Macy's, Inc. (M) Cash Flow Statement
Where M’s cash came from and went, FY2026
January 31, 2026 · U.S. dollars- Cash from operations
- $1.43B +11.9% vs FY2025
- Capital expenditures
- $373.0M 1.6% of revenue
- Free cash flow
- $1.06B 4.7% margin
- Returned to shareholders
- $447.0M 42% of free cash flow
- Change in cash
- −$61.0M cash at year-end $1.25B
Drawn to scale: where the cash came from and how it was used. Hover for values.
M operating cash flow, capex and free cash flow
M cash flow trends, FY2017–FY2026
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $1.80BFY2017 | $1.43BFY2026 | −2.5%/yr | |
| Capital expenditures | $912.0MFY2017 | $373.0MFY2026 | −9.5%/yr | |
| Free cash flow | $889.0MFY2017 | $1.06BFY2026 | +1.9%/yr | |
| Free cash flow margin | 3.3%FY2017 | 4.7%FY2026 | +1.3 pts | |
| Operating cash flow / net income | 2.95FY2017 | 2.23FY2026 | −0.72 | |
| Stock-based compensation | $61.0MFY2017 | $59.0MFY2026 | −0.4%/yr | |
| Dividends paid | $459.0MFY2017 | $197.0MFY2026 | −9.0%/yr | |
| Share buybacks (net) | $316.0MFY2017 | $250.0MFY2026 | −2.6%/yr | |
| Capex / revenue | 3.4%FY2017 | 1.6%FY2026 | −1.8 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
M cash flow by activity
M net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
M cash flow statement
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $642.0M | $582.0M | $105.0M | $1.18B | $1.43B | −$3.94B | $564.0M | $1.10B | $1.54B | $611.0M |
| Depreciation & amortization | $894.0M | $881.0M | $897.0M | $857.0M | $874.0M | $959.0M | $981.0M | $962.0M | $991.0M | $1.06B |
| Stock-based compensation | $59.0M | $58.0M | $47.0M | $54.0M | $55.0M | $31.0M | $38.0M | $63.0M | $58.0M | $61.0M |
| Change in working capital | −$486.0M | −$277.0M | −$614.0M | −$454.0M | $195.0M | $262.0M | −$254.0M | −$208.0M | −$343.0M | −$283.0M |
| Other non-cash items | $321.0M | $34.0M | $870.0M | −$19.0M | $158.0M | $3.34B | $279.0M | −$180.0M | −$298.0M | $354.0M |
| Cash from operating activities | $1.43B | $1.28B | $1.30B | $1.61B | $2.71B | $649.0M | $1.61B | $1.74B | $1.94B | $1.80B |
| Investing activities | ||||||||||
| Capital expenditures | −$373.0M | −$518.0M | −$993.0M | −$1.29B | −$597.0M | −$466.0M | −$1.16B | −$932.0M | −$760.0M | −$912.0M |
| Investments (net) | — | −$592.0M | −$913.0M | −$1.17B | −$370.0M | −$325.0M | −$1.00B | −$456.0M | −$373.0M | −$187.0M |
| Acquisitions & other investing | −$266.0M | $518.0M | $993.0M | $1.29B | $597.0M | $466.0M | $1.16B | $932.0M | $760.0M | $912.0M |
| Cash from investing activities | −$639.0M | −$592.0M | −$913.0M | −$1.17B | −$370.0M | −$325.0M | −$1.00B | −$456.0M | −$373.0M | −$187.0M |
| Financing activities | ||||||||||
| Dividends paid | −$197.0M | −$192.0M | −$181.0M | −$173.0M | −$90.0M | −$117.0M | −$466.0M | −$463.0M | −$461.0M | −$459.0M |
| Share repurchases & issuance (net) | −$250.0M | −$1.0M | −$38.0M | −$601.0M | −$500.0M | −$1.0M | −$1.0M | $45.0M | −$1.0M | −$316.0M |
