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Macy's

M NYSE Broadline Retail Financials FY2016–FY2025

Macy's revenue fell 1.7% to $22.6 billion in fiscal 2025. Its operating margin was 4.5%, up from 4.0% a year earlier. Free cash flow was $1.1 billion, up 39.1%. It paid out $447 million in dividends and buybacks, 42% of free cash flow. The diluted share count fell 1.8%.

Last close · Oct 23, 2026

$24.10

0.3%
Value it Compare
Revenue Total sales reported in the income statement.
$22.6B
1.7% vs prior year
Operating margin Operating income as a share of revenue.
4.6%
0.6 pts
Net income Profit after all expenses, interest and tax.
$642M
10.3%
Free cash flow Cash from operations minus capital spending.
$1.1B
39.1%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
12.9%
1.4 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$6.6B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
8.8x
On $2.73 EPS (TTM)

What Macy's does

No business description yet.

Legal name
Macy's, Inc.
Fiscal year ends
January 31, 2026
Latest annual report
—
Accession · CIK
0001628280-26-021721
0000794367

Revenue and margins

Macy's had $22.6B of revenue in fiscal 2025, down 1.7% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 1.6% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $1.1B in fiscal 2025, 4.7% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Macy's returned $447M to shareholders in fiscal 2025, 42% of free cash flow. The diluted share count fell 1.8%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Macy's yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$1.2B and divides by 276.5M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 8.8x · peers 30.0x · sector 17.9x.

Balance sheet

Cash, debt and the ratios that show how comfortably Macy's can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $1.7B$862M$1.0B$1.3B$1.2B
Debt incl. finance leases $3.3B$3.0B$3.0B$2.8B$2.4B
Net debt / EBITDA 0.5x0.8x1.7x0.8x0.6x
Debt / equity 0.9x0.7x0.8x0.6x0.5x
Interest coverage 9.2x9.7x1.8x5.8x7.4x
Current ratio 1.3x1.2x1.3x1.4x1.5x
Quick ratio 0.4x0.3x0.4x0.4x0.5x
Total assets $17.6B$16.9B$16.2B$16.4B$16.2B
Total liabilities $14.0B$12.8B$12.2B$11.9B$11.4B
Shareholders' equity $3.6B$4.1B$4.0B$4.6B$4.9B
Net debt (− = net cash) $1.6B$2.2B$2.0B$1.5B$1.2B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$3.0M

6 insiders

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
Jun 25, 2026 Paul GriscomSVP and Controller Sold 10,077 $25.63 $0.3M Form 4
Jun 24, 2026 Thomas Edwards Jr.EVP, COO & CFO Sold 16,419 $24.89 $0.4M Form 4
Apr 6, 2026 Antony SpringChairman & CEO, Director Sold 50,044 $17.92 $0.9M Form 4
Apr 6, 2026 Danielle L. KirganEVP, Chief HR Officer Sold 10,010 $17.92 $0.2M Form 4
Apr 6, 2026 Olivier BronCEO, Bloomingdale's Sold 7,228 $17.92 $0.1M Form 4
Apr 6, 2026 Paul GriscomSVP and Controller Sold 745 $17.92 $0.0M Form 4
Apr 6, 2026 Tracy M PrestonEVP, CLO & Corporate Secretary Sold 5,271 $17.92 $0.1M Form 4
Apr 1, 2026 Antony SpringChairman & CEO, Director Sold 14,606 $18.08 $0.3M Form 4
Apr 1, 2026 Danielle L. KirganEVP, Chief HR Officer Sold 6,573 $18.08 $0.1M Form 4
Apr 1, 2026 Paul GriscomSVP and Controller Sold 490 $18.08 $0.0M Form 4
Mar 30, 2026 Antony SpringChairman & CEO, Director Sold 27,451 $17.73 $0.5M Form 4
Mar 30, 2026 Danielle L. KirganEVP, Chief HR Officer Sold 5,161 $17.73 $0.1M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✓ ✓
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✕ ✓ ✓
Current ratio rose ✓ ✓ ✓
Share count didn't rise ✓ ✕ ✓
Gross margin rose ✓ ✕ ✓
Revenue rose relative to assets ✕ ✓ ✕
F-score 6 / 97 / 98 / 9
Accruals ratio −7.6%−4.3%−4.8%
Altman Z'' 2.322.853.15

