FirmAtlas
Company handbook · M · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-16
M · CIK 794367 · LATEST FILING: 10-Q AUG '26 · FILED SEP 10, 2026
Macy's, Inc.
$24.00
−0.22 (−0.91%)
Close, Oct 16, 2026 · 52-week $17–27
Macy's runs department stores and websites under three brands: Macy's, Bloomingdale's and Bluemercury (beauty). They sell clothing, shoes, accessories, cosmetics and home goods. It also earns income from its store credit card program, run with Citibank.
Business
- ProductsWomens Accessories Shoes Cosmetics And Fragrances 42% · Womens Apparel 22% · Mens And Childrens 21% · Home And Miscellaneous 15% (FY25)
- CustomersConsumers, mostly in the U.S.; its own stores, websites and apps
- Cash useFY24–FY25: capex $891M · dividends $389M · buybacks $251M
Reinvested 33% of operating cash flow · returned 35% of free cash flow
Last fiscal year
Macy's, Inc. reported revenue of $21.8B for the year ended Jan 31, 2026 (FY25), down 2.4% from FY24. Net income was $642M, operating cash flow $1.4B and free cash flow $1.1B. Source: 10-K filed Mar 27, 2026.
Market cap
$6.3B
P/E
8.4
EV/EBITDA
3.9x
P/B
1.3
Div yield
3.16%
ROIC
12.9%
Revenue 1Y
−2.4%/yr
EPS 1Y
12.1%/yr
Shares 1Y
−5%
Loading chart…
Median
Daily closes, split-adjusted · ratios at each fiscal year end
Company
CEOTony Spring
HQNew York, NY
AuditorKPMG LLP
Year endsFebruary
Revenue by segment · FY25
Womens Accessories Shoes Cosmetics And Fragrances42%
Womens Apparel22%
Mens And Childrens21%
Home And Miscellaneous15%
Compounded growth & averages
10Y
5Y
3Y
TTM
Share price
−3.9%
−0.0%
29.9%
33.6%
Upgrade to see 10 years
Share price: yearly compound rate of the traded close; the last column is the past year.
Where the cash went · FY24–FY25
$1.5B deployed
Capex
$891M
58.2%
Dividends
$389M
25.4%
Buybacks
$251M
16.4%
Operating cash flow over the period: $2.7B. Total debt changed by −$341M.
Growth engines
How much of the profit growth came from new investment, and how much from running the business better.
Upgrade to see 10 years
Financials
Last 2 years · Upgrade to see 10 years · USD millions · each year opens its 10-K · FY25 = year ended Jan 31, 2026 · change vs previous year
Last 4 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier
TTM = the last four quarters, to Aug '26. Balance-sheet rows show that latest quarter. “—” where the quarters do not add up to the annual figures. No TTM for cash: our quarterly rows do not hold short-term investments yet, and annual cash includes them.
Income
Revenue
22,293
21,764−2.4%
21,901
YoY
−2.4%
Operating income
909
1,030+13.3%
1,143
Operating margin
4.1%
4.7%+0.7 pp
—
EBITDA
1,790
1,924+7.5%
—
EBITDA margin
8.0%
8.8%+0.8 pp
—
Interest expense
158
139−12.0%
—
Interest coverage
11.33x
13.84x+2.51x
—
Net income
582
642+10.3%
749
YoY
+10.3%
Net margin
2.6%
2.9%+0.3 pp
—
EPS (diluted, $)
2.07
2.32+12.1%
—
YoY
+12.1%
Balance sheet
Total assets
16,402
16,238−1.0%
15,726
Cash & short-term investments
1,310
1,249−4.7%
—
Accounts receivable
303
—
—
Inventory
4,468
4,412−1.3%
—
Net PP&E
5,070
4,743−6.4%
—
Other assets
5,251
5,834+11.1%
—
Total liabilities
11,850
11,378−4.0%
10,798
Accounts payable
1,893
1,807−4.5%
—
Total debt
2,773
2,432−12.3%
2,433
Other liabilities
7,184
7,139−0.6%
—
Shareholders’ equity
4,552
4,860+6.8%
4,928
Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.
Cash flow statement · as filed
Cash from operations
1,278
1,430+11.9%
1,761
Net income
582
642+10.3%
—
Depreciation & amortization
881
894+1.5%
—
Stock-based compensation
58
59+1.7%
—
Working capital & other
(243)
(165)n/m
—
Cash from investing
(592)
(639)n/m
—
Capex
(518)
(373)n/m
—
PP&E sold
283
107−62.2%
—
Other investing
(357)
(373)n/m
—
Cash from financing
(413)
(852)n/m
—
Debt raised
301
500+66.1%
—
Debt repaid
(522)
(844)n/m
—
Dividends
(192)
(197)n/m
—
Buybacks
(1)
(250)n/m
—
Other financing
1
(61)−6200.0%
—
Net change in cash
273
(61)−122.3%
—
Free cash flow (OCF − capex)
760
1,057+39.1%
1,414
Where the cash went
Operating cash flow
1,278
1,430+11.9%
1,761
Reinvested in the business
518
373−28.0%
—
% of operating cash flow
40.5%
26.1%
Capex
518
373−28.0%
347
Free cash flow
760
1,057+39.1%
1,414
YoY
+39.1%
Returned to shareholders
193
447+131.6%
—
% of free cash flow
25.4%
42.3%
Dividends
192
197+2.6%
—
Buybacks
1
250+24900.0%
—
Change in total debt
—
(341)
—
Cash left over
—
269
—
FCF conversion (FCF ÷ net income)
130.6%
164.6%+34.1 pp
—
Owner earnings
—
1,436
—
Owner earnings margin
—
6.6%
—
Buyback yield
0.0%
4.7%+4.7 pp
—
Returns & ratios
ROIC (all capital)
11.5%
12.9%+1.4 pp
—
ROIC (operating)
8.7%
10.2%+1.5 pp
—
Net debt / EBITDA
0.82x
0.61x−0.20x
—
Debt / equity
0.61x
0.50x−0.11x
—
Cash conversion cycle (days)
47
—
—
ROE
12.8%
13.2%+0.4 pp
—
ROA
3.5%
4.0%+0.4 pp
—
ROCE
7.7%
8.8%+1.1 pp
—
NOPAT
693
779+12.3%
—
Invested capital (operating)
7,948
7,348−7.5%
—
Invested capital (all)
6,015
6,043+0.5%
—
Reinvestment rate
—
−77.0%
—
Debtor days
5
—
—
Inventory days
73
74+1 d
—
Days payable
31
30−1 d
—
Income
Nov '25
Jan '26
May '26
Aug '26
Revenue
4,713
7,640
4,682
4,866
vs year-ago quarter
Operating income
42
745
112
244
Net income
11
506
63
169
vs year-ago quarter
Net margin
0.2%
6.6%
1.3%
3.5%
EPS (diluted, $)
0.04
1.92
0.23
0.62
vs year-ago quarter
Balance sheet
Nov '25
Jan '26
May '26
Aug '26
Total assets
17,064
16,238
16,306
15,726
Cash & equivalents
449
1,249
1,297
1,298
Total debt
2,432
2,432
2,432
2,433
Shareholders’ equity
4,328
4,860
4,837
4,928
Cash flow
Nov '25
Jan '26
May '26
Aug '26
Operating cash flow
(8)
1,183
292
294
Capex
93
101
88
65
Free cash flow
(101)
1,082
204
229
vs year-ago quarter