Macy's, Inc.

macysinc.com

What Do They Do?

Sells apparel and accessories, beauty products and home goods through Macy’s, Bloomingdale’s and Bluemercury to value-conscious, middle- to higher-income and affluent shoppers.

How Do They Make Money?

Its largest merchandise category is women’s accessories, shoes, cosmetics and fragrances; shoppers pay for in-store goods at checkout and for online orders when they ship. It also earns credit-card revenue and advertising revenue through Macy’s Media Network.

revenue

Segment	Share	How money arrives
Women’s Accessories, Shoes, Cosmetics and Fragrances Sold outright	42% FY2022: 39%	Sold outright
Women’s Apparel Sold outright	22% FY2022: 22%	Sold outright
Men’s and Kids’ Sold outright	21% FY2022: 22%	Sold outright
Home/Other Sold outright	15% FY2022: 17%	Sold outright

Who Are Their Customers?

Value-conscious shoppers, middle- to higher-income Macy’s customers and affluent Bloomingdale’s customers shop through the company’s stores, websites and apps; Bloomingdale’s also reaches shoppers through licensed partnerships.

Do Revenues Turn Into Profits?

Yes. It kept 3 cents of every revenue dollar as net income in FY2025 and turned 5 cents into free cash flow.

Operating income, FY2025

5% of revenue

▲ +13% vs FY2024 ($909M, 4%)

Net income, FY2025

3% of revenue

▲ +10% vs FY2024 ($582M, 3%)

Free cash flow, FY2025

5% of revenue

▲ +39% vs FY2024 ($760M, 3%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Aug 1, 2026

Revenue: ▲ +1%; vs $5B in Q2 FY2025
Net income: ▲ +94%; vs $87M in Q2 FY2025

Women's Accessories, Shoes, Cosmetics and Fragrances share of revenue vs 40.6% in Q2 FY2025

Shrinking. Revenue fell 11% in 4 years, from $25.4B in FY2021 to $22.6B in FY2025, about 3% a year.

Revenue over time

Women’s Accessories, Shoes, Cosmetics and Fragrances Women’s Apparel Men’s and Kids’ Home/Other

$25B$12.5B$0

FY2021 FY2022 FY2023 FY2024 FY2025

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