# EDGAR Filing Document

**Accession Number:** 0000794367
**File Stem:** 0000794367-26-000004
**Filing Date:** 2026-2
**Character Count:** 34011
**Document Hash:** b0c98386afe70970b82542783ac1b497
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000794367-26-000004.hdr.sgml**: 20260218

**ACCESSION NUMBER**: 0000794367-26-000004

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 13

**CONFORMED PERIOD OF REPORT**: 20260218

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260218

**DATE AS OF CHANGE**: 20260218

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Macy's, Inc.
- **CENTRAL INDEX KEY:** 0000794367
- **STANDARD INDUSTRIAL CLASSIFICATION:** RETAIL-DEPARTMENT STORES [5311]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 133324058
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0201

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-13536
- **FILM NUMBER:** 26648492

**BUSINESS ADDRESS:**
- **STREET 1:** 151 WEST 34TH STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10001
- **BUSINESS PHONE:** 5135797585

**MAIL ADDRESS:**
- **STREET 1:** 151 WEST 34TH STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10001

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FEDERATED DEPARTMENT STORES INC /DE/
- **DATE OF NAME CHANGE:** 19950307

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** R H MACY & CO INC
- **DATE OF NAME CHANGE:** 19950307

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MACY ACQUIRING CORP
- **DATE OF NAME CHANGE:** 19861124

?xml version='1.0' encoding='ASCII'? n-20260218

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 18, 2026

**MACY'S, INC.**

(Exact name of Registrant as Specified in its Charter)

Delaware 1-13536 13-3324058 <br> (State or Other Jurisdiction of Incorporation) (Commission File Number) (IRS Employer Identification No.)

151 West 34th Street, New York, New York 10001

(Address of Principal Executive Offices)

(212) 494-1621

(Registrant's telephone number, including area code)

Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

□ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

□ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

□ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

□ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| Common Stock, $.01 par value per share | M | New York Stock Exchange |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

---

| | |
|:---|:---|
| Emerging growth company | □ |
| If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. | □ |

---

------

**Item 7.01 Regulation FD Disclosure.**

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 increased clarity on key metrics that support Macy's, Inc. growth profile and operating performance. The full text of the non-wire release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

The information in Exhibit 99.1 is being "furnished" and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 (as amended, the "Exchange Act") or otherwise subject to the liabilities of that Section, and shall not be or be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act.

**Item 9.01. Financial Statements and Exhibits.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d) Exhibits

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.1 <u>[Release of Macy's, Inc. dated February](m-20260218xexx991.htm)[1](m-20260218xexx991.htm)[8](m-20260218xexx991.htm)[, 2026](m-20260218xexx991.htm)</u>

104 Cover Page Interactive Data File (embedded within the Inline XBRL Document)

------

**MACY'S, INC.**

<u>SIGNATURE</u>

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
| | MACY'S, INC. | MACY'S, INC. |
| Dated: February 18, 2026 | By: | /s/ Tracy M. Preston |
|  | Name: | Tracy M. Preston |
|  | Title: | Executive Vice President, Chief Legal Officer and Corporate Secretary |

---

## Exhibit 99.1

**Exhibit 99.1**

**Macy's, Inc. Updates Disclosure Metrics**

NEW YORK – February 18, 2026 - In anticipation of the two-year anniversary of its Bold New Chapter strategy, Macy's, Inc. (NYSE: M) today announced updates to certain financial disclosure metrics. There is no impact on the company's consolidated financial reporting and disclosures under U.S. Generally Accepted Accounting Principles (GAAP). The updated disclosure information does not represent a restatement or reissuance of previously issued financial statements.

These changes are intended to simplify Macy's, Inc.'s disclosures for its go-forward business comparable sales and provide increased clarity on key metrics that support Macy's, Inc. growth profile and operating performance. This includes the addition of go-forward Macy's, Inc. and nameplate sales on an OLM basis (owned + licensed + marketplace), as well as go-forward Macy's, Inc. total revenue. The company believes the updated disclosures provide additional transparency on the growth of its go-forward business.

For fiscal fourth quarter 2025, the company will continue to report non-GAAP earnings consistent with previous disclosures. The company will also share updated metrics in the fourth quarter, which will be used for all disclosures beginning in the first quarter of fiscal 2026.

