Macy's (M) Financials

$11.32 -0.05 (-0.44%)

As of 03:58 PM Eastern

Annual Income Statements for Macy's

This table shows Macy's' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Net Income / (Loss) Attributable to Common Shareholders	1,072	627	1,566	1,108	564	-3,944	1,430	1,146	45	582
Consolidated Net Income / (Loss)	1,070	619	1,555	1,098	564	-3,944	1,430	1,146	45	582
Net Income / (Loss) Continuing Operations	1,070	619	1,555	1,098	564	-3,944	1,430	1,146	45	582
Total Pre-Tax Income	1,678	965	1,516	1,420	728	-4,790	1,866	1,477	43	763
Total Operating Income	2,039	1,371	1,864	1,738	970	-4,475	2,350	1,689	301	909
Total Gross Profit	10,583	10,242	9,758	9,756	10,160	5,811	10,443	10,102	9,642	9,266
Total Revenue	27,079	25,908	24,939	24,971	25,331	18,097	25,399	25,449	23,866	23,006
Operating Revenue	27,079	25,908	24,939	24,971	24,560	17,346	25,399	25,449	23,866	23,006
Total Cost of Revenue	16,496	15,666	15,181	15,215	15,171	12,286	14,956	15,347	14,224	13,740
Operating Cost of Revenue	16,496	15,666	15,181	15,215	15,171	12,286	14,956	15,347	14,224	13,740
Total Operating Expenses	8,544	8,871	7,894	8,018	9,190	10,286	8,093	8,413	9,341	8,357
Selling, General & Admin Expense	8,468	9,257	8,954	9,039	8,998	6,767	8,154	8,461	8,375	8,330
Restructuring Charge	288	479	186	136	354	3,579	30	41	1,027	171
Other Special Charges / (Income)	-212	-209	-544	-389	-162	-60	-91	-89	-61	-144
Total Other Income / (Expense), net	-361	-406	-348	-318	-242	-315	-484	-212	-258	-146
Interest Expense	363	367	311	294	235	284	199	31	0.00	1.00
Interest & Investment Income	2.00	4.00	11	25	20	4.00	-255	-162	-135	-115
Other Income / (Expense), net	-	-43	-48	-49	-27	-35	-30	-19	-123	-30
Income Tax Expense	608	346	-39	322	164	-846	436	331	-2.00	181
Basic Earnings per Share	$3.26	$2.03	$5.13	$3.60	$1.82	($12.68)	$4.66	$4.17	$0.16	$2.10
Weighted Average Basic Shares Outstanding	328.40M	308.50M	305.40M	307.70M	309.65M	310.57M	292.41M	271.40M	274.27M	277.72M
Diluted Earnings per Share	$3.22	$2.02	$5.10	$3.56	$1.81	($12.68)	$4.55	$4.08	$0.16	$2.07
Weighted Average Diluted Shares Outstanding	328.40M	308.50M	305.40M	307.70M	309.65M	310.57M	292.41M	271.40M	274.27M	277.72M
Weighted Average Basic & Diluted Shares Outstanding	328.40M	308.50M	305.40M	307.70M	309.65M	310.57M	292.41M	271.40M	274.27M	277.72M
Cash Dividends to Common per Share	-	-	-	$1.51	$1.51	$0.38	$0.30	$0.63	$0.66	$0.69

This table shows Macy's' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Net Income / (Loss) Attributable to Common Shareholders	108	477	155	-22	41	-129	62	150	28	342
Consolidated Net Income / (Loss)	108	477	155	-22	41	-129	62	150	28	342
Net Income / (Loss) Continuing Operations	108	477	155	-22	41	-129	62	150	28	342
Total Pre-Tax Income	125	596	211	-30	43	-181	98	195	35	435
Total Operating Income	192	635	244	124	83	-150	125	222	64	498
Total Gross Profit	2,263	3,093	2,185	2,104	2,133	3,220	2,054	2,158	2,039	3,015
Total Revenue	5,467	8,583	5,173	5,280	5,038	8,375	5,000	5,096	4,903	8,007
Operating Revenue	5,467	8,583	5,173	5,280	5,038	8,375	5,000	5,096	4,903	8,007
Total Cost of Revenue	3,204	5,490	2,988	3,176	2,905	5,155	2,946	2,938	2,864	4,992
Operating Cost of Revenue	3,204	5,490	2,988	3,176	2,905	5,155	2,946	2,938	2,864	4,992
Total Operating Expenses	2,071	2,458	1,941	1,980	2,050	3,370	1,929	1,936	1,975	2,517
Selling, General & Admin Expense	2,088	2,457	1,950	1,980	2,040	2,405	1,911	1,973	2,064	2,382
Restructuring Charge	15	16	2.00	4.00	15	1,006	19	-1.00	-23	176
Other Special Charges / (Income)	-32	-15	-11	-4.00	-5.00	-41	-1.00	-36	-66	-41
Total Other Income / (Expense), net	-67	-39	-33	-154	-40	-31	-27	-27	-29	-63
Interest & Investment Income	-42	-	-37	-32	-35	-31	-31	-31	-32	-21
Other Income / (Expense), net	-25	-8.00	4.00	-	-5.00	-	4.00	4.00	4.00	-42
Income Tax Expense	17	119	56	-8.00	2.00	-52	36	45	7.00	93
Basic Earnings per Share	$0.40	$1.75	$0.57	($0.08)	$0.15	($0.48)	$0.22	$0.54	$0.10	$1.24
Weighted Average Basic Shares Outstanding	271.11M	271.40M	272.53M	273.63M	274.07M	274.27M	276.41M	277.37M	277.64M	277.72M
Diluted Earnings per Share	$0.39	$1.72	$0.56	($0.08)	$0.15	($0.47)	$0.22	$0.53	$0.10	$1.22
Weighted Average Diluted Shares Outstanding	271.11M	271.40M	272.53M	273.63M	274.07M	274.27M	276.41M	277.37M	277.64M	277.72M
Weighted Average Basic & Diluted Shares Outstanding	271.11M	271.40M	272.53M	273.63M	274.07M	274.27M	276.41M	277.37M	277.64M	277.72M

