Macy's (M) Q4 2025 Earnings
GAAP EPS of $1.84 includes $328 million pre-tax income from credit card interchange fee litigation settlement (net of legal fees), $196 million impairment/restructuring costs, $67 million pension settlement charges, and $16 million net tax impact of adjustments
How Did M Stock React to Q4 2025 Earnings?
S&P 500 over the same 30 days: +7.15%.
Did M Beat Earnings? Q4 2025 Results
Yes. Macy's reported Q4 2025 earnings of $1.67 a share on Mar 18, 2026, beating the $1.56 consensus estimate by 6.8%. Revenue was $7.9B against a $7.5B estimate.
Macy's delivered a stronger-than-expected fourth quarter of fiscal 2025, with adjusted diluted EPS of $1.67 beating the $1.56 consensus estimate by 6.85% and revenue of $7.92 billion clearing Wall Street's $7.51 billion forecast by 5.43%, even as total sales slipped 1.1% year over year. The revenue decline was largely structural, reflecting roughly $200 million in lost contribution from stores closed during fiscal 2024, while comparable sales across all three nameplates actually grew 1.8% company-wide, with Bloomingdale's posting a standout 9.9% comparable gain. For the full fiscal year, adjusted diluted EPS of $2.32 topped the high end of management's own $2.00 to $2.20 guidance range, underscoring the operational momentum behind the company's ongoing portfolio strategy. Looking ahead, Macy's is taking a measured stance on fiscal 2026, guiding for adjusted diluted EPS of $1.90 to $2.10 and comparable sales of negative 0.5% to positive 0.5%, with management citing tariff pressures, particularly front-loaded in the first quarter, and broader macroeconomic uncertainty as key variables shaping the cautious outlook.
- Comparable sales growth of 1.8% across all nameplates in Q4
- Bloomingdale's comparable sales surged 9.9% in Q4
- Credit card revenues increased 17.1% to $205 million in Q4
- Macy's Media Network revenue grew 12.5% to $72 million in Q4
- Cost containment and end-to-end savings initiatives reduced SG&A by $23 million
- Reimagine 125 store comparable sales growth of 0.9% in Q4
- Go-forward comparable sales growth of 2.0% in Q4
“As we wrap up year two of the Bold New Chapter, I'm pleased with the growth and progress we're making against our strategic priorities. At Macy's, we are offering more relevant brands, stronger storytelling and investing in our colleagues so we can better serve the customer. Bloomingdale's exceptional performance underscores its ability to elevate the customer experience and capture demand across premium contemporary to luxury businesses. Looking to 2026 and beyond, we are ready to build on our progress.”
Macy's CEO, on the earnings call
What Was Macy's's Outlook in Q4 2025?
For fiscal year 2026, Macy's, Inc. expects net sales of $21.4 billion to $21.65 billion, comparable sales change of (0.5%) to 0.5%, Adjusted EBITDA as a percent of total revenue of 7.7% to 7.9%, and adjusted diluted EPS of $1.90 to $2.10. The company is taking a prudent approach to guidance given macroeconomic and geopolitical uncertainties that could influence discretionary spending. First half tariff impact is expected to be larger than the second half, with Q1 having the most meaningful impact. Guidance reflects investments in Reimagine 200 locations and luxury nameplates, and fewer non-go-forward store closures than fiscal 2024.
M YoY Financials
| Metric | Q4 2025 | Q4 2024 | Year over year |
|---|---|---|---|
| Revenue | $7.9B | $8.0B | −1.1% |
| Gross Profit | $2.7B | $3.0B | −10.7% |
| Operating Income | $745.0M | $499.0M | +49.3% |
| Net Income | $507.0M | $342.0M | +48.3% |
M Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.