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Macy's M $6.6B −1.7% 4.6% 4.7% 12.9% 8.8x 8
Sea Limited SE $47.6B 36.4% 8.7% 19.7% — — 8 Compare →
MercadoLibre MELI $91.8B 39.1% 11.1% 37.3% 35.0% 49.2x 4 Compare →
Kohl's KSS $2.9B −4.3% 4.0% 6.5% 7.2% 10.7x 7 Compare →
Coupang CPNG $25.0B 14.1% 1.4% 1.5% — — 6 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $25.9B $24.9B $25.0B $24.6B $17.3B $25.4B $25.4B $23.9B $23.0B $22.6B
Gross profit $10.2B $9.7B $9.8B $9.4B $5.1B $10.4B $10.1B $9.6B $9.3B $9.1B
Operating income $1.4B $1.9B $1.7B $970M −$4.5B $2.4B $1.7B $301M $909M $1.0B
Interest expense $367M $321M $261M $205M $284M $256M $175M $170M $158M $139M
Pretax income $965M $1.5B $1.4B $728M −$4.8B $1.9B $1.5B $43.0M $763M $849M
Income tax $346M −$39.0M $322M $164M −$846M $436M $331M −$2.0M $181M $207M
Net income $627M $1.6B $1.1B $564M −$3.9B $1.4B $1.1B $45.0M $582M $642M
Diluted EPS $2.02 $5.10 $3.56 $1.81 −$12.68 $4.55 $4.08 $0.16 $2.07 $2.32
Diluted shares 0.31B 0.31B 0.31B 0.31B 0.31B 0.31B 0.28B 0.28B 0.28B 0.28B
Cash flow
Cash from operations $1.8B $2.0B $1.7B $1.6B $649M $2.7B $1.6B $1.3B $1.3B $1.4B
Capital expenditure $596M $487M $657M $902M $338M $354M $888M $631M $518M $373M
Free cash flow $1.2B $1.5B $1.1B $706M $311M $2.4B $727M $674M $760M $1.1B
Depreciation and amortization $1.1B $991M $962M $981M $959M $874M $857M $897M $881M $894M
Stock-based compensation $61.0M $58.0M $63.0M $38.0M $31.0M $55.0M $54.0M $47.0M $58.0M $59.0M
Acquisitions $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Share buybacks $316M $1.0M $0.0M $1.0M $1.0M $500M $601M $38.0M $1.0M $250M
Dividends paid $459M $461M $463M $466M $117M $90.0M $173M $181M $192M $197M
Dividends and buybacks $775M $462M $463M $467M $118M $590M $774M $219M $193M $447M
Balance sheet
Cash and short-term investments $1.3B $1.5B $1.2B $685M $1.7B $1.7B $862M $1.0B $1.3B $1.2B
Total debt $6.4B $5.8B $4.4B $4.2B $4.8B $3.3B $3.0B $3.0B $2.8B $2.4B
Finance lease liabilities $0.0M $0.0M $0.0M $23.0M $21.0M $19.0M $17.0M $14.0M $15.0M $13.0M
Current assets $7.6B $7.6B $7.4B $6.8B $6.2B $6.8B $5.9B $6.1B $6.5B $6.7B
Current liabilities $5.6B $5.2B $5.2B $5.8B $5.4B $5.4B $4.9B $4.5B $4.5B $4.5B
Inventory $5.4B $5.2B $5.3B $5.2B $3.8B $4.4B $4.3B $4.4B $4.5B $4.4B
