Walmart on Thursday released a quarterly earnings report indicating it received roughly $3 billion in tariff refunds from the Trump administration, revealing that it passed some of the reimbursement on to shoppers through price cuts. 

Walmart said the government has returned all but about $100 million of the $2.9 billion it was owed in refunds for tariffs the company paid that were reversed by the Supreme Court earlier this year. Those “Liberation Day” tariffs, issued by President Donald Trump in April 2025, were ruled to have an unlawful underlying basis by the high court in February.