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Macy's, Inc. (M) stock

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NYSE: M NYSE Broadline Retail Next results ~December 2, 2026

C+ Fundamentals grade

Macy's, Inc. is a US-listed company in the broadline retail industry. Its financial year ends in January.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$53

Cash-flow model

Base case. Range ~$39–$73 across our lower- and higher-growth cases (-3%–7% a year).

Price vs value

Undervalued

The price is below our entire value range; our base value is 120% above it.

Price used: $24.33, November 2, 2026

Macy's, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 6 selling0 purchases and 24 sales by directors and officers, last 12 monthsInsider trades
  • Funds222 adding, 222 cuttingOf 63 active managers that changed their stake, 25 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Macy's files

Where Macy's stands after its latest 10-Q

Revenue for the twelve months to August 2026 was $22.8bn, up 0.3% on a year earlier, faster than -0.3% a quarter earlier. That puts it 820 of 931 for growth among all the companies we cover. Free-cash-flow margin rose to 6.2% from 4.3% a year earlier. The diluted share count is down 2.4% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 3 of our 5 financial-health checks. Our cash-flow model value is $53.80 a share, against a share price of $23.36. At that price, our model says the market is pricing in cash flow shrinking about 10.7% a year for five years, slower than the -2.2% a year revenue growth it has delivered.

Source: 10-Q filed September 10, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~December 2, 2026 (estimated)

Macy's, Inc.'s trailing-twelve-month revenue grew 0.3% year on year, with a free-cash-flow margin of 6.2%. Where it stands out: change in share count of -2.4% ranks 5 of 22 broadline retail companies we cover. Where it lags: long-term debt as % of assets of 15.5% ranks 10 of 12 broadline retail companies we cover.

Our discounted-cash-flow model values the business at ~$53 per share in the base case (~$39–$73 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Revenue growth accelerating: TTM revenue growth rose to 0.3% (+0.7pp vs the prior quarter).

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Priced below our value. The share price of $24.33 is 120% below our value per share of $53.
  • Shrinking share count. Diluted shares fell 2.4% in a year, so each share owns more of the business.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Below peers: long-term debt as % of assets. Long-term debt as % of assets of 15.5% ranks 10 of 12 broadline retail companies we cover (median 6.2%).
  • Heavily shorted. 14.8% of the shares available to trade are sold short (5.3 days of average volume to cover).

Latest results: FY2027 Q2

Filed September 10, 2026
Earnings per share
$0.40 against an average estimate of $0.37: beat by 8.7%
Revenue
$5.06bn, up 1.2% on a year earlier
Share reaction
+2.7% in the first session after the results on September 10, 2026, against +0.2% for the S&P 500
Guidance given
net sales $21.68bn to $21.83bn (2026); comparable sales change growth 1% to 1.5% (2026)
Next report
December 2, 2026; average EPS estimate -$0.18

Macy's' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+0.9%
  • 1 week+3.1%
  • 1 month+7.0%
  • This year+13.4%
  • 1 year+29.3%
  • 5 years-3.4%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$22.8B
Operating margin
5.0%
Net margin
3.3%
EPS (TTM, diluted)
$2.74

Growth

Revenue growth
+0.3%
Change in growth rate
+0.7 pts
Share count change
−2.4%

Cash

Free cash flow (TTM)
$1.4B
FCF margin
6.2%
Stock pay % of revenue
0.3%

Earnings

Last results
September 10, 2026
Next results (est.)
December 2, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Announcement
  2. Dividend
  3. Leadership
  4. Announcement
  5. Announcement
  6. Leadership
  7. Announcement
  8. Results
  9. Announcement
  10. Guidance
  11. Announcement

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Macy's, Inc. valuation models and calculator

What the price is pricing in

The share price implies cash flow shrinking about 10.9% a year for five years.That is slower than the -2.2% a year revenue growth Macy's has delivered.

