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On a call with analysts on Tuesday, McPhail said the company received $730 million in tariff refunds during the second quarter, which he said represent “the vast majority” of what the company is expecting. He added that Home Depot used $685 million of those refunds to reduce the cost of goods sold, with the remaining $45 million sitting in inventory.

https://www.cnbc.com/2026/08/18/home-depot-hd-q2-2026-earnings.html