Macy's, Inc.

For the transition period from to Commission file number: 1-13536 Macy's, Inc. ( Exact name of registrant as specified in its charter) Delaware 13-3324058 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 151 West 34th Street , New York , New York 10001 ( 212 ) 494-1621 (Address of Principal Executive Offices, including Zip Code) (Registrant's telephone number, including area code)

DOCUMENTS INCORPORATED BY REFERENCE Document Parts Into Which Incorporated Proxy Statement for the Annual Meeting of Stockholders to be held May 15, 2026 Part III

Auditor Firm ID: 185 Auditor Name: KPMG LLP Auditor Location: Cincinnati, OH

TABLE OF CONTENTS Page PART I Item 1. Business 3 Item 1A. Risk Factors 7 Item 1B. Unresolved Staff Comments 17 Item 1C. Cybersecurity 17 Item 2. Properties 19 Item 3. Legal Proceedings 20 Item 4. Mine Safety Disclosures 20

PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 21 Item 6. [Reserved] 21 Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 22 Item 7A. Quantitative and Qualitative Disclosures About Market Risk 33 Item 8. Financial Statements and Supplementary Data 33 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 69 Item 9A. Controls and Procedures 69 Item 9B. Other Information 69 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 69

PART III Item 10. Directors, Executive Officers and Corporate Governance 70 Item 11. Executive Compensation 70 Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 70 Item 13. Certain Relationships and Related Transactions and Director Independence 70 Item 14. Principal Accountant Fees and Services 71

PART IV Item 15. Exhibits and Financial Statement Schedules 72 Item 16. Form 10-K Summary 81