NYSE : M
Macy's, Inc. — Financial statements
Consumer Discretionary · Department Stores · United States
Last price 24.72 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 6.46B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Macy's, Inc. (M) reported revenue of 22.78B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year February - January; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Operating Revenue | 21.90B | 21.76B | 22.29B | 23.09B | 24.44B | 24.46B |
| Other Revenue | 880.00M | 857.00M | 713.00M | 774.00M | 1.01B | 939.00M |
| Revenue | 22.78B | 22.62B | 23.01B | 23.87B | 25.45B | 25.40B |
| Cost of Revenue | 13.61B | 13.50B | 13.74B | 14.22B | 15.35B | 14.96B |
| Gross Profit | 9.18B | 9.12B | 9.27B | 9.64B | 10.10B | 10.44B |
| Selling, General & Admin | 8.28B | 8.22B | 8.31B | 8.36B | 8.44B | 8.09B |
| Other Operating Expenses | 23.00M | 23.00M | 39.00M | 15.00M | 21.00M | 21.00M |
| Operating Expenses | 8.30B | 8.25B | 8.35B | 8.38B | 8.46B | 8.11B |
| Operating Income | 878.00M | 877.00M | 913.00M | 1.26B | 1.64B | 2.33B |
| Interest Expense | -94.00M | -97.00M | -115.00M | -135.00M | -162.00M | -255.00M |
| EBT Excluding Unusual Items | 784.00M | 780.00M | 798.00M | 1.13B | 1.48B | 2.08B |
| Merger & Restructuring Charges | -47.00M | -47.00M | -44.00M | -55.00M | -5.00M | -3.00M |
| Gain (Loss) on Sale of Assets | 39.00M | 48.00M | 144.00M | 61.00M | 89.00M | 91.00M |
| Asset Writedown | -129.00M | -160.00M | -88.00M | -957.00M | -15.00M | -6.00M |
| Legal Settlements | 328.00M | 328.00M | ||||
| Other Unusual Items | 12.00M | -100.00M | -47.00M | -134.00M | -70.00M | -295.00M |
| Pretax Income | 987.00M | 849.00M | 763.00M | 43.00M | 1.48B | 1.87B |
| Income Tax Expense | 237.00M | 207.00M | 181.00M | -2.00M | 331.00M | 436.00M |
| Earnings From Continuing Operations | 750.00M | 642.00M | 582.00M | 45.00M | 1.15B | 1.43B |
| Net Income | 750.00M | 642.00M | 582.00M | 45.00M | 1.15B | 1.43B |
| Net Income to Common | 750.00M | 642.00M | 582.00M | 45.00M | 1.15B | 1.43B |
| Shares Outstanding (Basic) | 265.25M | 270.60M | 277.70M | 274.20M | 274.70M | 306.80M |
| Shares Outstanding (Diluted) | 273.50M | 276.50M | 281.60M | 278.20M | 281.10M | 314.00M |
| EPS (Basic) | 2.83 | 2.37 | 2.10 | 0.16 | 4.17 | 4.66 |
| EPS (Diluted) | 2.74 | 2.32 | 2.07 | 0.16 | 4.08 | 4.55 |
| Free Cash Flow | 1.41B | 1.06B | 760.00M | 674.00M | 727.00M | 2.36B |
| Free Cash Flow Per Share | 5.17 | 3.82 | 2.70 | 2.42 | 2.59 | 7.51 |
| Dividend Per Share | 0.75 | 0.73 | 0.69 | 0.66 | 0.63 | 0.30 |
