Macy's Inc. (M) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 27	$0.37	$0.4	+8.1%	—	$5.1B	—
Q1 27	$0.03	$0.13	+333.3%	—	$4.9B	—
Q4 26	$1.56	$1.67	+7.1%	—	$7.9B	—
Q3 26	-$0.13	$0.09	+169.2%	—	$4.9B	—
Q2 26	$0.19	$0.31	+63.2%	—	$5B	—
Q1 26	$0.15	$0.16	+6.7%	—	$4.8B	—
Q4 25	$1.54	$1.8	+16.9%	—	$8B	—
Q3 25	$0.03	$0.04	+33.3%	—	$4.9B	—
Q2 25	$0.29	$0.53	+82.8%	—	$5.1B	—
Q1 25	$0.17	$0.27	+58.8%	—	$5B	—
Q4 24	$1.99	$2.45	+23.1%	—	$8.4B	—
Q3 24	$0.01	$0.21	+2000.0%	—	$5B	—
Q2 24	$0.14	$0.26	+85.7%	—	$5.3B	—
Q1 24	$0.46	$0.56	+21.7%	—	$5.2B	—
Q4 23	$1.59	$1.88	+18.2%	—	$8.5B	—
Q3 23	$0.19	$0.52	+173.7%	—	$5.5B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY26	—	$2.37	—	—	$22.6B	—
FY25	—	$2.1	—	—	$23B	—
FY24	—	$0.38	—	—	$23.9B	—
FY23	—	$4.28	—	—	$25.4B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Revenue	$26.6B	$25.6B	$25.7B	$25.3B	$18.1B	$25.4B	$25.4B	$23.9B	$23B	$22.6B
YoY change	-1.9%	-3.47%	+0.38%	-1.59%	-28.6%	+40.3%	+0.2%	-6.22%	-3.6%	-1.67%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Revenue	26.6B	25.6B	25.7B	25.3B	18.1B	25.4B	25.4B	23.9B	23B	22.6B
Cost of revenue	15.7B	15.2B	15.2B	15.2B	12.3B	15B	15.3B	14.1B	13.7B	13.5B
Gross profit	10.9B	10.5B	10.5B	10.2B	5.8B	10.4B	10.1B	9.7B	9.3B	9.1B
Gross margin	41%	40.8%	40.9%	40.1%	32.1%	41.1%	39.9%	40.7%	40.3%	40.3%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	9.4B	9.1B	9.1B	9.1B	6.9B	8.3B	8.5B	8.5B	8.3B	8.2B
Operating expenses	9.4B	9.1B	9.1B	9.1B	6.9B	8.3B	8.5B	8.5B	8.3B	8.2B
Operating income	1.5B	1.4B	1.4B	1.1B	-1B	2.2B	1.6B	1.2B	936M	884M
Operating margin	5.81%	5.46%	5.43%	4.36%	-5.75%	8.63%	6.46%	5.09%	4.07%	3.91%
Non-operating income, net	-215M	425M	259M	-191M	-3.5B	-72M	37M	-955M	-58M	62M
Pretax income	965M	1.5B	1.4B	728M	-4.8B	1.9B	1.5B	124M	763M	849M
Income tax	346M	-39M	322M	164M	-846M	436M	341M	19M	181M	207M
Net income	619M	1.6B	1.1B	564M	-3.9B	1.4B	1.2B	105M	582M	642M
Net margin	2.33%	6.06%	4.27%	2.23%	-21.8%	5.63%	4.62%	0.44%	2.53%	2.84%
EBITDA	2.7B	2.5B	2.4B	2.1B	-24M	3.1B	2.5B	2.1B	1.8B	2.1B
EPS	2.01	5.07	3.6	1.82	-12.7	4.66	4.28	0.38	2.1	2.37
Diluted EPS	1.99	5.04	3.56	1.81	-12.7	4.55	4.19	0.38	2.07	2.32

