Macy's (M) Financials

$19.48 +0.25 (+1.27%)

Closing price 03:59 PM Eastern

Extended Trading

$19.43 -0.05 (-0.25%)

As of 07:56 PM Eastern

Annual Income Statements for Macy's

This table shows Macy's' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	1/30/2016	1/28/2017	2/3/2018	2/2/2019	2/1/2020	1/30/2021	1/29/2022	1/28/2023	2/3/2024	2/1/2025	1/31/2026
Net Income / (Loss) Attributable to Common Shareholders	1,072	627	1,566	1,108	564	-3,944	1,430	1,146	45	582	642
Consolidated Net Income / (Loss)	1,070	619	1,555	1,098	564	-3,944	1,430	1,146	45	582	642
Net Income / (Loss) Continuing Operations	1,070	619	1,555	1,098	564	-3,944	1,430	1,146	45	582	642
Total Pre-Tax Income	1,678	965	1,516	1,420	728	-4,790	1,866	1,477	43	763	849
Total Operating Income	2,039	1,371	1,864	1,738	970	-4,475	2,350	1,689	301	909	1,030
Total Gross Profit	10,583	10,242	9,758	10,524	10,160	5,811	10,443	10,102	9,642	9,266	9,124
Total Revenue	27,079	25,908	24,939	25,739	25,331	18,097	25,399	25,449	23,866	23,006	22,621
Operating Revenue	27,079	25,908	24,939	25,739	24,560	17,346	25,399	25,449	23,866	23,006	22,621
Total Cost of Revenue	16,496	15,666	15,181	15,215	15,171	12,286	14,956	15,347	14,224	13,740	13,497
Operating Cost of Revenue	16,496	15,666	15,181	15,215	15,171	12,286	14,956	15,347	14,224	13,740	13,497
Total Operating Expenses	8,544	8,871	7,894	8,874	9,190	10,286	8,093	8,413	9,341	8,357	8,094
Selling, General & Admin Expense	8,468	9,257	8,954	9,039	8,998	6,767	8,154	8,461	8,375	8,330	8,240
Restructuring Charge	288	479	186	136	354	3,579	30	41	1,027	171	230
Other Special Charges / (Income)	-212	-209	-544	-389	-162	-60	-91	-89	-61	-144	-376
Total Other Income / (Expense), net	-361	-406	-348	-230	-242	-315	-484	-212	-258	-146	-181
Interest Expense	363	367	311	294	235	284	199	31	0.00	1.00	33
Interest & Investment Income	2.00	4.00	11	25	20	4.00	-255	-162	-135	-115	-97
Other Income / (Expense), net	-	-43	-48	39	-27	-35	-30	-19	-123	-30	-51
Income Tax Expense	608	346	-39	322	164	-846	436	331	-2.00	181	207
Basic Earnings per Share	$3.26	$2.03	$5.13	$3.60	$1.82	($12.68)	$4.66	$4.17	$0.16	$2.10	$2.37
Weighted Average Basic Shares Outstanding	310.57M	304.26M	305.32M	307.80M	309.65M	310.57M	292.41M	271.40M	274.27M	277.72M	263.74M
Diluted Earnings per Share	$3.22	$2.02	$5.10	$3.56	$1.81	($12.68)	$4.55	$4.08	$0.16	$2.07	$2.32
Weighted Average Diluted Shares Outstanding	310.57M	304.26M	305.32M	307.80M	309.65M	310.57M	292.41M	271.40M	274.27M	277.72M	263.74M
Weighted Average Basic & Diluted Shares Outstanding	310.57M	304.26M	305.32M	307.80M	309.65M	310.57M	292.41M	271.40M	274.27M	277.72M	263.74M
Cash Dividends to Common per Share	-	-	-	$1.51	$1.51	$0.38	$0.30	$0.63	$0.66	$0.69	$0.73

