Reported results
- GAAP diluted EPS was $0.62, up 100% versus Q2 2025; Adjusted diluted EPS was $0.63, up 14% excluding a $0.23 net tariff refund benefit.
- Macy’s, Inc. comparable sales rose 2.7%, with Macy’s comparable sales up 1.1%, Bloomingdale’s up 11.3%, and Bluemercury up 6.2%.
- Gross margin rate of 41.5% increased 180 basis points; excluding 180 basis point benefit from net tariff refunds, gross margin was up 10 basis points.
- Adjusted EBITDA was $457 million, or 9.0% of total revenue, versus $373 million, or 7.5% of total revenue in Q2 2025.
- Cash and cash equivalents increased to $1.3 billion from $0.8 billion year-over-year; total debt was $2.4 billion.
- Merchandise inventories increased 2.5% year-over-year; the company returned $51 million to shareholders through dividends in Q2 and repurchased 2.2 million shares for $50 million.
Guidance
- Full year 2026 net sales guidance: $21.675 billion to $21.825 billion (raised from $21.5 billion to $21.75 billion)
- Full year 2026 comparable sales change guidance: 1.0% to 1.5% (raised from 0.5% to 1.2%)
- Full year 2026 Adjusted EBITDA as a percent of total revenue guidance: 7.8% to 8.0% (raised from 7.7% to 7.9%)
- Full year 2026 Adjusted diluted EPS guidance: $2.15 to $2.35 (raised from $2.00 to $2.20)
Notes
The company received $116 million in total International Emergency Economic Powers Act (IEEPA) tariff refunds ($98 million in Q2 and $18 million after quarter-end), with approximately $20 million flowing to full year EPS and $96 million reinvested in 2026. Adjusted EBITDA and Adjusted diluted EPS definitions were updated as of February 18, 2026 to exclude gains on sale of real estate and benefit plan income. Fiscal 2025 store closures contributed approximately $35 million to Q2 2025 net sales and roughly $145 million to annual net sales.
Price and volatility reaction
The stock moved -4.7% on the print. No front-expiry chain was on file, so there is no straddle expected move. 30-day ATM implied volatility moved -12.2 vol points across the event (constant-maturity series — not the front-week crush).
| Measure | Value | Basis |
|---|---|---|
| Close before release | 21.51 | 2026-09-09 |
| Close after release | 20.5 | 2026-09-10 |
| Realised move | -4.7% | close to close |
| 30d ATM IV change | -12.2 vol pts | constant-maturity series, not the front expiry |
Source
The figures above come from the earnings release the company filed with the SEC on 2026-09-10 (8-K, Item 2.02). Read the original filing on sec.gov.