Slide 1: 2Q26 Earnings
2Q26 Earnings September 10, 2026 Lauren Ralph Donna Karan L'agence Lauren @ Macy's @ Macy’s @ 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 management and
Slide 3: Second Quarter 2026 Performance Highlights
Second Quarter 2026 Macy’s, Inc. Performance Highlights +2.7% Comparable Sales1 vs. 2Q25 $0.63 Adjusted Diluted Earnings Per Share (EPS) • Macy's, Inc.: Net sales, comparable sales, Adj. EBITDA and Adj. EPS exceeded guidance • Macy’s Nameplate: 5th consecutive quarter of positive comparable sales2,
Slide 4: Macy's Nameplate: Strengthen & Reimagine
Strengthen & Reimagine Macy’s Nameplate Second Quarter 2026 +1.1% Comparable Sales1 vs. 2Q25 $4.2B OLM Sales1 • Comparable sales: +230 bps on a 2-year stack • Reimagine locations comp sales +1.9% • Five consecutive quarters of Reimagine comparable sales growth • Increases in 9 of last 10 quarters •
Slide 5: Bloomingdale's: Accelerate & Differentiate
Accelerate & Differentiate Bloomingdale’s Second Quarter 2026 +11.3% $922M Comparable Sales vs. 2Q25 OLM Sales • Highest second quarter sales volume in 154-year history • Comparable sales: up ~1,700 bps on a 2-year stack • Differentiated and unique positioning from premium contemporary to luxury • C
Slide 6: Bluemercury: Accelerate & Differentiate
Accelerate & Differentiate Bluemercury Second Quarter 2026 +6.2% $76M Comparable Sales vs. 2Q25 OLM Sales • Successful in-store marketing campaign, Summer Party • Dermatological skincare, makeup and fragrances led growth • Brand highlights: Skinceuticals, Victoria Beckham Beauty, La Mer and Jo Malon
Slide 7: End-to-End Operations
Simplify & Modernize End-to-End Operations Second Quarter 2026 +7.0% 2Q26 Units Processed Per Hour1 +6.7% Improvement in Order-to-Ship Days2 vs 2Q25 • Harnessing reach and capabilities of Macy’s, Inc. • Support revenue growth • Improve customer experience • Execute strategy effectively • Advancing A
Slide 8: 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 Club Room @ Macy's Aqua @ Bloomingdale's Macy's Distribution Center Strengthen & Reimagine Accelerate & Differentiate Simplify & Mo
Slide 9: Second Quarter 2026 Financial Results & Capital Allocation
Second Quarter 2026 Financial Results & Capital Allocation 9 9 Disney @ Macy's
Slide 10: Sales Highlights
Second Quarter 2026 Financial Results & Capital Allocation Sales Highlights +2.7% Comparable Sales vs. 2Q25 +2.8% Go-Forward Business1 Comparable Sales vs. 2Q25 $4.9B Net Sales2 +1.1% vs. 2Q25 $5.3B OLM Sales vs. $5.2B in 2Q25 Note: 2Q26 digital penetration of net sales: 31%; owned comparable averag
Slide 11: Nameplate Highlights
Second Quarter 2026 Financial Results & Capital Allocation Nameplate Highlights Results versus 2Q25 Comparable Sales +1.1% Reimagine 200 Locations Comparable Sales +1.9% OLM Sales $4.2B Comparable Sales +11.3% OLM Sales $922M Comparable Sales +6.2% OLM Sales $76M 11 Michael Aram @ Macy’s Levi's @ Ma
Slide 12: Profitability & Productivity Highlights
Second Quarter 2026 Financial Results & Capital Allocation Profitability & Productivity Highlights Actuals Change vs. 2Q25 Other Revenue $193 +3.2% Credit Card Revenue $156 +2.0% Macy’s Media Network $37 +8.8% Total Revenue $5,059 +1.2% Go-Forward Total Revenue $4,936 +1.9% Gross Margin $2,018 +5.5%
Slide 13: Capital Allocation Highlights
Second Quarter 2026 Financial Results and Capital Allocation Capital Allocation Highlights $586M YTD Operating Cash Inflow, $262M YTD Free Cash Flow, vs. outflow vs. $255M in 1H25 of $88M in 1H251 $324M $201M YTD Capital Expenditures YTD Shareholder Returns, compared to $343M in 1H25 $101M Dividend
Slide 14: Looking Ahead
Looking Ahead 14 Calvin Klein @ Macy's
Slide 15: Third Quarter 2026 Guidance
Third Quarter 2026 Guidance For more information, refer to the appendix section of this presentation $4.65B to $4.70B -0.5% to +0.5% Net Sales Comparable Sales 3.7% to 4.0% -$0.23 to -$0.19 Adjusted EBITDA Rate1, 2 Adjusted Diluted EPS2, 3 1 % of total revenue. 2 Based on the company’s non-GAAP defi
Slide 16: Full Year 2026 Guidance
Full Year 2026 Guidance Adj. EPS assumptions reflect better results and confidence in the Bold New Chapter strategy, as well as a pass-through of a portion of tariff refunds For more information, refer to the appendix section of this presentation $21.675B to $21.825B +1.0% to +1.5% Net Sales Compara