This table shows Macy's' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	7/29/2023	10/28/2023	2/3/2024	5/4/2024	8/3/2024	11/2/2024	2/1/2025	5/3/2025	8/2/2025	11/1/2025	1/31/2026
Net Income / (Loss) Attributable to Common Shareholders	-22	41	-129	62	150	28	342	38	87	11	506
Consolidated Net Income / (Loss)	-22	41	-129	62	150	28	342	38	87	11	506
Net Income / (Loss) Continuing Operations	-22	41	-129	62	150	28	342	38	87	11	506
Total Pre-Tax Income	-30	43	-181	98	195	35	435	68	115	5.00	661
Total Operating Income	124	83	-150	125	222	64	498	94	149	42	745
Total Gross Profit	2,104	2,133	3,220	2,054	2,158	2,039	3,015	1,998	2,099	2,058	2,969
Total Revenue	5,280	5,038	8,375	5,000	5,096	4,903	8,007	4,793	4,999	4,913	7,916
Operating Revenue	5,280	5,038	8,375	5,000	5,096	4,903	8,007	4,793	4,999	4,913	7,916
Total Cost of Revenue	3,176	2,905	5,155	2,946	2,938	2,864	4,992	2,795	2,900	2,855	4,947
Operating Cost of Revenue	3,176	2,905	5,155	2,946	2,938	2,864	4,992	2,795	2,900	2,855	4,947
Total Operating Expenses	1,980	2,050	3,370	1,929	1,936	1,975	2,517	1,904	1,950	2,016	2,224
Selling, General & Admin Expense	1,980	2,040	2,405	1,911	1,973	2,064	2,382	1,913	1,944	2,024	2,359
Restructuring Charge	4.00	15	1,006	19	-1.00	-23	176	7.00	22	4.00	197
Other Special Charges / (Income)	-4.00	-5.00	-41	-1.00	-36	-66	-41	-16	-16	-12	-332
Total Other Income / (Expense), net	-154	-40	-31	-27	-27	-29	-63	-26	-34	-37	-84
Interest Expense	122	0.00	-	0.00	0.00	1.00	-	3.00	13	16	1.00
Interest & Investment Income	-32	-35	-31	-31	-31	-32	-21	-27	-25	-25	-20
Other Income / (Expense), net	-	-5.00	-	4.00	4.00	4.00	-42	4.00	4.00	4.00	-63
Income Tax Expense	-8.00	2.00	-52	36	45	7.00	93	30	28	-6.00	155
Basic Earnings per Share	($0.08)	$0.15	($0.48)	$0.22	$0.54	$0.10	$1.24	$0.14	$0.32	$0.04	$1.87
Weighted Average Basic Shares Outstanding	273.63M	274.07M	274.27M	276.41M	277.37M	277.64M	277.72M	271.54M	268.51M	265.88M	263.74M
Diluted Earnings per Share	($0.08)	$0.15	($0.47)	$0.22	$0.53	$0.10	$1.22	$0.13	$0.31	$0.04	$1.84
Weighted Average Diluted Shares Outstanding	273.63M	274.07M	274.27M	276.41M	277.37M	277.64M	277.72M	271.54M	268.51M	265.88M	263.74M
Weighted Average Basic & Diluted Shares Outstanding	273.63M	274.07M	274.27M	276.41M	277.37M	277.64M	277.72M	271.54M	268.51M	265.88M	263.74M

This table details how cash moves in and out of Macy's' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	1/30/2016	1/28/2017	2/3/2018	2/2/2019	2/1/2020	1/30/2021	1/29/2022	1/28/2023	2/3/2024	2/1/2025	1/31/2026
Net Change in Cash & Equivalents	-1,137	132	179	-265	-517	1,023	-39	-850	172	273	-61
Net Cash From Operating Activities	1,984	1,801	1,976	1,735	1,608	649	2,712	1,615	1,305	1,278	1,430
Net Cash From Continuing Operating Activities	1,984	1,801	1,976	1,735	1,608	649	2,712	1,615	1,305	1,278	1,430
Net Income / (Loss) Continuing Operations	1,070	619	1,555	1,098	564	-3,944	1,430	1,146	45	582	642
Consolidated Net Income / (Loss)	1,070	619	1,555	1,098	564	-3,944	1,430	1,146	45	582	642
Depreciation Expense	1,061	1,058	991	962	981	959	874	857	897	881	894
Amortization Expense	-14	-14	-45	-15	4.00	18	70	11	10	11	8.00
Non-Cash Adjustments To Reconcile Net Income	141	429	-160	-72	319	3,681	124	62	1,151	133	310
Changes in Operating Assets and Liabilities, net	-274	-291	-365	-238	-260	-65	214	-461	-798	-329	-424
Net Cash From Investing Activities	-1,092	-243	-351	-456	-1,002	-325	-370	-1,169	-913	-592	-639
Net Cash From Continuing Investing Activities	-1,092	-243	-351	-456	-1,002	-325	-370	-1,169	-913	-592	-639
Purchase of Property, Plant & Equipment	-1,113	-912	-760	-932	-1,157	-466	-597	-1,295	-993	-882	-740
Sale of Property, Plant & Equipment	204	673	411	474	185	113	164	137	86	283	107
Other Investing Activities, net	29	-4.00	-2.00	2.00	-30	28	63	-11	-6.00	7.00	-6.00
Net Cash From Financing Activities	-2,029	-1,426	-1,446	-1,544	-1,123	699	-2,381	-1,296	-220	-413	-852
Net Cash From Continuing Financing Activities	-2,029	-1,426	-1,446	-1,544	-1,123	699	-2,381	-1,296	-220	-413	-852
Repayment of Debt	-156	-754	-988	-1,149	-600	-2,144	-2,860	-3,150	-964	-524	-886
Repurchase of Common Equity	-2,001	-316	-1.00	0.00	-1.00	-1.00	-500	-601	-38	-1.00	-250
Payment of Dividends	-456	-459	-461	-463	-466	-117	-90	-173	-181	-192	-197
Issuance of Debt	499	0.00	-	0.00	0.00	2,780	1,085	2,809	961	301	500
Other Financing Activities, net	-83	61	-15	16	-62	181	-23	-181	2.00	3.00	-19
Cash Interest Paid	383	396	361	328	242	257	442	188	157	155	167
Cash Interest Received	2.00	4.00	12	25	20	5.00	1.00	9.00	38	40	42

