Macy's stock: S&P Global Ratings revised outlook for Macy's stock

Published on 10/23/2026 at 00:26 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Second-quarter sales grew 2.70 percent year over year on October 12, 2026. Macy's stock carries a 3.40 percent dividend yield as of October 15, 2026.

Operating gains and reporting date

Macy's comparable sales increased 2.70 percent in the second quarter of 2026, reported October 12, 2026.
S&P Global Ratings forecast USD 675.0 million of fiscal 2026 free operating cash flow.
Macy's is scheduled to announce third-quarter 2026 results on December 11, 2026.

Macy's, US55616P1049, Illustration mit AI erstellt.

Macy's (ISIN US55616P1049) had its credit outlook revised to positive by S&P Global Ratings on October 12, 2026, after comparable owned, licensed and marketplace sales increased 2.70 percent in the second quarter of 2026. The rating agency kept Macy's issuer credit rating at BB+ and moved the outlook from stable to positive.

The revision gives Macy's operating progress a clearer financial test. S&P Global Ratings forecast USD 675.0 million of free operating cash flow in fiscal 2026, compared with USD 450.0 million in fiscal 2027, while expected fiscal 2026 capital spending stood at USD 820.0 million to USD 850.0 million.

Credit outlook improves

S&P Global Ratings linked the improved outlook to five consecutive quarters of positive comparable sales and stable gross margins. Bloomingdale's comparable sales grew 11.30 percent in the second quarter of 2026, while the Macy's banner's go-forward comparable sales increased 1.10 percent.

The main counterweight is profitability. S&P Global Ratings forecast a 41.20 percent gross margin for 2026, up from 40.30 percent, but said selling, general and administrative costs could limit EBITDA improvement while Macy's invests in stores and technology.

What does the outlook change mean?

The answer is balance-sheet capacity rather than a sudden earnings reset. S&P Global Ratings said leverage remained in the 2.00 to 2.50 times range and could move toward the high-1 times range if cash generation and disciplined capital allocation continue.

Three milestones frame the story

On August 25, 2026, Zacks reported that Macy's raised fiscal 2026 net sales guidance to USD 21.50 billion to USD 21.75 billion. On September 10, 2026, Macy's reported adjusted earnings per share of USD 0.63 and revenue of USD 5.06 billion, according to MarketBeat. The October 12, 2026 outlook revision is the latest of the three milestones.

Next reporting date

Macy's is scheduled to announce third-quarter 2026 results on December 11, 2026, according to Seeking Alpha. The same estimate page lists consensus revenue of USD 4.68 billion and consensus earnings per share of minus USD 0.18 for the quarter.

Credit quality meets execution risk

Macy's strategy is producing measurable sales gains, but the company remains exposed to discretionary consumer demand and the cost of maintaining a smaller store base. For investors, the December reporting date will test whether the 2.70 percent comparable-sales increase can coexist with the margin improvement expected by the ratings agency.

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