Macy's, Inc. (M) Income Statement
M FY2026 at a glance
Fiscal year ended January 31, 2026 · U.S. dollarsM revenue and net income
Where M's revenue goes
FY2026Each bar shows an amount and its share of revenue. M kept 2.8% of revenue as net income.
M profit margins
M growth rates
to FY2026| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −1.7% | −3.9% | +4.6% | −1.8% |
| Gross profit | −10.8% | −6.1% | +7.3% | −2.4% |
| Operating income | +13.3% | −15.9% | — | −6.6% |
| Net income | +10.3% | −18.3% | — | −5.0% |
| EPS (diluted) | −15.5% | −20.7% | — | −4.9% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
M quarterly EPS vs estimates
Macy's beat the analyst EPS estimate in 8 of the last 8 quarters. Next report: December 2, 2026 (estimate $-0.19).
M income statement
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $22.62B | $23.01B | $23.87B | $25.45B | $25.40B | $18.10B | $25.33B | $25.74B | $25.64B | $26.56B |
| Cost of revenue | $14.35B | $13.74B | $14.22B | $15.31B | $14.96B | $12.29B | $15.17B | $15.21B | $15.18B | $15.67B |
| Gross profit | $8.27B | $9.27B | $9.64B | $10.00B | $10.44B | $5.81B | $10.16B | $10.52B | $10.46B | $10.90B |
| Research & development | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Sales, general & admin | $8.24B | $8.33B | $8.52B | $8.39B | $8.25B | $6.93B | $9.11B | $9.13B | $9.06B | $9.36B |
| Total operating expenses | $7.24B | $8.36B | $9.34B | $8.32B | $8.09B | $10.29B | $9.19B | $8.79B | $8.60B | $9.53B |
| Operating income | $1.03B | $909.0M | $301.0M | $1.73B | $2.35B | −$4.47B | $970.0M | $1.74B | $1.86B | $1.37B |
| Interest income | $97.0M | $115.0M | $135.0M | $162.0M | $255.0M | $285.0M | $20.0M | $25.0M | $11.0M | $4.0M |
| Interest expense | $97.0M | $115.0M | $135.0M | $162.0M | $259.0M | $289.0M | $210.0M | $268.0M | $330.0M | $389.0M |
| Income before taxes | $849.0M | $763.0M | $43.0M | $1.52B | $1.87B | −$4.79B | $728.0M | $1.42B | $1.52B | $965.0M |
| Income taxes | $207.0M | $181.0M | −$2.0M | $341.0M | $436.0M | −$846.0M | $164.0M | $322.0M | −$39.0M | $346.0M |
| Net income | $642.0M | $582.0M | $45.0M | $1.18B | $1.43B | −$3.94B | $564.0M | $1.11B | $1.57B | $627.0M |
| EBITDA | $1.84B | $1.76B | $1.07B | $2.52B | $3.00B | −$3.54B | $1.92B | $2.65B | $2.84B | $2.41B |
| EPS (diluted) | $2.23 | $2.64 | $3.48 | $4.48 | $5.36 | −$2.23 | $2.91 | $4.18 | $3.77 | $3.13 |
| Gross margin | 36.5% | 40.3% | 40.4% | 39.3% | 41.1% | 32.1% | 40.1% | 40.9% | 40.8% | 41.0% |
| Operating margin | 4.6% | 4.0% | 1.3% | 6.8% | 9.3% | −24.7% | 3.8% | 6.8% | 7.3% | 5.2% |
| Net margin | 2.8% | 2.5% | 0.2% | 4.6% | 5.6% | −21.8% | 2.2% | 4.3% | 6.1% | 2.4% |
| Jul '26 | Apr '26 | Jan '26 | Oct '25 | Jul '25 | Apr '25 | Jan '25 | Oct '24 | Jul '24 | Apr '24 | Jan '24 | Oct '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $5.06B | $4.89B | $7.92B | $4.91B | $5.00B | $4.79B | $8.01B | $4.90B | $5.10B | $5.00B | $8.38B | $5.04B |
| Cost of revenue | $3.05B | $2.86B | $5.80B | $2.85B | $2.90B | $2.79B | $4.99B | $2.86B | $2.94B | $2.95B | $5.08B | $2.90B |
| Gross profit | $2.00B | $2.03B | $2.11B | $2.06B | $2.10B | $2.00B | $3.02B | $2.04B | $2.16B | $2.05B | $3.30B | $2.13B |
| Sales, general & admin | $1.96B | $1.95B | $2.36B | $2.02B | $1.94B | $1.91B | $5.95B | $2.06B | $1.97B | $1.91B | $2.41B | $2.05B |
