SmarterDividends
M

Macy's (M) Dividend

Macy's, Inc. · Consumer Cyclical · Department Stores · quarterly payer

$24.89

Fairly valued · -0% Add to Portfolio

As of Nov 5, 2026, Macy's (M) pays a quarterly dividend of $0.1920 per share, or $0.77 a year, a 2.98% yield at its $24.89 share price. The next ex-dividend date is Dec 15, 2026, paid Jan 4, 2027. It has raised its dividend 4 years in a row and has a dividend safety grade of C.

Forward Yield

2.98%

Annual Dividend

$0.77

Payout Ratio

27%

5-Yr Growth

-13.6%

Ex-Date

Dec 15, 2026

Frequency

Quarterly

Key facts about M's dividend

Data as of · Source: SmarterDividends data

  • As of Nov 5, 2026, Macy's, Inc. (M) has a forward dividend yield of 2.98%, based on an annual dividend of $0.77 per share and a share price of $24.89.
  • As of Nov 5, 2026, M's dividend safety grade from SmarterDividends is C (65 out of 100), which rates the dividend as borderline.
  • By SmarterDividends' count, Macy's, Inc. (M) has raised its dividend for 4 consecutive years as of Nov 5, 2026.
  • M last cut its regular dividend in 2022.
  • M's next ex-dividend date is Dec 15, 2026, with payment on Jan 4, 2027. Shares must be owned before that date to receive the dividend.
  • As of Nov 5, 2026, M pays out 27% of its trailing 12-month earnings as dividends (its payout ratio).
  • M's dividend has shrunk at an average rate of 13.6% a year over the past five years.
  • As of Nov 5, 2026, M's 2.98% yield is 13% below its five-year average yield of 3.43%.
  • As of Nov 5, 2026, SmarterDividends' blended fair-value estimate for M is $24.84 per share, 0% below the $24.89 share price, so M screens as fairly valued.
  • Macy's, Inc. (M) pays its dividend quarterly, 4 times a year.
  • Macy's, Inc. (M) has raised its regular dividend 16 times and cut it 2 times across the 89 payments on record since 2003. Its most recent change was a 5.5% increase to $0.192 per share, going ex-dividend on Mar 13, 2026. The last cut went ex-dividend on Sep 14, 2021.
  • Macy's (M) has declared its first higher dividend of the year in February in 4 of the last 5 years; its most recent raise, 5.5%, was declared on Feb 27, 2026.
Cite this page

SmarterDividends, "M Dividend: Yield, Safety Grade & Next Ex-Date," updated Nov 5, 2026, https://smarterdividends.com/stocks/M

Is M a good dividend stock?

Yes, with caveats

Macy's, Inc. (M) pays a quarterly dividend yielding 2.98% ($0.77/yr), with 4 years of growth and a dividend-safety grade of C. It's a solid income payer, but check the caveats below before buying.

Advantages

  • Comfortable payout ratio (27%)

Risks

  • Cut its dividend in 2022
  • Dividend has been shrinking, not growing
  • Share price is down over the past 5 years

Key Data

Dividend Yield
2.98%
Payout Ratio
27%
Annual Dividend
$0.77
5-Yr Avg Growth
-13.6%
Ex-Dividend Date
Dec 15, 2026
Years of Growth
4
Frequency
quarterly
Beta
1.43
Market Cap
$6.5B
P/E Ratio
9.1
5-Yr Total Return
-15%
52-Week Range
$16.69 – $26.59
Dividend Safety
C · 65/100
Ever Cut?
Yes (2022)

M dividend raises and cuts

Macy's, Inc. (M) has raised its regular dividend 16 times and cut it 2 times across the 89 payments on record since 2003. Its most recent change was a 5.5% increase to $0.192 per share, going ex-dividend on Mar 13, 2026. The last cut went ex-dividend on Sep 14, 2021.

