NYSE$M
Macy's Inc · Q2 2025 earnings
Q2 2025 earnings · · Before market open · Investor relations
Briefing
Macy's exceeded EPS and sales guidance and reported its strongest comparable sales growth in three years.
Macy's delivered strong second quarter results with net sales and adjusted EPS exceeding expectations. Positive performance was driven by strength in Bloomingdale’s, Bluemercury, and Reimagine 125 stores.
- Adjusted EPS of $0.41 exceeded guidance.
- Net sales reached $4.8 billion despite store closures.
- Net income was $87 million and operating income was $149 million.
- Strong performance across Bloomingdale’s, Bluemercury, and Reimagine 125 locations.
Headline financials
Revenue & EPS history
Macy's · Revenue · Quarterly
$5B
Revenue by segment
Macy's · $210M total across 2 segments · Q1 2026
- Credit card revenues, net$172M+11.7%81.9%
- Macy's Media Network revenue, net$38M-5.0%18.1%
Forward guidance
Macy’s raised full-year sales and adjusted EPS guidance, reflecting better-than-expected Q2 results and confidence in the Bold New Chapter strategy.
Tailwinds
- Raised full-year net sales guidance to $21.15B–$21.45B.
- Raised adjusted EPS guidance to $1.70–$2.05.
- Improved sales outlook for owned-plus-licensed-plus-marketplace channels.
- Strong liquidity with $2.0B available credit and $829M in cash.
- No material long-term debt maturities until 2030.
Headwinds
- Gross margin pressured by markdowns and tariffs.
- SG&A expense rose as a percent of revenue due to lower sales.
- Sales decline of 2.5% YoY due to store closures.
- Adjusted EBITDA declined YoY from $438M to $393M.
- Ongoing caution regarding consumer spending in H2 2025.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 19 quarterly earnings reports · overlaid with Q2 2025
+1.4%
Avg return
Earnings day
+3.5%
Avg return
5 days after
+0.1%
Avg return
30 days after
59%
41 / 69 earnings
Positive
+23.9%
Q2 2021
Best reaction
-19.5%
Q1 2017
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +0.7% | +2.7% | — | |
| Q4 2025 | +4.5% | +6.6% | +15.5% | |
| Q3 2025 | -1.1% | -2.6% | +0.2% | |
| Q2 2025 | +20.8% | +26.7% | +35.0% | |
| Q1 2025 | +1.2% | +1.0% | +0.2% | |
| Q4 2024 | -0.7% | +3.0% | -14.5% | |
| Q3 2024 | -2.5% | +0.0% | -5.3% | |
| Q2 2024 | -14.5% | -11.2% | -13.8% | |
| Q1 2024 | +5.3% | +5.7% | -4.0% | |
| Q4 2023 | -4.6% | -6.7% | +3.6% | |
| Q3 2023 | +14.5% | +18.6% | +56.3% | |
| Q2 2023 | -14.5% | -18.0% | -26.4% | |
| Q1 2023 | +13.5% | +17.0% | +18.1% | |
| Q4 2022 | +10.9% | +3.4% | -14.4% | |
| Q3 2022 | +12.8% | +19.8% | +3.5% | |
| Q2 2022 | -0.3% | -0.7% | -15.2% | |
| Q1 2022 | +22.0% | +23.1% | +9.1% | |
| Q4 2021 | -10.0% | +2.6% | +2.5% | |
| Q3 2021 | +12.5% | +9.0% | -20.4% | |
| Q2 2021 | +23.9% | +29.9% | +21.4% | |
| Q1 2021 | -2.0% | -5.0% | -5.4% | |
| Q4 2020 | +0.1% | -0.5% | +7.5% | |
| Q3 2020 | +0.7% | +20.8% | +16.0% | |
| Q2 2020 | +8.6% | +9.1% | -14.3% | |
| Q1 2020 | -1.2% | -3.9% | -11.9% | |
| Q4 2019 | -12.0% | -14.4% | -61.6% | |
| Q3 2019 | +2.7% | +2.3% | +7.9% | |
| Q2 2019 | -16.5% | -16.7% | -11.5% | |
| Q1 2019 | -1.4% | -1.0% | -1.1% | |
| Q4 2018 | +3.9% | +0.5% | -0.7% | |
| Q3 2018 | -9.8% | -7.6% | -14.5% | |
| Q2 2018 | -14.4% | -8.6% | -13.3% | |
| Q1 2018 | +13.1% | +15.6% | +27.9% | |
| Q4 2017 | +7.1% | +10.8% | +8.3% | |
| Q3 2017 | +13.7% | +12.1% | +46.8% | |
| Q2 2017 | -10.5% | -11.9% | -7.4% | |
| Q1 2017 | -19.5% | -22.2% | -22.6% | |
| Q4 2016 | +0.2% | +2.7% | -12.5% | |
| Q3 2016 | +7.8% | +7.8% | +10.6% | |
| Q2 2016 | +17.1% | +19.7% | +4.4% | |
| Q1 2016 | -15.6% | — | — | |
| Q4 2015 | +4.4% | — | — | |
| Q3 2015 | -13.2% | — | — | |
| Q2 2015 | -6.7% | — | — | |
| Q1 2015 | -3.2% | — | — | |
| Q4 2014 | -0.9% | — | — | |
| Q3 2014 | +5.1% | — | — | |
| Q2 2014 | -3.2% | — | — | |
| Q1 2014 | -1.3% | — | — | |
| Q4 2013 | +9.2% | — | — | |
| Q3 2013 | +9.4% | — | — | |
| Q2 2013 | -4.5% | — | — | |
| Q1 2013 | +1.0% | — | — | |
| Q4 2012 | +5.3% | — | — | |
| Q2 2012 | +3.0% | — | — | |
| Q3 2012 | +1.3% | — | — | |
| Q1 2012 | +0.9% | — | — | |
| Q4 2011 | +2.6% | — | — | |
| Q3 2011 | +2.1% | — | — | |
| Q2 2011 | -2.2% | — | — | |
| Q1 2011 | -2.1% | — | — | |
| Q1 2010 | -2.1% | — | — | |
| Q4 2010 | +1.0% | — | — | |
| Q4 2008 | +1.0% | — | — | |
| Q3 2010 | +2.6% | — | — | |
| Q3 2009 | +2.6% | — | — | |
| Q2 2010 | +5.3% | — | — | |
| Q2 2009 | +5.3% | — | — | |
| Q4 2009 | +5.3% | — | — |
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