Macy's Inc

Latest Results (06.01.2026):

Macy’s, Inc. reported results for the second quarter of 2025, delivering a top- and bottom-line beat, its best comparable‑sales growth in 12 quarters, and raised full‑year net sales and adjusted diluted EPS guidance. Net sales were $4.8 billion, GAAP diluted EPS was $0.31 and Adjusted diluted EPS was $0.41, with positive comparable sales across Macy’s, Bloomingdale’s and Bluemercury.

Sales and EPS

Net sales: $4.8 billion (above company guidance). GAAP diluted EPS: $0.31; Adjusted diluted EPS: $0.41 (also above guidance). Adjusted EBITDA for the quarter was $393 million; Core Adjusted EBITDA was $377 million.

Comparable‑sales performance

Companywide comparable sales were up 0.8% on an owned basis and up 1.9% on an owned‑plus‑licensed‑plus‑marketplace (O+L+M) basis — the strongest comparable‑sales growth in 12 quarters. Macy’s go‑forward business comps were up 1.1% (owned) and 2.2% (O+L+M).

Nameplate highlights

Reimagine 125 locations outperformed Macy’s overall with owned comps up 1.1% (1.4% O+L). Bloomingdale’s posted its fourth consecutive quarter of growth: comps +3.6% (owned) and +5.7% (O+L+M). Bluemercury extended its streak to 18 consecutive quarters of comparable‑sales gains, up 1.2% (owned).

Profitability and margins

Gross margin rate was 39.7%, down ~80 basis points, driven by proactive markdowns and prior tariff impacts. SG&A was $1.9 billion (38.9% of revenue), modestly lower in dollars but higher as a percent of revenue due to lower net sales.

Balance sheet and liquidity

Cash and cash equivalents were $829 million at quarter end, with $2.0 billion of available borrowing capacity under the asset‑based credit facility. Total debt was $2.6 billion (including $194 million of redeemed debt settled after quarter‑end).

Debt actions and capital structure

In July–August the company completed financing moves that reduced long‑term debt by ~ $340 million (issued $500 million notes due 2033 and repaid ~ $840 million of notes), leaving no material long‑term maturities until 2030.

Shareholder returns

Macy’s, Inc. returned $100 million to shareholders in the first half of 2025, including $50 million in Q2 (split $50M dividends and $50M repurchases in the quarter). The company repurchased 4.0 million shares for $50 million in Q2 and has ~ $1.2 billion remaining under its $2.0 billion authorization. The board declared a quarterly dividend of $0.1824/share payable Oct 1, 2025.

Guidance update

The company raised its full‑year net sales and adjusted diluted EPS guidance: net sales now expected $21.15B–$21.45B and adjusted diluted EPS $1.70–$2.05. Full‑year guidance factors in tariff impacts and assumes a more choiceful consumer in H2 2025.