| Total operating expenses | $1.75B | $1.95B | $1.37B | $2.02B | $1.94B | $1.90B | $2.52B | $1.98B | $1.94B | $1.93B | $3.37B | $2.05B |
| Operating income | $251.0M | $80.0M | $739.0M | $42.0M | $155.0M | $94.0M | $499.0M | $64.0M | $222.0M | $125.0M | −$71.0M | $83.0M |
| Interest income | — | — | $20.0M | $25.0M | $25.0M | $27.0M | $21.0M | $32.0M | — | — | — | — |
| Interest expense | $23.0M | $25.0M | $20.0M | $25.0M | $25.0M | $27.0M | $21.0M | $32.0M | $31.0M | $31.0M | $27.0M | $35.0M |
| Income before taxes | $227.0M | $93.0M | $661.0M | $5.0M | $115.0M | $68.0M | $436.0M | $35.0M | $195.0M | $98.0M | −$102.0M | $43.0M |
| Income taxes | $58.0M | $30.0M | $155.0M | −$6.0M | $28.0M | $30.0M | $94.0M | $7.0M | $45.0M | $36.0M | −$32.0M | $2.0M |
| Net income | $169.0M | $63.0M | $506.0M | $11.0M | $87.0M | $38.0M | $342.0M | $28.0M | $150.0M | $62.0M | −$70.0M | $41.0M |
| EBITDA | $456.0M | $328.0M | $987.0M | $265.0M | $358.0M | $314.0M | $681.0M | $295.0M | $439.0M | $345.0M | $157.0M | $310.0M |
| EPS (diluted) | $0.40 | $0.13 | $1.67 | $0.09 | $0.31 | $0.16 | $1.80 | $0.04 | $0.53 | $0.27 | $2.45 | $0.21 |
| Gross margin | 39.6% | 41.5% | 26.7% | 41.9% | 42.0% | 41.7% | 37.7% | 41.6% | 42.3% | 41.1% | 39.4% | 42.3% |
| Operating margin | 5.0% | 1.6% | 9.3% | 0.9% | 3.1% | 2.0% | 6.2% | 1.3% | 4.4% | 2.5% | −0.8% | 1.6% |
| Net margin | 3.3% | 1.3% | 6.4% | 0.2% | 1.7% | 0.8% | 4.3% | 0.6% | 2.9% | 1.2% | −0.8% | 0.8% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in M's financial statements (latest annual report filed March 27, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
M financial results
In fiscal year 2026 (ended January 31, 2026), Macy's reported revenue of $22.6 billion, down 1.7% from the year before. It had net income of $642.0 million (up 10.3%), a net profit margin of 2.8%. Diluted earnings per share came to $2.23. Over five years revenue grew at an average rate of 4.6% a year.
See the M stock overview for the latest quote and news, or the M chart for price history and technical indicators.
M income statement FAQ
What is Macy's's annual revenue?
Macy's reported total revenue of $22.6 billion for fiscal year 2026, which ended on January 31, 2026. That was down 1.7% from $23.0 billion the previous year.
Is Macy's profitable?
Yes. Macy's reported net income of $642.0 million in fiscal 2026, a net profit margin of 2.8%; its operating margin was 4.6%.
What is Macy's's gross margin?
Macy's's gross margin was 36.5% in fiscal 2026: for every $100 of revenue, Macy's kept $37 after the direct cost of its products and services.
How fast is Macy's growing?
Revenue grew 4.6% a year on average over the last five fiscal years, from $18.1 billion to $22.6 billion.
What are Macy's's earnings per share?
Macy's earned $2.23 per diluted share in fiscal 2026, compared with $2.64 a year earlier.
When will Macy's report its next earnings?
Macy's is expected to report results for the quarter ending October 31, 2026 on December 2, 2026 before the market opens.
When does Macy's's fiscal year end?
Macy's's fiscal year ends in January. The latest annual report covers the year ended January 31, 2026 and was filed on March 27, 2026.