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Side-by-side financial comparison of Macy's, Inc. (M) and M&T Bank (MTB). Click either name above to swap in a different company.
Macy's, Inc. is the larger business by last-quarter revenue ($4.7B vs $2.5B, roughly 1.9× M&T Bank). M&T Bank runs the higher net margin — 30.7% vs 0.2%, a 30.4% gap on every dollar of revenue. On growth, M&T Bank posted the faster year-over-year revenue change (3.8% vs -0.6%). Over the past eight quarters, M&T Bank's revenue compounded faster (4.6% CAGR vs -23.8%).
Macy's, Inc. is an American holding company of department stores. Upon its establishment in 1929, Federated held ownership of the regional department store chains Abraham & Straus, Lazarus, Filene's, and Shillito's. Bloomingdale's joined Federated Department Stores the next year. Throughout its early history, frequent acquisitions and divestitures saw the company operate a number of nameplates. In 1994, Federated took over Macy's, the old department store chain originally founded in 1858 by A...
M&T Bank Corporation is an American bank holding company headquartered in Buffalo, New York. It operates 950+ branches in 12 states and Washington D.C. across the Eastern United States, from Maine to Virginia. Until May 1998, the bank's holding company was named First Empire State Corporation.
M vs MTB — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $4.7B | $2.5B |
| Net Profit | $11.0M | $759.0M |
| Gross Margin | 39.4% | — |
| Operating Margin | 0.9% | 39.2% |
| Net Margin | 0.2% | 30.7% |
| Revenue YoY | -0.6% | 3.8% |
| Net Profit YoY | -60.7% | 11.5% |
| EPS (diluted) | $0.04 | $4.62 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $4.7B | $2.5B | ||
| Q3 25 | $4.8B | $2.5B | ||
| Q2 25 | $4.6B | $2.4B | ||
| Q1 25 | $7.8B | $2.3B | ||
| Q4 24 | $4.7B | $2.4B | ||
| Q3 24 | $4.9B | $2.3B | ||
| Q2 24 | $4.8B | $2.3B | ||
| Q1 24 | $8.1B | $2.3B |
| Q4 25 | $11.0M | $759.0M | ||
| Q3 25 | $87.0M | $792.0M | ||
| Q2 25 | $38.0M | $716.0M | ||
| Q1 25 | $342.0M | $584.0M | ||
| Q4 24 | $28.0M | $681.0M | ||
| Q3 24 | $150.0M | $721.0M | ||
| Q2 24 | $62.0M | $655.0M | ||
| Q1 24 | $-71.0M | $531.0M |
| Q4 25 | 39.4% | — | ||
| Q3 25 | 39.7% | — | ||
| Q2 25 | 39.2% | — | ||
| Q1 25 | 35.7% | — | ||
| Q4 24 | 39.6% | — | ||
| Q3 24 | 40.5% | — | ||
| Q2 24 | 39.2% | — | ||
| Q1 24 | 37.5% | — |
| Q4 25 | 0.9% | 39.2% | ||
| Q3 25 | 3.1% | 40.8% | ||
| Q2 25 | 2.0% | 39.0% | ||
| Q1 25 | 6.4% | 33.0% | ||
| Q4 24 | 1.3% | 37.0% | ||
| Q3 24 | 4.5% | 39.0% | ||
| Q2 24 | 2.6% | 37.1% | ||
| Q1 24 | -0.9% | 29.4% |
| Q4 25 | 0.2% | 30.7% | ||
| Q3 25 | 1.8% | 31.5% | ||
| Q2 25 | 0.8% | 29.9% | ||
| Q1 25 | 4.4% | 25.3% | ||
| Q4 24 | 0.6% | 28.6% | ||
| Q3 24 | 3.0% | 30.9% | ||
| Q2 24 | 1.3% | 28.5% | ||
| Q1 24 | -0.9% | 23.5% |
| Q4 25 | $0.04 | $4.62 | ||
| Q3 25 | $0.31 | $4.82 | ||
| Q2 25 | $0.13 | $4.24 | ||
| Q1 25 | $1.22 | $3.32 | ||
| Q4 24 | $0.10 | $3.87 | ||
| Q3 24 | $0.53 | $4.02 | ||
| Q2 24 | $0.22 | $3.73 | ||
| Q1 24 | $-0.25 | $3.02 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $447.0M | — |
