Macy's, Inc.
Cash Flow Statement
| Line Item | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|---|
| Operating Activities | ||||||||
| Net Income | $642.0M | $582.0M | $45.0M | $1.15B | $1.43B | $-3.94B | $564.0M | $1.11B |
| Depreciation & Amortization | $894.0M | $881.0M | $897.0M | $857.0M | $874.0M | $959.0M | $981.0M | $962.0M |
| Depreciation | — | — | — | — | — | — | — | — |
| Amortization | $5.0M | $5.0M | $2.0M | $2.0M | $2.0M | $2.0M | $3.0M | $10.0M |
| Stock-Based Compensation | $59.0M | $58.0M | $47.0M | $54.0M | $55.0M | $31.0M | $38.0M | $63.0M |
| Net Cash from Operating Activities | $1.43B | $1.28B | $1.31B | $1.62B | $2.71B | $649.0M | $1.61B | $1.74B |
| Investing Activities | ||||||||
| Capital Expenditures | $373.0M | $518.0M | $631.0M | $888.0M | $354.0M | $338.0M | $902.0M | $657.0M |
| Business Acquisitions | — | — | — | — | — | — | — | — |
| Net Cash from Investing Activities | $-639.0M | $-592.0M | $-913.0M | $-1.17B | $-370.0M | $-325.0M | $-1.00B | $-456.0M |
| Financing Activities | ||||||||
| Dividends Paid | $197.0M | $192.0M | $181.0M | $173.0M | $90.0M | $117.0M | $466.0M | $463.0M |
| Stock Repurchases | $250.0M | $1.0M | $38.0M | $601.0M | $500.0M | $1.0M | $1.0M | $0 |
| Net Cash from Financing Activities | $-852.0M | $-413.0M | $-220.0M | $-1.30B | $-2.38B | $699.0M | $-1.12B | $-1.54B |
| Net Change in Cash | — | — | — | — | — | — | — | — |
| Free Cash Flow | $1.06B | $760.0M | $674.0M | $727.0M | $2.36B | $311.0M | $706.0M | $1.08B |