Property and equipment, net $7.0B $6.7B $6.6B $6.6B $5.9B $5.7B $5.9B $5.3B $5.1B $4.7B
Total assets $19.9B $19.6B $19.2B $21.2B $17.7B $17.6B $16.9B $16.2B $16.4B $16.2B
Total liabilities $15.5B $13.9B $12.8B $14.8B $15.2B $14.0B $12.8B $12.2B $11.9B $11.4B
Shareholders' equity $4.3B $5.7B $6.4B $6.4B $2.6B $3.6B $4.1B $4.0B $4.6B $4.9B
Margins
Gross margin 39.2% 38.8% 39.1% 38.2% 29.2% 41.1% 39.7% 40.4% 40.3% 40.3%
Operating margin 5.3% 7.5% 7.0% 4.0% −25.8% 9.3% 6.6% 1.3% 4.0% 4.6%
EBITDA margin 9.4% 11.5% 10.8% 7.9% −20.3% 12.7% 10.0% 5.0% 7.8% 8.5%
Net margin 2.4% 6.3% 4.4% 2.3% −22.7% 5.6% 4.5% 0.2% 2.5% 2.8%
FCF margin 4.7% 6.0% 4.3% 2.9% 1.8% 9.3% 2.9% 2.8% 3.3% 4.7%
Returns
Return on capital 9.1% 19.1% 13.6% 7.7% −45.3% 33.1% 23.0% 4.9% 11.5% 12.9%
Return on capital employed 9.4% 13.0% 12.3% 6.6% −32.2% 19.2% 14.0% 2.5% 7.7% 8.7%
Return on equity 14.6% 31.1% 18.2% 8.8% −88.3% 46.3% 29.8% 1.1% 13.6% 13.6%
Return on assets 3.1% 7.9% 5.7% 2.8% −20.3% 8.1% 6.7% 0.3% 3.6% 3.9%
Growth
Revenue growth −4.3% −3.7% 0.1% −1.7% −29.4% 46.4% 0.2% −6.2% −3.6% −1.7%
Net income growth −41.5% 149.8% −29.3% −49.1% −799.3% — −19.9% −96.1% 1,193.3% 10.3%
EPS growth −37.3% 152.5% −30.2% −49.2% −800.6% — −10.3% −96.1% 1,193.8% 12.1%
FCF growth −0.2% 23.6% −27.6% −34.5% −56.0% 658.2% −69.2% −7.3% 12.8% 39.1%
Share count change −6.7% −1.3% 1.5% 0.0% −0.1% 0.9% −10.5% −1.0% 1.2% −1.8%
Financial health
Net debt / EBITDA 2.1x 1.5x 1.2x 1.8x — 0.5x 0.8x 1.7x 0.8x 0.6x
Debt / equity 1.5x 1.0x 0.7x 0.7x 1.9x 0.9x 0.7x 0.8x 0.6x 0.5x
Interest coverage 3.7x 5.8x 6.7x 4.7x −15.8x 9.2x 9.7x 1.8x 5.8x 7.4x
Current ratio 1.4x 1.5x 1.4x 1.2x 1.2x 1.3x 1.2x 1.3x 1.4x 1.5x
Quick ratio 0.4x 0.5x 0.4x 0.3x 0.5x 0.4x 0.3x 0.4x 0.4x 0.5x
Capital allocation
Capex / revenue 2.3% 2.0% 2.6% 3.7% 2.0% 1.4% 3.5% 2.6% 2.3% 1.7%
Stock comp / revenue 0.2% 0.2% 0.3% 0.2% 0.2% 0.2% 0.2% 0.2% 0.3% 0.3%
Payouts / FCF 64.3% 31.0% 43.0% 66.2% 37.9% 25.0% 106.5% 32.5% 25.4% 42.3%
Quality scores
Piotroski F-score 7.0 7.0 6.0 6.0 3.0 8.0 6.0 6.0 7.0 8.0
Altman Z'' 2.4 3.1 3.3 2.3 −0.5 2.7 2.6 2.3 2.9 3.2
Accruals ratio −5.8% −2.1% −3.2% −5.2% −23.6% −7.3% −2.7% −7.6% −4.3% −4.8%

Source: SEC EDGAR XBRL filings (CIK 0000794367). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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