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Macy's, Inc.

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Macy's, Inc. • NYSE
$22.36 ▼ -0.31% (-0.07)
Market Cap $6.00 B
52w High $22.93
52w Low $9.76
Dividend Yield 0.72%
P/E 12.7
Volume 3.03M
Outstanding Shares 268.55M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q2-2025 $4.999B ▲ $1.944B ▲ $87M ▲ 1.74% ▲ $0.32 ▲ $358M ▲
Q1-2025 $4.793B ▼ $1.904B ▼ $38M ▼ 0.793% ▼ $0.14 ▼ $314M ▼
Q4-2024 $8.007B ▲ $2.517B ▲ $342M ▲ 4.271% ▲ $1.23 ▲ $681M ▲
Q3-2024 $4.903B ▼ $1.975B ▲ $28M ▼ 0.571% ▼ $0.1 ▼ $295M ▼
Q2-2024 $5.096B $1.936B $150M 2.943% $0.54 $439M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2025 $829M ▼ $15.551B ▼ $11.1B ▼ $4.451B
Q1-2025 $932M ▼ $16.089B ▼ $11.638B ▼ $4.451B ▼
Q4-2024 $1.306B ▲ $16.402B ▼ $11.85B ▼ $4.552B ▲
Q3-2024 $315M ▼ $17.293B ▲ $13.146B ▲ $4.147B ▼
Q2-2024 $646M $15.833B $11.53B $4.303B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $-4.448B ▼ $319M ▲ $-129M ▲ $-293M ▼ $-103M ▲ $240M ▲
Q1-2025 $38M ▼ $-64M ▼ $-133M ▲ $-178M ▲ $-375M ▼ $-241M ▼
Q4-2024 $342M ▲ $1.308B ▲ $-137M ▼ $-179M ▼ $992M ▲ $1.189B ▲
Q3-2024 $28M ▼ $-167M ▼ $-82M ▲ $-82M $-331M ▼ $-384M ▼
Q2-2024 $150M $8M $-156M $-82M $-230M $-195M

Revenue by Products

Product Q2-2024Q3-2024Q4-2024Q2-2025
Credit Card Revenues Net
Credit Card Revenues Net
 $130.00M ▲$120.00M ▼$170.00M ▲$150.00M ▼
Home Other
Home Other
 $770.00M ▲$660.00M ▼$1.30Bn ▲$740.00M ▼
Macys Media Network Revenue Net
Macys Media Network Revenue Net
 $30.00M ▲$40.00M ▲$60.00M ▲$30.00M ▼
Mens And Kids
Mens And Kids
 $1.06Bn ▲$1.03Bn ▼$1.68Bn ▲$1.03Bn ▼
Womens Accessories Shoes Cosmetics and Fragrances
Womens Accessories Shoes Cosmetics and Fragrances
 $1.99Bn ▲$1.97Bn ▼$3.30Bn ▲$1.95Bn ▼
Womens Apparel
Womens Apparel
 $1.12Bn ▲$1.08Bn ▼$1.48Bn ▲$1.09Bn ▼

Five-Year Company Overview

Income Statement

Income Statement Macy’s has moved from deep losses during the pandemic to consistent, but modest, profitability in recent years. Sales have drifted down from their post‑pandemic peak, suggesting pressure on store traffic and pricing power. Profit margins are clearly weaker than they were a few years ago, with operating and net income both stepping down from earlier highs. The latest year shows an improvement from the very soft results of the prior year, but earnings still sit below the stronger rebound period immediately following the pandemic. Overall, the income statement reflects a mature retailer facing slow top‑line trends, tighter margins, and a need to keep costs very disciplined to maintain profitability.

Balance Sheet

Balance Sheet The balance sheet looks more resilient than it did during the pandemic. Total assets have been fairly stable, while debt levels have trended down from their past peak, easing financial risk. Equity has been rebuilt and is meaningfully higher than it was several years ago, giving the company a thicker capital cushion. Cash on hand moves around year to year but has generally remained at a reasonable level relative to the business. In short, Macy’s has used the recovery period to strengthen its financial foundation, though it still carries notable debt typical of a large legacy retailer.

Cash Flow

Cash Flow Macy’s is consistently generating cash from its operations, which is a key positive. However, operating cash flow is lower than in the immediate rebound years after the pandemic, indicating that the cash engine, while solid, is not running at peak power. Free cash flow has stayed positive but has been quite up and down, especially in years when investment spending was elevated. Recent capital spending has reflected heavier investment in stores, technology, and infrastructure, which temporarily squeezed free cash flow but supports the strategic transformation. Overall, the business is self‑funding, but the cash cushion can thin out when performance softens or investment needs rise.

Competitive Edge

Competitive Edge Macy’s competes in one of the toughest parts of retail: mid‑market department stores, squeezed by online giants, off‑price chains, specialty brands, and direct‑to‑consumer players. Its strengths include a nationally recognized brand, a large loyalty program, and a broad omnichannel network that lets customers shop across stores, web, and mobile with flexible pickup and returns. The company also benefits from owning powerful banners like Bloomingdale’s and Bluemercury, which give it exposure to more resilient luxury and beauty categories. The flip side is that the traditional department store format continues to face structural headwinds, and Macy’s must constantly refresh its assortment, store experience, and digital offering just to hold share. The moat is real but not unshakeable, and ongoing execution will determine how durable it proves.

Innovation and R&D

Innovation and R&D Macy’s is leaning heavily on innovation in how it operates rather than on classic product R&D. Its strategy centers on becoming a truly omnichannel, tech‑enabled retailer. Key initiatives include a much stronger e‑commerce platform, use of data and AI to personalize marketing and improve inventory decisions, and a modernized, more automated supply chain with new fulfillment capabilities. The company is also betting on new store formats—smaller, off‑mall locations and enhanced luxury concepts—alongside a major push into refreshed private brands that are exclusive to Macy’s. Additionally, the development of a retail media network aims to turn its digital traffic and customer data into an advertising business. These efforts could gradually improve productivity, customer loyalty, and profitability, but they require sustained investment and strong execution, and their full impact will likely play out over several years.

Summary

Macy’s today looks like a retailer in mid‑transformation: financially steadier than during the pandemic shock, but still facing slow growth and margin pressure in a structurally challenged segment of retail. The income statement shows modest, uneven profitability; the balance sheet has been strengthened, with lower debt and higher equity; and cash generation, while positive, can be volatile when the company invests heavily or when demand softens. Competitively, Macy’s leans on its brand, loyalty program, and national footprint, but must continually defend its ground against online and off‑price rivals. Its “Bold New Chapter” strategy—focused on digital, supply chain modernization, smaller formats, luxury growth, and proprietary brands—offers clear avenues for improvement but also introduces execution risk. The next few years will reveal whether these initiatives can convert a stable but pressured legacy retailer into a more agile, higher‑quality business.

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