Macy's (M) Q3 2025 Earnings
Excludes $4 million in impairment, restructuring and other costs ($0.01/share), $16 million loss on extinguishment of debt ($0.06/share), and $(5) million income tax impact of these items ($-0.02/share)
How Did M Stock React to Q3 2025 Earnings?
S&P 500 over the same 30 days: +1.16%.
Did M Beat Earnings? Q3 2025 Results
Yes. Macy's reported Q3 2025 earnings of $0.09 a share on Dec 3, 2025, beating the $-0.13 consensus estimate by 168.2%. Revenue was $4.9B against a $4.6B estimate.
Macy's delivered a notably stronger-than-expected third quarter, posting adjusted diluted EPS of $0.09 against a Wall Street consensus that had forecast a per-share loss, while revenue of $4.91 billion beat estimates by nearly 8% and edged up 0.2% year-over-year. The standout driver was what the company called its strongest comparable sales performance in 13 quarters, with owned comparable sales rising 2.5% across the enterprise and Bloomingdale's leading the way at 8.8% owned comparable growth. The "Bold New Chapter" strategy showed tangible traction, particularly at the 125 reimagined Macy's locations, which continued to outperform the broader fleet, and a record-high Net Promoter Score in the quarter suggested that investments in the in-store experience are resonating with shoppers. Credit card net revenues surged 31.7% to $158 million, adding further lift to the top line. Encouraged by the momentum, Macy's raised its full-year 2025 guidance, now targeting net sales of $21.48 billion to $21.63 billion and adjusted diluted EPS of $2.00 to $2.20, both meaningfully above prior ranges.
- Comparable sales growth of 2.5% on owned basis and 3.2% on O+L+M basis across all nameplates
- Bloomingdale's achieved 8.8% owned comparable sales growth, highest in 13 quarters
- Reimagine 125 locations continued to outperform the broader Macy's nameplate with 2.3% owned comparable sales growth
- Credit card net revenues increased 31.7% reflecting portfolio health
- SG&A expense decreased $40 million from store closure benefits and cost containment
- Tariff mitigation actions performed better than expected, limiting gross margin impact to 50 basis points
“Our third quarter sales were the strongest in 13 quarters, reflecting the acceleration of our Bold New Chapter strategy and demonstrating that the meaningful enterprise-wide changes we've made are resonating with customers.”
Macy's CEO, on the earnings call
What Was Macy's's Outlook in Q3 2025?
Macy's raised its full-year 2025 guidance: net sales of $21.475 billion to $21.625 billion (up from $21.15–$21.45 billion), comparable O+L+M sales flat to up ~0.5% (improved from down ~1.5% to down ~0.5%), go-forward business comparable O+L+M sales flat to up ~1.0% (improved from down ~1.5% to ~flat), Adjusted EBITDA margin of 7.8%–8.0% (up from 7.4%–7.9%), Core Adjusted EBITDA margin of 7.5%–7.8% (up from 7.0%–7.5%), and adjusted diluted EPS of $2.00–$2.20 (up from $1.70–$2.05). Q4 guidance assumes a choiceful consumer and current tariffs remaining in place. Expected FY asset sale gains revised to $60–$65 million from previous $90 million guidance.
M YoY Financials
| Metric | Q3 2025 | Q3 2024 | Year over year |
|---|---|---|---|
| Revenue | $4.9B | $4.9B | +0.2% |
| Gross Profit | $1.9B | $2.0B | −8.9% |
| Operating Income | $42.0M | $64.0M | −34.4% |
| Net Income | $11.0M | $28.0M | −60.7% |
M Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.