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Side-by-side financial comparison of Macy's, Inc. (M) and PayPal (PYPL). Click either name above to swap in a different company.
PayPal is the larger business by last-quarter revenue ($8.7B vs $4.7B, roughly 1.8× Macy's, Inc.). PayPal runs the higher net margin — 16.6% vs 0.2%, a 16.3% gap on every dollar of revenue. On growth, PayPal posted the faster year-over-year revenue change (3.7% vs -0.6%). PayPal produced more free cash flow last quarter ($2.2B vs $-101.0M). Over the past eight quarters, PayPal's revenue compounded faster (6.2% 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...
PayPalPYPLEarnings & Financial Report
PayPal Holdings, Inc. is an American multinational financial technology company operating an online payments system in the majority of countries that support online money transfers; it serves as an electronic alternative to traditional paper methods such as checks and money orders. The company operates as a payment processor for online vendors, auction sites and many other commercial and company users.
M vs PYPL — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $4.7B | $8.7B |
| Net Profit | $11.0M | $1.4B |
| Gross Margin | 39.4% | — |
| Operating Margin | 0.9% | 17.4% |
| Net Margin | 0.2% | 16.6% |
| Revenue YoY | -0.6% | 3.7% |
| Net Profit YoY | -60.7% | 28.2% |
| EPS (diluted) | $0.04 | $1.53 |
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 | $8.7B | ||
| Q3 25 | $4.8B | $8.4B | ||
| Q2 25 | $4.6B | $8.3B | ||
| Q1 25 | $7.8B | $7.8B | ||
| Q4 24 | $4.7B | $8.4B | ||
| Q3 24 | $4.9B | $7.8B | ||
| Q2 24 | $4.8B | $7.9B | ||
| Q1 24 | $8.1B | $7.7B |
| Q4 25 | $11.0M | $1.4B | ||
| Q3 25 | $87.0M | $1.2B | ||
| Q2 25 | $38.0M | $1.3B | ||
| Q1 25 | $342.0M | $1.3B | ||
| Q4 24 | $28.0M | $1.1B | ||
| Q3 24 | $150.0M | $1.0B | ||
| Q2 24 | $62.0M | $1.1B | ||
| Q1 24 | $-71.0M | $888.0M |
| 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% | 17.4% | ||
| Q3 25 | 3.1% | 18.1% | ||
| Q2 25 | 2.0% | 18.1% | ||
| Q1 25 | 6.4% | 19.6% | ||
| Q4 24 | 1.3% | 17.2% | ||
| Q3 24 | 4.5% | 17.7% | ||
| Q2 24 | 2.6% | 16.8% | ||
| Q1 24 | -0.9% | 15.2% |
| Q4 25 | 0.2% | 16.6% | ||
| Q3 25 | 1.8% | 14.8% | ||
| Q2 25 | 0.8% | 15.2% | ||
| Q1 25 | 4.4% | 16.5% | ||
| Q4 24 | 0.6% | 13.4% | ||
| Q3 24 | 3.0% | 12.9% | ||
| Q2 24 | 1.3% | 14.3% | ||
| Q1 24 | -0.9% | 11.5% |
| Q4 25 | $0.04 | $1.53 | ||
| Q3 25 | $0.31 | $1.30 | ||
| Q2 25 | $0.13 | $1.29 | ||
| Q1 25 | $1.22 | $1.29 | ||
| Q4 24 | $0.10 | $1.09 | ||
| Q3 24 | $0.53 | $0.99 | ||
| Q2 24 | $0.22 | $1.08 | ||
| Q1 24 | $-0.25 | $0.83 |
