M earnings analysis
What we found in M's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Macy's, Inc. reported Q1 2026 results with revenues of $4.89 billion, up 1.8% from $4.59 billion in the previous year and slightly beating estimates of $4.61 billion. The company’s EPS came in at $0.23, exceeding estimates of $0.02, reflecting improved store performance and strategic initiatives under its Bold New Chapter strategy, although gross margin faced a slight decline due to tariffs.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Beat Expectations
- Actual revenue for Q1 2026 was $4.89B, exceeding estimates of $4.61B.
- Significant EPS Growth
- Diluted EPS rose to $0.23 from $0.13 year-over-year, beating expectations of $0.02.
- Strong Segment Performance
- Bloomingdale's comparable sales increased 10.2%, driving overall better results.
- Improved Operating Cash Flow
- Net cash provided by operating activities was $292M, up from cash used of $64M last year.
- Cash Position Strengthens
- Cash and cash equivalents increased to $1.294B, up $362M from $932M a year ago.
- Increased Commitment to Growth
- Continued investment in strategic initiatives under the Bold New Chapter strategy.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Rising SG&A Costs
- SG&A expenses increased by $39 million to $1.952B, which could pressure margins.
- Potential Tariff Impacts
- Gross margin declined by 30 basis points attributable to tariffs, impacting profitability.
- Dependence on Discretionary Spending
- Market conditions may affect consumer spending patterns, which are crucial for retail performance.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.23
- Gross margin
- 38.9%
- Operating margin
- 2.3%
- Segment
- Macy's
- Segment
- Bloomingdale's
- Segment
- Bluemercury
What they said about what is next.
Full-year guidance reflects positive expectations amid potential economic challenges.
The filing reads better than the one before it.
What came before.
- 10-K · March 27, 2026
- Macy’s 10-K emphasizes continued execution of its “Bold New Chapter” strategy (now in its second year) with 125 reimagined Macy’s locations and investments to accelerate Bloomingdale’s and Bluemercury. The filing shows…
- 10-Q · June 5, 2025
- Macy’s reported total revenue of $4,793 million for the 13 weeks ended May 3, 2025, down from $5,000 million a year earlier, with net income of $38 million and diluted EPS of $0.13 (versus $62 million and $0.22 a year…
- 10-Q · December 12, 2024
- Macy’s reported quarter of $4,903 million total revenue for the 13 weeks ended November 2, 2024, down from $5,038 million in the prior-year quarter; operating income fell to $64 million from $83 million and diluted EPS…
- 10-Q · September 4, 2024
- Macy's reported 13-week revenue of $5,096 million, down $184 million (−3.5%) versus $5,280 million in the prior-year quarter, while operating income improved to $222 million from $124 million and diluted EPS swung to…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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