The news: Ford expects to receive about $3 billion in tariff reimbursements from the federal government and suppliers, per its second-quarter filing. About $1.3 billion of it is tied to the IEEPA tariffs the Supreme Court and the Court of International Trade struck down in the first quarter.
It is the largest tariff recovery any company has put a number on since CBP began paying refunds this spring.
The details: Ford expects about $500 million of the IEEPA money in the second half of 2026. It has started receiving the non-IEEPA reimbursements, but says the timing "is uncertain and is subject to changes in trade policy." Even with the recovery, Ford still expects a net tariff cost of roughly $1 billion this year, CFO Sherry House said on the earnings call.
The quarter: Revenue fell 3.8% to $48.3 billion, and Ford posted a $1.3 billion net loss on charges tied mostly to winding down its BlueOval SK battery joint venture. Adjusted operating profit rose to $2.5 billion, and Ford raised its full-year outlook to $10 billion to $11 billion.
The pattern: Ford was one of four companies to disclose refunds across two days of earnings. P&G reported a 40-basis-point net tariff benefit to gross margin, Starbucks said CBP returned "substantially all" of the refunds it requested, and Logitech booked $61 million. Eight companies have now disclosed what they are doing with refund money since May, and they are not doing the same thing:
Not everyone is coming out ahead. GM is holding its 2026 tariff-cost estimate at $2.5 billion to $3.5 billion, Stellantis still expects a 1.3 billion euro net cost, and Deere banked a $272 million refund against a bill that still nets about $900 million.
What's next: CBP has sent $86.3 billion to Treasury against $121.75 billion in accepted claims, out of roughly $166 billion collected before the tariffs fell. More disclosures are coming with every earnings day.
