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Side-by-side financial comparison of Macy's, Inc. (M) and SHOPIFY INC. (SHOP). Click either name above to swap in a different company.
Macy's, Inc. is the larger business by last-quarter revenue ($4.7B vs $3.7B, roughly 1.3× SHOPIFY INC.). SHOPIFY INC. runs the higher net margin — 20.2% vs 0.2%, a 20.0% gap on every dollar of revenue. On growth, SHOPIFY INC. posted the faster year-over-year revenue change (30.6% vs -0.6%). SHOPIFY INC. produced more free cash flow last quarter ($715.0M vs $-101.0M). Over the past eight quarters, SHOPIFY INC.'s revenue compounded faster (40.5% 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...
Shopify Inc., stylized as shopify, is a Canadian multinational e-commerce company headquartered in Ottawa, Ontario that operates a platform for retail point-of-sale systems. The company has over 5 million customers and processed US$292.3 billion in transactions in 2024, of which 57% was in the United States. Major customers include Tesla, LVMH, Nestlé, PepsiCo, AB InBev, Kraft Heinz, Lindt, Whole Foods Market, Red Bull, and Hyatt.
M vs SHOP — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $4.7B | $3.7B |
| Net Profit | $11.0M | $743.0M |
| Gross Margin | 39.4% | 46.1% |
| Operating Margin | 0.9% | 17.2% |
| Net Margin | 0.2% | 20.2% |
| Revenue YoY | -0.6% | 30.6% |
| Net Profit YoY | -60.7% | -42.5% |
| EPS (diluted) | $0.04 | $0.58 |
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 | $3.7B | ||
| Q3 25 | $4.8B | $2.8B | ||
| Q2 25 | $4.6B | $2.7B | ||
| Q1 25 | $7.8B | $2.4B | ||
| Q4 24 | $4.7B | $2.8B | ||
| Q3 24 | $4.9B | $2.2B | ||
| Q2 24 | $4.8B | $2.0B | ||
| Q1 24 | $8.1B | $1.9B |
| Q4 25 | $11.0M | $743.0M | ||
| Q3 25 | $87.0M | $264.0M | ||
| Q2 25 | $38.0M | $906.0M | ||
| Q1 25 | $342.0M | $-682.0M | ||
| Q4 24 | $28.0M | $1.3B | ||
| Q3 24 | $150.0M | $828.0M | ||
| Q2 24 | $62.0M | $171.0M | ||
| Q1 24 | $-71.0M | $-273.0M |
| Q4 25 | 39.4% | 46.1% | ||
| Q3 25 | 39.7% | 48.9% | ||
| Q2 25 | 39.2% | 48.6% | ||
| Q1 25 | 35.7% | 49.5% | ||
| Q4 24 | 39.6% | 48.1% | ||
| Q3 24 | 40.5% | 51.7% | ||
| Q2 24 | 39.2% | 51.1% | ||
| Q1 24 | 37.5% | 51.4% |
| Q4 25 | 0.9% | 17.2% | ||
| Q3 25 | 3.1% | 12.1% | ||
| Q2 25 | 2.0% | 10.9% | ||
| Q1 25 | 6.4% | 8.6% | ||
| Q4 24 | 1.3% | 16.5% | ||
| Q3 24 | 4.5% | 13.1% | ||
| Q2 24 | 2.6% | 11.8% | ||
| Q1 24 | -0.9% | 4.6% |
| Q4 25 | 0.2% | 20.2% | ||
| Q3 25 | 1.8% | 9.3% | ||
| Q2 25 | 0.8% | 33.8% | ||
| Q1 25 | 4.4% | -28.9% | ||
| Q4 24 | 0.6% | 46.0% | ||
| Q3 24 | 3.0% | 38.3% | ||
| Q2 24 | 1.3% | 8.4% | ||
| Q1 24 | -0.9% | -14.7% |
| Q4 25 | $0.04 | $0.58 | ||
| Q3 25 | $0.31 | $0.20 | ||
| Q2 25 | $0.13 | $0.69 | ||
| Q1 25 | $1.22 | $-0.53 | ||
| Q4 24 | $0.10 | $0.99 | ||
