M Financials Macy'S, Inc.

15 years of revenue, profit, cash flow and balance-sheet history through FY2026, from SEC filings — with a computed, factual read of the trend. Updated 6 d ago Overview →

Growth & profitability

Revenue has grown 4.6% per year over the past 5 years.
Operating margin has expanded, at 4.7% in the latest year.
Free cash flow has grown 27.7% per year over the past 5 years.

Financial health

Total debt ($2.4B) exceeds cash ($1.2B); net debt is $1.2B.
Total debt has grown slower than revenue (-12.6% vs 4.6% per year).
Operating income covered interest expense 7.4× in the latest year, up from -15.8× 5 years ago.
Total debt is 1.3× EBITDA.

Shareholder returns

Dividends have been paid for 15 consecutive years, consuming 30.7% of earnings and 18.6% of free cash flow.
The dividend has grown 11.0% per year over the past 5 years.

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Return on equity & assets (ROE / ROA)

ROEROA

Free cash flow (CFO − capex)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key annual figures

FY	Revenue	Net income	Gross M	Op M	ROE	ROA	FCF	Total debt	Cash
2026	$21.8B	$642M	38.0%	4.7%	13.2%	4.0%	$1.1B	$2.4B	$1.2B
2025	$22.3B	$582M	38.4%	4.1%	12.8%	3.5%	$760M	$2.8B	$1.3B
2024	$23.1B	$45M	38.4%	1.3%	1.1%	0.3%	$674M	$3.0B	$1.0B
2023	$24.4B	$1.1B	37.2%	6.9%	28.4%	6.8%	$727M	$3.0B	$862M
2022	$24.5B	$1.4B	38.8%	9.5%	39.2%	8.1%	$2.4B	$3.3B	$1.7B
2021	$17.3B	-$3.9B	29.2%	-25.8%	-154.5%	-22.3%	$311M	$4.8B	$1.7B
2020	$24.6B	$564M	38.2%	3.9%	8.8%	2.7%	$706M	$4.2B	$685M
2019	$25.0B	$1.1B	39.1%	7.0%	17.2%	5.8%	$1.1B	$4.4B	$1.2B
2018	$24.9B	$1.6B	38.8%	7.5%	27.3%	8.0%	$1.5B	$5.8B	$1.5B
2017	$25.9B	$627M	39.2%	5.3%	14.5%	3.2%	$1.2B	$6.4B	$1.3B
2016	—	$1.1B	—	—	25.2%	5.2%	$1.2B	$6.8B	$1.1B
2015	—	$1.5B	—	—	28.4%	7.2%	$1.9B	$8.2B	$2.2B
2014	—	$1.5B	—	—	23.8%	6.9%	$1.9B	$7.2B	$2.3B
2013	—	$1.3B	—	—	22.1%	6.4%	$1.5B	—	$1.8B
2012	—	$1.3B	—	—	21.2%	5.7%	$1.6B	—	$2.8B

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Return on equity & assets (ROE / ROA)

ROEROA

Free cash flow (CFO − capex, quarterly)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key quarterly figures

Quarter	Revenue	Net income	Gross M	Op M	ROE	ROA	FCF	Total debt	Cash
Aug '26	$4.9B	$169M	41.5%	5.0%	3.4%	1.1%	$229M	$2.4B	$1.3B
May '26	$4.7B	$63M	38.9%	2.4%	1.3%	0.4%	$204M	$2.4B	$1.3B
Jan '26	$7.6B	$507M	35.2%	9.8%	10.4%	3.1%	$1.1B	$2.4B	$1.2B
Nov '25	$4.7B	$11M	39.4%	0.9%	0.3%	0.1%	-$101M	$2.4B	$447M
Aug '25	$4.8B	$87M	39.7%	3.1%	2.0%	0.6%	$240M	$2.6B	$829M
May '25	$4.6B	$38M	39.2%	2.0%	0.9%	0.2%	-$164M	$2.8B	$932M
Feb '25	$7.8B	$342M	35.7%	6.4%	7.5%	2.1%	$1.2B	$2.8B	$1.3B
Nov '24	$4.7B	$28M	39.6%	1.3%	0.7%	0.2%	-$295M	$2.8B	$315M
Aug '24	$4.9B	$150M	40.5%	4.5%	3.6%	0.9%	-$109M	$3.0B	$646M
May '24	$4.8B	$62M	39.2%	2.6%	1.5%	0.4%	-$25M	$3.0B	$876M
Feb '24	$8.1B	-$128M	36.5%	-1.8%	-3.2%	-0.8%	$1.0B	$3.0B	$1.0B
Oct '23	$4.9B	$41M	40.2%	1.7%	1.0%	0.2%	-$208M	$3.0B	$364M
Jul '23	$5.1B	-$19M	38.2%	2.5%	-0.5%	-0.1%	-$9M	$3.0B	$438M
Apr '23	$5.0B	$155M	40.0%	4.9%	3.8%	0.9%	-$110M	$3.0B	$603M
Jan '23	$8.3B	$509M	34.1%	8.2%	12.6%	3.0%	$894M	$3.0B	$862M
Oct '22	$5.2B	$108M	38.7%	3.7%	3.1%	0.6%	-$92M	$3.0B	$326M
Jul '22	$5.6B	$275M	38.9%	7.1%	7.8%	1.7%	-$152M	$3.0B	$300M
Apr '22	$5.3B	$286M	39.6%	8.7%	8.7%	1.7%	$77M	$3.0B	$672M
Jan '22	$8.7B	$743M	36.5%	11.7%	20.5%	4.2%	$1.7B	$3.3B	$1.7B
Oct '21	$5.4B	$239M	41.0%	9.6%	7.9%	1.3%	-$212M	$3.4B	$316M

Valuation over time

How the market has priced M against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.

The price-to-earnings ratio has risen from 4.0× (Mar '23) to 9.1× (Sep '26).
The price-to-sales ratio has risen from 0.2× (Mar '23) to 0.3× (Sep '26).
The dividend yield has fallen from 3.8% (Mar '23) to 3.4% (Sep '26).

Price / earnings (P/E)

P/E

Price / sales (P/S)

P/S

Dividend yield (%)

Dividend yield %

Frequently asked questions

Is M growing its revenue and profit?

Over the past 5 years, Macy'S, Inc.'s revenue has grown 4.6% per year. These are computed facts, not advice.

How much debt does M have?

As of FY2026, Macy'S, Inc. reported $2.4B of total debt against $1.2B of cash; operating income covered interest expense 7.4×.

What is M's profit margin?

In FY2026, gross margin was 38.0%, operating margin 4.7%, and net margin 2.9%.

What is M's P/E ratio?

As of Sep '26, Macy'S, Inc. traded at a price-to-earnings ratio of about 9.1× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S and dividend yield have moved with the share price. These are computed facts, not advice.

Where does this data come from?

All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.

Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.