  • Priced in-10.9%
  • Last 12 months0.3%
  • 3 years a year-2.4%
  • 5 years a year-2.2%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($23.79, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Buy12-month view
12-month price target
~$53
Price used
$23.79close November 3, 2026
Implied change
▲ +125%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Macy's, Inc.'s free cash flow after stock-based pay with after-tax interest added back ($950M, FY2027 Q2 TTM), growing 0.1% and 1.1% in the next two years (forecasts, guidance and its record), then back to 2% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$39–~$73 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Macy's, Inc.'s free cash flow after stock-based pay ( $950M, FY2027 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Macy's, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 9.7%: the 10-year Treasury yield (4.9%) plus a beta of 1.06 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$53 ~$39–$73 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$49 ~$42–$51 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$47 ~$34–$65 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$45 ~$39–$53 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$50 ~$45–$53 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Macy's, Inc. with Broadline Retail in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −26%
  • Revenue growth 5 points higher ▲ +35%
  • Free-cash-flow margin 1 point lower ▼ −17%
  • Last year's free-cash-flow margin change, if it persists ▲ +49%
  • Discount rate 1 point higher ▼ −15%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $48$66$91$124$166$221
8.5% $36$49$67$90$120$159
10% $28$39$52$70$93$123

Valuation multiples over time Market data may be delayed

At fiscal year end 20162017201820192020202120222023202420252026Now
Share price$25.36$19.01$17.26$18.67$12.53$12.30$21.09$19.73$16.61$14.46$19.48$24.33
Market value$8.4bn$5.9bn$5.3bn$5.8bn$3.9bn$3.8bn$6.6bn$5.5bn$4.6bn$4.1bn$5.4bn$6.7bn
+ Net debt (− = net cash)−$1.1bn−$1.3bn−$1.5bn−$1.2bn−$685m−$1.7bn−$1.7bn−$862m−$1.0bn−$1.3bn−$1.2bn$1.1bn
Enterprise value$7.3bn$4.6bn$3.8bn$4.7bn$3.2bn$2.1bn$4.9bn$4.7bn$3.6bn$2.8bn$4.1bn$7.8bn
Multiples
Price / sales 0.3x0.2x0.2x0.2x0.2x0.2x0.3x0.2x0.2x0.2x0.2x0.3x
Price / earnings 7.9x9.4x3.4x5.2x6.9x—4.7x4.8x102.7x7.0x8.4x8.9x
Price / free cash flow 7.0x4.9x3.6x5.4x5.5x12.3x2.8x7.6x6.9x5.4x5.1x4.7x
EV / EBITDA 2.4x1.9x1.3x1.7x1.6x—1.5x1.8x3.0x1.5x2.2x3.9x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

45 /100

Moderate moat

How hard Macy's's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 5 / 20

    Cash operating profit has been a median 5.0% of total assets over 10 years.

  • Pricing power 13 / 20

    Gross margin has been a median 39.4%, moving by 2.5 percentage points (standard deviation) across 10 years.

  • Durability 0 / 20

    Operating margin has been a median 5.1%; its worst year was -20.6%.

  • Cash conversion 12 / 20

    Free cash flow was positive in 10 of 10 years, at a median 4.6% of revenue.

  • Discipline 20 / 20

    The diluted share count fell 13.2% over five years; stock-based pay has been a median 0.2% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (50 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: December 2, 2026, before the open. Analysts expect revenue of $4.7bn and EPS of −$0.18 (range −$0.21 to −$0.14) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $2.31 −0% $21.9bn +1%
Next $2.37 +3% $21.7bn −1%

Next year's EPS estimate has moved +1.8% in 90 days, across 12 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +4.4% on 90 days ago. In the last 30 days, 12 analysts raised Macy's, Inc.'s forecast and 1 cut it.

Consensus EPS forecast Macy's, Inc., last 90 days
$2.20 $2.25 $2.30 $2.35 $2.40 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $2.21 Current fiscal year, 60 days ago: $2.25 Current fiscal year, 30 days ago: $2.32 Current fiscal year, 7 days ago: $2.31 Current fiscal year, Now: $2.31 $2.31 Next fiscal year, 90 days ago: $2.33 Next fiscal year, 60 days ago: $2.37 Next fiscal year, 30 days ago: $2.39 Next fiscal year, 7 days ago: $2.37 Next fiscal year, Now: $2.37 $2.37

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $2.21$2.33
60 days ago $2.25$2.37
30 days ago $2.32$2.39
7 days ago $2.31$2.37
Now $2.31$2.37

Earnings against estimates

Quarter toEstimateActualSurprise
Jul 2026 $0.37 $0.40 +8.7%
Apr 2026 $0.03 $0.13 +360.0%
Jan 2026 $1.56 $1.67 +6.9%
Oct 2025 −$0.13 $0.09 +168.2%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, September 10, 2026
  • Net sales 2026 $21.675bn to $21.825bn Raised
    “Net sales 1 $21.675 billion to $21.825 billion $21.5 billion to $21.75 billion” source
  • Adjusted diluted EPS 2026 $2.15 to $2.35 Non-GAAP Raised
    “Adjusted diluted EPS 3,4 $2.15 to $2.35 $2.00 to $2.20” source
  • Comparable sales change 2026 1% growth to 1.5% growth Raised
    “Comparable sales change 2 1.0% to 1.5% 0.5% to 1.2%” source
  • Adjusted EBITDA as a percent of total revenue 2026 7.8% to 8% Non-GAAP Raised
    “Adjusted EBITDA 3 as a percent of total revenue 7.8% to 8.0% 7.7% to 7.9%” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Macy's, Inc.'s revenue by +0.1% next year and +1.1% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (-0.5%, weight 55%) , management guidance (-1.1%, weight 19%) and the company's own record (+2.0%, weight 26%) . How the weights are set.

Analyst recommendations

12 analysts, Oct 2026
Buy217%
Hold975%
Sell18%

Monthly trend

  1. Oct 2026119112
  2. Sep 20261110113
  3. Aug 20261110113
  4. Jul 20261110113

Counts of recommendations published by analysts covering Macy's, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
14.8%
of tradable shares
Days to cover
5.32
at average volume
Short interest, 1 month
−3%
to October 15, 2026
Held by institutions
99%
of shares
Held by insiders
3.2%
of shares
Employees
90,134
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +29.3%

$18.82 on October 31, 2025 to $24.33

ThenNowEffect
Revenue (last 12 months) $22.7bn $22.8bn +0.3%
Net margin 2.2% 3.3% +51.0%
P/E multiple 10.6x 8.9x −16.7%
Share count 280m 274m +2.4%

Biggest factor: net margin.

Last 3 years +112.5%

$11.45 on November 3, 2023 to $24.33

ThenNowEffect
Revenue (last 12 months) $24.5bn $22.8bn −7.0%
Net margin 2.9% 3.3% +12.4%
P/E multiple 4.4x 8.9x +100.9%
Share count 277m 274m +1.3%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
M+136%−19%+2%−12%+37%+13%
Industry peers (median)+23%−46%−0%+25%+5%−13%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
M83%25%50%42%50%64%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
M−37%−45%−55%−33%−40%−28%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 89% from November 2, 2015 to April 1, 2020. Getting back needed a 781% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$16.65 – $25.99
From 52-week high
−6.4%
vs 50-day average
+6.9%
vs 200-day average
+13.7%
Volatility (1 year)
41%
Beta vs S&P 500
0.99

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
6 up, 6 down
typical move ±6.8%
After a week
9 up, 3 down
typical move ±6.7%
After a month
7 up, 5 down
typical move ±11.2%
Results releasedNext dayS&P 500 next day5 days21 days
September 10, 2026 +2.7% +0.2% +1.5% +6.3%
June 3, 2026 +6.3% −0.3% +6.9% +10.1%
March 18, 2026 +6.7% −1.6% +9.3% +15.5%
December 3, 2025 −1.7% +0.4% +2.4% +1.4%
September 3, 2025 +27.8% +1.4% +26.3% +36.3%
May 28, 2025 −0.8% −0.2% −4.9% −4.3%
March 6, 2025 +5.6% −1.2% +2.5% −13.3%
December 11, 2024 −2.5% +0.3% −4.2% −15.2%
November 25, 2024 −2.5% +0.9% +1.1% +12.2%
August 21, 2024 −14.5% −0.4% −13.3% −12.7%
May 21, 2024 +5.3% 0.0% +3.4% −3.3%
February 27, 2024 −4.6% +0.1% +5.1% +3.7%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Macy's, Inc.’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Includes results

A results date falls inside these options’ life. Implied volatility is meant to be higher for that, so we do not call it rich.

  • Implied is 1.47× the last 60 days’ realised volatility .
  • Puts and calls are priced at about the same implied volatility.
  • Why: an earnings date falls inside the option's life, so implied volatility is expected to be high.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: fundamentals grade C+ (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Macy's, Inc. in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Macy's, Inc.
$22.5B $23B $23.5B $24B $24.5B FY24 Q3 FY25 Q2 FY26 Q1 FY27 Q2 Revenue (TTM), FY24 Q3: $24.1B Revenue (TTM), FY24 Q4: $23.9B Revenue (TTM), FY25 Q1: $23.7B Revenue (TTM), FY25 Q2: $23.5B Revenue (TTM), FY25 Q3: $23.4B Revenue (TTM), FY25 Q4: $23B Revenue (TTM), FY26 Q1: $22.8B Revenue (TTM), FY26 Q2: $22.7B Revenue (TTM), FY26 Q3: $22.7B Revenue (TTM), FY26 Q4: $22.6B Revenue (TTM), FY27 Q1: $22.7B Revenue (TTM), FY27 Q2: $22.8B $22.8B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY24 Q3 $24.1B
FY24 Q4 $23.9B
FY25 Q1 $23.7B
FY25 Q2 $23.5B
FY25 Q3 $23.4B
FY25 Q4 $23B
FY26 Q1 $22.8B
FY26 Q2 $22.7B
FY26 Q3 $22.7B
FY26 Q4 $22.6B
FY27 Q1 $22.7B
FY27 Q2 $22.8B
Revenue growth, TTM YoY Macy's, Inc.
-10% -5% 0% 5% FY24 Q3 FY25 Q2 FY26 Q1 FY27 Q2 Revenue growth, TTM YoY, FY24 Q3: -9.1% Revenue growth, TTM YoY, FY24 Q4: -6.2% Revenue growth, TTM YoY, FY25 Q1: -5.4% Revenue growth, TTM YoY, FY25 Q2: -4.1% Revenue growth, TTM YoY, FY25 Q3: -2.9% Revenue growth, TTM YoY, FY25 Q4: -3.6% Revenue growth, TTM YoY, FY26 Q1: -3.8% Revenue growth, TTM YoY, FY26 Q2: -3.4% Revenue growth, TTM YoY, FY26 Q3: -2.8% Revenue growth, TTM YoY, FY26 Q4: -1.7% Revenue growth, TTM YoY, FY27 Q1: -0.3% Revenue growth, TTM YoY, FY27 Q2: 0.3% 0.3%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY24 Q3 -9.1%
FY24 Q4 -6.2%
FY25 Q1 -5.4%
FY25 Q2 -4.1%
FY25 Q3 -2.9%
FY25 Q4 -3.6%
FY26 Q1 -3.8%
FY26 Q2 -3.4%
FY26 Q3 -2.8%
FY26 Q4 -1.7%
FY27 Q1 -0.3%
FY27 Q2 0.3%
Operating margin (TTM) Macy's, Inc.