| Q3 24 | $0.53 | $0.64 | ||
| Q2 24 | $0.22 | $0.13 | ||
| Q1 24 | $-0.25 | $-0.21 |
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 | $5.8B |
| Total DebtLower is stronger | $2.4B | — |
| Stockholders' EquityBook value | $4.3B | $13.5B |
| Total Assets | $17.1B | $15.2B |
| Debt / EquityLower = less leverage | 0.56× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $447.0M | $5.8B | ||
| Q3 25 | $829.0M | $6.3B | ||
| Q2 25 | $932.0M | $5.8B | ||
| Q1 25 | $1.3B | $5.5B | ||
| Q4 24 | $315.0M | $5.5B | ||
| Q3 24 | $646.0M | — | ||
| Q2 24 | $876.0M | — | ||
| Q1 24 | $1.0B | — |
| 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 | $13.5B | ||
| Q3 25 | $4.5B | $12.5B | ||
| Q2 25 | $4.5B | $12.1B | ||
| Q1 25 | $4.6B | $11.1B | ||
| Q4 24 | $4.1B | $11.6B | ||
| Q3 24 | $4.3B | $10.1B | ||
| Q2 24 | $4.2B | $9.2B | ||
| Q1 24 | $4.1B | $8.9B |
| Q4 25 | $17.1B | $15.2B | ||
| Q3 25 | $15.6B | $15.0B | ||
| Q2 25 | $16.1B | $14.6B | ||
| Q1 25 | $16.4B | $13.4B | ||
| Q4 24 | $17.3B | $13.9B | ||
| Q3 24 | $15.8B | — | ||
| Q2 24 | $16.4B | — | ||
| Q1 24 | $16.2B | — |
| 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 | $725.0M |
| Free Cash FlowOCF − Capex | $-101.0M | $715.0M |
| FCF MarginFCF / Revenue | -2.1% | 19.5% |
| Capex IntensityCapex / Revenue | 2.0% | 0.3% |
| Cash ConversionOCF / Net Profit | -0.73× | 0.98× |
| TTM Free Cash FlowTrailing 4 quarters | $1.2B | $2.0B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-8.0M | $725.0M | ||
| Q3 25 | $319.0M | $513.0M | ||
| Q2 25 | $-64.0M | $428.0M | ||
| Q1 25 | $1.3B | $367.0M | ||
| Q4 24 | $-167.0M | $615.0M | ||
| Q3 24 | $8.0M | $423.0M | ||
| Q2 24 | $129.0M | $340.0M | ||
| Q1 24 | $1.1B | $238.0M |
| Q4 25 | $-101.0M | $715.0M | ||
| Q3 25 | $240.0M | $507.0M | ||
| Q2 25 | $-164.0M | $422.0M | ||
| Q1 25 | $1.2B | $363.0M | ||
| Q4 24 | $-295.0M | $611.0M | ||
| Q3 24 | $-109.0M | $421.0M | ||
| Q2 24 | $-25.0M | $333.0M | ||
| Q1 24 | $1.0B | $232.0M |
| Q4 25 | -2.1% | 19.5% | ||
| Q3 25 | 5.0% | 17.8% | ||
| Q2 25 | -3.6% | 15.7% | ||
| Q1 25 | 15.3% | 15.4% | ||
| Q4 24 | -6.2% | 21.7% | ||
| Q3 24 | -2.2% | 19.5% | ||
| Q2 24 | -0.5% | 16.3% | ||
| Q1 24 | 12.3% | 12.5% |
| Q4 25 | 2.0% | 0.3% | ||
| Q3 25 | 1.6% | 0.2% | ||
| Q2 25 | 2.2% | 0.2% | ||
| Q1 25 | 1.5% | 0.2% | ||
| Q4 24 | 2.7% | 0.1% | ||
| Q3 24 | 2.4% | 0.1% | ||
| Q2 24 | 3.2% | 0.3% | ||
| Q1 24 | 1.8% | 0.3% |
| Q4 25 | -0.73× | 0.98× | ||
| Q3 25 | 3.67× | 1.94× | ||
| Q2 25 | -1.68× | 0.47× | ||
| Q1 25 | 3.82× | — | ||
| Q4 24 | -5.96× | 0.48× | ||
| Q3 24 | 0.05× | 0.51× | ||
| Q2 24 | 2.08× | 1.99× | ||
| Q1 24 | — | — |
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% |
SHOP
| Services | $2.9B | 79% |
| Subscription And Circulation | $777.0M | 21% |
