Macy's (M) Operating Margin (2009 - 2026)

Macy's (M) posted Operating Margin of 10.55% for Q1 2026, up 1134.56% sequentially from 0.85% in Q4 2025, and up 432.0% YoY from 1.98% in Q1 2025.

Macy's (M) Operating Margin (2009 - 2026) Analysis & Trends

Macy's has reported Operating Margin for 18 years, with the latest figure at 10.55% in Q1 2026.

Quarterly Operating Margin rose 432.0% year-over-year to 10.55% in Q1 2026, while the trailing twelve-month figure through Jan 2026 was 4.82% (up 81.0% YoY) and the FY2026 annual result came in at 4.73%, up 78.0% from the prior year.
Operating Margin grew to 10.55% in Q1 2026 per M's latest filing, from 0.85% in the prior quarter.
Over five years, Operating Margin peaked at 11.54% in Q1 2022 and troughed at 1.96% in Q1 2024.
A 5-year average of 4.48% and a median of 3.67% in 2022 frame the typical range for Operating Margin.
The sharpest annual moves came in 2024 and 2025: Operating Margin tumbled 936 bps in 2024, then soared 819 bps in 2025.
Over 5 years, Operating Margin stood at 3.67% in 2022, then sank by 53 bps to 1.71% in 2023, then declined by 21 bps to 1.35% in 2024, then sank by 37 bps to 0.85% in 2025, then surged by 1135 bps to 10.55% in 2026.
According to Business Quant data, Operating Margin over the past three periods registered 10.55%, 0.85%, and 3.1% for Q1 2026, Q4 2025, and Q3 2025 respectively.

#	Company	Market Cap	Enterprise Value	Gross Profit (Qtr)	Operating Margin (Qtr)
1	Dillard'S	8.76 Bn	7.34 Bn	718.25 Mn	34.36%
2	Macy's	6.16 Bn	4.86 Bn	2.03 Bn	2.29%
3	Polibeli	3.96 Bn	3.96 Bn	-	-
4	Kohls	2.18 Bn	1.75 Bn	1.37 Bn	1.45%

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