This table details how cash moves in and out of Macy's' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	7/29/2023	10/28/2023	2/3/2024	5/4/2024	8/3/2024	11/2/2024	2/1/2025	5/3/2025	8/2/2025	11/1/2025	1/31/2026
Net Change in Cash & Equivalents	-165	-74	670	-158	-230	-331	992	-375	-103	-383	800
Net Cash From Operating Activities	166	-113	1,147	129	8.00	-167	1,308	-64	319	-8.00	1,183
Net Cash From Continuing Operating Activities	166	-113	1,147	129	8.00	-167	1,308	-64	319	-8.00	1,183
Net Income / (Loss) Continuing Operations	-22	40	-128	62	150	28	342	38	86	11	507
Consolidated Net Income / (Loss)	-22	40	-128	62	150	28	342	38	86	11	507
Depreciation Expense	215	232	232	216	213	228	224	219	218	235	222
Amortization Expense	2.00	3.00	2.00	3.00	2.00	4.00	2.00	2.00	4.00	1.00	1.00
Non-Cash Adjustments To Reconcile Net Income	139	33	972	32	-21	-76	198	5.00	22	7.00	276
Changes in Operating Assets and Liabilities, net	-168	-421	69	-184	-336	-351	542	-328	-11	-262	177
Net Cash From Investing Activities	-261	-185	-197	-217	-156	-82	-137	-133	-129	-163	-214
Net Cash From Continuing Investing Activities	-261	-185	-197	-217	-156	-82	-137	-133	-129	-163	-214
Purchase of Property, Plant & Equipment	-268	-185	-244	-229	-203	-217	-233	-177	-166	-182	-215
Sale of Property, Plant & Equipment	7.00	4.00	50	4.00	47	136	96	38	37	20	12
Other Investing Activities, net	-	-4.00	-3.00	8.00	-	-1.00	-	6.00	-	-1.00	-11
Net Cash From Financing Activities	-70	224	-280	-70	-82	-82	-179	-178	-293	-212	-169
Net Cash From Continuing Financing Activities	-70	224	-280	-70	-82	-82	-179	-178	-293	-212	-169
Repurchase of Common Equity	-3.00	-	-	0.00	-	-	-1.00	-97	-52	-51	-50
Payment of Dividends	-45	-45	-46	-48	-48	-48	-48	-51	-49	-49	-48
Other Financing Activities, net	-22	111	-74	-21	-34	102	-44	-23	-24	99	-71
Cash Interest Paid	22	56	19	59	20	58	18	56	57	63	-9.00
Cash Interest Received	7.00	1.00	19	12	10	8.00	10	16	11	7.00	8.00

