Observed Signal · Sep 10, 2026 · earnings · Source: SEC API · Impact: 3.8/5
10-Q Financial Filing Analysis for Macy's (2026-09-10)
For the second quarter ended August 1, 2026, Macy's, Inc. reported total revenue of $5.06 billion, up 1.2% year-over-year from $5.00 billion in Q2 2025, driven by net sales growth to $4.87 billion and comparable sales growth of 2.7% across all nameplates. Gross margin rate improved 180 basis points to 41.5%, significantly aided by $95 million in gross tariff refunds received under the International Emergency Economic Powers Act (IEEPA). Operating income surged 63.8% to $244 million compared to $149 million in the prior-year period, while net income almost doubled to $169 million ($0.62 per diluted share). Operating cash flow for the first 26 weeks reached $586 million, boosted by a $328 million credit card interchange fee litigation settlement.
Demonstrates solid operational execution and comparable sales growth under the 'Bold New Chapter' transformation strategy across all three retail brands, alongside substantial liquidity improvements from tariff refunds and legal settlements.
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Key Takeaways & Evidence Grounding
- Total revenue for Q2 2026 grew to $5,059 million with net sales of $4,866 million and comparable sales expanding 2.7% (Bloomingdale's up 11.3%, Bluemercury up 6.2%, Macy's up 1.1%).
- Net income increased 94.3% YoY to $169 million ($0.62 diluted EPS), benefiting from $95 million in IEEPA tariff refunds credited to cost of sales and an additional $3 million interest benefit.
- Operating cash flow for the first half of 2026 reached $586 million (up from $255 million in H1 2025), driven by $328 million received from credit card interchange fee litigation settlements.
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