Macy's (M) Financials

$12.00 -0.04 (-0.33%)

Closing price 05/28/2025 03:59 PM Eastern

Extended Trading

$12.24 +0.23 (+1.96%)

As of 05/28/2025 07:59 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	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	2/1/2025	2/3/2024	1/28/2023	1/29/2022	1/30/2021	2/1/2020	2/2/2019	2/3/2018	1/28/2017	1/30/2016
Net Income / (Loss) Attributable to Common Shareholders	582	45	1,146	1,430	-3,944	564	1,108	1,566	627	1,072
Consolidated Net Income / (Loss)	582	45	1,146	1,430	-3,944	564	1,098	1,555	619	1,070
Net Income / (Loss) Continuing Operations	582	45	1,146	1,430	-3,944	564	1,098	1,555	619	1,070
Total Pre-Tax Income	763	43	1,477	1,866	-4,790	728	1,420	1,516	965	1,678
Total Operating Income	909	301	1,689	2,350	-4,475	970	1,738	1,864	1,371	2,039
Total Gross Profit	9,266	9,642	10,102	10,443	5,811	10,160	9,756	9,758	10,242	10,583
Total Revenue	23,006	23,866	25,449	25,399	18,097	25,331	24,971	24,939	25,908	27,079
Operating Revenue	23,006	23,866	25,449	25,399	17,346	24,560	24,971	24,939	25,908	27,079
Total Cost of Revenue	13,740	14,224	15,347	14,956	12,286	15,171	15,215	15,181	15,666	16,496
Operating Cost of Revenue	13,740	14,224	15,347	14,956	12,286	15,171	15,215	15,181	15,666	16,496
Total Operating Expenses	8,357	9,341	8,413	8,093	10,286	9,190	8,018	7,894	8,871	8,544
Selling, General & Admin Expense	8,330	8,375	8,461	8,154	6,767	8,998	9,039	8,954	9,257	8,468
Restructuring Charge	171	1,027	41	30	3,579	354	136	186	479	288
Other Special Charges / (Income)	-144	-61	-89	-91	-60	-162	-389	-544	-209	-212
Total Other Income / (Expense), net	-146	-258	-212	-484	-315	-242	-318	-348	-406	-361
Interest Expense	1.00	0.00	31	199	284	235	294	311	367	363
Interest & Investment Income	-115	-135	-162	-255	4.00	20	25	11	4.00	2.00
Other Income / (Expense), net	-30	-123	-19	-30	-35	-27	-49	-48	-43	-
Income Tax Expense	181	-2.00	331	436	-846	164	322	-39	346	608
Basic Earnings per Share	$2.10	$0.16	$4.17	$4.66	($12.68)	$1.82	$3.60	$5.13	$2.03	$3.26
Weighted Average Basic Shares Outstanding	277.72M	274.27M	271.40M	292.41M	310.57M	309.65M	307.70M	305.40M	308.50M	328.40M
Diluted Earnings per Share	$2.07	$0.16	$4.08	$4.55	($12.68)	$1.81	$3.56	$5.10	$2.02	$3.22
Weighted Average Diluted Shares Outstanding	277.72M	274.27M	271.40M	292.41M	310.57M	309.65M	307.70M	305.40M	308.50M	328.40M
Weighted Average Basic & Diluted Shares Outstanding	277.72M	274.27M	271.40M	292.41M	310.57M	309.65M	307.70M	305.40M	308.50M	328.40M
Cash Dividends to Common per Share	$0.69	$0.66	$0.63	$0.30	$0.38	$1.51	$1.51	-	-	-

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

Metric	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	2/1/2025	11/2/2024	8/3/2024	5/4/2024	2/3/2024	10/28/2023	7/29/2023	4/29/2023	1/28/2023	10/29/2022
Net Income / (Loss) Attributable to Common Shareholders	342	28	150	62	-129	41	-22	155	477	108
Consolidated Net Income / (Loss)	342	28	150	62	-129	41	-22	155	477	108
Net Income / (Loss) Continuing Operations	342	28	150	62	-129	41	-22	155	477	108
Total Pre-Tax Income	435	35	195	98	-181	43	-30	211	596	125
Total Operating Income	498	64	222	125	-150	83	124	244	635	192
Total Gross Profit	3,015	2,039	2,158	2,054	3,220	2,133	2,104	2,185	3,093	2,263
Total Revenue	8,007	4,903	5,096	5,000	8,375	5,038	5,280	5,173	8,583	5,467
Operating Revenue	8,007	4,903	5,096	5,000	8,375	5,038	5,280	5,173	8,583	5,467
Total Cost of Revenue	4,992	2,864	2,938	2,946	5,155	2,905	3,176	2,988	5,490	3,204
Operating Cost of Revenue	4,992	2,864	2,938	2,946	5,155	2,905	3,176	2,988	5,490	3,204
Total Operating Expenses	2,517	1,975	1,936	1,929	3,370	2,050	1,980	1,941	2,458	2,071
Selling, General & Admin Expense	2,382	2,064	1,973	1,911	2,405	2,040	1,980	1,950	2,457	2,088
Restructuring Charge	176	-23	-1.00	19	1,006	15	4.00	2.00	16	15
Other Special Charges / (Income)	-41	-66	-36	-1.00	-41	-5.00	-4.00	-11	-15	-32
Total Other Income / (Expense), net	-63	-29	-27	-27	-31	-40	-154	-33	-39	-67
Interest & Investment Income	-21	-32	-31	-31	-31	-35	-32	-37	-	-42
Other Income / (Expense), net	-42	4.00	4.00	4.00	-	-5.00	-	4.00	-8.00	-25
Income Tax Expense	93	7.00	45	36	-52	2.00	-8.00	56	119	17
Basic Earnings per Share	$1.24	$0.10	$0.54	$0.22	($0.48)	$0.15	($0.08)	$0.57	$1.75	$0.40
Weighted Average Basic Shares Outstanding	277.72M	277.64M	277.37M	276.41M	274.27M	274.07M	273.63M	272.53M	271.40M	271.11M
Diluted Earnings per Share	$1.22	$0.10	$0.53	$0.22	($0.47)	$0.15	($0.08)	$0.56	$1.72	$0.39
Weighted Average Diluted Shares Outstanding	277.72M	277.64M	277.37M	276.41M	274.27M	274.07M	273.63M	272.53M	271.40M	271.11M
Weighted Average Basic & Diluted Shares Outstanding	277.72M	277.64M	277.37M	276.41M	274.27M	274.07M	273.63M	272.53M	271.40M	271.11M