This table details how cash moves in and out of Macy's' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Net Change in Cash & Equivalents	-1,137	132	179	-265	-517	1,023	-39	-850	172	273
Net Cash From Operating Activities	1,984	1,801	1,976	1,735	1,608	649	2,712	1,615	1,305	1,278
Net Cash From Continuing Operating Activities	1,984	1,801	1,976	1,735	1,608	649	2,712	1,615	1,305	1,278
Net Income / (Loss) Continuing Operations	1,070	619	1,555	1,098	564	-3,944	1,430	1,146	45	582
Consolidated Net Income / (Loss)	1,070	619	1,555	1,098	564	-3,944	1,430	1,146	45	582
Depreciation Expense	1,061	1,058	991	962	981	959	874	857	897	881
Amortization Expense	-14	-14	-45	-15	4.00	18	70	11	10	11
Non-Cash Adjustments To Reconcile Net Income	141	429	-160	-72	319	3,681	124	62	1,151	133
Changes in Operating Assets and Liabilities, net	-274	-291	-365	-238	-260	-65	214	-461	-798	-329
Net Cash From Investing Activities	-1,092	-243	-351	-456	-1,002	-325	-370	-1,169	-913	-592
Net Cash From Continuing Investing Activities	-1,092	-243	-351	-456	-1,002	-325	-370	-1,169	-913	-592
Purchase of Property, Plant & Equipment	-1,113	-912	-760	-932	-1,157	-466	-597	-1,295	-993	-882
Sale of Property, Plant & Equipment	204	673	411	474	185	113	164	137	86	283
Other Investing Activities, net	29	-4.00	-2.00	2.00	-30	28	63	-11	-6.00	7.00
Net Cash From Financing Activities	-2,029	-1,426	-1,446	-1,544	-1,123	699	-2,381	-1,296	-220	-413
Net Cash From Continuing Financing Activities	-2,029	-1,426	-1,446	-1,544	-1,123	699	-2,381	-1,296	-220	-413
Repayment of Debt	-156	-754	-988	-1,149	-600	-2,144	-2,860	-3,150	-964	-524
Repurchase of Common Equity	-2,001	-316	-1.00	0.00	-1.00	-1.00	-500	-601	-38	-1.00
Payment of Dividends	-456	-459	-461	-463	-466	-117	-90	-173	-181	-192
Issuance of Debt	499	0.00	-	0.00	0.00	2,780	1,085	2,809	961	301
Other Financing Activities, net	-83	61	-15	16	-62	181	-23	-181	2.00	3.00
Cash Interest Paid	383	396	361	328	242	257	442	188	157	155
Cash Interest Received	2.00	4.00	12	25	20	5.00	1.00	9.00	38	40
Cash Income Taxes Paid	635	352	496	345	229	98	-171	455	240	304

This table details how cash moves in and out of Macy's' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Net Change in Cash & Equivalents	26	536	-259	-165	-74	670	-158	-230	-331	992
Net Cash From Operating Activities	185	1,127	105	166	-113	1,147	129	8.00	-167	1,308
Net Cash From Continuing Operating Activities	185	1,127	105	166	-113	1,147	129	8.00	-167	1,308
Net Income / (Loss) Continuing Operations	107	478	155	-22	40	-128	62	150	28	342
Consolidated Net Income / (Loss)	107	478	155	-22	40	-128	62	150	28	342
Depreciation Expense	225	219	218	215	232	232	216	213	228	224
Amortization Expense	3.00	3.00	3.00	2.00	3.00	2.00	3.00	2.00	4.00	2.00
Non-Cash Adjustments To Reconcile Net Income	34	20	7.00	139	33	972	32	-21	-76	198
Changes in Operating Assets and Liabilities, net	-184	407	-278	-168	-421	69	-184	-336	-351	542
Net Cash From Investing Activities	-354	-300	-270	-261	-185	-197	-217	-156	-82	-137
Net Cash From Continuing Investing Activities	-354	-300	-270	-261	-185	-197	-217	-156	-82	-137
Purchase of Property, Plant & Equipment	-401	-312	-296	-268	-185	-244	-229	-203	-217	-233
Sale of Property, Plant & Equipment	49	15	25	7.00	4.00	50	4.00	47	136	96
Net Cash From Financing Activities	195	-291	-94	-70	224	-280	-70	-82	-82	-179
Net Cash From Continuing Financing Activities	195	-291	-94	-70	224	-280	-70	-82	-82	-179
Repayment of Debt	-858	-1,102	-1.00	-	-153	-810	-1.00	-	-312	-211
Repurchase of Common Equity	-	-	-35	-3.00	-	-	0.00	-	-	-1.00
Payment of Dividends	-43	-43	-45	-45	-45	-46	-48	-48	-48	-48
Issuance of Debt	1,041	918	-	-	-	650	-	-	-	125
Other Financing Activities, net	55	-64	-13	-22	111	-74	-21	-34	102	-44
Cash Interest Paid	60	20	60	22	56	19	59	20	58	18
Cash Interest Received	2.00	6.00	11	7.00	1.00	19	12	10	8.00	10
Cash Income Taxes Paid	51	99	6.00	209	2.00	23	12	191	4.00	97

This table presents Macy's' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Total Assets	20,576	19,851	19,583	19,194	21,172	17,706	17,590	16,866	16,246	16,402
Total Current Assets	7,652	7,626	7,646	7,445	6,810	6,184	6,758	5,853	6,089	6,479
Cash & Equivalents	1,109	1,297	1,455	1,162	685	1,679	1,712	862	1,034	1,306
Note & Lease Receivable	-	-	-	-	-	-	-	300	293	303
Inventories, net	5,506	5,399	5,178	5,263	5,188	3,774	4,383	4,267	4,361	4,468
Prepaid Expenses	479	408	650	620	528	455	366	424	401	385
Current Deferred & Refundable Income Taxes	-	-	-	-	-	-	-	-	0.00	17
Plant, Property, & Equipment, net	7,616	7,017	6,672	6,637	6,633	5,940	5,665	5,913	5,308	5,070
Total Noncurrent Assets	5,308	5,208	5,265	5,112	7,729	5,582	5,167	5,100	4,849	4,853
Goodwill	3,897	3,897	3,897	3,908	3,908	828	828	828	828	828
Intangible Assets	514	498	488	478	439	437	435	432	430	425
Other Noncurrent Operating Assets	897	813	880	726	3,382	4,317	3,904	3,840	3,591	3,600
Total Liabilities & Shareholders' Equity	20,576	19,851	19,583	19,194	21,172	17,706	17,590	16,866	16,246	16,402
Total Liabilities	16,323	15,529	13,850	12,758	14,795	15,153	13,969	12,784	12,211	11,850
Total Current Liabilities	5,728	5,647	5,179	5,232	5,750	5,357	5,416	4,861	4,532	4,524
Short-Term Debt	642	309	22	43	539	452	-	-	0.00	6.00
Accounts Payable	4,859	4,986	4,861	5,021	1,682	1,978	2,222	2,053	1,913	1,893
Accrued Expenses	-	-	-	-	3,448	2,927	3,086	2,750	2,571	2,625
Current Deferred & Payable Income Tax Liabilities	227	352	296	168	81	0.00	108	58	48	0.00
Total Noncurrent Liabilities	10,595	9,882	8,671	7,526	9,045	9,796	8,553	7,923	7,679	7,326
Long-Term Debt	6,995	6,562	5,861	4,708	3,621	4,407	3,295	2,996	2,998	2,773
Noncurrent Deferred & Payable Income Tax Liabilities	1,477	1,443	1,148	1,238	1,169	908	983	947	745	724
Other Noncurrent Operating Liabilities	2,123	1,877	1,662	1,580	1,337	1,296	4,275	3,980	3,936	3,829
Total Equity & Noncontrolling Interests	4,253	4,322	5,733	6,436	6,377	2,553	3,621	4,082	4,035	4,552
Total Preferred & Common Equity	4,250	4,323	5,745	6,436	6,377	2,553	3,621	4,082	4,035	4,552
Total Common Equity	4,250	4,323	5,745	6,436	6,377	2,553	3,621	4,082	4,035	4,552
Common Stock	624	620	679	655	624	574	520	470	355	303
Retained Earnings	6,334	6,088	7,246	8,050	7,989	3,928	5,268	6,268	6,088	6,499
Accumulated Other Comprehensive Income / (Loss)	-1,043	-896	-724	-951	-995	-788	-622	-618	-496	-449
Other Equity Adjustments	-	-	-	-	-	-	-1,545	-2,038	-1,912	-1,801

