Macy's, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Macy's, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	25,908	24,939	24,971	24,560	17,346	25,399	25,449	23,866	23,006	22,621
Cost of revenue	15,666	15,181	15,215	15,171	12,286	14,956	15,347	14,224	13,740	13,497
Gross profit	10,157	9,685	9,756	9,389	5,060	10,443	10,102	9,642	9,266	9,124
Selling, general and administrative	9,257	8,954	9,039	8,998	6,767	8,154	8,461	8,375	8,330	8,240
Selling and marketing	1,153	1,108	1,162	1,142	818	1,177	1,163	1,107	1,102	1,001
Operating income	1,371	1,864	1,738	970	-4,475	2,350	1,689	301	909	1,030
Interest expense	367	321	261	205	284	256	175	170	158	139
Interest income	4	11	25	20	4	1	13
Pre-tax income	965	1,516	1,420	728	-4,790	1,866	1,477	43	763	849
Income tax	346	-39	322	164	-846	436	331	-2	181	207
Net income to minority interests	-8	-11	-10	0	0
Net income	627	1,566	1,108	564	-3,944	1,430	1,146	45	582	642
EBITDA	2,429	2,855	2,700	1,951	-3,516	3,224	2,546	1,198	1,790	1,924
EPS, basic	2.03	5.13	3.60	1.82	-12.68	4.66	4.17	0.16	2.10	2.37
EPS, diluted	2.02	5.10	3.56	1.81	-12.68	4.55	4.08	0.16	2.07	2.32
Shares, basic (weighted)	309	305	308	310	311	307	275	274	278	271
Shares, diluted (weighted)	311	307	311	311	311	314	281	278	282	277
Dividend per share			1.51	1.51	0.38	0.30	0.63	0.66	0.69	0.73

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	1,297	1,455	1,162	685	1,679	1,712	862	1,034	1,306	1,246
Receivables	522	363	400	409	276	297	300	293	303	628
Inventory	5,399	5,178	5,263	5,188	3,774	4,383	4,267	4,361	4,468	4,412
Other current assets	408	650	620	528	455	366	424	401	385	387
Total current assets	7,626	7,646	7,445	6,810	6,184	6,758	5,853	6,089	6,479	6,673
Property, plant and equipment	7,017	6,672	6,637	6,633	5,940	5,665	5,913	5,308	5,070	4,743
Lease right-of-use assets				2,655	2,866	2,798	2,674	2,297	2,233	2,127
Goodwill	3,897	3,897	3,908	3,908	828	828	828	828	828	828
Intangible assets	498	488	478	439	437	435	432	430	425	420
Other non-current assets	813	880	726	714	1,439	1,096	1,157	1,286	1,357	1,438
Total assets	19,851	19,583	19,194	21,172	17,706	17,590	16,866	16,246	16,402	16,238
Accounts payable	1,423	1,590	1,655	1,682	1,978	2,222	2,053	1,913	1,893	1,807
Accrued liabilities	215	229	268	3,448	2,927	3,086	2,750	2,571	2,625	2,615
Deferred revenue	911	906	856	839	616	481	399	384	353	349
Short-term debt	309	22	43	539	452	0	0	0	6	0
Total current liabilities	5,647	5,179	5,232	5,750	5,357	5,416	4,861	4,532	4,524	4,493
Long-term debt	6,562	5,861	4,708	3,621	4,407	3,295	2,996	2,998	2,773	2,432
Lease liabilities				2,897	3,166	3,081	2,948	2,974	2,914	2,761
Other non-current liabilities	1,877	1,662	1,580	1,337	1,296	1,177	1,017	950	902	876
Total liabilities	15,476	13,850	12,758	14,795	15,153	13,980	12,826	12,211	11,850	11,378
Total debt	6,438	5,751	4,407	3,702	4,320	3,295	2,996	2,998	2,779	2,432
Paid-in capital	617	676	652	621	571	517	467	352	300	269
Retained earnings	6,088	7,246	8,050	7,989	3,928	5,268	6,268	6,088	6,499	6,941
Treasury stock	-1,489	-1,456	-1,318	-1,241	-1,161	-1,545	-2,038	-1,912	-1,801	-1,961
Other comprehensive income	-896	-724	-951	-995	-788	-622	-618	-496	-449	-392
Shareholders' equity	4,323	5,745	6,436	6,377	2,553	3,621	4,040	4,035	4,552	4,860
Minority interests	-1	-12	0	0
Total equity	4,375	5,733	6,436	6,377	2,553	3,610	4,040	4,035	4,552	4,860
Total liabilities and equity	19,851	19,583	19,194	21,172	17,706	17,590	16,866	16,246	16,402	16,238
Shares outstanding	304	305	308	309	311	292	271	274	278	263