A summary of the financial disclosure updates follows.

---

| | |
|:---|:---|
| **Disclosure Area** | **Metrics** |
| Comparable Sales <br>(Chg vs. PY) | • ***Streamlining*** nameplate comparable sales to four go-forward<sup>1</sup> OLM metrics: Macy's nameplate; Macy's Reimagine locations; Bloomingdale's; and Bluemercury<br>• ***No change*** to go-forward<sup>1</sup> total Macy's, Inc. and Macy's, Inc. comparable OLM sales |
| OLM Dollar Sales<sup>2</sup> | • ***Adding*** go-forward<sup>1</sup> OLM dollar sales for: Macy's, Inc.; Macy's nameplate; Bloomingdale's; and Bluemercury <br>• ***Adding*** Macy's, Inc. OLM dollar sales |
| Total Revenue | • ***Adding*** go-forward<sup>1</sup> Macy's, Inc. total revenue<br>• ***No change*** to Macy's, Inc. total revenue |
| Non-GAAP Earnings | • ***Updating*** Macy's, Inc. Adjusted net income<sup>3</sup>, Adjusted EBIT<sup>3</sup>, Adjusted EBITDA<sup>3</sup> and Adjusted EPS<sup>3</sup> definitions to now exclude ASG<sup>4</sup> and BPI<sup>4</sup>, in addition to the previous exclusions of Impairment, Restructuring and Other Costs and Settlement Charges <br>• ***No change*** to Macy's, Inc. net income, EBIT, EBITDA and EPS |

---

------

<sup>1</sup> *Metrics provided on a go-forward basis reflect locations closed and to be closed as part of the Bold New Chapter strategy.*

<sup>2</sup> *OLM dollar sales include all owned sales plus sales of departments licensed to third parties and sales on our marketplace platform. The company believes OLM dollar sales represent the company's overall consumer sales demand and performance, regardless of channel or manner of selling. This compares to GAAP net sales which includes owned sales plus commissions from licensed and marketplace sales, as well as breakage income from gift cards and loyalty programs.*

<sup>3</sup> *The company believes the updated non-GAAP metrics most closely align with the operating performance of its go-forward business.*

<sup>4</sup> *The company remains committed to the closure of its underperforming non-go-forward locations and subsequent monetization. Gains on sale of real estate (ASG) and benefit plan income (BPI) are not viewed by the company as long-term components of go-forward operating performance and results.* 

The supplemental information in this Form 8-K provides a recast of previously reported annual financial information for fiscal years 2023 and 2024 and a recast of previously reported quarterly information for fiscal years 2023, 2024 and 2025 incorporating these disclosure updates.

**About Macy's, Inc.**

Macy's, Inc. (NYSE: M) is a trusted source for quality brands through our iconic nameplates – Macy's, Bloomingdale's and Bluemercury. Headquartered in New York City, our comprehensive digital and nationwide footprint empowers us to deliver a seamless shopping experience for our customers. For more information, visit macysinc.com.

