What is Macy's Inc.'s earnings per share (EPS)?

Macy's Inc. (M) reported diluted earnings per share of $2.32 for fiscal year 2025. This represents a 12.1% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Macy's Inc. (M) Financials

FY2025 annual

Revenue $22.6B -1.7% YoY

Net Income $642.0M +10.3% YoY

EPS (Diluted) $2.32 +12.1% YoY

Free Cash Flow $1.1B +39.1% YoY

Market Cap $6.0B as of Oct 8, 2026

Price / Sales 0.3x on $22.6B revenue, FY2025

Price / Earnings 9.3x on $642.0M net income, FY2025

Price / Book 1.2x on $4.9B equity, Q3 FY2027

A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 8, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period Q3 FY2027, ended Aug 1, 2026 Reported Sep 10, 2026 Currency USD FYE January

Newest figures come from the 10-Q for Q3 FY2027, filed Sep 10, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the M SEC filings page.

Macy's Inc. (M) reported $22.6B in revenue for fiscal year 2025, down 1.7% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI M FY2025 2026-10-04

Macy's is turning a shrinking sales base into more cash by lowering costs, reducing debt, and requiring less reinvestment.

Even with FY2025 revenue at $22.6B, operating margin reached 4.6% after the FY2023 trough, indicating the profit recovery came from cost structure and/or mix rather than sales growth. Free-cash-flow margin also reached 4.7%, while debt-to-equity fell to 0.5x, so improved earnings arrived alongside stronger cash retention and less balance-sheet dependence.

Gross margin held near 40% across FY2023-FY2025, while operating margin recovered to 4.6%; the widening spread points to overhead discipline or mix improvement rather than stronger merchandise pricing alone. The business is extracting more operating profit from each sales dollar without relying on a larger revenue base.

FY2025 operating cash flow reached $1.43B against $642M of net income, indicating that working-capital and noncash items materially supported cash generation. After $373M of capital expenditures, free cash flow was $1.06B; long-term debt stood at $2.43B and the current ratio reached 1.5x, showing lower reinvestment needs alongside a less debt-dependent balance sheet.

Financial Health Signals

Financial Health Score 44/100

Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of Macy's Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability

Macy's Inc. has an operating margin of 4.5%, meaning the company retains $5 of operating profit per $100 of revenue. This results in a moderate score of 48/100, indicating healthy but not exceptional operating efficiency. This is up from 4.0% the prior year.

Growth

Macy's Inc.'s revenue declined 1.7% year-over-year, from $23.0B to $22.6B. This contraction results in a growth score of 21/100.

Leverage

Macy's Inc. has a moderate D/E ratio of 0.50. This balance of debt and equity financing earns a leverage score of 56/100.

Liquidity

Macy's Inc.'s current ratio of 1.49 indicates adequate short-term liquidity, earning a score of 41/100. The company can meet its near-term obligations, though with limited headroom.

Cash Flow

Macy's Inc. has a free cash flow margin of 4.7%, earning a moderate score of 40/100. The company generates positive cash flow after capital investments, but with room for improvement.

Returns

Macy's Inc.'s ROE of 13.2% shows moderate profitability relative to equity, earning a score of 55/100. This is up from 12.8% the prior year.

Altman Z-Score Grey Zone

2.68

Macy's Inc. scores 2.68, placing it in the grey zone between 1.81 and 2.99. This signals moderate financial risk that warrants monitoring.

Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.

Piotroski F-Score Strong

8/9

Macy's Inc. passes 8 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), all 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.

Earnings Quality Cash-Backed

2.23x

For every $1 of reported earnings, Macy's Inc. generates $2.23 in operating cash flow ($1.4B OCF vs $642.0M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage Safe

7.41x

Macy's Inc. earns $7.41 in operating income for every $1 of interest expense ($1.0B vs $139.0M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.

Key Financial Metrics

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Earnings & Revenue

Revenue

$5.1B

YoY+1.2%

QoQ+3.4%

5Y CAGR-5.7%

10Y CAGR-1.5%

Macy's Inc. generated $5.1B in revenue in Q3 2027. This represents an increase of 1.2% from the same quarter a year earlier. Against the prior quarter it is up 3.4%.

EBITDA

$450.0M

YoY+22.6%

QoQ+39.8%

Macy's Inc.'s EBITDA was $450.0M in Q3 2027, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 22.6% from the same quarter a year earlier. Against the prior quarter it is up 39.8%.

Net Income

$169.0M

YoY+94.3%

QoQ+168.3%

5Y CAGR+1.1%

10Y CAGR+3.7%

Macy's Inc. reported $169.0M in net income in Q3 2027. This represents an increase of 94.3% from the same quarter a year earlier. Against the prior quarter it is up 168.3%.

EPS (Diluted)

$0.62

YoY+100.0%

QoQ+169.6%

5Y CAGR+4.4%

10Y CAGR+5.6%

Macy's Inc. earned $0.62 per diluted share (EPS) in Q3 2027. This represents an increase of 100.0% from the same quarter a year earlier. Against the prior quarter it is up 169.6%.

