Q3 26 EPS
$0.09
BEAT +168.18%
Est. $-0.13
Q3 26 Revenue
$4.91B
BEAT +7.78%
Est. $4.56B
vs S&P Since Q3 26
-2.5%
TRAILING MARKET
M +6.5% vs S&P +9.0%
Market Reaction
Did M Beat Earnings? Q3 2026 Results
Macy's delivered a sharply better-than-expected third quarter for fiscal 2025, posting adjusted diluted EPS of $0.09 against a consensus estimate of negative $0.13, a beat of 168.18%, as the retailer's "Bold New Chapter" restructuring strategy began … Read more Macy's delivered a sharply better-than-expected third quarter for fiscal 2025, posting adjusted diluted EPS of $0.09 against a consensus estimate of negative $0.13, a beat of 168.18%, as the retailer's "Bold New Chapter" restructuring strategy began showing tangible results. Revenue of $4.91 billion topped the $4.56 billion consensus by 7.78% and was roughly flat year-over-year, up 0.2%, even as planned store closures trimmed net sales. The most material driver was comparable sales momentum, with owned comps rising 2.5% across all nameplates, the strongest such performance in 13 quarters; Bloomingdale's led the way with 8.8% owned comparable sales growth, while the 125 reimagined Macy's locations continued to outperform the broader nameplate. A 31.7% surge in credit card revenues to $158.00 million and a $40.00 million reduction in SG&A expenses further supported the bottom line. Encouraged by the results, management raised full-year adjusted diluted EPS guidance to $2.00 to $2.20, up from a prior range of $1.70 to $2.05, though the outlook assumes current tariffs persist and a more selective consumer in the fourth quarter.
Key Takeaways
- • Strongest comparable sales growth in 13 quarters, up 2.5% owned and 3.2% O+L+M
- • Bloomingdale's comparable sales up 8.8% on owned basis, fifth consecutive quarter of comparable sales growth
- • Reimagine 125 locations continued to outperform broader Macy's nameplate with 2.3% owned comp sales growth
- • Credit card revenues increased 31.7% to $158 million
- • SG&A expenses decreased $40 million, improving 90 basis points as a percentage of total revenue
- • Tariff impact of 50 basis points on gross margin was better than expectations due to mitigation actions
- • Bluemercury reported positive 1.1% comparable sales growth
M YoY Financials
Q3 2026 vs Q3 2025, source: SEC Filings
M Revenue by Segment
With YoY comparisons, source: SEC Filings
“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.”
— Tony Spring, Q3 2026 Earnings Press Release
M Earnings Trends
M vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
M EPS Trend
Earnings per share: estimate vs actual
M Revenue Trend
Quarterly revenue: estimate vs actual
M Quarterly Results
11 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 27 BEAT | $0.03 | $0.13 | +359.36% | $4.89B | +6.06% |
| Q4 26 BEAT FY | $1.56 | $1.67 | +6.85% | $7.92B | +5.43% |
| FY Full Year | $2.20 | $2.32 | +5.29% | $22.62B | +4.57% |
| Q3 26 BEAT | $-0.13 | $0.09 | +168.18% | $4.91B | +7.78% |
| Q2 26 BEAT | $0.19 | $0.41 | +119.72% | $5.00B | +6.31% |
| Q1 26 BEAT | $0.15 | $0.16 | +6.60% | $4.79B | +8.26% |
| Q4 25 BEAT FY | $1.54 | $1.80 | +16.68% | $8.01B | +3.24% |
| FY Full Year | — | $2.64 | — | $23.01B | — |
| Q3 25 BEAT | $0.03 | $0.04 | +58.73% | $4.90B | +3.91% |
| Q2 25 BEAT | $0.30 | $0.53 | +76.67% | $5.10B | -0.44% |
| Q1 25 BEAT | $0.15 | $0.27 | +80.00% | $5.00B | +2.85% |
| Q4 24 BEAT FY | $1.96 | $2.45 | +25.00% | $8.38B | +2.71% |
| FY Full Year | — | $3.50 | — | $23.87B | — |
| Q3 24 | — | — | — | $4.74B | — |