0% 2% 4% 6% FY24 Q3 FY25 Q2 FY26 Q1 FY27 Q2 Operating margin (TTM), FY24 Q3: 4.5% Operating margin (TTM), FY24 Q4: 1.3% Operating margin (TTM), FY25 Q1: 0.8% Operating margin (TTM), FY25 Q2: 1.2% Operating margin (TTM), FY25 Q3: 1.1% Operating margin (TTM), FY25 Q4: 4.0% Operating margin (TTM), FY26 Q1: 3.9% Operating margin (TTM), FY26 Q2: 3.6% Operating margin (TTM), FY26 Q3: 3.5% Operating margin (TTM), FY26 Q4: 4.6% Operating margin (TTM), FY27 Q1: 4.6% Operating margin (TTM), FY27 Q2: 5.0% 5.0%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY24 Q3 4.5%
FY24 Q4 1.3%
FY25 Q1 0.8%
FY25 Q2 1.2%
FY25 Q3 1.1%
FY25 Q4 4.0%
FY26 Q1 3.9%
FY26 Q2 3.6%
FY26 Q3 3.5%
FY26 Q4 4.6%
FY27 Q1 4.6%
FY27 Q2 5.0%
FCF margin (TTM) Macy's, Inc.
2% 3% 4% 5% 6% 7% FY24 Q3 FY25 Q2 FY26 Q1 FY27 Q2 FCF margin (TTM), FY24 Q3: 2.4% FCF margin (TTM), FY24 Q4: 2.8% FCF margin (TTM), FY25 Q1: 3.2% FCF margin (TTM), FY25 Q2: 2.8% FCF margin (TTM), FY25 Q3: 2.4% FCF margin (TTM), FY25 Q4: 3.3% FCF margin (TTM), FY26 Q1: 2.7% FCF margin (TTM), FY26 Q2: 4.3% FCF margin (TTM), FY26 Q3: 5.1% FCF margin (TTM), FY26 Q4: 4.7% FCF margin (TTM), FY27 Q1: 6.3% FCF margin (TTM), FY27 Q2: 6.2% 6.2%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY24 Q3 2.4%
FY24 Q4 2.8%
FY25 Q1 3.2%
FY25 Q2 2.8%
FY25 Q3 2.4%
FY25 Q4 3.3%
FY26 Q1 2.7%
FY26 Q2 4.3%
FY26 Q3 5.1%
FY26 Q4 4.7%
FY27 Q1 6.3%
FY27 Q2 6.2%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2010 Jan 2010 2011 Jan 2011 2012 Jan 2012 2013 Feb 2013 2014 Feb 2014 2015 Jan 2015 2016 Jan 2016 2017 Jan 2017 2018 Feb 2018 2019 Feb 2019 2020 Feb 2020 2021 Jan 2021 2022 Jan 2022 2023 Jan 2023 2024 Feb 2024 2025 Feb 2025 2026 Jan 2026 LTM Aug 2026
Income
Revenue 23.5 25.0 26.4 27.7 27.9 28.1 27.1 25.9 24.9 25.0 24.6 17.3 25.4 25.4 23.9 23.0 22.6 22.8
Gross profit 9.5 10.2 10.7 11.1 11.2 11.2 10.6 10.2 9.7 9.8 9.4 5.1 10.4 10.1 9.6 9.3 9.1 9.3
EBITDA 2.3 3.0 3.5 3.7 3.7 3.8 3.1 2.4 2.9 2.7 2.0 −3.5 3.2 2.5 1.2 1.8 1.9 2.0
Operating income 1.1 1.9 2.4 2.7 2.7 2.8 2.0 1.4 1.9 1.7 1.0 −4.5 2.3 1.7 0.3 0.9 1.0 1.1
Net income 0.3 0.8 1.3 1.3 1.5 1.5 1.1 0.6 1.6 1.1 0.6 −3.9 1.4 1.1 0.0 0.6 0.6 0.8
Diluted EPS $0.78 $1.98 $2.92 $3.24 $3.86 $4.22 $3.22 $2.02 $5.10 $3.56 $1.81 −$12.68 $4.52 $4.08 $0.16 $2.07 $2.32 $2.74
Growth (year on year)
Revenue −5.6% +6.4% +5.6% +4.9% +0.9% +0.6% −3.7% −4.3% −3.7% +0.1% −1.6% −29.4% +46.4% +0.2% −6.2% −3.6% −1.7% +0.3%