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26	Q1 27	Q2 27
Revenue	5B	8.4B	5B	5.1B	4.9B	8B	4.8B	5B	4.9B	7.9B	4.9B	5.1B
Cost of revenue	2.9B	5.1B	2.9B	2.9B	2.9B	5B	2.8B	2.9B	2.9B	4.9B	2.9B	2.8B
Gross profit	2.1B	3.3B	2.1B	2.2B	2B	3B	2B	2.1B	2.1B	3B	2B	2.2B
Gross margin	42.3%	39.4%	41.1%	42.3%	41.6%	37.7%	41.7%	42%	41.9%	37.5%	41.5%	43.7%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	2B	2.4B	1.9B	2B	2.1B	2.4B	1.9B	1.9B	2B	2.4B	2B	2B
Operating expenses	2B	2.4B	1.9B	2B	2.1B	2.4B	1.9B	1.9B	2B	2.4B	2B	2B
Operating income	86M	889M	143M	185M	-25M	634M	85M	155M	34M	610M	80M	251M
Operating margin	1.71%	10.6%	2.86%	3.63%	-0.51%	7.92%	1.77%	3.1%	0.69%	7.71%	1.64%	4.96%
Non-operating income, net	-8M	-964M	-14M	41M	92M	-177M	10M	-15M	-4M	72M	38M	-1M
Pretax income	43M	-102M	98M	195M	35M	436M	68M	115M	5M	662M	93M	227M
Income tax	2M	-32M	36M	45M	7M	94M	30M	28M	-6M	155M	30M	58M
Net income	41M	-70M	62M	150M	28M	342M	38M	87M	11M	507M	63M	169M
Net margin	0.81%	-0.84%	1.24%	2.94%	0.57%	4.27%	0.79%	1.74%	0.22%	6.4%	1.29%	3.34%
EBITDA	320M	1.1B	363M	402M	207M	816M	308M	377M	273M	1.1B	296M	463M
EPS	0.15	-0.26	0.22	0.54	0.1	1.23	0.14	0.32	0.04	1.91	0.24	0.64
Diluted EPS	0.15	-0.26	0.22	0.53	0.1	1.21	0.13	0.31	0.04	1.84	0.23	0.62

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Market cap	9.1B	7.9B	8.1B	4.9B	4.7B	7.9B	—	5B	4.3B	5.4B	6B
Enterprise value	14.9B	12.5B	11.9B	11.7B	11.3B	13B	—	10B	8.7B	9.4B	9.7B
Shares outstanding	308.5M	305.4M	307.7M	309.7M	311.1M	306.8M	274.7M	274.2M	277.7M	270.6M	270.6M

Valuation

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
P/E	14.7	5.1	7.37	8.76	—	5.49	—	47.8	7.43	8.44	8.44
P/S	0.34	0.31	0.31	0.2	0.26	0.31	—	0.21	0.19	0.24	0.26
P/B	2.11	1.38	1.26	0.77	1.83	2.17	—	1.21	0.95	1.11	1.22
EV/EBITDA	5.54	5.08	4.88	5.48	-472	4.13	—	4.7	4.88	4.56	6.93
EV/Sales	0.56	0.49	0.46	0.46	0.63	0.51	—	0.42	0.38	0.41	0.43
Earnings yield	6.79%	19.6%	13.6%	11.4%	—	18.2%	—	2.09%	13.5%	11.9%	11.8%
FCF yield	9.76%	15.3%	9.92%	9.13%	3.91%	26.9%	—	6.22%	9.15%	12.7%	10.1%
PEG	—	—	—	—	—	—	—	—	—	—	0.08

Profitability

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Gross margin	41%	40.8%	40.9%	40.1%	32.1%	41.1%	39.9%	40.7%	40.3%	40.3%	43.7%
Operating margin	5.81%	5.46%	5.43%	4.36%	-5.75%	8.63%	6.46%	5.09%	4.07%	3.91%	3.2%
Net margin	2.33%	6.06%	4.27%	2.23%	-21.8%	5.63%	4.62%	0.44%	2.53%	2.84%	3.29%
ROE	14.3%	27.1%	17.1%	8.84%	-154.5%	39.5%	28.8%	2.54%	12.8%	13.2%	16%
ROA	3.12%	7.94%	5.72%	2.66%	-22.3%	8.13%	6.98%	0.65%	3.55%	3.95%	3.51%
ROIC	9.83%	13.5%	10.6%	6.49%	-11.3%	19.2%	13.2%	11.3%	7.98%	7.58%	8.49%
Return on tangible assets	5.6%	14.4%	12.1%	4.52%	-26%	9.49%	8.2%	0.76%	4.19%	4.67%	5.67%

Financial health

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Current ratio	1.35	1.48	1.42	1.18	1.15	1.25	1.2	1.37	1.43	1.49	1.59
Quick ratio	0.39	0.48	0.42	0.28	0.45	0.44	0.33	0.39	0.44	0.5	0.48
Debt / equity	1.63	1.06	0.77	1.17	3.26	1.89	1.57	1.45	1.25	1.07	1.03
Debt / assets	0.35	0.31	0.26	0.35	0.47	0.39	0.38	0.37	0.35	0.32	0.32
Net debt / EBITDA	2.14	1.87	1.55	3.17	-277.1	1.63	2.2	2.33	2.46	1.93	1.78
Interest coverage	3.48	5.59	6.3	4.47	-15.6	8.2	10.4	1.92	7.63	9.75	11.6
Effective tax rate	35.9%	0%	22.7%	22.5%	0%	23.4%	22.5%	15.3%	23.7%	24.4%	24%

