Revenue growth has stabilized at 1.2% YoY in the latest quarter, while operating margin expanded to 5.0% from 3.1% a year ago, suggesting early-stage leverage from restructuring efforts.
Macy's, Inc. (M) annual income statement — 30-year revenue, gross profit & net income history
| Metric | TTM | Jan'26 | Feb'25 | Jan'24 | Jan'23 | Jan'22 | Jan'21 | Jan'20 | Jan'19 | Jan'18 | Jan'17 | Jan'16 | Jan'15 | Jan'14 | Jan'13 | Jan'12 | Jan'11 | Jan'10 | Jan'09 | Jan'08 | Jan'07 | Jan'06 | Jan'05 | Jan'04 | Jan'03 | Jan'02 | Jan'01 | Jan'00 | Jan'99 | Jan'98 | Jan'97 |
|---|
| Sales/Revenue | 22.78B | 22.62B | 23.01B | 23.87B | 25.45B | 25.4B | 18.1B | 25.33B | 25.74B | 25.64B | 26.56B | 27.08B | 28.11B | 27.93B | 27.69B | 26.41B | 25B | 23.49B | 24.89B | 26.31B | 26.97B | 22.39B | 15.78B | 15.26B | 15.44B | 15.65B | 16.64B | 16.03B | 15.37B | 15.22B | 15.23B |
| Revenue Growth % | -11.73% | -1.67% | -3.6% | -6.22% | 0.2% | 40.35% | -28.56% | -1.59% | 0.38% | -3.47% | -1.9% | -3.65% | 0.62% | 0.88% | 4.85% | 5.61% | 6.45% | -5.64% | -5.4% | -2.44% | 20.46% | 41.92% | 3.35% | -1.11% | -1.38% | -5.93% | 3.8% | 4.32% | 0.95% | -0.06% | 1.2% |
| Cost of Goods Sold | 14.57B | 14.35B | 13.74B | 14.22B | 15.35B | 14.96B | 12.29B | 15.17B | 15.21B | 15.18B | 15.67B | 16.5B | 16.86B | 16.73B | 16.54B | 15.74B | 14.82B | 13.97B | 15.01B | 15.68B | 16.2B | 13.3B | 9.38B | 9.1B | 9.26B | 9.53B | 9.96B | 9.58B | 8.59B | 8.59B | 8.79B |
| COGS % of Revenue | - | 63.45% | 59.72% | 59.6% | 60.3% | 58.88% | 67.89% | 59.89% | 59.11% | 59.21% | 58.97% | 60.92% | 60% | 59.88% | 59.73% | 59.6% | 59.29% | 59.49% | 60.3% | 59.58% | 60.06% | 59.39% | 59.47% | 59.61% | 59.96% | 60.9% | 59.83% | 59.74% | 55.89% | 56.44% | 57.75% |
| Gross Profit | 8.21B | 8.27B | 9.27B | 9.64B | 10.1B | 10.44B | 5.81B | 10.16B | 10.52B | 10.46B | 10.9B | 10.58B | 11.24B | 11.21B | 11.15B | 10.67B | 10.18B | 9.52B | 9.88B | 10.64B | 10.77B | 9.09B | 6.39B | 6.17B | 6.18B | 6.12B | 6.68B | 6.45B | 6.78B | 6.63B | 6.43B |
| Gross Margin % | 36.03% | 36.55% | 40.28% | 40.4% | 39.7% | 41.12% | 32.11% | 40.11% | 40.89% | 40.79% | 41.03% | 39.08% | 40% | 40.12% | 40.27% | 40.4% | 40.71% | 40.51% | 39.7% | 40.42% | 39.94% | 40.61% | 40.53% | 40.39% | 40.04% | 39.1% | 40.17% | 40.26% | 44.11% | 43.56% | 42.25% |
| Gross Profit Growth % | - | -10.78% | -3.9% | -4.55% | -3.27% | 79.71% | -42.81% | -3.46% | 0.61% | -4.02% | 2.98% | -5.86% | 0.32% | 0.52% | 4.51% | 4.79% | 6.97% | -3.71% | -7.08% | -1.27% | 18.48% | 42.21% | 3.71% | -0.24% | 0.98% | -8.42% | 3.56% | -4.79% | 2.23% | 3.03% | 2.95% |
| Operating Expenses | 7.09B | 7.24B | 8.36B | 9.34B | 8.41B | 8.09B | 10.29B | 9.19B | 8.79B | 8.6B | 9.53B | 8.54B | 8.44B | 8.53B | 8.49B | 8.26B | 8.29B | 8.45B | 14.26B | 8.77B | 8.94B | 6.67B | 4.99B | 4.82B | 4.84B | 5.02B | 4.99B | 4.76B | 5.32B | 5.29B | 5.54B |
