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Revenue
 12 Months Ended
Jan. 31, 2026
Revenue from Contract with Customer [Abstract]  
Revenue Revenue
Net sales
Net sales, which mainly consists of retail sales but also includes merchandise returns, gift cards and loyalty programs, represented 96% of total revenue for 2025, and 97% of total revenue for both 2024 and 2023. Other revenue generating activities consist of credit card revenues as well as Macy's Media Network.
Net sales by family of business 202520242023
(millions)
Women’s Accessories, Shoes, Cosmetics and Fragrances$9,128 $9,333 $9,520 
Women’s Apparel4,764 4,826 4,861 
Men’s and Kids’4,659 4,753 4,918 
Home/Other (a)3,213 3,381 3,793 
Total Net Sales21,764 22,293 23,092 
Credit card revenues, net669 537 619 
Macy's Media Network revenue, net (b)188 176 155 
Other Revenue857 713 774 
Total Revenue$22,621 $23,006 $23,866 
(a)Other primarily includes restaurant sales, allowance for merchandise returns adjustments and breakage income from unredeemed gift cards.
(b)Macy's Media Network ("MMN") 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 approximately 84%, 85% and 86% of the Company's net sales for 2025, 2024 and 2023, respectively. In addition, digital sales accounted for approximately 35% of net sales in 2025, and 33% of net sales for both 2024 and 2023.
Retail Sales
Retail sales include merchandise sales, inclusive of delivery income, licensed department income, Marketplace income, sales of private brand goods directly to third party retailers and sales of excess inventory to third parties. Sales of merchandise are recorded at point of sale for in-store purchases or at the time of shipment to the customer for digital purchases and are reported net of estimated merchandise returns and certain customer incentives. Commissions earned on sales generated by licensed departments are included as a component of total net sales and are recognized as revenue at the time merchandise is sold to customers. Service revenues (e.g., alteration and cosmetic services) are recorded at the time the customer receives the benefit of the service. The Company has elected to present sales taxes on a net basis and, as such, sales taxes are included in accounts payable and accrued liabilities until remitted to the taxing authorities.
Merchandise Returns
The Company estimates merchandise returns using historical data and recognizes an allowance that reduces net sales and cost of sales. The liability for merchandise returns is included in accounts payable and accrued liabilities on the Company's Consolidated Balance Sheets and was $128 million as of January 31, 2026 and $114 million as of February 1, 2025. Included in prepaid expenses and other current assets is an asset totaling $81 million as of January 31, 2026 and $72 million as of February 1, 2025, for the recoverable cost of merchandise estimated to be returned by customers.
Gift Cards and Customer Loyalty Programs
The liability for unredeemed gift cards and customer loyalty programs is included in accounts payable and accrued liabilities on the Company's Consolidated Balance Sheets and was $349 million as of January 31, 2026, and $353 million as of February 1, 2025. Changes in the liability for unredeemed gift cards and customer loyalty programs are as follows:
202520242023
(millions)
Balance, beginning of year$353 $384 $399 
Liabilities issued but not redeemed (a)245 287 326 
Revenue recognized from beginning liability(249)(318)(341)
Balance, end of year$349 $353 $384 
(a)Net of estimated breakage income.
Credit Card Revenues, net
In 2005, in connection with the sale of most of the Company's credit card accounts and related receivable balances to Citibank, the Company and Citibank entered into a long-term marketing and servicing alliance pursuant to the terms of a Credit Card Program Agreement ("Credit Card Program"). On December 13, 2021, the Company entered into the sixth amendment to its amended and restated Credit Card Program with Citibank (the "Program Agreement"), which did not materially change the Program's financial structure. As part of the Program Agreement, the Company receives payments for providing a combination of interrelated services and intellectual property to Citibank in support of the underlying Credit Card Program. Revenue based on the spending activity of the underlying accounts is recognized as the respective card purchases occur and the Company's profit share is recognized based on the performance of the underlying portfolio. Revenue associated with the establishment of new credit accounts and assisting in the receipt of payments for existing accounts is recognized as such activities occur. Credit card revenues include finance charges, late fees and other revenue generated by the Company's Credit Card Program, net of fraud losses and expenses associated with establishing new accounts, credit card funding costs and bad debt reserves and are a component of other revenue on the consolidated statements of income.
The Program Agreement expires March 31, 2030, subject to an additional renewal term of three years. The Program Agreement provides for, among other things, (i) the ownership by Citibank of the accounts purchased by Citibank, (ii) the ownership by Citibank of new accounts opened by the Company's customers, (iii) the provision of credit by Citibank to the holders of the credit cards associated with the foregoing accounts, (iv) the servicing of the foregoing accounts and (v) the allocation between Citibank and the Company of the economic benefits and burdens associated with the foregoing and other aspects of the alliance. Pursuant to the Program Agreement, the Company continues to provide certain servicing functions related to the accounts and related receivables owned by Citibank and receives compensation from Citibank for these services. The amounts earned under the Program Agreement related to the servicing functions are deemed adequate compensation and, accordingly, no servicing asset or liability has been recorded on the Consolidated Balance Sheets.
The Company's credit card revenues, net were $669 million, $537 million and $619 million for 2025, 2024 and 2023, respectively. Amounts received under the Program Agreement were $763 million, $630 million and $722 million for 2025, 2024 and 2023, respectively.