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 | $10.4B |
| Total DebtLower is stronger | $2.4B | — |
| Stockholders' EquityBook value | $4.3B | $20.3B |
| Total Assets | $17.1B | $80.2B |
| Debt / EquityLower = less leverage | 0.56× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $447.0M | $10.4B | ||
| Q3 25 | $829.0M | $10.8B | ||
| Q2 25 | $932.0M | $10.0B | ||
| Q1 25 | $1.3B | $11.2B | ||
| Q4 24 | $315.0M | $10.8B | ||
| Q3 24 | $646.0M | $11.9B | ||
| Q2 24 | $876.0M | $13.6B | ||
| Q1 24 | $1.0B | $14.3B |
| 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 | $20.3B | ||
| Q3 25 | $4.5B | $20.2B | ||
| Q2 25 | $4.5B | $20.2B | ||
| Q1 25 | $4.6B | $20.3B | ||
| Q4 24 | $4.1B | $20.4B | ||
| Q3 24 | $4.3B | $20.2B | ||
| Q2 24 | $4.2B | $20.6B | ||
| Q1 24 | $4.1B | $20.7B |
| Q4 25 | $17.1B | $80.2B | ||
| Q3 25 | $15.6B | $79.8B | ||
| Q2 25 | $16.1B | $79.8B | ||
| Q1 25 | $16.4B | $81.3B | ||
| Q4 24 | $17.3B | $81.6B | ||
| Q3 24 | $15.8B | $83.5B | ||
| Q2 24 | $16.4B | $84.0B | ||
| Q1 24 | $16.2B | $83.3B |
| 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 | $2.4B |
| Free Cash FlowOCF − Capex | $-101.0M | $2.2B |
| FCF MarginFCF / Revenue | -2.1% | 25.2% |
| Capex IntensityCapex / Revenue | 2.0% | 2.2% |
| Cash ConversionOCF / Net Profit | -0.73× | 1.66× |
| TTM Free Cash FlowTrailing 4 quarters | $1.2B | $5.6B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-8.0M | $2.4B | ||
| Q3 25 | $319.0M | $2.0B | ||
| Q2 25 | $-64.0M | $898.0M | ||
| Q1 25 | $1.3B | $1.2B | ||
| Q4 24 | $-167.0M | $2.4B | ||
| Q3 24 | $8.0M | $1.6B | ||
| Q2 24 | $129.0M | $1.5B | ||
| Q1 24 | $1.1B | $1.9B |
| Q4 25 | $-101.0M | $2.2B | ||
| Q3 25 | $240.0M | $1.7B | ||
| Q2 25 | $-164.0M | $692.0M | ||
| Q1 25 | $1.2B | $964.0M | ||
| Q4 24 | $-295.0M | $2.2B | ||
| Q3 24 | $-109.0M | $1.4B | ||
| Q2 24 | $-25.0M | $1.4B | ||
| Q1 24 | $1.0B | $1.8B |
| Q4 25 | -2.1% | 25.2% | ||
| Q3 25 | 5.0% | 20.4% | ||
| Q2 25 | -3.6% | 8.3% | ||
| Q1 25 | 15.3% | 12.4% | ||
| Q4 24 | -6.2% | 26.2% | ||
| Q3 24 | -2.2% | 18.4% | ||
| Q2 24 | -0.5% | 17.3% | ||
| Q1 24 | 12.3% | 22.9% |
| Q4 25 | 2.0% | 2.2% | ||
| Q3 25 | 1.6% | 3.0% | ||
| Q2 25 | 2.2% | 2.5% | ||
| Q1 25 | 1.5% | 2.5% | ||
| Q4 24 | 2.7% | 2.4% | ||
| Q3 24 | 2.4% | 2.2% | ||
| Q2 24 | 3.2% | 2.0% | ||
| Q1 24 | 1.8% | 2.0% |
| Q4 25 | -0.73× | 1.66× | ||
| Q3 25 | 3.67× | 1.58× | ||
| Q2 25 | -1.68× | 0.71× | ||
| Q1 25 | 3.82× | 0.90× | ||
| Q4 24 | -5.96× | 2.14× | ||
| Q3 24 | 0.05× | 1.60× | ||
| Q2 24 | 2.08× | 1.35× | ||
| Q1 24 | — | 2.16× |
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% |
PYPL
| US | $4.9B | 57% |
| Non Us | $3.7B | 43% |
