Key Highlights

  • Roughly USD 99 million of Tariff refunds, worth about USD 0.05 per share, booked by Keurig Dr Pepper (NASDAQ:KDP), nearly accounts for its whole beat against consensus.
  • On Holding's adjusted EBITDA Margin came in at 27.6% with CHF 52.6 million of US tariff refunds included, falling to 21.9% when they are excluded.
  • CNH Industrial reported USD 109 million of pre-tax tariff refunds while lifting its Earnings outlook, and Motorcar Parts recorded about USD 11.1 million.
  • Dole faced the reverse, as tariff impacts reduced Fresh Fruit Revenue by 8.0% and lowered its EBITDA guidance to USD 380 million to USD 390 million.

1. Refund-Driven Beat at Keurig Dr Pepper (NASDAQ:KDP)

A quarterly filing reviewed on November 9, 2026 shows that Keurig Dr Pepper (NASDAQ:KDP) collected about USD 99 million in tariff refunds, which lifted third-quarter gross profit. The amount equals roughly USD 0.05 per share, nearly the entire spread between USD 0.66 of adjusted earnings and the USD 0.62 consensus. The beat therefore leans on refunds more than operations. Sales climbed 70.6% to USD 7.34 billion, with roughly USD 2.6 billion contributed by JDE Peet's after its April 1 acquisition, but gross margin still contracted 590 basis points year on year even with the refund included. Management also lowered its legacy earnings growth forecast to 3% to 5%, down from 4% to 6%. The company reported results on November 3, and it was the filing details that reshaped the interpretation. Strip out the refund and the quarter would have landed roughly in line with expectations.

2. Margin Split at On Holding (NYSE:ONON)

On Holding (NYSE:ONON) reported on November 10 that third-quarter net sales reached CHF 931.4 million, a 17.2% increase and the company's first quarter above the CHF 900 million mark. Net Income expanded 36.9% to CHF 162.8 million, while adjusted EBITDA margin came in at 27.6%. Without the CHF 52.6 million in US tariff refunds, that margin would have been 21.9%, which implies the refunds added about 5.7 points. Underneath, Demand is healthy: direct-to-consumer sales grew 25.0% and Asia Pacific rose 31.1%. Full-year sales growth guidance was maintained in the low-20% range at constant currency, and the gross margin outlook was raised to around 67.5% including refunds. On ranks as the fastest grower in this set, so the refund adds to a good quarter instead of salvaging a poor one. No share price response was available at the time of writing.

3. Refund Plus Restructuring Story at CNH Industrial (NYSE:CNH)

CNH Industrial (NYSE:CNH) finished 10.90% higher on November 9, after posting adjusted earnings of USD 0.16 per share for the third quarter, double the year-earlier figure and above projections near USD 0.10. Pre-tax tariff refunds of USD 109 million were part of the quarter, the largest in dollar terms within this group, and management lifted its 2026 adjusted earnings range to USD 0.44 to USD 0.48 a share from USD 0.41 to USD 0.46. Sales eased roughly 1% to USD 4.35 billion, while reported net income dropped 48% to USD 35 million on account of a USD 156 million tax allowance in Brazil. Shareholders also liked a proposal to move the construction unit into a venture where Kobelco Construction Machinery holds the majority stake. Refunds contributed to the beat, but the shift toward pure agriculture equipment mattered just as much for the share price.

4. Margin Gain Against Shrinking Sales at Motorcar Parts of America (NASDAQ:MPAA)

Tariffs are pulling Motorcar Parts of America (NASDAQ:MPAA) in opposite directions. Its gross margin rose to 24.2% from 19.3% in the fiscal second quarter, aided by roughly USD 11.1 million of tariff refunds, and the company moved into net income of USD 1.4 million after a year-earlier deficit. Top-line revenue, however, shrank to USD 169.2 million, down from USD 221.5 million, partly because fewer tariffs were passed through to buyers and customers held back orders. On November 9 the firm trimmed its fiscal 2027 sales forecast: the new range of USD 715 million to USD 740 million replaces USD 780 million to USD 800 million, and Operating Income is guided to USD 37 million to USD 44 million. Lower tariffs leave less revenue moving through Motorcar Parts, so refunds prop up margins while sales contract.

5. Tariff Cost Drag at Dole (NYSE:DOLE)

Dole (NYSE:DOLE) is the only firm in this group where tariffs clearly inflicted harm. On November 9 it reduced 2026 adjusted EBITDA guidance to USD 380 million to USD 390 million, from close to USD 400 million previously. Fresh Fruit revenue slipped 8.0%, principally because of tariff-related effects, along with reduced North American banana shipments and weather-damaged pineapple output in Europe. Group sales nevertheless grew 3.8% to USD 2.37 billion, and adjusted EBITDA went up 4.1% to USD 84.1 million, even though that fell below estimates. Net Debt came to USD 491.3 million, and the board approved a USD 0.085 quarterly Dividend payable January 6, 2027. As a fresh produce Business selling across borders, Dole faces tariff expenses that refunds elsewhere have not made up, which keeps trade policy as its chief swing factor.

Where Things Stand

Tariffs affected all five of these reports, but not in the same way. Keurig Dr Pepper's USD 99 million refund nearly equals its entire earnings beat, while On Holding's CHF 52.6 million refund lifted margin by around 5.7 points on an already solid quarter. CNH Industrial collected USD 109 million of refunds together with a higher outlook and a strategic reorganization. Motorcar Parts improved its margin but lost sales as pass-through charges fell, and Dole cut its guidance due to tariff costs. A single-source report indicates China prolonged its pause on an extra 24% levy on US goods by two months starting November 10; if that holds, one near-term risk for exporters eases.