This table presents Macy's' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024
Total Assets	18,230	16,868	16,304	18,126	16,449	15,833	17,293
Total Current Assets	7,348	5,855	5,271	7,085	6,262	5,707	7,246
Cash & Equivalents	326	603	438	364	876	646	315
Note & Lease Receivable	204	255	223	218	257	268	224
Inventories, net	6,403	4,607	4,129	6,025	4,687	4,378	6,257
Prepaid Expenses	415	390	411	390	442	403	416
Current Deferred & Refundable Income Taxes	0.00	-	70	88	-	12	34
Plant, Property, & Equipment, net	5,831	5,864	5,876	5,813	5,295	5,234	5,161
Total Noncurrent Assets	5,051	5,149	5,157	5,228	4,892	4,892	4,886
Goodwill	828	828	828	828	828	828	828
Intangible Assets	433	432	431	431	429	428	426
Other Noncurrent Operating Assets	3,790	3,889	3,898	3,969	3,635	3,636	3,632
Total Liabilities & Shareholders' Equity	18,230	16,868	16,304	18,126	16,449	15,833	17,293
Total Liabilities	14,755	12,698	12,094	14,027	12,263	11,530	13,146
Total Current Liabilities	6,743	4,782	4,184	6,074	4,550	3,867	5,773
Short-Term Debt	183	-	0.00	160	-	6.00	92
Accounts Payable	3,861	2,415	1,978	3,466	2,347	1,871	3,344
Accrued Expenses	2,678	2,233	2,206	2,448	2,088	1,990	2,337
Current Deferred & Payable Income Tax Liabilities	21	134	0.00	0.00	115	0.00	0.00
Total Noncurrent Liabilities	8,012	7,916	7,910	7,953	7,713	7,663	7,373
Long-Term Debt	2,996	2,996	2,997	2,997	2,998	2,993	2,773
Capital Lease Obligations	2,988	2,996	2,975	3,034	3,034	3,013	2,961
Noncurrent Deferred & Payable Income Tax Liabilities	884	916	933	925	749	725	712
Other Noncurrent Operating Liabilities	1,144	1,008	1,005	997	932	932	927
Total Equity & Noncontrolling Interests	3,475	4,170	4,210	4,099	4,186	4,303	4,147
Total Preferred & Common Equity	3,475	4,170	4,210	4,099	4,186	4,303	4,147
Total Common Equity	3,475	4,170	4,210	4,099	4,186	4,303	4,147
Common Stock	3,475	4,170	4,210	4,099	4,186	4,303	4,147