Cash & Balance Sheet

Free Cash Flow

$229.0M

YoY-4.6%

QoQ+12.3%

5Y CAGR-8.5%

Macy's Inc. generated $229.0M in free cash flow in Q3 2027, representing cash available after capex. This represents a decrease of 4.6% from the same quarter a year earlier. Against the prior quarter it is up 12.3%.

Cash & Debt

$1.3B

YoY+56.1%

QoQ0.0%

5Y CAGR-5.1%

10Y CAGR+10.6%

Macy's Inc. held $1.3B in cash against $2.4B in long-term debt as of Q3 2027.

Dividends Per Share

$0.19

YoY+5.0%

QoQ0.0%

Macy's Inc. paid $0.19 per share in dividends in Q3 2027. This represents an increase of 5.0% from the same quarter a year earlier. It is unchanged from the prior quarter.

Shares Outstanding

261M

YoY-2.7%

QoQ-0.7%

5Y CAGR-3.4%

10Y CAGR-1.8%

Macy's Inc. had 261M shares outstanding in Q3 2027. This represents a decrease of 2.7% from the same quarter a year earlier. Against the prior quarter it is down 0.7%.

Margins & Returns

Gross Margin

43.7%

YoY+1.7pp

QoQ+2.2pp

5Y change+10.0pp

10Y change+3.9pp

Macy's Inc.'s gross margin was 43.7% in Q3 2027, indicating the percentage of revenue retained after direct costs. This is up 1.7 percentage points from the same quarter a year earlier. Against the prior quarter it is up 2.2 percentage points.

Operating Margin

4.8%

YoY+1.8pp

QoQ+2.5pp

Macy's Inc.'s operating margin was 4.8% in Q3 2027, reflecting core business profitability. This is up 1.8 percentage points from the same quarter a year earlier. Against the prior quarter it is up 2.5 percentage points.

Net Margin

3.3%

YoY+1.6pp

QoQ+2.0pp

5Y change+1.0pp

10Y change+1.3pp

Macy's Inc.'s net profit margin was 3.3% in Q3 2027, showing the share of revenue converted to profit. This is up 1.6 percentage points from the same quarter a year earlier. Against the prior quarter it is up 2.0 percentage points.

Return on Equity

3.4%

YoY+1.5pp

QoQ+2.1pp

5Y change-2.8pp

10Y change+0.5pp

Macy's Inc.'s ROE was 3.4% in Q3 2027, measuring profit generated per dollar of shareholder equity. This is up 1.5 percentage points from the same quarter a year earlier. Against the prior quarter it is up 2.1 percentage points.

Capital Allocation

Share Buybacks

$53.0M

YoY+1.9%

QoQ+3.9%

5Y CAGR+121.2%

Macy's Inc. spent $53.0M on share buybacks in Q3 2027, returning capital to shareholders by reducing shares outstanding. This represents an increase of 1.9% from the same quarter a year earlier. Against the prior quarter it is up 3.9%.

Capital Expenditures

$65.0M

YoY-17.7%

QoQ-26.1%

5Y CAGR+6.3%

10Y CAGR-11.6%

Macy's Inc. invested $65.0M in capex in Q3 2027, funding long-term assets and infrastructure. This represents a decrease of 17.7% from the same quarter a year earlier. Against the prior quarter it is down 26.1%.

R&D Spending

Not reported for Q3 2027.

M Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

M quarterly income statement

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Revenue	$22.6B-1.7%	$23.0B-3.6%	$23.9B-6.2%	$25.4B+0.2%	$25.4B+46.4%	$17.3B-29.4%	$24.6B-1.6%	$25.0B+0.1%	$24.9B-3.7%	$25.9B-4.3%	$27.1B-3.7%	$28.1B+0.6%	$27.9B+0.9%	$27.7B+4.9%	$26.4B
Cost of Revenue	$13.5B-1.8%	$13.7B-3.4%	$14.2B-7.3%	$15.3B+2.5%	$15.0B+21.9%	$12.3B-19.0%	$15.2B-0.3%	$15.2B+0.2%	$15.2B-3.1%	$15.7B-5.0%	$16.5B-2.2%	$16.9B+0.8%	$16.7B+1.1%	$16.5B+5.1%	$15.7B
Gross Profit	$9.1B-1.5%	$9.3B-3.9%	$9.6B-4.6%	$10.1B-3.1%	$10.4B+106.1%	$5.1B-46.1%	$9.4B-3.8%	$9.8B+0.7%	$9.7B-4.6%	$10.2B-4.0%	$10.6B-5.9%	$11.2B+0.3%	$11.2B+0.5%	$11.1B+4.5%	$10.7B
SG&A Expenses	$8.2B-1.1%	$8.3B-0.5%	$8.4B-1.0%	$8.5B+3.8%	$8.2B+20.5%	$6.8B-24.8%	$9.0B-0.5%	$9.0B+0.9%	$9.0B-3.3%	$9.3B+9.3%	$8.5B+1.4%	$8.4B-1.0%	$8.4B-0.5%	$8.5B+2.4%	$8.3B
Operating Income	$1.0B+13.3%	$909.0M+202.0%	$301.0M-82.2%	$1.7B-27.7%	$2.3B+152.2%	-$4.5B-561.3%	$970.0M-44.2%	$1.7B-6.8%	$1.9B+36.0%	$1.4B-32.8%	$2.0B-27.2%	$2.8B+4.6%	$2.7B+0.6%	$2.7B+10.4%	$2.4B
EBITDA	$1.9B+7.5%	$1.8B+49.4%	$1.2B-52.9%	$2.5B-20.7%	$3.2B+191.3%	-$3.5B-280.2%	$2.0B-27.7%	$2.7B-5.4%	$2.9B+17.5%	$2.4B-21.6%	$3.1B-19.2%	$3.8B+3.7%	$3.7B-0.3%	$3.7B+6.1%	$3.5B
Interest Expense	$139.0M-12.0%	$158.0M-7.1%	$170.0M-2.9%	$175.0M-31.6%	$256.0M-9.9%	$284.0M+38.5%	$205.0M-21.5%	$261.0M-18.7%	$321.0M-12.5%	$367.0M+1.1%	$363.0M-8.1%	$395.0M+1.3%	$390.0M-8.2%	$425.0M-4.9%	$447.0M
Income Tax	$207.0M+14.4%	$181.0M+9150.0%	-$2.0M-100.6%	$331.0M-23.4%	$432.0M+151.1%	-$846.0M-615.9%	$164.0M-49.1%	$322.0M+925.6%	-$39.0M-111.3%	$346.0M-43.1%	$608.0M-29.6%	$864.0M+7.5%	$804.0M+4.8%	$767.0M+7.7%	$712.0M
Net Income	$642.0M+10.3%	$582.0M+1193.3%	$45.0M-96.1%	$1.1B-19.2%	$1.4B+136.0%	-$3.9B-799.3%	$564.0M-49.1%	$1.1B-29.2%	$1.6B+149.8%	$627.0M-41.5%	$1.1B-29.8%	$1.5B+2.7%	$1.5B+11.3%	$1.3B+6.3%	$1.3B
EPS (Basic)	$2.37+12.9%	$2.10+1212.5%	$0.16-96.2%	$4.17-9.7%	$4.62+136.4%	-$12.68-796.7%	$1.82-49.4%	$3.60-29.8%	$5.13+152.7%	$2.03-37.7%	$3.26-24.2%	$4.30+9.4%	$3.93+19.5%	$3.29+11.1%	$2.96
EPS (Diluted)	$2.32+12.1%	$2.07+1193.8%	$0.16-96.1%	$4.08-9.7%	$4.52+135.6%	-$12.68-800.6%	$1.81-49.2%	$3.56-30.2%	$5.10+152.5%	$2.02-37.3%	$3.22-23.7%	$4.22+9.3%	$3.86+19.1%	$3.24+11.0%	$2.92
Diluted Shares (Avg)	277M-1.8%	282M+1.2%	278M-1.0%	281M-10.5%	314M+0.9%	311M-0.1%	311M0.0%	311M+1.5%	307M-1.3%	311M-6.7%	333M-7.9%	362M-6.0%	385M-6.6%	412M-4.2%	430M

Metric	Q3'2710-Q	Q2'2710-Q	Q4'2610-Q	Q3'2610-Q	Q2'2610-Q	Q1'2610-K	Q4'2510-Q	Q3'2510-Q
Revenue	$5.1B+1.2%	$4.9B+2.1%	$4.9B+0.2%	$5.0B-1.9%	$4.8B-4.1%	$8.2B-3.9%	$4.9B	$5.1B+1.2%
Cost of Revenue	$2.8B-1.8%	$2.9B+2.3%	$2.9B-0.3%	$2.9B-1.3%	$2.8B-5.1%	$5.1B-0.2%	$2.9B	$2.9B+1.1%
Gross Profit	$2.2B+5.3%	$2.0B+1.7%	$2.1B+0.9%	$2.1B-2.7%	$2.0B-2.7%	$3.1B-8.2%	$2.0B	$2.2B+1.2%
SG&A Expenses	$2.0B+0.8%	$2.0B+2.0%	$2.0B-1.9%	$1.9B-1.5%	$1.9B+0.1%	$2.4B-2.6%	$2.1B	$2.0B-3.3%
Operating Income	$244.0M+63.8%	$112.0M+19.1%	$42.0M-34.4%	$149.0M-32.9%	$94.0M-24.8%	$529.0M+455.0%	$64.0M	$222.0M+167.5%
EBITDA	$450.0M+22.6%	$322.0M+2.9%	$277.0M-5.1%	$367.0M-15.6%	$313.0M-8.2%	$750.0M+803.6%	$292.0M	$435.0M+38.1%
Interest Expense	$23.0M-8.0%	$25.0M-7.4%	$25.0M-21.9%	$25.0M-19.4%	$27.0M-12.9%	$68.0M0.0%	$32.0M	$31.0M-11.4%
Income Tax	$58.0M+107.1%	$30.0M0.0%	-$6.0M-185.7%	$28.0M-37.8%	$30.0M-16.7%	$99.0M+290.4%	$7.0M	$45.0M+2150.0%
Net Income	$169.0M+94.3%	$63.0M+65.8%	$11.0M-60.7%	$87.0M-42.0%	$38.0M-38.7%	$366.0M+385.9%	$28.0M	$150.0M+265.9%
EPS (Basic)	$0.64+100.0%	$0.24+71.4%	$0.04-60.0%	$0.32-40.7%	$0.14-36.4%	$1.24+363.8%	$0.10	$0.54+260.0%
EPS (Diluted)	$0.62+100.0%	$0.23+76.9%	$0.04-60.0%	$0.31-41.5%	$0.13-40.9%	$1.22+365.2%	$0.10	$0.53+253.3%
Diluted Shares (Avg)	272M-1.4%	273M-2.9%	275M-2.5%	276M-2.0%	281M-0.1%	N/A	282M	282M+1.4%

