# Macy's, Inc. (M)

> Source: Nexqual · https://nexqual.com/M · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Macy's, Inc. (M), nexqual.com/M" · informational, not investment advice.

**Price:** USD 24.17 (+3.16% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 24.17 · day 23.37–24.22 · 52w 16.69–26.59 · market cap null · NYQ

## Key facts
- Last four reported quarters (through Aug 1, 2026): revenue $22.8B, net income $750M (3.3% margin), free cash flow $1.41B (SEC filings).
- 1 of 80 tracked superinvestors hold M (13F, Q2 2026): 0 new, 1 added, 0 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 7 Form 4 filings, $2.0M; 7 not under a Rule 10b5-1 plan ($2.0M); 2 by opportunistic insiders (2 outside 10b5-1 plans), 2 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Hold (mean 2.83 on a 1–5 scale) (12 analysts), mean target USD 23.1 (range 10–30).
- Total return with dividends: 1Y +34.3% vs S&P 500 +14.9%; 5Y +10.3% vs S&P 500 +80.3%.
- Next earnings: 2026-12-02, EPS estimate USD -0.18, revenue estimate $4.68B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $25.4B | $25.4B | $23.9B | $23.0B | $22.6B | $22.8B |
| Gross profit | $10.4B | $10.1B | $9.64B | $9.27B | $9.12B | — |
| Operating income | $2.35B | $1.69B | $301M | $909M | $1.03B | $1.14B |
| Net income | $1.43B | $1.15B | $45.0M | $582M | $642M | $750M |
| EPS (diluted) | $4.55 | $4.08 | $0.16 | $2.07 | $2.32 | — |
| Free cash flow | $2.36B | $727M | $674M | $760M | $1.06B | $1.41B |
| Gross margin | 41.1% | 39.7% | 40.4% | 40.3% | 40.3% | — |
| Operating margin | 9.3% | 6.6% | 1.3% | 4.0% | 4.6% | 5.0% |
| Net margin | 5.6% | 4.5% | 0.2% | 2.5% | 2.8% | 3.3% |
| Revenue growth | +46.4% | +0.2% | -6.2% | -3.6% | -1.7% | — |
| Cash + short-term investments | $1.71B | $862M | $1.03B | $1.31B | $1.25B | — |
| Total debt | $3.29B | $3.00B | $3.00B | $2.79B | $2.43B | — |
Fiscal years end Jan. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Aug 1, 2026)

P/E at fiscal year-ends: Jan 2026 8.6x, Feb 2025 6.9x, Feb 2024 107.8x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold M. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Warren Buffett | Berkshire Hathaway | 0.06% | $173M | Added +141.8% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 7 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-06-25 | Griscom Paul | SVP and Controller | 10,077 | $258K | 28.4% | No | Routine (sold in Sep each year 2023–2025; this trade is outside those months) |
| 2026-06-24 | Edwards Thomas Jr. | EVP, COO & CFO | 16,419 | $409K | 45.1% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-04-06 | Bron Olivier | CEO, Bloomingdale's | 7,228 | $130K | 25.1% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-04-06 | Griscom Paul | SVP and Controller | 745 | $13K | 2.1% | No | Routine (sold in Sep each year 2023–2025; this trade is outside those months) |
| 2026-04-06 | Kirgan Danielle L. | EVP, Chief HR Officer | 10,010 | $179K | 8.5% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-04-06 | Preston Tracy M | EVP, CLO & Corporate Secretary | 5,271 | $94K | 15.5% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-04-06 | Spring Antony | Chairman & CEO | 50,044 | $897K | 9.3% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Hold (mean 2.83 on a 1–5 scale), 12 analysts; mean target USD 23.1 (low 10, high 30).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-09-11 | BTIG | Reiterated | Neutral |  |
| 2026-08-26 | UBS | Target raised | Sell | $9 → $10 |
| 2026-08-25 | Citigroup | Target raised | Neutral | $22 → $24 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +34.3% | +10.3% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +34.4% | +2.0% |
| Volatility (annualized) | 40.8% | 50.2% |
| Max drawdown | -28.6% (Dec 2025→Mar 2026) | -67.3% (Nov 2021→Oct 2023) |

## Peers (Department Stores)
KSS (Kohl's Corporation) USD 24.78 +11.82% · PLBL (Polibeli Group Ltd) USD 5.35 -0.37% · YUM (Yum! Brands, Inc.) USD 154.45 +2.12% · HMC (Honda Motor Company, Ltd.) USD 34.58 +1.80% · F (Ford Motor Company) USD 11.94 +0.34% · SE (Sea Limited) USD 75.69 -2.89%

## More
Full page: https://nexqual.com/M · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in M's own 10-K filed 2026-03-27 (https://www.sec.gov/Archives/edgar/data/794367/000162828026021721/m-20260131.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | Amazon (AMZN) | "Macy Media Network grew $12 million, or 7% from 2024, driven by benefits from our Amazon ad partnership which started this year." |

## Revenue by product line (quarter ended 2026-08-01)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Women's Accessories, Shoes, Cosmetics and Fragrances | $1.99B | 40.8% | +1.6% |
| Women's Apparel | $1.11B | 22.8% | +1.4% |
| Men's and Kids' | $1.05B | 21.5% | +1.9% |
| Home/Other | $723.0M | 14.9% | -1.8% |
| Total revenue | $4.87B | 100% | — |

## Company outlook (8-K filed 2026-09-10)

- "The company raised its annual fiscal year 2026 guidance, including net sales, comparable sales, adjusted EBITDA and adjusted diluted EPS guidance."
- "Forward-looking guidance incorporates reinvestments of the majority of tariff refunds with approximately $0.05 per share flowing through to full year adjusted diluted EPS."
- "Tariff refunds net of reinvestment benefited adjusted diluted EPS by $0.23 in the second quarter with approximately $0.18 per share of reinvestment in the second half incorporated in guidance."
- "Additionally, guidance reflects planned investments in the company's Reimagine 200 locations and luxury nameplates to support long-term top-line growth."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-10-31) | $-0.18 | $-0.06 | +186.8% | $4.68B | 11 |
| Next quarter (ends 2027-01-31) | $1.73 | $1.80 | -4.1% | $7.55B | 11 |
| Current fiscal year (ends 2027-01-31) | $2.31 | $2.21 | +4.4% | $21.89B | 12 |
| Next fiscal year (ends 2028-01-31) | $2.37 | $2.33 | +1.8% | $21.73B | 12 |