Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-10-01

Macy's (M)

CEO Tony Spring was paid $14,104,067 in fiscal year 2025, ↓ down 14.3% from fiscal year 2024, the 33rd percentile of its disclosed peer group (SEC filing 0001104659-26-037752 ↗): executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$14,104,067 ↓
Tony Spring total, FY2025
33rd
CEO pay percentile vs peers
368:1
CEO-to-median pay ratio
78.56%
Say-on-pay support, latest vote

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Sample answer — “What is the CEO’s total compensation?”
- Tony Spring (Chairman and Chief Executive Officer), FY2025 total compensation $14,104,067 (base salary $1,337,500) [exec_comp, SEC accession 0001104659-26-037752, filed 2026-03-31]

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M's next annual pay disclosure, estimated March 31, 2027.est. Filing ↗

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Tony Spring$1,337,500$0$9,007,868$0$3,241,620$311,392$205,687$14,104,067
Chairman and Chief Executive Officer
Thomas Edwards515,1521,650,0004,106,748—744,156007,016,056
Chief Operating Officer and Chief Financial Officer
Adrian Mitchell374,242000641,57104,671,0995,686,912
Former Chief Operating Officer and Chief Financial Officer
Olivier Bron868,750500,0002,201,03701,164,870021,7054,756,362
Chief Executive Officer, Bloomingdale's
Danielle Kirgan850,00002,051,56701,020,510036,7703,958,847
Chief Human Resources Officer and Chief Corporate Affairs Officer
Tracy Preston775,00001,451,0350697,849019,3882,943,272
Chief Legal Officer and Corporate Secretary

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY2024→2025
Tony Spring$14,104,067$16,452,108$5,663,256↓ −2,348,041
Thomas Edwards7,016,056———
Adrian Mitchell5,686,912———
Olivier Bron4,756,362———
Danielle Kirgan3,958,8473,488,6683,048,414↑ +470,179
Tracy Preston2,943,272———

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

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Companies that benchmark against M
12 companies name M as a compensation peer

Each company listed discloses M in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named M in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

01c

Board of directors

One page per director: the seat, the committees and the fee table, read for one person at a time.

DirectorRoleFY2025 total
Deirdre P. ConnellyIndependent Director$288,497
Douglas W. SeslerIndependent Director$270,835
Emilie ArelIndependent Director$270,484
Jill GranoffIndependent Director$288,141
Marie ChandohaIndependent Director$296,887
Naveen K. ChopraIndependent Director$269,992
Paul C. VargaLead Independent Director$319,480
Richard ClarkIndependent Director$270,781
Richard L. MarkeeIndependent Director$271,353
Robert B. ChavezIndependent Director$253,536
Sara LevinsonFormer director (through FY2025)$37,517
Torrence N. BooneIndependent Director$270,015
Tracey ZhenIndependent Director$270,725
02

Equity transactions since the proxy statement was filed

Every insider equity transaction reported on Form 4 after the 2025 proxy statement — acquisitions, dispositions, exercises, and withholdings — and therefore not reflected in any table in that document.