Not reported in any period shown, so not listed: R&D Expenses.

M Balance Sheet

M quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Total Assets	$16.2B-1.0%	$16.4B+1.0%	$16.2B-3.7%	$16.9B-4.1%	$17.6B-0.7%	$17.7B-16.4%	$21.2B+10.3%	$19.2B-2.0%	$19.6B-1.4%	$19.9B-3.5%	$20.6B-3.5%	$21.3B-1.3%	$21.6B+3.0%	$21.0B-5.0%	$22.1B
Current Assets	$6.7B+3.0%	$6.5B+6.4%	$6.1B+4.0%	$5.9B-13.4%	$6.8B+9.3%	$6.2B-9.2%	$6.8B-8.5%	$7.4B-2.6%	$7.6B+0.3%	$7.6B-0.3%	$7.7B-10.8%	$8.6B-1.2%	$8.7B+10.3%	$7.9B-10.3%	$8.8B
Cash & Equivalents	$1.2B-4.6%	$1.3B+26.3%	$1.0B+20.0%	$862.0M-49.6%	$1.7B+2.0%	$1.7B+145.1%	$685.0M-41.0%	$1.2B-20.1%	$1.5B+12.2%	$1.3B+17.0%	$1.1B-50.6%	$2.2B-1.2%	$2.3B+23.8%	$1.8B-35.1%	$2.8B
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Inventory	$4.4B-1.3%	$4.5B+2.5%	$4.4B+2.2%	$4.3B-2.6%	$4.4B+16.1%	$3.8B-27.3%	$5.2B-1.4%	$5.3B+1.6%	$5.2B-4.1%	$5.4B-1.9%	$5.5B+1.6%	$5.4B-2.5%	$5.6B+4.7%	$5.3B+3.7%	$5.1B
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Goodwill	$828.0M0.0%	$828.0M0.0%	$828.0M0.0%	$828.0M0.0%	$828.0M0.0%	$828.0M-78.8%	$3.9B0.0%	$3.9B+0.3%	$3.9B0.0%	$3.9B0.0%	$3.9B+4.1%	$3.7B0.0%	$3.7B0.0%	$3.7B0.0%	$3.7B
Total Liabilities	$11.4B-4.0%	$11.8B-3.0%	$12.2B-4.8%	$12.8B-8.2%	$14.0B-7.8%	$15.2B+2.4%	$14.8B+16.0%	$12.8B-7.8%	$13.8B-10.9%	$15.5B-4.9%	$16.3B+2.3%	$16.0B+3.8%	$15.4B+2.9%	$14.9B-7.6%	$16.2B
Current Liabilities	$4.5B-0.7%	$4.5B-0.2%	$4.5B-6.8%	$4.9B-10.2%	$5.4B+1.1%	$5.4B-6.8%	$5.8B+9.9%	$5.2B+1.0%	$5.2B-8.3%	$5.6B-1.4%	$5.7B+12.9%	$5.1B-11.4%	$5.7B+12.8%	$5.1B-19.0%	$6.3B
Non-Current Liabilities	$6.9B-6.0%	$7.3B-4.6%	$7.7B-3.6%	$8.0B-6.9%	$8.6B-12.7%	$9.8B+8.3%	$9.0B+20.2%	$7.5B-13.1%	$8.7B-12.4%	$9.9B-6.8%	$10.6B-2.6%	$10.9B+12.8%	$9.6B-2.2%	$9.9B-0.3%	$9.9B
Long-Term Debt	$2.4B-12.3%	$2.8B-7.5%	$3.0B+0.1%	$3.0B-9.1%	$3.3B-25.2%	$4.4B+21.7%	$3.6B-23.1%	$4.7B-19.7%	$5.9B-10.7%	$6.6B-6.2%	$7.0B-3.3%	$7.2B+7.7%	$6.7B-1.4%	$6.8B+2.3%	$6.7B
Total Equity	$4.9B+6.8%	$4.6B+12.8%	$4.0B-0.1%	$4.0B+11.6%	$3.6B+41.8%	$2.6B-60.0%	$6.4B-0.9%	$6.4B+12.0%	$5.7B+32.9%	$4.3B+1.7%	$4.3B-21.0%	$5.4B-13.9%	$6.2B+3.3%	$6.1B+2.0%	$5.9B
Retained Earnings	$6.9B+6.8%	$6.5B+6.8%	$6.1B-2.9%	$6.3B+19.0%	$5.3B+34.1%	$3.9B-50.8%	$8.0B-0.8%	$8.1B+11.1%	$7.2B+19.0%	$6.1B-3.9%	$6.3B-13.7%	$7.3B+17.7%	$6.2B+22.1%	$5.1B+27.2%	$4.0B

