Macy's annual operating margin
2007
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2020
2021
2022
2023
2024
2025
Macy's Operating Margin Growth & History (M)
Macy's's operating margin was 4.73% for fiscal 2025.
View full Macy's company overviewMacy's annual operating margin history
| Fiscal year | Period ended | Operating margin | Change (percentage points) |
|---|---|---|---|
| 2025 | 2026-01-31 | 4.73% | +0.66 pp |
| 2024 | 2025-02-01 | 4.08% | +2.77 pp |
| 2023 | 2024-02-03 | 1.30% | −5.61 pp |
| 2022 | 2023-01-28 | 6.91% | −2.70 pp |
| 2021 | 2022-01-29 | 9.61% | +35.41 pp |
| 2020 | 2021-01-30 | −25.80% | −29.75 pp |
| 2019 | 2020-02-01 | 3.95% | −3.01 pp |
| 2018 | 2019-02-02 | 6.96% | −0.51 pp |
| 2017 | 2018-02-03 | 7.47% | +2.18 pp |
| 2016 | 2017-01-28 | 5.29% | −2.24 pp |
| 2015 | 2016-01-30 | 7.53% | −2.43 pp |
| 2014 | 2015-01-31 | 9.96% | +0.37 pp |
| 2013 | 2014-02-01 | 9.59% | −0.02 pp |
| 2012 | 2013-02-02 | 9.61% | +0.48 pp |
| 2011 | 2012-01-28 | 9.13% | +1.56 pp |
| 2010 | 2011-01-29 | 7.58% | +3.05 pp |
| 2009 | 2010-01-30 | 4.53% | +22.11 pp |
| 2008 | 2009-01-31 | −17.59% | −24.67 pp |
| 2007 | 2008-02-02 | 7.08% | — |
Macy's quarterly operating margin
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Q3.08
Q1.09
Q2.09
Q3.09
Q4.09
Q1.10
Q2.10
Q3.10
Q4.10
Q1.11
Q2.11
Q3.11
Q4.11
Q1.12
Q2.12
Q3.12
Q4.12
Q1.13
Q2.13
Q3.13
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Q1.14
Q2.14
Q3.14
Q4.14
Q1.15
Q2.15
Q3.15
Q4.15
Q1.16
Q2.16
Q3.16
Q4.16
Q1.17
Q2.17
Q3.17
Q4.17
Q1.18
Q2.18
Q3.18
Q4.18
Q1.19
Q2.19
Q3.19
Q4.19
Q1.20
Q2.20
Q3.20
Q4.20
Q1.21
Q2.21
Q3.21
Q4.21
Q1.22
Q2.22
Q3.22
Q4.22
Q1.23
Q2.23
Q3.23
Q4.23
Q1.24
Q2.24
Q3.24
Q4.24
Q1.25
Q2.25
Q3.25
Q4.25
Q1.26
| Fiscal quarter | Period ended | Operating margin | Change (percentage points) |
|---|---|---|---|
| Q1 2026 | 2026-05-02 | 2.39% | +0.35 pp |
| Q4 2025 | 2026-01-31 | 9.75% | +3.34 pp |
| Q3 2025 | 2025-11-01 | 0.89% | −0.46 pp |
| Q2 2025 | 2025-08-02 | 3.10% | −1.40 pp |
| Q1 2025 | 2025-05-03 | 2.04% | −0.54 pp |
| Q4 2024 | 2025-02-01 | 6.41% | +8.25 pp |
| Q3 2024 | 2024-11-02 | 1.35% | −0.36 pp |
| Q2 2024 | 2024-08-03 | 4.50% | +2.00 pp |
| Q1 2024 | 2024-05-04 | 2.58% | −2.24 pp |
| Q4 2023 | 2024-02-03 | −1.83% | −9.52 pp |
| Q3 2023 | 2023-10-28 | 1.71% | −1.96 pp |
| Q2 2023 | 2023-07-29 | 2.50% | −4.63 pp |
| Q1 2023 | 2023-04-29 | 4.82% | −3.84 pp |
| Q4 2022 | 2023-01-28 | 7.68% | −4.03 pp |
| Q3 2022 | 2022-10-29 | 3.67% | −5.94 pp |
| Q2 2022 | 2022-07-30 | 7.12% | −3.45 pp |
| Q1 2022 | 2022-04-30 | 8.66% | +4.09 pp |
| Q4 2021 | 2022-01-29 | 11.71% | +5.78 pp |
| Q3 2021 | 2021-10-30 | 9.61% | +12.80 pp |
| Q2 2021 | 2021-07-31 | 10.57% | +28.30 pp |
| Q1 2021 | 2021-05-01 | 4.57% | +141.09 pp |
| Q4 2020 | 2021-01-30 | 5.93% | −0.79 pp |
| Q3 2020 | 2020-10-31 | −3.18% | −4.19 pp |
| Q2 2020 | 2020-08-01 | −17.73% | −20.52 pp |