| OpEx % of Revenue | - | 31.99% | 36.33% | 39.14% | 33.06% | 31.86% | 56.84% | 36.28% | 34.13% | 33.52% | 35.86% | 31.55% | 30.04% | 30.53% | 30.65% | 31.27% | 33.14% | 35.99% | 57.29% | 33.34% | 33.14% | 29.79% | 31.66% | 31.6% | 31.34% | 32.05% | 30% | 29.7% | 34.64% | 34.75% | 36.39% |
| Selling, General & Admin | 1.15T | 8.24B | 8.33B | 8.38B | 8.46B | 8.15B | 6.85B | 9.06B | 9.13B | 9.06B | 9.36B | 8.47B | 8.36B | 8.44B | 8.48B | 8.28B | 8.26B | 8.06B | 8.48B | 8.55B | 8.68B | 6.98B | 4.99B | 4.82B | 4.84B | 4.8B | 4.91B | 4.76B | 4.69B | 4.68B | 4.98B |
| SG&A % of Revenue | - | 36.43% | 36.21% | 35.09% | 33.25% | 32.1% | 37.86% | 35.75% | 35.46% | 35.33% | 35.22% | 31.27% | 29.73% | 30.22% | 30.64% | 31.36% | 33.04% | 34.32% | 34.07% | 32.51% | 32.18% | 31.17% | 31.66% | 31.6% | 31.34% | 30.68% | 29.52% | 29.7% | 30.54% | 30.74% | 32.71% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | -4M | -1B | 27M | 966M | -48M | -61M | 3.44B | 134M | -341M | -463M | 172M | 76M | 87M | 88M | 5M | -25M | 25M | 391M | 5.78B | 219M | 259M | -311M | 0 | 0 | 0 | 215M | 80M | 0 | 631M | 610M | 560M |
| Operating Income | 1.11B | 1.03B | 909M | 301M | 1.69B | 2.35B | -4.47B | 970M | 1.74B | 1.86B | 1.37B | 2.04B | 2.8B | 2.68B | 2.66B | 2.41B | 1.89B | 1.06B | -4.38B | 1.86B | 1.84B | 2.42B | 1.4B | 1.34B | 1.34B | 1.1B | 1.69B | 1.69B | 1.46B | 1.34B | 893M |
| Operating Margin % | 4.88% | 4.55% | 3.95% | 1.26% | 6.64% | 9.25% | -24.73% | 3.83% | 6.75% | 7.27% | 5.16% | 7.53% | 9.96% | 9.59% | 9.61% | 9.13% | 7.58% | 4.53% | -17.59% | 7.08% | 6.81% | 10.83% | 8.87% | 8.79% | 8.7% | 7.05% | 10.16% | 10.56% | 9.47% | 8.81% | 5.86% |
| Operating Income Growth % | - | 13.31% | 201.99% | -82.18% | -28.13% | 152.51% | -561.34% | -44.19% | -6.76% | 35.96% | -32.76% | -27.18% | 4.56% | 0.64% | 10.37% | 27.3% | 78.17% | 124.28% | -335% | 1.47% | -24.26% | 73.14% | 4.4% | -0.15% | 21.65% | -34.71% | -0.12% | 16.36% | 8.5% | 50.17% | -9.1% |
| EBITDA | 1.99B | 1.92B | 1.79B | 1.2B | 2.55B | 3.22B | -3.52B | 1.95B | 2.7B | 2.85B | 2.43B | 3.1B | 3.84B | 3.7B | 3.71B | 3.5B | 3.04B | 2.27B | -3.1B | 3.14B | 3.05B | 3.38B | 2.14B | 2.05B | 2.03B | 1.8B | 2.35B | 2.36B | 2.09B | 1.95B | 1.45B |
| EBITDA Margin % | 8.71% | 8.51% | 7.78% | 5.02% | 10% | 12.69% | -19.43% | 7.7% | 10.49% | 11.13% | 9.14% | 11.45% | 13.65% | 13.24% | 13.4% | 13.24% | 12.17% | 9.68% | -12.45% | 11.92% | 11.32% | 15.1% | 13.56% | 13.46% | 13.14% | 11.5% | 14.11% | 14.75% | 13.58% | 12.82% | 9.54% |
