Financial Analysis

Financing Activities The Company did not borrow or repay any debt, outside of capital lease activity, during both the 13 weeks ended May 2, 2026 and May 3, 2025. ABL Credit Facility On April 9, 2025, Macys Inventory Funding LLC (the ABL Borrower), an indirect subsidiary of the Company, and Macys Inventory Holdings LLC (the ABL Parent), a direct subsidiary of the Company and the direct parent of the ABL Borrower, entered into an amendment (the Amendment) to the credit agreement governing the existing $3,000 million asset-based credit facility (the Existing ABL Credit Facility), which was set to expire in March 2027. The Amendment reduced the asset-based credit facility to $2,100 million (the Amended & Extended ABL Credit Facility) and extended the maturity date to April 2030. The Amendment therefore provides the Company with access to $2,100 million of committed liquidity for the next five years. The ABL Borrower may request increases in the size of the Amended & Extended ABL Credit Facility up to an additional aggregate principal amount of $1,750 million. The Amended & Extended ABL Credit Facility replaces the Existing ABL Credit Facility, with similar collateral support, but reduced commercial letter of credit fees and unused facility fees. The Amended & Extended ABL Credit Facility is secured on a first priority basis (subject to customary exceptions) by (i) all assets of the ABL Borrower including all such inventory and the proceeds thereof and (ii) the equ …

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Other revenue generating activities consist of credit card revenues and Macy's Media Network revenue. 13 Weeks Ended Revenues May 2, 2026 May 3, 2025 (millions) Women's Accessories, Shoes, Cosmetics and Fragrances $ 1,986 $ 1,943 Women's Apparel 1,142 1,097 Men's and Kids' 965 951 Home/Other (a) 589 608 Total Net Sales $ 4,682 $ 4,599 Credit card revenues, net $ 172 $ 154 Macy's Media Network revenue, net (b) 38 40 Other Revenue 210 194 Total Revenue $ 4,892 $ 4,793 (a) Other primarily includes restaurant sales, allowance for merchandise returns adjustments and breakage income from unredeemed gift cards. (b) Macy's Media Network is an in-house media platform supporting both Macy's and Bloomingdale's customers through a broad variety of advertising formats running both on owned and operated platforms as well as offsite.

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"Recent Accounting Pronouncements In November 2024, the Financial Accounting Standards Board (""FASB"") issued Accounting Standards Update (""ASU"") 2024-03, ""Income StatementReporting Comprehensive IncomeExpense Disaggregation Disclosures (Subtopic 220-40)"" (""ASU 2024-03""). The amendments in this update enhance disclosures about a public business entitys expenses and provide more detailed information about the types of expenses included in certain expense captions in the consolidated financial statements. ASU 2024-03 is effective for the Company beginning in the fiscal year ending January 29, 2028. The Company is currently evaluating the impacts of the adoption of ASU 2024-03 on the Consolidated Financial Statements. In July 2025, the FASB issued ASU 2025-05, ""Financial InstrumentsCredit Losses (Topic 326): Measurements of Credit Losses for Accounts Receivable and Contract Assets"" (""ASU 2025-05""). The amendments in this update provide a practical expedient related to the estimation of expected credit losses for current accounts receivable and current contract assets that arise from transactions accounted for under FASB Accounting Standards Codification 606. Under ASU 2025-05, an entity is required to disclose whether it has elected to use the practical expedient. An entity that makes the accounting policy election is required to disclose the date through which subsequent cash collections are evaluated. ASU 2025-05 is effective for the Company beginning in the fiscal …

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"Revenue Net sales, which mainly consists of retail sales but also includes merchandise returns, gift cards and loyalty programs, represented 96% of total revenue for both the 13 weeks ended May 2, 2026 and May 3, 2025, respectively. Other revenue generating activities consist of credit card revenues and Macy's Media Network revenue. 13 Weeks Ended Revenues May 2, 2026 May 3, 2025 (millions) Women's Accessories, Shoes, Cosmetics and Fragrances $ 1,986 $ 1,943 Women's Apparel 1,142 1,097 Men's and Kids' 965 951 Home/Other (a) 589 608 Total Net Sales $ 4,682 $ 4,599 Credit card revenues, net $ 172 $ 154 Macy's Media Network revenue, net (b) 38 40 Other Revenue 210 194 Total Revenue $ 4,892 $ 4,793 (a) Other primarily includes restaurant sales, allowance for merchandise returns adjustments and breakage income from unredeemed gift cards. (b) Macy's Media Network is an in-house media platform supporting both Macy's and Bloomingdale's customers through a broad variety of advertising formats running both on owned and operated platforms as well as offsite. Macy's accounted for 82% and 83% of the Company's net sales for the 13 weeks ended May 2, 2026 and May 3, 2025, respectively. In addition, digital sales accounted for 34% and 33% of the Company's net sales for the 13 weeks ended May 2, 2026 and May 3, 2025, respectively. Retail Sales Retail sales include merchandise sales, inclusive of delivery income, licensed department income, Marketplace income, sales of private brand goods dir …

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"Segments Macy's, Inc., together with its subsidiaries, is an omni-channel retail organization operating stores, websites and mobile applications under three nameplates (Macy's, Bloomingdale's and Bluemercury) that sell a wide range of merchandise, including apparel and accessories (men's, women's and kids'), cosmetics, home furnishings and other consumer goods. As of May 2, 2026, the Company's operations and operating segments were conducted through Macy's, Macy's Backstage, Macy's small format, Bloomingdale's, Bloomingdale's The Outlet, Bloomie's and Bluemercury. All operating segments engage in similar business activities, operate in similar economic environments and have materially similar key economic metrics, among other similarities. As such, the Company aggregates all operations into a single reporting segment under the aggregation criteria. The Company's Chief Executive Officer, Tony Spring, is its Chief Operating Decision Maker (""CODM"") and reviews segment performance to make resource allocation decisions and to guide strategic decisions based on net income, which is reported on the Consolidated Statements of Income. The components of segment net income that the CODM considers are consistent with the components of net income as reported on the Consolidated Statements of Income with the additional disaggregation of depreciation and amortization from selling, general and administrative expenses. Depreciation and amortization expense represented $210 million and $219 …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing