Apple received a $2.2 billion tariff refund stemming from duties imposed during the Trump administration that courts later ruled unlawful. The amount boosted Apple’s gross margin to 50.1% in fiscal Q3 2026, contributing $0.11 to diluted earnings per share. Other retail giants also collected similar refunds: Walmart ($2.4 billion), Costco ($2 billion) and Amazon ($600 million). CEO Tim Cook confirmed Apple would reinvest the funds into U.S. manufacturing without passing any savings on to consumers. Since this is a one-time event, investors should not expect it to repeat in future quarters.
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