Macy's (M) Earnings: Q2 Fiscal 2026 Results and Next Report Date

The quarter ended August 1, 2026 and Macy's published the results on September 10, 2026. Revenue and diluted EPS are shown against Q2 fiscal 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison. Macy's reports EPS two ways: GAAP, under the accounting rules every US filer follows, and adjusted, which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• Macy's fiscal year ends on the Saturday nearest January 31. Q2 fiscal 2026 is the 13 weeks ended August 1, 2026.
• Revenue here is Macy's total revenue: net sales of $4,866 million plus $193 million of other revenue (credit card and Macy's Media Network). The merchandise category rows are from the Q2 2026 Form 10-Q.
• Q2 fiscal 2026 results include a net tariff refund benefit of $0.23 per diluted share, which Macy's does not exclude from adjusted EPS.

Source: Macy's Q2 fiscal 2026 results, September 10, 2026. Also in the Form 10-Q for the quarter ended August 1, 2026. Figures as reported; checked against the release on November 10, 2026.

How Macy's splits revenue in its own release, under its own labels, for Q2 fiscal 2026 against Q2 fiscal 2025. Indented lines are parts of the line above them.

• Macy's's Women's Accessories, Shoes, Cosmetics and Fragrances revenue was $2.0 billion in Q2 fiscal 2026, up 2% from $2.0 billion in Q2 fiscal 2025, 39% of total revenue.
• Macy's's Women's Apparel revenue was $1.1 billion in Q2 fiscal 2026, up 1% from $1.1 billion in Q2 fiscal 2025, 22% of total revenue.
• Macy's's Men's and Kids' revenue was $1.0 billion in Q2 fiscal 2026, up 2% from $1.0 billion in Q2 fiscal 2025, 21% of total revenue.
• Macy's's Home/Other revenue was $723 million in Q2 fiscal 2026, down 2% from $736 million in Q2 fiscal 2025, 14% of total revenue.
• Macy's's Credit card revenues, net revenue was $156 million in Q2 fiscal 2026, up 2% from $153 million in Q2 fiscal 2025, 3% of total revenue.
• Macy's's Macy's Media Network revenue, net revenue was $37.0 million in Q2 fiscal 2026, up 9% from $34.0 million in Q2 fiscal 2025, under 1% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

In its Q2 fiscal 2026 release, Macy's said:

“The company raised its annual fiscal year 2026 guidance, including net sales, comparable sales, adjusted EBITDA and adjusted diluted EPS guidance.”

“Full year guidance continues to recognize that there are macroeconomic and geopolitical factors that could influence discretionary spend.”

“Forward-looking guidance incorporates reinvestments of the majority of tariff refunds with approximately $0.05 per share flowing through to full year adjusted diluted EPS.”

Source: Macy's Q2 2026 release, Sep 10, 2026.

This is the company's own guidance as of Sep 10, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the M forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

Total revenue and GAAP diluted EPS, each as first reported in that quarter's release. The fourth quarter includes the holiday season.

Macy's's next report is expected around December 2, 2026, a date estimated from its reporting history that the company has not yet confirmed. This page will show Q2 fiscal 2026 until those results are out and have been checked against the release.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q2 fiscal 2026 (this page), reported Sep 10, 2026

Macy's total revenue of $5,059 million in Q2 fiscal 2026 was $4,866 million of net sales and $193 million of other revenue. Net sales rose 1.1%, and 1.9% excluding fiscal 2025 store closures, which contributed approximately $35 million in the year-ago quarter. Comparable sales on an owned-plus-licensed-plus-marketplace basis rose 2.7% and were positive at each nameplate; the release says comparable sales at the Macy's nameplate rose for the fifth consecutive quarter. (Macy's Q2 2026 release, Sep 10, 2026)

By merchandise category, Macy's 10-Q shows Women's Accessories, Shoes, Cosmetics and Fragrances as the largest at $1,986 million, followed by Women's Apparel at $1,109 million, Men's and Kids' at $1,048 million and Home/Other at $723 million, the one category that declined. The Macy's nameplate accounted for 82% of net sales, against 84% a year earlier, and digital sales were 31% of net sales in both quarters. (Macy's Form 10-Q, Q2 fiscal 2026, Sep 10, 2026)

Macy's three nameplates grew at different rates. Comparable sales rose 1.1% at Macy's, 1.9% at its Reimagine 200 stores, 11.3% at Bloomingdale's, which posted its highest second-quarter sales volume, and 6.2% at Bluemercury. (Macy's Q2 2026 release, Sep 10, 2026)

Other revenue comes mainly from Macy's credit card program with Citibank. Credit card net revenues rose 2.0% to $156 million, and Macy's Media Network, its in-house advertising platform, rose 8.8% to $37 million. (Macy's Q2 2026 release, Sep 10, 2026; Macy's Form 10-Q, Q2 fiscal 2026, Sep 10, 2026)

Macy's GAAP diluted EPS doubled to $0.62 from $0.31, and adjusted diluted EPS was $0.63 against $0.35. Adjusted EPS excludes impairment, restructuring and other costs ($0.06), gains on sale of real estate ($0.03) and benefit plan income ($0.02). It does not exclude the net tariff refund benefit of $0.23 per share; without that benefit, adjusted EPS would have been $0.40. (Macy's Q2 2026 release, Sep 10, 2026)

Gross margin rate rose 180 basis points to 41.5%, and Macy's 10-Q says that was mainly driven by gross tariff refunds of approximately $95 million. Excluding the 180 basis point benefit from net tariff refunds, partly offset by a 10 basis point headwind from tariff and fuel costs, the rate was up 10 basis points. The effective tax rate was 25.6%, against 24.3%. (Macy's Q2 2026 release, Sep 10, 2026; Macy's Form 10-Q, Q2 fiscal 2026, Sep 10, 2026)

Diluted average shares fell to 271.9 million from 275.9 million. Macy's repurchased 2.2 million shares for $50 million in the quarter and 4.9 million shares for $100 million in the first half, with approximately $1.0 billion left under its $2.0 billion authorization, and paid $51 million of dividends in the quarter. (Macy's Q2 2026 release, Sep 10, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Macy's gives full-year guidance in its release and raised it after Q2 fiscal 2026: net sales of $21.675 billion to $21.825 billion (from $21.5 billion to $21.75 billion), comparable sales change of 1.0% to 1.5%, adjusted EBITDA of 7.8% to 8.0% of total revenue and adjusted diluted EPS of $2.15 to $2.35 (from $2.00 to $2.20). The release says its third quarter outlook is in the presentation posted to its investor site. (Macy's Q2 2026 release, Sep 10, 2026)

Macy's said it has received all expected IEEPA tariff refunds, $116 million in total. About $20 million will flow to full-year EPS and the remaining $96 million is being reinvested in 2026; guidance includes approximately $0.18 per share of reinvestment in the second half. Guidance excludes any future share repurchases. (Macy's Q2 2026 release, Sep 10, 2026)

A consensus figure is the average of the models published by the analysts who cover Macy's, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Macy's's own release and filings put weight on for Q2 fiscal 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning M is on is M a buy or a sell?, what analysts expect next is on the M forecast, and what the company does is on the Macy's (M) stock page.

Every number on this page can be traced to a document Macy's published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.