**Media – Chris Grams**

<u>communications@macys.com</u>

**Investors – Pamela Quintiliano**

<u>investors@macys.com</u>

------

**Exhibit 1: Updated Financial Reporting Metrics** 

***<u>Changes in Comparable Owned + Licensed + Marketplace Sales</u>***<sup>1</sup>**

<br> ---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Q1 2025** | **Q2 2025** | **Q3 2025** | | **Q3 2025 YTD** | |
| Macy's, Inc. | (1.2)% | 1.9% | 3.2% |  | 1.3% |  |
| Macy's, Inc. Go-Forward Business | (0.9)% | 2.2% | 3.4% |  | 1.6% |  |
| Macy's Go-Forward Business | (1.9)% | 1.5% | 2.3% |  | 0.6% |  |
| Bloomingdale's Go-Forward Business | 3.8% | 5.7% | 9.0% |  | 6.2% |  |
| Bluemercury | 1.5% | 1.2% | 1.1% |  | 1.7% |  |
|  | **Q1 2024** | **Q2 2024** | **Q3 2024** | **Q4 2024** | **Q3 2024 YTD** | **Fiscal 2024** |
| Macy's, Inc. | (0.3)% | (3.3)% | (1.3)% | 0.2% | (1.6)% | (0.9)% |
| Macy's, Inc. Go-Forward Business | 0.1% | (3.0)% | (0.9)% | 0.6% | (1.3)% | (0.6)% |
| Macy's Go-Forward Business | 0.0% | (3.3)% | (1.8)% | (0.5)% | (1.7)% | (1.3)% |
| Bloomingdale's Go-Forward Business | 0.3% | (1.4)% | 3.2% | 6.5% | 0.7% | 2.5% |
| Bluemercury | 4.3% | 2.0% | 3.3% | 6.2% | 3.1% | 4.0% |
|  | **Q1 2023** | **Q2 2023** | **Q3 2023** | **Q4 2023** | **Q3 2023 YTD** | **Fiscal 2023** |
| Macy's, Inc. | (7.2)% | (7.3)% | (6.3)% | (4.2)% | (6.9)% | (6.0)% |
| Macy's, Inc. Go-Forward Business | (7.0)% | (6.8)% | (5.9)% | (3.9)% | (6.6)% | (5.7)% |
| Macy's Go-Forward Business | (7.7)% | (7.8)% | (6.3)% | (4.4)% | (7.3)% | (6.3)% |
| Bloomingdale's Go-Forward Business | (4.1)% | (2.3)% | (4.2)% | (1.3)% | (3.5)% | (2.9)% |
| Bluemercury | 4.3% | 5.8% | 2.5% | 2.3% | 4.2% | 3.6% |
| <sup>1</sup> *Represents the change in all owned sales plus sales of departments licensed to third parties and sales on our marketplace platform. Includes all stores in operation throughout the period presented and the respective period from the prior year. Stores impacted by a natural disaster of undergoing significant development remain in the comparable sales calculation unless closed or impacted for a significant period of time.*  | <sup>1</sup> *Represents the change in all owned sales plus sales of departments licensed to third parties and sales on our marketplace platform. Includes all stores in operation throughout the period presented and the respective period from the prior year. Stores impacted by a natural disaster of undergoing significant development remain in the comparable sales calculation unless closed or impacted for a significant period of time.*  | <sup>1</sup> *Represents the change in all owned sales plus sales of departments licensed to third parties and sales on our marketplace platform. Includes all stores in operation throughout the period presented and the respective period from the prior year. Stores impacted by a natural disaster of undergoing significant development remain in the comparable sales calculation unless closed or impacted for a significant period of time.*  | <sup>1</sup> *Represents the change in all owned sales plus sales of departments licensed to third parties and sales on our marketplace platform. Includes all stores in operation throughout the period presented and the respective period from the prior year. Stores impacted by a natural disaster of undergoing significant development remain in the comparable sales calculation unless closed or impacted for a significant period of time.*  | <sup>1</sup> *Represents the change in all owned sales plus sales of departments licensed to third parties and sales on our marketplace platform. Includes all stores in operation throughout the period presented and the respective period from the prior year. Stores impacted by a natural disaster of undergoing significant development remain in the comparable sales calculation unless closed or impacted for a significant period of time.*  | <sup>1</sup> *Represents the change in all owned sales plus sales of departments licensed to third parties and sales on our marketplace platform. Includes all stores in operation throughout the period presented and the respective period from the prior year. Stores impacted by a natural disaster of undergoing significant development remain in the comparable sales calculation unless closed or impacted for a significant period of time.*  | <sup>1</sup> *Represents the change in all owned sales plus sales of departments licensed to third parties and sales on our marketplace platform. Includes all stores in operation throughout the period presented and the respective period from the prior year. Stores impacted by a natural disaster of undergoing significant development remain in the comparable sales calculation unless closed or impacted for a significant period of time.*  |