This table presents Macy's' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	1/30/2016	1/28/2017	2/3/2018	2/2/2019	2/1/2020	1/30/2021	1/29/2022	1/28/2023	2/3/2024	2/1/2025	1/31/2026
Total Assets	20,576	19,851	19,583	19,194	21,172	17,706	17,590	16,866	16,246	16,402	16,238
Total Current Assets	7,652	7,626	7,646	7,445	6,810	6,184	6,758	5,853	6,089	6,479	6,673
Cash & Equivalents	1,109	1,297	1,455	1,162	685	1,679	1,712	862	1,034	1,306	1,246
Note & Lease Receivable	-	-	-	-	-	-	-	300	293	303	628
Inventories, net	5,506	5,399	5,178	5,263	5,188	3,774	4,383	4,267	4,361	4,468	4,412
Prepaid Expenses	479	408	650	620	528	455	366	424	401	385	387
Current Deferred & Refundable Income Taxes	-	-	-	-	-	-	-	-	0.00	17	0.00
Plant, Property, & Equipment, net	7,616	7,017	6,672	6,637	6,633	5,940	5,665	5,913	5,308	5,070	4,743
Total Noncurrent Assets	5,308	5,208	5,265	5,112	7,729	5,582	5,167	5,100	4,849	4,853	4,822
Goodwill	3,897	3,897	3,897	3,908	3,908	828	828	828	828	828	828
Intangible Assets	514	498	488	478	439	437	435	432	430	425	420
Other Noncurrent Operating Assets	897	813	880	726	3,382	4,317	3,904	3,840	3,591	3,600	3,574
Total Liabilities & Shareholders' Equity	20,576	19,851	19,583	19,194	21,172	17,706	17,590	16,866	16,246	16,402	16,238
Total Liabilities	16,323	15,529	13,850	12,758	14,795	15,153	13,969	12,784	12,211	11,850	11,378
Total Current Liabilities	5,728	5,647	5,179	5,232	5,750	5,357	5,416	4,861	4,532	4,524	4,493
Short-Term Debt	642	309	22	43	539	452	-	-	0.00	6.00	0.00
Accounts Payable	4,859	4,986	4,861	5,021	1,682	1,978	2,222	2,053	1,913	1,893	1,807
Accrued Expenses	-	-	-	-	3,448	2,927	3,086	2,750	2,571	2,625	2,615
Current Deferred & Payable Income Tax Liabilities	227	352	296	168	81	0.00	108	58	48	0.00	71
Total Noncurrent Liabilities	10,595	9,882	8,671	7,526	9,045	9,796	8,553	7,923	7,679	7,326	6,885
Long-Term Debt	6,995	6,562	5,861	4,708	3,621	4,407	3,295	2,996	2,998	2,773	2,432
Noncurrent Deferred & Payable Income Tax Liabilities	1,477	1,443	1,148	1,238	1,169	908	983	947	745	724	805
Other Noncurrent Operating Liabilities	2,123	1,877	1,662	1,580	1,337	1,296	4,275	3,980	3,936	3,829	3,648
Total Equity & Noncontrolling Interests	4,253	4,322	5,733	6,436	6,377	2,553	3,621	4,082	4,035	4,552	4,860
Total Preferred & Common Equity	4,250	4,323	5,745	6,436	6,377	2,553	3,621	4,082	4,035	4,552	4,860
Total Common Equity	4,250	4,323	5,745	6,436	6,377	2,553	3,621	4,082	4,035	4,552	4,860
Common Stock	624	620	679	655	624	574	520	470	355	303	272
Retained Earnings	6,334	6,088	7,246	8,050	7,989	3,928	5,268	6,268	6,088	6,499	6,941
Accumulated Other Comprehensive Income / (Loss)	-1,043	-896	-724	-951	-995	-788	-622	-618	-496	-449	-392
Other Equity Adjustments	-	-	-	-	-	-	-1,545	-2,038	-1,912	-1,801	-1,961

