EarningsQ2 2026 Earnings Report
MX:M Q2 2026 EPS Results
Actual EPS$10.88
Consensus EPS$6.41
Beat/MissBeat by +$4.47
One Year Ago EPS$7.08
MX:M Q2 2026 Revenue Results
Actual Revenue$87.35B
Expected Revenue$82.96B
Beat/MissBeat by +$4.38B
YoY Revenue Growth+1.20%
Earnings Announcement Details
QuarterQ2 2026
Date09/10/2026
TimeBefore Open
Conference CallThursday, September 10, 2026
MX:M Upcoming Earnings
Macy's's next earnings date is estimated for November 12, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:M Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was strongly constructive: second-quarter sales, comparable sales, EBITDA, EPS, cash flow, and the full-year outlook all improved, while Macy's, Bloomingdale's, and Bluemercury each delivered comparable-sales growth. The company also reported progress in Reimagined stores, brand expansion, AI, supply chain, and customer engagement. Offsetting issues included a cautious third-quarter comparable-sales outlook, softer big-ticket and select apparel categories, lower conversion, continued tariff and fuel exposure, and near-term investment levels. Highlights significantly outweighed the lowlights.Company Guidance
Second-Quarter Results Exceeded Guidance
Macy's, Inc. reported revenue growth, comparable sales increases across all nameplates and channels, and better-than-expected performance across key financial metrics. Net sales, comparable sales, adjusted EBITDA, and adjusted diluted EPS all exceeded guidance.
Consolidated Sales and Profit Growth
Net sales grew 1.1% to $4.9 billion, or 1.9% excluding approximately $35 million from 14 store closures. Total revenue rose 1.2% to $5.1 billion, while adjusted EBITDA increased to $457 million from $373 million, with the margin rising to 9.0% from 7.5%. Adjusted EPS was $0.63 versus $0.35 last year.
Comparable Sales Momentum Across Nameplates
Reported comparable sales increased 2.7%, and go-forward comparable sales rose 2.8%. Macy's achieved its fifth consecutive quarter of positive comparable sales, Bloomingdale's delivered double-digit comparable sales growth for the second consecutive quarter, and Bluemercury delivered another quarter of comparable sales growth.
Macy's Nameplate Continued to Improve
Macy's comparable sales increased 1.1%, marking the fifth consecutive quarter of growth. Comparable sales rose 32 basis points on a two-year stack, driven by progress in brand offerings, product assortments, and the omnichannel shopping experience.
Reimagined Stores Outperformed
The 200 Reimagined Macy's stores delivered comparable sales growth of 1.9% in the second quarter, with growth in five consecutive quarters and nine of the last ten quarters. The stores represent nearly 60% of go-forward Macy's stores and 75% of go-forward Macy's store sales.
Customer Experience Metrics Improved
Macy's total fleet Net Promoter Score increased by 10 full points since the strategy began. Reimagined stores continued to post higher Net Promoter Scores than the rest of the fleet.
Bloomingdale's Delivered Record Second-Quarter Volume
Bloomingdale's comparable sales rose 11.3%, with the highest second-quarter sales volume in its 154-year history. Comparable sales increased almost 1,700 basis points on a two-year stack, with growth across all channels and categories.
Bluemercury Maintained Strong Growth
Bluemercury comparable sales increased 6.2%, driven by the in-store Summer Party marketing campaign and growth in dermatological skin care, makeup, and fragrances. Both new and remodeled stores continued to perform well.
Higher AUR and Stronger Assortments
Average unit retail increased around 9% in the quarter, driven by more relevant brands, refined assortments, improved omnichannel experience, and greater product quality. Management said AUR growth has been a multiyear effort and can continue over time.
Gross Margin and Expense-Rate Improvement
Gross margin increased to 41.5% of net sales from 39.7%. Excluding the net tariff refund benefit and the incremental impact of ongoing tariffs and fuel, underlying gross margin expanded approximately 10 basis points, driven by favorable brand mix and Reimagined store expansion, partially offset by channel mix. SG&A as a percentage of sales improved to 38.7% from 38.9%.
Strong Cash Flow and Balance Sheet
First-half operating cash flow was an inflow of $586 million versus $255 million last year, and free cash flow was an inflow of $262 million versus an outflow of $88 million. Macy's ended the quarter with $1.3 billion of cash versus $829 million last year.
Shareholder Returns Continued
The company returned $201 million to shareholders in the first half through $101 million of cash dividends and $100 million of share repurchases, including $50 million during the second quarter. Approximately $1 billion remained on the share repurchase authorization.
Inventory Positioned for Fall
End-of-quarter inventory dollars increased 2.5% year over year, in line with comparable sales growth. Management said inventory composition and levels were well positioned for fall, with a balance of newness and evergreen product.
Supply Chain and AI Initiatives Advanced
The company expects supply chain efficiencies in the second half of 2026 that will benefit gross margin. China Grove automation ramp-up is progressing, and an AI forecast overlay is moving from pilot to broader execution to improve in-stocks and inventory allocation. AI-powered shopping assistants were introduced across Macy's digital, Macy's stores, and Bloomingdale's digital.
Brand Expansion and Customer Engagement
Macy's added or expanded brands including Kiko Milano, Happy Campers, Reiss, Rodd and Gunn, BOSS, Kurt Geiger, and an upcoming Tory Burch launch at Herald Square. Bloomingdale's added Ulla Johnson, Proenza Schouler, and Dries Van Noten and expanded distribution for several luxury brands. Macy's Fourth of July fireworks drew more than 11 million viewers, up nearly 60% from last year.
Full-Year Outlook Raised
Full-year net sales guidance increased to $21.675 billion to $21.825 billion, comparable sales guidance was raised to up 1.0% to up 1.5%, and adjusted diluted EPS guidance increased to $2.15 to $2.35 from the prior outlook. Adjusted EBITDA guidance is 7.8% to 8.0% of total revenue.
Tariff Refunds Fully Received and Partially Reinvested
The company received $98 million of tariff refund proceeds in the second quarter and $18 million after quarter end, for a total of $116 million, and has now received all expected refunds. Approximately $20 million, or about $0.05 of EPS, is being flowed through to the bottom line, with the remaining funds supporting brand building, Reimagined store pilots, value proposition initiatives, and fuel-headwind mitigation.
Credit Card and Media Network Revenue Growth
Other revenue increased 3% to $193 million. Credit card revenue rose 2% to $156 million, supported by a healthy credit portfolio and stable net credit card losses, while Macy's Media Network revenue increased 9% to $37 million.
MX:M Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed