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Side-by-side financial comparison of Macy's, Inc. (M) and NetEase, Inc. (NTES). Click either name above to swap in a different company.
Macy's, Inc. is the larger business by last-quarter revenue ($4.7B vs $4.0B, roughly 1.2× NetEase, Inc.). NetEase, Inc. runs the higher net margin — 31.0% vs 0.2%, a 30.8% gap on every dollar of revenue. NetEase, Inc. produced more free cash flow last quarter ($1.8B vs $-101.0M). Over the past eight quarters, NetEase, Inc.'s revenue compounded faster (9.7% 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...
NetEase, Inc. is a Chinese developer and publisher of online PC and mobile games, advertising services, email services, and e-commerce platforms. It is one of the largest Internet and video game companies in the world and was founded by Ding Lei in June 1997.
M vs NTES — Head-to-Head
Income Statement — Q3 FY2026 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $4.7B | $4.0B |
| Net Profit | $11.0M | $1.2B |
| Gross Margin | 39.4% | 64.1% |
| Operating Margin | 0.9% | 28.3% |
| Net Margin | 0.2% | 31.0% |
| Revenue YoY | -0.6% | — |
| Net Profit YoY | -60.7% | — |
| EPS (diluted) | $0.04 | — |
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 | — | ||
| Q3 25 | $4.8B | $4.0B | ||
| Q2 25 | $4.6B | $3.9B | ||
| Q1 25 | $7.8B | $4.0B | ||
| Q4 24 | $4.7B | — | ||
| Q3 24 | $4.9B | $3.7B | ||
| Q2 24 | $4.8B | $3.5B | ||
| Q1 24 | $8.1B | $3.7B |
| Q4 25 | $11.0M | — | ||
| Q3 25 | $87.0M | $1.2B | ||
| Q2 25 | $38.0M | $1.3B | ||
| Q1 25 | $342.0M | $1.5B | ||
| Q4 24 | $28.0M | — | ||
| Q3 24 | $150.0M | $955.7M | ||
| Q2 24 | $62.0M | $939.6M | ||
| Q1 24 | $-71.0M | $1.1B |
| Q4 25 | 39.4% | — | ||
| Q3 25 | 39.7% | 64.1% | ||
| Q2 25 | 39.2% | 64.7% | ||
| Q1 25 | 35.7% | 64.1% | ||
| Q4 24 | 39.6% | — | ||
| Q3 24 | 40.5% | 62.9% | ||
| Q2 24 | 39.2% | 62.9% | ||
| Q1 24 | 37.5% | 63.4% |
| Q4 25 | 0.9% | — | ||
| Q3 25 | 3.1% | 28.3% | ||
| Q2 25 | 2.0% | 32.5% | ||
| Q1 25 | 6.4% | 36.2% | ||
| Q4 24 | 1.3% | — | ||
| Q3 24 | 4.5% | 27.3% | ||
| Q2 24 | 2.6% | 27.4% | ||
| Q1 24 | -0.9% | 28.4% |
| Q4 25 | 0.2% | — | ||
| Q3 25 | 1.8% | 31.0% | ||
| Q2 25 | 0.8% | 32.6% | ||
| Q1 25 | 4.4% | 36.6% | ||
| Q4 24 | 0.6% | — | ||
| Q3 24 | 3.0% | 25.6% | ||
| Q2 24 | 1.3% | 26.8% | ||
| Q1 24 | -0.9% | 29.1% |
| Q4 25 | $0.04 | — | ||
| Q3 25 | $0.31 | — | ||
| Q2 25 | $0.13 | — | ||
| Q1 25 | $1.22 | — | ||
| Q4 24 | $0.10 | — | ||
| Q3 24 | $0.53 | — | ||
| Q2 24 | $0.22 | — | ||
| Q1 24 | $-0.25 | — |
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 | $31.3B |
| Total DebtLower is stronger | $2.4B | — |
| Stockholders' EquityBook value | $4.3B | $160.8B |
| Total Assets | $17.1B | $214.5B |
| Debt / EquityLower = less leverage | 0.56× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $447.0M | — | ||
| Q3 25 | $829.0M | $31.3B | ||
| Q2 25 | $932.0M | $54.4B | ||
| Q1 25 | $1.3B | $41.7B | ||
| Q4 24 | $315.0M | — | ||
| Q3 24 | $646.0M | $20.2B | ||
| Q2 24 | $876.0M | $19.0B | ||
| Q1 24 | $1.0B | $43.0B |
| Q4 25 | $2.4B | — | ||
| Q3 25 | $2.4B | — | ||
| Q2 25 | $2.8B | — | ||
| Q1 25 | $2.8B | — | ||
| Q4 24 | $2.8B | — | ||
| Q3 24 | $3.0B | — | ||
| Q2 24 | $3.0B | — | ||
| Q1 24 | $3.0B | — |
| Q4 25 | $4.3B | — | ||
| Q3 25 | $4.5B | $160.8B | ||
| Q2 25 | $4.5B | $154.0B | ||
| Q1 25 | $4.6B | $147.8B | ||
| Q4 24 | $4.1B | — | ||
| Q3 24 | $4.3B | $135.6B | ||
| Q2 24 | $4.2B | $134.2B | ||
| Q1 24 | $4.1B | $130.5B |
| Q4 25 | $17.1B | — | ||
| Q3 25 | $15.6B | $214.5B | ||
| Q2 25 | $16.1B | $208.5B | ||
| Q1 25 | $16.4B | $200.9B | ||
| Q4 24 | $17.3B | — | ||
| Q3 24 | $15.8B | $184.9B | ||
| Q2 24 | $16.4B | $183.3B | ||
| Q1 24 | $16.2B | $195.1B |
| Q4 25 | 0.56× | — | ||
| Q3 25 | 0.55× | — | ||
| Q2 25 | 0.62× | — | ||
| Q1 25 | 0.61× | — | ||
| Q4 24 | 0.67× | — | ||
| Q3 24 | 0.70× | — | ||
| Q2 24 | 0.72× | — | ||
| Q1 24 | 0.72× | — |
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 | $1.8B |
| Free Cash FlowOCF − Capex | $-101.0M | $1.8B |
| FCF MarginFCF / Revenue | -2.1% | 44.7% |
| Capex IntensityCapex / Revenue | 2.0% | 1.0% |
| Cash ConversionOCF / Net Profit | -0.73× | 1.47× |
| TTM Free Cash FlowTrailing 4 quarters | $1.2B | $6.3B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-8.0M | — | ||
| Q3 25 | $319.0M | $1.8B | ||
| Q2 25 | $-64.0M | $1.5B | ||
| Q1 25 | $1.3B | $1.7B | ||
| Q4 24 | $-167.0M | — | ||
| Q3 24 | $8.0M | $1.5B | ||
| Q2 24 | $129.0M | $898.8M | ||
| Q1 24 | $1.1B | $1.3B |
| Q4 25 | $-101.0M | — | ||
| Q3 25 | $240.0M | $1.8B | ||
| Q2 25 | $-164.0M | $1.5B | ||
| Q1 25 | $1.2B | $1.6B | ||
| Q4 24 | $-295.0M | — | ||
| Q3 24 | $-109.0M | $1.5B | ||
| Q2 24 | $-25.0M | $875.6M | ||
| Q1 24 | $1.0B | $1.3B |
| Q4 25 | -2.1% | — | ||
| Q3 25 | 5.0% | 44.7% | ||
| Q2 25 | -3.6% | 38.3% | ||
| Q1 25 | 15.3% | 40.4% | ||
| Q4 24 | -6.2% | — | ||
| Q3 24 | -2.2% | 38.9% | ||
| Q2 24 | -0.5% | 25.0% | ||
| Q1 24 | 12.3% | 34.0% |
| Q4 25 | 2.0% | — | ||
| Q3 25 | 1.6% | 1.0% | ||
| Q2 25 | 2.2% | 0.7% | ||
| Q1 25 | 1.5% | 1.6% | ||
| Q4 24 | 2.7% | — | ||
| Q3 24 | 2.4% | 1.4% | ||
| Q2 24 | 3.2% | 0.7% | ||
| Q1 24 | 1.8% | 1.5% |
| Q4 25 | -0.73× | — | ||
| Q3 25 | 3.67× | 1.47× | ||
| Q2 25 | -1.68× | 1.20× | ||
| Q1 25 | 3.82× | 1.15× | ||
| Q4 24 | -5.96× | — | ||
| Q3 24 | 0.05× | 1.58× | ||
| Q2 24 | 2.08× | 0.96× | ||
| Q1 24 | — | 1.22× |
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% |
NTES
| Games and related value-added services | $3.3B | 82% |
| NetEase Cloud Music | $275.9M | 7% |
| Youdao | $228.8M | 6% |
| Innovative businesses and others | $202.1M | 5% |
