Cash Flow Statement

Operating Cash Flow

-34%

-7%

10Y

Currency: USD

	Feb-2002	May-2002	Aug-2002	Nov-2002	Feb-2003	May-2003	Aug-2003	Nov-2003	Jan-2004	May-2004	Jul-2004	Oct-2004	Jan-2005	Apr-2005	Jul-2005	Oct-2005	Jan-2006	Apr-2006	Jul-2006	Oct-2006	Feb-2007	May-2007	Aug-2007	Nov-2007	Feb-2008	May-2008	Aug-2008	Nov-2008	Jan-2009	May-2009	Aug-2009	Oct-2009	Jan-2010	May-2010	Jul-2010	Oct-2010	Jan-2011	Apr-2011	Jul-2011	Oct-2011	Jan-2012	Apr-2012	Jul-2012	Oct-2012	Feb-2013	May-2013	Aug-2013	Nov-2013	Feb-2014	May-2014	Aug-2014	Nov-2014	Jan-2015	May-2015	Aug-2015	Oct-2015	Jan-2016	Apr-2016	Jul-2016	Oct-2016	Jan-2017	Apr-2017	Jul-2017	Oct-2017	Feb-2018	May-2018	Aug-2018	Nov-2018	Feb-2019	May-2019	Aug-2019	Nov-2019	Feb-2020	May-2020	Aug-2020	Oct-2020	Jan-2021	May-2021	Jul-2021	Oct-2021	Jan-2022	Apr-2022	Jul-2022	Oct-2022	Jan-2023	Apr-2023	Jul-2023	Oct-2023	Feb-2024	May-2024	Aug-2024	Nov-2024	Feb-2025	May-2025	Aug-2025	Nov-2025
Operating Cash Flow
Net Income	(276)	(245)	(73)	30	818	775	613	574	693	744	702	709	689	715	785	1 147	1 406	1 231	1 400	961	995	1 083	840	876	893	798	797	720	(4 775)	(4 804)	(4 870)	(4 861)	329	440	580	625	847	955	1 049	1 178	1 256	1 306	1 344	1 350	1 335	1 371	1 373	1 405	1 486	1 493	1 504	1 544	1 526	1 495	1 420	1 320	1 070	992	784	682	619	573	672	684	1 555	1 609	1 666	1 701	1 098	1 103	1 025	964	564	(3 153)	(3 671)	(3 764)	(3 944)	(260)	516	847	1 430	1 613	1 543	1 411	1 177	1 046	749	684	105	12	184	170	582	558	494	477
Depreciation & Amortization	685	681	681	674	676	691	696	705	706	703	709	711	734	735	735	842	976	1 115	1 251	1 282	1 265	1 278	1 291	1 297	1 304	1 290	1 278	1 277	1 278	1 266	1 252	1 233	1 210	1 194	1 181	1 170	1 150	1 131	1 111	1 103	1 085	1 073	1 062	1 049	1 049	1 044	1 040	1 028	1 020	1 022	1 023	1 029	1 036	1 042	1 049	1 057	1 061	1 062	1 061	1 057	1 058	1 041	1 025	1 012	991	983	974	968	962	963	964	969	981	982	981	978	959	946	931	905	874	856	843	844	857	869	877	884	897	895	893	889	881	884	889	896
Change in Deffered Taxes	17	54	48	(54)	(119)	(119)	(53)	55	3	26	10	29	59	(26)	53	(36)	(36)	70	(265)	(38)	(18)	(145)	96	1	(2)	97	107	23	(315)	(294)	(371)	(413)	123	64	201	313	241	326	295	303	153	60	22	5	14	43	12	(43)	(142)	(139)	(103)	(70)	29	15	7	(21)	(1)	58	(7)	65	(134)	(151)	(87)	(137)	(421)	(443)	(411)	(406)	112	100	93	75	(6)	(238)	(288)	(301)	(327)	(145)	(98)	(38)	19	45	17	(70)	(38)	(53)	(46)	(11)	(244)	(222)	(233)	(249)	(52)	(44)	(18)	(1)
Stock-Based Compensation	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	91	28	32	48	60	53	54	44	43	49	59	76	76	78	66	66	66	53	71	65	70	75	64	63	61	57	62	62	62	66	68	69	73	70	82	83	65	63	55	56	61	58	55	51	58	62	58	60	63	60	60	55	38	30	23	19	31	36	40	42	55	57	63	67	54	55	54	55	47	46	45	44	58	58	58	59