InsiderRoleTransaction dateCodeSharesPriceValueSecuritySource
Richard ClarkDirector2026-03-31A1,366$20$27,489Derivative, Class A CommonForm 4 ↗
Tony SpringDirector2026-03-31D28,58800Derivative, Class A CommonForm 4 ↗
Tony SpringDirector2026-03-31A28,588——CommonForm 4 ↗
Danielle KirganEVP, Chief HR Officer2026-03-31A12,864——CommonForm 4 ↗
Dividend-equivalent accruals2026-03-31—1,715——1 insider, 1 accrual row
Paul GriscomSVP and Controller2026-03-31A1,715——CommonForm 4 ↗
Richard L. MarkeeDirector2026-03-31A1,3662027,489Derivative, Class A CommonForm 4 ↗
Douglas W. SeslerDirector2026-03-31A1,3662027,489Derivative, Class A CommonForm 4 ↗
Danielle KirganEVP, Chief HR Officer2026-03-31D12,86400Derivative, Class A CommonForm 4 ↗
Tony SpringDirector2026-04-01D14,60618264,025CommonForm 4 ↗
Danielle KirganEVP, Chief HR Officer2026-04-01D6,57318118,817CommonForm 4 ↗
Paul GriscomSVP and Controller2026-04-01D490188,857CommonForm 4 ↗
Tony SpringDirector2026-04-03A98,597——CommonForm 4 ↗
Tracy PrestonEVP, CLO & Corporate Secretary2026-04-03A13,146——CommonForm 4 ↗
Paul GriscomSVP and Controller2026-04-03D2,62900Derivative, Class A CommonForm 4 ↗
Paul GriscomSVP and Controller2026-04-03A2,629——CommonForm 4 ↗
Tony SpringDirector2026-04-03D98,59700Derivative, Class A CommonForm 4 ↗
Olivier BronCEO, Bloomingdale's2026-04-03A13,146——CommonForm 4 ↗
Tracy PrestonEVP, CLO & Corporate Secretary2026-04-03D13,14600Derivative, Class A CommonForm 4 ↗
Danielle KirganEVP, Chief HR Officer2026-04-03D19,71900Derivative, Class A CommonForm 4 ↗
Danielle KirganEVP, Chief HR Officer2026-04-03A19,719——CommonForm 4 ↗
Olivier BronCEO, Bloomingdale's2026-04-03D13,14600Derivative, Class A CommonForm 4 ↗
Tony SpringDirector2026-04-06D50,04418896,984CommonForm 4 ↗
Tracy PrestonEVP, CLO & Corporate Secretary2026-04-06D5,2711894,481CommonForm 4 ↗
Olivier BronCEO, Bloomingdale's2026-04-06D7,22818129,555CommonForm 4 ↗
Danielle KirganEVP, Chief HR Officer2026-04-06D10,01018179,408CommonForm 4 ↗
Paul GriscomSVP and Controller2026-04-06D7451813,353CommonForm 4 ↗
Torrence N. BooneDirector2026-06-05A8,34800Derivative, Class A CommonForm 4 ↗
Jill GranoffDirector2026-06-05A8,34800Derivative, Class A CommonForm 4 ↗
Richard L. MarkeeDirector2026-06-05A8,34800Derivative, Class A CommonForm 4 ↗
Paul C. VargaDirector2026-06-05A8,34800Derivative, Class A CommonForm 4 ↗
Marie ChandohaDirector2026-06-05A8,34800Derivative, Class A CommonForm 4 ↗
Deirdre P. ConnellyDirector2026-06-05A8,34800Derivative, Class A CommonForm 4 ↗
Emilie ArelDirector2026-06-05A8,34800Derivative, Class A CommonForm 4 ↗
Robert B. ChavezDirector2026-06-05A8,34800Derivative, Class A CommonForm 4 ↗
Naveen K. ChopraDirector2026-06-05A8,34800Derivative, Class A CommonForm 4 ↗
Thomas EdwardsEVP, COO & CFO2026-06-23A36,419——CommonForm 4 ↗
Thomas EdwardsEVP, COO & CFO2026-06-23D36,41900Derivative, Class A CommonForm 4 ↗
Thomas EdwardsEVP, COO & CFO2026-06-24D16,41925408,726CommonForm 4 ↗
Paul GriscomSVP and Controller2026-06-25D10,07726258,278CommonForm 4 ↗
Richard L. MarkeeDirector2026-06-30A1,3222127,506Derivative, Class A CommonForm 4 ↗
Richard L. MarkeeDirector2026-09-30A1,2352328,745Derivative, Class A CommonForm 4 ↗

Transaction codes per Form 4: A acquisition · S open-market sale · F tax withholding · M option exercise · G gift. Value = shares × price as reported. Dividend-equivalent and fractional-share accrual rows (derivative Class A, under $10,000 and under 2,000 shares) are aggregated per date; every row appears in full below.