Ex-dateChangeOld → newMove
Mar 13, 2026Raise$0.182 → $0.192+5.5%
Mar 14, 2025Raise$0.174 → $0.182+4.6%
Mar 14, 2024Raise$0.165 → $0.174+5.5%
Mar 14, 2023Raise$0.158 → $0.165+4.4%
Mar 14, 2022Raise$0.150 → $0.158+5.3%
Sep 14, 2021Cut$0.378 → $0.150−60.3%
Jun 13, 2016Raise$0.360 → $0.378+5.0%
Jun 11, 2015Raise$0.313 → $0.360+15.0%
Jun 11, 2014Raise$0.250 → $0.313+25.2%
Jun 12, 2013Raise$0.200 → $0.250+25.0%
Mar 13, 2012Raise$0.100 → $0.200+100.0%
Jun 13, 2011Raise$0.0500 → $0.100+100.0%
Show all 18 changes since 2004
Ex-dateChangeOld → newMove
Mar 11, 2009Cut$0.133 → $0.0500−62.4%
Jun 11, 2008Raise$0.130 → $0.133+2.3%
Jun 13, 2007Raise$0.128 → $0.130+1.6%
Jun 14, 2006Raise$0.125 → $0.128+2.4%
Aug 30, 2005Raise$0.0675 → $0.125+85.2%
Jun 14, 2004Raise$0.0625 → $0.0675+8.0%
Every M payment →Download every raise and cut (CSV)
M ex-dividend date & scheduleNext ex-date Dec 15, 2026 · full ex-dividend historyView →M dividend historyEvery payment, totals by year, raises and cutsView →M dividend calculator100 shares pay $77.00 a year, $19.25 each quarterCalculate →M total return calculatorWhat $10,000 became, with dividends reinvested or taken as cashSee →

Frequently Asked Questions

Is M a good dividend stock?

Yes, with caveats. Macy's, Inc. (M) pays a quarterly dividend yielding 2.98% ($0.77/yr), with 4 years of growth and a dividend-safety grade of C. It's a solid income payer, but check the caveats below before buying.

Is M undervalued?

Based on a blend of discounted cash flow, a dividend-discount model and an earnings-multiple estimate, M's fair value is about $24.84 versus a $24.89 share price — so it looks fairly valued (-0% vs. fair value).

Is M's dividend safe?

M has a dividend-safety grade of C (65/100), based on its payout coverage, free-cash-flow, 4-year growth streak, a dividend cut in 2022, debt and yield-versus-history.

What is M's fair value?

Our blended fair-value estimate for M is about $24.84 per share, about 0% below the current $24.89 price — combining a discounted cash flow, a dividend-discount model and an earnings multiple.

Is M a buy, hold, or sell?

We don't issue formal ratings, but on the data M screens as "yes, with caveats" and fairly valued. Macy's, Inc. (M) pays a quarterly dividend yielding 2.98% ($0.77/yr), with 4 years of growth and a dividend-safety grade of C. It's a solid income payer, but check the caveats below before buying. This is research for your own analysis, not investment advice.

Will M cut its dividend?

M earns a dividend-safety grade of C (65/100), and has cut its dividend before (last in 2022). A higher score means lower cut risk based on payout coverage, cash flow and history — but no score guarantees a dividend.

Does M pay a dividend?

Yes. Macy's, Inc. pays a quarterly dividend of about $0.77 per share annually, a forward yield of roughly 2.98%.

How much dividend does 100 shares of M pay?

At $0.77 per share a year, 100 shares of M pay $77.00 a year in dividends before tax, about $19.25 each quarter. Buying them costs about $2,489 at the Nov 5, 2026 price.

What is M's dividend yield?

As of Nov 5, 2026, M's forward dividend yield is 2.98%, based on a $0.77 annual dividend and a $24.89 share price.

What is M's dividend per share?

As of Nov 5, 2026, M pays $0.77 per share per year, distributed on a quarterly basis.

What is M's dividend payout ratio?

As of Nov 5, 2026, M's payout ratio is 27% of trailing 12-month earnings — a comfortable level that leaves room to keep raising the dividend.

How many years has M grown its dividend?

As of Nov 5, 2026, M has increased its dividend for 4 consecutive years.

When is the next M ex-dividend date?

As of Nov 5, 2026, the next ex-dividend date on record for M is Dec 15, 2026.

Income Calculator

At $0.77 / yr per share

Per payment (quarterly)$19.25
Annual$77.00
Monthly avg$6.42
Full M dividend calculator →

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