Macy's Q3 2025 Earnings Lift; Raises FY2025 Guidance
Macy's Q3 2025 earnings showed renewed momentum and prompted a second FY2025 guidance raise, though cautious holiday remarks left shares modestly lower.
KEY TAKEAWAYS
- Q3 comparable sales were the strongest in 13 quarters and sales hit a three-year high.
- Raised FY2025 EPS to $2.00–$2.20 and revenue guidance to $21.48B–$21.63B.
- Management flagged a cautious holiday outlook and shares were down about 0.5% at the time of reporting.
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Macy's, Inc. (NYSE: M) reported Q3 2025 earnings that signaled renewed momentum and prompted a second consecutive raise to its full-year FY2025 targets. Management struck a cautious tone about holiday shopping, which tempered investor reaction.
Q3 Results and Guidance
An SEC 8-K filing summary confirmed the quarter covered the 13-week period ended November 1, 2025, and outlined the company’s non-GAAP metrics framework. Macy’s reported adjusted EBITDA, core adjusted EBITDA, adjusted net income, and adjusted diluted EPS, excluding items such as asset impairments, restructuring costs, debt-extinguishment losses, and, for core EBITDA, real-estate gains.
Comparable sales growth was the strongest in 13 quarters, and quarterly sales reached their highest level in more than three years. The company also delivered an earnings beat. These top-line gains supported the decision to raise full-year FY2025 guidance for the second consecutive quarter.
In a press release issued at 6:55 a.m. ET on December 3, Macy’s set full-year EPS guidance at $2.00–$2.20 per share and revenue guidance at $21.48 billion–$21.63 billion.
Turnaround Progress and Holiday Caution
The guidance raise reflected early signs that Macy’s turnaround plan is gaining traction, with stronger sales and improving operating metrics. Despite this momentum, management signaled caution about the holiday season, which tempered some investor enthusiasm.
Shares declined about 0.5% as of 7:30 a.m. ET on December 3, reflecting market focus on forward risks such as seasonal demand and margin sustainability. The company’s disclosures did not mention any material regulatory approvals, merger activity, or compliance issues related to the quarter.
The combination of a stronger quarter, the guidance increase, and cautious holiday commentary frames investor assessment of Macy’s turnaround as the retailer enters the peak season.