Metric	Q3'2710-Q	Q2'2710-Q	Q4'2610-Q	Q3'2610-Q	Q2'2610-Q	Q1'2610-K	Q4'2510-Q	Q3'2510-Q
Total Assets	$15.7B+1.1%	$16.3B+1.3%	$17.1B-1.3%	$15.6B-2.0%	$16.1B-2.2%	$16.4B+1.0%	$17.3B	$15.9B-12.5%
Current Assets	$6.4B+9.7%	$6.9B+9.6%	$7.4B+1.9%	$5.8B+1.4%	$6.3B+0.5%	$6.5B+6.4%	$7.2B	$5.7B-19.0%
Cash & Equivalents	$1.3B+56.1%	$1.3B+38.8%	$447.0M+41.9%	$829.0M+28.3%	$932.0M+6.4%	$1.3B+26.3%	$315.0M	$646.0M+77.5%
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Inventory	$4.4B+2.5%	$4.8B+3.6%	$6.3B+0.7%	$4.3B-0.8%	$4.7B-0.5%	$4.5B+2.5%	$6.3B	$4.4B-27.3%
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Goodwill	$828.0M0.0%	$828.0M0.0%	$828.0M0.0%	$828.0M0.0%	$828.0M0.0%	$828.0M0.0%	$828.0M	$828.0M0.0%
Total Liabilities	$10.8B-2.7%	$11.5B-1.5%	$12.7B-3.1%	$11.1B-4.9%	$11.6B-5.9%	$11.8B-3.0%	$13.1B	$11.7B-16.8%
Current Liabilities	$4.0B-4.7%	$4.7B+6.5%	$5.9B+2.0%	$4.2B+5.4%	$4.4B-5.7%	$4.5B-0.2%	$5.8B	$4.0B-34.1%
Non-Current Liabilities	$6.8B-1.5%	$6.8B-6.3%	$6.8B-7.1%	$6.9B-10.2%	$7.3B-6.0%	$7.3B-4.6%	$7.4B	$7.7B-3.6%
Long-Term Debt	$2.4B0.0%	$2.4B-12.3%	$2.4B-12.3%	$2.4B-18.7%	$2.8B-7.5%	$2.8B-7.5%	$2.8B	$3.0B-0.1%
Total Equity	$4.9B+10.7%	$4.8B+8.7%	$4.3B+4.4%	$4.5B+6.0%	$4.5B+9.0%	$4.6B+12.8%	$4.1B	$4.2B+2.5%
Retained Earnings	N/A	N/A	N/A	N/A	N/A	$6.5B+6.8%	N/A	$6.2B+0.2%

Not reported in any period shown, so not listed: Accounts Receivable.

