Top Companies Hit by Tariffs

Tariffs have moved from political talking points to hard costs on corporate balance sheets. In 2025, some of the world’s biggest names — from Apple and Toyota to Walmart and Procter & Gamble — have gone on record saying that tariffs are cutting into profits, forcing price hikes, and reshaping sourcing strategies.

Automakers warn of multi-billion-dollar losses, retailers are trimming earnings guidance, and consumer brands are raising prices on everyday staples. Others haven’t yet felt the full blow but are warning investors that the hit is coming. Here’s a comprehensive look at the companies that have publicly acknowledged tariffs affecting their bottom line.

Apple may be the quintessential example of a global supply chain: iPhones, iPads, and Macs are assembled from components manufactured worldwide. On its Q3 FY‑2025 earnings call, CEO Tim Cook told investors that tariffs were a material drag. Apple had already absorbed $800 million in tariff costs in the fiscal third quarter and expected an additional $1.1 billion in the current quarter. For a company known for its robust gross margins, the fact that tariffs could slice over a billion dollars from quarterly profitability underscores the magnitude of the challenge.

John Deere’s Q3 2025 net income plunged 26% to $1.29 billion (down from $1.73 billion a year earlier), as mounting tariff costs—approximately $200 million during the quarter and about $300 million year‑to‑date—compressed margins in its agriculture and construction segments. The company now forecasts a nearly $600 million pre‑tax tariff hit for fiscal 2025, up from the previous $500 million estimate

General Motors (GM) saw its Q2 2025 operating profit tumble approximately 32%, landing at $3.0 billion, as tariffs added $1.1 billion in extra costs. The automaker maintained its full‑year guidance but warned that tariffs could inflict $4 billion to $5 billion in total hit for 2025, though it plans to mitigate about 30% through cost measures.

Stellantis, the multinational parent of brands such as Chrysler, Jeep, and Peugeot, disclosed that it has already absorbed €300 million (≈ $350 million) in tariff impacts in the first half of 2025 and expects to absorb €1.5 billion (≈ $1.7 billion) in tariff costs for the full year. CEO Antonio Filosa said the company is working with government officials and launching new models to mitigate the blow.

Polaris, maker of ATVs and snowmobiles, offers a snapshot of how smaller yet well‑known manufacturers can be buffeted by trade policy. The company reported $10 million in incremental tariff costs for the quarter and forecast a full‑year gross tariff cost of $180–200 million, though mitigation measures would reduce the net impact by about $125 million

Caterpillar’s operating profit plunged 18% in Q2 2025, falling $622 million to $2.86 billion—largely due to elevated manufacturing costs tied to tariffs. The company revealed that tariffs inflicted a nearly $350 million hit during the quarter, and anticipates the full-year burden to total between $1.3 billion and $1.5 billion

Toyota reported a steep 37% drop in quarterly profit, falling to 841 billion yen ($5.7 billion) from 1.33 trillion yen a year earlier, with about 450 billion yen ($3 billion) of the decline directly tied to U.S. tariffs on vehicles and parts. The company warned the duties could swell to a 1.4 trillion yen ($9.5 billion) burden for the full fiscal year ending March 2026, forcing it to cut its annual operating profit forecast by roughly 600 billion yen, to 3.2 trillion yen—a 16% reduction from earlier guidance.

Hyundai reported a $602 million operating loss in Q2, driven largely by the 25% U.S. tariffs on vehicles and auto parts. The company said the duties have sharply raised costs and squeezed profit margins, particularly in its U.S.-bound lineup. Pricing flexibility has been reduced, leaving Hyundai less competitive in a key market. Management acknowledged the tariff hit was the primary driver of the quarterly loss and warned that the financial impact would likely grow in future quarters.

JLR’s pre-tax profit plunged 49%, and the company confirmed that U.S. tariffs had a “direct and material impact on profitability and cash flow,” resulting in a £750 million cash outflow for the quarter. Tata posted a 63% drop in profits for the quarter, citing that U.S. tariffs cut earnings by £254 million (~$341 million) and significantly affected its JLR operations.

