Saturday 17 October 2026
Export M’s income statement to Excel — free account
Macy's, Inc.
M Consumer Cyclical Department Stores
Macy's, Inc.’s revenue for fiscal 2026 (year ended January 2026) was $22.6 billion, down 1.67% from fiscal 2025. In the quarter to July 2026, revenue grew 1.20%, EPS grew 100.0%, free cash flow fell 17.4% and total debt fell 7.35%, each against the same quarter a year earlier. Dividend growth for five consecutive years.
24.00
0.22
−0.91%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to January
| Group | Line | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Trend | 2027e | 2028e | 2029e |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Price, $ | |||||||||||||||
| Price, $ | Low | 17.41 | 22.47 | 14.11 | 4.38 | 11.07 | 15.10 | 10.54 | 14.06 | 9.76 | 16.69 |
Analyst estimates 2027–2029 Powerpack |
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| High | 36.40 | 41.99 | 31.99 | 18.57 | 37.95 | 28.52 | 25.12 | 22.10 | 24.41 | 26.59 | |||||
| People | |||||||||||||||
| People | Employees | 148,300 | 130,000 | 130,000 | 123,000 | 75,711 | 88,857 | 94,570 | 85,581 | 94,189 | 90,134 | ||||
| Revenue/emp, $m | 0.18 | 0.20 | 0.20 | 0.21 | 0.24 | 0.29 | 0.27 | 0.28 | 0.24 | 0.25 | |||||
| Income, $m | |||||||||||||||
| Income, $m | Revenue | 26,564 | 25,641 | 25,739 | 25,331 | 18,097 | 25,399 | 25,449 | 23,866 | 23,006 | 22,621 | ||||
| Gross margin, % | 41.03 | 40.79 | 40.89 | 40.11 | 32.11 | 41.12 | 39.70 | 40.40 | 40.28 | 40.33 | |||||
| EBT | 965 | 1,516 | 1,420 | 728 | (4,790) | 1,866 | 1,477 | 43 | 763 | 849 | |||||
| EBT margin, % | 3.63 | 5.91 | 5.52 | 2.87 | (26.47) | 7.35 | 5.80 | 0.18 | 3.32 | 3.75 | |||||
| Net income | 619 | 1,555 | 1,098 | 564 | (3,944) | 1,430 | 1,146 | 45 | 582 | 642 | |||||
| Depreciation | 1,044 | 946 | 947 | 985 | 977 | 944 | 868 | 907 | 892 | 902 | |||||
| Per share, $ | |||||||||||||||
| Per share, $ | Revenue | 86.11 | 83.96 | 83.65 | 81.79 | 58.17 | 82.79 | 92.64 | 87.04 | 82.84 | 83.60 | ||||
| Earnings | 2.01 | 5.07 | 3.60 | 1.82 | (12.68) | 4.66 | 4.28 | 0.16 | 2.10 | 2.37 | |||||
| Cash flow | 5.84 | 6.47 | 5.64 | 5.19 | 2.09 | 8.84 | 5.88 | 4.76 | 4.60 | 5.28 | |||||
| Capex | (0.77) | (1.14) | (1.49) | (3.14) | (1.13) | (1.41) | (4.22) | (3.31) | (2.16) | (2.34) | |||||
| Free cash flow | 5.06 | 5.33 | 4.15 | 2.05 | 0.95 | 7.43 | 1.66 | 1.45 | 2.45 | 2.95 | |||||
| Book value | 14.01 | 18.77 | 20.92 | 20.59 | 8.21 | 11.80 | 14.86 | 14.72 | 16.39 | 17.96 | |||||
| Shares, m | 309 | 305 | 308 | 310 | 311 | 307 | 275 | 274 | 278 | 271 | |||||
| Valuation, × | |||||||||||||||
| Valuation, × | P/E | 14.70 | 5.12 | 7.33 | 8.73 | 0.00 | 5.44 | 5.51 | 102.93 | 7.45 | 8.79 | ||||
| P/S | 0.34 | 0.31 | 0.31 | 0.20 | 0.25 | 0.31 | 0.26 | 0.21 | 0.19 | 0.25 | |||||
| P/B | 2.11 | 1.38 | 1.26 | 0.77 | 1.79 | 2.17 | 1.59 | 1.24 | 0.95 | 1.18 | |||||
| EV/Sales | 0.55 | 0.48 | 0.45 | 0.33 | 0.43 | 0.38 | 0.35 | 0.30 | 0.25 | 0.31 | |||||
