Macy's, Inc. (M) Balance Sheet
M balance sheet, FY2026
January 31, 2026 · U.S. dollars$16.24B assets = $11.38B liabilities + $4.86B equity
Both columns are drawn to the same scale: what M owns equals what it owes plus shareholders’ equity. Hover a block for its value.
M financial health
Current ratio1.49
Adequate · current assets cover current liabilities 1.49×
Debt / equity1.07
Moderate leverage · $1.07 of debt for each $1 of equity
Equity / assets29.9%
Balanced · of assets funded by shareholders
Cash / debt23.9%
Low cash cover · cash & short-term investments vs total debt
Goodwill & intangibles7.7%
Mostly tangible · of total assets
Descriptive bands, not a rating. Fiscal FY2026.
M balance sheet trends, FY2017–FY2026
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $19.85BFY2017 | $16.24BFY2026 | −2.2%/yr | |
| Total liabilities | $15.53BFY2017 | $11.38BFY2026 | −3.4%/yr | |
| Shareholders’ equity | $4.32BFY2017 | $4.86BFY2026 | +1.3%/yr | |
| Cash & short-term investments | $1.30BFY2017 | $1.25BFY2026 | −0.4%/yr | |
| Total debt | $7.05BFY2017 | $5.20BFY2026 | −3.3%/yr | |
| Net cash (debt) | −$5.76BFY2017 | −$3.96BFY2026 | +$1.8B | |
| Working capital | $1.98BFY2017 | $2.18BFY2026 | +$201.0M | |
| Book value per share | $13.91FY2017 | $17.58FY2026 | +2.6%/yr | |
| Current ratio | 1.35FY2017 | 1.49FY2026 | +0.13 | |
| Debt / equity | 1.63FY2017 | 1.07FY2026 | −0.56 | |
| Shares outstanding | 310.8MFY2017 | 276.5MFY2026 | −1.3%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
M assets
Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current
M liabilities and equity
Current liabilitiesLong-term debtOther long-term liabilitiesEquity
M debt vs cash
Total debtCash & ST investmentsNet cash (debt)
Debt includes short- and long-term borrowings and, where reported, lease obligations.
M balance sheet
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $1.25B | $1.31B | $1.03B | $862.0M | $1.71B | $1.68B | $685.0M | $1.16B | $1.46B | $1.30B |
| Cash & equivalents | $1.25B | $1.31B | $1.03B | $862.0M | $1.71B | $1.68B | $685.0M | $1.16B | $1.46B | $1.30B |
| Short-term investments | — | — | — | — | — | — | — | — | $37.0M | $37.0M |
| Receivables | $628.0M | $320.0M | $293.0M | $300.0M | $297.0M | $276.0M | $409.0M | $400.0M | $363.0M | $522.0M |
| Inventory | $4.41B | $4.47B | $4.36B | $4.27B | $4.38B | $3.77B | $5.19B | $5.26B | $5.18B | $5.40B |
| Other current assets | $387.0M | $385.0M | $401.0M | $424.0M | $366.0M | $455.0M | $528.0M | $620.0M | $448.0M | $408.0M |
| Total current assets | $6.67B | $6.48B | $6.09B | $5.85B | $6.76B | $6.18B | $6.81B | $7.45B | $7.44B | $7.63B |
| Property, plant & equipment (net) | $6.88B | $7.31B | $7.61B | $8.60B | $8.47B | $8.82B | $9.30B | $6.64B | $6.67B | $7.02B |
| Goodwill & intangible assets | $1.25B | $1.25B | $1.26B | $1.26B | $1.26B | $1.26B | $4.35B | $4.39B | $4.38B | $4.39B |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $1.44B | $1.36B | $1.29B | $1.16B | $1.10B | $1.44B | $714.0M | $726.0M | $880.0M | $813.0M |