This table displays calculated financial ratios and metrics derived from Macy's' official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-3.65%	-4.32%	-3.74%	0.13%	1.44%	-28.56%	40.35%	0.20%	-6.22%	-3.60%
EBITDA Growth	-19.45%	-23.14%	16.44%	-4.56%	-26.86%	-283.25%	192.39%	-22.24%	-57.25%	63.23%
EBIT Growth	-27.18%	-34.87%	36.75%	-6.99%	-44.17%	-578.26%	151.44%	-28.02%	-89.34%	393.82%
NOPAT Growth	-27.27%	-32.36%	117.41%	-29.71%	-44.08%	-516.84%	157.49%	-27.23%	-75.96%	120.12%
Net Income Growth	-29.88%	-42.15%	151.21%	-29.39%	-48.63%	-799.29%	136.26%	-19.86%	-96.07%	1,193.33%
EPS Growth	-23.70%	-37.27%	152.48%	-30.20%	-49.16%	-800.55%	135.88%	-10.33%	-96.08%	1,193.75%
Operating Cash Flow Growth	-26.76%	-9.22%	9.72%	-12.20%	-7.32%	-59.64%	317.87%	-40.45%	-19.20%	-2.07%
Free Cash Flow Firm Growth	-61.59%	83.76%	-6.66%	-10.14%	-234.71%	136.09%	666.49%	-94.59%	78.23%	25.44%
Invested Capital Growth	3.26%	-8.21%	2.68%	-1.34%	27.38%	-30.16%	-41.65%	19.45%	-3.49%	0.43%
Revenue Q/Q Growth	-1.80%	-0.86%	0.11%	-0.87%	1.92%	-8.88%	9.60%	-2.69%	-0.86%	-1.57%
EBITDA Q/Q Growth	-12.05%	-4.32%	10.83%	-5.92%	-20.46%	-4.13%	22.25%	-13.20%	-46.34%	42.59%
EBIT Q/Q Growth	-17.35%	-7.52%	21.88%	-9.87%	-35.59%	-2.85%	37.12%	-19.25%	-84.21%	157.02%
NOPAT Q/Q Growth	-16.75%	-4.19%	102.31%	-33.75%	-33.59%	-3.66%	46.70%	-16.43%	-64.71%	170.32%
Net Income Q/Q Growth	-18.94%	-9.24%	124.71%	-35.41%	-41.55%	-4.81%	69.03%	-18.84%	-93.40%	240.35%
EPS Q/Q Growth	-14.59%	-4.27%	122.71%	-35.97%	-41.80%	-4.53%	69.15%	-14.11%	-93.50%	245.00%
Operating Cash Flow Q/Q Growth	-7.55%	-10.58%	4.44%	-13.51%	8.80%	-61.37%	117.66%	-31.54%	1.56%	14.41%
Free Cash Flow Firm Q/Q Growth	-41.34%	16.32%	-4.31%	-10.01%	-18.43%	-19.17%	306.51%	-79.68%	88.19%	27.24%
Invested Capital Q/Q Growth	-5.71%	-8.67%	1.01%	-4.00%	-3.68%	-4.58%	-43.54%	-33.28%	-39.56%	-37.62%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	39.08%	39.53%	39.13%	39.07%	40.11%	32.11%	41.12%	39.70%	40.40%	40.28%
EBITDA Margin	11.40%	9.16%	11.08%	10.56%	7.61%	-19.52%	12.85%	9.97%	4.55%	7.70%
Operating Margin	7.53%	5.29%	7.47%	6.96%	3.83%	-24.73%	9.25%	6.64%	1.26%	3.95%
EBIT Margin	7.53%	5.13%	7.28%	6.76%	3.72%	-24.92%	9.13%	6.56%	0.75%	3.82%
Profit (Net Income) Margin	3.95%	2.39%	6.24%	4.40%	2.23%	-21.79%	5.63%	4.50%	0.19%	2.53%
Tax Burden Percent	63.77%	64.15%	102.57%	77.32%	77.47%	82.34%	76.63%	77.59%	104.65%	76.28%
Interest Burden Percent	82.30%	72.67%	83.48%	84.07%	77.20%	106.21%	80.43%	88.44%	24.16%	86.80%
Effective Tax Rate	36.23%	35.85%	-2.57%	22.68%	22.53%	0.00%	23.37%	22.41%	-4.65%	23.72%
Return on Invested Capital (ROIC)	12.25%	8.51%	19.07%	13.32%	6.59%	-28.89%	25.51%	22.95%	5.16%	11.53%
ROIC Less NNEP Spread (ROIC-NNEP)	8.28%	4.20%	11.93%	7.18%	2.84%	-41.61%	16.17%	14.10%	-8.02%	5.05%
Return on Net Nonoperating Assets (RNNOA)	9.97%	5.93%	11.86%	4.73%	2.21%	-59.44%	20.82%	6.80%	-4.05%	2.02%
Return on Equity (ROE)	22.22%	14.44%	30.93%	18.05%	8.80%	-88.33%	46.32%	29.75%	1.11%	13.56%
Cash Return on Invested Capital (CROIC)	9.05%	17.07%	16.42%	14.66%	-17.49%	6.64%	78.10%	5.23%	8.71%	11.10%
Operating Return on Assets (OROA)	9.73%	6.57%	9.21%	8.71%	4.67%	-23.20%	13.15%	9.69%	1.08%	5.38%
Return on Assets (ROA)	5.11%	3.06%	7.89%	5.66%	2.79%	-20.29%	8.10%	6.65%	0.27%	3.57%
Return on Common Equity (ROCE)	22.21%	14.43%	30.97%	18.06%	8.80%	-88.33%	46.32%	29.75%	1.11%	13.56%
Return on Equity Simple (ROE_SIMPLE)	25.18%	14.32%	27.07%	17.06%	8.84%	-154.48%	39.49%	28.07%	1.12%	12.79%
Net Operating Profit after Tax (NOPAT)	1,300	879	1,912	1,344	751	-3,133	1,801	1,310	315	693
NOPAT Margin	4.80%	3.39%	7.67%	5.38%	2.97%	-17.31%	7.09%	5.15%	1.32%	3.01%
Net Nonoperating Expense Percent (NNEP)	3.97%	4.30%	7.14%	6.13%	3.76%	12.72%	9.33%	8.85%	13.18%	6.48%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	18.52%	4.48%	9.46%
Cost of Revenue to Revenue	60.92%	60.47%	60.87%	60.93%	59.89%	67.89%	58.88%	60.30%	59.60%	59.72%
SG&A Expenses to Revenue	31.27%	35.73%	35.90%	36.20%	35.52%	37.39%	32.10%	33.25%	35.09%	36.21%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	31.55%	34.24%	31.65%	32.11%	36.28%	56.84%	31.86%	33.06%	39.14%	36.33%
Earnings before Interest and Taxes (EBIT)	2,039	1,328	1,816	1,689	943	-4,510	2,320	1,670	178	879
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	3,086	2,372	2,762	2,636	1,928	-3,533	3,264	2,538	1,085	1,771
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.10	1.51	1.03	1.00	0.68	1.68	1.94	1.39	1.20	0.94
Price to Tangible Book Value (P/TBV)	0.00	0.00	4.34	3.14	2.14	3.33	2.98	2.01	1.74	1.29
Price to Revenue (P/Rev)	0.33	0.25	0.24	0.26	0.17	0.24	0.28	0.22	0.20	0.19
Price to Earnings (P/E)	8.34	10.40	3.77	5.81	7.70	0.00	4.91	4.96	107.55	7.33
Dividend Yield	4.89%	7.00%	7.80%	7.21%	10.75%	10.94%	1.28%	3.00%	3.75%	4.52%
Earnings Yield	11.98%	9.62%	26.55%	17.21%	12.99%	0.00%	20.37%	20.16%	0.93%	13.64%
Enterprise Value to Invested Capital (EV/IC)	1.44	1.22	1.02	1.00	0.84	1.19	1.65	1.26	1.13	0.95
Enterprise Value to Revenue (EV/Rev)	0.57	0.47	0.41	0.40	0.42	0.59	0.34	0.31	0.29	0.25
Enterprise Value to EBITDA (EV/EBITDA)	5.01	5.10	3.73	3.80	5.57	0.00	2.64	3.08	6.27	3.24
Enterprise Value to EBIT (EV/EBIT)	7.59	9.11	5.68	5.94	11.38	0.00	3.71	4.68	38.22	6.53
Enterprise Value to NOPAT (EV/NOPAT)	11.90	13.75	5.39	7.46	14.28	0.00	4.78	5.97	21.60	8.28
Enterprise Value to Operating Cash Flow (EV/OCF)	7.80	6.71	5.22	5.78	6.68	16.41	3.17	4.84	5.21	4.49
Enterprise Value to Free Cash Flow (EV/FCFF)	16.12	6.85	6.26	6.78	0.00	14.80	1.56	26.20	12.79	8.60
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.80	1.59	1.03	0.74	1.11	3.15	0.91	0.73	0.74	0.61
Long-Term Debt to Equity	1.64	1.52	1.02	0.73	1.03	2.97	0.91	0.73	0.74	0.61
Financial Leverage	1.20	1.41	0.99	0.66	0.78	1.43	1.29	0.48	0.50	0.40
Leverage Ratio	4.35	4.71	3.92	3.19	3.15	4.35	5.72	4.47	4.08	3.80