EBITDA — +33.9% +14.8% +6.1% −0.3% +3.7% −19.2% −21.6% +17.5% −5.4% −27.7% −280.2% — −20.7% −52.9% +49.4% +7.5% +18.9%
Operating income — +78.2% +27.3% +10.4% +0.6% +4.6% −27.2% −32.8% +36.0% −6.8% −44.2% −561.3% — −27.7% −82.2% — +13.3% +41.8%
Net income — — +48.3% +6.3% +11.3% +2.7% −29.8% −41.5% +149.8% −29.2% −49.1% −799.3% — −19.2% −96.1% — +10.3% +51.5%
Diluted EPS — — +47.5% +11.0% +19.1% +9.3% −23.7% −37.3% +152.5% −30.2% −49.2% −800.6% — −9.7% −96.1% — +12.1% +55.2%
Margins
Gross margin 40.5% 40.7% 40.4% 40.3% 40.1% 40.0% 39.1% 39.2% 38.8% 39.1% 38.2% 29.2% 41.1% 39.7% 40.4% 40.3% 40.3% 40.7%
EBITDA margin 9.7% 12.2% 13.2% 13.4% 13.2% 13.6% 11.4% 9.4% 11.4% 10.8% 7.9% −20.3% 12.6% 10.0% 5.0% 7.8% 8.5% 8.8%
Operating margin 4.5% 7.6% 9.1% 9.6% 9.6% 10.0% 7.5% 5.3% 7.5% 7.0% 3.9% −25.8% 9.2% 6.6% 1.3% 4.0% 4.6% 5.0%
Net margin 1.4% 3.4% 4.8% 4.8% 5.3% 5.4% 4.0% 2.4% 6.3% 4.4% 2.3% −22.7% 5.6% 4.5% 0.2% 2.5% 2.8% 3.3%
Free-cash-flow margin 5.9% 4.7% 6.1% 5.3% 7.0% 6.9% 4.5% 4.7% 6.0% 4.3% 2.9% 1.8% 9.3% 2.9% 2.8% 3.3% 4.7% 6.2%
Cash flow
Cash from operations 1.8 1.5 2.2 2.2 2.5 2.7 2.0 1.8 2.0 1.7 1.6 0.6 2.7 1.6 1.3 1.3 1.4 1.8
Capital spending 0.4 0.3 0.6 0.7 0.6 0.8 0.8 0.6 0.5 0.7 0.9 0.3 0.4 0.9 0.6 0.5 0.4 0.3
Free cash flow 1.4 1.2 1.6 1.5 1.9 1.9 1.2 1.2 1.5 1.1 0.7 0.3 2.4 0.7 0.7 0.8 1.1 1.4
Stock-based pay 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.0 0.0 0.1 0.1 0.0 0.1 0.1 0.1
Free cash flow after stock pay 1.3 1.1 1.5 1.4 1.9 1.9 1.1 1.1 1.4 1.0 0.7 0.3 2.3 0.7 0.6 0.7 1.0 1.4
Balance sheet
Cash 1.7 1.5 2.8 1.8 2.3 2.2 1.1 1.3 1.5 1.2 0.7 1.7 1.7 0.9 1.0 1.3 1.2 1.3
Total debt — — — — — — — — — — — — — — — — — 2.4
Net debt (negative = net cash) −1.7 −1.5 −2.8 −1.8 −2.3 −2.2 −1.1 −1.3 −1.5 −1.2 −0.7 −1.7 −1.7 −0.9 −1.0 −1.3 −1.2 1.1
Diluted shares 423m 427m 430m 412m 385m 362m 333m 311m 307m 311m 311m 311m 314m 281m 278m 282m 277m 274m
Returned to shareholders
Dividends 0.1 0.1 0.1 0.3 0.4 0.4 0.5 0.5 0.5 0.5 0.5 0.1 0.1 0.2 0.2 0.2 0.2 0.2
Buybacks 0.0 0.0 0.5 1.4 1.6 1.9 2.0 0.3 0.0 0.0 0.0 0.0 0.5 0.6 0.0 0.0 0.3 0.2
Total returned 0.1 0.1 0.7 1.7 1.9 2.3 2.5 0.8 0.5 0.5 0.5 0.1 0.6 0.8 0.2 0.2 0.4 0.4

