Slide 1: 4Q25 Earnings
4Q25 Earnings March 18, 2026 Haikure @ Bloomingdale’s
Slide 2: Safe Harbor Statement
Safe Harbor Statement All statements in this presentation that are not statements of historical fact are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are based upon the current beliefs and expectations of Macy’s, Inc. manageme
Slide 3: FY25 Performance Highlights
FY25 Macy’s, Inc. Performance Highlights +1.5% $2.32 Comparable Owned-Plus- Adjusted Diluted Earnings Licensed-Plus-Marketplace Per Share (EPS) (OLM) Sales vs. FY24 • As we look back on 2025, we achieved several major milestones including: • Returned to positive comparable sales for total Macy’s, In
Slide 4: 4Q25 Performance Highlights
4Q25 Macy’s, Inc. Performance Highlights +1.8% $1.67 Comparable Owned-Plus- Adjusted Diluted Earnings Licensed-Plus-Marketplace Per Share (EPS) (OLM) Sales vs. 4Q24 • Net sales, comparable OLM sales and Core Adj. EBITDA all exceeded guidance, driven by better-than-expected performance across key lin
Slide 5: A Bold New Chapter
A Bold New Chapter Will build on what has been working, including our go-forward fleet, product and brand relevancy, and improved omni-channel experiences and messaging Steve Madden @ Macy’s Chan Luu @ Bloomingdale’s Macy’s, Inc. Fulfillment Cent Strengthen & Reimagine Accelerate & Differentiate Sim
Slide 6: FY25 and 4Q25 Highlights
FY25 and 4Q25 Highlights Men’s suiting @ Macy’s
Slide 7: Macy's Nameplate
Strengthen & Reimagine Macy’s Nameplate FY25 +0.4% Comparable OLM Sales vs. +0.6% Macy’s Go-Forward Business FY24 Comparable OLM Sales vs. FY24 • Go-Forward Business Comparable OLM sales: +190 bps on a 1-year basis; +690 bps on a 2-year basis • Reimagine 125 comparable OLM sales +1.0% • Positive com
Slide 8: Bloomingdale's
Accelerate & Differentiate Bloomingdale’s FY25 1 +7.4% Comparable OLM Sales vs. FY24 • Comparable OLM sales: +490 bps on a 1-year basis; +1030 bps on a 2-year basis • Strategy anchored on being the local leader; Emphasis on discovery, newness and connection with customers • Raising the bar on curati
Slide 9: Bluemercury
Accelerate & Differentiate Bluemercury FY25 1 +1.6% Comparable OLM Sales vs. FY24 • Results continued to be driven dermatological skincare and fragrances • Including Skinceuticals, Dr. Diamond’s Metacine, Sisley Paris and Parfums De Marley • Encouraged by performance in new stores • Continue to post
Slide 10: End-to-End Operations
Simplify & Modernize End-to-End Operations +4.1% FY25 Units Processed Per +4.1% FY25 Delivery Speed to Hour1 vs. FY24 Customer2 vs. FY24 • Expanding the aperture of end-to-end to encompass a broader view of organizational excellence and operational efficiency • Continuing to incorporate the use of A
Slide 11: FY26 Expectations
FY26 Expectations Mayela @ Macy’s
Slide 12: FY26 Expectations: Macy's Nameplate
FY26 Expectations Macy’s Nameplate Reimagine Locations • Introduced Reimagine initiatives to an additional 75 locations, creating the “Reimagine 200” • Nearly 60% of Macy’s nameplate Go-Forward store base has the full suite of Reimagine initiatives Celebrations Start at Macy’s • 50th anniversary of
Slide 13: FY26 Expectations: Bloomingdale's
FY26 Expectations Bloomingdale’s • “California Love” spring campaign features unique experiences, exclusive product and community-driven moments • The campaign’s “Surf Shop” Carousel spotlights California- owned and inspired product • Strong momentum with multiple levers for continued growth • Partn
Slide 14: Approach to 2026 Guidance
FY26 Expectations Approach to 2026 Guidance • Our customers: • Have remained resilient and we are pleased with our quarter- to-date sales results • Skew towards the middle- and upper-income tiers • Looking ahead: • Recognize there are many macroeconomic and geopolitical factors that could influence
Slide 15: 4Q25 & FY25 Financial Results & Capital Allocation
4Q25 & FY25 Financial Results & Capital Allocation 15 Prom @ Macy’s
