Macy’s (M) financial statements
Macy’s reported revenue of $21.8B in fiscal 2026, down 1.9% a year over 9 years.
Net income was $642M and the operating margin 4.7%, against 5.3% in 2017.
Free cash flow was $690M, and the company returned $197M in dividends and $250M in net buybacks.
The diluted share count fell 11% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Macy’s's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $25.9B | $24.9B | $25.0B | $24.6B | $17.3B | $24.5B | $24.4B | $23.1B | $22.3B | $21.8B |
| Cost of revenue | $15.7B | $15.2B | $15.2B | $15.2B | $12.3B | $15.0B | $15.3B | $14.2B | $13.7B | $13.5B |
| Gross profit | $10.2B | $9.7B | $9.8B | $9.4B | $5.1B | $9.5B | $9.1B | $8.9B | $8.6B | $8.3B |
| Selling, general and admin | $9.3B | $9.0B | $9.0B | $9.0B | $6.8B | $8.2B | $8.5B | $8.4B | $8.3B | $8.2B |
| Operating income | $1.4B | $1.9B | $1.7B | $970M | -$4.5B | $2.3B | $1.7B | $301M | $909M | $1.0B |
| Interest expense | $367M | $321M | $261M | $205M | $284M | $256M | $175M | $170M | $158M | $139M |
| Pre-tax income | $965M | $1.5B | $1.4B | $728M | -$4.8B | $1.9B | $1.5B | $43M | $763M | $849M |
| Income tax | $346M | -$39M | $322M | $164M | -$846M | $432M | $331M | -$2M | $181M | $207M |
| Net income | $627M | $1.6B | $1.1B | $564M | -$3.9B | $1.4B | $1.1B | $45M | $582M | $642M |
| EPS (diluted) | $2.02 | $5.10 | $3.56 | $1.81 | -$12.68 | $4.52 | $4.08 | $0.16 | $2.07 | $2.32 |
| Diluted shares | 311M | 307M | 311M | 311M | 311M | 314M | 281M | 278M | 282M | 276M |
| Gross margin | 39.2% | 38.8% | 39.1% | 38.2% | 29.2% | 38.8% | 37.2% | 38.4% | 38.4% | 38.0% |
| Operating margin | 5.3% | 7.5% | 7.0% | 3.9% | -25.8% | 9.5% | 6.9% | 1.3% | 4.1% | 4.7% |
| Net margin | 2.4% | 6.3% | 4.4% | 2.3% | -22.7% | 5.8% | 4.7% | 0.2% | 2.6% | 2.9% |
Balance sheet
Fiscal years, from Macy’s's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $1.3B | $1.5B | $1.2B | $685M | $1.7B | $1.7B | $862M | $1.0B | $1.3B | $1.2B |
| Receivables | $522M | $363M | $400M | $409M | $276M | $297M | $300M | $293M | $303M | — |
| Inventory | $5.4B | $5.2B | $5.3B | $5.2B | $3.8B | $4.4B | $4.3B | $4.4B | $4.5B | $4.4B |
| Total current assets | $7.6B | $7.6B | $7.4B | $6.8B | $6.2B | $6.8B | $5.9B | $6.1B | $6.5B | $6.7B |
| Property, plant and equipment | $7.0B | $6.7B | $6.6B | $6.6B | $5.9B | $5.7B | $5.9B | $5.3B | $5.1B | $4.7B |
| Goodwill | $3.9B | $3.9B | $3.9B | $3.9B | $828M | $828M | $828M | $828M | $828M | $828M |
| Total assets | $19.9B | $19.6B | $19.2B | $21.2B | $17.7B | $17.6B | $16.9B | $16.2B | $16.4B | $16.2B |
| Total current liabilities | $5.6B | $5.2B | $5.2B | $5.8B | $5.4B | $5.4B | $4.9B | $4.5B | $4.5B | $4.5B |
| Long-term debt | $6.6B | $5.9B | $4.7B | $3.6B | $4.4B | $3.3B | $3.0B | $3.0B | $2.8B | $2.4B |
| Total liabilities | $15.5B | $13.8B | $12.8B | $14.8B | $15.2B | $14.0B | $12.8B | $12.2B | $11.8B | $11.4B |
| Shareholders' equity | $4.3B | $5.7B | $6.4B | $6.4B | $2.6B | $3.6B | $4.0B | $4.0B | $4.6B | $4.9B |
| Net debt | $5.6B | $4.4B | $3.6B | $3.5B | $3.2B | $1.6B | $2.1B | $2.0B | $1.5B | $1.2B |
Cash flow
Fiscal years, from Macy’s's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.8B | $2.0B | $1.7B | $1.6B | $649M | $2.7B | $1.6B | $1.3B | $1.3B | $1.4B |
| Capital spending | $912M | $760M | $932M | $1.2B | $466M | $597M | $1.3B | $993M | $882M | $740M |
| Free cash flow | $889M | $1.2B | $803M | $451M | $183M | $2.1B | $320M | $312M | $396M | $690M |
| Stock-based compensation | $61M | $58M | $63M | $38M | $31M | $55M | $54M | $47M | $58M | $59M |
| Dividends paid | $459M | $461M | $463M | $466M | $117M | $90M | $173M | $181M | $192M | $197M |
| Share buybacks (net) | -$316M | -$1M | $0 | -$1M | -$1M | -$500M | -$601M | -$38M | -$1M | -$250M |
| Net borrowing | — | — | -$1.1B | -$567M | $741M | -$1.6B | -$289M | $0 | -$221M | -$344M |
| Free cash flow margin | 3.4% | 4.9% | 3.2% | 1.8% | 1.1% | 8.6% | 1.3% | 1.4% | 1.8% | 3.2% |
| Dividends per share | $1.48 | $1.50 | $1.49 | $1.50 | $0.38 | $0.29 | $0.62 | $0.65 | $0.68 | $0.71 |
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Open M in InvestinglyQuestions
What was Macy’s's revenue in 2026?
$21.8B in fiscal 2026, from its 10-K filing.
How much free cash flow does Macy’s generate?
$690M in fiscal 2026 (operating cash flow minus capital spending).
From Macy’s's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.