| Net borrowing (repayment) | −$346.0M | −$223.0M | −$2.0M | −$472.0M | −$1.64B | $912.0M | −$662.0M | −$1.13B | −$970.0M | −$691.0M |
| Shares issued | $0 | $0 | $0 | $0 | $7.0M | $0 | $6.0M | $45.0M | $0 | $0 |
| Other financing | −$59.0M | $3.0M | $1.0M | −$50.0M | −$161.0M | −$95.0M | $0 | −$38.0M | $19.0M | $40.0M |
| Cash from financing activities | −$852.0M | −$413.0M | −$220.0M | −$1.30B | −$2.38B | $699.0M | −$1.12B | −$1.54B | −$1.41B | −$1.43B |
| Summary | ||||||||||
| Net change in cash | −$61.0M | $273.0M | $172.0M | −$850.0M | −$39.0M | $1.02B | −$517.0M | −$265.0M | $158.0M | $188.0M |
| Cash at end of period | $1.25B | $1.31B | $1.03B | $865.0M | $1.72B | $1.75B | $731.0M | $1.25B | $1.46B | $1.30B |
| Free cash flow | $1.06B | $760.0M | $312.0M | $320.0M | $2.12B | $183.0M | $451.0M | $803.0M | $1.18B | $889.0M |
| Free cash flow margin | 4.7% | 3.3% | 1.3% | 1.3% | 8.3% | 1.0% | 1.8% | 3.1% | 4.6% | 3.3% |
| Capex / revenue | 1.6% | 2.3% | 4.2% | 5.1% | 2.4% | 2.6% | 4.6% | 3.6% | 3.0% | 3.4% |
| Operating cash flow / net income | 2.23 | 2.20 | 12.43 | 1.37 | 1.90 | — | 2.85 | 1.58 | 1.27 | 2.95 |
| Jul '26 | Apr '26 | Jan '26 | Oct '25 | Jul '25 | Apr '25 | Jan '25 | Oct '24 | Jul '24 | Apr '24 | Jan '24 | Oct '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $322.82B | −$322.58B | $5.04B | $11.0M | −$4.45B | $38.0M | $342.0M | $28.0M | $150.0M | $62.0M | −$71.0M | $42.0M |
| Depreciation & amortization | $206.0M | $210.0M | $222.0M | $235.0M | $218.0M | $219.0M | $224.0M | $228.0M | $213.0M | $216.0M | $232.0M | $232.0M |
| Stock-based compensation | $6.83B | −$6.79B | $62.0M | $15.0M | −$31.0M | $13.0M | $16.0M | $14.0M | $15.0M | $13.0M | $2.0M | $15.0M |
| Change in working capital | −$110.0M | $12.0M | $118.0M | −$266.0M | −$12.0M | −$326.0M | $546.0M | −$338.0M | −$311.0M | −$174.0M | $212.0M | −$426.0M |
| Other non-cash items | −$329.44B | $329.45B | −$4.26B | −$3.0M | $4.59B | −$8.0M | $180.0M | −$99.0M | −$59.0M | $12.0M | $772.0M | $24.0M |
| Cash from operating activities | $294.0M | $292.0M | $1.18B | −$8.0M | $319.0M | −$64.0M | $1.31B | −$167.0M | $8.0M | $129.0M | $1.15B | −$113.0M |
| Investing activities | ||||||||||||
| Capital expenditures | −$65.0M | −$88.0M | −$101.0M | −$93.0M | −$79.0M | −$100.0M | −$119.0M | −$217.0M | −$203.0M | −$229.0M | −$244.0M | −$185.0M |
| Investments (net) | — | — | — | — | −$129.0M | −$133.0M | −$137.0M | −$82.0M | −$156.0M | −$217.0M | −$197.0M | −$185.0M |
| Acquisitions & other investing | −$72.0M | −$61.0M | −$113.0M | −$70.0M | $79.0M | $100.0M | $119.0M | $217.0M | $203.0M | $229.0M | $244.0M | $185.0M |
| Cash from investing activities | −$137.0M | −$149.0M | −$214.0M | −$163.0M | −$129.0M | −$133.0M | −$137.0M | −$82.0M | −$156.0M | −$217.0M | −$197.0M | −$185.0M |
| Financing activities | ||||||||||||