Other Non-Cash Items	928	1 300	1 434	1 510	753	502	277	199	7	8	9	9	9	9	7	(417)	(266)	(113)	(106)	483	472	395	480	339	271	294	275	265	5 796	5 854	5 823	5 858	444	308	262	225	66	55	75	74	30	34	25	25	50	49	53	54	142	146	150	152	155	153	165	266	339	350	598	549	415	332	72	9	(240)	(173)	(159)	(162)	(117)	(149)	(161)	(136)	323	3 529	3 813	3 856	3 699	555	356	316	194	138	62	69	73	97	211	210	1 161	1 186	1 026	918	144	116	161	241
Cash Taxes Paid	221	72	57	161	123	73	96	16	60	294	276	296	322	290	318	385	481	634	472	442	561	599	736	652	432	389	387	348	323	(5)	(5)	40	35	85	105	102	108	153	216	274	397	606	685	720	736	743	755	729	833	845	0	1 161	834	1 148	0	1 057	635	892	927	469	352	111	461	456	496	488	414	419	345	349	38	209	229	219	303	118	98	101	178	238	(171)	(175)	(32)	(43)	455	460	365	316	240	246	228	230	304	299	0	158
Cash Interest Paid	351	360	352	346	335	310	304	288	269	269	311	312	300	304	232	318	457	523	642	616	600	579	568	597	594	628	629	614	642	625	643	613	601	606	611	643	627	578	555	486	474	462	467	445	585	566	537	549	388	401	400	404	413	411	405	403	383	382	389	388	396	392	379	368	361	350	334	323	328	309	279	267	242	234	239	230	257	271	305	524	442	476	398	203	188	162	162	158	157	156	154	156	155	152	0	250
Change in Working Capital	(74)	72	70	38	6	71	142	228	367	164	213	211	16	57	6	1 774	2 128	1 769	3 643	1 244	1 032	852	(922)	(525)	(247)	124	(65)	(41)	(118)	(180)	(140)	138	(356)	(402)	(606)	(643)	(798)	(745)	(725)	(871)	(351)	(102)	(229)	6	(269)	(295)	(273)	(335)	43	(185)	47	(84)	(37)	(29)	(270)	(476)	(485)	(523)	(290)	(339)	(157)	235	105	324	91	85	(96)	(95)	(320)	(642)	(380)	(394)	(254)	362	416	911	262	211	(84)	(784)	195	(186)	(415)	105	(454)	(487)	(208)	(482)	(614)	(542)	(699)	(611)	(277)	(429)	(130)	(58)
Cash from Operating Activities	1 280 N/A	1 862 +45%	2 160 +16%	2 198 +2%	2 134 -3%	1 920 -10%	1 675 -13%	1 761 +5%	1 776 +1%	1 645 -7%	1 643 0%	1 669 +2%	1 507 -10%	1 490 -1%	1 586 +6%	3 310 +109%	4 208 +27%	4 072 -3%	5 923 +45%	3 932 -34%	3 746 -5%	3 463 -8%	1 785 -48%	1 988 +11%	2 219 +12%	2 603 +17%	2 392 -8%	2 244 -6%	1 866 -17%	1 842 -1%	1 694 -8%	1 955 +15%	1 750 -10%	1 604 -8%	1 618 +1%	1 690 +4%	1 506 -11%	1 722 +14%	1 805 +5%	1 787 -1%	2 173 +22%	2 371 +9%	2 224 -6%	2 435 +9%	2 179 -11%	2 212 +2%	2 205 0%	2 109 -4%	2 549 +21%	2 337 -8%	2 621 +12%	2 571 -2%	2 709 +5%	2 676 -1%	2 371 -11%	2 146 -9%	1 984 -8%	1 939 -2%	2 146 +11%	2 014 -6%	1 801 -11%	2 030 +13%	1 787 -12%	1 892 +6%	1 976 +4%	2 061 +4%	1 974 -4%	2 006 +2%	1 735 -14%	1 375 -21%	1 541 +12%	1 478 -4%	1 608 +9%	1 482 -8%	1 251 -16%	1 680 +34%	649 -61%	1 307 +101%	1 621 +24%	1 246 -23%	2 712 +118%	2 466 -9%	2 050 -17%	2 359 +15%	1 615 -32%	1 472 -9%	1 583 +8%	1 285 -19%	1 305 +2%	1 329 +2%	1 171 -12%	1 117 -5%	1 278 +14%	1 085 -15%	1 396 +29%	1 555 +11%
