Macy's vs Nordstrom: Revenue, Profit and Business Model
Macy's reported $22.6B of revenue in FY2025 and $642M of net income. Nordstrom reported $15B of revenue in FY2024 and $294M of net income.
Latest financial snapshot
Financial summary
Macy's
Macy's revenue has drifted down from $25.4B in FY2022 to $22.6B in FY2025 as the company closes stores, but profitability has recovered from a $45M net income low in FY2023 to $642M in FY2025. Comparable sales turned positive for FY2025, and Q2 2026 marked the fifth straight quarter of comparable-sales growth. After Q2 2026 the company raised FY2026 guidance to $21.68B-$21.83B in net sales and $2.15-$2.35 in adjusted EPS. Owned real estate, including Herald Square, remains a significant asset and drew takeover interest from Arkhouse and Brigade in 2023-2024.
Nordstrom
Nordstrom's last public annual report covered FY2024 (ended February 1, 2025): total revenues of $15.016B, net sales of $14.557B, and net earnings of $294M, up from $134M in FY2023. Revenue peaked at $15.860B in FY2018, fell to $10.715B during the FY2020 pandemic year with a $690M loss, and has hovered around $15B since. Since going private in May 2025, Nordstrom no longer publishes quarterly results. Leadership told WWD in early 2026 that the company had less debt than a year earlier and had already repaid the debt taken on for the buyout using operating cash.
Revenue and profit by year
Macy's
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $22.6B | $642M | 2.8% | -1.7% | Source |
| FY2024 | $23B | $582M | 2.5% | -3.6% | Source |
| FY2023 | $23.9B | $45M | 0.2% | -6.2% | Source |
| FY2022 | $25.4B | $1.1B | 4.5% | +0.2% | Source |
| FY2021 | $25.4B | $1.4B | 5.6% | +46.4% | Source |
| FY2020 | $17.3B | -$3.9B | -22.7% | -29.4% | Source |
| FY2019 | $24.6B | $564M | 2.3% | -1.6% | Source |
| FY2018 | $25B | $1.1B | 4.4% | +0.1% | Source |
| FY2017 | $24.9B | $1.6B | 6.3% | -3.7% | Source |
| FY2016 | $25.9B | $627M | 2.4% | — | Source |
Nordstrom
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2024 | $15B | $294M | 2.0% | +2.2% | Source |
| FY2023 | $14.7B | $134M | 0.9% | -5.4% | Source |
| FY2022 | $15.5B | $245M | 1.6% | +5.0% | Source |
| FY2021 | $14.8B | $178M | 1.2% | +38.0% | Source |
| FY2020 | $10.7B | -$690M | -6.4% | -31.0% | Source |
| FY2019 | $15.5B | $496M | 3.2% | -2.1% | Source |
| FY2018 | $15.9B | $564M | 3.6% | +2.5% | Source |
| FY2017 | $15.5B | $437M | 2.8% | +4.9% | Source |
| FY2016 | $14.8B | $354M | 2.4% | +2.2% | Source |
| FY2015 | $14.4B | $600M | 4.2% | — | Source |
Where the revenue comes from
Macy's
- Merchandise Net Sales
Sales of apparel, accessories, beauty, home, furniture, jewelry, watches, and other merchandise through stores and digital channels.
- Women's Accessories, Shoes, Cosmetics and Fragrances
Largest disclosed merchandise family in FY2025 net sales.
- Women's Apparel
Women's apparel sold across Macy's and Bloomingdale's channels.
- Men's and Kids'
Men's and children's apparel and related categories.
- Other Revenue
Other revenue including credit-card and service-related revenue beyond merchandise net sales.
Nordstrom
- Nordstrom Banner (Full-Line Stores and Nordstrom.com)
Majority of net sales
Full-price sales of designer and premium apparel, shoes, beauty, and accessories through full-line stores, Nordstrom Local, and Nordstrom.com.