| EV/FCF | 9.40 | 7.59 | 9.15 | 13.23 | 26.20 | 4.29 | 19.61 | 17.94 | 8.54 | 8.93 | |||||
| Cash, $m | |||||||||||||||
| Cash, $m | Operating cash flow | 1,801 | 1,976 | 1,735 | 1,608 | 649 | 2,712 | 1,615 | 1,305 | 1,278 | 1,430 | ||||
| Capex | (239) | (349) | (458) | (972) | (353) | (433) | (1,158) | (907) | (599) | (633) | |||||
| Free cash flow | 1,562 | 1,627 | 1,277 | 636 | 296 | 2,279 | 457 | 398 | 679 | 797 | |||||
| Balance, $m | |||||||||||||||
| Balance, $m | Working capital | 1,979 | 2,467 | 2,213 | 1,060 | 827 | 1,342 | 992 | 1,557 | 1,955 | 2,180 | ||||
| Total debt | 6,871 | 5,883 | 4,751 | 4,160 | 4,859 | 3,625 | 3,331 | 2,998 | 2,779 | 2,432 | |||||
| Net debt | 5,574 | 4,428 | 3,589 | 3,475 | 3,180 | 1,913 | 2,469 | 1,964 | 1,473 | 1,186 | |||||
| Shareholders’ equity | 4,322 | 5,733 | 6,436 | 6,377 | 2,553 | 3,621 | 4,082 | 4,035 | 4,552 | 4,860 | |||||
| Returns, % | |||||||||||||||
| Returns, % | ROA | 3.10 | 7.94 | 5.71 | 2.79 | (20.29) | 8.10 | 6.65 | 0.27 | 3.57 | 3.93 | ||||
| ROIC | 8.66 | 11.47 | 10.84 | 6.15 | (48.79) | 26.54 | 16.11 | 3.14 | 9.43 | 10.65 | |||||
| ROE | 14.62 | 31.15 | 18.21 | 8.80 | (88.33) | 46.32 | 29.75 | 1.11 | 13.56 | 13.64 | |||||
Negative figures in brackets.
Fiscal years to Jan 2026 · latest quarter Jul 2026
Charts ten years each
Macy's, Inc. vs peers in Department Stores (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| DDS Dillard's, Inc. | $8.0B | 15.2× | 15.3× | −0.36% (below 0%: shrinking) | +34.12% (above 0%: growing) | −190.01% (below 0%: shrinking) | 40.58% | 8.45% | Compare |
| M Macy's, Inc. | $6.3B | 8.5× | 10.4× | +1.20% (above 0%: growing) | +100.00% (above 0%: growing) | −17.37% (below 0%: shrinking) | 43.70% | 4.82% | |
| KSS Kohl's Corporation | $2.5B | 9.0× | 10.4× | −0.87% (below 0%: shrinking) | −2.19% (below 0%: shrinking) | −7.02% (below 0%: shrinking) | 46.15% | 7.43% | Compare |
| PLBL Polibeli Group Ltd. | $2.0B | — | — | — | — | — | — | — | Compare |
| EXTOY Almacenes Exito S.A. Sponsored ADR | $585.7M | 6.7× | — | +52.61% (above 0%: growing) | +22.73% (above 0%: growing) | +71.99% (above 0%: growing) | 25.60% | 6.59% | Compare |
| CBDBY Companhia Brasileira de Distribuicao | $218.1M | — (loss-making) | — | +0.52% (above 0%: growing) | n/m | −52.68% (below 0%: shrinking) | 30.15% | 3.84% | Compare |
| Median of peers | $2.0B | 9.0× | — | +0.08% | +22.73% | −29.85% | 35.37% | 7.01% |
Macy's, Inc. (M) key facts
- Concern: Macy's, Inc.’s revenue for fiscal 2026 (year ended January 2026) was $22.6 billion, down 1.67% from fiscal 2025.
- Macy's, Inc. (M) is a Department Stores company in the Consumer Cyclical sector, listed on the New York Stock Exchange.
- As of October 16, 2026, M traded at $24.00, a market capitalization of $6.3 billion.
- Macy's, Inc. pays an annual dividend of $0.76 per share, a yield of 3.15%, with a payout ratio of 27.7%.
- Return on equity was 13.6% and debt-to-equity 0.49.
- Its Piotroski F-score is 8 out of 9 and its Altman Z-score is 2.65 (grey zone) for fiscal 2026.