This table presents Macy's' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025
Period end date	10/29/2022	4/29/2023	7/29/2023	10/28/2023	5/4/2024	8/3/2024	11/2/2024	5/3/2025	8/2/2025	11/1/2025
Total Assets	18,230	16,868	16,304	18,126	16,449	15,868	17,293	16,089	15,551	17,064
Total Current Assets	7,348	5,855	5,271	7,085	6,262	5,742	7,246	6,291	5,825	7,385
Cash & Equivalents	326	603	438	364	876	646	315	932	829	447
Note & Lease Receivable	204	255	223	218	257	268	224	241	211	187
Inventories, net	6,403	4,607	4,129	6,025	4,687	4,378	6,257	4,663	4,342	6,298
Prepaid Expenses	415	390	411	390	442	403	416	445	430	433
Current Deferred & Refundable Income Taxes	0.00	-	70	88	0.00	47	34	10	13	20
Plant, Property, & Equipment, net	5,831	5,864	5,876	5,813	5,295	5,234	5,161	4,964	4,903	4,837
Total Noncurrent Assets	5,051	5,149	5,157	5,228	4,892	4,892	4,886	4,834	4,823	4,842
Goodwill	828	828	828	828	828	828	828	828	828	828
Intangible Assets	433	432	431	431	429	428	426	424	423	421
Other Noncurrent Operating Assets	3,790	3,889	3,898	3,969	3,635	3,636	3,632	3,582	3,572	3,593
Total Liabilities & Shareholders' Equity	18,230	16,868	16,304	18,126	16,449	15,868	17,293	16,089	15,551	17,064
Total Liabilities	14,755	12,698	12,094	14,027	12,365	11,667	13,146	11,638	11,100	12,736
Total Current Liabilities	6,743	4,782	4,184	6,074	4,653	4,004	5,773	4,387	4,219	5,888
Short-Term Debt	183	-	0.00	160	0.00	6.00	92	6.00	194	0.00
Accounts Payable	3,861	2,415	1,978	3,466	2,347	1,871	3,344	2,133	1,818	3,436
Accrued Expenses	2,678	2,233	2,206	2,448	2,226	2,127	2,337	2,221	2,195	2,452
Total Noncurrent Liabilities	8,012	7,916	7,910	7,953	7,712	7,663	7,373	7,251	6,881	6,848
Long-Term Debt	2,996	2,996	2,997	2,997	2,998	2,993	2,773	2,774	2,432	2,432
Capital Lease Obligations	2,988	2,996	2,975	3,034	3,034	3,013	2,961	2,884	2,855	2,811
Noncurrent Deferred & Payable Income Tax Liabilities	884	916	933	925	748	725	712	721	723	727
Other Noncurrent Operating Liabilities	1,144	1,008	1,005	997	932	932	927	872	871	878
Total Equity & Noncontrolling Interests	3,475	4,170	4,210	4,099	4,084	4,201	4,147	4,451	4,451	4,328
Total Preferred & Common Equity	3,475	4,170	4,210	4,099	4,084	4,201	4,147	4,451	4,451	4,328
Total Common Equity	3,475	4,170	4,210	4,099	4,084	4,201	4,147	4,451	4,451	4,328
Common Stock	3,475	4,170	4,210	4,099	4,084	4,201	4,147	4,451	4,451	4,328

