Disney Says $100 Million Tariff Refund in Q3 is ‘Basically Nothing’

Media giant The Walt Disney Company (NYSE: DIS ) reported mixed third-quarter financial results Wednesday morning that have shares trading higher.

Among the highlights from the financials was a $100 million tariff refund in the quarter.

Disney’s Tariff Refund Blockbuster movie "Toy Story 5" was one of the biggest highlights for Disney’s third quarter, as was the experiences segment that posted 10% year-over-year revenue growth to $9.97 billion.

Disney also announced it received a $100 million tariff refund in the quarter for its Disney Experiences segment.

The tariff refund hit the segment’s operating income in the quarter, with no impact on revenue, Chief Financial Officer Hugh Johnston said on the conference call. "There’ll be a smaller benefit, if one at all, in Q4, and the full-year impact will really be immaterial because the costs associated with those tariffs were actually in 1H26," Johnston said. "So it really nets to basically nothing for the year." Johnston followed up with similar comments for an analyst question on the conference call when asked if the tariff refund helped with higher earnings per share guidance. "Tariffs really have nothing to do wit it.

Everything that’s happened in tariffs, the tariffs we paid were in the first two quarters of this year and the refund was in the third quarter." The Disney CFO added that any refund in the fourth quarter would be immaterial. "So for the full year, essentially, tariffs have zero impact." Disney’s tariff amount was significantly smaller than one recently announced by Apple Inc (NASDAQ: AAPL ), who received a $2.2 billion refund.

That refund helped provide 85% of Apple’s earnings per share beat in the recent quarter.

With higher tariffs paid in on imports of iPhones and other products, Apple received a larger tariff refund as a result.

Read Also: Toy Story Breaks Records, Star Wars Struggles: What Happens To Disney Stock? Supreme Court Ruling Against Trump’s Tariffs In February, the United States Supreme Court ruled against President Donald Trump’s tariffs, saying the import levies were illegal and unconstitutional because the president lacked the authority to unilaterally impose them.

The president had previously issued tariffs of various percentages on various countries around the world.

Companies have had to walk a fine line with tariff refunds as President Trump previously said he would "remember" the companies that didn’t go after refunds.

Apple was previously mentioned as one of several companies that may not seek tariff refund reimbursements as to not upset the president.

The earnings report shows Apple did go after tariff refunds, a move that could create some tension with the president.

For Disney, the company likely has nothing to lose when it comes to seeking tariff refunds.

The media giant is currently the target of an investigation by the FCC over its broadcast practices, a move that Disney says is politically motived by Trump’s administration.

Disney Stock Price Action Disney stock is up 2.7% to $100.82 on Wednesday versus a 52-week trading range of $92.18 to $119.78.

Disney stock is down 9.7% year-to-date in 2026.

Read Also: Without Steve Jobs, 'Toy Story' Might Not Exist.

Its New Villain? The Kind Of Screen He Made Famous Image via Shutterstock