Compound Leverage Factor	3.58	3.43	3.27	2.68	2.43	4.62	4.60	3.96	0.99	3.30
Debt to Total Capital	64.23%	61.39%	50.65%	42.47%	52.61%	75.91%	47.64%	42.33%	42.63%	37.91%
Short-Term Debt to Total Capital	5.40%	2.76%	0.19%	0.38%	4.01%	4.27%	0.00%	0.00%	0.00%	0.08%
Long-Term Debt to Total Capital	58.83%	58.63%	50.46%	42.08%	48.60%	71.64%	47.64%	42.33%	42.63%	37.83%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.03%	-0.01%	-0.10%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	35.74%	38.62%	49.46%	57.53%	47.40%	24.09%	52.36%	57.67%	57.37%	62.09%
Debt to EBITDA	2.47	2.90	2.13	1.80	3.67	-2.28	1.01	1.18	2.76	1.57
Net Debt to EBITDA	2.12	2.35	1.60	1.36	3.32	-1.80	0.49	0.84	1.81	0.83
Long-Term Debt to EBITDA	2.27	2.77	2.12	1.79	3.39	-2.15	1.01	1.18	2.76	1.57
Debt to NOPAT	5.87	7.81	3.08	3.54	9.42	-2.57	1.83	2.29	9.52	4.01
Net Debt to NOPAT	5.02	6.34	2.32	2.67	8.51	-2.03	0.88	1.63	6.23	2.12
Long-Term Debt to NOPAT	5.38	7.46	3.07	3.50	8.70	-2.42	1.83	2.29	9.52	4.00
Altman Z-Score	2.52	2.33	2.50	2.62	2.11	0.72	2.69	2.69	2.38	2.49
Noncontrolling Interest Sharing Ratio	0.03%	0.02%	-0.13%	-0.10%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.34	1.35	1.48	1.42	1.18	1.15	1.25	1.20	1.34	1.43
Quick Ratio	0.29	0.32	0.35	0.30	0.19	0.36	0.37	0.24	0.29	0.36
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	960	1,764	1,647	1,480	-1,994	720	5,515	298	532	667
Operating Cash Flow to CapEx	218.26%	753.56%	566.19%	378.82%	165.43%	183.85%	626.33%	139.46%	143.88%	213.36%
Free Cash Flow to Firm to Interest Expense	2.65	4.81	5.30	5.03	-8.48	2.53	27.71	9.63	0.00	667.37
Operating Cash Flow to Interest Expense	5.47	4.91	6.35	5.90	6.84	2.29	13.63	52.10	0.00	1,278.00
Operating Cash Flow Less CapEx to Interest Expense	2.96	4.26	5.23	4.34	2.71	1.04	11.45	14.74	0.00	679.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.29	1.28	1.26	1.29	1.26	0.93	1.44	1.48	1.44	1.41
Accounts Receivable Turnover	55.15	47.98	56.36	65.45	62.62	52.84	88.65	0.00	0.00	0.00
Inventory Turnover	3.02	2.87	2.87	2.91	2.90	2.74	3.67	3.55	3.30	3.11
Fixed Asset Turnover	3.51	3.54	3.64	3.75	3.82	2.88	4.38	4.40	4.25	4.43
Accounts Payable Turnover	3.45	3.18	3.08	3.08	4.53	6.71	7.12	7.18	7.17	7.22
Days Sales Outstanding (DSO)	6.62	7.61	6.48	5.58	5.83	6.91	4.12	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	120.84	127.04	127.15	125.24	125.72	133.12	99.54	102.86	110.70	117.27
Days Payable Outstanding (DPO)	105.79	114.69	118.38	118.53	80.63	54.37	51.25	50.84	50.89	50.55
Cash Conversion Cycle (CCC)	21.68	19.96	15.25	12.28	50.92	85.67	52.40	52.03	59.82	66.72
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	10,781	9,896	10,161	10,025	12,770	8,918	5,204	6,216	5,999	6,025
Invested Capital Turnover	2.55	2.51	2.49	2.47	2.22	1.67	3.60	4.46	3.91	3.83
Increase / (Decrease) in Invested Capital	340	-885	265	-136	2,745	-3,852	-3,714	1,012	-217	26
Enterprise Value (EV)	15,476	12,092	10,315	10,027	10,734	10,649	8,602	7,820	6,804	5,741
Market Capitalization	8,945	6,519	5,899	6,438	4,341	4,284	7,019	5,686	4,840	4,268
Book Value per Share	$13.52	$14.14	$18.86	$20.93	$20.64	$8.22	$12.10	$15.06	$14.72	$16.40
Tangible Book Value per Share	($0.51)	($0.24)	$4.47	$6.67	$6.57	$4.15	$7.88	$10.41	$10.13	$11.88
Total Capital	11,890	11,193	11,616	11,187	13,455	10,597	6,916	7,078	7,033	7,331
Total Debt	7,637	6,871	5,883	4,751	7,078	8,044	3,295	2,996	2,998	2,779
Total Long-Term Debt	6,995	6,562	5,861	4,708	6,539	7,592	3,295	2,996	2,998	2,773
Net Debt	6,528	5,574	4,428	3,589	6,393	6,365	1,583	2,134	1,964	1,473
Capital Expenditures (CapEx)	909	239	349	458	972	353	433	1,158	907	599
Debt-free, Cash-free Net Working Capital (DFCFNWC)	1,457	991	1,034	1,094	914	-400	-370	130	523	655
Debt-free Net Working Capital (DFNWC)	2,566	2,288	2,489	2,256	1,599	1,279	1,342	992	1,557	1,961
Net Working Capital (NWC)	1,924	1,979	2,467	2,213	1,060	827	1,342	992	1,557	1,955
Net Nonoperating Expense (NNE)	230	260	357	246	187	812	371	164	270	111
Net Nonoperating Obligations (NNO)	6,528	5,574	4,428	3,589	6,393	6,365	1,583	2,134	1,964	1,473
Total Depreciation and Amortization (D&A)	1,047	1,044	946	947	985	977	944	868	907	892
Debt-free, Cash-free Net Working Capital to Revenue	5.38%	3.83%	4.15%	4.38%	3.61%	-2.21%	-1.46%	0.51%	2.19%	2.85%
Debt-free Net Working Capital to Revenue	9.48%	8.83%	9.98%	9.03%	6.31%	7.07%	5.28%	3.90%	6.52%	8.52%
Net Working Capital to Revenue	7.11%	7.64%	9.89%	8.86%	4.18%	4.57%	5.28%	3.90%	6.52%	8.50%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$4.66	$4.28	$0.38	$2.10
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	0.00	0.00	0.00	0.00	292.41M	271.40M	274.27M	277.72M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$4.55	$4.19	$0.38	$2.07
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	0.00	0.00	0.00	0.00	292.41M	271.40M	274.27M	277.72M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	0.00	0.00	0.00	0.00	292.41M	271.40M	274.27M	277.72M
Normalized Net Operating Profit after Tax (NOPAT)	1,349	1,053	1,054	1,148	900	-669	1,754	1,273	887	714
Normalized NOPAT Margin	4.98%	4.06%	4.23%	4.60%	3.55%	-3.70%	6.91%	5.00%	3.72%	3.10%
Pre Tax Income Margin	6.20%	3.72%	6.08%	5.69%	2.87%	-26.47%	7.35%	5.80%	0.18%	3.32%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	5.62	3.62	5.84	5.74	4.01	-15.88	11.66	53.87	0.00	879.00
NOPAT to Interest Expense	3.58	2.40	6.15	4.57	3.20	-11.03	9.05	42.27	0.00	693.37
EBIT Less CapEx to Interest Expense	3.11	2.97	4.72	4.19	-0.12	-17.12	9.48	16.52	0.00	280.00
NOPAT Less CapEx to Interest Expense	1.08	1.75	5.03	3.01	-0.94	-12.27	6.87	4.92	0.00	94.37
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	42.62%	74.15%	29.65%	42.17%	82.62%	-2.97%	6.29%	15.10%	402.22%	32.99%
Augmented Payout Ratio	229.63%	125.20%	29.71%	42.17%	82.80%	-2.99%	41.26%	67.54%	486.67%	33.16%