This table displays calculated financial ratios and metrics derived from Macy's' official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	1/30/2016	1/28/2017	2/3/2018	2/2/2019	2/1/2020	1/30/2021	1/29/2022	1/28/2023	2/3/2024	2/1/2025	1/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	265,883,109.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	265,883,109.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	2.41
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Net Operating Profit after Tax (NOPAT)	1,300	879	1,912	1,344	751	-3,133	1,801	1,310	315	693	779
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	18.52%	4.48%	9.46%	10.68%
Earnings before Interest and Taxes (EBIT)	2,039	1,328	1,816	1,689	943	-4,510	2,320	1,670	178	879	979
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	3,086	2,372	2,762	2,636	1,928	-3,533	3,264	2,538	1,085	1,771	1,881
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	960	1,764	1,647	1,480	-1,994	720	5,515	298	532	667	758
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	10,781	9,896	10,161	10,025	12,770	8,918	5,204	6,216	5,999	6,025	6,046
Increase / (Decrease) in Invested Capital	340	-885	265	-136	2,745	-3,852	-3,714	1,012	-217	26	21
Book Value per Share	$13.52	$14.14	$18.86	$20.93	$20.64	$8.22	$12.10	$15.06	$14.72	$16.40	$18.28
Tangible Book Value per Share	($0.51)	($0.24)	$4.47	$6.67	$6.57	$4.15	$7.88	$10.41	$10.13	$11.88	$13.58
Total Capital	11,890	11,193	11,616	11,187	13,455	10,597	6,916	7,078	7,033	7,331	7,292
Total Debt	7,637	6,871	5,883	4,751	7,078	8,044	3,295	2,996	2,998	2,779	2,432
Total Long-Term Debt	6,995	6,562	5,861	4,708	6,539	7,592	3,295	2,996	2,998	2,773	2,432
Net Debt	6,528	5,574	4,428	3,589	6,393	6,365	1,583	2,134	1,964	1,473	1,186
Capital Expenditures (CapEx)	909	239	349	458	972	353	433	1,158	907	599	633
Debt-free, Cash-free Net Working Capital (DFCFNWC)	1,457	991	1,034	1,094	914	-400	-370	130	523	655	934
Debt-free Net Working Capital (DFNWC)	2,566	2,288	2,489	2,256	1,599	1,279	1,342	992	1,557	1,961	2,180
Net Working Capital (NWC)	1,924	1,979	2,467	2,213	1,060	827	1,342	992	1,557	1,955	2,180
Net Nonoperating Expense (NNE)	230	260	357	246	187	812	371	164	270	111	137
Net Nonoperating Obligations (NNO)	6,528	5,574	4,428	3,589	6,393	6,365	1,583	2,134	1,964	1,473	1,186
Total Depreciation and Amortization (D&A)	1,047	1,044	946	947	985	977	944	868	907	892	902
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$4.66	$4.28	$0.38	$2.10	$2.37
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	0.00	0.00	0.00	0.00	292.41M	271.40M	274.27M	277.72M	263.74M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$4.55	$4.19	$0.38	$2.07	$2.32
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	0.00	0.00	0.00	0.00	292.41M	271.40M	274.27M	277.72M	263.74M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	0.00	0.00	0.00	0.00	292.41M	271.40M	274.27M	277.72M	263.74M
Normalized Net Operating Profit after Tax (NOPAT)	1,349	1,053	1,054	1,148	900	-669	1,754	1,273	887	714	668
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-

This table displays calculated financial ratios and metrics derived from Macy's' official financial filings.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	7/29/2023	10/28/2023	2/3/2024	5/4/2024	8/3/2024	11/2/2024	2/1/2025	5/3/2025	8/2/2025	11/1/2025	1/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	265,883,109.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	265,883,109.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	1.90
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Net Operating Profit after Tax (NOPAT)	87	79	-105	79	171	51	392	53	113	92	570
Return On Investment Capital (ROIC_SIMPLE)	-	0.77%	-1.49%	-	-	0.51%	5.34%	0.52%	1.13%	0.97%	7.82%
Earnings before Interest and Taxes (EBIT)	124	78	-150	129	226	68	456	98	153	46	682
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	341	313	84	348	441	300	682	319	375	282	905
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-423	-531	112	296	246	319	366	110	577	626	549
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	9,744	9,926	5,999	9,342	9,669	9,658	6,025	9,183	9,103	9,124	6,046
Increase / (Decrease) in Invested Capital	510	610	-217	-217	-75	-268	26	-57	-464	-534	21
Book Value per Share	$15.45	$14.98	$14.72	$15.26	$15.57	$14.95	$16.40	$16.03	$16.39	$16.28	$18.28
Tangible Book Value per Share	$10.83	$10.38	$10.13	$10.68	$11.02	$10.43	$11.88	$11.52	$11.78	$11.58	$13.58
Total Capital	10,182	10,290	7,033	10,218	10,315	9,973	7,331	10,115	9,932	9,571	7,292
Total Debt	5,972	6,191	2,998	6,032	6,012	5,826	2,779	5,664	5,481	5,243	2,432
Total Long-Term Debt	5,972	6,031	2,998	6,032	6,006	5,734	2,773	5,658	5,287	5,243	2,432
Net Debt	5,534	5,827	1,964	5,156	5,366	5,511	1,473	4,732	4,652	4,796	1,186
Capital Expenditures (CapEx)	261	181	194	225	156	81	137	139	129	162	203
Debt-free, Cash-free Net Working Capital (DFCFNWC)	649	807	523	836	1,200	1,250	655	978	971	1,050	934
Debt-free Net Working Capital (DFNWC)	1,087	1,171	1,557	1,712	1,846	1,565	1,961	1,910	1,800	1,497	2,180
Net Working Capital (NWC)	1,087	1,011	1,557	1,712	1,840	1,473	1,955	1,904	1,606	1,497	2,180
Net Nonoperating Expense (NNE)	109	38	24	17	21	23	50	15	26	81	64
Net Nonoperating Obligations (NNO)	5,534	5,827	1,964	5,156	5,366	5,511	1,473	4,732	4,652	4,796	1,186
Total Depreciation and Amortization (D&A)	217	235	234	219	215	232	226	221	222	236	223
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.08)	$0.16	($0.48)	$0.22	$0.54	$0.10	$1.24	$0.14	$0.32	$0.04	$1.87
Adjusted Weighted Average Basic Shares Outstanding	273.63M	274.07M	274.27M	276.41M	277.37M	277.64M	277.72M	271.54M	268.51M	265.88M	263.74M
Adjusted Diluted Earnings per Share	($0.08)	$0.15	($0.47)	$0.22	$0.53	$0.10	$1.22	$0.13	$0.31	$0.04	$1.84
Adjusted Weighted Average Diluted Shares Outstanding	273.63M	274.07M	274.27M	276.41M	277.37M	277.64M	277.72M	271.54M	268.51M	265.88M	263.74M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	273.63M	274.07M	274.27M	276.41M	277.37M	277.64M	277.72M	271.54M	268.51M	265.88M	263.74M
Normalized Net Operating Profit after Tax (NOPAT)	87	89	571	90	142	-20	498	48	117	24	467
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-

