research and Managing Director of Retail Research August 27, 2026 Reasons to ReadDiscover how tariff refunds are affecting retailers’ earnings, margins and forward guidance. Read this report to discover answers to these and other questions: How large are the tariff-refund benefits being recognized by retailers and consumer-goods companies? How is Target treating its $994 million in IEEPA refunds in Q2 earnings and full-year guidance? How are TJX and Ross Stores incorporating tariff refunds into their forward earnings guidance? Which retailers and brands are excluding potential future tariff refunds from guidance, leaving the benefits as potential upside? Companies mentioned in this report include: Walmart, Target, TJX, Ross Stores, VF Corporation, Levi Strauss, Crocs, Coty, Deckers, Adidas Data in this report include: Earnings-season tariff refunds and company commentary; refund amounts and earnings/margin impacts; treatment of refunds in forward guidance. Already a subscriber? Log in You are currently viewing a preview of this report. Please select an access option to view the full report. Hide Options - Show Options + Get unlimited access to all our research with one of our subscription plans. View Subscription Plans or Contact us to purchase this report. Contact us ✕ This document was generated for
