At a glance
Macy’s Inc is worth $6.20B, about 10 times its fiscal 2026 earnings. Revenue fell 1.7% to $22.62B in fiscal 2026, with 2.8% kept as profit; over 5 years it has grown 5.5% a year. It pays a 3.16% dividend yield, raised every year for at least 4 years, and returned $2.22B to shareholders in dividends and buybacks over FY2022–FY2026. The stock returned +24.8% over the past year with dividends reinvested and +1.8% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 69.6% in the 2020 crash (S&P 500: 33.7%) and 44.6% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 10 months and 39 months after the lows.
The business in plain English
Macy's, Inc., one of the nation's largest retailers, runs 665 stores plus online shops under three names. Macy's is the mainstream department store for middle- to higher-income shoppers. It also runs smaller stores and Macy's Backstage, a discount (off-price) concept. Bloomingdale's is the upscale, luxury-leaning chain, with licensed stores in Dubai and Kuwait. Bluemercury sells luxury skincare, fragrance and spa treatments in neighborhood shops. The company serves nearly 40 million active customers a year, and most stores are in US cities and suburbs.
Most of the money comes from selling merchandise. Revenue was $22.6 billion in the fiscal year ended January 31, 2026. Women's accessories, shoes, cosmetics and fragrances were about 40%, women's apparel 21%, men's and kids' 21%, and home and other 14%. Store-owned brands such as Charter Club, I-N-C and Hotel Collection help margins. Beyond merchandise, Macy's shares in the profits of its credit card program and sells advertising to brands through Macy's Media Network.
Sales are seasonal, with much of yearly sales and profit coming in the fourth quarter, which includes the holidays. Margins are thin: about $4.60 of every $100 in revenue that year was left as operating profit. Under a plan called Bold New Chapter, Macy's is closing weaker stores, refreshing those it keeps and investing in Bloomingdale's and Bluemercury as growth brands.
Price history
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M +24.8% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Women’s Accessories, Shoes, Cosmetics and Fragrances | $9.13B | 40.4% |
| Women’s Apparel | $4.76B | 21.1% |
| Men’s and Kids’ | $4.66B | 20.6% |
| Home/Other | $3.21B | 14.2% |
Latest results
- In Q2 FY2027 (ended Aug 1, 2026), revenue was $5.06B, up 1.2% from a year earlier, and net income was $169.0M (+94.3%).
- For fiscal 2026, revenue was $22.62B (-1.7% year over year; +5.5% a year from FY2021 to FY2026) with a 2.8% net margin.
Financial health check
| Revenue growth a year (FY2021–FY2026) | +5.5% good |
|---|---|
| Operating margin | 4.6% weak |
| Free cash flow margin | 4.7% watch |
| Return on equity (FY2026) | 13.2% watch |
| Return on assets (FY2026) | 4% watch |
| Net cash (cash minus debt) | $-1.14B watch |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $17.35B | $-3.94B | $311.0M |
| FY2022 | $25.40B | $1.43B | $2.36B |
| FY2023 | $25.45B | $1.15B | $727.0M |
| FY2024 | $23.87B | $45.0M | $674.0M |
| FY2025 | $23.01B | $582.0M | $760.0M |
| FY2026 | $22.62B | $642.0M | $1.06B |
Valuation snapshot
| Market value | $6.20B |
|---|---|
| P/E ratio | 10.2 |
| Dividend yield | 3.16% |
Rank among 1514 US companies
Market value at each year end
Macy’s’s market value went from $10.95B at the end of 2016 to $6.20B on Oct 28, 2026, down 43%; since the end of 2025 it is up 6%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $6.20B | +5.8% |
| 2025 | $5.86B | +24.7% |
| 2024 | $4.70B | -14.8% |
| 2023 | $5.51B | -1.5% |
| 2022 | $5.60B | -28.5% |
| 2021 | $7.83B | +124.3% |
| 2020 | $3.49B | -33.5% |
| 2019 | $5.25B | -42.6% |
| 2018 | $9.16B | +19.3% |
| 2017 | $7.67B | -29.9% |
| 2016 | $10.95B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| M price data to Oct 28, 2026 | +10.6% | +24.8% | +31.9% | +1.8% | +0.4% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +10.6% |
| 2025 | +36.6% |
| 2024 | -12.6% |
| 2023 | +1.7% |
| 2022 | -18.6% |
| 2021 | +135.7% |
| 2020 | -30.4% |
| 2019 | -38.2% |
| 2018 | +23.8% |
| 2017 | -25.2% |
| 2016 | +6.6% |
| 2015 | -45.4% |
| 2014 | +25.6% |
| 2013 | +39.7% |
| 2012 | +23.8% |
| 2011 | +28.9% |
| 2010 | +52.3% |
| 2009 | +64.6% |
| 2008 | -58.6% |
| 2007 | -31.1% |
| 2006 | +16.4% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 79.2% over that stretch · deepest drop along the way 83.2%, back to its old high 35.6 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 69% over that stretch · deepest drop along the way 69.6%, back to its old high 10.2 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 34.1% over that stretch · deepest drop along the way 44.6%, back to its old high 38.5 months after the low |
Insider activity
Form 4 filings from 2025-11-03 to 2026-11-03 (25 read): 0 open-market purchases and 10 sales ($2.4M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Apr 6, 2026 | Antony Spring Chairman & CEO, Director | sell | $897K |
| Jun 24, 2026 | Thomas Jr. Edwards EVP, COO & CFO | sell | $409K |
| Apr 1, 2026 | Antony Spring Chairman & CEO, Director | sell | $264K |
| Jun 25, 2026 | Paul Griscom SVP and Controller | sell | $258K |
| Apr 6, 2026 | Danielle L. Kirgan EVP, Chief HR Officer | sell | $179K |
Who owns it
Large shareholders (13G filings)
| Dimensional Fund Advisors LP | 6.4% | Jun 30, 2026 |
| Vanguard Capital Management | 4.96% | Jun 30, 2026 |
| Vanguard Portfolio Management | 4.94% | Jun 30, 2026 |
| FMR LLC | 3.6% | Sep 30, 2025 |
ETFs with the most weight in M
| RFV Invesco S&P MidCap 400® Pure Value ETF | 2.03% |
| FXD First Trust Consumer Discretionary AlphaDEX Fund | 1.33% |
| XRT SPDR S&P Retail ETF | 1.19% |
| MYLD Cambria Micro and SmallCap Shareholder Yield ETF | 0.85% |
| DES WisdomTree U.S. SmallCap Dividend Fund | 0.63% |
| CSB VictoryShares US Small Cap High Dividend Volatility Wtd ETF | 0.56% |
| PAMC Pacer Lunt MidCap Multi-Factor Alternator ETF | 0.51% |
| AIVL WisdomTree U.S. AI Enhanced Value Fund | 0.45% |
What could go wrong
- The turnaround plan may fall short. Macy's multi-year plan, Bold New Chapter, closes unproductive stores and has reimagined 125 others. If expected sales gains and cost savings don't arrive, especially amid tariffs and inflation, profits and growth could suffer.
- Credit card income could shrink. Macy's shares in profits from its private label and co-branded credit cards, which are tied to its Star Rewards loyalty program. If that card revenue declines, overall results could weaken.
- Department stores must stay relevant. Macy's competes with off-price chains, mass merchants, online marketplaces and brands selling directly to shoppers. If its stores and merchandise stop drawing customers, it could lose market share and sales.
- Inventory mistakes can mean costly markdowns. Ordering too much forces clearance sales that cut into gross margin, the share of sales left after paying for goods: 40.3% in the fiscal year ended January 31, 2026. Too little means missed sales.
- Spending slumps and holiday dependence. Macy's mostly sells wants, not needs, so sales tend to fall when household budgets tighten. With much of yearly sales and earnings coming in the fourth quarter, a weak holiday season weighs heavily.
- Tariffs and overseas sourcing add risk. Macy's relies on suppliers outside the US. Tariffs, trade rules, political trouble or shipping disruptions can raise costs or delay goods, and quality problems with its own brands could hurt its reputation.
Recent events
- Executive or board change
- Quarterly results released
- Quarterly results released
- Executive or board change; Shareholder vote results
- Executive or board change
- Quarterly results released
- Other company announcement
- Investor presentation or announcement
- Executive or board change
- Quarterly results released
For income and retirement investors
Macy's dividend yielded 3.16% as of October 28, 2026. In the fiscal year ended January 31, 2026, dividends per share rose for a fourth straight year, to $0.73, and used about 31% of earnings and 19% of free cash flow (cash left after running and investing in the business). That streak followed a cut from about $0.38 to $0.30. Buybacks (share repurchases) topped dividends: $1.39 billion versus $833 million over five fiscal years through January 2026. The share count fell about 13% from November 2021 to August 2026.
The stock fell 83% in the 2008 financial crisis, recovering only by November 2011. It dropped 70% in the 2020 COVID crash, regaining its peak by January 2021, and lost 45% in the 2022 bear market, recovering only by December 2025. Over the 10 years to October 28, 2026, the share price rose about 4% in total. A single stock carries more risk than a diversified fund.
Questions investors ask
Does Macy's pay a dividend?
Yes. Macy's paid $0.73 per share in dividends in the fiscal year ended January 31, 2026, and the yield was 3.16% as of October 28, 2026. It has raised the dividend four years in a row, though that streak followed a drop from about $0.38 to $0.30 a share. Dividends used about 31% of that year's earnings and 19% of its free cash flow, leaving a cushion if profits dip.
How does Macy's make money?
Mostly by selling merchandise through 665 stores, websites and apps under the Macy's, Bloomingdale's and Bluemercury names. Revenue was $22.6 billion in the fiscal year ended January 31, 2026. Women's accessories, shoes, cosmetics and fragrances brought in about 40%, women's apparel 21%, men's and kids' 21%, and home and other 14%. Macy's also shares in profits from its credit card program and sells advertising to brands through Macy's Media Network.
What is Macy's P/E ratio?
About 10.2 as of October 28, 2026. That means the share price was roughly 10 times earnings of $2.32 per share for the fiscal year ended January 31, 2026. The company's market value was about $6.2 billion. A low P/E (price-to-earnings ratio) often reflects doubts about growth. Revenue slipped 1.7% that year to $22.6 billion, below the $25.4 billion of three years earlier, even as net income rose 10.3% to $642 million.
How much debt does Macy's have?
Macy's had $2.43 billion of total debt and $1.29 billion of cash and investments as of August 1, 2026, so debt exceeded cash by about $1.14 billion. Shareholders' equity was $4.93 billion. Free cash flow of about $1.06 billion in the fiscal year ended January 31, 2026, gave it cash to pay dividends and reduce debt. Still, the 10-K warns that its debt could limit flexibility and that it must keep meeting loan covenants (lenders' conditions).
Is Macy's closing stores?
Yes. Closing unproductive Macy's stores is part of Bold New Chapter, its multi-year strategy for returning to profitable growth. The company operated 665 stores across Macy's, Bloomingdale's and Bluemercury, according to its 10-K filed March 27, 2026. It says 125 Macy's locations have been reimagined with better service and fresher merchandise, and it opened a new fulfillment center called China Grove. Closures carry costs: Macy's has recorded write-downs of long-lived assets such as stores (impairments) before.