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Tariff Impact Tracker from Earnings Calls

Track how companies discuss tariffs and trade policies in their earnings calls, and understand their impact across different industries and regions.

Tradeweb Markets

TW2025-07-30Financial ServicesGlobal
Negative

the business was negatively impacted by the recent market volatility as some large clients drew down their money market fund balances during the quarter to tactically buy back shares in the market and increased spend ahead of the potentially higher global tariffs.

Revenue Impact
Market volatility led to fluctuations in client cash balances, affecting forward revenue.

Vertiv

VRT2025-07-30TechnologyGlobal
Negative

Our adjusted operating margin of 18.5% was down 110 basis points from last year, but in line with guidance, with the year-over-year decline primarily driven by tariffs, as expected.

Cost Impact
Increased costs due to supply chain and manufacturing transition in response to tariff changes.
Guidance Impact
Updated guidance considers the impact of tariffs, reflecting both challenges and slight improvements in the tariff situation.

The Hershey Company

HSY2025-07-30Consumer Packaged GoodsNorth America
Negative

Some things have changed since then, tariffs being the biggest one, right?

Financial Impact
Tariffs on cocoa are expected to affect cost structures and profitability.
Cost Impact
Increased costs from tariffs that may require pricing adjustments.

Watsco

WSO2025-07-30HVAC DistributionNorth America
Negative

OEMs had faced some inflationary realities going on with tariffs and raw materials.

Cost Impact
Increased costs due to tariffs on raw materials affecting overall pricing and margins.

Trane Technologies

TT2025-07-30HVAC and RefrigerationGlobal
Neutral

We expect to manage and mitigate all enacted tariff impacts through proactive measures, including pricing.

Cost Impact
Estimated cost impact from tariffs in 2025 is approximately $140 million.
Guidance Impact
Full year organic revenue growth guidance includes an estimated pricing impact from tariffs.

IDEX Corporation

IEX2025-07-30IndustrialGlobal
Negative

From a tariff standpoint, we have updated our 2025 tariff impact to be approximately $50 million with about 2/3 of it recognized in 2025.

Cost Impact
Tariff-related inflation is expected to be largely mitigated through price increases and additional sourcing.
Guidance Impact
Lowered back half financial projections due to uncertainty in order patterns influenced by trade policy.

PPG Industries

PPG2025-07-30Industrial GoodsGlobal
Neutral

Of course, we're monitoring the tariff situation and we'll react accordingly with pricing actions and/or further self-help actions in order to mitigate any financial impacts.

Financial Impact
The company is preparing to adjust pricing and implement cost management strategies in response to potential tariff changes.
Supply Chain
There are ongoing concerns regarding supply chain disruptions linked to tariffs, particularly affecting material costs.

W. P. Carey

WPC2025-07-30Real Estate Investment TrustGlobal
Neutral

While there has been some recent progress on U.S. trade policy, especially with Europe, many issues remain unresolved.

Operations
There are no direct impacts from tariffs observed in the portfolio.
Strategy
The company is continuing to monitor trade policy developments for potential future impacts.

American Tower

AMT2025-07-29TelecommunicationsGlobal
Negative

We're watching very closely like everyone else is, is the effect of potential tariffs on some of those supplies because a lot of those components can only be sourced overseas.

Cost Impact
Potential increase in costs due to tariffs affecting supply chain components.

Ares Capital Corporation

ARCC2025-07-29Financial ServicesNorth America
Negative

we are pleased with our profitability and the continued strength of our portfolio, particularly in light of the tariff-related volatility that led to economic uncertainty and reduced investment activity during the second quarter.

Operational Impact
The tariff-related volatility caused economic uncertainty which slowed transaction activity.
Cost Impact
Portfolio companies faced challenges related to tariffs, although mitigations were discussed.
🔔Tracking Started: This page tracks tariff commentary from NYSE and NASDAQ companies with market capitalization above $10 billion, beginning April 2, 2025.