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Macy's cash flow, quarter by quarter

Latest: Q2 FY27 · from the cash-flow statements filed with the SEC

Free cash flow$229M in Q2 FY27 · $1.4B over twelve months

Operating cash flow$294M
Capital spending−$65.0M
Free cash flow+$229M
Cash / net income1.7×

Analysis

In Q2 FY27, Macy's generated $294M of operating cash flow and spent $65.0M on capital projects, leaving free cash flow of $229M.

Over the twelve months to Aug 1, 2026, operating cash flow was $1.8B; the largest uses were other investing ($383M), capital spending ($347M), buybacks ($205M); besides operations, cash came from asset & business sales ($67.0M); the cash balance rose by $466M.

Operating cash flow was $294M against net income of $169M — 1.7× profit, cash ran ahead of reported earnings. The largest differences: payables −$487M, inventory +$384M, depreciation & amortization +$206M.

Free cash flow

Macy's: free cash flow by quarterMacy's: free cash flow by quarter−$295MQ3 FY25$1.2BQ4 FY25−$164MQ1 FY26$240MQ2 FY26−$101MQ3 FY26$1.1BQ4 FY26$204MQ1 FY27$229MQ2 FY27
Operating cash flow less capital spending.
Macy's: operating cash flow against capital spendingMacy's: operating cash flow against capital spendingOperating cash flowCapital spending−$167M$128MQ3 FY25$1.3B$119MQ4 FY25−$64.0M$100MQ1 FY26$319M$79.0MQ2 FY26−$8.0M$93.0MQ3 FY26$1.2B$101MQ4 FY26$292M$88.0MQ1 FY27$294M$65.0MQ2 FY27
Latest (Q2 FY27): Operating cash flow $294M, Capital spending $65.0M.

Capital allocation, year by year

Macy's: where the cash came from (up) and went (down), by fiscal yearMacy's: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingBuybacksDividendsFY22: Operating cash flow $2.7BFY22: Net borrowing −$1.6BFY22: Shares issued $7.0MFY22: Asset sales $164MFY22: Capital spending −$354MFY22: Buybacks −$500MFY22: Dividends −$90.0M$2.9BFY22FY23: Operating cash flow $1.6BFY23: Net borrowing −$292MFY23: Asset sales $137MFY23: Capital spending −$888MFY23: Buybacks −$601MFY23: Dividends −$173M$1.8BFY23FY24: Operating cash flow $1.3BFY24: Asset sales $86.0MFY24: Capital spending −$631MFY24: Buybacks −$38.0MFY24: Dividends −$181M$1.4BFY24FY25: Operating cash flow $1.3BFY25: Net borrowing −$221MFY25: Asset sales $283MFY25: Capital spending −$518MFY25: Buybacks −$1.0MFY25: Dividends −$192M$1.6BFY25FY26: Operating cash flow $1.4BFY26: Net borrowing −$347MFY26: Asset sales $107MFY26: Capital spending −$373MFY26: Buybacks −$250MFY26: Dividends −$197M$1.5BFY26
Over these 5 years operating cash flow totalled $8.3B; the largest uses were capital spending ($2.8B) and net borrowing ($2.5B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$1.3B
Debt$2.4B
Net debt$1.1B
Due within a year$34.0M

Macy's funds itself: free cash flow was $1.4B over the last twelve months, and $1.3B of cash and investments stands against $2.4B of debt ($34.0M due within a year, 38.1× covered by cash).

Macy's: debt maturities by year (FY26)Macy's: debt maturities by year (FY26)$34.0MYear 1$211MYear 4$13.0MYear 5$2.2BAfter year 5
Principal due in each year as disclosed in the annual report, against $1.3B of cash and investments now.

Where the cash came from and went

Macy's: sources (+) and uses (−) of cash, Q2 FY27Macy's: sources (+) and uses (−) of cash, Q2 FY27Operating cash flow$294MOther investing−$82.0MCapital spending−$65.0MBuybacks−$53.0MOther financing−$52.0MDividends−$51.0MAsset & business sales$10.0MCash drawn (+) / kept (−)−$1.0M
Macy's: sources (+) and uses (−) of cash, TTM to Q2 FY27Macy's: sources (+) and uses (−) of cash, 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 profit to cash

Macy's: net income to operating cash flow, Q2 FY27Macy's: net income to operating cash flow, Q2 FY27Net income$169MDepreciation & amortization$206MStock-based pay$18.0MGains on disposals−$9.0MReceivables$66.0MInventory$384MPayables−$487MPrepaid and other assets$56.0MIncome taxes payable−$20.0MOperating cash flow$294M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q2 FY27$294M−$65.0M−$53.0M−$51.0M—−$1.0M$229M
Q1 FY27$292M−$88.0M−$51.0M−$50.0M—−$48.0M$204M
Q4 FY26$1.2B−$101M−$50.0M−$48.0M—−$800M$1.1B
Q3 FY26−$8.0M−$93.0M−$51.0M−$49.0M−$194M$383M−$101M
Q2 FY26$319M−$79.0M−$52.0M−$49.0M−$150M$103M$240M
Q1 FY26−$64.0M−$100M−$97.0M−$51.0M—$375M−$164M
Q4 FY25$1.3B−$119M−$1.0M−$48.0M−$86.0M−$992M$1.2B
Q3 FY25−$167M−$128M—−$48.0M−$135M$331M−$295M

Macy's: income statement and cash flow

Macy's, Q2 FY27: revenue $5.1B (+1% year over year), operating margin 4.8%. The chart follows the revenue to costs, profit and cash.

Macy's: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.