| Gross Margin | 40.28% | 40.33% | 40.28% | 40.40% | 39.70% | 41.12% |
| Operating Margin | 3.85% | 3.88% | 3.97% | 5.29% | 6.44% | 9.19% |
| Profit Margin | 3.29% | 2.84% | 2.53% | 0.19% | 4.50% | 5.63% |
| Free Cash Flow Margin | 6.21% | 4.67% | 3.30% | 2.82% | 2.86% | 9.28% |
| EBITDA | 1.40B | 1.42B | 1.48B | 1.89B | 2.26B | 2.97B |
| EBITDA Margin | 6.14% | 6.28% | 6.45% | 7.92% | 8.89% | 11.69% |
| D&A For EBITDA | 522.00M | 543.00M | 571.00M | 628.00M | 622.00M | 636.00M |
| EBIT | 878.00M | 877.00M | 913.00M | 1.26B | 1.64B | 2.33B |
| EBIT Margin | 3.85% | 3.88% | 3.97% | 5.29% | 6.44% | 9.19% |
| Effective Tax Rate | 24.01% | 24.38% | 23.72% | 22.41% | 23.36% | |
| Revenue as Reported | 22.78B | 22.62B | 23.01B | 23.87B | 25.45B | 25.40B |
| Advertising Expenses | 1.00B | 1.10B | 1.11B | 1.16B | 1.18B |
Balance sheet
Fiscal year February - January; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 1.29B | 1.25B | 1.31B | 1.03B | 862.00M | 1.71B |
| Cash & Short-Term Investments | 1.29B | 1.25B | 1.31B | 1.03B | 862.00M | 1.71B |
| Accounts Receivable | 236.00M | 628.00M | 303.00M | 293.00M | 300.00M | 297.00M |
| Other Receivables | 17.00M | |||||
| Receivables | 236.00M | 628.00M | 320.00M | 293.00M | 300.00M | 297.00M |
| Inventory | 4.45B | 4.41B | 4.47B | 4.36B | 4.27B | 4.38B |
| Prepaid Expenses | 337.00M | 264.00M | 270.00M | 276.00M | 237.00M | 207.00M |
| Other Current Assets | 73.00M | 123.00M | 115.00M | 125.00M | 187.00M | 159.00M |
| Total Current Assets | 6.39B | 6.67B | 6.48B | 6.09B | 5.85B | 6.76B |
| Property, Plant & Equipment | 6.64B | 6.88B | 7.31B | 7.61B | 8.60B | 8.47B |
| Goodwill | 828.00M | 828.00M | 828.00M | 828.00M | 828.00M | 828.00M |
| Other Intangible Assets | 417.00M | 1.24B | 1.23B | 1.19B | 1.10B | 946.00M |
| Other Long-Term Assets | 1.46B | 621.00M | 555.00M | 529.00M | 491.00M | 585.00M |
| Total Assets | 15.73B | 16.24B | 16.40B | 16.25B | 16.87B | 17.59B |
| Accounts Payable | 3.56B | 2.62B | 2.75B | 2.66B | 2.87B | 3.28B |
| Accrued Expenses | 739.00M | 713.00M | 680.00M | 719.00M | 818.00M | |
| Current Portion of Long-Term Debt | 6.00M | |||||
| Current Portion of Leases | 363.00M | 367.00M | 358.00M | 335.00M | 330.00M | |
| Current Income Taxes Payable | 43.00M | 71.00M | 48.00M | 58.00M | 108.00M | |
| Current Unearned Revenue | 298.00M | 349.00M | 353.00M | 384.00M | 399.00M | 481.00M |
| Other Current Liabilities | 122.00M | 348.00M | 339.00M | 402.00M | 476.00M | 399.00M |
| Total Current Liabilities | 4.02B | 4.49B | 4.52B | 4.53B | 4.86B | 5.42B |