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

3 of 5 checks passed · August 1, 2026
What it owns · $15.7bn
Short-term assets $6.4bnLonger-term assets $9.3bn
What it owes, and who funded it · $8.9bn
Short-term liabilities $4.0bnShareholders' equity $4.9bn
  • Short-term assets cover short-term liabilities $6.4bn of assets due within a year against $4.0bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt $1.3bn of cash against $2.4bn of debt.
  • Debt below 40% of shareholders' equity Debt is 49% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 91% to 49% over five years.
  • A year's operating cash flow covers at least 20% of debt $1.8bn of operating cash flow against $2.4bn of debt.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Macy's, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2027 Q2 TTM
Buybacks (TTM)
$205M
Dividends (TTM)
$198M
Returned to shareholders
29%
of free cash flow
Buybacks, last 3 fiscal years
$289M
Diluted share count
−2.4%
year over year
Total shareholder yield
6.3%
dividends 3.1% + buybacks 3.2% of market value
Dividend payout ratio
26%
of net income paid out
Sales & admin spending
36.4%
of revenue

Competitors: side by side with peers

Closest by revenue in broadline retail
Last 12 months unless stated M KSS VIPS CPNG EBAY PDD Median
Revenue, last 12 months $22.8bn $15.4bn $14.7bn $35.5bn $12.4bn $60.1bn $2.8bn
Revenue growth, last 12 months 0.3% −2.9% −2.2% 9.9% 15.7% 9.8% 4.4%
Revenue growth, 3-year average −2.4% −4.6% 105.6% 17.1% 7.2% — 9.1%
Revenue growth, latest quarter 1.2% −0.9% — 3.9% 13.7% — 9.1%
Gross margin 40.7% 41.2% 23.1% 28.4% 72.2% 56.3% 44.4%
Operating margin 5.0% 3.8% 7.7% −1.8% 20.3% 21.6% 2.5%
Operating margin, 3-year average 3.3% 3.8% 5.4% 0.4% 20.7% −1.8% 2.8%
Net margin 3.3% 1.7% 6.8% −2.2% 16.9% 22.7% 1.7%
Cash from operations / revenue 7.7% 8.8% 7.0% 4.0% 24.6% 24.8% 4.0%
Free-cash-flow margin 6.2% 6.7% 5.2% 0.3% 19.5% 24.8% 2.1%
Free-cash-flow margin, 3-year average 4.4% 4.6% 2.3% 2.7% 15.8% 203.4% 3.0%
Stock pay / revenue 0.3% 0.2% 1.6% 1.5% 5.4% 1.8% 0.7%
Change in share count −2.4% 2.4% −5.1% −0.6% −3.7% 0.2% −0.4%

Median of all 23 companies we cover in broadline retail. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

23 broadline retail companies
Measure Company Peer median Rank
Revenue growth Growth 0.3% 4.4% 15 of 23
Change in growth rate Growth +0.7pp +0.9pp 14 of 23
Gross margin Profitability 40.7% 44.4% 14 of 22
Operating margin Profitability 5.0% 3.6% 8 of 22
Net margin Profitability 3.3% 1.7% 11 of 23
Free-cash-flow margin Cash generation 6.2% 2.1% 7 of 23
Stock pay as % of revenue Cash generation 0.3% 0.8% 7 of 22
Long-term debt as % of assets Balance sheet 15.5% 6.2% 10 of 12
Change in share count Balance sheet -2.4% 0.1% 5 of 22

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to January 31, 2026
Products and services
Line of business Revenue YoY
Womens Accessories Shoes Cosmetics and Fragrances $9.1B ▼ 2.2%
Womens Apparel $4.8B ▼ 1.3%
Mens and Kids $4.7B ▼ 2.0%
Home Other $3.2B ▼ 5.0%

These categories overlap or exclude eliminations, so shares aren't shown.

From Macy's, Inc.'s 10-K filed March 27, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$6.1B
Institutions reporting
485
Shares held vs prior quarter
▲ 1.8%
Positions opened / closed
72 / 61

Top buyers and sellers, Q2 2026: 222 institutions bought and 222 sold ; the biggest buyer was Berkshire Hathaway Inc (+4.3M shares) and the biggest seller Rwc Asset Management LLP (−2.3M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $666M 28.3M 11.0% 0.0%
Dimensional Fund Advisors LP $396M 16.8M 6.5% ▲ 2.0%
Vanguard Portfolio Management LLC $303M 12.9M 5.0% ▼ 5.7%
American Century Companies Inc $260M 11.0M 4.3% ▼ 9.2%
Vanguard Capital Management LLC $260M 11.0M 4.3% ▼ 3.1%
Charles Schwab Investment Management Inc $231M 9.8M 3.8% ▲ 6.4%
State Street Corp $218M 9.2M 3.6% ▼ 0.6%
Rwc Asset Management LLP $211M 8.9M 3.5% ▼ 20.7%
Goldman Sachs Group Inc $208M 8.8M 3.4% ▲ 15.6%
LSV Asset Management $196M 8.3M 3.2% ▲ 26.3%
Geode Capital Management, LLC $178M 7.0M 2.9% ▼ 8.0%
Berkshire Hathaway Inc $173M 7.3M 2.9% ▲ 141.8%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Macy's, Inc.'s complete shareholder register. Values are as reported by the filers ; 3 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $6.7M 24 trades by 6 insiders · 0% under pre-set plans
Net ▼ $6.7M net selling
Insider Date Trade Shares Price Value
Griscom Paul SVP and Controller June 25, 2026 Sell 10,077 $25.63 $258,274
Edwards Thomas Jr. EVP, COO & CFO June 24, 2026 Sell 16,419 $24.89 $408,669
Spring Antony Chairman & CEO April 6, 2026 Sell 50,044 $17.92 $896,788
Preston Tracy M EVP, CLO & Corporate Secretary April 6, 2026 Sell 5,271 $17.92 $94,456
Kirgan Danielle L. EVP, Chief HR Officer April 6, 2026 Sell 10,010 $17.92 $179,379
Griscom Paul SVP and Controller April 6, 2026 Sell 745 $17.92 $13,350
Bron Olivier CEO, Bloomingdale's April 6, 2026 Sell 7,228 $17.92 $129,526
Spring Antony Chairman & CEO April 1, 2026 Sell 14,606 $18.08 $264,076
Kirgan Danielle L. EVP, Chief HR Officer April 1, 2026 Sell 6,573 $18.08 $118,840
Griscom Paul SVP and Controller April 1, 2026 Sell 490 $18.08 $8,859
Spring Antony Chairman & CEO March 30, 2026 Sell 27,451 $17.73 $486,706
Kirgan Danielle L. EVP, Chief HR Officer March 30, 2026 Sell 5,161 $17.73 $91,505