This table displays calculated financial ratios and metrics derived from Macy's' official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-3.29%	-8.62%	-7.04%	-9.50%	-7.85%	-2.42%	-3.34%	-3.48%	-2.68%	-4.39%
EBITDA Growth	-51.11%	-31.26%	-30.83%	-44.64%	-20.76%	-90.11%	-25.80%	29.33%	-4.15%	711.90%
EBIT Growth	-68.61%	-38.83%	-47.23%	-69.46%	-53.29%	-123.92%	-47.98%	82.26%	-12.82%	404.00%
NOPAT Growth	-60.98%	-33.82%	-46.94%	-71.21%	-52.29%	-120.66%	-55.88%	96.74%	-35.30%	472.89%
Net Income Growth	-54.81%	-35.80%	-45.80%	-108.00%	-62.04%	-127.04%	-60.00%	781.82%	-31.71%	365.12%
EPS Growth	-48.68%	-28.03%	-42.86%	-108.08%	-61.54%	-127.33%	-60.71%	762.50%	-33.33%	359.57%
Operating Cash Flow Growth	249.19%	-39.76%	-57.66%	201.82%	-161.08%	1.77%	22.86%	-95.18%	-47.79%	14.04%
Free Cash Flow Firm Growth	-87.93%	-111.24%	-224.38%	-3,248.27%	-893.66%	122.23%	139.49%	158.07%	160.13%	226.37%
Invested Capital Growth	1.07%	19.45%	10.76%	5.52%	6.55%	-3.49%	-2.27%	-0.77%	-2.70%	0.43%
Revenue Q/Q Growth	-6.29%	57.00%	-39.73%	2.07%	-4.58%	66.24%	-40.30%	1.92%	-3.79%	63.31%
EBITDA Q/Q Growth	-35.88%	114.94%	-47.30%	-27.29%	-8.21%	-73.16%	120.25%	26.72%	-31.97%	127.33%
EBIT Q/Q Growth	-58.87%	275.45%	-62.87%	-50.00%	-37.10%	-292.31%	269.74%	75.19%	-69.91%	570.59%
NOPAT Q/Q Growth	-44.97%	206.36%	-66.75%	-51.57%	-8.83%	-232.68%	256.91%	115.94%	-70.02%	664.71%
Net Income Q/Q Growth	-60.73%	341.67%	-69.49%	-114.19%	286.36%	-414.63%	187.32%	141.94%	-81.33%	1,121.43%
EPS Q/Q Growth	-60.61%	341.03%	-69.40%	-114.29%	287.50%	-413.33%	188.00%	140.91%	-81.13%	1,120.00%
Operating Cash Flow Q/Q Growth	236.36%	509.19%	-90.68%	58.10%	-168.07%	1,115.04%	-88.75%	-93.80%	-2,187.50%	883.23%
Free Cash Flow Firm Q/Q Growth	397.59%	-853.18%	-58.55%	43.56%	-25.44%	121.10%	358.33%	-16.99%	29.88%	14.51%
Invested Capital Q/Q Growth	0.89%	-33.28%	53.78%	1.94%	1.87%	-39.56%	53.12%	3.50%	-0.11%	-37.62%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	41.39%	36.04%	42.24%	39.85%	42.34%	38.45%	41.08%	42.35%	41.59%	37.65%
EBITDA Margin	7.23%	9.89%	9.07%	6.46%	6.21%	1.00%	6.96%	8.65%	6.12%	8.52%
Operating Margin	3.51%	7.40%	4.72%	2.35%	1.65%	-1.79%	2.50%	4.36%	1.31%	6.22%
EBIT Margin	3.05%	7.31%	4.79%	2.35%	1.55%	-1.79%	2.58%	4.43%	1.39%	5.70%
Profit (Net Income) Margin	1.98%	5.56%	3.00%	-0.42%	0.81%	-1.54%	1.24%	2.94%	0.57%	4.27%
Tax Burden Percent	86.40%	80.03%	73.46%	73.33%	95.35%	71.27%	63.27%	76.92%	80.00%	78.62%
Interest Burden Percent	74.85%	95.06%	85.08%	-24.19%	55.13%	120.67%	75.97%	86.28%	51.47%	95.39%
Effective Tax Rate	13.60%	19.97%	26.54%	0.00%	4.65%	0.00%	36.73%	23.08%	20.00%	21.38%
Return on Invested Capital (ROIC)	8.56%	26.39%	9.55%	4.25%	3.93%	-4.90%	3.97%	8.12%	2.49%	18.71%
ROIC Less NNEP Spread (ROIC-NNEP)	7.60%	24.71%	9.10%	2.31%	3.28%	-6.07%	3.64%	7.74%	2.08%	15.83%
Return on Net Nonoperating Assets (RNNOA)	14.13%	11.92%	13.12%	3.35%	5.05%	-3.06%	4.60%	9.90%	2.86%	6.34%
Return on Equity (ROE)	22.69%	38.31%	22.66%	7.60%	8.98%	-7.96%	8.56%	18.02%	5.36%	25.05%
Cash Return on Invested Capital (CROIC)	15.85%	5.23%	2.78%	4.97%	2.94%	8.71%	5.33%	3.67%	5.36%	11.10%
Operating Return on Assets (OROA)	4.38%	10.79%	7.10%	3.53%	2.05%	-2.58%	3.67%	6.49%	1.83%	8.03%
Return on Assets (ROA)	2.83%	8.21%	4.44%	-0.63%	1.08%	-2.22%	1.76%	4.31%	0.75%	6.02%
Return on Common Equity (ROCE)	22.69%	38.31%	22.66%	7.60%	8.98%	-7.96%	8.56%	18.02%	5.36%	25.05%
Return on Equity Simple (ROE_SIMPLE)	40.63%	0.00%	25.08%	17.79%	16.64%	0.00%	0.29%	4.28%	4.12%	0.00%
Net Operating Profit after Tax (NOPAT)	166	508	179	87	79	-105	79	171	51	392
NOPAT Margin	3.03%	5.92%	3.46%	1.64%	1.57%	-1.25%	1.58%	3.35%	1.04%	4.89%
Net Nonoperating Expense Percent (NNEP)	0.96%	1.68%	0.45%	1.94%	0.65%	1.17%	0.32%	0.38%	0.41%	2.88%
Return On Investment Capital (ROIC_SIMPLE)	-	7.18%	-	-	0.77%	-1.49%	-	-	0.51%	5.34%
Cost of Revenue to Revenue	58.61%	63.96%	57.76%	60.15%	57.66%	61.55%	58.92%	57.65%	58.41%	62.35%
SG&A Expenses to Revenue	38.19%	28.63%	37.70%	37.50%	40.49%	28.72%	38.22%	38.72%	42.10%	29.75%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	37.88%	28.64%	37.52%	37.50%	40.69%	40.24%	38.58%	37.99%	40.28%	31.44%
Earnings before Interest and Taxes (EBIT)	167	627	248	124	78	-150	129	226	68	456
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	395	849	469	341	313	84	348	441	300	682
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.56	1.39	1.02	1.01	0.75	1.20	1.28	1.02	1.02	0.94
Price to Tangible Book Value (P/TBV)	2.45	2.01	1.46	1.44	1.08	1.74	1.83	1.45	1.46	1.29
Price to Revenue (P/Rev)	0.21	0.22	0.17	0.17	0.13	0.20	0.23	0.19	0.18	0.19
Price to Earnings (P/E)	3.84	4.96	4.07	5.68	4.51	107.55	446.15	23.93	24.77	7.33
Dividend Yield	3.11%	3.00%	4.07%	4.13%	5.81%	3.75%	3.43%	4.26%	4.50%	4.52%
Earnings Yield	26.06%	20.16%	24.59%	17.59%	22.16%	0.93%	0.22%	4.18%	4.04%	13.64%
Enterprise Value to Invested Capital (EV/IC)	1.21	1.26	1.01	1.00	0.90	1.13	1.13	1.01	1.01	0.95
Enterprise Value to Revenue (EV/Rev)	0.43	0.31	0.38	0.40	0.37	0.29	0.44	0.42	0.42	0.25
Enterprise Value to EBITDA (EV/EBITDA)	3.85	3.08	4.07	4.61	4.40	6.27	10.06	7.73	7.85	3.24
Enterprise Value to EBIT (EV/EBIT)	5.44	4.68	6.48	7.92	7.90	38.22	75.07	27.06	28.50	6.53
Enterprise Value to NOPAT (EV/NOPAT)	7.18	5.97	8.16	9.97	9.97	21.60	36.63	34.71	38.00	8.28
Enterprise Value to Operating Cash Flow (EV/OCF)	4.77	4.84	6.55	6.19	6.93	5.21	7.91	8.34	8.73	4.49
Enterprise Value to Free Cash Flow (EV/FCFF)	7.66	26.20	38.09	20.76	31.50	12.79	20.86	27.41	18.58	8.60
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.77	0.73	1.44	1.42	1.51	0.74	1.44	1.40	1.40	0.61
Long-Term Debt to Equity	1.72	0.73	1.44	1.42	1.47	0.74	1.44	1.40	1.38	0.61