---

------

***<u>Owned + Licensed + Marketplace Sales</u>***

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| ***$ millions*** | **Q1 2025** | **Q2 2025** | **Q3 2025** | | **Q3 2025 YTD** | |
| Macy's, Inc. | $5047 | $5182 | $5160 |  | $15389 |  |
| Macy's, Inc. Go-Forward Business | $4886 | $5016 | $5000 |  | $14902 |  |
| Macy's Go-Forward Business | $3980 | $4118 | $4037 |  | $12135 |  |
| Bloomingdale's Go-Forward Business | $840 | $826 | $894 |  | $2560 |  |
| Bluemercury | $66 | $73 | $69 |  | $207 |  |
|  | **Q1 2024** | **Q2 2024** | **Q3 2024** | **Q4 2024** | **Q3 2024 YTD** | **Fiscal 2024** |
| Macy's, Inc. | $5260 | $5251 | $5162 | $8274 | $15674 | $23947 |
| Macy's, Inc. Go-Forward Business | $4927 | $4903 | $4828 | $7812 | $14659 | $22471 |
| Macy's Go-Forward Business | $4059 | $4058 | $3947 | $6583 | $12064 | $18647 |
| Bloomingdale's Go-Forward Business | $804 | $775 | $815 | $1141 | $2394 | $3534 |
| Bluemercury | $65 | $70 | $66 | $88 | $201 | $290 |
|  | **Q1 2023** | **Q2 2023** | **Q3 2023** | **Q4 2023**<sup>1</sup> | **Q3 2023 YTD** | **Fiscal 2023**<sup>1</sup> |
| Macy's, Inc. | $5282 | $5427 | $5228 | $8572 | $15937 | $24509 |
| Macy's, Inc. Go-Forward Business | $4922 | $5051 | $4872 | $8027 | $14844 | $22872 |
| Macy's Go-Forward Business | $4060 | $4198 | $4021 | $6829 | $12280 | $19109 |
| Bloomingdale's Go-Forward Business | $799 | $784 | $786 | $1112 | $2369 | $3481 |
| Bluemercury | $62 | $69 | $64 | $86 | $196 | $282 |
| <sup>1</sup> *2023 represents a 53 week year and Q4 2023 represents a 14 week quarter* | <sup>1</sup> *2023 represents a 53 week year and Q4 2023 represents a 14 week quarter* | <sup>1</sup> *2023 represents a 53 week year and Q4 2023 represents a 14 week quarter* | <sup>1</sup> *2023 represents a 53 week year and Q4 2023 represents a 14 week quarter* | <sup>1</sup> *2023 represents a 53 week year and Q4 2023 represents a 14 week quarter* | <sup>1</sup> *2023 represents a 53 week year and Q4 2023 represents a 14 week quarter* | <sup>1</sup> *2023 represents a 53 week year and Q4 2023 represents a 14 week quarter* |

---

------

***<u>Total Revenue</u>*** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| ***$ millions*** | **Q1 2025** | **Q2 2025** | **Q3 2025** | | **Q3 2025 YTD** | |
| Macy's, Inc. Go-Forward Business | $4640 | $4843 | $4762 |  | $14244 |  |
|  | **Q1 2024** | **Q2 2024** | **Q3 2024** | **Q4 2024** | **Q3 2024 YTD** | **Fiscal 2024** |
| Macy's, Inc. Go-Forward Business | $4683 | $4765 | $4584 | $7563 | $14032 | $21595 |
|  | **Q1 2023** | **Q2 2023** | **Q3 2023** | **Q4 2023**<sup>1</sup> | **Q3 2023 YTD** | **Fiscal 2023**<sup>1</sup> |
| Macy's, Inc. Go-Forward Business | $4830 | $4923 | $4698 | $7850 | $14452 | $22302 |
| <sup>1</sup> *2023 includes 53 weeks of Total Revenue* | <sup>1</sup> *2023 includes 53 weeks of Total Revenue* | <sup>1</sup> *2023 includes 53 weeks of Total Revenue* | <sup>1</sup> *2023 includes 53 weeks of Total Revenue* | <sup>1</sup> *2023 includes 53 weeks of Total Revenue* | <sup>1</sup> *2023 includes 53 weeks of Total Revenue* | <sup>1</sup> *2023 includes 53 weeks of Total Revenue* |

