Macy's, Inc. 8-K
PositiveEarningsGuidance raised
Tariff refunds lift margins as Bloomingdale’s leads comp growth; FY2026 adjusted EPS guidance rises to $2.15–$2.35.
Filed 2026-09-10 06:57 ET
- 2.02 Results of Operations
- 9.01 Financial Statements and Exhibits
Summary
Q2 2026 results with raised FY2026 guidance. Comparable sales grew for a fifth consecutive quarter, with growth across Macy’s, Bloomingdale’s and Bluemercury. Macy’s raised its full-year net sales, comparable sales, adjusted EBITDA-margin and adjusted diluted EPS guidance.
Key Figures
| Metric | Q2 2026 | H1 2026 |
|---|---|---|
| Net sales | $4.87B, +1.1% Y/Y | $9.55B, +1.5% Y/Y |
| Gross margin rate | 41.5%, vs 39.7% | 40.2%, vs 39.5% |
| Operating income | $244M, +64% Y/Y | $356M, +47% Y/Y |
| Net income (GAAP) | $169M, +94% Y/Y | $232M, +87% Y/Y |
| Adjusted net income (non-GAAP) | $170M, +73% Y/Y | $205M, +59% Y/Y |
| Diluted EPS (GAAP) | $0.62, +100% Y/Y | $0.85, +93% Y/Y |
| Adjusted diluted EPS (non-GAAP) | $0.63, +80% Y/Y | $0.75, +63% Y/Y |
| Operating cash flow | — | $586M, +130% Y/Y |
| Adjusted EBITDA (non-GAAP) | $457M, +23% Y/Y | $748M, +10.5% Y/Y |
- Comparable sales increased 2.7% overall: Macy’s +1.1% (Reimagine 200 stores +1.9%), Bloomingdale’s +11.3% and Bluemercury +6.2%. Gross margin rose 180 bp, including a 180 bp net tariff-refund benefit; excluding that benefit and a 10 bp tariff and fuel-cost headwind, it rose 10 bp. Adjusted diluted EPS excluding the $0.23 net tariff-refund benefit was $0.40 vs $0.35, +14% Y/Y.
- Macy’s received $98M of tariff refunds in Q2 and another $18M after quarter-end, for $116M total; ≈$20M is expected to flow to full-year EPS, while the remaining $96M is being reinvested in 2026. Guidance incorporates ≈$0.05 per share of full-year benefit and ≈$0.18 per share of second-half reinvestment.
- Cash was $1.29B vs $829M a year earlier; available asset-based credit capacity was $2.0B and total debt was $2.43B, with no material long-term debt maturities until 2030. H1 repurchases were 4.9M shares for $100M; shares outstanding fell 2.2% Y/Y to 262M. About $1.0B remained under the $2.0B authorization. The board declared a 19.15-cent quarterly dividend, payable 10/1/2026 to holders of record 9/15/2026.
Guidance
| Metric | Period | Guidance | Prior | Direction |
|---|---|---|---|---|
| Net sales | FY2026 | $21.675B-$21.825B | $21.5B-$21.75B | Raised |
| Comparable sales | FY2026 | 1.0%-1.5% | 0.5%-1.2% | Raised |
| Adjusted EBITDA as a percent of total revenue (non-GAAP) | FY2026 | 7.8%-8.0% | 7.7%-7.9% | Raised |
| Adjusted diluted EPS (non-GAAP) | FY2026 | $2.15-$2.35 | $2.00-$2.20 | Raised |
Net sales guidance reflects ≈$145M of annual impact from FY2025 store closures. The outlook also incorporates planned investment in Reimagine 200 locations and luxury nameplates.
Investor Takeaways
- Watch second-half comparable sales and adjusted profitability against the raised FY2026 ranges as Macy’s reinvests most tariff refunds and continues its planned store and luxury-nameplate investments.
The summary is written by an AI model reading the filing.
Model 005 · prompt v95 · 2026-10-20 14:36:04Z