Macy's (M) Q1 2026 Earnings
How Did M Stock React to Q1 2026 Earnings?
S&P 500 over the same 30 days: −0.87%.
Did M Beat Earnings? Q1 2026 Results
Yes. Macy's reported Q1 2026 earnings of $0.13 a share on Jun 3, 2026, beating the $0.03 consensus estimate by 359.4%. Revenue was $4.9B against a $4.6B estimate.
Macy's delivered a notably strong first quarter of fiscal 2026, with results that cleared Wall Street's expectations on both the top and bottom lines and prompted the retailer to lift its full-year outlook. Revenue rose 2.1% year-over-year to $4.89 billion, beating the consensus estimate of $4.61 billion by more than 6%, while adjusted diluted EPS of $0.13 came in substantially ahead of a near-breakeven analyst expectation of roughly $0.03, a gap that underscores how decisively the quarter exceeded forecasts. The single biggest driver was comparable sales momentum: total company comps grew 3.0%, the best first-quarter performance in four years and a fourth consecutive quarter in positive territory, with Bloomingdale's posting a standout 10.2% comp gain. Gross margin dipped 30 basis points to 38.9%, entirely attributable to tariff costs, though cash generation improved sharply, with operating cash flow swinging to $292 million from negative $64 million a year ago. Encouraged by the results, Macy's raised its full-year net sales guidance to $21.50 billion to $21.75 billion and lifted its adjusted diluted EPS outlook to $2.00 to $2.20, drawing a wave of analyst price-target increases in the wake of the report.
- 3.0% comparable sales growth across all nameplates, strongest first quarter in four years
- Bloomingdale's delivered 10.2% comparable sales increase, seventh consecutive quarter of gains
- Reimagine 200 locations outperformed overall Macy's comp at 2.4% growth
- Credit card net revenues increased 11.7% due to healthy credit portfolio
- Operating cash flow swung to $292 million from negative $64 million year-over-year
- SG&A rate held flat at 39.9% despite continued investments
“We're off to a strong start to the year, exceeding expectations for the fifth consecutive quarter as our Bold New Chapter strategy continues to build momentum. Customers are responding – driving comparable sales growth at Macy's and another standout quarter at Bloomingdale's, underscoring its leadership in modern luxury. We're operating with discipline and focusing on what matters most – our customers. With the power of our multi-brand, multi-category, multi-generational portfolio, we're confident in our path to sustainable, profitable growth. And we're excited to continue our year of celebrations at Macy's, including the 50th anniversary of Macy's Fourth of July Fireworks, as we mark the nation's 250th.”
Macy's CEO, on the earnings call
What Was Macy's's Outlook in Q1 2026?
Macy's raised its full-year fiscal 2026 guidance: net sales of $21.5 billion to $21.75 billion (up from $21.4 billion to $21.65 billion), comparable sales growth of 0.5% to 1.2% (up from -0.5% to 0.5%), Adjusted EBITDA margin of 7.7% to 7.9% (unchanged), and adjusted diluted EPS of $2.00 to $2.20 (up from $1.90 to $2.10). Guidance assumes the first half of the year will have a larger tariff impact than the second half and does not include the potential receipt of refunds from tariffs. The company acknowledges macroeconomic and geopolitical factors that could influence discretionary spending and continues to take a prudent approach.
M YoY Financials
| Metric | Q1 2026 | Q1 2025 | Year over year |
|---|---|---|---|
| Revenue | $4.9B | $4.8B | +2.1% |
| Gross Profit | $1.8B | $2.0B | −8.8% |
| Operating Income | $112.0M | $94.0M | +19.2% |
| Net Income | $63.0M | $38.0M | +65.8% |
M Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.