Per share

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Revenue per share	86.1	84	83.6	81.8	58.2	82.8	92.6	87	82.8	83.6	85.9
EPS (basic)	2.01	5.07	3.6	1.82	-12.7	4.66	4.28	0.38	2.1	2.37	2.37
EPS (diluted)	1.99	5.04	3.56	1.81	-12.7	4.55	4.19	0.38	2.07	2.32	2.73
Book value per share	14	18.8	20.9	20.6	8.21	11.8	14.9	15.1	16.4	18	18.9
FCF per share	2.88	3.98	2.61	1.46	0.59	6.89	1.16	1.14	1.43	2.55	3.82
Cash per share	4.2	4.76	3.78	2.21	5.4	5.58	3.14	3.77	4.7	4.6	4.96
Capex per share	0.25	0.25	0.59	2.32	0.72	0.62	2.73	1.99	0.85	1.36	1.36

Capital allocation

Metric	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26	Current
Capex / revenue	0.29%	0.3%	0.71%	2.83%	1.24%	0.75%	2.95%	2.28%	1.02%	1.62%	1.62%
Capex / operating cash flow	4.05%	3.08%	8.83%	55.3%	-7.58%	6.84%	43.9%	171.9%	19%	25.7%	25.7%
Payout ratio	74.2%	29.6%	42.2%	82.6%	-2.97%	6.29%	14.7%	172.4%	33%	30.7%	27.4%
Dividend yield	5.04%	5.82%	5.72%	9.43%	2.5%	1.15%	—	3.61%	4.44%	3.64%	3.34%

Yield

3.34%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.192

ex-dividend Sep 15, 2026

Payout ratio

27%

of earnings

Dividend growth

4 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Sep 15, 2026	$0.192
Jun 15, 2026	$0.192
Mar 13, 2026	$0.192

