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Macy's M Operating margin

Operating margin at other companies

Target logo
TargetTGT
4.5%-0.9pp
Ross Stores logo
Ross StoresROST
12.2%0.0pp
Ulta Beauty, Inc. logo
Ulta Beauty, Inc.ULTA
12.4%-1.3pp

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
Net margin2.9%+0.5pp
FCF margin6.3%+3.5pp

Returns & leverage

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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.

operating income/total revenue=4.6%

Based on trailing twelve months.

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 operating margin?
Macy's (M) reported operating margin of 4.6% in Q1 2026.
How has Macy's's operating margin changed year-over-year?
Macy's's operating margin increased by 19.6% year-over-year, from 3.9% to 4.6%.
What is the long-term trend for Macy's's operating margin?
Over 5 years (2020 to 2025), Macy's's operating margin has grown at a -30.5% compound annual growth rate (CAGR), from -28.1% to 4.6%.
What does operating margin mean?
Operating income as a percentage of revenue (trailing twelve months). Captures profitability from core operations after both cost of revenue and operating expenses, but before interest and taxes.