Slide 16: 4Q25 Sales Highlights
4Q25 & FY25 Financial Results & Capital Allocation 4Q25 Sales Highlights $7.6B Net Sales -1.7% vs. 4Q24; +1.8% Comparable OLM Sales vs. 4Q24 +0.9% vs. 4Q24 ex. impact of 64 store closures in late FY24 which had contributed ~$200 million to 4Q24 Net Sales +2.0% Go-forward Business1 Comparable OLM Sal
Slide 17: 4Q25 Nameplate Highlights
4Q25 & FY25 Financial Results & Capital Allocation 4Q25 Nameplate Highlights Results versus 4Q24 Net Sales -3.2% Comparable OLM Sales +0.4% Go-Forward Comparable OLM Sales1 +0.6% Net Sales +8.5% Comparable OLM Sales +9.9% Net Sales +2.5% Comparable OLM Sales2 +1.3% 1 Go-Forward Macy’s business inclu
Slide 18: 4Q25 Profitability & Productivity Highlights
4Q25 & FY25 Financial Results & Capital Allocation 4Q25 Profitability & Productivity Highlights Actuals Change vs. 4Q24 Other Revenue $277 15.9% Credit Card Revenue $205 17.1% Macy’s Media Network $72 12.5% Total Revenue1 $7,916 -1.1% Gross Margin $2,692 -3.1% Gross Margin Rate2, 3 35.2% -50 bps SG&
Slide 19: FY25 Capital Allocation Highlights
4Q25 & FY25 Financial Results & Capital Allocation FY25 Capital Allocation Highlights $1.4B Operating Cash Inflow, $797M Free Cash Flow, +11.9% vs. FY24 +17.4% vs. FY241 $4.4B $740M Inventories, Capital Expenditures, -1.3% vs. FY24 -16.1% vs. FY24 1 Achieved higher free cash flow despite monetizatio
Slide 20: Capital Allocation Priorities
Capital Allocation Priorities 1 Invest in the business to support the Bold New Chapter strategy 2 Manage balance sheet leverage and liquidity 3 Return cash to shareholders through dividends and share repurchases 20
Slide 21: FY25 Shareholder Returns
4Q25 & FY25 Financial Results & Capital Allocation FY25 Shareholder Returns $197M Cash Dividends Paid in FY25 $251M Shares Repurchased in FY25, incl. $50M in 4Q • Returned $448M to shareholders • Since reinstating regular quarterly dividend in FY21, annual payout amount has risen 27% • ~$1.1B remain
Slide 22: Looking Ahead
Looking Ahead Lagos @ Bloomingdale’s
Slide 23: FY26 Guidance
FY26 Guidance Macy’s, Inc. enters FY26 well positioned to satisfy its customers’ needs. The company is providing the following estimates for certain FY26 financial statement items, as of March 18, 2026 For more information, refer to the appendix section of this presentation $21.4B to $21.65B -0.5% t
Slide 24: 1Q26 Guidance
1Q26 Guidance The company is providing the following estimates for certain 1Q26 financial statement items, as of March 18, 2026 For more information, refer to the appendix section of this presentation $4.575B to $4.625B +0.5% to +1.5% Net Sales Comparable OLM Sales 4.9% to 5.1% $-0.01 to $0.01 Adjus
Slide 25: Q&A
Q&A Nahmias @ Bloomingdale’s
Slide 26: Appendix
Appendix Aqua @ Bloomingdale’s
Slide 27: Store Count as of 1/31/2026
Appendix Store Count as of 1/31/2026 End of 4Q25 Change In Locations from FY24 Locations Macy's Department Stores 378 -12 Macy's Small Format 20 — Macy's Furniture 30 -4 Macy's Furniture Clearance 0 -1 Freestanding Backstage1 4 -1 Total Macy's 432 -18 Bloomingdale's Department Stores 31 — Bloomies 4
Slide 28: Long-term Debt Maturities as of 1/31/2026
Appendix Long-term Debt Maturities as of 1/31/2026 Note: % represents weighted average interest rate. All outstanding long-term debt is unsecured. 28
Slide 29: FY25 Financial Highlights
Additional Information FY25 Financial Highlights Actuals Change Actuals Change vs. FY24 vs. FY24 Net Sales $21,764 -2.4% SG&A Expense $8,240 -1.1% Comparable OLM sales1 +1.5% SG&A Expense Rate4 36.4% +20 bps Go-forward Business2 +1.7% EBITDA5, 6 $1,873 6.4% Comparable OLM Sales Macy’s Private Brand
Slide 30: FY26 Guidance as of 3/18/2026
Appendix FY26 Guidance as of 3/18/2026 The company is providing the following estimates for certain FY26 financial statement items. Refer to the following guidance assumptions slide for more details. As of 3/18/2026 Net sales $21.4 billion to $21.65 billion Comparable OLM sales (0.5%) to 0.5% Other