| Long-Term Debt | 2.43B | 2.43B | 2.77B | 3.00B | 3.00B | 3.29B |
| Long-Term Leases | 2.66B | 2.77B | 2.93B | 2.99B | 2.96B | 3.10B |
| Pension & Post-Retirement Benefits | 410.00M | 425.00M | 456.00M | 495.00M | 598.00M | |
| Long-Term Deferred Tax Liabilities | 828.00M | 805.00M | 724.00M | 745.00M | 947.00M | 983.00M |
| Other Long-Term Liabilities | 862.00M | 466.00M | 477.00M | 494.00M | 522.00M | 579.00M |
| Total Liabilities | 10.80B | 11.38B | 11.85B | 12.21B | 12.78B | 13.97B |
| Common Stock | 3.00M | 3.00M | 3.00M | 3.00M | 3.00M | 3.00M |
| Additional Paid-In Capital | 202.00M | 269.00M | 300.00M | 352.00M | 467.00M | 517.00M |
| Retained Earnings | 7.07B | 6.94B | 6.50B | 6.09B | 6.27B | 5.27B |
| Treasury Stock | -1.96B | -1.96B | -1.80B | -1.91B | -2.04B | -1.54B |
| Comprehensive Income & Other | -390.00M | -392.00M | -449.00M | -496.00M | -618.00M | -622.00M |
| Total Common Equity | 4.93B | 4.86B | 4.55B | 4.04B | 4.08B | 3.62B |
| Shareholders' Equity | 4.93B | 4.86B | 4.55B | 4.04B | 4.08B | 3.62B |
| Total Liabilities & Equity | 15.73B | 16.24B | 16.40B | 16.25B | 16.87B | 17.59B |
| Total Debt | 5.09B | 5.57B | 6.07B | 6.34B | 6.29B | 6.72B |
| Net Cash (Debt) | -3.79B | -4.32B | -4.77B | -5.31B | -5.43B | -5.01B |
| Net Cash Per Share | -13.88 | -15.63 | -16.93 | -19.08 | -19.32 | -15.96 |
| Filing Date Shares Outstanding | 261.18M | 263.74M | 277.72M | 274.27M | 271.40M | 292.41M |
| Total Common Shares Outstanding | 261.18M | 263.00M | 277.69M | 274.23M | 271.35M | 292.36M |
| Working Capital | 2.37B | 2.18B | 1.96B | 1.56B | 992.00M | 1.34B |
| Book Value Per Share | 18.87 | 18.48 | 16.39 | 14.71 | 15.04 | 12.39 |
| Tangible Book Value | 3.68B | 2.79B | 2.50B | 2.02B | 2.16B | 1.85B |
| Tangible Book Value Per Share | 14.10 | 10.63 | 8.99 | 7.37 | 7.95 | 6.32 |
| Land | 1.13B | 1.17B | 1.26B | 1.33B | 1.35B | |
| Buildings | 4.48B | 4.47B | 4.54B | 5.06B | 4.94B | |
| Machinery | 3.38B | 3.61B | 3.79B | 4.15B | 3.92B |
Cash flow statement
Fiscal year February - January; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Net Income | 750.00M | 642.00M | 582.00M | 45.00M | 1.15B | 1.43B |
| Depreciation & Amortization | 522.00M | 543.00M | 571.00M | 628.00M | 622.00M | 636.00M |
| Other Amortization | 356.00M | 359.00M | 321.00M | 279.00M | 246.00M | 308.00M |
| Loss (Gain) From Sale of Assets | -39.00M | -48.00M | -144.00M | -61.00M | -89.00M | -91.00M |
| Asset Writedown & Restructuring Costs | 176.00M | 207.00M | 132.00M | 1.01B | 20.00M | 9.00M |
| Stock-Based Compensation | 63.00M | 59.00M | 58.00M | 47.00M | 54.00M | 55.00M |
