A slew of retail giants like Walmart and Target released earnings this week, offering details about costs and price increases incurred by President Donald Trump’s tariffs. The fresh batch of earnings from big-box retailers provided clues about the conditions that may await shoppers over the coming months as the holiday season approaches.

Big-box retailer Walmart reported solid revenue growth Thursday and said that it expects better sales and earnings for the full year, as customers feel the squeeze from higher tariffs imposed by US President Donald Trump.

Walmart, Target, Home Depot and Lowe’s earnings reveal how tariffs are raising costs, reshaping pricing and pressuring profits in 2025.