M Cash Flow Statement

M quarterly cash flow statement

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Operating Cash Flow	$1.4B+11.9%	$1.3B-2.1%	$1.3B-19.2%	$1.6B-40.4%	$2.7B+317.9%	$649.0M-59.6%	$1.6B-7.3%	$1.7B-12.2%	$2.0B+9.7%	$1.8B-9.2%	$2.0B-26.8%	$2.7B+6.3%	$2.5B+17.0%	$2.2B+0.3%	$2.2B
Depreciation & Amortization	$894.0M+1.5%	$881.0M-1.8%	$897.0M+4.7%	$857.0M-1.9%	$874.0M-8.9%	$959.0M-2.2%	$981.0M+2.0%	$962.0M-2.9%	$991.0M-6.3%	$1.1B-0.3%	$1.1B+2.4%	$1.0B+1.6%	$1.0B-2.8%	$1.0B-3.3%	$1.1B
Stock-Based Compensation	$59.0M+1.7%	$58.0M+23.4%	$47.0M-13.0%	$54.0M-1.8%	$55.0M+77.4%	$31.0M-18.4%	$38.0M-39.7%	$63.0M+8.6%	$58.0M-4.9%	$61.0M-6.2%	$65.0M-11.0%	$73.0M+17.7%	$62.0M+1.6%	$61.0M-12.9%	$70.0M
Capital Expenditures	$373.0M-28.0%	$518.0M-17.9%	$631.0M-28.9%	$888.0M+150.8%	$354.0M+4.7%	$338.0M-62.5%	$902.0M+37.3%	$657.0M+34.9%	$487.0M-18.3%	$596.0M-23.3%	$777.0M+0.9%	$770.0M+26.9%	$607.0M-13.0%	$698.0M+25.8%	$555.0M
Free Cash Flow	$1.1B+39.1%	$760.0M+12.8%	$674.0M-7.3%	$727.0M-69.2%	$2.4B+658.2%	$311.0M-55.9%	$706.0M-34.5%	$1.1B-27.6%	$1.5B+23.6%	$1.2B-0.2%	$1.2B-37.8%	$1.9B-0.2%	$1.9B+31.1%	$1.5B-8.5%	$1.6B
Investing Cash Flow	-$639.0M-7.9%	-$592.0M+35.2%	-$913.0M+21.9%	-$1.2B-215.9%	-$370.0M-13.8%	-$325.0M+67.6%	-$1.0B-119.7%	-$456.0M-29.9%	-$351.0M-44.4%	-$243.0M+77.7%	-$1.1B-12.6%	-$970.0M-23.1%	-$788.0M-0.9%	-$781.0M-12.1%	-$697.0M
Financing Cash Flow	-$852.0M-106.3%	-$413.0M-87.7%	-$220.0M+83.0%	-$1.3B+45.6%	-$2.4B-440.6%	$699.0M+162.2%	-$1.1B+27.3%	-$1.5B-6.8%	-$1.4B-1.4%	-$1.4B+29.7%	-$2.0B-14.9%	-$1.8B-33.4%	-$1.3B+44.6%	-$2.4B-2014.2%	-$113.0M
Dividends Paid	$197.0M+2.6%	$192.0M+6.1%	$181.0M+4.6%	$173.0M+92.2%	$90.0M-23.1%	$117.0M-74.9%	$466.0M+0.6%	$463.0M+0.4%	$461.0M+0.4%	$459.0M+0.7%	$456.0M+8.3%	$421.0M+17.3%	$359.0M+10.8%	$324.0M+118.9%	$148.0M
Share Buybacks	$250.0M+24900.0%	$1.0M-97.4%	$38.0M-93.7%	$601.0M+20.2%	$500.0M+49900.0%	$1.0M0.0%	$1.0M	$0-100.0%	$1.0M-99.7%	$316.0M-84.2%	$2.0B+5.3%	$1.9B+21.0%	$1.6B+12.5%	$1.4B+178.3%	$502.0M

Metric	Q3'2710-Q	Q2'2710-Q	Q4'2610-Q	Q3'2610-Q	Q2'2610-Q	Q1'2610-K	Q4'2510-Q	Q3'2510-Q
Operating Cash Flow	$294.0M-7.8%	$292.0M+556.3%	-$8.0M+95.2%	$319.0M+3887.5%	-$64.0M-149.6%	$1.3B+14.0%	-$167.0M	$8.0M+107.1%
Depreciation & Amortization	$206.0M-5.5%	$210.0M-4.1%	$235.0M+3.1%	$218.0M+2.3%	$219.0M+1.4%	$224.0M-3.4%	$228.0M	$213.0M-8.2%
Stock-Based Compensation	N/A	$14.0M+7.7%	N/A	N/A	$13.0M0.0%	N/A	N/A	N/A
Capital Expenditures	$65.0M-17.7%	$88.0M-12.0%	$93.0M-27.3%	$79.0M-32.5%	$100.0M-35.1%	$119.0M-18.5%	$128.0M	$117.0M+23.2%
Free Cash Flow	$229.0M-4.6%	$204.0M+224.4%	-$101.0M+65.8%	$240.0M+320.2%	-$164.0M-556.0%	$1.2B+18.8%	-$295.0M	-$109.0M+47.6%
Investing Cash Flow	-$137.0M-6.2%	-$149.0M-12.0%	-$163.0M-98.8%	-$129.0M+17.3%	-$133.0M+38.7%	-$137.0M+30.5%	-$82.0M	-$156.0M+15.7%
Financing Cash Flow	-$156.0M+46.8%	-$95.0M+46.6%	-$212.0M-158.5%	-$293.0M-257.3%	-$178.0M-154.3%	-$179.0M+36.1%	-$82.0M	-$82.0M-136.6%
Dividends Paid	$51.0M+4.1%	$50.0M-2.0%	$49.0M+2.1%	$49.0M+2.1%	$51.0M+6.3%	$48.0M+4.3%	$48.0M	$48.0M+6.7%
Share Buybacks	$53.0M+1.9%	$51.0M-47.4%	$51.0M	$52.0M	$97.0M	$1.0M	$0	$0

M Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

M quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Gross Margin	40.3%+0.1pp	40.3%-0.1pp	40.4%+0.7pp	39.7%-1.4pp	41.1%+11.9pp	29.2%-9.1pp	38.2%-0.8pp	39.1%+0.2pp	38.8%-0.4pp	39.2%+0.1pp	39.1%-0.9pp	40.0%-0.1pp	40.1%-0.2pp	40.3%-0.1pp	40.4%
Operating Margin	4.5%+0.6pp	4.0%+2.7pp	1.3%-5.4pp	6.6%-2.5pp	9.2%+35.0pp	-25.8%-29.8pp	4.0%-3.0pp	7.0%-0.5pp	7.5%+2.2pp	5.3%-2.2pp	7.5%-2.4pp	10.0%+0.4pp	9.6%0.0pp	9.6%+0.5pp	9.1%
Net Margin	2.8%+0.3pp	2.5%+2.3pp	0.2%-4.3pp	4.5%-1.1pp	5.6%+28.3pp	-22.7%-25.0pp	2.3%-2.1pp	4.4%-1.8pp	6.3%+3.9pp	2.4%-1.5pp	4.0%-1.5pp	5.4%+0.1pp	5.3%+0.5pp	4.8%+0.1pp	4.8%
Return on Equity	13.2%+0.4pp	12.8%+11.7pp	1.1%-27.3pp	28.4%-10.8pp	39.2%+193.7pp	-154.5%-163.3pp	8.8%-8.4pp	17.2%-10.0pp	27.3%+12.8pp	14.5%-10.7pp	25.2%-3.2pp	28.4%+4.6pp	23.8%+1.7pp	22.1%+0.9pp	21.2%
Return on Assets	4.0%+0.4pp	3.5%+3.3pp	0.3%-6.5pp	6.8%-1.3pp	8.1%+30.3pp	-22.3%-24.9pp	2.7%-3.1pp	5.8%-2.2pp	8.0%+4.8pp	3.2%-2.0pp	5.2%-1.9pp	7.1%+0.3pp	6.9%+0.5pp	6.4%+0.7pp	5.7%
Current Ratio	1.49+0.1x	1.43+0.1x	1.34+0.1x	1.200.0x	1.25+0.1x	1.150.0x	1.18-0.2x	1.42-0.1x	1.48+0.1x	1.350.0x	1.34-0.4x	1.69+0.2x	1.520.0x	1.55+0.2x	1.40
Debt-to-Equity	0.50-0.1x	0.61-0.1x	0.740.0x	0.74-0.2x	0.91-0.8x	1.73+1.2x	0.57-0.2x	0.73-0.3x	1.02-0.5x	1.52-0.1x	1.65+0.3x	1.34+0.3x	1.07-0.1x	1.120.0x	1.12
Asset Turnover	1.390.0x	1.40-0.1x	1.470.0x	1.51+0.1x	1.44+0.5x	0.98-0.2x	1.16-0.1x	1.300.0x	1.270.0x	1.310.0x	1.320.0x	1.320.0x	1.290.0x	1.32+0.1x	1.20
FCF Margin	4.7%+1.4pp	3.3%+0.5pp	2.8%0.0pp	2.9%-6.4pp	9.3%+7.5pp	1.8%-1.1pp	2.9%-1.5pp	4.3%-1.7pp	6.0%+1.3pp	4.7%+0.2pp	4.5%-2.4pp	6.9%-0.1pp	7.0%+1.6pp	5.3%-0.8pp	6.1%

Metric	Q3'2710-Q	Q2'2710-Q	Q4'2610-Q	Q3'2610-Q	Q2'2610-Q	Q1'2610-K	Q4'2510-Q	Q3'2510-Q
Gross Margin	43.7%+1.7pp	41.5%-0.2pp	41.9%+0.3pp	42.0%-0.4pp	41.7%+0.6pp	37.4%-1.8pp	41.6%	42.4%0.0pp
Operating Margin	4.8%+1.8pp	2.3%+0.3pp	0.9%-0.5pp	3.0%-1.4pp	2.0%-0.5pp	6.4%+8.2pp	1.3%	4.4%+2.7pp
Net Margin	3.3%+1.6pp	1.3%+0.5pp	0.2%-0.4pp	1.7%-1.2pp	0.8%-0.4pp	4.5%+6.0pp	0.6%	2.9%+2.1pp
Return on Equity	3.4%+1.5pp	1.3%+0.4pp	0.3%-0.4pp	1.9%-1.6pp	0.9%-0.7pp	8.0%+11.2pp	0.7%	3.6%+2.6pp
Return on Assets	1.1%+0.5pp	0.4%+0.1pp	0.1%-0.1pp	0.6%-0.4pp	0.2%-0.1pp	2.2%+3.0pp	0.2%	0.9%+0.7pp
Current Ratio	1.59+0.2x	1.480.0x	1.250.0x	1.38-0.1x	1.43+0.1x	1.43+0.1x	1.26	1.43+0.3x
Debt-to-Equity	0.49-0.1x	0.50-0.1x	0.56-0.1x	0.55-0.2x	0.62-0.1x	0.61-0.1x	0.67	0.710.0x
Asset Turnover	0.320.0x	0.300.0x	0.290.0x	0.320.0x	0.300.0x	0.500.0x	0.28	0.320.0x
FCF Margin	4.5%-0.3pp	4.2%+7.6pp	-2.1%+4.0pp	4.8%+6.9pp	-3.4%-2.9pp	14.5%+2.8pp	-6.0%	-2.1%+2.0pp

