Macy's (M) Q2 2026 Earnings
Adjusted EPS of $0.63 includes a $0.23 net tariff refund benefit ($0.31 gross tariff refund less $0.08 tax impact, with reinvestment offsets). Excluding net tariff refund benefit, adjusted EPS would have been $0.40.
How Did M Stock React to Q2 2026 Earnings?
Did M Beat Earnings? Q2 2026 Results
Yes. Macy's reported Q2 2026 earnings of $0.63 a share on Sep 10, 2026, beating the $0.37 consensus estimate by 71.2%. Revenue was $5.1B against a $4.8B estimate.
Macy's delivered a standout second quarter for fiscal 2026, posting adjusted diluted EPS of $0.63 against a Wall Street consensus of $0.37, a beat of 71.24%, while revenue of $5.06 billion topped estimates by 5.28% and edged up 1.2% year over year. The headline driver behind the earnings outperformance was a $98 million IEEPA tariff refund that lifted gross margin 180 basis points to 41.5%, though management was transparent that a meaningful portion of those proceeds are being reinvested in growth initiatives rather than flowing entirely to the bottom line. Beyond the tariff tailwind, Macy's "Bold New Chapter" transformation continued to gain traction, with consolidated comparable sales rising 2.7% and Bloomingdale's delivering 11.3% comparable sales growth for its second consecutive double-digit quarter. The company's revamped Reimagine 200 stores also saw improving customer sentiment, with Net Promoter Scores climbing alongside stronger sales. Encouraged by the broad-based momentum, Macy's raised its full-year adjusted diluted EPS guidance to $2.15 to $2.35 and nudged its net sales outlook to $21.68 billion to $21.83 billion.
- Comparable sales rose 2.7% across the company, positive at all three nameplates
- Macy's comparable sales rose for the fifth consecutive quarter
- Bloomingdale's delivered 11.3% comparable sales growth, second consecutive quarter of double-digit growth
- Bluemercury comparable sales increased 6.2%
- Reimagine 200 stores outperformed with 1.9% comparable sales growth
- Gross margin rate expanded 180 basis points to 41.5%, including tariff refund benefit
- SG&A expense as a percent of total revenue decreased 20 basis points to 38.7%
- IEEPA tariff refunds of $98 million received in Q2 2026
“Our second-quarter performance builds on the progress our colleagues have consistently delivered through our Bold New Chapter strategy. The investments we're making are driving results across our portfolio, from the continued outperformance of our Reimagine 200 Macy's stores, to meaningful double-digit growth at Bloomingdale's and another solid quarter at Bluemercury. As we enter the second half of the year, we remain focused on scaling what is resonating most with customers – exciting brands and assortments and compelling events and experiences. Combined with disciplined execution, we expect these efforts to continue to build a durable foundation for sustainable, profitable growth.”
Macy's CEO, on the earnings call
What Is Macy's's Outlook?
Macy's raised its full-year fiscal 2026 guidance: net sales of $21.675 billion to $21.825 billion (up from $21.5 billion to $21.75 billion), comparable sales growth of 1.0% to 1.5% (up from 0.5% to 1.2%), adjusted EBITDA as a percent of total revenue of 7.8% to 8.0% (up from 7.7% to 7.9%), and adjusted diluted EPS of $2.15 to $2.35 (up from $2.00 to $2.20). Guidance incorporates approximately $0.05 per share of tariff refunds flowing through to full-year adjusted diluted EPS, with approximately $0.18 per share of reinvestment in the second half. The company noted macroeconomic and geopolitical factors that could influence discretionary spend and is taking a prudent approach to guidance.
M YoY Financials
| Metric | Q2 2026 | Q2 2025 | Year over year |
|---|---|---|---|
| Revenue | $5.1B | $5.0B | +1.2% |
| Gross Profit | $2.0B | $2.1B | −3.9% |
| Operating Income | $244.0M | $155.0M | +57.4% |
| Net Income | $169.0M | $87.0M | +94.3% |
M Revenue by Segment
When Does Macy's Report Next?
Figures from SEC filings and company reports. Not investment advice.