Walmart’s Q1 profit slipped to $4.45 billion (from $5.10 billion a year earlier), as rising U.S. import tariffs forced cost pressures it could no longer fully absorb. The company acknowledged it will start raising prices late May into June to offset higher import duties, especially on electronics, toys, and groceries from China and Latin America.

Nike anticipates approximately $1 billion in extra costs for fiscal 2026 due to U.S. tariffs, primarily affecting footwear imports. To counter this headwind, the company plans a four-part response: optimizing its global supply mix, reducing reliance on China from about 16% to high‑single digits by 2026, implementing targeted U.S. price increases starting fall 2025, and pursuing corporate cost reductions.

Adidas reported a “double‑digit million‑euro” hit from U.S. tariffs in Q2, with additional costs projected to reach approximately €200 million (about $230 million) in the second half of 2025. The tariffs reflect steep increases—adding roughly 20 percentage points to levies on goods from Vietnam (20%) and Indonesia (19%), key production hubs for the company.

Macy’s trimmed its full‑year earnings guidance to $1.60–$2.00 per share (from $2.05–$2.25), citing rising U.S. tariffs as a key headwind. The company estimates tariffs will erode gross margin by 20–40 basis points, slowly working their way into prices. n response, Macy’s is implementing surgical price increases, targeting select brands and categorie. The retailer is also reducing reliance on imports from China—down to about 20% of total product (27% of private labels)—by renegotiating with suppliers, cancelling or delaying orders, and taking markdowns on late-arriving inventory.

Procter & Gamble (P&G) expects roughly $1 billion in added costs from U.S. tariffs in fiscal 2026, which have increased expenses on raw materials, packaging, and exports. In response, P&G will implement mid‑single‑digit price increases on about 25% of its U.S. product portfolio, including household staples like Dawn, Gillette, and Charmin.

Hershey is bracing for significant tariff-related costs in 2025, with expected expenses ranging from $170 million to $180 million for the year. Combined with soaring cocoa prices, these tariffs have prompted the company to lower its adjusted earnings-per-share outlook by 36% to 38%, versus the earlier projection of a mid‑30% decline.

Tapestry (parent of Coach and Kate Spade) expects an annual $160 million hit from U.S. import tariffs in fiscal 2026, which translates into a margin headwind of around 230 basis points. The impact is especially steep for Kate Spade, given its heavy U.S. exposure, prompting Tapestry to cut Kate Spade’s handbag assortment by 30% to preserve margins

Gap Inc. expects $250–300 million in gross incremental costs from U.S. tariffs this year, with an estimated $100–150 million drag on operating income, primarily felt in the second half of 2025, despite efforts to mitigate over half of the hit. The company notably excluded these tariff impacts from its fiscal forecasts, a move that triggered a 16–20% share price drop post-earnings.

1. Which companies have said tariffs are affecting their profits?

Major firms like Apple, General Motors, Toyota, Walmart, Procter & Gamble, Nike, and Caterpillar have publicly acknowledged that tariffs are cutting into margins and hurting profitability.

2. How much have tariffs cost companies so far?

Apple lost $800M in one quarter, GM $1.1B in Q2, Toyota $3B in a quarter, Caterpillar up to $1.5B, and P&G expects $1B annually.

3. Which industries are most impacted by tariffs?

The most affected industries include automotive, retail, consumer goods, industrial equipment, and technology, all of which rely heavily on global supply chains and imports.

4. How are companies responding to tariffs?

Businesses are responding by raising prices, shifting sourcing away from China, investing in domestic production in the US, and cutting costs to absorb part of the tariff burden.

5. Why do tariffs affect company earnings so strongly?

Tariffs increase the cost of imported goods and raw materials, which inflates expenses and squeezes profit margins. When companies cannot fully pass those costs to consumers, earnings drop.