9 billion in tariff refunds, or the money it will get back from the government for tariffs paid on imports in 2025 and early 2026. Walmart said it would invest the tariff refunds in “customer experience and price investments,” or price cuts. Lower drug pricing hurt results, and the rising cost of gasoline squeezed margins on its gas sales. It’s not the only big retailer logging big tariff refunds during the latest quarter. Earlier this week, big box rival Target reported its refund came to $994 million.