| Total assets | $16.24B | $16.40B | $16.25B | $16.87B | $17.59B | $17.71B | $21.17B | $19.19B | $19.38B | $19.85B |
| Liabilities | ||||||||||
| Accounts payable | $4.42B | $2.75B | $2.66B | $2.87B | $3.28B | $2.86B | $2.66B | $2.64B | $2.33B | $2.18B |
| Short-term debt | $0 | $6.0M | $376.0M | $438.0M | $433.0M | $737.0M | $938.0M | $223.0M | $22.0M | $492.0M |
| Deferred revenue | — | $353.0M | $384.0M | $399.0M | $481.0M | $616.0M | $839.0M | $879.0M | $1.03B | $1.31B |
| Total current liabilities | $4.49B | $4.52B | $4.53B | $4.86B | $5.42B | $5.36B | $5.75B | $5.23B | $5.08B | $5.65B |
| Long-term debt | $2.44B | $2.79B | $3.01B | $3.00B | $3.29B | $4.41B | $3.62B | $4.71B | $5.86B | $6.56B |
| Lease obligations | $2.77B | $2.93B | $2.99B | $2.96B | $3.10B | $3.19B | $3.32B | $212.0M | $237.0M | $210.0M |
| Other long-term liabilities | $4.44B | $4.54B | $4.67B | $4.93B | $5.26B | $5.39B | $5.42B | $2.82B | $2.78B | $3.32B |
| Total liabilities | $11.38B | $11.85B | $12.21B | $12.78B | $13.97B | $15.15B | $14.79B | $12.76B | $13.72B | $15.53B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $3.0M | $3.0M | $3.0M | $3.0M | $3.0M | $3.0M | $3.0M | $3.0M | $679.0M | $620.0M |
| Retained earnings (deficit) | $6.94B | $6.50B | $6.09B | $6.27B | $5.27B | $3.93B | $7.99B | $8.05B | $7.17B | $6.09B |
| Treasury stock | — | — | — | — | −$1.54B | −$1.16B | −$1.24B | −$1.32B | −$1.46B | −$1.49B |
| Accumulated other comprehensive income | −$392.0M | −$449.0M | −$496.0M | −$618.0M | −$622.0M | −$788.0M | −$995.0M | −$951.0M | −$724.0M | −$896.0M |
| Minority interest | — | — | — | — | — | — | — | — | −$12.0M | −$1.0M |
| Total shareholders' equity | $4.86B | $4.55B | $4.04B | $4.08B | $3.62B | $2.55B | $6.38B | $6.44B | $5.67B | $4.32B |
| Key figures | ||||||||||
| Total debt | $5.20B | $5.71B | $5.98B | $6.40B | $6.83B | $8.33B | $7.48B | $4.94B | $5.88B | $7.05B |
| Net cash (debt) | −$3.96B | −$4.40B | −$4.95B | −$5.54B | −$5.11B | −$6.65B | −$6.79B | −$3.78B | −$4.43B | −$5.76B |
| Working capital | $2.18B | $1.96B | $1.56B | $992.0M | $1.34B | $827.0M | $1.06B | $2.21B | $2.37B | $1.98B |
| Tangible book value | $3.61B | $3.30B | $2.78B | $2.82B | $2.36B | $1.29B | $2.03B | $2.05B | $1.29B | −$72.0M |
| Book value per share | $17.58 | $16.16 | $14.50 | $14.52 | $11.53 | $8.21 | $20.48 | $20.67 | $18.49 | $13.91 |
| Shares outstanding | 276.5M | 281.6M | 278.2M | 281.1M | 314.0M | 311.1M | 311.4M | 311.4M | 306.8M | 310.8M |
| Current ratio | 1.49 | 1.43 | 1.34 | 1.20 | 1.25 | 1.15 | 1.18 | 1.42 | 1.47 | 1.35 |
| Quick ratio | 0.42 | 0.36 | 0.29 | 0.24 | 0.37 | 0.36 | 0.19 | 0.30 | 0.36 | 0.32 |
| Debt / equity | 1.07 | 1.25 | 1.48 | 1.57 | 1.89 | 3.26 | 1.17 | 0.77 | 1.04 | 1.63 |
| Equity / assets | 29.9% | 27.8% | 24.8% | 24.2% | 20.6% | 14.4% | 30.1% | 33.5% | 29.3% | 21.8% |
