Macy's, Inc. Earnings Per Share Disclosure
| 2025 | 2024 | 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Net Income | Shares | Net Income | Shares | Net Income | Shares | ||||||||||||||||||||||||||||||||||||||||||||||||
| (millions, except per share data) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net income and average number of shares outstanding | $ | 642 | 269.8 | $ | 582 | 276.8 | $ | 45 | 273.2 | ||||||||||||||||||||||||||||||||||||||||||||
| Shares to be issued under deferred compensation and other plans | 0.8 | 0.9 | 1.0 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| $ | 642 | 270.6 | $ | 582 | 277.7 | $ | 45 | 274.2 | |||||||||||||||||||||||||||||||||||||||||||||
| Basic earnings per share | $ | 2.37 | $ | 2.10 | $ | 0.16 | |||||||||||||||||||||||||||||||||||||||||||||||
| Effect of dilutive securities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stock options and restricted stock units | 5.9 | 3.9 | 4.0 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| $ | 642 | 276.5 | $ | 582 | 281.6 | $ | 45 | 278.2 | |||||||||||||||||||||||||||||||||||||||||||||
| Diluted earnings per share | $ | 2.32 | $ | 2.07 | $ | 0.16 | |||||||||||||||||||||||||||||||||||||||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2026 | Mar 27, 2026 | Showing above |
| 2025 | Mar 21, 2025 | |
| 2024 | Mar 22, 2024 | |
| 2023 | Mar 24, 2023 | |
| 2022 | Mar 25, 2022 | |
| 2021 | Mar 29, 2021 | |
| 2020 | Mar 30, 2020 | |
| 2019 | Apr 3, 2019 | |
| 2018 | Apr 4, 2018 | |
| 2017 | Mar 29, 2017 | |
| 2016 | Mar 30, 2016 | |
About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.