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	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	2/1/2025	2/3/2024	1/28/2023	1/29/2022	1/30/2021	2/1/2020	2/2/2019	2/3/2018	1/28/2017	1/30/2016
Net Change in Cash & Equivalents	273	172	-850	-39	1,023	-517	-265	179	132	-1,137
Net Cash From Operating Activities	1,278	1,305	1,615	2,712	649	1,608	1,735	1,976	1,801	1,984
Net Cash From Continuing Operating Activities	1,278	1,305	1,615	2,712	649	1,608	1,735	1,976	1,801	1,984
Net Income / (Loss) Continuing Operations	582	45	1,146	1,430	-3,944	564	1,098	1,555	619	1,070
Consolidated Net Income / (Loss)	582	45	1,146	1,430	-3,944	564	1,098	1,555	619	1,070
Depreciation Expense	881	897	857	874	959	981	962	991	1,058	1,061
Amortization Expense	11	10	11	70	18	4.00	-15	-45	-14	-14
Non-Cash Adjustments To Reconcile Net Income	133	1,151	62	124	3,681	319	-72	-160	429	141
Changes in Operating Assets and Liabilities, net	-329	-798	-461	214	-65	-260	-238	-365	-291	-274
Net Cash From Investing Activities	-592	-913	-1,169	-370	-325	-1,002	-456	-351	-243	-1,092
Net Cash From Continuing Investing Activities	-592	-913	-1,169	-370	-325	-1,002	-456	-351	-243	-1,092
Purchase of Property, Plant & Equipment	-882	-993	-1,295	-597	-466	-1,157	-932	-760	-912	-1,113
Sale of Property, Plant & Equipment	283	86	137	164	113	185	474	411	673	204
Other Investing Activities, net	7.00	-6.00	-11	63	28	-30	2.00	-2.00	-4.00	29
Net Cash From Financing Activities	-413	-220	-1,296	-2,381	699	-1,123	-1,544	-1,446	-1,426	-2,029
Net Cash From Continuing Financing Activities	-413	-220	-1,296	-2,381	699	-1,123	-1,544	-1,446	-1,426	-2,029
Repayment of Debt	-524	-964	-3,150	-2,860	-2,144	-600	-1,149	-988	-754	-156
Repurchase of Common Equity	-1.00	-38	-601	-500	-1.00	-1.00	0.00	-1.00	-316	-2,001
Payment of Dividends	-192	-181	-173	-90	-117	-466	-463	-461	-459	-456
Issuance of Debt	301	961	2,809	1,085	2,780	0.00	0.00	-	0.00	499
Other Financing Activities, net	3.00	2.00	-181	-23	181	-62	16	-15	61	-83
Cash Interest Paid	155	157	188	442	257	242	328	361	396	383
Cash Interest Received	40	38	9.00	1.00	5.00	20	25	12	4.00	2.00
Cash Income Taxes Paid	304	240	455	-171	98	229	345	496	352	635

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	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	2/1/2025	11/2/2024	8/3/2024	5/4/2024	2/3/2024	10/28/2023	7/29/2023	4/29/2023	1/28/2023	10/29/2022
Net Change in Cash & Equivalents	992	-331	-230	-158	670	-74	-165	-259	536	26
Net Cash From Operating Activities	1,308	-167	8.00	129	1,147	-113	166	105	1,127	185
Net Cash From Continuing Operating Activities	1,308	-167	8.00	129	1,147	-113	166	105	1,127	185
Net Income / (Loss) Continuing Operations	342	28	150	62	-128	40	-22	155	478	107
Consolidated Net Income / (Loss)	342	28	150	62	-128	40	-22	155	478	107
Depreciation Expense	224	228	213	216	232	232	215	218	219	225
Amortization Expense	2.00	4.00	2.00	3.00	2.00	3.00	2.00	3.00	3.00	3.00
Non-Cash Adjustments To Reconcile Net Income	198	-76	-21	32	972	33	139	7.00	20	34
Changes in Operating Assets and Liabilities, net	542	-351	-336	-184	69	-421	-168	-278	407	-184
Net Cash From Investing Activities	-137	-82	-156	-217	-197	-185	-261	-270	-300	-354
Net Cash From Continuing Investing Activities	-137	-82	-156	-217	-197	-185	-261	-270	-300	-354
Purchase of Property, Plant & Equipment	-233	-217	-203	-229	-244	-185	-268	-296	-312	-401
Sale of Property, Plant & Equipment	96	136	47	4.00	50	4.00	7.00	25	15	49
Net Cash From Financing Activities	-179	-82	-82	-70	-280	224	-70	-94	-291	195
Net Cash From Continuing Financing Activities	-179	-82	-82	-70	-280	224	-70	-94	-291	195
Repayment of Debt	-211	-312	-	-1.00	-810	-153	-	-1.00	-1,102	-858
Repurchase of Common Equity	-1.00	-	-	0.00	-	-	-3.00	-35	-	-
Payment of Dividends	-48	-48	-48	-48	-46	-45	-45	-45	-43	-43
Issuance of Debt	125	-	-	-	650	-	-	-	918	1,041
Other Financing Activities, net	-44	102	-34	-21	-74	111	-22	-13	-64	55
Cash Interest Paid	18	58	20	59	19	56	22	60	20	60
Cash Interest Received	10	8.00	10	12	19	1.00	7.00	11	6.00	2.00
Cash Income Taxes Paid	97	4.00	191	12	23	2.00	209	6.00	99	51

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

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 2024	Q2 2024	Q1 2024	Q3 2023	Q2 2023	Q1 2023	Q3 2022
Period end date	11/2/2024	8/3/2024	5/4/2024	10/28/2023	7/29/2023	4/29/2023	10/29/2022
Total Assets	17,293	15,833	16,449	18,126	16,304	16,868	18,230
Total Current Assets	7,246	5,707	6,262	7,085	5,271	5,855	7,348
Cash & Equivalents	315	646	876	364	438	603	326
Note & Lease Receivable	224	268	257	218	223	255	204
Inventories, net	6,257	4,378	4,687	6,025	4,129	4,607	6,403
Prepaid Expenses	416	403	442	390	411	390	415
Current Deferred & Refundable Income Taxes	34	12	-	88	70	-	0.00
Plant, Property, & Equipment, net	5,161	5,234	5,295	5,813	5,876	5,864	5,831
Total Noncurrent Assets	4,886	4,892	4,892	5,228	5,157	5,149	5,051
Goodwill	828	828	828	828	828	828	828
Intangible Assets	426	428	429	431	431	432	433
Other Noncurrent Operating Assets	3,632	3,636	3,635	3,969	3,898	3,889	3,790
Total Liabilities & Shareholders' Equity	17,293	15,833	16,449	18,126	16,304	16,868	18,230
Total Liabilities	13,146	11,530	12,263	14,027	12,094	12,698	14,755
Total Current Liabilities	5,773	3,867	4,550	6,074	4,184	4,782	6,743
Short-Term Debt	92	6.00	-	160	0.00	-	183
Accounts Payable	3,344	1,871	2,347	3,466	1,978	2,415	3,861
Accrued Expenses	2,337	1,990	2,088	2,448	2,206	2,233	2,678
Current Deferred & Payable Income Tax Liabilities	0.00	0.00	115	0.00	0.00	134	21
Total Noncurrent Liabilities	7,373	7,663	7,713	7,953	7,910	7,916	8,012
Long-Term Debt	2,773	2,993	2,998	2,997	2,997	2,996	2,996
Capital Lease Obligations	2,961	3,013	3,034	3,034	2,975	2,996	2,988
Noncurrent Deferred & Payable Income Tax Liabilities	712	725	749	925	933	916	884
Other Noncurrent Operating Liabilities	927	932	932	997	1,005	1,008	1,144
Total Equity & Noncontrolling Interests	4,147	4,303	4,186	4,099	4,210	4,170	3,475
Total Preferred & Common Equity	4,147	4,303	4,186	4,099	4,210	4,170	3,475
Total Common Equity	4,147	4,303	4,186	4,099	4,210	4,170	3,475
Common Stock	4,147	4,303	4,186	4,099	4,210	4,170	3,475

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

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	2/1/2025	2/3/2024	1/28/2023	1/29/2022	1/30/2021	2/1/2020	2/2/2019	2/3/2018	1/28/2017	1/30/2016
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-3.60%	-6.22%	0.20%	40.35%	-28.56%	1.44%	0.13%	-3.74%	-4.32%	-3.65%
EBITDA Growth	63.23%	-57.25%	-22.24%	192.39%	-283.25%	-26.86%	-4.56%	16.44%	-23.14%	-19.45%
EBIT Growth	393.82%	-89.34%	-28.02%	151.44%	-578.26%	-44.17%	-6.99%	36.75%	-34.87%	-27.18%
NOPAT Growth	120.12%	-75.96%	-27.23%	157.49%	-516.84%	-44.08%	-29.71%	117.41%	-32.36%	-27.27%
Net Income Growth	1,193.33%	-96.07%	-19.86%	136.26%	-799.29%	-48.63%	-29.39%	151.21%	-42.15%	-29.88%
EPS Growth	1,193.75%	-96.08%	-10.33%	135.88%	-800.55%	-49.16%	-30.20%	152.48%	-37.27%	-23.70%
Operating Cash Flow Growth	-2.07%	-19.20%	-40.45%	317.87%	-59.64%	-7.32%	-12.20%	9.72%	-9.22%	-26.76%
Free Cash Flow Firm Growth	25.44%	78.23%	-94.59%	666.49%	136.09%	-234.71%	-10.14%	-6.66%	83.76%	-61.59%
Invested Capital Growth	0.43%	-3.49%	19.45%	-41.65%	-30.16%	27.38%	-1.34%	2.68%	-8.21%	3.26%
Revenue Q/Q Growth	-1.57%	-0.86%	-2.69%	9.60%	-8.88%	1.92%	-0.87%	0.11%	-0.86%	-1.80%
EBITDA Q/Q Growth	42.59%	-46.34%	-13.20%	22.25%	-4.13%	-20.46%	-5.92%	10.83%	-4.32%	-12.05%
EBIT Q/Q Growth	157.02%	-84.21%	-19.25%	37.12%	-2.85%	-35.59%	-9.87%	21.88%	-7.52%	-17.35%
NOPAT Q/Q Growth	170.32%	-64.71%	-16.43%	46.70%	-3.66%	-33.59%	-33.75%	102.31%	-4.19%	-16.75%
Net Income Q/Q Growth	240.35%	-93.40%	-18.84%	69.03%	-4.81%	-41.55%	-35.41%	124.71%	-9.24%	-18.94%
EPS Q/Q Growth	245.00%	-93.50%	-14.11%	69.15%	-4.53%	-41.80%	-35.97%	122.71%	-4.27%	-14.59%
Operating Cash Flow Q/Q Growth	14.41%	1.56%	-31.54%	117.66%	-61.37%	8.80%	-13.51%	4.44%	-10.58%	-7.55%
Free Cash Flow Firm Q/Q Growth	27.24%	88.19%	-79.68%	306.51%	-19.17%	-18.43%	-10.01%	-4.31%	16.32%	-41.34%
Invested Capital Q/Q Growth	-37.62%	-39.56%	-33.28%	-43.54%	-4.58%	-3.68%	-4.00%	1.01%	-8.67%	-5.71%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	40.28%	40.40%	39.70%	41.12%	32.11%	40.11%	39.07%	39.13%	39.53%	39.08%
EBITDA Margin	7.70%	4.55%	9.97%	12.85%	-19.52%	7.61%	10.56%	11.08%	9.16%	11.40%
Operating Margin	3.95%	1.26%	6.64%	9.25%	-24.73%	3.83%	6.96%	7.47%	5.29%	7.53%
EBIT Margin	3.82%	0.75%	6.56%	9.13%	-24.92%	3.72%	6.76%	7.28%	5.13%	7.53%
Profit (Net Income) Margin	2.53%	0.19%	4.50%	5.63%	-21.79%	2.23%	4.40%	6.24%	2.39%	3.95%
Tax Burden Percent	76.28%	104.65%	77.59%	76.63%	82.34%	77.47%	77.32%	102.57%	64.15%	63.77%
Interest Burden Percent	86.80%	24.16%	88.44%	80.43%	106.21%	77.20%	84.07%	83.48%	72.67%	82.30%
Effective Tax Rate	23.72%	-4.65%	22.41%	23.37%	0.00%	22.53%	22.68%	-2.57%	35.85%	36.23%
Return on Invested Capital (ROIC)	11.53%	5.16%	22.95%	25.51%	-28.89%	6.59%	13.32%	19.07%	8.51%	12.25%
ROIC Less NNEP Spread (ROIC-NNEP)	5.05%	-8.02%	14.10%	16.17%	-41.61%	2.84%	7.18%	11.93%	4.20%	8.28%
Return on Net Nonoperating Assets (RNNOA)	2.02%	-4.05%	6.80%	20.82%	-59.44%	2.21%	4.73%	11.86%	5.93%	9.97%
Return on Equity (ROE)	13.56%	1.11%	29.75%	46.32%	-88.33%	8.80%	18.05%	30.93%	14.44%	22.22%
Cash Return on Invested Capital (CROIC)	11.10%	8.71%	5.23%	78.10%	6.64%	-17.49%	14.66%	16.42%	17.07%	9.05%
Operating Return on Assets (OROA)	5.38%	1.08%	9.69%	13.15%	-23.20%	4.67%	8.71%	9.21%	6.57%	9.73%
Return on Assets (ROA)	3.57%	0.27%	6.65%	8.10%	-20.29%	2.79%	5.66%	7.89%	3.06%	5.11%
Return on Common Equity (ROCE)	13.56%	1.11%	29.75%	46.32%	-88.33%	8.80%	18.06%	30.97%	14.43%	22.21%
Return on Equity Simple (ROE_SIMPLE)	12.79%	1.12%	28.07%	39.49%	-154.48%	8.84%	17.06%	27.07%	14.32%	25.18%
Net Operating Profit after Tax (NOPAT)	693	315	1,310	1,801	-3,133	751	1,344	1,912	879	1,300
NOPAT Margin	3.01%	1.32%	5.15%	7.09%	-17.31%	2.97%	5.38%	7.67%	3.39%	4.80%
Net Nonoperating Expense Percent (NNEP)	6.48%	13.18%	8.85%	9.33%	12.72%	3.76%	6.13%	7.14%	4.30%	3.97%
Return On Investment Capital (ROIC_SIMPLE)	9.46%	4.48%	18.52%	-	-	-	-	-	-	-
Cost of Revenue to Revenue	59.72%	59.60%	60.30%	58.88%	67.89%	59.89%	60.93%	60.87%	60.47%	60.92%
SG&A Expenses to Revenue	36.21%	35.09%	33.25%	32.10%	37.39%	35.52%	36.20%	35.90%	35.73%	31.27%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	36.33%	39.14%	33.06%	31.86%	56.84%	36.28%	32.11%	31.65%	34.24%	31.55%
Earnings before Interest and Taxes (EBIT)	879	178	1,670	2,320	-4,510	943	1,689	1,816	1,328	2,039
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1,771	1,085	2,538	3,264	-3,533	1,928	2,636	2,762	2,372	3,086
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.94	1.20	1.39	1.94	1.68	0.68	1.00	1.03	1.51	2.10
Price to Tangible Book Value (P/TBV)	1.29	1.74	2.01	2.98	3.33	2.14	3.14	4.34	0.00	0.00
Price to Revenue (P/Rev)	0.19	0.20	0.22	0.28	0.24	0.17	0.26	0.24	0.25	0.33
Price to Earnings (P/E)	7.33	107.55	4.96	4.91	0.00	7.70	5.81	3.77	10.40	8.34
Dividend Yield	4.52%	3.75%	3.00%	1.28%	10.94%	10.75%	7.21%	7.80%	7.00%	4.89%
Earnings Yield	13.64%	0.93%	20.16%	20.37%	0.00%	12.99%	17.21%	26.55%	9.62%	11.98%
Enterprise Value to Invested Capital (EV/IC)	0.95	1.13	1.26	1.65	1.19	0.84	1.00	1.02	1.22	1.44
Enterprise Value to Revenue (EV/Rev)	0.25	0.29	0.31	0.34	0.59	0.42	0.40	0.41	0.47	0.57
Enterprise Value to EBITDA (EV/EBITDA)	3.24	6.27	3.08	2.64	0.00	5.57	3.80	3.73	5.10	5.01
Enterprise Value to EBIT (EV/EBIT)	6.53	38.22	4.68	3.71	0.00	11.38	5.94	5.68	9.11	7.59
Enterprise Value to NOPAT (EV/NOPAT)	8.28	21.60	5.97	4.78	0.00	14.28	7.46	5.39	13.75	11.90
Enterprise Value to Operating Cash Flow (EV/OCF)	4.49	5.21	4.84	3.17	16.41	6.68	5.78	5.22	6.71	7.80
Enterprise Value to Free Cash Flow (EV/FCFF)	8.60	12.79	26.20	1.56	14.80	0.00	6.78	6.26	6.85	16.12
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.61	0.74	0.73	0.91	3.15	1.11	0.74	1.03	1.59	1.80
Long-Term Debt to Equity	0.61	0.74	0.73	0.91	2.97	1.03	0.73	1.02	1.52	1.64
Financial Leverage	0.40	0.50	0.48	1.29	1.43	0.78	0.66	0.99	1.41	1.20
Leverage Ratio	3.80	4.08	4.47	5.72	4.35	3.15	3.19	3.92	4.71	4.35
Compound Leverage Factor	3.30	0.99	3.96	4.60	4.62	2.43	2.68	3.27	3.43	3.58
Debt to Total Capital	37.91%	42.63%	42.33%	47.64%	75.91%	52.61%	42.47%	50.65%	61.39%	64.23%
Short-Term Debt to Total Capital	0.08%	0.00%	0.00%	0.00%	4.27%	4.01%	0.38%	0.19%	2.76%	5.40%
Long-Term Debt to Total Capital	37.83%	42.63%	42.33%	47.64%	71.64%	48.60%	42.08%	50.46%	58.63%	58.83%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-0.10%	-0.01%	0.03%
Common Equity to Total Capital	62.09%	57.37%	57.67%	52.36%	24.09%	47.40%	57.53%	49.46%	38.62%	35.74%
Debt to EBITDA	1.57	2.76	1.18	1.01	-2.28	3.67	1.80	2.13	2.90	2.47
Net Debt to EBITDA	0.83	1.81	0.84	0.49	-1.80	3.32	1.36	1.60	2.35	2.12
Long-Term Debt to EBITDA	1.57	2.76	1.18	1.01	-2.15	3.39	1.79	2.12	2.77	2.27
Debt to NOPAT	4.01	9.52	2.29	1.83	-2.57	9.42	3.54	3.08	7.81	5.87
Net Debt to NOPAT	2.12	6.23	1.63	0.88	-2.03	8.51	2.67	2.32	6.34	5.02
Long-Term Debt to NOPAT	4.00	9.52	2.29	1.83	-2.42	8.70	3.50	3.07	7.46	5.38
Altman Z-Score	2.49	2.38	2.69	2.69	0.72	2.11	2.62	2.50	2.33	2.52
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-0.10%	-0.13%	0.02%	0.03%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.43	1.34	1.20	1.25	1.15	1.18	1.42	1.48	1.35	1.34
Quick Ratio	0.36	0.29	0.24	0.37	0.36	0.19	0.30	0.35	0.32	0.29
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	667	532	298	5,515	720	-1,994	1,480	1,647	1,764	960
Operating Cash Flow to CapEx	213.36%	143.88%	139.46%	626.33%	183.85%	165.43%	378.82%	566.19%	753.56%	218.26%
Free Cash Flow to Firm to Interest Expense	667.37	0.00	9.63	27.71	2.53	-8.48	5.03	5.30	4.81	2.65
Operating Cash Flow to Interest Expense	1,278.00	0.00	52.10	13.63	2.29	6.84	5.90	6.35	4.91	5.47
Operating Cash Flow Less CapEx to Interest Expense	679.00	0.00	14.74	11.45	1.04	2.71	4.34	5.23	4.26	2.96
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.41	1.44	1.48	1.44	0.93	1.26	1.29	1.26	1.28	1.29
Accounts Receivable Turnover	0.00	0.00	0.00	88.65	52.84	62.62	65.45	56.36	47.98	55.15
Inventory Turnover	3.11	3.30	3.55	3.67	2.74	2.90	2.91	2.87	2.87	3.02
Fixed Asset Turnover	4.43	4.25	4.40	4.38	2.88	3.82	3.75	3.64	3.54	3.51
Accounts Payable Turnover	7.22	7.17	7.18	7.12	6.71	4.53	3.08	3.08	3.18	3.45
Days Sales Outstanding (DSO)	0.00	0.00	0.00	4.12	6.91	5.83	5.58	6.48	7.61	6.62
Days Inventory Outstanding (DIO)	117.27	110.70	102.86	99.54	133.12	125.72	125.24	127.15	127.04	120.84
Days Payable Outstanding (DPO)	50.55	50.89	50.84	51.25	54.37	80.63	118.53	118.38	114.69	105.79
Cash Conversion Cycle (CCC)	66.72	59.82	52.03	52.40	85.67	50.92	12.28	15.25	19.96	21.68
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	6,025	5,999	6,216	5,204	8,918	12,770	10,025	10,161	9,896	10,781
Invested Capital Turnover	3.83	3.91	4.46	3.60	1.67	2.22	2.47	2.49	2.51	2.55
Increase / (Decrease) in Invested Capital	26	-217	1,012	-3,714	-3,852	2,745	-136	265	-885	340
Enterprise Value (EV)	5,741	6,804	7,820	8,602	10,649	10,734	10,027	10,315	12,092	15,476
Market Capitalization	4,268	4,840	5,686	7,019	4,284	4,341	6,438	5,899	6,519	8,945
Book Value per Share	$16.40	$14.72	$15.06	$12.10	$8.22	$20.64	$20.93	$18.86	$14.14	$13.52
Tangible Book Value per Share	$11.88	$10.13	$10.41	$7.88	$4.15	$6.57	$6.67	$4.47	($0.24)	($0.51)
Total Capital	7,331	7,033	7,078	6,916	10,597	13,455	11,187	11,616	11,193	11,890
Total Debt	2,779	2,998	2,996	3,295	8,044	7,078	4,751	5,883	6,871	7,637
Total Long-Term Debt	2,773	2,998	2,996	3,295	7,592	6,539	4,708	5,861	6,562	6,995
Net Debt	1,473	1,964	2,134	1,583	6,365	6,393	3,589	4,428	5,574	6,528
Capital Expenditures (CapEx)	599	907	1,158	433	353	972	458	349	239	909
Debt-free, Cash-free Net Working Capital (DFCFNWC)	655	523	130	-370	-400	914	1,094	1,034	991	1,457
Debt-free Net Working Capital (DFNWC)	1,961	1,557	992	1,342	1,279	1,599	2,256	2,489	2,288	2,566
Net Working Capital (NWC)	1,955	1,557	992	1,342	827	1,060	2,213	2,467	1,979	1,924
Net Nonoperating Expense (NNE)	111	270	164	371	812	187	246	357	260	230
Net Nonoperating Obligations (NNO)	1,473	1,964	2,134	1,583	6,365	6,393	3,589	4,428	5,574	6,528
Total Depreciation and Amortization (D&A)	892	907	868	944	977	985	947	946	1,044	1,047
Debt-free, Cash-free Net Working Capital to Revenue	2.85%	2.19%	0.51%	-1.46%	-2.21%	3.61%	4.38%	4.15%	3.83%	5.38%
Debt-free Net Working Capital to Revenue	8.52%	6.52%	3.90%	5.28%	7.07%	6.31%	9.03%	9.98%	8.83%	9.48%
Net Working Capital to Revenue	8.50%	6.52%	3.90%	5.28%	4.57%	4.18%	8.86%	9.89%	7.64%	7.11%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$2.10	$0.38	$4.28	$4.66	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic Shares Outstanding	277.72M	274.27M	271.40M	292.41M	0.00	0.00	0.00	0.00	0.00	0.00
Adjusted Diluted Earnings per Share	$2.07	$0.38	$4.19	$4.55	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Diluted Shares Outstanding	277.72M	274.27M	271.40M	292.41M	0.00	0.00	0.00	0.00	0.00	0.00
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
Adjusted Weighted Average Basic & Diluted Shares Outstanding	277.72M	274.27M	271.40M	292.41M	0.00	0.00	0.00	0.00	0.00	0.00
Normalized Net Operating Profit after Tax (NOPAT)	714	887	1,273	1,754	-669	900	1,148	1,054	1,053	1,349
Normalized NOPAT Margin	3.10%	3.72%	5.00%	6.91%	-3.70%	3.55%	4.60%	4.23%	4.06%	4.98%
Pre Tax Income Margin	3.32%	0.18%	5.80%	7.35%	-26.47%	2.87%	5.69%	6.08%	3.72%	6.20%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	879.00	0.00	53.87	11.66	-15.88	4.01	5.74	5.84	3.62	5.62
NOPAT to Interest Expense	693.37	0.00	42.27	9.05	-11.03	3.20	4.57	6.15	2.40	3.58
EBIT Less CapEx to Interest Expense	280.00	0.00	16.52	9.48	-17.12	-0.12	4.19	4.72	2.97	3.11
NOPAT Less CapEx to Interest Expense	94.37	0.00	4.92	6.87	-12.27	-0.94	3.01	5.03	1.75	1.08
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	32.99%	402.22%	15.10%	6.29%	-2.97%	82.62%	42.17%	29.65%	74.15%	42.62%
Augmented Payout Ratio	33.16%	486.67%	67.54%	41.26%	-2.99%	82.80%	42.17%	29.71%	125.20%	229.63%

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

Metric	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	2/1/2025	11/2/2024	8/3/2024	5/4/2024	2/3/2024	10/28/2023	7/29/2023	4/29/2023	1/28/2023	10/29/2022
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-4.39%	-2.68%	-3.48%	-3.34%	-2.42%	-7.85%	-9.50%	-7.04%	-8.62%	-3.29%
EBITDA Growth	711.90%	-4.15%	29.33%	-25.80%	-90.11%	-20.76%	-44.64%	-30.83%	-31.26%	-51.11%
EBIT Growth	404.00%	-12.82%	82.26%	-47.98%	-123.92%	-53.29%	-69.46%	-47.23%	-38.83%	-68.61%
NOPAT Growth	472.89%	-35.30%	96.74%	-55.88%	-120.66%	-52.29%	-71.21%	-46.94%	-33.82%	-60.98%
Net Income Growth	365.12%	-31.71%	781.82%	-60.00%	-127.04%	-62.04%	-108.00%	-45.80%	-35.80%	-54.81%
EPS Growth	359.57%	-33.33%	762.50%	-60.71%	-127.33%	-61.54%	-108.08%	-42.86%	-28.03%	-48.68%
Operating Cash Flow Growth	14.04%	-47.79%	-95.18%	22.86%	1.77%	-161.08%	201.82%	-57.66%	-39.76%	249.19%
Free Cash Flow Firm Growth	226.37%	160.13%	158.07%	139.49%	122.23%	-893.66%	-3,248.27%	-224.38%	-111.24%	-87.93%
Invested Capital Growth	0.43%	-2.70%	-0.77%	-2.27%	-3.49%	6.55%	5.52%	10.76%	19.45%	1.07%
Revenue Q/Q Growth	63.31%	-3.79%	1.92%	-40.30%	66.24%	-4.58%	2.07%	-39.73%	57.00%	-6.29%
EBITDA Q/Q Growth	127.33%	-31.97%	26.72%	120.25%	-73.16%	-8.21%	-27.29%	-47.30%	114.94%	-35.88%
EBIT Q/Q Growth	570.59%	-69.91%	75.19%	269.74%	-292.31%	-37.10%	-50.00%	-62.87%	275.45%	-58.87%
NOPAT Q/Q Growth	664.71%	-70.02%	115.94%	256.91%	-232.68%	-8.83%	-51.57%	-66.75%	206.36%	-44.97%
Net Income Q/Q Growth	1,121.43%	-81.33%	141.94%	187.32%	-414.63%	286.36%	-114.19%	-69.49%	341.67%	-60.73%
EPS Q/Q Growth	1,120.00%	-81.13%	140.91%	188.00%	-413.33%	287.50%	-114.29%	-69.40%	341.03%	-60.61%
Operating Cash Flow Q/Q Growth	883.23%	-2,187.50%	-93.80%	-88.75%	1,115.04%	-168.07%	58.10%	-90.68%	509.19%	236.36%
Free Cash Flow Firm Q/Q Growth	14.51%	29.88%	-16.99%	358.33%	121.10%	-25.44%	43.56%	-58.55%	-853.18%	397.59%
Invested Capital Q/Q Growth	-37.62%	-0.11%	3.50%	53.12%	-39.56%	1.87%	1.94%	53.78%	-33.28%	0.89%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	37.65%	41.59%	42.35%	41.08%	38.45%	42.34%	39.85%	42.24%	36.04%	41.39%
EBITDA Margin	8.52%	6.12%	8.65%	6.96%	1.00%	6.21%	6.46%	9.07%	9.89%	7.23%
Operating Margin	6.22%	1.31%	4.36%	2.50%	-1.79%	1.65%	2.35%	4.72%	7.40%	3.51%
EBIT Margin	5.70%	1.39%	4.43%	2.58%	-1.79%	1.55%	2.35%	4.79%	7.31%	3.05%
Profit (Net Income) Margin	4.27%	0.57%	2.94%	1.24%	-1.54%	0.81%	-0.42%	3.00%	5.56%	1.98%
Tax Burden Percent	78.62%	80.00%	76.92%	63.27%	71.27%	95.35%	73.33%	73.46%	80.03%	86.40%
Interest Burden Percent	95.39%	51.47%	86.28%	75.97%	120.67%	55.13%	-24.19%	85.08%	95.06%	74.85%
Effective Tax Rate	21.38%	20.00%	23.08%	36.73%	0.00%	4.65%	0.00%	26.54%	19.97%	13.60%
Return on Invested Capital (ROIC)	18.71%	2.49%	8.12%	3.97%	-4.90%	3.93%	4.25%	9.55%	26.39%	8.56%
ROIC Less NNEP Spread (ROIC-NNEP)	15.83%	2.08%	7.74%	3.64%	-6.07%	3.28%	2.31%	9.10%	24.71%	7.60%
Return on Net Nonoperating Assets (RNNOA)	6.34%	2.86%	9.90%	4.60%	-3.06%	5.05%	3.35%	13.12%	11.92%	14.13%
Return on Equity (ROE)	25.05%	5.36%	18.02%	8.56%	-7.96%	8.98%	7.60%	22.66%	38.31%	22.69%
Cash Return on Invested Capital (CROIC)	11.10%	5.36%	3.67%	5.33%	8.71%	2.94%	4.97%	2.78%	5.23%	15.85%
Operating Return on Assets (OROA)	8.03%	1.83%	6.49%	3.67%	-2.58%	2.05%	3.53%	7.10%	10.79%	4.38%
Return on Assets (ROA)	6.02%	0.75%	4.31%	1.76%	-2.22%	1.08%	-0.63%	4.44%	8.21%	2.83%
Return on Common Equity (ROCE)	25.05%	5.36%	18.02%	8.56%	-7.96%	8.98%	7.60%	22.66%	38.31%	22.69%
Return on Equity Simple (ROE_SIMPLE)	0.00%	4.12%	4.28%	0.29%	0.00%	16.64%	17.79%	25.08%	0.00%	40.63%
Net Operating Profit after Tax (NOPAT)	392	51	171	79	-105	79	87	179	508	166
NOPAT Margin	4.89%	1.04%	3.35%	1.58%	-1.25%	1.57%	1.64%	3.46%	5.92%	3.03%
Net Nonoperating Expense Percent (NNEP)	2.88%	0.41%	0.38%	0.32%	1.17%	0.65%	1.94%	0.45%	1.68%	0.96%
Return On Investment Capital (ROIC_SIMPLE)	5.34%	0.51%	-	-	-1.49%	0.77%	-	-	7.18%	-
Cost of Revenue to Revenue	62.35%	58.41%	57.65%	58.92%	61.55%	57.66%	60.15%	57.76%	63.96%	58.61%
SG&A Expenses to Revenue	29.75%	42.10%	38.72%	38.22%	28.72%	40.49%	37.50%	37.70%	28.63%	38.19%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	31.44%	40.28%	37.99%	38.58%	40.24%	40.69%	37.50%	37.52%	28.64%	37.88%
Earnings before Interest and Taxes (EBIT)	456	68	226	129	-150	78	124	248	627	167
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	682	300	441	348	84	313	341	469	849	395
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.94	1.02	1.02	1.28	1.20	0.75	1.01	1.02	1.39	1.56
Price to Tangible Book Value (P/TBV)	1.29	1.46	1.45	1.83	1.74	1.08	1.44	1.46	2.01	2.45
Price to Revenue (P/Rev)	0.19	0.18	0.19	0.23	0.20	0.13	0.17	0.17	0.22	0.21
Price to Earnings (P/E)	7.33	24.77	23.93	446.15	107.55	4.51	5.68	4.07	4.96	3.84
Dividend Yield	4.52%	4.50%	4.26%	3.43%	3.75%	5.81%	4.13%	4.07%	3.00%	3.11%
Earnings Yield	13.64%	4.04%	4.18%	0.22%	0.93%	22.16%	17.59%	24.59%	20.16%	26.06%
Enterprise Value to Invested Capital (EV/IC)	0.95	1.01	1.01	1.13	1.13	0.90	1.00	1.01	1.26	1.21
Enterprise Value to Revenue (EV/Rev)	0.25	0.42	0.42	0.44	0.29	0.37	0.40	0.38	0.31	0.43
Enterprise Value to EBITDA (EV/EBITDA)	3.24	7.85	7.73	10.06	6.27	4.40	4.61	4.07	3.08	3.85
Enterprise Value to EBIT (EV/EBIT)	6.53	28.50	27.06	75.07	38.22	7.90	7.92	6.48	4.68	5.44
Enterprise Value to NOPAT (EV/NOPAT)	8.28	38.00	34.71	36.63	21.60	9.97	9.97	8.16	5.97	7.18
Enterprise Value to Operating Cash Flow (EV/OCF)	4.49	8.73	8.34	7.91	5.21	6.93	6.19	6.55	4.84	4.77
Enterprise Value to Free Cash Flow (EV/FCFF)	8.60	18.58	27.41	20.86	12.79	31.50	20.76	38.09	26.20	7.66
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.61	1.40	1.40	1.44	0.74	1.51	1.42	1.44	0.73	1.77
Long-Term Debt to Equity	0.61	1.38	1.40	1.44	0.74	1.47	1.42	1.44	0.73	1.72
Financial Leverage	0.40	1.38	1.28	1.26	0.50	1.54	1.45	1.44	0.48	1.86
Leverage Ratio	3.80	4.30	3.78	3.99	4.08	4.80	4.22	4.54	4.47	5.63
Compound Leverage Factor	3.63	2.21	3.26	3.03	4.92	2.65	-1.02	3.87	4.25	4.22
Debt to Total Capital	37.91%	58.42%	58.28%	59.03%	42.63%	60.17%	58.65%	58.96%	42.33%	63.96%
Short-Term Debt to Total Capital	0.08%	0.92%	0.06%	0.00%	0.00%	1.55%	0.00%	0.00%	0.00%	1.90%
Long-Term Debt to Total Capital	37.83%	57.50%	58.23%	59.03%	42.63%	58.61%	58.65%	58.96%	42.33%	62.06%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	62.09%	41.58%	41.72%	40.97%	57.37%	39.83%	41.35%	41.04%	57.67%	36.04%
Debt to EBITDA	1.57	4.69	4.76	5.77	2.76	3.06	2.81	2.53	1.18	2.11
Net Debt to EBITDA	0.83	4.44	4.25	4.93	1.81	2.88	2.61	2.27	0.84	2.00
Long-Term Debt to EBITDA	1.57	4.62	4.75	5.77	2.76	2.98	2.81	2.53	1.18	2.05
Debt to NOPAT	4.01	22.71	21.36	21.02	9.52	6.94	6.08	5.07	2.29	3.93
Net Debt to NOPAT	2.12	21.49	19.07	17.97	6.23	6.53	5.64	4.56	1.63	3.72
Long-Term Debt to NOPAT	4.00	22.35	21.34	21.02	9.52	6.76	6.08	5.07	2.29	3.82
Altman Z-Score	2.41	1.66	1.90	1.85	2.32	1.54	1.82	1.81	2.49	1.72
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.43	1.26	1.48	1.38	1.34	1.17	1.26	1.22	1.20	1.09
Quick Ratio	0.36	0.09	0.24	0.25	0.29	0.10	0.16	0.18	0.24	0.08
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	366	319	246	296	112	-531	-423	-750	-504	67
Operating Cash Flow to CapEx	954.74%	-206.17%	5.13%	57.33%	591.24%	-62.43%	63.60%	38.75%	379.46%	52.56%
Free Cash Flow to Firm to Interest Expense	0.00	319.20	0.00	0.00	0.00	0.00	-3.47	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	-167.00	0.00	0.00	0.00	0.00	1.36	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	-248.00	0.00	0.00	0.00	0.00	-0.78	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.41	1.32	1.46	1.42	1.44	1.32	1.50	1.48	1.48	1.43
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Inventory Turnover	3.11	2.25	3.26	3.03	3.30	2.34	3.39	3.15	3.55	2.45
Fixed Asset Turnover	4.43	4.26	4.23	4.25	4.25	4.14	4.25	4.37	4.40	4.58
Accounts Payable Turnover	7.22	4.06	7.20	5.92	7.17	3.96	6.94	5.71	7.18	4.01
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	117.27	162.17	111.99	120.29	110.70	156.23	107.64	115.86	102.86	149.00
Days Payable Outstanding (DPO)	50.55	89.92	50.67	61.63	50.89	92.10	52.57	63.97	50.84	90.95
Cash Conversion Cycle (CCC)	66.72	72.25	61.32	58.65	59.82	64.12	55.07	51.89	52.03	58.05
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	6,025	9,658	9,669	9,342	5,999	9,926	9,744	9,559	6,216	9,316
Invested Capital Turnover	3.83	2.39	2.42	2.51	3.91	2.50	2.58	2.76	4.46	2.82
Increase / (Decrease) in Invested Capital	26	-268	-75	-217	-217	610	510	929	1,012	99
Enterprise Value (EV)	5,741	9,746	9,769	10,510	6,804	8,904	9,791	9,643	7,820	11,259
Market Capitalization	4,268	4,235	4,403	5,354	4,840	3,077	4,257	4,254	5,686	5,418
Book Value per Share	$16.40	$14.95	$15.57	$15.26	$14.72	$14.98	$15.45	$15.37	$15.06	$12.82
Tangible Book Value per Share	$11.88	$10.43	$11.02	$10.68	$10.13	$10.38	$10.83	$10.72	$10.41	$8.17
Total Capital	7,331	9,973	10,315	10,218	7,033	10,290	10,182	10,162	7,078	9,642
Total Debt	2,779	5,826	6,012	6,032	2,998	6,191	5,972	5,992	2,996	6,167
Total Long-Term Debt	2,773	5,734	6,006	6,032	2,998	6,031	5,972	5,992	2,996	5,984
Net Debt	1,473	5,511	5,366	5,156	1,964	5,827	5,534	5,389	2,134	5,841
Capital Expenditures (CapEx)	137	81	156	225	194	181	261	271	297	352
Debt-free, Cash-free Net Working Capital (DFCFNWC)	655	1,250	1,200	836	523	807	649	470	130	462
Debt-free Net Working Capital (DFNWC)	1,961	1,565	1,846	1,712	1,557	1,171	1,087	1,073	992	788
Net Working Capital (NWC)	1,955	1,473	1,840	1,712	1,557	1,011	1,087	1,073	992	605
Net Nonoperating Expense (NNE)	50	23	21	17	24	38	109	24	31	58
Net Nonoperating Obligations (NNO)	1,473	5,511	5,366	5,156	1,964	5,827	5,534	5,389	2,134	5,841
Total Depreciation and Amortization (D&A)	226	232	215	219	234	235	217	221	222	228
Debt-free, Cash-free Net Working Capital to Revenue	2.85%	5.35%	5.10%	3.53%	2.19%	3.35%	2.65%	1.88%	0.51%	1.77%
Debt-free Net Working Capital to Revenue	8.52%	6.70%	7.85%	7.23%	6.52%	4.86%	4.44%	4.28%	3.90%	3.01%
Net Working Capital to Revenue	8.50%	6.30%	7.83%	7.23%	6.52%	4.20%	4.44%	4.28%	3.90%	2.31%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.24	$0.10	$0.54	$0.22	($0.48)	$0.16	($0.08)	$0.57	$1.75	$0.40
Adjusted Weighted Average Basic Shares Outstanding	277.72M	277.64M	277.37M	276.41M	274.27M	274.07M	273.63M	272.53M	271.40M	271.11M
Adjusted Diluted Earnings per Share	$1.22	$0.10	$0.53	$0.22	($0.47)	$0.15	($0.08)	$0.56	$1.72	$0.39
Adjusted Weighted Average Diluted Shares Outstanding	277.72M	277.64M	277.37M	276.41M	274.27M	274.07M	273.63M	272.53M	271.40M	271.11M
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
Adjusted Weighted Average Basic & Diluted Shares Outstanding	277.72M	277.64M	277.37M	276.41M	274.27M	274.07M	273.63M	272.53M	271.40M	271.11M
Normalized Net Operating Profit after Tax (NOPAT)	498	-20	142	90	571	89	87	173	509	151
Normalized NOPAT Margin	6.22%	-0.41%	2.79%	1.81%	6.81%	1.76%	1.64%	3.34%	5.93%	2.77%
Pre Tax Income Margin	5.43%	0.71%	3.83%	1.96%	-2.16%	0.85%	-0.57%	4.08%	6.94%	2.29%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	68.00	0.00	0.00	0.00	0.00	1.02	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	51.20	0.00	0.00	0.00	0.00	0.71	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	-13.00	0.00	0.00	0.00	0.00	-1.12	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	-29.80	0.00	0.00	0.00	0.00	-1.43	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	32.99%	111.11%	101.63%	1,533.33%	402.22%	26.10%	23.50%	16.54%	15.10%	12.32%
Augmented Payout Ratio	33.16%	111.11%	101.63%	1,558.33%	486.67%	31.67%	28.57%	21.51%	67.54%	69.48%

Frequently Asked Questions About Macy's' Financials

When does Macy's's financial year end?

According to the most recent income statement we have on file, Macy's' fiscal year ends in February. Their fiscal year 2025 ended on February 1, 2025.

How has Macy's' net income changed over the last 9 years?

Macy's' net income appears to be on a downward trend, with a most recent value of $582 million in 2024, falling from $1.07 billion in 2015. The previous period was $45 million in 2023. View Macy's' forecast to see where analysts expect Macy's to go next.

What is Macy's's operating income?

Macy's's total operating income in 2024 was $909 million, based on the following breakdown:

Total Gross Profit: $9.27 billion
Total Operating Expenses: $8.36 billion

How has Macy's revenue changed over the last 9 years?

Over the last 9 years, Macy's' total revenue changed from $27.08 billion in 2015 to $23.01 billion in 2024, a change of -15.0%.

How much debt does Macy's have?

Macy's' total liabilities were at $11.85 billion at the end of 2024, a 3.0% decrease from 2023, and a 27.4% decrease since 2015.

How much cash does Macy's have?

In the past 9 years, Macy's' cash and equivalents has ranged from $685 million in 2019 to $1.71 billion in 2021, and is currently $1.31 billion as of their latest financial filing in 2024.

How has Macy's' book value per share changed over the last 9 years?

Over the last 9 years, Macy's' book value per share changed from 13.52 in 2015 to 16.40 in 2024, a change of 21.3%.

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This page (NYSE:M) was last updated on 5/29/2025 by MarketBeat.com Staff

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Macy's (M) Financials

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