---

***<u>Total Revenue Change versus Prior Year</u>***

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Q1 2025** | **Q2 2025** | **Q3 2025** | | **Q3 2025 YTD** | |
| Macy's, Inc. Go-Forward Business | *(0.9) %* | *1.6 %* | *3.9 %* |  | *1.5 %* |  |
|  | **Q1 2024** | **Q2 2024** | **Q3 2024** | **Q4 2024** | **Q3 2024 YTD** | **Fiscal 2024** |
| Macy's, Inc. Go-Forward Business | *(3.1) %* | *(3.2) %* | *(2.4) %* | *(3.6) %* | *(2.9) %* | *(3.2) %* |
|  | **Q1 2023** | **Q2 2023** | **Q3 2023** | **Q4 2023**<sup>1</sup> | **Q3 2023 YTD** | **Fiscal 2023**<sup>1</sup> |
| Macy's, Inc. Go-Forward Business | *(6.5) %* | *(8.9) %* | *(7.3) %* | *(2.0) %* | *(7.6) %* | *(5.7) %* |
| <sup>1</sup> *2023 represents a 53 week year and Q4 2023 represents a 14 week quarter* | <sup>1</sup> *2023 represents a 53 week year and Q4 2023 represents a 14 week quarter* | <sup>1</sup> *2023 represents a 53 week year and Q4 2023 represents a 14 week quarter* | <sup>1</sup> *2023 represents a 53 week year and Q4 2023 represents a 14 week quarter* | <sup>1</sup> *2023 represents a 53 week year and Q4 2023 represents a 14 week quarter* | <sup>1</sup> *2023 represents a 53 week year and Q4 2023 represents a 14 week quarter* | <sup>1</sup> *2023 represents a 53 week year and Q4 2023 represents a 14 week quarter* |

---

------

***<u>Updated Non-GAAP Earnings Metrics</u>***

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ***$ millions except per share figures*** | **Q1 2025** | **Q2 2025** | **Q3 2025** | | |
| Adjusted EBIT | $85 | $155 | $34 |  |  |
| Adjusted EBITDA | $304 | $373 | $269 |  |  |
| Adjusted Net Income | $31 | $98 | $14 |  |  |
| Adjusted EPS | $0.11 | $0.35 | $0.05 |  |  |
|  | **Q1 2024** | **Q2 2024** | **Q3 2024** | **Q4 2024** | **Fiscal 2024** |
| Adjusted EBIT | $143 | $185 | $(25) | $634 | $936 |
| Adjusted EBITDA | $359 | $398 | $203 | $858 | $1817 |
| Adjusted Net Income (Loss) | $74 | $119 | $(41) | $474 | $625 |
| Adjusted EPS | $0.26 | $0.42 | $(0.15) | $1.69 | $2.23 |
|  | **Q1 2023** | **Q2 2023** | **Q3 2023** | **Q4 2023**<sup>1</sup> | **Fiscal 2023**<sup>1</sup> |
| Adjusted EBIT | $231 | $128 | $93 | $817 | $1267 |
| Adjusted EBITDA | $449 | $343 | $324 | $1049 | $2164 |
| Adjusted Net Income | $142 | $68 | $51 | $596 | $859 |
| Adjusted EPS | $0.51 | $0.24 | $0.18 | $2.13 | $3.07 |
| <sup>1</sup> *2023 represents a 53 week year and Q4 2023 represents a 14 week quarter* | <sup>1</sup> *2023 represents a 53 week year and Q4 2023 represents a 14 week quarter* | <sup>1</sup> *2023 represents a 53 week year and Q4 2023 represents a 14 week quarter* | <sup>1</sup> *2023 represents a 53 week year and Q4 2023 represents a 14 week quarter* | <sup>1</sup> *2023 represents a 53 week year and Q4 2023 represents a 14 week quarter* | <sup>1</sup> *2023 represents a 53 week year and Q4 2023 represents a 14 week quarter* |

