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Department stores · Consumer Cyclical · Fiscal year ends Feb 1
Macy's reported revenue of $21.8B in the fiscal year ended Jan 2026, down 2.4% from the year before. Operating income was $1B, an operating margin of 4.7%, and net income was $642M. Operating cash flow of $1.4B less capital expenditure of $373M left free cash flow of $1.1B. Net debt was $1.2B.
Ranks among the 3 department stores companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Jan 2022 | Jan 2023 | Feb 2024 | Feb 2025 | Jan 2026 |
|---|---|---|---|---|---|
| Revenue | 24,460 | 24,442 | 23,092 | 22,293 | 21,764 |
| Cost of revenue | 14,956 | 15,347 | 14,224 | 13,740 | 13,497 |
| Gross profit | 9,504 | 9,095 | 8,868 | 8,553 | 8,267 |
| Selling, general & admin | 8,154 | 8,461 | 8,375 | 8,330 | 8,240 |
| Operating income | 2,350 | 1,689 | 301 | 909 | 1,030 |
| Interest expense | 256 | 175 | 170 | 158 | 139 |
| Pre-tax income | 1,866 | 1,477 | 43.0 | 763 | 849 |
| Income tax | 436 | 331 | −2.0 | 181 | 207 |
| Net income | 1,430 | 1,146 | 45.0 | 582 | 642 |
| Diluted EPS | 4.55 | 4.08 | 0.16 | 2.07 | 2.32 |
| Diluted shares | 314 | 281 | 278 | 282 | 277 |
| Fiscal year | Jan 2022 | Jan 2023 | Feb 2024 | Feb 2025 | Jan 2026 |
|---|---|---|---|---|---|
| Cash & equivalents | 1,712 | 862 | 1,034 | 1,306 | 1,246 |
| Receivables | 297 | 300 | 293 | 303 | 628 |
| Inventory | 4,383 | 4,267 | 4,361 | 4,468 | 4,412 |
| Current assets | 6,758 | 5,853 | 6,089 | 6,479 | 6,673 |
| Net PP&E | 5,665 | 5,913 | 5,308 | 5,070 | 4,743 |
| Goodwill | 828 | 828 | 828 | 828 | 828 |
| Total assets | 17,590 | 16,866 | 16,246 | 16,402 | 16,238 |
| Payables | 2,222 | 2,053 | 1,913 | 1,893 | 1,807 |
| Deferred revenue | 481 | 399 | 384 | 353 | 349 |
| Current liabilities | 5,416 | 4,861 | 4,532 | 4,524 | 4,493 |
| Short-term debt | 0.0 | 0.0 | 0.0 | 6.0 | 0.0 |
| Long-term debt | 3,295 | 2,996 | 2,998 | 2,779 | 2,432 |
| Total liabilities | 13,980 | 12,826 | 12,211 | 11,850 | 11,378 |
| Shareholders' equity | 3,621 | 4,040 | 4,035 | 4,552 | 4,860 |
| Fiscal year | Jan 2022 | Jan 2023 | Feb 2024 | Feb 2025 | Jan 2026 |
|---|---|---|---|---|---|
| Operating cash flow | 2,712 | 1,615 | 1,305 | 1,278 | 1,430 |
| Capital expenditure | 354 | 888 | 631 | 518 | 373 |
| Free cash flow | 2,358 | 727 | 674 | 760 | 1,057 |
| Depreciation & amortisation | 874 | 857 | 897 | 881 | 894 |
| Stock-based compensation | 55.0 | 54.0 | 47.0 | 58.0 | 59.0 |
| Share buybacks | 500 | 601 | 38.0 | 1.0 | 250 |
| Dividends paid | 90.0 | 173 | 181 | 192 | 197 |
| Dividend per share | 0.30 | 0.63 | 0.66 | 0.69 | 0.73 |
| Fiscal year | Jan 2022 | Jan 2023 | Feb 2024 | Feb 2025 | Jan 2026 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −0.1% | −5.5% | −3.5% | −2.4% |
| Operating income growth (YoY) | – | −28.1% | −82.2% | 202.0% | 13.3% |
| EPS growth (YoY) | – | −10.3% | −96.1% | 1193.8% | 12.1% |
| Gross margin | 38.9% | 37.2% | 38.4% | 38.4% | 38.0% |
| Operating margin | 9.6% | 6.9% | 1.3% | 4.1% | 4.7% |
| Net margin | 5.8% | 4.7% | 0.2% | 2.6% | 2.9% |
| Return on equityBlank when equity is negative | 39.5% | 28.4% | 1.1% | 12.8% | 13.2% |
| ROCEEBIT ÷ (assets − current liabilities) | 19.3% | 14.1% | 2.6% | 7.7% | 8.8% |
| Free cash flow margin | 9.6% | 3.0% | 2.9% | 3.4% | 4.9% |
| Cash conversion (CFO ÷ net income) | 1.90x | 1.41x | 29.0x | 2.20x | 2.23x |
| Receivable days | 4 | 4 | 5 | 5 | 11 |
| Inventory days | 107 | 101 | 112 | 119 | 119 |
| Payable days | 54 | 49 | 49 | 50 | 49 |
| Interest cover | 9.18x | 9.65x | 1.77x | 5.75x | 7.41x |
| Debt ÷ equity | 0.91x | 0.74x | 0.74x | 0.61x | 0.50x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 1,583 | 2,134 | 1,964 | 1,479 | 1,186 |
| Current ratio | 1.25x | 1.20x | 1.34x | 1.43x | 1.49x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.