Why the tariff-refund windfall is likely to end in buybacks, not price cuts, by March 2027: 3 earnings tells
Retailers have booked most of their IEEPA tariff refunds, and the second-quarter filings split into reinvestors (Walmart, Dollar Tree, Burlington) and bankers (Target, Home Depot, TJX, Ross, Dollar General). The signals point to the banked cash reaching shareholders by the March 2027 reporting round, with Target resuming buybacks as the test case.