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 24 trades and filings

No trades in Macy's, Inc. disclosed in the last 12 months; 24 earlier trades on record.

  • Dean Phillips(D-MN 3):Purchase, $1,001 - $15,000, traded April 2, 2020, filed May 7, 2020
  • Dean Phillips(D-MN 3):Sale (full), $1,001 - $15,000, traded February 28, 2020, filed March 12, 2020
  • Gilbert Ray Cisneros, Jr.(D-CA 39):Purchase, $1,001 - $15,000, traded February 7, 2020, filed March 10, 2020

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around December 2, 2026 estimated from the company's past filing pattern, not announced

  • September 10, 2026
  • June 3, 2026
  • March 18, 2026
  • December 3, 2025
  • September 3, 2025
  • May 28, 2025

Recent SEC filings

Data status

When each part of this page on Macy's, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Macy's, Inc. in brief

What does Macy's, Inc. do?
Macy's, Inc. is a US-listed company in the broadline retail industry. Its financial year ends in January.
What is Macy's, Inc.'s stock ticker?
Macy's, Inc. trades under the ticker M on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Macy's, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Macy's, Inc. reported revenue of $22.8B, 0.3% higher than a year earlier, according to its SEC filings.
What is Macy's, Inc.'s free cash flow?
Macy's, Inc.'s free-cash-flow margin is 6.2% of revenue over the trailing twelve months, ranking 7 of the 23 broadline retail companies we cover.
What is Macy's, Inc.'s fair value (intrinsic value) per share?
Our discounted-cash-flow model of Macy's, Inc.'s free cash flow after stock-based pay gives ~$53 per share in the base case, and ~$39–$73 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Macy's, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Dimensional Fund Advisors LP and Vanguard Portfolio Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Macy's, Inc. buying back stock, and does it pay a dividend?
Macy's, Inc. spent $205M on share repurchases over the trailing twelve months, and its diluted share count fell 2.4% over the year.
What is Macy's, Inc.'s market cap?
On November 2, 2026, Macy's, Inc.'s market capitalisation was about $6.7B, with a price-to-earnings ratio of 8.9 and net debt of $1.1B. Market figures come from third-party market data and may be delayed.
Does Macy's, Inc. pay a dividend?
Yes: Macy's, Inc. paid $198M in dividends over the trailing twelve months, a dividend yield of 3.09% and a payout ratio of 26.4%.
How much debt does Macy's, Inc. have?
Macy's, Inc.'s debt-to-equity ratio is 49.4%, from its latest balance sheet (91.0% five years earlier). The financial health section below sets out its other solvency checks.
Who are Macy's, Inc.'s competitors?
In our Broadline Retail peer group, the companies closest to Macy's, Inc. are Kohls Corp, Vipshop Holdings Ltd, Coupang, Inc., eBay Inc. and PDD Holdings Inc. The side-by-side comparison below sets their revenue, margins and growth against Macy's, Inc.'s.
Are insiders buying or selling Macy's, Inc. stock?
Over the last 12 months, Macy's, Inc.'s directors and officers reported 0 open-market purchases and 24 sales on Form 4. The insider trading page charts every trade.
When is Macy's, Inc.'s next earnings date?
Around December 2, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Macy's, Inc. announces its own schedule.