- Nordstrom Rack (Stores and NordstromRack.com)
Remainder of net sales
Off-price sales through Rack stores and NordstromRack.com; Rack is the company's main source of new customers.
- Credit Card Revenue
About $459M in FY2024
Revenue from the Nordstrom credit card program with TD Bank, the difference between FY2024 total revenues ($15.016B) and net sales ($14.557B).
Business model and strategy
Macy's
How it makes money
Macy's is an omnichannel retailer that buys national brands (and develops private brands such as INC International Concepts, Charter Club and Hotel Collection) and sells them through stores and digital sites under three nameplates: Macy's, Bloomingdale's and Bluemercury. Merchandise net sales were $21.764B in FY2025.
Growth strategy
Macy's Bold New Chapter strategy, announced in February 2024, has three parts: close roughly 150 underperforming Macy's stores through 2026, invest in a go-forward fleet led by the Reimagine 200 stores (more staffing, better assortments and visuals), and accelerate Bloomingdale's and Bluemercury, including small-format Bloomie's and new Bluemercury stores.
Competitive advantage
Macy's main advantages are national brand recognition, deep vendor relationships with major apparel and beauty brands, a proprietary credit-card and loyalty base, cultural assets such as the Thanksgiving Day Parade and Herald Square flagship, and an upscale banner in Bloomingdale's.
Nordstrom
How it makes money
Nordstrom makes money by selling apparel, shoes, beauty, accessories, and home goods through two banners. The Nordstrom banner covers full-line department stores, Nordstrom Local service hubs, and Nordstrom.com, selling designer and premium brands at full price with services such as alterations and styling.
Growth strategy
Nordstrom's growth plan has three parts. First, accelerate Nordstrom Rack, its largest source of new customers, with 22 openings in 2025 and a goal of up to 50 per year. Second, refine full-line store assortments, adding younger brands such as Princess Polly and planned 2026 additions such as NikeSkims and Hill House Home.
Competitive advantage
Nordstrom's advantage is a service reputation built over 125 years combined with a connected store, digital, and off-price network. Shoppers can buy online and pick up, return, or get alterations in stores, and Rack introduces younger, value-focused customers who often move to the full-price banner. Management says a good share of new Rack customers shop Nordstrom within three to four years.
Questions about Macy's vs Nordstrom
Which company has higher revenue — Macy's, Inc. or Nordstrom, Inc.?
Macy's, Inc. reported $22.6B (FY2025), while Nordstrom, Inc. reported $15.0B (FY2024). By last reported revenue, Macy's, Inc. is the larger business, with Nordstrom, Inc. reporting a smaller revenue base. Note: these are from different fiscal years and are not a direct like-for-like comparison.
What is the market cap of Macy's, Inc. vs Nordstrom, Inc.?
Macy's, Inc. has a market capitalisation of $5.8B. A public market cap figure for Nordstrom, Inc. was not available (it may be privately held).
Which is more financially efficient — Macy's, Inc. or Nordstrom, Inc.?
Macy's, Inc. generates $251k / employee in revenue per employee, while Nordstrom, Inc. generates $273k / employee. Nordstrom, Inc. shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do Macy's, Inc. and Nordstrom, Inc. make money?
Macy's, Inc. and Nordstrom, Inc. generate revenue in fundamentally different ways. Macy's, Inc.: Macy's is an omnichannel retailer that buys national brands (and develops private brands such as INC International Concepts, Charter Club and Hotel Collection) and sells them through stores and digital sites under three nameplates: Macy's, Bloomingdale's and Bluemercury. Nordstrom, Inc.: Nordstrom makes money by selling apparel, shoes, beauty, accessories, and home goods through two banners.
Is Macy's, Inc. bigger than Nordstrom, Inc.?
By last reported revenue, Macy's, Inc. ($22.6B (FY2025)) is the larger company compared to Nordstrom, Inc. ($15.0B (FY2024)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Macy's vs Nordstrom overview