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company	Fiscal year	Revenue	Net income	Net margin	Market cap	Health score
Macy's Inc. M	FY2025	$22.6B	$642.0M	2.8%	$6.0B	44/100
Dillard's, Inc. DDS	FY2025	$6.6B	$570.2M	8.7%	$10.1B	35/100
Kohls Corporation KSS	FY2025	$15.5B	$272.0M	1.8%	$2.3B	41/100
Acushnet Holdings Corp. GOLF	FY2025	$2.6B	$188.5M	7.4%	$4.7B	60/100
Abercrombie & Fitch Co. ANF	FY2025	$5.3B	$506.9M	9.6%	$5.9B	60/100

Where Macy's Inc. Ranks

Frequently Asked Questions

What is Macy's Inc.'s annual revenue?

Macy's Inc. (M) reported $22.6B in total revenue for fiscal year 2025. This represents a -1.7% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Macy's Inc.'s revenue growing?

Macy's Inc. (M) revenue declined by 1.7% year-over-year, from $23.0B to $22.6B in fiscal year 2025.

Is Macy's Inc. profitable?

Yes, Macy's Inc. (M) reported a net income of $642.0M in fiscal year 2025, with a net profit margin of 2.8%.

What is Macy's Inc.'s EBITDA?

Macy's Inc. (M) had EBITDA of $1.9B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Macy's Inc. have?

As of fiscal year 2025, Macy's Inc. (M) had $1.2B in cash and equivalents against $2.4B in long-term debt.

What is Macy's Inc.'s gross margin?

Macy's Inc. (M) had a gross margin of 40.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

What is Macy's Inc.'s operating margin?

Macy's Inc. (M) had an operating margin of 4.5% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Macy's Inc.'s net profit margin?

Macy's Inc. (M) had a net profit margin of 2.8% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Does Macy's Inc. pay dividends?

Yes, Macy's Inc. (M) paid $0.73 per share in dividends during fiscal year 2025.

What is Macy's Inc.'s return on equity (ROE)?

Macy's Inc. (M) has a return on equity of 13.2% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Macy's Inc.'s free cash flow?

Macy's Inc. (M) generated $1.1B in free cash flow during fiscal year 2025. This represents a 39.1% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Macy's Inc.'s operating cash flow?

Macy's Inc. (M) generated $1.4B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Macy's Inc.'s total assets?

Macy's Inc. (M) had $16.2B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Macy's Inc.'s capital expenditures?

Macy's Inc. (M) invested $373.0M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Does Macy's Inc. buy back shares?

Yes, Macy's Inc. (M) spent $250.0M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

How many shares does Macy's Inc. have outstanding?

Macy's Inc. (M) had 264M shares outstanding as of fiscal year 2025.

What is Macy's Inc.'s current ratio?

Macy's Inc. (M) had a current ratio of 1.49 as of fiscal year 2025, which is considered adequate.

What is Macy's Inc.'s debt-to-equity ratio?

Macy's Inc. (M) had a debt-to-equity ratio of 0.50 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Macy's Inc.'s return on assets (ROA)?

Macy's Inc. (M) had a return on assets of 4.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Macy's Inc.'s P/E ratio?

Macy's Inc. (M) trades at 9.3x earnings, its market capitalization divided by net income of $642.0M net income, FY2025. The market capitalization is $6.0B as of Oct 8, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Macy's Inc.'s price-to-sales ratio?

Macy's Inc. (M) trades at 0.3x sales, its market capitalization divided by revenue of $22.6B revenue, FY2025. The market capitalization is $6.0B as of Oct 8, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Macy's Inc.'s Altman Z-Score?

Macy's Inc. (M) has an Altman Z-Score of 2.68, placing it in the Grey Zone (moderate risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is Macy's Inc.'s Piotroski F-Score?

Macy's Inc. (M) has a Piotroski F-Score of 8 out of 9, indicating strong financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Macy's Inc.'s earnings high quality?

Macy's Inc. (M) has an earnings quality ratio of 2.23x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Macy's Inc. cover its interest payments?

Macy's Inc. (M) has an interest coverage ratio of 7.41x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Macy's Inc.?

Macy's Inc. (M) scores 44 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.