Financial Leverage	1.86	0.48	1.44	1.45	1.54	0.50	1.26	1.28	1.38	0.40
Leverage Ratio	5.63	4.47	4.54	4.22	4.80	4.08	3.99	3.78	4.30	3.80
Compound Leverage Factor	4.22	4.25	3.87	-1.02	2.65	4.92	3.03	3.26	2.21	3.63
Debt to Total Capital	63.96%	42.33%	58.96%	58.65%	60.17%	42.63%	59.03%	58.28%	58.42%	37.91%
Short-Term Debt to Total Capital	1.90%	0.00%	0.00%	0.00%	1.55%	0.00%	0.00%	0.06%	0.92%	0.08%
Long-Term Debt to Total Capital	62.06%	42.33%	58.96%	58.65%	58.61%	42.63%	59.03%	58.23%	57.50%	37.83%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	36.04%	57.67%	41.04%	41.35%	39.83%	57.37%	40.97%	41.72%	41.58%	62.09%
Debt to EBITDA	2.11	1.18	2.53	2.81	3.06	2.76	5.77	4.76	4.69	1.57
Net Debt to EBITDA	2.00	0.84	2.27	2.61	2.88	1.81	4.93	4.25	4.44	0.83
Long-Term Debt to EBITDA	2.05	1.18	2.53	2.81	2.98	2.76	5.77	4.75	4.62	1.57
Debt to NOPAT	3.93	2.29	5.07	6.08	6.94	9.52	21.02	21.36	22.71	4.01
Net Debt to NOPAT	3.72	1.63	4.56	5.64	6.53	6.23	17.97	19.07	21.49	2.12
Long-Term Debt to NOPAT	3.82	2.29	5.07	6.08	6.76	9.52	21.02	21.34	22.35	4.00
Altman Z-Score	1.72	2.49	1.81	1.82	1.54	2.32	1.85	1.90	1.66	2.41
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.09	1.20	1.22	1.26	1.17	1.34	1.38	1.48	1.26	1.43
Quick Ratio	0.08	0.24	0.18	0.16	0.10	0.29	0.25	0.24	0.09	0.36
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	67	-504	-750	-423	-531	112	296	246	319	366
Operating Cash Flow to CapEx	52.56%	379.46%	38.75%	63.60%	-62.43%	591.24%	57.33%	5.13%	-206.17%	954.74%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	-3.47	0.00	0.00	0.00	0.00	319.20	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	1.36	0.00	0.00	0.00	0.00	-167.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	-0.78	0.00	0.00	0.00	0.00	-248.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.43	1.48	1.48	1.50	1.32	1.44	1.42	1.46	1.32	1.41
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Inventory Turnover	2.45	3.55	3.15	3.39	2.34	3.30	3.03	3.26	2.25	3.11
Fixed Asset Turnover	4.58	4.40	4.37	4.25	4.14	4.25	4.25	4.23	4.26	4.43
Accounts Payable Turnover	4.01	7.18	5.71	6.94	3.96	7.17	5.92	7.20	4.06	7.22
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Inventory Outstanding (DIO)	149.00	102.86	115.86	107.64	156.23	110.70	120.29	111.99	162.17	117.27
Days Payable Outstanding (DPO)	90.95	50.84	63.97	52.57	92.10	50.89	61.63	50.67	89.92	50.55
Cash Conversion Cycle (CCC)	58.05	52.03	51.89	55.07	64.12	59.82	58.65	61.32	72.25	66.72
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	9,316	6,216	9,559	9,744	9,926	5,999	9,342	9,669	9,658	6,025
Invested Capital Turnover	2.82	4.46	2.76	2.58	2.50	3.91	2.51	2.42	2.39	3.83
Increase / (Decrease) in Invested Capital	99	1,012	929	510	610	-217	-217	-75	-268	26
Enterprise Value (EV)	11,259	7,820	9,643	9,791	8,904	6,804	10,510	9,769	9,746	5,741
Market Capitalization	5,418	5,686	4,254	4,257	3,077	4,840	5,354	4,403	4,235	4,268
Book Value per Share	$12.82	$15.06	$15.37	$15.45	$14.98	$14.72	$15.26	$15.57	$14.95	$16.40
Tangible Book Value per Share	$8.17	$10.41	$10.72	$10.83	$10.38	$10.13	$10.68	$11.02	$10.43	$11.88
Total Capital	9,642	7,078	10,162	10,182	10,290	7,033	10,218	10,315	9,973	7,331
Total Debt	6,167	2,996	5,992	5,972	6,191	2,998	6,032	6,012	5,826	2,779
Total Long-Term Debt	5,984	2,996	5,992	5,972	6,031	2,998	6,032	6,006	5,734	2,773
Net Debt	5,841	2,134	5,389	5,534	5,827	1,964	5,156	5,366	5,511	1,473
Capital Expenditures (CapEx)	352	297	271	261	181	194	225	156	81	137
Debt-free, Cash-free Net Working Capital (DFCFNWC)	462	130	470	649	807	523	836	1,200	1,250	655
Debt-free Net Working Capital (DFNWC)	788	992	1,073	1,087	1,171	1,557	1,712	1,846	1,565	1,961
Net Working Capital (NWC)	605	992	1,073	1,087	1,011	1,557	1,712	1,840	1,473	1,955
Net Nonoperating Expense (NNE)	58	31	24	109	38	24	17	21	23	50
Net Nonoperating Obligations (NNO)	5,841	2,134	5,389	5,534	5,827	1,964	5,156	5,366	5,511	1,473
Total Depreciation and Amortization (D&A)	228	222	221	217	235	234	219	215	232	226
Debt-free, Cash-free Net Working Capital to Revenue	1.77%	0.51%	1.88%	2.65%	3.35%	2.19%	3.53%	5.10%	5.35%	2.85%
Debt-free Net Working Capital to Revenue	3.01%	3.90%	4.28%	4.44%	4.86%	6.52%	7.23%	7.85%	6.70%	8.52%
Net Working Capital to Revenue	2.31%	3.90%	4.28%	4.44%	4.20%	6.52%	7.23%	7.83%	6.30%	8.50%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.40	$1.75	$0.57	($0.08)	$0.16	($0.48)	$0.22	$0.54	$0.10	$1.24
Adjusted Weighted Average Basic Shares Outstanding	271.11M	271.40M	272.53M	273.63M	274.07M	274.27M	276.41M	277.37M	277.64M	277.72M
Adjusted Diluted Earnings per Share	$0.39	$1.72	$0.56	($0.08)	$0.15	($0.47)	$0.22	$0.53	$0.10	$1.22
Adjusted Weighted Average Diluted Shares Outstanding	271.11M	271.40M	272.53M	273.63M	274.07M	274.27M	276.41M	277.37M	277.64M	277.72M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	271.11M	271.40M	272.53M	273.63M	274.07M	274.27M	276.41M	277.37M	277.64M	277.72M
Normalized Net Operating Profit after Tax (NOPAT)	151	509	173	87	89	571	90	142	-20	498
Normalized NOPAT Margin	2.77%	5.93%	3.34%	1.64%	1.76%	6.81%	1.81%	2.79%	-0.41%	6.22%
Pre Tax Income Margin	2.29%	6.94%	4.08%	-0.57%	0.85%	-2.16%	1.96%	3.83%	0.71%	5.43%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	1.02	0.00	0.00	0.00	0.00	68.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.71	0.00	0.00	0.00	0.00	51.20	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	-1.12	0.00	0.00	0.00	0.00	-13.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	-1.43	0.00	0.00	0.00	0.00	-29.80	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	12.32%	15.10%	16.54%	23.50%	26.10%	402.22%	1,533.33%	101.63%	111.11%	32.99%
Augmented Payout Ratio	69.48%	67.54%	21.51%	28.57%	31.67%	486.67%	1,558.33%	101.63%	111.11%	33.16%

