Macy's, Inc. M
Macy's, Inc. (the "Company", "we", "us" or "our") is a premier omnichannel retail organization that operates 665 stores, websites and mobile applications under three iconic brands: Macy's, Bloomingdale's and Bluemercury. The Company sells a wide range of merchandise, including apparel and accessories, cosmetics, home furnishings and other consumer goods and operates across a broad spectrum that spans from value-conscious, off-price shoppers to premium luxury consumers. Macy's, Inc. leverages its multi-brand, multi-category and multi-channel model to provide a high level of flexibility to read and react to shifting consumer demand and caters to an annual customer base of nearly 40 million active consumers.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $21.76B | $22.29B | $23.09B | $24.44B | $24.46B | $17.35B | $24.56B | $24.97B | $24.94B | $25.91B |
| Cost of revenue | $13.50B | $13.74B | $14.22B | $15.35B | $14.96B | $12.29B | $15.17B | $15.21B | $15.18B | $15.67B |
| Gross profit | $8.27B | $8.55B | $8.87B | $9.10B | $9.50B | $5.06B | $9.39B | $9.76B | $9.69B | $10.16B |
| SG&A | $8.24B | $8.33B | $8.38B | $8.46B | $8.15B | $6.77B | $9.00B | $9.04B | $8.95B | $9.26B |
| Operating income | $1.03B | $909.0M | $301.0M | $1.69B | $2.35B | -$4.47B | $970.0M | $1.74B | $1.86B | $1.37B |
| Interest expense | $139.0M | $158.0M | $170.0M | $175.0M | $256.0M | $284.0M | $205.0M | $261.0M | $321.0M | $367.0M |
| Pre-tax income | $849.0M | $763.0M | $43.0M | $1.48B | $1.87B | -$4.79B | $728.0M | $1.42B | $1.52B | $965.0M |
| Income tax | $207.0M | $181.0M | $2.0M | $331.0M | $436.0M | $846.0M | $164.0M | $322.0M | $39.0M | $346.0M |
| Net income | $642.0M | $582.0M | $45.0M | $1.15B | $1.43B | -$3.94B | $564.0M | $1.11B | $1.57B | $627.0M |
| EPS, basic | 2.37 | 2.10 | 0.16 | 4.17 | 4.66 | -12.68 | 1.82 | 3.60 | 5.13 | 2.03 |
| EPS, diluted | 2.32 | 2.07 | 0.16 | 4.08 | 4.55 | -12.68 | 1.81 | 3.56 | 5.10 | 2.02 |
| Shares, diluted (wtd. avg.) | $276.5M | $281.6M | $278.2M | $281.1M | $314.0M | $311.1M | $311.4M | $311.4M | $306.8M | $310.8M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $1.25B | $1.31B | $1.04B | $865.0M | $1.72B | $1.75B | $731.0M | $1.25B | $1.51B | $1.33B |
| Receivables | — | $303.0M | $293.0M | $300.0M | $297.0M | $276.0M | $409.0M | $400.0M | $363.0M | $522.0M |
| Inventory | $4.41B | $4.47B | $4.36B | $4.27B | $4.38B | $3.77B | $5.19B | $5.26B | $5.18B | $5.40B |
| Total current assets | $6.67B | $6.48B | $6.09B | $5.85B | $6.76B | $6.18B | $6.81B | $7.45B | $7.65B | $7.63B |
| Property, plant and equipment | $4.74B | $5.07B | $5.31B | $5.91B | $5.67B | $5.94B | $6.63B | $6.64B | $6.67B | $7.02B |
| Goodwill | $828.0M | $828.0M | $828.0M | $828.0M | $828.0M | $828.0M | $3.91B | $3.91B | $3.90B | $3.90B |
| Other intangibles | $420.0M | $425.0M | $430.0M | $432.0M | $435.0M | $437.0M | $439.0M | $478.0M | $488.0M | $498.0M |
| Total assets | $16.24B | $16.40B | $16.25B | $16.87B | $17.59B | $17.71B | $21.17B | $19.19B | $19.58B | $19.85B |
| Accounts payable | $1.81B | $1.89B | $1.91B | $2.05B | $2.22B | $1.98B | $1.68B | $1.66B | $1.59B | $1.42B |
| Short-term debt | $0 | $6.0M | $0 | — | $0 | $452.0M | $539.0M | $43.0M | $22.0M | $309.0M |
| Total current liabilities | $4.49B | $4.52B | $4.53B | $4.86B | $5.42B | $5.36B | $5.75B | $5.23B | $5.18B | $5.65B |
| Long-term debt | — | — | $3.00B | $3.00B | $3.29B | $4.32B | $3.70B | $4.41B | $5.75B | $6.44B |
| Retained earnings | $6.94B | $6.50B | $6.09B | $6.27B | $5.27B | $3.93B | $7.99B | $8.05B | $7.25B | $6.09B |
| Total equity | $4.86B | $4.55B | $4.04B | $4.04B | $3.61B | $2.55B | $6.38B | $6.44B | $5.73B | $4.38B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.43B | $1.28B | $1.30B | $1.61B | $2.71B | $649.0M | $1.61B | $1.74B | $1.98B | $1.80B |
| Depreciation and amortisation | $894.0M | $881.0M | $897.0M | $857.0M | $874.0M | $959.0M | $981.0M | $962.0M | $991.0M | $1.06B |
| Stock-based compensation | $59.0M | $58.0M | $47.0M | $54.0M | $55.0M | $31.0M | $38.0M | $63.0M | $58.0M | $61.0M |
| Capital expenditure | $373.0M | $518.0M | $631.0M | $888.0M | $354.0M | $338.0M | $902.0M | $657.0M | $487.0M | $596.0M |
| Investing cash flow | -$639.0M | -$592.0M | -$913.0M | -$1.17B | -$370.0M | -$325.0M | -$1.00B | -$456.0M | -$351.0M | -$243.0M |
| Financing cash flow | -$852.0M | -$413.0M | -$220.0M | -$1.30B | -$2.38B | $699.0M | -$1.12B | -$1.54B | -$1.45B | -$1.43B |
| Dividends paid | $197.0M | $192.0M | $181.0M | $173.0M | $90.0M | $117.0M | $466.0M | $463.0M | $461.0M | $459.0M |
| Buybacks | $250.0M | $1.0M | $38.0M | $601.0M | $500.0M | $1.0M | $1.0M | $0 | $1.0M | $316.0M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001628280-26-021721.
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