Period	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26	Q1 27	Q2 27
Revenue	$5B	$8.4B	$5B	$5.1B	$4.9B	$8B	$4.8B	$5B	$4.9B	$7.9B	$4.9B	$5.1B
YoY change	-7.85%	-1.77%	-3.34%	-3.48%	-2.68%	-4.39%	-4.14%	-1.9%	+0.2%	-1.14%	+2.07%	+1.2%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Cash & short-term investments	1.3B	1.5B	1.2B	685M	1.7B	1.7B	862M	1B	1.3B	1.2B
Receivables	522M	363M	400M	409M	276M	297M	300M	293M	303M	628M
Inventory	5.4B	5.2B	5.3B	5.2B	3.8B	4.4B	4.3B	4.4B	4.5B	4.4B
Total current assets	7.6B	7.6B	7.4B	6.8B	6.2B	6.8B	5.9B	6.1B	6.5B	6.7B
Property, plant & equipment	1.3B	1.1B	1.2B	4.1B	3.9B	3.5B	3.5B	3.1B	2.8B	2.4B
Goodwill & intangibles	8.8B	8.8B	10.1B	8.7B	2.5B	2.5B	2.5B	2.5B	2.5B	2.5B
Total assets	19.9B	19.6B	19.2B	21.2B	17.7B	17.6B	16.9B	16.2B	16.4B	16.2B
Accounts payable	2.2B	2.3B	2.6B	2.7B	2.9B	3.3B	2.9B	2.5B	2.7B	2.6B
Short-term debt	483M	211M	223M	938M	737M	433M	438M	—	6M	—
Total current liabilities	5.6B	5.2B	5.2B	5.8B	5.4B	5.4B	4.9B	4.4B	4.5B	4.5B
Long-term debt	6.6B	5.9B	4.7B	6.5B	7.6B	6.4B	6B	6B	5.7B	5.2B
Total liabilities	15.5B	13.8B	12.8B	14.8B	15.2B	14B	12.8B	12.1B	11.8B	11.4B
Shareholders' equity	4.3B	5.7B	6.4B	6.4B	2.6B	3.6B	4.1B	4.1B	4.6B	4.9B
Total debt	7B	6.1B	4.9B	7.5B	8.3B	6.8B	6.4B	6B	5.7B	5.2B
Net debt	5.7B	4.6B	3.8B	6.8B	6.7B	5.1B	5.5B	5B	4.4B	4B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26	Q1 27	Q2 27
Cash & short-term investments	364M	1B	876M	646M	315M	1.3B	932M	829M	447M	1.2B	1.3B	1.3B
Receivables	218M	293M	257M	268M	224M	303M	241M	211M	187M	628M	302M	236M
Inventory	6B	4.4B	4.7B	4.4B	6.3B	4.5B	4.7B	4.3B	6.3B	4.4B	4.8B	4.4B
Total current assets	7.1B	6.1B	6.3B	5.7B	7.2B	6.5B	6.3B	5.8B	7.4B	6.7B	6.9B	6.4B
Property, plant & equipment	8.6B	3.1B	7.7B	7.6B	7.5B	2.8B	7.2B	7.1B	7.1B	2.4B	6.7B	6.6B
Goodwill & intangibles	2.5B	2.5B	2.5B	2.5B	2.5B	2.5B	2.5B	2.5B	2.5B	2.5B	2.5B	2.5B
Total assets	18.1B	16.2B	16.4B	15.8B	17.3B	16.4B	16.1B	15.6B	17.1B	16.2B	16.3B	15.7B
Accounts payable	5.9B	2.5B	4.4B	3.9B	5.7B	2.7B	4.4B	4B	5.9B	2.6B	4.6B	4B
Short-term debt	160M	—	—	6M	92M	6M	6M	194M	—	—	—	—
Total current liabilities	6B	4.4B	4.5B	3.9B	5.8B	4.5B	4.4B	4.2B	5.9B	4.5B	4.7B	4B
Long-term debt	6B	6B	6B	6B	5.7B	5.7B	5.7B	5.3B	5.2B	5.2B	5.1B	5.1B
Total liabilities	14B	12.1B	12.3B	11.5B	13.1B	11.8B	11.6B	11.1B	12.7B	11.4B	11.5B	10.8B
Shareholders' equity	4.1B	4.1B	4.2B	4.3B	4.1B	4.6B	4.5B	4.5B	4.3B	4.9B	4.8B	4.9B
Total debt	6.2B	6B	6B	6B	5.8B	5.7B	5.7B	5.5B	5.2B	5.2B	5.1B	5.1B
Net debt	5.8B	5B	5.2B	5.4B	5.5B	4.4B	4.7B	4.7B	4.8B	4B	3.8B	3.8B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Net income	619M	1.6B	1.1B	564M	-3.9B	1.4B	1.2B	105M	582M	642M
Depreciation & amortization	1.1B	991M	962M	981M	959M	874M	857M	897M	881M	894M
Stock-based compensation	61M	58M	63M	38M	31M	55M	54M	47M	58M	59M
Change in working capital	-401M	39M	-371M	-343M	211M	234M	-388M	-632M	-288M	-473M
Operating cash flow	1.9B	2.5B	2.1B	1.3B	-3B	2.8B	1.7B	317M	1.2B	1.4B
Capital expenditure	77M	-76M	-183M	-717M	-225M	-190M	-751M	-545M	-235M	-367M
Investing cash flow	73M	-78M	-181M	-747M	-197M	-127M	-762M	-551M	-228M	-373M
Dividends paid	-459M	-461M	-463M	-466M	-117M	-90M	-173M	-181M	-192M	-197M
Share repurchases	-316M	-1M	0	-1M	-1M	-500M	-601M	-38M	-1M	-250M
Financing cash flow	-1.4B	-1.5B	-1.5B	-1.2B	699M	-2.4B	-1.3B	-220M	-413M	-852M
Net change in cash	610M	929M	364M	-636M	-2.5B	270M	-346M	-454M	597M	205M
Free cash flow	889M	1.2B	803M	451M	183M	2.1B	320M	312M	396M	690M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26	Q4 26	Q1 27	Q2 27
Net income	40M	-70M	62M	150M	28M	342M	38M	86M	11M	507M	63M	169M
Depreciation & amortization	232M	232M	216M	213M	228M	224M	219M	218M	235M	222M	210M	206M
Stock-based compensation	15M	2M	13M	15M	14M	16M	13M	15M	15M	16M	14M	18M
Change in working capital	-320M	224M	-159M	-350M	-258M	445M	-258M	-26M	-261M	72M	96M	-166M
Operating cash flow	-20M	194M	125M	5M	3M	1.1B	12M	319M	-8M	1.2B	292M	294M
Capital expenditure	-91M	-96M	-150M	-66M	59M	-23M	-100M	-87M	-89M	-114M	-89M	—
Investing cash flow	-95M	-99M	-142M	-70M	7M	-23M	-56M	-50M	-70M	-220M	-61M	10M
Dividends paid	-45M	-46M	-48M	-48M	-48M	-48M	-51M	-49M	-49M	-48M	-50M	-51M
Share repurchases	0	0	0	0	0	-1M	-97M	-52M	-51M	-50M	-51M	-53M
Financing cash flow	224M	-280M	-70M	-82M	-82M	-179M	-178M	-793M	-212M	-169M	-95M	-159M
Net change in cash	109M	-185M	-87M	-147M	-72M	869M	-222M	-524M	-290M	794M	136M	145M
Free cash flow	-298M	903M	-100M	-195M	-384M	1.1B	-241M	153M	-190M	968M	115M	147M

Macy's Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history