Company profile
SEC EDGAR ↗- Industry
- Retail-Department Stores
- Listed
- NYSE: M
- Incorporated
- DE
- Headquarters
- New York, NY
- Fiscal year end
- Feb 1
Financials
FY2026- Revenue
- $21.8B
- Net income
- $642.0M
- Total assets
- $16.2B
| Fiscal year | Revenue | Net income | Total assets |
|---|---|---|---|
| FY2026 | $21.8B | $642.0M | $16.2B |
| FY2025 | $22.3B | $582.0M | $16.4B |
| FY2024 | $23.1B | $45.0M | $16.2B |
| FY2023 | $24.4B | $1.15B | $16.9B |
| FY2022 | $24.5B | $1.43B | $17.6B |
| FY2021 | $17.3B | −$3.94B | $17.7B |
Reported fiscal years from SEC filings (10-K) — SEC EDGAR ↗. Stratrix is a strategy publication, not a real-time financial data service.
Decisions on record
4 verified Decision Cases on Macy's, and the casebook each one belongs to.
| Fork date | Decision type | What Macy's chose | Where it stood | The story | Casebook |
|---|---|---|---|---|---|
| 1986 | The Fall | Leveraged buyout and acquire | Federated Department Stores absorbed the bankrupt R. H. Macy & Co. (1994-12) | Read the story → | The Fall Casebook → |
| 2023 | Distribution Rebellion | Accelerate small-format expansion | four small-format locations included in first closure wave (2025-01) | Read the story → | Distribution Rebellion Casebook → |
| 2024 | Distribution Rebellion | Retrench and run marketplace | about $700 million of annual net sales pulled out of the company's base (2024) | Read the story → | Distribution Rebellion Casebook → |
| 2024 | Founder Doctrine | Keep company whole | positive annual comparable sales growth of 1.5%, first in three years, all three banners positive, 64 nameplate stores closed (2025) | Read the story → | Founder Doctrine Casebook → |
Run one of these yourself
The decisions Macy's faced, as kits you can run.
Each pack takes one of these decisions and gives you the framework, a deck for the room, a model that resolves to one number, and the sourced cases behind it. $499, one-time.
Growth & PortfolioThe Adjacency ExpansionWhen does the business next door belong to you?See the pack →Growth & PortfolioThe Distribution RebellionHow much of the channel's margin do you actually keep?See the pack →Decision ForksThe ResidualHow much of your decline can the agreed explanation actually account for?See the pack →
The analyses
The Adjacency Expansion · Growth & Portfolio
Macy's Keeps Saying No to a Breakup. The Last Time It Said Yes, the Math Was a Mirage.
Activists value Macy's real estate at $5B-$9B and want Bloomingdale's spun off. But the last buyer of those famous downtown stores paid Macy's $351 million — a fraction of what activists had valued Macy's flagship portfolio at. The board has learned what an activist's appraisal is worth.
8 min
The Distribution Rebellion · Boundaries of the Firm
Macy's Spent 166 Years Pretending the Middleman Was Gone. Now It's Rebuilding Him
The story says Macy's disrupted distribution with a modern digital pivot. But the no-middleman, one-price model dates to its 1858 founding. The real story is the reverse: a company that closed 150 stores and let vendors ship straight to your door is rebuilding the channel it spent 166 years pretending it had eliminated.
7 min
The Distribution Rebellion · Boundaries of the Firm
Macy's Built a Smaller Store to Escape the Mall. It's Too Small to Save the Company.
Macy's bet that a 30,000-sq-ft off-mall store could replace the dying anchor. The format is real and it works modestly — but even at full build-out it's under 2% of the company's floor space, and Macy's just closed four of them.
8 min
The Fall · Crisis & Reinvention
Macy's Went Bankrupt in 1992 With $3.7 Billion in Debt — Years Before Amazon Existed
The story says the internet killed the department store. But Macy's filed for bankruptcy in 1992 with $3.7 billion in debt — years before Amazon existed. The wound was self-inflicted, and the 2024 'Bold New Chapter' is the bill coming due.
8 min
Tools to try
- Ansoff move finderFramework: Ansoff Matrix
- Business model canvas builderFramework: Business Model Canvas
- Change readiness checkFramework: Kotter's 8-Step Change Model
- Five Forces scorerFramework: Porter's Five Forces
- SMART goal builderFramework: SMART Goals
- SWOT builderFramework: SWOT Analysis
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