| Jul '26 | Apr '26 | Jan '26 | Oct '25 | Jul '25 | Apr '25 | Jan '25 | Oct '24 | Jul '24 | Apr '24 | Jan '24 | Oct '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $1.29B | $1.29B | $1.25B | $447.0M | $829.0M | $932.0M | $1.31B | $315.0M | $646.0M | $876.0M | $1.03B | $364.0M |
| Cash & equivalents | $1.29B | $1.29B | $1.25B | $447.0M | $829.0M | $932.0M | $1.31B | $315.0M | $646.0M | $876.0M | $1.03B | $364.0M |
| Receivables | $309.0M | $302.0M | $628.0M | $187.0M | $224.0M | $251.0M | $320.0M | $258.0M | $280.0M | $257.0M | $293.0M | $291.0M |
| Inventory | $4.45B | $4.83B | $4.41B | $6.30B | $4.34B | $4.66B | $4.47B | $6.26B | $4.38B | $4.69B | $4.36B | $6.03B |
| Other current assets | $337.0M | $467.0M | $387.0M | $453.0M | $430.0M | $445.0M | $385.0M | $416.0M | $403.0M | $442.0M | $401.0M | $390.0M |
| Total current assets | $6.39B | $6.90B | $6.67B | $7.38B | $5.83B | $6.29B | $6.48B | $7.25B | $5.71B | $6.26B | $6.09B | $7.07B |
| Property, plant & equipment (net) | $6.64B | $6.72B | $6.88B | $7.05B | $7.11B | $7.19B | $7.31B | $7.48B | $7.58B | $7.65B | $7.61B | $8.60B |
| Goodwill & intangible assets | $1.25B | $1.25B | $1.25B | $1.25B | $1.25B | $1.25B | $1.25B | $1.25B | $1.26B | $1.26B | $1.26B | $1.26B |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $1.46B | $1.44B | $1.44B | $1.38B | $1.36B | $1.36B | $1.36B | $1.31B | $1.29B | $1.28B | $1.29B | $1.19B |
| Total assets | $15.73B | $16.31B | $16.24B | $17.06B | $15.55B | $16.09B | $16.40B | $17.29B | $15.83B | $16.45B | $16.25B | $18.11B |
| Liabilities | ||||||||||||
| Accounts payable | $3.56B | $4.60B | $4.42B | $5.40B | $4.01B | $4.35B | $2.75B | $5.18B | $3.41B | $4.43B | $2.66B | $5.33B |
| Short-term debt | — | — | $0 | $0 | $194.0M | $6.0M | $6.0M | $92.0M | $6.0M | −$349.0M | $376.0M | $160.0M |
| Deferred revenue | $298.0M | — | — | $312.0M | — | — | $353.0M | $331.0M | $334.0M | $349.0M | $384.0M | $336.0M |
| Total current liabilities | $4.02B | $4.67B | $4.49B | $5.89B | $4.22B | $4.39B | $4.52B | $5.77B | $3.87B | $4.55B | $4.53B | $6.01B |
| Long-term debt | $2.43B | $2.43B | $2.43B | $2.43B | $2.43B | $2.77B | $2.77B | $2.77B | $2.99B | $3.00B | $3.00B | $3.00B |
| Lease obligations | $2.66B | $2.68B | $2.77B | $2.81B | $2.85B | $2.88B | $2.93B | $2.96B | $3.01B | $3.03B | $2.99B | $3.03B |
| Other long-term liabilities | $4.35B | $4.36B | $4.45B | $4.42B | $4.45B | $4.48B | $4.55B | $4.60B | $4.67B | $4.71B | $4.68B | $4.96B |
| Total liabilities | $10.80B | $11.47B | $11.38B | $12.74B | $11.10B | $11.64B | $11.85B | $13.15B | $11.53B | $12.26B | $12.21B | $13.97B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $3.0M | $3.0M | $3.0M | $3.0M | $3.0M | $3.0M | $3.0M | $3.0M | $3.0M | $3.0M | $3.0M | $3.0M |
| Retained earnings (deficit) | $7.07B | $6.49B | $6.94B | $6.43B | $6.52B | $6.49B | $6.50B | $6.16B | $6.33B | $6.23B | $6.09B | $6.26B |
| Accumulated other comprehensive income | −$390.0M | −$449.0M | −$392.0M | −$448.0M | −$449.0M | −$449.0M | −$449.0M | −$496.0M | −$496.0M | −$496.0M | −$496.0M | −$559.0M |
