Macy's Q4 Revenue Down 4.5% YoY, Earnings Beat Expectations Amid Buyback Program.

Macy's reported Q4 revenue of $7.916m and net income of $507m, with FY2025 revenue of $22.621m and net income of $642m. Despite softer sales, earnings per share grew, and the company completed a multi-year buyback program. The narrative remains focused on efficiency and capital returns, but the risk of tariffs, freight costs, and weak discretionary demand squeezing margins remains. The completion of the buyback program helps explain the rise in earnings per share and ties into analyst expectations of lower share count and potential earnings per share growth.