Financials Breakdown Chart

Key Financial Trends

Macy’s (NYSE:M) has shown a mix of improving quarterly profitability in late 2025, alongside ongoing margin and macro headwinds. Below are the top trends drawn from the last four years of quarterly results, focusing on the four most recent years and highlighting where the company may impact investors.

Q4 2025 revenue increased year over year to about $7.92 billion, up from roughly $7.01 billion in Q4 2024 (revenue rebound versus the prior year).
Q4 2025 operating income rose to about $745 million, up from about $498 million in Q4 2024, signaling improved operating leverage in the latest quarter.
Q4 2025 net income attributable to common shareholders was approximately $506 million, higher than Q4 2024’s roughly $342 million.
Q4 2025 diluted earnings per share (EPS) was about $1.84, versus a much smaller year-ago per-share figure, indicating stronger quarterly profitability per share.
Q4 2025 cash flow from continuing operating activities was approximately $1.183 billion, reflecting solid operating cash generation in the quarter.
Gross margin in Q4 2025 declined to about 37.5% from roughly 43% in Q4 2024, indicating near-term margin pressure even as revenue grew.
2025 restructuring charges (e.g., a $197 million restructuring hit in Q4) and other charges suggest ongoing cost-realignment with potential long-run margin benefits, though they weigh on current results.
Debt levels remain relatively stable, with long-term indebtedness in the low-to-mid billions and overall liabilities in the mid-teens of billions, signaling a steady capitalization profile.
Across 2022–2025, revenue has fluctuated with seasonality and macro factors, and 2025 results show a rebound but have not yet surpassed the 2023 peak, reflecting ongoing consumer and retail dynamics.
Gross margin compression versus the 2023 peak underscores persistent margin pressure, even as earnings and cash flow have improved in some quarters.
Overall four-year revenue trajectory remains below the 2023 peak, suggesting ongoing headwinds from competition, shopping trends, or cost structure that investors should monitor.

05/08/26 09:12 PM ETAI Generated. May Contain Errors.

Macy's Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Macy's' financial year ends in January. Their financial year 2026 ended on January 31, 2026.

Macy's' net income appears to be on a downward trend, with a most recent value of $642 million in 2025, falling from $1.07 billion in 2015. The previous period was $582 million in 2024. See Macy's' forecast for analyst expectations on what's next for the company.

Macy's' total operating income in 2025 was $1.03 billion, based on the following breakdown:

Total Gross Profit: $9.12 billion
Total Operating Expenses: $8.09 billion

Over the last 10 years, Macy's' total revenue changed from $27.08 billion in 2015 to $22.62 billion in 2025, a change of -16.5%.

Macy's' total liabilities were at $11.38 billion at the end of 2025, a 4.0% decrease from 2024, and a 30.3% decrease since 2015.

In the past 10 years, Macy's' cash and equivalents has ranged from $685 million in 2019 to $1.71 billion in 2021, and is currently $1.25 billion as of their latest financial filing in 2025.

Over the last 10 years, Macy's' book value per share changed from 13.52 in 2015 to 18.28 in 2025, a change of 35.2%.

Related Companies

Financial statements for NYSE:M last updated on 3/29/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Macy's (M) Financials

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Macy's (M) Financials

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