Macy's, Inc.(M)Earnings Date, History & Expected Move
Next report date, beat rate and options-implied move
M is scheduled to report on Nov 12, 2026, before the market opens. Analysts expect EPS of -$0.18.
EPS: Actual vs Estimate
Reported EPS against the consensus estimate, last 12 quarters.
Green beat or met, red missed, amber sources differ.
Stock Reaction After Earnings
Close-to-close move in the first session that reflected each report.
Dashed lines mark the average actual move (±6.0%).
Did the stock rise after good news?
The next-day move after each of its last 10 EPS beats and 0 misses.
In plain words: it beat expectations 10 times, but the stock still fell 5 of those 10 times.
- Sep '26Beat▼ -4.7%
- Mar '26Beat▲ +4.7%
- Dec '25Beat▼ -1.1%
- Sep '25Beat▲ +20.7%
- May '25Beat▼ -0.3%
- Dec '24Beat▼ -0.8%
- Aug '24Beat▼ -12.9%
- May '24Beat▲ +5.1%
- Feb '24Beat▲ +3.4%
- Nov '23Beat▲ +5.7%
Clear beats and misses with a known reaction only. What counts as a beat
Why did M fall after beating earnings?
5 of M's last 10 reactions went against the EPS result. What stands out in each:
M beat EPS estimates in 10 quarters, and the stock still closed lower the next day 5 times. In 3 of the 5 where we have price data, the stock had already run up before the report.
- Sep 10, 2026EPS beat +8.1%stock -4.7% next day
- It opened 5.9% lower as soon as trading resumed.
- Dec 3, 2025EPS beat +169.2%stock -1.1% next day
- It had risen 13.9% in the 20 trading sessions before the report, so good news may already have been priced in.
- It opened 5.8% lower as soon as trading resumed.
- May 28, 2025EPS beat +6.7%stock -0.3% next day
- It opened 3.8% higher, but sellers took over and it closed -0.3%.
- Dec 11, 2024EPS beat +33.3%stock -0.8% next day
- It had risen 9.0% in the 20 trading sessions before the report, so good news may already have been priced in.
- It opened 10.9% lower as soon as trading resumed.
- Aug 21, 2024EPS beat +82.8%stock -12.9% next day
- It had risen 5.5% in the 20 trading sessions before the report, so good news may already have been priced in.
- It opened 10.3% lower as soon as trading resumed.
Patterns in estimates and prices, not confirmed causes: how we read them.
Was M's earnings move already priced in?
M's move in the month before each of its last 10 reports, against what it did after.
How the run-up is measured (a move of 5% or more counts as large).
Before vs after each report
Grey: the month before each of the last 10 reports. Green or red: the day after.
Past reports only. How the run-up is measured
Does M hold its opening gap after earnings?
M's opening move after each report and where it closed that day.
In 9 reports M opened at least 1% away from the previous close. It gave back half or more of that gap by the close 4 of 9 times (44%), and fully reversed 1 time. Gaps up faded 2 of 5; gaps down recovered 2 of 4.
- Sep 10, 2026HeldOpened -5.9%, closed -4.7%
- Mar 18, 2026HeldOpened +4.0%, closed +4.7%
- Dec 3, 2025FadedOpened -5.8%, closed -1.1%
- Sep 3, 2025HeldOpened +14.4%, closed +20.7%
- May 28, 2025ReversedOpened +3.8%, closed -0.3%
- Dec 11, 2024FadedOpened -10.9%, closed -0.8%
- Aug 21, 2024HeldOpened -10.3%, closed -12.9%
- May 21, 2024HeldOpened +2.6%, closed +5.1%
What the history says
- M has beaten EPS estimates in 12 straight quarters.
- It fell after 5 of its 10 EPS beats (50%): beating estimates has not been enough on its own.
M earnings history
Last 12 reported quarters with the stock's reaction.
Swipe sideways to see every column →
| Report date | Time | EPS est. | EPS actual | Surprise | 1-day move | 3-day move |
|---|---|---|---|---|---|---|
| Sep 10, 2026 | Before open | $0.37 | $0.40 | +8.1% | -4.70% | +4.97% |
| Jun 3, 2026 | Before open | $0.03 | $0.13 | +333.3% | — | — |
| Mar 18, 2026 | Before open | $1.56 | $1.67 | +7.1% | +4.73% | +5.61% |
| Dec 3, 2025 | Before open | -$0.13 | $0.09 | +169.2% | -1.10% | +0.62% |
| Sep 3, 2025 | Before open | $0.19 | $0.31 | +63.2% | +20.68% | +28.47% |
| May 28, 2025 | Before open | $0.15 | $0.16 | +6.7% | -0.33% | -1.25% |
| Mar 6, 2025 | Before open | $1.54 | $1.80 | +16.9% | — | — |
| Dec 11, 2024 | Before open | $0.03 | $0.04 | +33.3% | -0.84% | -0.96% |
| Aug 21, 2024 | Before open | $0.29 | $0.53 | +82.8% | -12.91% | -10.03% |
| May 21, 2024 | Before open | $0.17 | $0.27 | +58.8% | +5.13% | +5.03% |
| Feb 27, 2024 | Before open | $1.99 | $2.45 | +23.1% | +3.37% | -9.64% |
| Nov 16, 2023 | Before open | $0.01 | $0.21 | +2000.0% | +5.71% | +18.64% |
Consensus for the next report: EPS -$0.18, revenue $4.77B.
M Earnings FAQ
Answers computed from Macy's, Inc.'s reported history
M is scheduled to report on Nov 12, 2026, before the market opens. Analysts expect EPS of -$0.18.
Over the last 12 quarters with a usable EPS surprise, M beat the consensus estimate 12 times (100%), missed 0 and landed in line 0. It has beaten estimates in each of the last 12 counted quarters.
Across its last 10 quarters with a measured reaction, M moved an average of ±6.0% in the first session after reporting. It closed higher 50% of the time; the largest gain was 20.7% and the largest drop -12.9%.
M fell in the first session after 5 of its last 10 EPS beats (50%). A beat that was already priced in, or weaker guidance, can send a stock lower. In 3 of the 5 of those falls where price data is available, the stock had already risen before the report.
Across its last 10 quarters with price data, M moved an average of +2.4% in the 20 trading sessions before reporting and was higher in 80% of them. After a run-up of 3% or more (6 quarters), it fell the next day 67% of the time, averaging +1.9%. This describes past reports; it is not a forecast.
In 9 reports M opened at least 1% away from the previous close. It gave back half or more of that gap by the close 4 of 9 times (44%), and fully reversed once. A fade means the opening move was partly undone during the first session.
How we calculate these numbers · M: 12 reported quarters, latest Sep 10, 2026. Information only, not investment advice.
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