Macy's (M) Earnings Date & Reports

Key Takeaways

• Macy's, Inc. (NYSE: M) reports its second quarter of fiscal 2026 results before the market opens on Thursday, September 10, 2026.
• Management has guided second-quarter adjusted EPS (earnings per share) to a range of $0.29 to $0.34, with net sales of approximately $4.75 billion to $4.80 billion.
• Wall Street consensus sits slightly above guidance, at roughly $0.35 in adjusted EPS on about $4.77 billion in revenue.
• The report follows a strong first quarter, when comparable sales rose 3% — the company's best first-quarter performance in four years.
• Investors will focus on comparable sales trends, gross margin, and any revision to the company's full-year outlook.

Earnings Context and Why It Matters

Macy's second-quarter print arrives as the retailer works to prove that its "Bold New Chapter" turnaround strategy can sustain momentum through the back half of the year. In the first quarter of fiscal 2026, the department-store operator beat expectations on both earnings and revenue and raised its full-year outlook, signaling that its store revitalization and merchandising efforts are beginning to gain traction with cautious consumers.

Still, the broader retail environment remains pressured by soft discretionary spending and tariff-related costs. This report matters because it will show whether comparable sales growth can continue and whether margin pressures from tariffs and fuel are being absorbed without derailing the company's improving trajectory.

Earnings Expectations

For the second quarter of fiscal 2026, Macy's management guided adjusted EPS to between $0.29 and $0.34, with net sales of roughly $4.75 billion to $4.80 billion and comparable sales approximately flat to up 1%. The company also noted that tariffs and fuel costs are expected to subtract about $0.03 to $0.04 from EPS and 20 to 40 basis points from gross margin.

Analysts, on average, expect adjusted EPS of about $0.35 on revenue near $4.77 billion — positioning consensus at or slightly above the high end of the company's own guidance range. By comparison, Macy's reported adjusted EPS of $0.41 on $4.81 billion in revenue in the year-ago second quarter, meaning results will likely reflect a year-over-year decline even as the company holds its operational footing.

Beyond the headline figures, investors will watch comparable sales, gross margin, and adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization). Management previously guided second-quarter adjusted EBITDA to 6.9% to 7.2% of total revenue, offering another benchmark against which to gauge profitability trends.

AI Screener

Tickeron's AI Screener is an AI-powered stock and ETF (exchange-traded fund) discovery tool designed to help traders and investors filter the market based on technical patterns, fundamentals, trends, volatility, and AI-driven signals. Users can scan thousands of stocks and ETFs using customizable filters such as industry, market capitalization, technical indicators, price patterns, and performance metrics. The screener helps identify trade ideas, trending stocks, breakout candidates, and market opportunities more efficiently than manual screening. For those tracking retailers like Macy's ahead of earnings, it offers a structured way to surface related opportunities across the sector. Explore the AI Screener to refine your own watchlist.

Market Reaction and Investor Sentiment

Sentiment heading into the report is cautiously optimistic. Macy's stock has drawn support from its first-quarter beat and raised guidance, and analysts have noted the company's relatively attractive valuation compared with department-store peers. However, the second-quarter setup carries a degree of tension: consensus EPS expectations run slightly above the company's own guidance, leaving less room for error than in a typical quarter.

Key risk factors include tariff-related cost pressures, fuel expenses, and the possibility that cautious consumer spending weighs on traffic and full-price selling. Should comparable sales come in at the low end of guidance — or if margin pressure proves greater than flagged — the stock could face renewed scrutiny. Conversely, a modest beat paired with maintained or improved full-year guidance would likely reinforce the turnaround narrative.

Forward Outlook and Key Factors to Monitor

Following the second-quarter report, investors will turn their attention to how Macy's frames the remainder of fiscal 2026. The company's full-year outlook, issued in June, calls for net sales of approximately $21.5 billion to $21.75 billion, comparable sales growth of 0.5% to 1.2%, adjusted EBITDA of 7.7% to 7.9% of total revenue, and adjusted diluted EPS of $2.00 to $2.20.

One area to watch is whether management reaffirms or adjusts these targets in light of second-quarter results. The performance of the company's roughly 125 revamped stores will also be important, since these locations have been central to the turnaround strategy and previously outpaced the overall chain.

Cost trends represent another key factor. Tariffs and fuel were flagged as near-term headwinds, and any clarity on how these pressures are expected to evolve through the holiday quarter could influence sentiment. Finally, inventory levels and promotional activity will offer insight into demand health as the company heads into the critical fourth-quarter selling season, when a large share of annual profit is typically generated.

Disclaimer

The information on this webpage is provided for general informational and educational purposes only and is not intended as investment advice, a recommendation to purchase or sell any security, or an offer or solicitation related to investments. It does not consider your personal financial situation, goals, or risk profile, and all investing carries inherent risks, including the possibility of losing your entire investment. For more details, please review our full disclaimer.

Disclaimers and Limitations