Macy's Inc

Latest Results (04.04.2026):

Macy’s, Inc. reported fourth quarter fiscal 2025 results: Q4 net sales were $7.6 billion with comparable sales up 1.8% (go‑forward comparable sales +2.0%), GAAP diluted EPS of $1.84 and Adjusted diluted EPS of $1.67 (above guidance). For the full fiscal year 2025, Macy’s, Inc. reported net sales of $21.8 billion, comparable sales +1.5%, GAAP and Adjusted diluted EPS of $2.32, $1.2 billion of cash on hand, $1.4 billion operating cash flow and $0.8 billion free cash flow.

Top-line and comparable sales

For Macy’s, Inc. in Q4 2025, net sales were $7.639B (down 1.7% inclusive of store closures) while comparable sales rose 1.8% and go‑forward comparable sales increased 2.0%.

Nameplate performance

Macy’s, Inc. Q4 go‑forward comps: Macy’s +0.4% (go‑forward +0.6%; Reimagine 125 comps +0.9%), Bloomingdale’s comps +9.9%, Bluemercury comps +1.3% — Bloomingdale’s was the standout driver.

Profitability and earnings per share

Q4 2025 GAAP diluted EPS was $1.84 and Adjusted diluted EPS was $1.67 (above company guidance). Full‑year 2025 GAAP and Adjusted diluted EPS were $2.32, beating the prior guidance range.

Margins and operating metrics

Q4 gross margin rate was 35.2% (down 50 bps, primarily from ~60 bp tariff impact). Q4 Adjusted EBITDA was $840M (10.6% of revenue); FY2025 Adjusted EBITDA was $1.842B (8.1% of revenue).

Expenses and one‑time items

Q4 SG&A was $2.4B (29.8% of revenue), slightly lower in dollars but up 10 bps as a percent of revenue due to ongoing investments. Results included a $328M pre‑tax credit card interchange settlement impacting GAAP figures.

Cash flow, capital returns and buybacks

Macy’s, Inc. ended FY2025 with $1.2B cash and $2.0B available borrowing capacity, generated $1.4B operating cash flow and $0.8B free cash flow, and returned $448M to shareholders (dividends $197M; repurchases $251M). About $1.1B remained under the $2.0B repurchase authorization.

Balance sheet and leverage

As of FY2025 close, total debt was $2.4B with no material long‑term maturities until 2030; merchandise inventories were modestly lower year‑over‑year and management indicated inventory positioning is healthy heading into FY2026.

Fiscal 2026 guidance and risks

Macy’s, Inc. guided FY2026 net sales $21.4B–$21.65B, comparable sales (‑0.5%) to +0.5%, Adjusted diluted EPS $1.90–$2.10 and Adjusted EBITDA margin 7.7%–7.9%. Guidance assumes heavier tariff headwinds in H1 (most in Q1) and continued investments in Reimagine stores and luxury nameplates.