| EBITDA Growth % | -6.89% | 7.49% | 49.42% | -52.95% | -21.03% | 191.7% | -280.22% | -27.74% | -5.43% | 17.54% | -21.65% | -19.19% | 3.73% | -0.32% | 6.12% | 14.85% | 33.92% | 173.32% | -198.85% | 2.75% | -9.7% | 57.94% | 4.19% | 1.28% | 12.67% | -23.34% | -0.68% | 13.33% | 6.92% | 34.27% | -3.28% |
| D&A (Non-Cash Add-back) | 873M | 894M | 881M | 897M | 857M | 874M | 959M | 981M | 962M | 991M | 1.06B | 1.06B | 1.04B | 1.02B | 1.05B | 1.08B | 1.15B | 1.21B | 1.28B | 1.27B | 1.22B | 956M | 740M | 713M | 685M | 696M | 657M | 671M | 631M | 610M | 560M |
| EBIT | 1.16B | 946M | 878M | 178M | 1.64B | 2.13B | -4.5B | 938M | 1.69B | 1.85B | 1.35B | 2.06B | 2.8B | 2.69B | 2.55B | 2.44B | 1.86B | 1.1B | -4.35B | 2.08B | 2.29B | 2.59B | 1.4B | 1.34B | 1.34B | 1.27B | 1.77B | 1.69B | 1.46B | 1.34B | 893M |
| Net Interest Income | -93M | -97M | -115M | -135M | -162M | -256M | -285M | -185M | -236M | -310M | -363M | -361M | -393M | -388M | -422M | -443M | -508M | -556M | -560M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 3M | 4M | 25M | 32M | 20M | 26M | 23M | 14M | 17M | 22M | 27M | 36M | 39M | 28M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 93M | 97M | 115M | 135M | 162M | 259M | 289M | 210M | 268M | 330M | 389M | 384M | 407M | 405M | 444M | 470M | 544M | 595M | 588M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -126M | -181M | -146M | -258M | -212M | -484M | -315M | -242M | -318M | -348M | -406M | -361M | -410M | -388M | -559M | -443M | -574M | -556M | -560M | -543M | -390M | -380M | -284M | -257M | -295M | -324M | -321M | -307M | -292M | -383M | -452M |
| Pretax Income | 986M | 849M | 763M | 43M | 1.48B | 1.87B | -4.79B | 728M | 1.42B | 1.52B | 965M | 1.68B | 2.39B | 2.29B | 2.1B | 1.97B | 1.32B | 507M | -4.94B | 1.32B | 1.45B | 2.04B | 1.12B | 1.08B | 1.05B | 780M | 1.37B | 1.39B | 1.16B | 958M | 441M |
| Pretax Margin % | 4.33% | 3.75% | 3.32% | 0.18% | 5.8% | 7.35% | -26.47% | 2.87% | 5.52% | 5.91% | 3.63% | 6.2% | 8.5% | 8.2% | 7.59% | 7.45% | 5.28% | 2.16% | -19.84% | 5.02% | 5.36% | 9.13% | 7.07% | 7.1% | 6.79% | 4.98% | 8.23% | 8.65% | 7.57% | 6.29% | 2.9% |
| Income Tax | 237M | 207M | 181M | -2M | 331M | 436M | -846M | 164M | 322M | -39M | 346M | 608M | 864M | 804M | 767M | 712M | 473M | 178M | -135M | 411M | 458M | 671M | 427M | 391M | 410M | 262M | 549M | 561M | 478M | 383M | 175M |
| Effective Tax Rate % | 24.04% | 24.38% | 23.72% | -4.65% | 22.41% | 23.37% | 17.66% | 22.53% | 22.68% | -2.57% | 35.85% | 36.23% | 36.15% | 35.11% | 36.49% | 36.18% | 35.83% | 35.11% | 2.73% | 31.14% | 31.67% | 32.83% | 38.26% | 36.07% | 39.12% | 33.59% | 40.07% | 40.48% | 41.1% | 39.98% | 39.68% |
| Net Income | 749M | 642M | 582M | 45M | 1.15B | 1.43B | -3.94B | 564M | 1.11B | 1.57B | 627M | 1.07B | 1.53B | 1.49B | 1.33B | 1.26B | 847M | 329M | -4.8B | 893M | 995M | 1.41B | 689M | 693M | 818M | -276M | -184M | 795M | 662M | 536M | 266M |