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	619	1,555	1,098	564	-3,944	1,430	1,146	45	582	642
Depreciation and amortization	1,058	991	962	981	959	874	857	897	881	894
Stock-based compensation	61	58	63	38	31	55	54	47	58	59
Deferred income tax	-124	-421	112	-6	-327	19	-38	-244	-52	62
Change in receivables	-1	120	-61	-9	132	-21	-3	7	2	-325
Change in payables	-132	162	55	40	-759	245	-133	-266	-49	-83
Cash from operations	1,801	1,976	1,735	1,608	649	2,712	1,615	1,305	1,278	1,430
Capital expenditures	-596	-487	-657	-902	-338	-354	-888	-631	-518	-373
Acquisitions	0	0
Cash from investing	-243	-351	-456	-1,002	-325	-370	-1,169	-913	-592	-639
Debt issued			0	0	2,780	1,085	2,809	961	301	500
Debt repaid			-1,101	-567	-2,039	-2,696	-3,098	-961	-522	-844
Stock issued	35	6	45	6	0	7
Share buybacks	-316	-1	0	-1	-1	-500	-601	-38	-1	-250
Dividends paid	-459	-461	-463	-466	-117	-90	-173	-181	-192	-197
Cash from financing	-1,426	-1,446	-1,544	-1,123	699	-2,381	-1,296	-220	-413	-852
Net change in cash	188	158	-265	-517	1,023	-39	-850	172	273	-61
Free cash flow	1,205	1,489	1,078	706	311	2,358	727	674	760	1,057
Interest paid	396	361	328	242	257	442	188	157	155	167
Income taxes paid	352	496	345	229	98	-171	455	240	304	70

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to August 1, 2026; growth uses fiscal years. Valuation uses the share price of $22.64 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	40.7%	Gross profit / revenue.
Operating margin	5.0%	Operating income / revenue.
EBITDA margin	8.8%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	4.3%	Pre-tax income / revenue.
Net margin	3.3%	Net income / revenue.
FCF margin	6.2%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	7.7%	Cash from operations / revenue.
Effective tax rate	24.0%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	15.2%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	4.8%	Net income / average total assets.
Return on invested capital (ROIC)	14.3%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	36.4%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.3%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.5%	Capital expenditures / revenue.
D&A / revenue	3.8%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-1.7%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-3.9%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	5.5%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-1.5%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-3.3%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	12.5%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	13.3%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-15.2%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	7.5%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-8.9%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	10.3%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-17.6%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	12.1%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-17.2%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	11.9%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-4.0%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	17.1%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	39.1%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	13.3%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	27.7%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	5.8%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	5.0%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	14.1%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	6.8%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	6.4%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	13.7%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-1.0%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-1.3%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-1.7%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-1.8%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-0.5%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-2.3%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.59x	Current assets / current liabilities.
Quick ratio	0.38x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.32x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.49x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	15.5%	Total debt / total assets.
Liabilities / assets	68.7%	Total liabilities / total assets.
Net debt	$1.14B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	0.56x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	$2.37B	Current assets - current liabilities.
Goodwill and intangibles / assets	7.9%	(Goodwill + intangible assets) / total assets.
Tangible book value	$3.68B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.45x	Revenue / average total assets.
Fixed asset turnover	4.99x	Revenue / average property, plant and equipment.
Inventory turnover	3.04x	Cost of revenue / average inventory.
Days inventory	120 days	365 x average inventory / cost of revenue.
Receivables turnover	96.5x	Revenue / average receivables.
Days sales outstanding	4 days	365 x average receivables / revenue.
Days payables	49 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	75 days	Days inventory + days sales outstanding - days payables.
FCF conversion	188.8%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	19.7%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$2.75	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$83.78	Revenue / diluted weighted shares.
FCF per share	$5.20	Free cash flow / diluted weighted shares.
Operating cash flow per share	$6.48	Cash from operations / diluted weighted shares.
Book value per share	$18.12	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$13.55	Tangible book value / shares outstanding.
Cash per share	$4.76	(Cash + short-term investments) / shares outstanding.
Payout ratio	26.4%	Dividends paid / net income, when net income is positive.
Dividends / FCF	14.0%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	14.5%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$5.96B	Share price x shares outstanding.
Enterprise value	$7.09B	Market cap + total debt - cash - short-term investments.
P/E	7.95x	Market cap / net income. Only when net income is positive.
P/S	0.26x	Market cap / revenue.
P/B	1.21x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.62x	Market cap / tangible book value, when positive.
P/FCF	4.21x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	3.38x	Market cap / cash from operations, when positive.
EV/Sales	0.31x	Enterprise value / revenue.
EV/EBIT	6.21x	Enterprise value / operating income, when both are positive.
EV/EBITDA	3.52x	Enterprise value / EBITDA, when both are positive.
EV/FCF	5.02x	Enterprise value / free cash flow, when both are positive.
FCF yield	23.7%	Free cash flow / market cap.
Earnings yield	12.6%	Net income / market cap (the inverse of P/E).
Dividend yield	3.3%	Dividends paid over the period / market cap.
Shareholder yield	6.8%	(Dividends paid + share buybacks) / market cap.

What was Macy's, Inc.'s revenue in fiscal 2025?

Macy's, Inc. reported revenue of $22.62B for fiscal 2025, 1.7% lower than the year before.

Was Macy's, Inc. profitable in fiscal 2025?

Yes. Net income was $642.0M, a net margin of 2.8%.

How much free cash flow did Macy's, Inc. generate in fiscal 2025?

Cash from operations of $1.43B minus capital expenditures of $373.0M left free cash flow of $1.06B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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