Best Buy has slashed its sales and profit outlook for the 2026 fiscal year, as the retail giant wrestles with lower revenues and higher costs brought on by tariffs from the Trump administration.

According to CNBC, Best Buy now expects to see $41.1-$41.9 billion in revenue for the 2026 fiscal year, compared to the $41.4-42.2 billion range it had previously projected. That's also after it reported a net income of $202 million in Q2 of 2025, down from the $246 million it took in during that same quarter last year. As the White House has engaged in a tit-for-tat trade war with China, the big box retailer has raised prices on a handful of items to help manage the increased costs from tariffs.

But, even in the wake of a U.S. trade court striking down the bulk of the Trump administration's tariffs on May 28, Best Buy CEO Corie Barry told reporters the following day that the company's plans will not change moving forward.

“I don’t think there’s anything we would do differently based on the news overnight,” he said. "What I really tried to work with the team on is to not actually overreact to any given moment in time, but instead to stay maniacally focused on our customers and ensure we are bringing the right assortment, price, and (promotions) to them, whatever the backdrop."

According to estimates from the company, China accounts for roughly 30-35% of Best Buy's products, with another 25% coming from the U.S. or Mexico, and the remaining 40% coming from countries like Vietnam, India, South Korea and Taiwan.