Companies /Consumer Cyclical

Macy`s Inc

NYSE: M Department Stores
$22.51
▼ $0.31 (−1.36%) today
Markets closed · 8:24pm ET

Q3 2026 Earnings

Reported Dec 3, 2025, 6:59am ET · SEC source
$0.09
Beat +168.18%
EPS · est. $-0.13
$4.9B
Beat +7.78%
Revenue · est. $4.6B
+2.2%
Beating market
M vs S&P since report
10 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
−8%−4%0Dec 3Dec 4report 6:59am ETearnings+0.2%−8.1%
−8%−4%0Dec 3Dec 4earnings+0.2%−8.1%
M −8.1%S&P 500 +0.2%
−8%−4%0Dec 3Dec 4report 6:59am ETearnings−0.1%−8.1%
−8%−4%0Dec 3Dec 4earnings−0.1%−8.1%
M −8.1%NASDAQ −0.1%
−8%−4%0Dec 2Dec 11report 6:59am ETearnings+0.4%−1.5%
−8%−4%0Dec 2Dec 11earnings+0.4%−1.5%
M −1.5%S&P 500 +0.4%
−8%−4%0Dec 2Dec 11report 6:59am ETearnings+0.3%−1.5%
−8%−4%0Dec 2Dec 11earnings+0.3%−1.5%
M −1.5%NASDAQ +0.3%
−1.10%
Day of report
−0.62%
Next session
+3.56%
One week
+3.38%
30 days

S&P 500 over the same 30 days: +1.16%.

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 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

“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.”

Macy's CEO, on the earnings call

Forward Guidance & Outlook

Macy's, Inc. raised its full-year fiscal 2025 guidance. Net sales are now expected at $21.475 billion to $21.625 billion (up from $21.15 billion to $21.45 billion). Comparable O+L+M sales are expected flat to up ~0.5% versus 2024 (improved from down ~1.5% to down ~0.5%). Go-forward business comparable O+L+M sales are expected flat to up ~1.0% (improved from down ~1.5% to ~flat). Adjusted EBITDA as a percent of total revenue is expected at 7.8% to 8.0% (up from 7.4% to 7.9%). Adjusted diluted EPS guidance was raised to $2.00 to $2.20 (from $1.70 to $2.05). Expected full-year asset sale gains were lowered to $60 million to $65 million from $90 million. Guidance assumes current tariffs remain in place and a more choiceful consumer in Q4.

M YoY Financials

Q3 2026 vs Q3 2025 · SEC filings Q3 2025 Q3 2026
$0$2.0B$4.0B$4.9B$4.9BRevenue$2.0B$1.9BGross Profit$64.0M$42.0MOperating Income$28.0M$11.0MNet Income
$0$2.0B$4.0BRevenueGross ProfitOperating IncomeNet Income

M Revenue by Segment

Credit Card Revenues$158.0M+31.7%
Macy's Media Network$42.0M+2.4%

Figures from SEC filings and company reports. Not investment advice.