The strong beat and raised guidance confirm the turnaround is gaining traction. Traders should watch for continued comparable sales growth, particularly at Bloomingdale's, and monitor the impact of tariff refund reinvestments on margins in H2. The raised guidance provides a clear catalyst for near-term upside.
Price Chart
Executive Summary
Macy's Q2 2026 results beat expectations with GAAP EPS of $0.62 (up 100% YoY) and adjusted EPS of $0.63, driven by 2.7% comparable sales growth across all nameplates. The company raised full-year guidance for net sales, comparable sales, and adjusted diluted EPS, signaling continued momentum from its Bold New Chapter strategy. The strong beat and raised guidance are clear bullish signals for the stock.
Key Financial Metrics
Key Facts
- GAAP diluted EPS was $0.62, up 100% YoY from $0.31.
- Adjusted diluted EPS was $0.63, up 14% YoY excluding a $0.23 net tariff refund benefit.
- Comparable sales rose 2.7%, with go-forward comparable sales up 2.8%.
- Bloomingdale's comparable sales increased 11.3%, achieving its highest Q2 sales volume.
- Full-year net sales guidance raised to $21.675B-$21.825B from $21.5B-$21.75B.
- Full-year adjusted diluted EPS guidance raised to $2.15-$2.35 from $2.00-$2.20.
- Gross margin rate expanded 180 bps to 41.5%, including a 180 bps benefit from net tariff refunds.
- Operating cash flow for H1 2026 was $586M, more than double the $255M in H1 2025.
- Company repurchased 2.2M shares for $50M in Q2, with $1.0B remaining under authorization.
Financial Impact
GAAP EPS of $0.62 beat the $0.37 consensus by 67.6%; revenue of $4.866B slightly beat the $4.81B consensus by 1.2%.
Risk Factors
- Tariff refund benefits are non-recurring and may distort underlying margin trends.
- Consumer discretionary spending could weaken due to macroeconomic or geopolitical factors.
- Store closures from fiscal 2025 will continue to create a headwind to reported net sales growth.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001628280-26-061217 |
| Document: n-20260910.htm | 0001628280-26-061217 |
| Document: 0001628280-26-061217-index-headers.html | 0001628280-26-061217 |
| Document: 0001628280-26-061217-index.html | 0001628280-26-061217 |
| Document: 0001628280-26-061217.txt | 0001628280-26-061217 |
| 8-K Data (Synthetic) | 0001628280-26-061217 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 10, 2026 22d ago | 8-K | $20.50 $21.64 | ▲ +5.56% | ▲ +6.06% | $22.73 (+10.88%) |
Jun 26, 2026 13w ago | Insider Cluster | $24.46 $23.68 | ▼ −3.19% | ▼ −4.58% | $22.73 (−7.07%) |
Jun 3, 2026 17w ago | 8-K | $21.78 $23.16 | ▲ +6.36% | ▲ +10.18% | $22.73 (+4.38%) |
May 18, 2026 19w ago | 8-K | $19.05 $21.04 | ▲ +10.45% | ▲ +8.16% | $22.73 (+19.34%) |
Apr 1, 2026 26w ago | 144 | $17.80 $18.86 | ▲ +5.98% | ▲ +2.36% | $22.73 (+27.73%) |
Mar 30, 2026 26w ago | Insider Cluster | $17.57 $18.11 | ▲ +3.07% | ▼ −1.23% | $22.73 (+29.39%) |
Mar 30, 2026 26w ago | Insider Cluster | $17.57 $18.11 | ▲ +3.07% | ▼ −1.23% | $22.73 (+29.39%) |
Mar 25, 2026 27w ago | Insider Cluster | $18.49 $18.09 | ▼ −2.16% | ▼ −1.91% | $22.73 (+22.96%) |
Mar 18, 2026 28w ago | 8-K | $17.71 $18.49 | ▲ +4.41% | ▲ +5.12% | $22.73 (+28.37%) |
US Market Status
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