| Q1 2020 | 2020-05-02 | −136.53% | −140.21 pp |
| Q4 2019 | 2020-02-01 | 6.72% | −5.70 pp |
| Q3 2019 | 2019-11-02 | 1.01% | −1.71 pp |
| Q2 2019 | 2019-08-03 | 2.79% | −2.64 pp |
| Q1 2019 | 2019-05-04 | 3.69% | −0.61 pp |
| Q4 2018 | 2019-02-02 | 12.42% | −1.94 pp |
| Q3 2018 | 2018-11-03 | 2.72% | +0.49 pp |
| Q2 2018 | 2018-08-04 | 5.44% | +0.43 pp |
| Q1 2018 | 2018-05-05 | 4.30% | +0.20 pp |
| Q4 2017 | 2018-02-03 | 14.36% | +4.28 pp |
| Q3 2017 | 2017-10-28 | 2.23% | +0.33 pp |
| Q2 2017 | 2017-07-29 | 5.00% | +3.01 pp |
| Q1 2017 | 2017-04-29 | 4.09% | −0.69 pp |
| Q4 2016 | 2017-01-28 | 10.08% | −0.48 pp |
| Q3 2016 | 2016-10-29 | 1.90% | −2.49 pp |
| Q2 2016 | 2016-07-30 | 1.99% | −5.15 pp |
| Q1 2016 | 2016-04-30 | 4.78% | −1.78 pp |
| Q4 2015 | 2016-01-30 | 10.55% | −4.01 pp |
| Q3 2015 | 2015-10-31 | 4.39% | −2.42 pp |
| Q2 2015 | 2015-08-01 | 7.14% | −1.97 pp |
| Q1 2015 | 2015-05-02 | 6.56% | −0.49 pp |
| Q4 2014 | 2015-01-31 | 14.57% | −0.09 pp |
| Q3 2014 | 2014-11-01 | 6.81% | +1.08 pp |
| Q2 2014 | 2014-08-02 | 9.11% | +0.31 pp |
| Q1 2014 | 2014-05-03 | 7.06% | +0.24 pp |
| Q4 2013 | 2014-02-01 | 14.66% | −0.22 pp |
| Q3 2013 | 2013-11-02 | 5.74% | +0.39 pp |
| Q2 2013 | 2013-08-03 | 8.80% | −0.25 pp |
| Q1 2013 | 2013-05-04 | 6.81% | +0.45 pp |
| Q4 2012 | 2013-02-02 | 14.88% | +0.16 pp |
| Q3 2012 | 2012-10-27 | 5.35% | +0.38 pp |
| Q2 2012 | 2012-07-28 | 9.06% | +0.54 pp |
| Q1 2012 | 2012-04-28 | 6.36% | +0.76 pp |
| Q4 2011 | 2012-01-28 | 14.72% | +0.88 pp |
| Q3 2011 | 2011-10-29 | 4.97% | +1.82 pp |
| Q2 2011 | 2011-07-30 | 8.52% | +1.84 pp |
| Q1 2011 | 2011-04-30 | 5.60% | +1.96 pp |
| Q4 2010 | 2011-01-29 | 13.83% | +2.70 pp |
| Q3 2010 | 2010-10-30 | 3.15% | +2.11 pp |
| Q2 2010 | 2010-07-31 | 6.68% | +1.88 pp |
| Q1 2010 | 2010-05-01 | 3.64% | +5.83 pp |
| Q4 2009 | 2010-01-30 | 11.14% | +9.90 pp |
| Q3 2009 | 2009-10-31 | 1.04% | −3.49 pp |
| Q2 2009 | 2009-08-01 | 4.80% | — |
| Q1 2009 | 2009-05-02 | −2.19% | — |
| Q3 2008 | 2008-11-01 | 1.24% | — |
| Q2 2008 | 2008-08-02 | 4.53% | — |
Macy's operating margin trends
Over the last five reported fiscal years, Macy's's operating margin increased from −25.80% to 4.73%, a change of +30.53 percentage points. The latest reported quarter, Q1 2026, shows 2.39%.
About the metric
What operating margin means
Operating margin measures the percentage of revenue left after operating costs and expenses. It shows how much operating profit a company generates from each dollar of revenue.
Calculation and source
How operating margin is calculated
TickerStat calculates operating margin as SEC-reported operating income divided by SEC-reported revenue for the same fiscal period. Changes are shown in percentage points. Fiscal periods can differ from calendar years, so exact period-end dates are included.
Review Macy's filings at SEC.gov ↗