Macy's, Inc. (M) · Q4 2026 results and valuation

At −3.9% growth a year (3-year revenue growth), the model's fair value is $30.62 a share — the stock trades 19% below it. Today's price assumes −6.4% growth a year.

1. Key theme

   The execution of the Bold New Chapter strategy and a strong balance sheet drove enterprise-wide improvements and measurable traction during the transformation period.

   Source quote

   “Solid execution of our Bold New Chapter strategy, supported by our strong balance sheet drove enterprise-wide improvements. 2025 was a year of transformation. We're gaining measurable traction and delivering meaningfully positive results.”

2. Guidance

   Full-year net sales expected at approximately $21.4 billion to $21.65 billion.

   Source quote

   “With that, for the full year, we expect net sales of approximately $21.4 billion to $21.65 billion.”

3. Guidance

   Tariffs expected to reduce gross margin by roughly 20 to 30 basis points.

   Source quote

   “We expect tariff impact to gross margin of roughly 20 to 30 basis points.”

4. Fading

   Besides revenue market share for SUVs, Macy's' LCV share has gone up 10 basis points also at 51.9% now.

   Source quote

   “Besides revenue market share for SUVs, our LCV share has gone up 10 basis points also at 51.9% now. New product launches, you've heard about, have done very well. Farm volume up from an export standpoint, 36%.”

Management was more positive answering analysts than in its script — usually a sign it was comfortable with the details it was asked about.

Sentences that drove the tone

“Bloomingdale's comparable sales rose 9.9%, benefiting from its best holiday result on record, and Bluemercury comparable sales increased 1.3%.”

“In 2025, Bloomingdale's achieved 7.4% comparable sales growth, representing a 490 basis point improvement versus last year and a 1,030 point improvement on a 2-year basis.”

“Bloomingdale's has strong momentum with multiple levers for continued growth.”