What is Macy's's net debt?

Macy's (M) reported net debt of $1.14B in Q1 2026.

How has Macy's's net debt changed year-over-year?

Macy's's net debt decreased by 38.4% year-over-year, from $1.85B to $1.14B.

What is the long-term trend for Macy's's net debt?

Over 5 years (2020 to 2025), Macy's's net debt has grown at a -8.0% compound annual growth rate (CAGR), from $6.57B to $4.32B.

What does net debt mean?

Total debt minus cash and equivalents at the quarter end. The debt that would remain if the company used all its cash to pay down borrowings.

Macy's M Net debt

Discontinued — last reported Q1 '26

Net debt at other companies

Cleveland-CliffsCLF

40×—

Armstrong World IndustriesAWI

0.9×-0.1×

LAD

Lithia MotorsLAD

0.4×0.0×

Albertsons CompaniesACI

4.1×+0.4×

Pilgrim's Pride CorporationPPC

1.5×+0.9×

ESABESAB

2.3×+0.7×

Other financials

Income statement

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Revenue$4.9B+2.1%

Gross profit$2.0B+1.7%

Operating income$112.0M+19.1%

Net income$63.0M+65.8%

EPS (diluted)$0.23+76.9%

Balance sheet

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Cash & equivalents$1.3B+38.8%

Total debt$2.4B-12.5%

Total equity$4.8B+8.7%

Total assets$16.3B+1.3%

Cash flow

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Operating cash flow$292.0M+556%

CapEx$88.0M-12.0%

Free cash flow$204.0M+224%

Valuation

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Market cap$6.35B+71.1%

Enterprise value$7.49B+32.2%

P/E9.5×+2.9×

P/S0.3×+0.1×

Profitability

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Gross margin40.3%-0.1pp

Operating margin4.6%+0.8pp

Net margin2.9%+0.5pp

FCF margin6.3%+3.5pp

Returns & leverage

See full

Return on equity14.4%+1.3pp

Debt / equity0.5×-0.1×

Current ratio1.5×0.0×

Where this comes from

Calculated from Macy's’s reported figures.

$2.4Btotal debt−$1.3Bcash and equivalents=$1.14B

The official record: Macy's’s 10-Q, filed June 4, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Macy's's net debt?: Macy's (M) reported net debt of $1.14B in Q1 2026.
How has Macy's's net debt changed year-over-year?: Macy's's net debt decreased by 38.4% year-over-year, from $1.85B to $1.14B.
What is the long-term trend for Macy's's net debt?: Over 5 years (2020 to 2025), Macy's's net debt has grown at a -8.0% compound annual growth rate (CAGR), from $6.57B to $4.32B.
What does net debt mean?: Total debt minus cash and equivalents at the quarter end. The debt that would remain if the company used all its cash to pay down borrowings.