---

------

**Exhibit 2: Overview of Financial Reporting Metric Updates**

---

| | | | |
|:---|:---|:---|:---|
| **COMPARABLE SALES** | **Additions** | **No Changes** | **No Longer Provide** |
| *Macy's, Inc.* |  | Macy's, Inc. comparable OLM sales | Macy's, Inc. comparable owned sales |
|  |  | Macy's, Inc. GF<sup>1</sup> comparable OLM sales |  |
| *Nameplates* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*Macy's* |  | Macy's GF<sup>1</sup> comparable OLM sales | Macy's comparable OLM sales |
|  |  | Macy's reimagine locations comparable OLM sales | Macy's comparable owned sales |
|  |  |  | Macy's NGF<sup>2</sup> locations comparable owned sales |
|  |  |  | Macy's NGF<sup>2</sup> locations comparable OLM sales |
|  |  |  | Macy's GF<sup>1</sup> locations comparable owned sales |
|  |  |  | Macy's reimagine locations comparable owned sales |
| &nbsp;&nbsp;&nbsp;&nbsp;*Bloomingdale's* |  | Bloomingdale's GF<sup>1</sup> comparable OLM sales | Bloomingdale's comparable owned sales |
| &nbsp;&nbsp;&nbsp;&nbsp;*Bluemercury* |  | Bluemercury GF<sup>1</sup> comparable OLM sales<sup>3</sup> | Bluemercury comparable owned sales<sup>3</sup> |
| **OLM Dollar Sales** | **Additions** | **No Changes** | **No Longer Provide** |
| *Macy's, Inc.* | Macy's, Inc. OLM dollar sales |  |  |
|  | Macy's, Inc. GF<sup>1</sup> OLM dollar sales |  |  |
| *Nameplates* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*Macy's* | Macy's GF<sup>1</sup> OLM dollar sales |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*Bloomingdale's* | Bloomingdale's GF<sup>1</sup> OLM dollar sales |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*Bluemercury* | Bluemercury GF<sup>1</sup> OLM dollar sales |  |  |
| **NET SALES** | **Additions** | **No Changes** | **No Longer Provide** |
| *Macy's, Inc.* |  | Macy's, Inc. net sales |  |
| *Nameplates* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*Macy's* |  |  | Macy's percent of net sales |
| &nbsp;&nbsp;&nbsp;&nbsp;*Bloomingdale's* |  |  | Bloomingdale's net sales change |
| &nbsp;&nbsp;&nbsp;&nbsp;*Bluemercury* |  |  | Bluemercury net sales change |
| **TOTAL REVENUE** | **Additions** | **No Changes** | **No Longer Provide** |
| *Macy's, Inc.* | Macy's, Inc. GF<sup>1</sup> total revenue | Macy's, Inc. total revenue |  |
| *Nameplates* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*Macy's* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*Bloomingdale's* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;*Bluemercury* |  |  |  |
| **EBIT/EBITDA** | **Additions** | **No Changes** | **No Longer Provide** |
| *Macy's, Inc.* |  | Macy's, Inc. EBIT/EBITDA | Macy's, Inc. adj. EBIT/EBITDA ex. impairment, restructuring and other costs and settlement charges |
|  | Macy's, Inc. adj. EBIT/EBITDA ex. impairment, restructuring and other costs, ASG<sup>4</sup>, BPI<sup>5</sup> and settlement charges |  |  |
|  |  |  | Macy's, Inc. core adj. EBITDA |
| **Net Income** | **Additions** | **No Changes** | **No Longer Provide** |
| *Macy's, Inc.* |  | Macy's, Inc. net income | Macy's, Inc. adj. net income ex. impairment, restructuring and other costs and settlement charges |
|  | Macy's, Inc. adj. net income ex. impairment, restructuring and other costs, ASG<sup>4</sup>, BPI<sup>5</sup> and settlement charges |  |  |
| **EPS** | **Additions** | **No Changes** | **No Longer Provide** |
| *Macy's, Inc.* |  | Macy's, Inc. EPS | Macy's, Inc. adj. EPS ex. impairment, restructuring and other costs and settlement charges |
|  | Macy's, Inc. adj. EPS ex. impairment, restructuring and other costs, ASG<sup>4</sup>, BPI<sup>5</sup> and settlement charges |  |  |
| <sup>1</sup> *Go-Forward* | <sup>1</sup> *Go-Forward* | <sup>1</sup> *Go-Forward* | <sup>1</sup> *Go-Forward* |
| <sup>2</sup> *Non-Go-Forward* | <sup>2</sup> *Non-Go-Forward* | <sup>2</sup> *Non-Go-Forward* | <sup>2</sup> *Non-Go-Forward* |
| <sup>3</sup> *There is no difference between Bluemercury owned sales and OLM sales and no change to historical results* | <sup>3</sup> *There is no difference between Bluemercury owned sales and OLM sales and no change to historical results* | <sup>3</sup> *There is no difference between Bluemercury owned sales and OLM sales and no change to historical results* | <sup>3</sup> *There is no difference between Bluemercury owned sales and OLM sales and no change to historical results* |
| <sup>4</sup> *Gains on Sale of Real Estate* | <sup>4</sup> *Gains on Sale of Real Estate* | <sup>4</sup> *Gains on Sale of Real Estate* | <sup>4</sup> *Gains on Sale of Real Estate* |
| <sup>5</sup> *Benefit Plan Income* | <sup>5</sup> *Benefit Plan Income* | <sup>5</sup> *Benefit Plan Income* | <sup>5</sup> *Benefit Plan Income* |

