Track how companies discuss tariffs and trade policies in their earnings calls, and understand their impact across different industries and regions.
The cargo market has shown tremendous resilience despite global trade tariffs and other geopolitical challenges.
The upcoming excise tax increases on heat not burn in April and October make 2026 an atypical year.
uncertainty on the economic impact from tariffs.
We estimate the gross impact of tariffs reduced our operating profit by 7% and was a 190 basis point headwind to our operating margin.
Actual results may differ materially... including fluctuations in foreign exchange rates and energy prices, changes in global economic and geopolitical conditions, tariff and trade policies...
This speaks to the resilience of our strategy, and it will continue to serve us well this year and in the long term regardless of the cycle.
We feel very comfortable and relaxed on that front.
Tariffs did not have a meaningful impact on our total company earnings in Q1.
We now anticipate gross margin to increase in the area of 20 basis points, a meaningful improvement from our prior outlook and completely mitigating the impact of tariffs.
ICD balances continued to recover post the tariff volatility, and ICD revenues were up 11% relative to the third quarter of 2025.