In early Q2, we saw a number of prominent companies suspend or withdraw financial guidance entirely due to tariff uncertainties. But where companies continue to provide guidance, how are they handling the potential impact of tariffs? Jenner & Block surveyed April and May 2025 earnings releases by 100 S&P 500 companies and found that:

– 20% of companies noted that the impact of tariffs wasn’t reflected in their guidance

– 30% took tariffs into account but did not quantify the impact or note specific offsetting actions

– 30% took tariffs info account and did specifically identify offsetting or mitigation actions, including pricing actions (usually when reaffirming), but did not quantify the impact

– 18% took tariffs into account and separately quantified their impact — usually on a gross or per share basis

– 2% (two companies) provided a quantification of the tariffs’ expected impact, but excepted it out of the guidance

Where companies did not mention tariffs in their discussion of guidance, they still mentioned them in their forward-looking statements disclaimer.

– Meredith Ervine