Slide 31: FY26 Guidance Assumptions as of 3/18/2026
Appendix FY26 Guidance Assumptions as of 3/18/2026 General Considerations • The company expects performance of the new class of Macy’s Reimagine locations to improve as the year progresses and more customers become aware of the positive changes. • While the company remains confident in its strategy
Slide 32: Updated Financial Metrics
Updated Financial Metrics Fragrances @ Bluemercury
Slide 33: Updated Disclosure Metrics (Overview of Financial Reporting Metrics)
Appendix Updated Disclosure Metrics (Overview of Financial Reporting Metrics) On February 18, 2026, Macy’s, Inc. announced updates to certain financial disclosure metrics. These changes are intended to simplify Macy’s, Inc’s disclosures for its go-forward business comparable sales and provide increa
Slide 34: Updated Disclosure Metrics (Updated Financial Reporting Metrics, continued)
Appendix Updated Disclosure Metrics (Updated Financial Reporting Metrics, continued) On February 18, 2026, Macy’s, Inc. announced updates to certain financial disclosure metrics. These changes are intended to simplify Macy’s, Inc’s disclosures for its go-forward business comparable sales and provide
Slide 35: Updated Disclosure Metrics (Updated Financial Reporting Metrics, continued)
Appendix Updated Disclosure Metrics (Updated Financial Reporting Metrics, continued) On February 18, 2026, Macy’s, Inc. announced updates to certain financial disclosure metrics. These changes are intended to simplify Macy’s, Inc’s disclosures for its go-forward business comparable sales and provide
Slide 36: Definitions of Certain Sales and Revenue Metrics
Appendix Definitions of Certain Sales and Revenue Metrics Net Sales (GAAP Metric) OLM (Owned + Licensed + Marketplace) Comparable Sales (Performance Metric) • Includes all retail sales of merchandise, net of returns. Retail sales include owned • Includes sales for all OLM locations that are in opera
Slide 37: Reconciliation of GAAP to Non-GAAP Financial Measures
Reconciliation of GAAP to Non-GAAP Financial Measures Reiss @ Bloomingdale’s
Slide 38: Reconciliation of GAAP to Non-GAAP Financial Measures
Reconciliation of GAAP to Non-GAAP Financial Measures The company reports its financial results in accordance with U.S. generally accepted accounting principles (GAAP). However, management believes that certain non- GAAP financial measures provide users of the company's financial information with ad
Slide 39: EBITDA Excluding Certain Items and Core Adjusted EBITDA
Earnings Before Interest, Taxes, Depreciation, and Amortization Excluding Certain Items and Core Adjusted EBITDA Millions, except percentages 13 weeks ended 13 weeks ended January 31, 2026 February 1, 2025 Most comparable GAAP measure: Total revenue $7,916 $8,007 Net income $507 $342 Net income as a
Slide 40: EBITDA Excluding Certain Items and Core Adjusted EBITDA
Earnings Before Interest, Taxes, Depreciation, and Amortization Excluding Certain Items and Core Adjusted EBITDA Millions, except percentages 52 weeks ended 52 weeks ended January 31, 2026 February 1, 2025 Most comparable GAAP measure: Total revenue $22,621 $23,006 Net income $642 $582 Net income as
Slide 41: Net Income and Diluted Earnings Per Share, Excluding Certain Items
Net Income and Diluted Earnings Per Share, Excluding Certain Items Millions, except per share figures 13 weeks ended 13 weeks ended January 31, 2026 February 1, 2025 Diluted Earnings Diluted Earnings Net Income Per Share Net Income (Loss) (Loss) Per Share As reported $507 $1.84 $342 $1.21 Impairment
Slide 42: Free Cash Flow
Free Cash Flow Millions 52 weeks ended January 31, 2026 Net cash provided by operating activities $1,430 Purchase of property and equipment (373) Capitalized software (367) Proceeds from disposition of assets, net 107 Free Cash Flow $797 42