| Net Margin % | 3.29% | 2.84% | 2.53% | 0.19% | 4.5% | 5.63% | -21.79% | 2.23% | 4.3% | 6.11% | 2.36% | 3.96% | 5.43% | 5.32% | 4.82% | 4.76% | 3.39% | 1.4% | -19.3% | 3.39% | 3.69% | 6.28% | 4.37% | 4.54% | 5.3% | -1.76% | -1.11% | 4.96% | 4.31% | 3.52% | 1.75% |
| Net Income Growth % | -7.42% | 10.31% | 1193.33% | -96.07% | -19.86% | 136.26% | -799.29% | -49.1% | -29.25% | 149.76% | -41.51% | -29.75% | 2.69% | 11.31% | 6.29% | 48.29% | 157.45% | 106.85% | -637.85% | -10.25% | -29.23% | 104.06% | -0.58% | -15.28% | 396.38% | -50% | -123.14% | 20.09% | 23.51% | 101.5% | 256.57% |
| Net Income (Continuing) | 749M | 642M | 582M | 45M | 1.15B | 1.43B | -3.94B | 564M | 1.1B | 1.55B | 619M | 1.07B | 1.53B | 1.49B | 1.33B | 1.26B | 847M | 329M | -4.8B | 909M | 988M | 1.37B | 689M | 693M | 638M | 518M | 821M | 825M | 685M | 575M | 266M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -16M | 7M | 33M | 0 | 0 | 180M | -784M | -1B | -30M | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -12M | -1M | 3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 2.75 | 2.32 | 2.07 | 0.16 | 4.19 | 4.55 | -12.68 | 1.81 | 3.56 | 5.10 | 2.02 | 3.22 | 4.22 | 3.86 | 3.24 | 2.92 | 1.98 | 0.78 | -11.40 | 1.97 | 1.81 | 3.24 | 1.93 | 1.86 | 2.06 | -0.69 | -0.45 | 1.81 | 1.48 | 1.21 | 0.62 |
| EPS Growth % | -5.23% | 12.08% | 1193.75% | -96.18% | -7.91% | 135.88% | -800.55% | -49.16% | -30.2% | 152.48% | -37.27% | -23.7% | 9.33% | 19.14% | 10.96% | 47.47% | 153.85% | 106.84% | -678.68% | 8.84% | -44.14% | 67.88% | 3.76% | -9.71% | 398.55% | -53.33% | -124.86% | 22.3% | 22.31% | 95.16% | 210% |
| EPS (Basic) | - | 2.37 | 2.10 | 0.16 | 4.28 | 4.66 | -12.68 | 1.82 | 3.60 | 5.13 | 2.03 | 3.26 | 4.30 | 3.93 | 3.29 | 2.96 | 2.00 | 0.78 | -11.40 | 2.00 | 1.84 | 3.30 | 1.97 | 1.88 | 2.08 | -0.71 | -0.45 | 1.89 | 1.58 | 1.28 | 0.64 |
| Diluted Shares Outstanding | 271.9M | 276.5M | 281.6M | 278.2M | 281.1M | 314M | 311.1M | 311.4M | 311.4M | 306.8M | 310.8M | 333M | 361.7M | 384.8M | 412.2M | 430.4M | 427.3M | 423.2M | 421.2M | 451.8M | 547.7M | 434.6M | 356.99M | 373.58M | 397.4M | 399.2M | 413.48M | 439.2M | 447.3M | 444.81M | 429.03M |
| Basic Shares Outstanding | 263.6M | 270.6M | 281.16M | 274.2M | 274.7M | 306.8M | 311.1M | 309.7M | 307.7M | 305.4M | 308.5M | 328.4M | 355.2M | 378.3M | 405.5M | 424.5M | 423.3M | 421.7M | 421.2M | 446.6M | 540M | 426M | 349.75M | 368.62M | 394.6M | 391.4M | 408.89M | 420M | 418.99M | 418.75M | 415.63M |
| Dividend Payout Ratio | - | 30.69% | 32.99% | 402.22% | 15.1% | 6.29% | - | 82.62% | 41.79% | 29.44% | 73.21% | 42.54% | 27.59% | 24.16% | 24.27% | 11.78% | 9.92% | 25.53% | - | 25.76% | 27.54% | 11.17% | 13.5% | 9.96% | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying M stock.
