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Macy's (M) earnings and revenue breakdown

Latest: Q2 FY27 · 10-Q filed Sep 10, 2026 · Macy's (M) Q2 FY27 earnings results →

Q2 FY27 Revenue up 1% year over year to $5.1B · 3¢ of every $1 of revenue kept as net profit · operating margin 4.8%

Macy's made $5.1B in Q2 FY27 (+1% Y/Y). Operating margin 4.8%, net earnings $169M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Sep 10, 2026.

Revenue$5.1B
Year over year+1%
Operating margin4.8%
Net earnings$169M
Operating cash flow$294M

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Macy's Q2 FY27 revenue breakdown: Sankey diagram of revenue, costs, profit and cash flow
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What changed this quarter

Revenue was $5.1B in Q2 FY27, up 1% year over year and up 3% from the previous quarter.

Operating profit was $0.24B, a 4.8% margin (up 1.8 points year over year). Of the extra revenue versus Q2 FY26, 158% reached operating profit, above the 3% margin then. Total costs fell 1% while revenue rose 1%. Net earnings were $0.17B, up 94% year over year. The effective tax rate was 25.6%.

Operating cash flow was $0.29B (down 8% year over year), 174% of net earnings. Non-cash charges added back $0.21B of depreciation and amortization and $0.02B of share-based compensation. Working capital and other items used $0.10B. Capital expenditures of $0.07B left free cash flow of $0.23B.

Quarterly history

Macy's revenue by quarterMacy's revenue by quarter$8.0BQ4 FY25$4.8BQ1 FY26$5.0BQ2 FY26$4.9BQ3 FY26$7.9BQ4 FY26$4.9BQ1 FY27$5.1BQ2 FY27
Macy's net earnings by quarterMacy's net earnings by quarter$342MQ4 FY25$38.0MQ1 FY26$87.0MQ2 FY26$11.0MQ3 FY26$507MQ4 FY26$63.0MQ1 FY27$169MQ2 FY27
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q2 FY2710-QSep 10, 2026$5.1B+1%4.8%$169M$294M
Q1 FY2710-QJun 4, 2026$4.9B+2%2.3%$63.0M$292M
Q4 FY2610-KMar 27, 2026$7.9B-1%9.4%$507M$1.2B
Q3 FY2610-QDec 10, 2025$4.9B+0.2%0.9%$11.0M−$8.0M
Q2 FY2610-QSep 10, 2025$5.0B-2%3.0%$87.0M$319M
Q1 FY2610-QJun 5, 2025$4.8B-4%2.0%$38.0M−$64.0M
Q4 FY2510-KMar 21, 2025$8.0B-4%6.2%$342M$1.3B

Charts

Macy's: revenue growth, year over year and quarter over quarterMacy's: revenue growth, year over year and quarter over quarterY/YQ/Q-4%Q4 FY25-4%-40%Q1 FY26-2%+4%Q2 FY26+0%-2%Q3 FY26-1%+61%Q4 FY26+2%-38%Q1 FY27+1%+3%Q2 FY27
Latest (Q2 FY27): Y/Y +1%, Q/Q +3%.
Macy's: where the cash came from (+) and went (−), TTM to Q2 FY27Macy's: where the cash came from (+) and went (−), TTM to Q2 FY27Operating cash flow$1.8BCash drawn (+) / kept (−)−$466MOther investing−$383MCapital spending−$347MBuybacks−$205MDividends−$198MNet borrowing (+) / repaid (−)−$194MAsset & business sales$67.0MOther financing−$35.0M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Macy's: profit against cash, quarter by quarterMacy's: profit against cash, quarter by quarterNet incomeOperating cash flow$28.0M−$167MQ3 FY25$342M$1.3BQ4 FY25$38.0M−$64.0MQ1 FY26$87.0M$319MQ2 FY26$11.0M−$8.0MQ3 FY26$507M$1.2BQ4 FY26$63.0M$292MQ1 FY27$169M$294MQ2 FY27
Latest (Q2 FY27): Net income $169M, Operating cash flow $294M.
Macy's: diluted shares by fiscal yearMacy's: diluted shares by fiscal year311MFY21314MFY22281MFY23278MFY24282MFY25276MFY26
-11.1% since FY21: buybacks shrank the count.
Macy's: long-term debt falling due (FY26)Macy's: long-term debt falling due (FY26)$34.0M2027$211M2030$13.0M2031$2.2BLater
Cash $1.2B, short-term investments —, long-term debt $2.4B at 2026-01-31.
Macy's in its industry: growth against margin (4 companies, SIC 5311)Macy's in its industry: growth against margin (4 companies, SIC 5311)revenue growth, year over year →↑ operating marginmedian +1%median 8%KSSBURLDDSM (+1%, 5%)
Retail-Department Stores; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

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💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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Customers and suppliers named in filings

Buys from

About Macy's

The Company is a corporation organized under the laws of the State of Delaware in 1985. The Company and its predecessors have been operating department stores since 1830. As of February 1, 2025, the Company operated 680 store locations in 43 states, the District of Columbia, Puerto Rico and Guam. The Company's operations are conducted through Macy's, Macy's Backstage, Macy's small format, Bloomingdale's, Bloomingdale's The Outlet, Bloomie's, and Bluemercury. In addition, Bloomingdale's in Dubai, United Arab Emirates, and Al Zahra, Kuwait are operated under license agreements with Al Tayer Insignia, a company of Al Tayer Group, LLC.

In its own words, from its annual report, filed Mar 21, 2025.

Macy's against its Retail-Department Stores peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +1% against the peers' median +1%. Operating margin: 4.8% against the peers' median 8.1%.

CompanyQuarterRevenueY/YOp. margin
M Macy'sQ2 FY27$5.1B+1%4.8%
KSS Kohl'sQ2 FY27$3.5B-0.9%7.4%
BURL Burlington StoresQ2 FY27$3.0B+11%8.1%
DDS Dillard'sQ2 FY27$1.5B-0.4%8.3%

Source: Macy's 10-Q on SEC EDGAR · CIK 794367 · Retail-Department Stores

Guidance and outlook

Macy's Revenue: guidance against what was reportedMacy's Revenue: guidance against what was reportedguided rangereported (above / within / below)FY25$23.0BFY26$22.6B
Met or beat 2 of 2 guided periods. Grey: the last range guided before the figures came out; dot: the reported figure.
Macy's: what its forward-looking statements are about (10-Q filed 2026-09-10)Macy's: what its forward-looking statements are about (10-Q filed 2026-09-10)Demand2Other1Buybacks & dividends1
4 statements; tone +1.00 (−1 all cautious, +1 all confident); 0 hedged.
Macy's: outlook statements against the filing beforeMacy's: outlook statements against the filing beforeNew2Updated1Dropped1Confident4

13F: who owns M and who is buying

Largest holders of M (13F)Largest holders of M (13F)BlackRock$666MVanguard Group$570MDimensional Fund Advisors LP$396MVanguard Portfolio Management LLC$303MAmerican Century Companies$260MVanguard Capital Management LLC$260MCharles Schwab Investment Managem…$231MState Street$218MGoldman Sachs Group$208MRWC Asset Management LLP$200M
Funds' net buying of M by quarter (13F)Funds' net buying of M by quarter (13F)−$99.4M2024-09$104M2024-12$159M2025-03$46.7M2025-06$5.2M2025-09$482K2025-12$350M2026-03−$31.8M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on M

History

Every quarter: Q2 FY27 results · Q1 FY27 results · Q4 FY26 results · Q3 FY26 results · Q2 FY26 results · Q1 FY26 results · Q4 FY25 results

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