| Total shareholders' equity | $4.93B | $4.84B | $4.86B | $4.33B | $4.45B | $4.45B | $4.55B | $4.15B | $4.30B | $4.19B | $4.04B | $4.14B |
| Key figures | ||||||||||||
| Total debt | $5.09B | $5.11B | $5.20B | $5.24B | $5.48B | $5.66B | $5.71B | $5.83B | $6.01B | $6.03B | $5.98B | $6.19B |
| Net cash (debt) | −$3.79B | −$3.81B | −$3.96B | −$4.80B | −$4.65B | −$4.73B | −$4.40B | −$5.51B | −$5.37B | −$5.16B | −$4.95B | −$5.83B |
| Working capital | $2.37B | $2.22B | $2.18B | $1.50B | $1.61B | $1.90B | $1.96B | $1.47B | $1.84B | $1.71B | $1.56B | $1.06B |
| Tangible book value | $3.68B | $3.59B | $3.61B | $3.08B | $3.20B | $3.20B | $3.30B | $2.89B | $3.05B | $2.93B | $2.78B | $2.88B |
| Book value per share | $18.12 | $17.74 | $17.58 | $15.76 | $15.99 | $15.86 | $16.11 | $14.73 | $15.28 | $14.90 | $14.67 | $14.93 |
| Shares outstanding | 271.9M | 272.7M | 276.5M | 274.6M | 278.3M | 280.7M | 282.6M | 281.5M | 281.6M | 281.0M | 275.0M | 277.6M |
| Current ratio | 1.59 | 1.48 | 1.49 | 1.25 | 1.38 | 1.43 | 1.43 | 1.26 | 1.48 | 1.38 | 1.34 | 1.18 |
| Quick ratio | 0.40 | 0.34 | 0.42 | 0.11 | 0.25 | 0.27 | 0.36 | 0.10 | 0.24 | 0.25 | 0.29 | 0.11 |
| Debt / equity | 1.03 | 1.06 | 1.07 | 1.21 | 1.23 | 1.27 | 1.25 | 1.40 | 1.40 | 1.44 | 1.48 | 1.49 |
| Equity / assets | 31.3% | 29.7% | 29.9% | 25.4% | 28.6% | 27.7% | 27.8% | 24.0% | 27.2% | 25.4% | 24.8% | 22.9% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed March 27, 2026); data from EODHD.
M financial position
At the end of fiscal 2026 (January 31, 2026), Macy's had total assets of $16.2 billion (down 1.0% from a year earlier), total liabilities of $11.4 billion and shareholders' equity of $4.9 billion. It held $1.2 billion in cash and short-term investments against $5.2 billion of debt, net debt of $4.0 billion. Its current ratio was 1.49. In the latest quarter (ended July 31, 2026) total assets were $15.7 billion and equity $4.9 billion.
Related: M income statement, M cash flow statement, M key metrics. See the M stock overview for the latest quote and news.
M balance sheet FAQ
What are Macy's's total assets?
Macy's reported total assets of $16.2 billion at the end of fiscal 2026 (January 31, 2026), compared with $16.4 billion a year earlier.
How much debt does Macy's have?
Macy's had $5.2 billion of total debt at the end of fiscal 2026, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 1.07.
How much cash does Macy's have?
Macy's held $1.2 billion in cash and short-term investments at the end of fiscal 2026; with $5.2 billion of debt that is net debt of $4.0 billion.
What is Macy's's book value?
Macy's's shareholders' equity (book value) was $4.9 billion at the end of fiscal 2026, or $17.58 per share.
What is Macy's's current ratio?
Macy's had current assets of $6.7 billion and current liabilities of $4.5 billion, a current ratio of 1.49 (it can cover its short-term obligations).
How much goodwill does Macy's have?
Macy's carried $1.2 billion of goodwill and intangible assets, 7.7% of total assets, at the end of fiscal 2026.