6/24/26 — FedEx to Return Approximately $800 Million in IEEPA Tariff Refunds to Customers Beginning in August
FedEx Corporation disclosed on Tuesday that it will begin returning approximately $800 million in tariff refunds to customers starting in August. The announcement accompanied the company's fiscal fourth-quarter earnings report, which topped Wall Street expectations on both revenue and profit.
The refunds stem from duties FedEx collected on behalf of customers after the Trump administration imposed tariffs under the International Emergency Economic Powers Act (IEEPA). The Supreme Court struck down those tariffs in a 6-3 ruling on February 20, 2026, holding that IEEPA did not authorize the President to impose them. U.S. Customs and Border Protection (CBP) has since launched an online refund portal to process the resulting claims.
FedEx had pledged in April to pass these refunds along to customers as soon as the funds were received from CBP. The August timeline now disclosed by the company indicates that CBP disbursements through its Consolidated Administration and Processing of Entries (CAPE) refund mechanism are reaching carriers and importers of record who collected and remitted the duties.
The disclosure came alongside strong financial results. FedEx reported fiscal fourth-quarter adjusted earnings of $6.31 per share, exceeding the analyst consensus of $5.97, on quarterly revenue of $25.01 billion. Total revenue for the full fiscal year rose to $94.7 billion, and international export package yields increased 10% during the quarter, aided by fuel surcharges and strong demand.
For importers who used FedEx as the importer of record or who paid IEEPA duties through the carrier, the announcement signals a concrete path to recovery of overcollected duties. Companies expecting refunds should confirm the entries at issue, verify that the duties were collected under the IEEPA tariff actions invalidated by the Supreme Court, and coordinate with FedEx regarding the timing and method of the pass-through payments.