For fiscal year 2025, Macy's, Inc. (M) reported total revenue of $22.62B. This represents a 48.5% increase compared to $15.23B in 1996.
Macy's, Inc. (M) is profitable, generating $642.0M in net income for the fiscal year ending 2025 with a net profit margin of 2.8%.
Macy's, Inc. (M) reported an operating income of $1.03B, resulting in an operating profit margin of 4.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Macy's, Inc. (M) generated $8.27B in gross profit for the year, representing a gross profit margin of 36.5%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Consumer Credit Deterioration
Metrics are mathematically derived from official filings.
Stabilizing but Still Negative Organic Demand
Macy's core business shows signs of decelerating revenue declines, with the most recent quarter posting a 1.2% year-over-year increase, yet this follows a multi-year trend of negative growth suggesting the turnaround remains in early stages. According to recent financial filings, the company's revenue trend has shifted from consistent mid-single-digit declines to a near-flat trajectory.
The shift from a -4.4% YoY decline in 2024Q4 to a +1.2% increase in 2026Q2 represents a meaningful inflection, likely driven by the 'Bold New Chapter' store optimization. However, the durability of this recovery is questionable, as the broader trend over eight quarters still shows more periods of contraction than expansion, and the company faces difficult comps against a weakened consumer backdrop.
Gross Margin Resilience Amid Structural Pressure
Macy's has maintained a gross margin in the 41-42% range for several quarters, indicating a disciplined promotional strategy, yet this level significantly trails specialty peers like The Buckle at 49.0% and underscores a fundamental challenge in full-price realization. Based on reported figures, the company's 39.6% gross margin in the latest quarter represents a sequential compression from 41.5%, warranting investigation into seasonal markdowns.
The stability around the 41% mark suggests some success in inventory management, but the gap to higher-margin peers indicates Macy's pricing power is constrained by its mass-market positioning. The Q2 2026 dip to 39.6% is notable; if this reflects a shift toward more aggressive discounting to drive the reported 1.2% revenue growth, it raises questions about the sustainability of the sales recovery.
Modest Operating Leverage Emerging
Operating income grew by 61.9% year-over-year in the latest quarter to $251 million, significantly outpacing the 1.2% revenue growth, which suggests the store rationalization is beginning to generate meaningful overhead leverage. As reported in the financial statements, the operating margin expanded to 5.0% from 3.1% a year ago, the highest level in five quarters.
This positive operating leverage is a direct result of the 'Bold New Chapter' strategy, as reducing fixed costs from closed stores should allow operating income to scale faster than revenue. However, the analysis must be tempered: the absolute operating margin of 5.0% remains below the 9.3% peak seen in the seasonally strong 2025Q4, indicating that the full leverage benefit is not yet normalized across all periods.
The Credit Card Dependence & Margin Illusion
Macy's reported SG&A line is unusually large relative to revenue, at $569.9 billion for a $5.1 billion revenue quarter, suggesting a possible data anomaly or that significant non-operating items are embedded within it, which complicates a true assessment of retail operating efficiency. Skeptics would focus on how the high-margin credit card income, often offset against SG&A, may be masking underlying weakness in core merchandising profitability.
The extreme SG&A figure in the provided data for 2026Q1 and Q2 appears anomalous and requires verification, as it is orders of magnitude larger than revenue. Setting aside the potential data issue, the structural concern remains: Macy's profitability is heavily reliant on credit card revenue, which is sensitive to rising consumer delinquency rates—a key macro risk. If credit quality deteriorates, the operating margin could compress rapidly, as the core retail operation may not generate sufficient standalone profit.