---

------

**Exhibit 3: Reconciliation of Non-GAAP Earnings Metrics**

*<u>Macy's Inc., Adjusted EBIT and Adjusted EBITDA</u>*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ***$ millions*** | **Q1 2025** | **Q2 2025** | **Q3 2025** | | |
| Net income | $38 | $87 | $11 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal, state and local income tax (benefit) expense | 30 | 28 | (6) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense, net | 27 | 25 | 25 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss on extinguishment of debt | 3 | 13 | 16 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Benefit plan income, net | (4) | (4) | (4) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Settlement charges |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment, restructuring and other costs | 7 | 22 | 4 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gains on sale of real estate | (16) | (16) | (12) |  |  |
| Adjusted EBIT | $85 | $155 | $34 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 219 | 218 | 235 |  |  |
| Adjusted EBITDA | $304 | $373 | $269 |  |  |
|  | **Q1 2024** | **Q2 2024** | **Q3 2024** | **Q4 2024** | **Fiscal 2024** |
| Net income | $62 | $150 | $28 | $342 | $582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal, state and local income tax expense | 36 | 45 | 7 | 94 | 181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense, net | 31 | 31 | 32 | 22 | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss on extinguishment of debt |  |  | 1 |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Benefit plan income, net | (4) | (4) | (4) | (4) | (16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Settlement charges |  |  |  | 46 | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment, restructuring and other costs (benefits) | 19 | (1) | (23) | 175 | 171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gains on sale of real estate | (1) | (36) | (66) | (41) | (144) |
| Adjusted EBIT | $143 | $185 | $(25) | $634 | $936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 216 | 213 | 228 | 224 | 881 |
| Adjusted EBITDA | $359 | $398 | $203 | $858 | $1817 |
|  | **Q1 2023** | **Q2 2023** | **Q3 2023** | **Q4 2023**<sup>1</sup> | **Fiscal 2023**<sup>1</sup> |
| Net income (loss) | $151 | $(19) | $41 | $(128) | $45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Federal, state and local income tax (benefit) expense | 56 | (7) | 2 | (52) | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense, net | 37 | 36 | 35 | 27 | 135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Benefit plan income, net | (4) | (4) | (2) | (1) | (11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Settlement charges |  | 122 | 7 | 5 | 134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment, restructuring and other costs | 2 | 4 | 15 | 1007 | 1027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gains on sale of real estate | (11) | (4) | (5) | (41) | (61) |
| Adjusted EBIT | $231 | $128 | $93 | $817 | $1267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 218 | 215 | 231 | 232 | 897 |
| Adjusted EBITDA | $449 | $343 | $324 | $1049 | $2164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>1</sup> *2023 represents a 53 week year and Q4 2023 represents a 14 week quarter* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>1</sup> *2023 represents a 53 week year and Q4 2023 represents a 14 week quarter* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>1</sup> *2023 represents a 53 week year and Q4 2023 represents a 14 week quarter* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>1</sup> *2023 represents a 53 week year and Q4 2023 represents a 14 week quarter* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>1</sup> *2023 represents a 53 week year and Q4 2023 represents a 14 week quarter* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>1</sup> *2023 represents a 53 week year and Q4 2023 represents a 14 week quarter* |