| Other Operating Activities | 179.00M | 154.00M | 35.00M | -91.00M | 39.00M | 170.00M |
| Change in Accounts Receivable | -35.00M | -325.00M | 2.00M | 7.00M | -3.00M | -21.00M |
| Change in Inventory | -109.00M | 51.00M | -51.00M | -99.00M | 116.00M | -610.00M |
| Change in Accounts Payable | -59.00M | -157.00M | -60.00M | -379.00M | -262.00M | 463.00M |
| Change in Income Taxes | 51.00M | 77.00M | -69.00M | 3.00M | -85.00M | 588.00M |
| Change in Other Net Operating Assets | -94.00M | -132.00M | -99.00M | -86.00M | -189.00M | -225.00M |
| Operating Cash Flow | 1.76B | 1.43B | 1.28B | 1.30B | 1.61B | 2.71B |
| Capital Expenditures | -347.00M | -373.00M | -518.00M | -631.00M | -888.00M | -354.00M |
| Sale of Property, Plant & Equipment | 67.00M | 107.00M | 283.00M | 86.00M | 137.00M | 164.00M |
| Sale (Purchase) of Intangibles | -374.00M | -367.00M | -364.00M | -362.00M | -407.00M | -243.00M |
| Other Investing Activities | -9.00M | -6.00M | 7.00M | -6.00M | -11.00M | 63.00M |
| Investing Cash Flow | -663.00M | -639.00M | -592.00M | -913.00M | -1.17B | -370.00M |
| Short-Term Debt Issued | 3.00M | 2.00M | ||||
| Long-Term Debt Issued | 500.00M | 301.00M | 961.00M | 2.81B | 1.08B | |
| Total Debt Issued | 500.00M | 304.00M | 963.00M | 2.81B | 1.08B | |
| Short-Term Debt Repaid | -19.00M | -181.00M | -23.00M | |||
| Long-Term Debt Repaid | -846.00M | -524.00M | -963.00M | -3.10B | -2.70B | |
| Total Debt Repaid | -216.00M | -865.00M | -524.00M | -963.00M | -3.28B | -2.72B |
| Net Debt Issued (Repaid) | -216.00M | -365.00M | -220.00M | -472.00M | -1.64B | |
| Issuance of Common Stock | 3.00M | 7.00M | ||||
| Repurchase of Common Stock | -205.00M | -250.00M | -1.00M | -38.00M | -601.00M | -500.00M |
| Common Dividends Paid | -198.00M | -197.00M | -192.00M | -181.00M | -173.00M | -90.00M |
| Other Financing Activities | -16.00M | -40.00M | -1.00M | -50.00M | -161.00M | |
| Financing Cash Flow | -632.00M | -852.00M | -413.00M | -220.00M | -1.30B | -2.38B |
| Net Cash Flow | 466.00M | -61.00M | 273.00M | 172.00M | -850.00M | -39.00M |
| Free Cash Flow | 1.41B | 1.06B | 760.00M | 674.00M | 727.00M | 2.36B |
| Free Cash Flow Margin | 6.21% | 4.67% | 3.30% | 2.82% | 2.86% | 9.28% |
| Free Cash Flow Per Share | 5.17 | 3.82 | 2.70 | 2.42 | 2.59 | 7.51 |
| Levered Free Cash Flow | 605.00M | 433.50M | 425.75M | 250.00M | 45.75M | 1.54B |
| Unlevered Free Cash Flow | 658.75M | 486.12M | 486.62M | 324.38M | 136.00M | 1.63B |
| Cash Interest Paid | 125.00M | 167.00M | 155.00M | 157.00M | 188.00M | 442.00M |
