Macy's Inc

Latest Results (19.02.2026):

Macy’s, Inc. reported results for the second quarter of 2025, recording $4.8 billion in net sales and adjusted diluted EPS of $0.41 (GAAP diluted EPS $0.31), both above the company’s guidance. The company posted its best comparable‑sales growth in 12 quarters, raised full‑year net sales and adjusted diluted EPS guidance, returned capital to shareholders, and took actions to strengthen the balance sheet during the quarter.

Sales and same‑store performance

Q2 2025 net sales were $4.812 billion. 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; Macy’s go‑forward business comps rose 1.1% owned (2.2% O+L+M).

Nameplate highlights

Reimagine 125 locations outperformed with owned comps +1.1% (owned+licensed +1.4%). Bloomingdale’s posted its fourth consecutive quarter of growth: owned comps +3.6% (O+L+M +5.7%). Bluemercury recorded 18th consecutive quarter of gains with owned comps +1.2%.

Profitability and margins

GAAP diluted EPS was $0.31; Adjusted diluted EPS was $0.41, above guidance. Gross margin rate was 39.7%, down 80 basis points, driven by proactive markdowns on remaining early spring product and product purchased under prior tariff rates.

Operating results and cash flow

GAAP net income was $87 million for the quarter. Adjusted EBITDA was $393 million and Core Adjusted EBITDA was $377 million. Net cash provided by operating activities was $255 million for the 26‑week period.

SG&A and cost actions

SG&A was $1.944 billion, down $29 million year‑over‑year, but rose to 38.9% of total revenue due to lower net sales; spending included investments in go‑forward initiatives (Reimagine 125, Bloomingdale’s).

Balance sheet and liquidity

Cash and cash equivalents at quarter end were $829 million and available borrowing capacity was $2.0 billion under the ABL. The company completed financing transactions in July–August that produced a net long‑term debt reduction of ~ $340 million and left no material long‑term maturities until 2030. Total debt as of quarter end was $2.6 billion (includes $194M redeemed debt paid after quarter end).

Shareholder returns and buybacks

Macy’s, Inc. returned $100 million to shareholders in the first half of 2025 ($50M dividends in Q2 and $50M in repurchases). In Q2 the company repurchased 4.0 million shares for $50 million; approximately $1.2 billion remains available under the $2.0 billion repurchase authorization. The board declared a quarterly dividend of $0.1824 per share payable Oct 1, 2025.

Guidance and outlook

The company raised full‑year net sales guidance to $21.15–$21.45 billion and adjusted diluted EPS guidance to $1.70–$2.05, while noting anticipated gross‑margin headwinds from current tariffs in Q3–Q4 and a more choiceful consumer in H2 2025. Adjusted EBITDA and Core Adjusted EBITDA as a percent of revenue ranges were unchanged.

Key risks called out

Macy’s, Inc. reiterated forward‑looking risks including execution of the Bold New Chapter strategy, competitive/promotional pressures, tariff impacts, and other factors that could materially affect results (see company filing for details).