Slide 17: Q&A
Q&A 17 Macy's 100th Thanksgiving Day Parade Merchandise
Slide 18: Appendix
Appendix 18 Messika @ Bloomingdale's
Slide 19: Store Count as of 8/1/2026
Appendix Store Count as of 8/1/2026 End of 2Q26 Change in Locations Since End of FY25 Locations Macy's Department Stores 378 — Macy's Small Format 20 — Macy's Furniture 30 — Freestanding Backstage 4 — Total Macy's 432 — Bloomingdale's Department Stores 31 — Bloomies 4 — Bloomingdale's Furniture/Othe
Slide 20: Long-term Debt Maturities as of 8/1/2026
Appendix Long-term Debt Maturities as of 8/1/2026 Note: % represents weighted average interest rate. All outstanding long-term debt is unsecured. 20
Slide 21: Full Year 2026 Guidance as of 9/10/2026
Appendix Full Year 2026 Guidance as of 9/10/2026 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 9/10/2026 As of 6/3/2026 (bold captions indicate a change) Net sales $21.675 billion
Slide 22: Full Year 2026 Guidance Assumptions as of 9/10/2026
Appendix Full Year 2026 Guidance Assumptions as of 9/10/2026 General Considerations • The company continues to take a prudent approach to guidance, providing flexibility to respond to changes in the competitive landscape and external environment. • 3Q26 guidance assumes a mid-30’s tax rate and FY26
Slide 23: Tariff Refunds
Tariff Refunds Balanced approach to deploying proceeds in support of Bold New Chapter strategy The company received all expected tariff refunds totaling $116 million.1 It plans to flow a portion to the bottom-line and reinvest the balance in 2026 to: • Invest in Macy’s brand building • Strengthen va
Slide 24: Reconciliation of GAAP to Non-GAAP Financial Measures
Reconciliation of GAAP to Non-GAAP Financial Measures 24 Macy’s Thanksgiving Macy's Thanksgiving Day Day Parade Parade
Slide 25: Updated Disclosure Metrics
Appendix Updated Disclosure Metrics (Updated Financial Reporting Metrics) On February 18, 2026, Macy’s, Inc. filed a Form 8-K announcing 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
Slide 26: Updated Disclosure Metrics (continued)
Appendix Updated Disclosure Metrics (Updated Financial Reporting Metrics, continued) On February 18, 2026, Macy’s, Inc. filed a Form 8-K announcing updates to certain financial disclosure metrics. These changes are intended to simplify Macy’s, Inc’s disclosures for its go-forward business comparable
Slide 27: 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
Slide 28: EBITDA Excluding Certain Items (13 weeks)
Earnings Before Interest, Taxes, Depreciation, and Amortization Excluding Certain Items In millions, except percentages 13 weeks ended 13 weeks ended August 1, 2026 August 2, 2025 Most comparable GAAP measure: Total revenue $5,059 $4,999 Net income $169 $87 Net income as a percent to total revenue 3
Slide 29: EBITDA Excluding Certain Items (26 weeks)
Earnings Before Interest, Taxes, Depreciation, and Amortization Excluding Certain Items In millions, except percentages 26 weeks ended 26 weeks ended August 1, 2026 August 2, 2025 Most comparable GAAP measure: Total revenue $9,951 $9,791 Net income $232 $124 Net income as a percent to total revenue
Slide 30: Net Income and Diluted EPS, Excluding Certain Items (13 weeks)
Net Income and Diluted Earnings Per Share, Excluding Certain Items In millions, except per share figures 13 weeks ended 13 weeks ended August 1, 2026 August 2, 2025 Diluted Earnings Diluted Earnings Net Income Per Share Net Income Per Share As reported $169 $0.62 $87 $0.31 Loss on extinguishment of
Slide 31: Net Income and Diluted EPS, Excluding Certain Items (26 weeks)
Net Income and Diluted Earnings Per Share, Excluding Certain Items In millions, except per share figures 26 weeks ended 26 weeks ended August 1, 2026 August 2, 2025 Diluted Earnings Diluted Earnings Net Income Per Share Net Income Per Share As reported $232 $0.85 $124 $0.44 Loss on extinguishment of
Slide 32: Free Cash Flow
Free Cash Flow In millions 26 weeks ended 26 weeks ended August 1, 2026 August 2, 2025 Net cash provided by operating activities $586 $255 Purchase of property and equipment (153) (179) Capitalized software (171) (164) Free Cash Flow $262 $(88) 32