Investing Cash Flow
Capital Expenditures	(651)	(672)	(640)	(620)	(627)	(589)	(568)	(540)	(568)	(603)	(597)	(584)	(548)	(511)	(511)	(553)	(656)	(707)	(873)	(1 141)	(1 392)	(1 439)	(1 453)	(1 308)	(1 105)	(1 063)	(999)	(974)	(897)	(864)	(741)	(549)	(460)	(445)	(435)	(466)	(505)	(539)	(591)	(697)	(764)	(884)	(931)	(897)	(942)	(843)	(839)	(870)	(863)	(860)	(998)	(1 039)	(1 068)	(1 199)	(1 128)	(1 171)	(1 113)	(1 098)	(1 046)	(954)	(912)	(861)	(840)	(781)	(760)	(773)	(796)	(887)	(932)	(1 006)	(1 025)	(1 067)	(1 157)	(1 053)	(945)	(731)	(466)	(405)	(407)	(465)	(597)	(759)	(949)	(1 195)	(1 295)	(1 330)	(1 277)	(1 061)	(993)	(926)	(861)	(893)	(882)	(830)	(793)	(758)
Other Items	(120)	0	(13)	(26)	(52)	(50)	(11)	(22)	(180)	(203)	(251)	(274)	(179)	(167)	(172)	(4 161)	(4 106)	(4 111)	(3 453)	1 619	2 568	2 694	2 108	1 072	338	235	242	226	105	117	93	79	83	78	102	88	40	54	28	45	67	49	63	57	161	157	135	163	75	83	148	132	98	(56)	(79)	0	21	176	231	232	669	825	781	756	409	326	343	316	476	469	427	431	155	175	125	144	141	119	210	251	227	269	208	159	126	85	92	45	80	66	106	241	290	322	312	196
Cash from Investing Activities	(771) N/A	(792) -3%	(653) +18%	(646) +1%	(679) -5%	(639) +6%	(579) +9%	(562) +3%	(748) -33%	(806) -8%	(848) -5%	(858) -1%	(727) +15%	(678) +7%	(683) -1%	(4 714) -590%	(4 762) -1%	(4 818) -1%	(4 326) +10%	478 N/A	1 176 +146%	1 255 +7%	655 -48%	(236) N/A	(767) -225%	(828) -8%	(757) +9%	(748) +1%	(792) -6%	(747) +6%	(648) +13%	(470) +27%	(377) +20%	(367) +3%	(333) +9%	(378) -14%	(465) -23%	(485) -4%	(563) -16%	(652) -16%	(697) -7%	(835) -20%	(868) -4%	(840) +3%	(781) +7%	(686) +12%	(704) -3%	(707) 0%	(788) -11%	(777) +1%	(850) -9%	(907) -7%	(970) -7%	(1 255) -29%	(1 207) +4%	(1 171) +3%	(1 092) +7%	(922) +16%	(815) +12%	(722) +11%	(243) +66%	(36) +85%	(59) -64%	(25) +58%	(351) -1 304%	(447) -27%	(453) -1%	(571) -26%	(456) +20%	(537) -18%	(598) -11%	(636) -6%	(1 002) -58%	(878) +12%	(820) +7%	(587) +28%	(325) +45%	(286) +12%	(197) +31%	(214) -9%	(370) -73%	(490) -32%	(741) -51%	(1 036) -40%	(1 169) -13%	(1 245) -7%	(1 185) +5%	(1 016) +14%	(913) +10%	(860) +6%	(755) +12%	(652) +14%	(592) +9%	(508) +14%	(481) +5%	(562) -17%
Financing Cash Flow