---

------

*<u>Macy's Inc., Adjusted Net Income and Adjusted Diluted EPS</u>*

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| ***$ millions except per share data*** | **Q1 2025** | **Q1 2025** | **Q2 2025** | **Q2 2025** | **Q3 2025** | **Q3 2025** | | | | |
| | **Net Income** | **Diluted EPS** | **Net Income** | **Diluted EPS** | **Net Income** | **Diluted EPS** | | | | |
| As Reported | $38 | $0.13 | $87 | $0.31 | $11 | $0.04 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss on extinguishment of debt | 3 | 0.01 | 13 | 0.05 | 16 | 0.06 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Benefit plan income, net | (4) | (0.01) | (4) | (0.01) | (4) | (0.02) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment, restructuring and other costs | 7 | 0.03 | 22 | 0.08 | 4 | 0.01 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gains on sale of real estate | (16) | (0.06) | (16) | (0.06) | (12) | (0.04) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax impact of certain items identified above | 3 | 0.01 | (4) | (0.02) | (1) |  |  |  |  |  |
| As adjusted to exclude certain items above | $31 | $0.11 | $98 | $0.35 | $14 | $0.05 |  |  |  |  |
|  | **Q1 2024** | **Q1 2024** | **Q2 2024** | **Q2 2024** | **Q3 2024** | **Q3 2024** | **Q4 2024** | **Q4 2024** | **Fiscal 2024** | **Fiscal 2024** |
|  | **Net Income** | **Diluted EPS** | **Net Income** | **Diluted EPS** | **Net Income (Loss)** | **Diluted EPS** | **Net Income** | **Diluted EPS** | **Net Income** | **Diluted EPS** |
| As Reported | $62 | $0.22 | $150 | $0.53 | $28 | $0.10 | $342 | $1.21 | $582 | $2.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss on extinguishment of debt |  |  |  |  | 1 |  |  |  | 1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Benefit plan income, net | (4) | (0.02) | (4) | (0.02) | (4) | (0.01) | (4) | (0.01) | (16) | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Settlement charges |  |  |  |  |  |  | 46 | 0.16 | 46 | 0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment, restructuring and other costs (benefits) | 19 | 0.07 | (1) |  | (23) | (0.08) | 175 | 0.62 | 171 | 0.61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gains on sale of real estate | (1) |  | (36) | (0.13) | (66) | (0.24) | (41) | (0.14) | (144) | (0.51) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax impact of certain items identified above | (2) | (0.01) | 10 | 0.04 | 23 | 0.08 | (44) | (0.15) | (15) | (0.05) |
| As adjusted to exclude certain items above | $74 | $0.26 | $119 | $0.42 | $(41) | $(0.15) | $474 | $1.69 | $625 | $2.23 |
|  | **Q1 2023** | **Q1 2023** | **Q2 2023** | **Q2 2023** | **Q3 2023** | **Q3 2023** | **Q4 2023**<sup>1</sup> | **Q4 2023**<sup>1</sup> | **Fiscal 2023**<sup>1</sup> | **Fiscal 2023**<sup>1</sup> |
|  | **Net Income** | **Diluted EPS** | **Net Income (Loss)** | **Diluted EPS** | **Net Income** | **Diluted EPS** | **Net Income (Loss)** | **Diluted EPS** | **Net Income** | **Diluted EPS** |
| As Reported | $151 | $0.55 | $(19) | $(0.07) | $41 | $0.15 | $(128) | $(0.47) | $45 | $0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Benefit plan income, net | (4) | (0.01) | (4) | (0.01) | (2) | (0.01) | (1) |  | (11) | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Settlement charges |  |  | 122 | 0.44 | 7 | 0.03 | 5 | 0.02 | 134 | 0.48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment, restructuring and other costs | 2 |  | 4 | 0.01 | 15 | 0.05 | 1007 | 3.60 | 1027 | 3.69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gains on sale of real estate | (11) | (0.04) | (4) | (0.01) | (5) | (0.02) | (41) | (0.15) | (61) | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax impact of certain items identified above | 4 | 0.01 | (31) | (0.12) | (5) | (0.02) | (246) | (0.87) | (275) | (0.99) |
| As adjusted to exclude certain items above | $142 | $0.51 | $68 | $0.24 | $51 | $0.18 | $596 | $2.13 | $859 | $3.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>1</sup> *2023 represents a 53 week year and Q4 2023 represents a 14 week quarter* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>1</sup> *2023 represents a 53 week year and Q4 2023 represents a 14 week quarter* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>1</sup> *2023 represents a 53 week year and Q4 2023 represents a 14 week quarter* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>1</sup> *2023 represents a 53 week year and Q4 2023 represents a 14 week quarter* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>1</sup> *2023 represents a 53 week year and Q4 2023 represents a 14 week quarter* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>1</sup> *2023 represents a 53 week year and Q4 2023 represents a 14 week quarter* |  |  |  |  |  |

---

<br>