Macy`s Inc
Q2 2026 Earnings
Market Reaction
S&P 500 over the same 30 days: +3.96%.
Did M Beat Earnings? Q2 2026 Results
Macy's delivered a strong second-quarter beat, with adjusted diluted EPS of $0.41 clearing the $0.19 consensus estimate by 119.72% and revenue of $5.00 billion topping expectations by 6.31%, even as total sales slipped 1.9% year over year, weighed down by the deliberate closure of underperforming Macy's nameplate locations that removed roughly $170 million in revenue from the year-ago comparison. The standout driver was comparable sales momentum, with owned-plus-licensed-plus-marketplace comps rising 1.9%, the best comparable sales growth the company has recorded in 12 quarters, fueled by stronger traffic and improved merchandising at its Reimagine 125 locations, a 5.7% comp surge at Bloomingdale's, and an 18th consecutive quarter of gains at Bluemercury. Credit card net revenues rose 22.4% to $153 million, adding further lift to the top line. Management responded to the outperformance by raising full-year net sales guidance to $21.15 billion to $21.45 billion and lifting adjusted diluted EPS guidance to $1.70 to $2.05, though the updated outlook factors in anticipated gross margin pressure from tariffs in the second half and a more selective consumer environment.
- Strongest comparable sales growth in 12 quarters with comp sales up 1.9% on O+L+M basis
- Bloomingdale's delivered fourth consecutive quarter of comparable sales growth, up 5.7% on O+L+M basis
- Bluemercury achieved 18th consecutive quarter of comparable sales gains, up 1.2%
- Macy's Reimagine 125 locations outperformed broader Macy's nameplate with owned comp sales up 1.1%
- Credit card net revenues increased 22.4% to $153 million
- SG&A decreased $29 million reflecting benefit from closed locations and cost containment
- Positive comparable sales across all three nameplates
“Our teams achieved better than expected top- and bottom-line results during the second quarter, driven by our strongest comparable sales growth in 12 quarters, reflecting the strong performance in Macy's Reimagine 125 locations, Bloomingdale's and Bluemercury.”
Macy's CEO, on the earnings call
Forward Guidance & Outlook
Macy's raised its full-year fiscal 2025 guidance. Net sales are now expected at $21.15 billion to $21.45 billion (up from $21.0 billion to $21.4 billion). Comparable O+L+M sales are expected to decline approximately 1.5% to down 0.5% versus 2024. Go-forward business comparable O+L+M sales are expected to decline approximately 1.5% to approximately flat. Adjusted EBITDA as a percent of total revenue is unchanged, and Core Adjusted EBITDA as a percent of total revenue is also unchanged. Adjusted diluted EPS guidance was raised to $1.70 to $2.05 (from $1.60 to $2.00). The updated guidance reflects Q2 outperformance and incorporates anticipated gross margin impact from current tariffs in Q3 and Q4. The company assumes a more selective consumer in the second half and provides flexibility to respond to competitive promotional dynamics.
M YoY Financials
M Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.