Net Issuance of Common Stock	24	154	133	(90)	(363)	(495)	(451)	(380)	(452)	(303)	(475)	(622)	(603)	(530)	(159)	191	329	387	17	(680)	(2 118)	(4 045)	(4 692)	(4 099)	(3 065)	(1 295)	(394)	(312)	6	1	0	7	7	20	22	29	42	60	109	(84)	(340)	(476)	(884)	(1 069)	(1 163)	(1 294)	(1 279)	(1 355)	(1 256)	(1 297)	(1 450)	(1 486)	(1 643)	(1 625)	(1 621)	(2 020)	(1 838)	(1 683)	(1 190)	(412)	(280)	(175)	(176)	(79)	5	32	42	44	45	23	13	9	5	(1)	(1)	0	(1)	0	0	(295)	(493)	(1 077)	(1 094)	(800)	(601)	(52)	(38)	(38)	(38)	(3)	0	0	(1)	(98)	(150)	(201)
Net Issuance of Debt	(103)	(654)	(493)	(1 474)	(1 012)	(1 050)	(1 455)	(762)	(298)	(276)	(186)	(111)	(141)	(183)	142	1 340	(228)	(117)	(1 668)	(2 930)	(1 611)	(167)	1 640	2 095	1 244	(374)	44	(921)	(132)	(930)	(1 674)	(1 173)	(995)	(612)	(607)	(1 123)	(1 221)	(1 042)	(950)	(534)	395	(91)	(102)	(59)	(891)	(41)	(56)	226	300	245	285	109	307	279	119	921	264	348	471	(438)	(693)	(890)	(1 311)	(1 245)	(1 003)	(854)	(826)	(836)	(1 133)	(1 168)	(853)	(809)	(659)	654	673	516	912	(632)	(589)	(1 840)	(1 637)	(1 773)	(1 763)	(291)	(472)	(71)	(46)	(14)	0	(8)	(20)	(324)	(220)	(222)	(362)	(424)
Cash Paid for Dividends	0	0	0	0	0	0	(23)	(46)	(69)	(91)	(93)	(93)	(93)	(94)	(92)	(112)	(157)	(203)	(250)	(276)	(274)	(263)	(252)	(239)	(230)	(227)	(223)	(223)	(221)	(187)	(153)	(118)	(84)	(84)	(84)	(84)	(84)	(84)	(106)	(127)	(148)	(210)	(249)	(288)	(324)	(319)	(332)	(345)	(359)	(373)	(390)	(406)	(421)	(435)	(444)	(451)	(456)	(462)	(457)	(456)	(459)	(462)	(461)	(461)	(461)	(462)	(463)	(462)	(463)	(463)	(464)	(465)	(466)	(467)	(350)	(234)	(117)	0	0	(46)	(90)	(135)	(177)	(174)	(173)	(173)	(176)	(178)	(181)	(184)	(187)	(190)	(192)	(195)	(196)	(197)
Other	(16)	(9)	(6)	4	0	0	0	0	0	0	0	0	0	0	0	42	(10)	2	(33)	(22)	44	16	51	(5)	(19)	(3)	(8)	(5)	(18)	0	0	0	0	0	0	0	0	0	(8)	(8)	(20)	0	(12)	(12)	(11)	0	(14)	(21)	(9)	0	(10)	(4)	(9)	0	(5)	1	1	5	2	(3)	6	0	6	12	13	12	12	8	7	5	(1)	(3)	(3)	0	(98)	(102)	(95)	(116)	(21)	(154)	(161)	(190)	(187)	(50)	(50)	0	0	(1)	(1)	0	0	0	0	(6)	(24)	(40)
Cash from Financing Activities	(95) N/A	(509) -436%	(366) +28%	(1 560) -326%	(1 375) +12%	(1 546) -12%	(1 930) -25%	(1 188) +38%	(819) +31%	(670) +18%	(754) -13%	(826) -10%	(837) -1%	(807) +4%	(109) +86%	1 461 N/A	(66) N/A	69 N/A	(1 934) N/A	(3 908) -102%	(3 959) -1%	(4 459) -13%	(3 253) +27%	(2 248) +31%	(2 070) +8%	(1 899) +8%	(581) +69%	(1 461) -151%	(365) +75%	(1 134) -211%	(1 840) -62%	(1 297) +30%	(1 072) +17%	(676) +37%	(669) +1%	(1 178) -76%	(1 263) -7%	(1 066) +16%	(955) +10%	(753) +21%	(113) +85%	(797) -605%	(1 247) -56%	(1 428) -15%	(2 389) -67%	(1 665) +30%	(1 681) -1%	(1 495) +11%	(1 324) +11%	(1 434) -8%	(1 565) -9%	(1 787) -14%	(1 766) +1%	(1 790) -1%	(1 951) -9%	(1 549) +21%	(2 029) -31%	(1 792) +12%	(1 174) +34%	(1 309) -11%	(1 426) -9%	(1 527) -7%	(1 942) -27%	(1 773) +9%	(1 446) +18%	(1 272) +12%	(1 235) +3%	(1 246) -1%	(1 544) -24%	(1 603) -4%	(1 305) +19%	(1 268) +3%	(1 123) +11%	183 N/A	224 +22%	180 -20%	699 +288%	(749) N/A	(611) +18%	(2 335) -282%	(2 381) -2%	(3 175) -33%	(3 221) -1%	(1 315) +59%	(1 296) +1%	(296) +77%	(260) +12%	(231) +11%	(220) +5%	(196) +11%	(208) -6%	(514) -147%	(413) +20%	(521) -26%	(732) -40%	(862) -18%
