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Macy's

Macy's (M) Q4 2025 Earnings

Reported Mar 6, 2025 at 7:26 AM ET · SEC Source

Q4 25 EPS

$1.80

BEAT +16.68%

Est. $1.54

Q4 25 Revenue

$8.01B

BEAT +3.24%

Est. $7.76B

vs S&P Since Q4 25

+58.6%

BEATING MARKET

M +88.1% vs S&P +29.5%

Full Year 2025 Results

FY 25 EPS

$2.64

FY 25 Revenue

$23.01B

Market Reaction

Did M Beat Earnings? Q4 2025 Results

Macy's closed out its fiscal fourth quarter with a stronger-than-expected performance, posting adjusted diluted EPS of $1.80 against a consensus estimate of $1.54, a beat of 16.68%, while revenue of $8.01 billion topped expectations of $7.76 billion … Read more Macy's closed out its fiscal fourth quarter with a stronger-than-expected performance, posting adjusted diluted EPS of $1.80 against a consensus estimate of $1.54, a beat of 16.68%, while revenue of $8.01 billion topped expectations of $7.76 billion by 3.24%, even as net sales declined 4.4% year over year. The headline driver was the continued execution of its Bold New Chapter strategy, which bifurcated the Macy's nameplate into high-investment "First 50" priority locations and stores slated for closure; those First 50 sites delivered a fourth consecutive quarter of comparable sales growth, helping push the company's owned-plus-licensed-plus-marketplace comps to 0.2%, their best showing in several quarters. Luxury remained a bright spot, with Bloomingdale's comparable sales rising 6.5% and Bluemercury extending its streak of positive comps to 16 consecutive quarters. Looking ahead, Macy's guided fiscal 2025 net sales of $21.00 billion to $21.40 billion and adjusted diluted EPS of $2.05 to $2.25, a cautious outlook that reflects roughly $700 million in lost sales from fiscal 2024 store closures and lingering consumer uncertainty.

Key Takeaways

  • • First 50 Macy's locations delivered fourth consecutive quarter of comparable sales growth (+0.8% owned, +1.2% owned-plus-licensed)
  • • Bloomingdale's achieved highest Q4 owned-plus-licensed-plus-marketplace comparable sales growth of 6.5%
  • • Bluemercury posted 16th consecutive quarter of comparable sales growth at 6.2%
  • • Macy's Media Network revenue grew 6.7% driven by increased advertiser and campaign counts
  • • Favorable year-over-year shortage trends benefited merchandise margin
  • • Disciplined approach to non-customer facing costs reduced SG&A by $23 million
24/7 Wall St

M YoY Financials

Q4 2025 vs Q4 2024, source: SEC Filings

24/7 Wall St

M Revenue by Segment

With YoY comparisons, source: SEC Filings

Q2 25 Q1 27

“As we close out the first year of the Bold New Chapter strategy, investments in the customer experience enabled us to achieve our highest comparable sales of the year, our best performance in 11 quarters. At Macy's, our First 50 locations delivered four quarters of increased sales, while our luxury nameplates, Bloomingdale's and Bluemercury, achieved accelerated annual sales growth. As we enter the second year of our strategy, we plan to scale initiatives that are resonating with our customers to drive long-term profitable growth and further unlock shareholder value.”

— Tony Spring, Q4 2025 Earnings Press Release

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