| Total DebtLower is stronger | $2.4B | $10.9B |
| Stockholders' EquityBook value | $4.3B | $29.2B |
| Total Assets | $17.1B | $213.5B |
| Debt / EquityLower = less leverage | 0.56× | 0.37× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $447.0M | — | ||
| Q3 25 | $829.0M | — | ||
| Q2 25 | $932.0M | — | ||
| Q1 25 | $1.3B | — | ||
| Q4 24 | $315.0M | — | ||
| Q3 24 | $646.0M | — | ||
| Q2 24 | $876.0M | — | ||
| Q1 24 | $1.0B | — |
| Q4 25 | $2.4B | $10.9B | ||
| Q3 25 | $2.4B | $12.9B | ||
| Q2 25 | $2.8B | $12.4B | ||
| Q1 25 | $2.8B | $10.5B | ||
| Q4 24 | $2.8B | $12.6B | ||
| Q3 24 | $3.0B | $11.6B | ||
| Q2 24 | $3.0B | $11.3B | ||
| Q1 24 | $3.0B | $11.4B |
| Q4 25 | $4.3B | $29.2B | ||
| Q3 25 | $4.5B | $28.7B | ||
| Q2 25 | $4.5B | $28.5B | ||
| Q1 25 | $4.6B | $29.0B | ||
| Q4 24 | $4.1B | $29.0B | ||
| Q3 24 | $4.3B | $28.9B | ||
| Q2 24 | $4.2B | $28.4B | ||
| Q1 24 | $4.1B | $27.2B |
| Q4 25 | $17.1B | $213.5B | ||
| Q3 25 | $15.6B | $211.3B | ||
| Q2 25 | $16.1B | $211.6B | ||
| Q1 25 | $16.4B | $210.3B | ||
| Q4 24 | $17.3B | $208.1B | ||
| Q3 24 | $15.8B | $211.8B | ||
| Q2 24 | $16.4B | $208.9B | ||
| Q1 24 | $16.2B | $215.1B |
| Q4 25 | 0.56× | 0.37× | ||
| Q3 25 | 0.55× | 0.45× | ||
| Q2 25 | 0.62× | 0.43× | ||
| Q1 25 | 0.61× | 0.36× | ||
| Q4 24 | 0.67× | 0.43× | ||
| Q3 24 | 0.70× | 0.40× | ||
| Q2 24 | 0.72× | 0.40× | ||
| Q1 24 | 0.72× | 0.42× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-8.0M | $3.0B |
| Free Cash FlowOCF − Capex | $-101.0M | — |
| FCF MarginFCF / Revenue | -2.1% | — |
| Capex IntensityCapex / Revenue | 2.0% | — |
| Cash ConversionOCF / Net Profit | -0.73× | 3.96× |
| TTM Free Cash FlowTrailing 4 quarters | $1.2B | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-8.0M | $3.0B | ||
| Q3 25 | $319.0M | $1.0B | ||
| Q2 25 | $-64.0M | $844.0M | ||
| Q1 25 | $1.3B | $635.0M | ||
| Q4 24 | $-167.0M | $3.6B | ||
| Q3 24 | $8.0M | $-28.0M | ||
| Q2 24 | $129.0M | $1.4B | ||
| Q1 24 | $1.1B | $608.0M |
| Q4 25 | $-101.0M | — | ||
| Q3 25 | $240.0M | — | ||
| Q2 25 | $-164.0M | — | ||
| Q1 25 | $1.2B | — | ||
| Q4 24 | $-295.0M | — | ||
| Q3 24 | $-109.0M | — | ||
| Q2 24 | $-25.0M | — | ||
| Q1 24 | $1.0B | — |
| Q4 25 | -2.1% | — | ||
| Q3 25 | 5.0% | — | ||
| Q2 25 | -3.6% | — | ||
| Q1 25 | 15.3% | — | ||
| Q4 24 | -6.2% | — | ||
| Q3 24 | -2.2% | — | ||
| Q2 24 | -0.5% | — | ||
| Q1 24 | 12.3% | — |
| Q4 25 | 2.0% | — | ||
| Q3 25 | 1.6% | — | ||
| Q2 25 | 2.2% | — | ||
| Q1 25 | 1.5% | — | ||
| Q4 24 | 2.7% | — | ||
| Q3 24 | 2.4% | — | ||
| Q2 24 | 3.2% | — | ||
| Q1 24 | 1.8% | — |
| Q4 25 | -0.73× | 3.96× | ||
| Q3 25 | 3.67× | 1.26× | ||
| Q2 25 | -1.68× | 1.18× | ||
| Q1 25 | 3.82× | 1.09× | ||
| Q4 24 | -5.96× | 5.30× | ||
| Q3 24 | 0.05× | -0.04× | ||
| Q2 24 | 2.08× | 2.07× | ||
| Q1 24 | — | 1.15× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
M
| Womens Accessories Shoes Cosmetics And Fragrances | $1.9B | 41% |
| Womens Apparel | $1.1B | 23% |
| Mens And Kids | $1.0B | 22% |
| Home Other | $638.0M | 14% |
| Credit Card Revenues Net | $158.0M | 3% |
| Macys Media Network Revenue Net | $42.0M | 1% |
MTB
Segment breakdown not available.