Change in Cash
Net Change in Cash	414 N/A	561 +36%	1 141 +103%	(8) N/A	80 N/A	(265) N/A	(834) -215%	11 N/A	209 +1 800%	169 -19%	41 -76%	(15) N/A	(57) -280%	5 N/A	794 +15 780%	57 -93%	(620) N/A	(677) -9%	(337) +50%	502 N/A	963 +92%	259 -73%	(813) N/A	(496) +39%	(618) -25%	(124) +80%	1 054 N/A	35 -97%	709 +1 926%	(39) N/A	(794) -1 936%	188 N/A	301 +60%	561 +86%	616 +10%	134 -78%	(222) N/A	171 N/A	287 +68%	382 +33%	1 363 +257%	739 -46%	109 -85%	167 +53%	(991) N/A	(139) +86%	(180) -29%	(93) +48%	437 N/A	126 -71%	206 +63%	(123) N/A	(27) +78%	(369) -1 267%	(787) -113%	(574) +27%	(1 137) -98%	(775) +32%	157 N/A	(17) N/A	132 N/A	467 +254%	(214) N/A	94 N/A	179 +90%	342 +91%	286 -16%	189 -34%	(265) N/A	(765) -189%	(362) +53%	(426) -18%	(517) -21%	787 N/A	655 -17%	1 273 +94%	1 023 -20%	272 -73%	813 +199%	(1 303) N/A	(39) +97%	(1 199) -2 974%	(1 912) -59%	8 N/A	(850) N/A	(69) +92%	138 N/A	38 -72%	172 +353%	273 +59%	208 -24%	(49) N/A	273 N/A	56 -79%	183 +227%	131 -28%
Free Cash Flow
Free Cash Flow	629 N/A	1 190 +89%	1 520 +28%	1 578 +4%	1 507 -4%	1 331 -12%	1 107 -17%	1 221 +10%	1 208 -1%	1 042 -14%	1 046 +0%	1 085 +4%	959 -12%	979 +2%	1 075 +10%	2 757 +156%	3 552 +29%	3 365 -5%	5 050 +50%	2 791 -45%	2 354 -16%	2 024 -14%	332 -84%	680 +105%	1 114 +64%	1 540 +38%	1 393 -10%	1 270 -9%	969 -24%	978 +1%	953 -3%	1 406 +48%	1 290 -8%	1 159 -10%	1 183 +2%	1 224 +3%	1 001 -18%	1 183 +18%	1 214 +3%	1 090 -10%	1 409 +29%	1 487 +6%	1 293 -13%	1 538 +19%	1 237 -20%	1 369 +11%	1 366 0%	1 239 -9%	1 686 +36%	1 477 -12%	1 623 +10%	1 532 -6%	1 641 +7%	1 477 -10%	1 243 -16%	975 -22%	871 -11%	841 -3%	1 100 +31%	1 060 -4%	889 -16%	1 169 +31%	947 -19%	1 111 +17%	1 216 +9%	1 288 +6%	1 178 -9%	1 119 -5%	803 -28%	369 -54%	516 +40%	411 -20%	451 +10%	429 -5%	306 -29%	949 +210%	183 -81%	902 +393%	1 214 +35%	781 -36%	2 115 +171%	1 707 -19%	1 101 -36%	1 164 +6%	320 -73%	142 -56%	306 +115%	224 -27%	312 +39%	403 +29%	310 -23%	224 -28%	396 +77%	255 -36%	603 +136%	797 +32%

Income Statement Balance Sheet Cash Flow Statement

Macy's Inc
NYSE:M

Cash Flow Statement

Cash Flow Statement
Macy's Inc

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Macy's Inc NYSE:M

Cash Flow Statement

Cash Flow Statement Macy's Inc

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Macy's Inc
NYSE:M

Cash Flow Statement
Macy's Inc