| Dividends paid | −$51.0M | −$50.0M | −$48.0M | −$49.0M | −$49.0M | −$51.0M | −$48.0M | −$48.0M | −$48.0M | −$48.0M | −$46.0M | −$45.0M |
| Share repurchases & issuance (net) | −$53.0M | −$51.0M | $200.0M | −$51.0M | −$52.0M | −$97.0M | −$1.0M | $0 | $0 | $0 | $0 | $0 |
| Net borrowing (repayment) | −$1.0M | −$1.0M | $0 | −$195.0M | −$150.0M | −$1.0M | −$86.0M | −$136.0M | $0 | — | — | $270.0M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$51.0M | $7.0M | −$321.0M | $83.0M | −$42.0M | −$29.0M | −$44.0M | $102.0M | −$34.0M | −$22.0M | −$234.0M | −$1.0M |
| Cash from financing activities | −$156.0M | −$95.0M | −$169.0M | −$212.0M | −$293.0M | −$178.0M | −$179.0M | −$82.0M | −$82.0M | −$70.0M | −$280.0M | $224.0M |
| Summary | ||||||||||||
| Net change in cash | $1.0M | $48.0M | $802.0M | −$382.0M | −$103.0M | −$375.0M | $992.0M | −$331.0M | −$230.0M | −$158.0M | $670.0M | −$74.0M |
| Cash at end of period | $1.30B | $1.30B | $1.25B | $447.0M | $832.0M | $935.0M | $1.31B | $318.0M | $646.0M | $876.0M | $1.03B | $367.0M |
| Free cash flow | $229.0M | $204.0M | $1.16B | −$101.0M | $240.0M | −$241.0M | $1.19B | −$384.0M | −$195.0M | −$100.0M | $903.0M | −$298.0M |
| Free cash flow margin | 4.5% | 4.2% | 14.6% | −2.1% | 4.8% | −5.0% | 14.8% | −7.8% | −3.8% | −2.0% | 10.8% | −5.9% |
| Capex / revenue | 1.3% | 1.8% | 1.3% | 1.9% | 1.6% | 2.1% | 1.5% | 4.4% | 4.0% | 4.6% | 2.9% | 3.7% |
| Operating cash flow / net income | 0.00 | — | 0.23 | −0.73 | — | −1.68 | 3.82 | −5.96 | 0.05 | 2.08 | — | −2.69 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
M cash generation
In fiscal 2026 (ended January 31, 2026), Macy's generated $1.4 billion of cash from operations (up 11.9%) and spent $373.0 million on capital expenditures, leaving free cash flow of $1.1 billion, 4.7% of revenue. It returned $447.0 million to shareholders through dividends ($197.0 million) and net share buybacks ($250.0 million). Cash and equivalents fell by $61.0 million over the year.
Related: M income statement, M balance sheet, M dividend history. See the M stock overview for the latest quote and news.
M cash flow FAQ
What is Macy's's free cash flow?
Macy's's free cash flow was $1.1 billion in fiscal 2026: $1.4 billion of operating cash flow minus $373.0 million of capital expenditures It was $760.0 million a year earlier..
How much cash does Macy's generate from operations?
Macy's generated $1.4 billion of cash from operating activities in fiscal 2026, 2.23 times its net income of $642.0 million.
How much does Macy's spend on capital expenditures?
Macy's spent $373.0 million on capital expenditures in fiscal 2026, 1.6% of revenue, compared with $518.0 million the year before.
How much stock does Macy's buy back?
Macy's spent $250.0 million on net share repurchases in fiscal 2026.
How much does Macy's pay in dividends?
Macy's paid $197.0 million in dividends in fiscal 2026, 18.6% of free cash flow.