Apple's record-breaking June quarter results were further enhanced by tariff refunds the company has received. These refunds favorably impacted Apple's gross margin by 2%, bringing it to 50.1%. Additionally, the refunds contributed $0.11 to the diluted earnings per share, which totaled $2.02.

These refunds stem from previously imposed illegal tariffs, and Apple has received approximately $2.19 billion so far, with an estimated $1 billion still unaccounted for. Despite new tariffs affecting its supply chain, Apple's strong performance did not rely on these refunds, but they did add to its outstanding results. The company absorbed the costs of past tariffs rather than passing them to consumers.

CEO Tim Cook has stated that Apple plans to reinvest these refunds into the United States. The company anticipates another 1% boost to revenue in the September quarter due to further tariff refunds. Recent price increases on some Apple products are attributed to chip shortages, not tariffs.