On Wednesday, United Parcel Service Inc.
According to a court filing cited by The Hill, about 330,000 importers paid more than $166 billion tied to the disputed tariff program.
According to the report, UPS told Nexstar it is coordinating with Customs and Border Protection (CBP), which is taking refund applications through an online system.
On the other hand, FedEx, which filed a lawsuit earlier this year to recover import taxes, said it has already begun submitting claims through CBP.
Are UPS And FedEx Ready For This Challenge?
UPS said the initial phase will cover "certain tariff payments made starting Jan. 30, 2026, in addition to pending tariff payments".
A UPS spokesperson, Natasha Amadi, said to The Hill that the company is already processing refunds for shipments where it acted as the importer of record and will broaden efforts as CBP expands the program. The agency estimates refunds could take 60 to 90 days to be issued.
UPS CEO Carol Tome, in a post-earnings call, said the company had collected roughly $5 billion in tariffs from customers and is actively seeking reimbursement. "As soon as we get that money, we're going to remit it right back to our customers," she said.
The refund news came after UPS reported stronger-than-expected first-quarter 2026 results, with revenue of $21.20 billion beating the $20.99 billion estimate. Tome characterized the first quarter of 2026 as a "critical transition period," emphasizing that the company generated approximately $600 million in cost savings during this time.
FedEx said that it intends to return any recovered funds directly to shippers and consumers who originally paid the fees.
This development comes as FedEx is undergoing significant internal changes, including the upcoming departure of CFO John Dietrich, set to take effect after the spinoff of FedEx Freight on June 1, 2026. Claude Russ will assume the CFO role while the company seeks a permanent replacement.
Benzinga Edge Stock Rankings indicate that UPS has a Value score in the 51st percentile and maintains a strong pricing trend in the long term.
Benzinga Edge Stock Rankings indicate that FDX has a Momentum score in the 92nd percentile with a strong pricing trend in the short, medium and long term.