View all 42 transactions
InsiderRoleTransaction dateCodeSharesPriceValueSecuritySource
Richard ClarkDirector2026-03-31A1,366$20$27,489Derivative, Class A CommonForm 4 ↗
Tony SpringDirector2026-03-31D28,58800Derivative, Class A CommonForm 4 ↗
Tony SpringDirector2026-03-31A28,588——CommonForm 4 ↗
Danielle KirganEVP, Chief HR Officer2026-03-31A12,864——CommonForm 4 ↗
Paul GriscomSVP and Controller2026-03-31D1,71500Derivative, Class A CommonForm 4 ↗
Paul GriscomSVP and Controller2026-03-31A1,715——CommonForm 4 ↗
Richard L. MarkeeDirector2026-03-31A1,3662027,489Derivative, Class A CommonForm 4 ↗
Douglas W. SeslerDirector2026-03-31A1,3662027,489Derivative, Class A CommonForm 4 ↗
Danielle KirganEVP, Chief HR Officer2026-03-31D12,86400Derivative, Class A CommonForm 4 ↗
Tony SpringDirector2026-04-01D14,60618264,025CommonForm 4 ↗
Danielle KirganEVP, Chief HR Officer2026-04-01D6,57318118,817CommonForm 4 ↗
Paul GriscomSVP and Controller2026-04-01D490188,857CommonForm 4 ↗
Tony SpringDirector2026-04-03A98,597——CommonForm 4 ↗
Tracy PrestonEVP, CLO & Corporate Secretary2026-04-03A13,146——CommonForm 4 ↗
Paul GriscomSVP and Controller2026-04-03D2,62900Derivative, Class A CommonForm 4 ↗
Paul GriscomSVP and Controller2026-04-03A2,629——CommonForm 4 ↗
Tony SpringDirector2026-04-03D98,59700Derivative, Class A CommonForm 4 ↗
Olivier BronCEO, Bloomingdale's2026-04-03A13,146——CommonForm 4 ↗
Tracy PrestonEVP, CLO & Corporate Secretary2026-04-03D13,14600Derivative, Class A CommonForm 4 ↗
Danielle KirganEVP, Chief HR Officer2026-04-03D19,71900Derivative, Class A CommonForm 4 ↗
Danielle KirganEVP, Chief HR Officer2026-04-03A19,719——CommonForm 4 ↗
Olivier BronCEO, Bloomingdale's2026-04-03D13,14600Derivative, Class A CommonForm 4 ↗
Tony SpringDirector2026-04-06D50,04418896,984CommonForm 4 ↗
Tracy PrestonEVP, CLO & Corporate Secretary2026-04-06D5,2711894,481CommonForm 4 ↗
Olivier BronCEO, Bloomingdale's2026-04-06D7,22818129,555CommonForm 4 ↗
Danielle KirganEVP, Chief HR Officer2026-04-06D10,01018179,408CommonForm 4 ↗
Paul GriscomSVP and Controller2026-04-06D7451813,353CommonForm 4 ↗
Torrence N. BooneDirector2026-06-05A8,34800Derivative, Class A CommonForm 4 ↗
Jill GranoffDirector2026-06-05A8,34800Derivative, Class A CommonForm 4 ↗
Richard L. MarkeeDirector2026-06-05A8,34800Derivative, Class A CommonForm 4 ↗
Paul C. VargaDirector2026-06-05A8,34800Derivative, Class A CommonForm 4 ↗
Marie ChandohaDirector2026-06-05A8,34800Derivative, Class A CommonForm 4 ↗
Deirdre P. ConnellyDirector2026-06-05A8,34800Derivative, Class A CommonForm 4 ↗
Emilie ArelDirector2026-06-05A8,34800Derivative, Class A CommonForm 4 ↗
Robert B. ChavezDirector2026-06-05A8,34800Derivative, Class A CommonForm 4 ↗
Naveen K. ChopraDirector2026-06-05A8,34800Derivative, Class A CommonForm 4 ↗
Thomas EdwardsEVP, COO & CFO2026-06-23A36,419——CommonForm 4 ↗
Thomas EdwardsEVP, COO & CFO2026-06-23D36,41900Derivative, Class A CommonForm 4 ↗
Thomas EdwardsEVP, COO & CFO2026-06-24D16,41925408,726CommonForm 4 ↗
Paul GriscomSVP and Controller2026-06-25D10,07726258,278CommonForm 4 ↗
Richard L. MarkeeDirector2026-06-30A1,3222127,506Derivative, Class A CommonForm 4 ↗
Richard L. MarkeeDirector2026-09-30A1,2352328,745Derivative, Class A CommonForm 4 ↗
03