Frequently Asked Questions About Macy's' Financials

When does Macy's's fiscal year end?

According to the most recent income statement we have on file, Macy's' financial year ends in February. Their financial year 2025 ended on February 1, 2025.

How has Macy's' net income changed over the last 9 years?

Macy's' net income appears to be on a downward trend, with a most recent value of $582 million in 2024, falling from $1.07 billion in 2015. The previous period was $45 million in 2023.

What is Macy's's operating income?

Macy's's total operating income in 2024 was $909 million, based on the following breakdown:

Total Gross Profit: $9.27 billion
Total Operating Expenses: $8.36 billion

How has Macy's revenue changed over the last 9 years?

Over the last 9 years, Macy's' total revenue changed from $27.08 billion in 2015 to $23.01 billion in 2024, a change of -15.0%.

How much debt does Macy's have?

Macy's' total liabilities were at $11.85 billion at the end of 2024, a 3.0% decrease from 2023, and a 27.4% decrease since 2015.

How much cash does Macy's have?

In the past 9 years, Macy's' cash and equivalents has ranged from $685 million in 2019 to $1.71 billion in 2021, and is currently $1.31 billion as of their latest financial filing in 2024.

How has Macy's' book value per share changed over the last 9 years?

Over the last 9 years, Macy's' book value per share changed from 13.52 in 2015 to 16.40 in 2024, a change of 21.3%.

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This page (NYSE:M) was last updated on 4/14/2025 by MarketBeat.com Staff

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