| Cash Income Tax Paid | 103.00M | 70.00M | 304.00M | 240.00M | 455.00M | -171.00M |
| Change in Working Capital | -246.00M | -486.00M | -277.00M | -554.00M | -423.00M | 195.00M |
Ratios
Fiscal year February - January; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 6.35B | 5.32B | 4.33B | 5.11B | 6.26B | 7.61B |
| Enterprise Value | 10.14B | 10.12B | 9.84B | 10.93B | 12.10B | 13.82B |
| Last Close Price | 24.11 | 19.48 | 14.46 | 16.61 | 19.73 | 21.09 |
| PE Ratio | 8.86 | 8.29 | 7.43 | 113.47 | 5.46 | 5.32 |
| Forward PE | 11.37 | 9.25 | 7.05 | 6.46 | 6.50 | 6.03 |
| PS Ratio | 0.28 | 0.23 | 0.19 | 0.21 | 0.25 | 0.30 |
| PB Ratio | 1.28 | 1.09 | 0.95 | 1.26 | 1.53 | 2.10 |
| P/TBV Ratio | 1.71 | 1.90 | 1.73 | 2.53 | 2.90 | 4.12 |
| P/FCF Ratio | 4.44 | 5.04 | 5.69 | 7.58 | 8.61 | 3.23 |
| P/OCF Ratio | 3.57 | 3.72 | 3.38 | 3.91 | 3.87 | 2.81 |
| PEG Ratio | 54.88 | 54.88 | 54.88 | 54.88 | 3.29 | |
| EV/Sales Ratio | 0.44 | 0.45 | 0.43 | 0.46 | 0.47 | 0.54 |
| EV/EBITDA Ratio | 7.20 | 7.13 | 6.63 | 5.78 | 5.35 | 4.65 |
| EV/EBIT Ratio | 11.48 | 11.54 | 10.77 | 8.66 | 7.38 | 5.92 |
| EV/FCF Ratio | 7.13 | 9.57 | 12.94 | 16.22 | 16.64 | 5.86 |
| Debt / Equity Ratio | 1.03 | 1.15 | 1.33 | 1.57 | 1.54 | 1.86 |
| Debt / EBITDA Ratio | 3.03 | 3.26 | 3.40 | 2.89 | 2.45 | 2.04 |
| Debt / FCF Ratio | 3.60 | 5.27 | 7.99 | 9.41 | 8.66 | 2.85 |
| Net Debt / Equity Ratio | 0.77 | 0.89 | 1.05 | 1.31 | 1.33 | 1.38 |
| Net Debt / EBITDA Ratio | 2.71 | 3.04 | 3.21 | 2.81 | 2.40 | 1.69 |
| Net Debt / FCF Ratio | 2.68 | 4.09 | 6.27 | 7.88 | 7.47 | 2.12 |
| Asset Turnover | 1.46 | 1.39 | 1.41 | 1.44 | 1.48 | 1.44 |
| Inventory Turnover | 3.10 | 3.04 | 3.11 | 3.30 | 3.55 | 3.67 |
| Quick Ratio | 0.38 | 0.42 | 0.36 | 0.29 | 0.24 | 0.37 |
| Current Ratio | 1.59 | 1.49 | 1.43 | 1.34 | 1.20 | 1.25 |
| Return on Equity (ROE) | 15.99% | 13.64% | 13.55% | 1.11% | 29.75% | 46.32% |
| Return on Assets (ROA) | 3.51% | 3.36% | 3.50% | 4.77% | 5.95% | 8.27% |
| Return on Invested Capital (ROIC) | 7.68% | 7.17% | 7.46% | 13.40% | 14.03% | 20.15% |
| Return on Capital Employed (ROCE) | 7.50% | 7.50% | 7.70% | 10.80% | 13.70% | 19.20% |
| Earnings Yield | 11.29% | 12.06% | 13.46% | 0.88% | 18.32% | 18.78% |
| FCF Yield | 22.50% | 19.86% | 17.57% | 13.20% | 11.62% | 30.97% |
| Dividend Yield | 3.17% | 3.61% | 4.43% | 3.55% | 2.73% | 1.15% |
| Payout Ratio | 27.92% | 30.69% | 32.99% | 402.22% | 15.10% | 6.29% |
| Buyback Yield / Dilution | 2.36% | 1.81% | -1.22% | 1.03% | 10.48% | -0.93% |
| Total Shareholder Return | 5.53% | 5.42% | 3.21% | 4.58% | 13.21% | 0.22% |