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Financing
 12 Months Ended
Jan. 31, 2026
Debt Disclosure [Abstract]  
Financing Financing
The Company's debt is as follows:
January 31,
2026		February 1,
2025
(millions)
Short-term debt:
7.60% Senior debentures due 2025
$— $6 
$— $6 
Long-term debt:  
6.79% Senior debentures due 2027
$34 $61 
6.70% Senior debentures due 2028
— 28 
7.00% Senior debentures due 2028
— 94 
6.70% Senior exchanged debentures due 2028
— 54 
8.75% Senior exchanged debentures due 2029
— 13 
6.90% Senior debentures due 2029
— 72 
5.875% Senior notes due 2029
— 326 
5.875% Senior notes due 2030
201 425 
7.875% Senior exchanged debentures due 2030
5 5 
7.875% Senior debentures due 2030
5 5 
6.90% Senior debentures due 2032
12 12 
6.90% Senior exchanged debentures due 2032
1 1 
6.125% Senior notes due 2032
425 425 
7.875% Senior notes due 2033
500 — 
4.50% Senior notes due 2034
367 367 
6.70% Senior exchanged debentures due 2034
181 181 
6.70% Senior debentures due 2034
18 18 
6.375% Senior notes due 2037
192 192 
5.125% Senior notes due 2042
250 250 
4.30% Senior notes due 2043
250 250 
Unamortized debt issue costs and discount(19)(20)
Premium on acquired debt, using an effective interest yield of 6.021% to 7.654%
1014
$2,432 $2,773 
Interest expense and losses on extinguishment of debt are as follows:
202520242023
(millions)
Interest on debt$160 $178 $187 
Amortization of debt premium(2)(2)(2)
Amortization of financing costs and debt discount8 12 12 
Interest on finance leases1 1 1 
167 188 198 
Less interest capitalized on construction28 30 28 
Interest expense$139 $158 $170 
Losses on extinguishment of debt$33 $1 $— 
Debt Obligations
ABL Credit Facility
On April 9, 2025, Macy’s Inventory Funding LLC (the “ABL Borrower”), an indirect subsidiary of the Company, and Macy’s 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 equity of the ABL Borrower. The ABL Parent guarantees the ABL Borrower’s obligations under the Amended & Extended ABL Credit Facility.
The Amended & Extended ABL Credit Facility contains customary borrowing conditions including a borrowing base equal to the sum of (i) 90% of the net orderly liquidation percentage of eligible inventory, minus (ii) customary reserves. Amounts borrowed under the Amended & Extended ABL Credit Facility are subject to interest at a rate per annum equal to, at the ABL Borrower’s option, either (i) adjusted SOFR (calculated to include a 0.10% credit adjustment spread) plus a margin of 1.25% to 1.50% or (ii) a base rate plus a margin of 0.25% to 0.50%, in each case depending on revolving line utilization. The Amended & Extended ABL Credit Facility also contains customary covenants that provide for, among other things, limitations on indebtedness, liens, fundamental changes, restricted payments and prepayment of certain indebtedness as well as customary representations and warranties and events of default typical for credit facilities of this type.
The Amended & Extended ABL Credit Facility also requires Macy’s, Inc. and its restricted subsidiaries to maintain a fixed charge coverage ratio of at least 1.00 to 1.00 as of the end of any fiscal quarter if Availability plus Suppressed Availability (each as defined in the Amended & Extended ABL Credit Facility) is less than the greater of (a) 10% of the Loan Cap (as defined in the Amended & Extended ABL Credit Facility) and (b) $175 million, in each case, as of the end of such fiscal quarter.
The Company did not make any borrowings or repayments under its revolving credit facility during 2025. The Company borrowed and repaid $301 million of debt under its revolving credit facility during 2024. As of January 31, 2026 and February 1, 2025, there were no outstanding borrowings under the agreement.
Senior Notes and Debentures
The senior notes and the senior debentures are unsecured obligations of a 100%-owned subsidiary of Macy's, Inc. and Macy's Inc. has fully and unconditionally guaranteed these obligations.
Other Financing Arrangements
There were $143 million and $144 million of other standby letters of credit outstanding as of January 31, 2026 and February 1, 2025, respectively, which reduced the available borrowing capacity to $1,957 million and $2,856 million, respectively.
2025 Debt Financing Activities
On July 29, 2025, Macy’s Retail Holdings, LLC (“MRH”), a wholly owned subsidiary of Macy’s, Inc., completed an offering of $500 million in aggregate principal amount of 7.375% senior notes due 2033 (the “2033 Notes”) in a private offering (the “Notes Offering”). The 2033 Notes mature on August 1, 2033. The 2033 Notes are senior unsecured obligations of MRH and are unconditionally guaranteed on a senior unsecured basis by Macy’s, Inc. MRH used the net proceeds from the Notes Offering, together with cash on hand, to (i) fund a tender offer for certain outstanding senior notes and debentures, (ii) redeem approximately $587 million of certain other outstanding senior notes and debentures and (iii) pay fees, premiums and expenses in connection with the Notes Offering, tender offer and redemption.
On July 29, 2025, the Company completed a tender offer in which $251 million aggregate principal amount of certain senior notes and debentures were tendered for early settlement and purchased by MRH for a total cash cost of $255 million.
On July 29, 2025, the Company redeemed $393 million aggregate principal amount of certain senior notes and debentures due in 2028 and 2029. In addition, on August 28, 2025, the Company redeemed $194 million aggregate principal amount of senior debentures due in 2028 and 2029. The Company redeemed a total of $587 million of senior notes and debentures in connection with the transactions.
The Company recognized a $33 million loss related to the extinguishment of debt on the Consolidated Statements of Income during 2025 as a result of the transactions above.
2024 Debt Financing Activities
On September 18, 2024, MRH, a direct, wholly owned subsidiary of Macy’s, Inc., completed a tender offer in which $221 million aggregate principal amount of certain senior notes and debentures were tendered for early settlement and purchased by MRH. The total cash cost for the tender offer was $225 million and was funded using cash on hand. The Company recognized $1 million of losses on extinguishment of debt on the Consolidated Statements of Income during the third quarter of 2024.
Long-Term Debt Maturities
Future maturities of long-term debt are shown below:
(millions)
Fiscal year
2027$34 
2028— 
2029— 
2030211 
203113 
After 20312,183 
Debt Repayments
The following table shows the detail of debt repayments:
202520242023
(millions)
Revolving credit facility$— $301 $961 
7.60% Senior debentures due 2025
6 — — 
6.79% Senior debentures due 2027
27 10 — 
6.70% Senior exchanged debentures due 2028
54 19 — 
7.00% Senior debentures due 2028
94 10 — 
6.70% Senior debentures due 2028
28 1 — 
5.875% Senior notes due 2029
326 174 — 
8.75% Senior exchanged debentures due 2029
13 — — 
6.90% Senior debentures due 2029
72 7 — 
5.875% Senior notes due 2030
224 — — 
$844 $522 $961