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Danielle KirganRSU2025-04-03——78,878—$899,998
Tracy PrestonRSU2025-04-03——21,910—249,993
Thomas EdwardsRSU2025-06-23——145,676—1,549,993
Tracy PrestonRSU2025-04-03——52,585—599,995
Olivier BronRSU2025-04-03——52,585—599,995
Tony SpringRSU2025-04-03——394,390—4,499,990
Thomas EdwardsPSU2025-06-23—145,676——1,456,760
Tracy PrestonPSU2025-04-03—52,585——601,047
Olivier BronPSU2025-04-03—87,642——999,995
Tony SpringPSU2025-04-03—394,390——4,507,878
Olivier BronPSU2025-04-03—52,585——601,047
Danielle KirganPSU2025-04-03—78,878——901,576
Thomas EdwardsRSU2025-06-23——103,383—1,099,995
Danielle KirganRSU2025-04-03——21,910—249,993
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Danielle Kirgan$1,149,991$901,576$043.9%
Tracy Preston849,988601,047041.4%
Thomas Edwards2,649,9881,456,760035.5%
Olivier Bron599,9951,601,042072.7%
Tony Spring4,499,9904,507,878050.0%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Thomas EdwardsPSU145,676—$2,916,434
Thomas EdwardsRSU103,383—2,069,728
Olivier BronPSU87,642—1,754,593
Adrian MitchellPSU82,541—1,652,471
Danielle KirganRSU78,878—1,579,138
Danielle KirganRSU21,910—438,638
Danielle KirganPSU78,878—1,579,138
Tony SpringRSU57,176—1,144,664
Tracy PrestonRSU52,585—1,052,752
Tracy PrestonPSU52,585—1,052,752
Tracy PrestonRSU36,123—723,182
Olivier BronRSU52,585—1,052,752
Olivier BronPSU52,585—1,052,752
Tony SpringRSU50,025—1,001,501
Adrian MitchellRSU47,170—944,343
Danielle KirganPSU45,022—901,340
Adrian MitchellRSU41,270—826,225
Danielle KirganRSU33,767—676,015
Tracy PrestonPSU30,015—600,900
Olivier BronPSU30,015—600,900
Danielle KirganRSU25,729—515,095
Tracy PrestonRSU22,512—450,690
Olivier BronRSU22,512—450,690
Tracy PrestonRSU21,910—438,638
Olivier BronRSU18,657—373,513
Tony SpringRSU8,539—170,951
Danielle KirganRSU8,539—170,951
Adrian MitchellRSU8,539—170,951
Olivier BronRSU6,219—124,504
Tony SpringRSU394,390—7,895,688
Tony SpringPSU394,390—7,895,688
Tony SpringPSU212,606—4,256,372
Tony SpringRSU159,455—3,192,289
Tony SpringPSU150,075—3,004,502
Thomas EdwardsRSU145,676—2,916,434
05

Incentive-plan design — the Compensation Discussion & Analysis

Macy's, Inc. adheres to a pay-for-performance compensation philosophy, emphasizing at-risk pay over fixed pay with at least 70% of NEOs' target direct compensation linked to pre-determined financial and strategic objectives and stock price performance. The program is designed to align executive incentives with the company's 'Bold New Chapter' strategy, focusing on growth, profit, and customer experience while balancing short-term and long-term objectives.

CEO STI target (% of salary)200%
CEO LTI target (% of salary)—
Independent consultantSemler Brossy
Clawback policytrue
Anti-hedgingtrue
Anti-pledgingtrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-05-15157,691,65943,025,428498,44178.56%Passed
20252025-05-16165,972,67220,847,611764,88788.84%Passed
20242024-05-17181,709,59816,048,244840,89591.88%Passed
20232023-05-19184,374,2436,803,298792,87796.44%Passed
20222022-05-20177,445,78515,913,8421,068,04991.77%Passed
20212021-05-21177,607,88418,182,046881,41390.71%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20262026-05-1578.56%a
20252025-05-1688.84%b
20242024-05-1791.88%c

a. Approved under the standard stated in the filing — “Abstentions and broker non-votes are not counted as votes cast on the proposal and will have no effect on the vote for the proposal.”.

b. Voting standard not stated in the filing.

c. Approved under the standard stated in the filing — “Abstentions and broker non-votes are not counted as votes cast on the proposal and will have no effect on the vote for the proposal.”.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

07

CEO pay ratio

Ratio (CEO : median employee)368 : 1
CEO total compensation$14,104,067
Median employee compensation$38,296
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Paul C. VargaIndependent · Lead Independent Director · Compensation and Management Development · Finance$155,000$159,992——$4,488$319,480
Marie ChandohaIndependent · Audit (Chair) · Finance130,000159,992——6,895296,887
Deirdre P. ConnellyIndependent · Compensation and Management Development · Nominating and Corporate Governance125,000159,992——3,505288,497
Jill GranoffIndependent · Compensation and Management Development · Finance125,000159,992——3,149288,141
Richard L. MarkeeIndependent · Finance · Nominating and Corporate Governance110,000159,992——1,361271,353
Douglas W. SeslerIndependent · Compensation and Management Development · Nominating and Corporate Governance · Not standing for re-election110,000159,992——843270,835
Richard ClarkIndependent · Audit · Finance · Not standing for re-election110,000159,992——789270,781
Tracey ZhenIndependent · Audit · Nominating and Corporate Governance · Not standing for re-election110,000159,992——733270,725
Emilie ArelIndependent · Compensation and Management Development · Nominating and Corporate Governance110,000159,992——492270,484
Torrence N. BooneIndependent · Audit · Nominating and Corporate Governance110,000159,992——23270,015
Naveen K. ChopraIndependent · Audit · Finance110,000159,992——0269,992
Robert B. ChavezIndependent · Audit · Compensation and Management Development93,333159,992——211253,536
Sara LevinsonIndependent · Departed during FY36,6670——85037,517
Tony SpringEmployee director · Board Chair—————0
09

Board fee structure and ownership guideline

Annual cash retainer$90,000
Annual equity retainer$160,000
Per board meeting fee—
Committee chair fees (audit / comp / nom-gov)40,000 / 35,000 / 35,000
Stock ownership guideline5x annual Board retainer ($450,000)
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$1,435,000
Equity awards (grant-date value)$1,919,904
All other compensation$23,339
Total cost of the board$3,378,243

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10

Disclosed peer group — fiscal year 2025

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

10a

Peer reciprocity

Of the companies Macy's names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including Macy's.

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Williams-Sonoma, Inc.2025Laura Alber$1,600,000$18,999,797$0$12,500,000$33,297,422
2TJX Companies, Inc.2026Ernie Herrman1,700,00014,300,17308,386,10026,603,537
3Lowes Companies, Inc.2025Marvin Ellison1,544,23112,480,4674,262,8953,232,69321,581,889
4Ross Stores, Inc.2025James Conroy1,450,00010,650,10004,233,13017,406,705
5Best Buy Co., Inc.2026Corie Barry1,300,00013,699,94702,185,82017,346,126
6Gap Inc.2025Richard Dickson1,400,00010,891,24204,435,63817,185,636
7Burlington Stores, Inc.2025Michael O'Sullivan1,519,53510,842,76804,771,34117,149,564
8Ulta Beauty, Inc.2025Kecia Steelman1,350,0034,792,8774,792,5564,383,97215,403,663
9Dick's Sporting Goods, Inc.2025Lauren Hobart1,393,26911,000,16602,438,22115,103,545
10Dollar Tree, Inc.2025Michael Creedon, Jr.1,300,0009,443,15503,166,80014,775,215
11Macy's2025Tony Spring1,337,5009,007,86803,241,62014,104,067
12Foot Locker, Inc.2024Mary Dillon1,431,25011,000,0470012,501,074
13Target Corporation2025Michael Fiddelke1,065,3857,853,2530300,8829,598,071
14Kohl's Corporation2025Ashley Buchanan368,7509,000,005009,582,736
15Dillard's Inc.2024William Dillard II1,170,000283,78803,064,7004,856,540
16Nordstrom, Inc.2023Erik Nordstrom773,0871,592,8451,061,9011,061,9004,540,362

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
Macy's120.06%PSU 50 · RSU 50Yes — Relative Total Shareholder Return (rTSR)Semler Brossy Consulting Group LLC
Best Buy Co., Inc.84.07%PSU 50 · RSU 50Yes — total shareholder return (TSR) relative to the S&P 500 Index constituentsnot disclosed
Burlington Stores, Inc.157%PSU 65 · RSU 35NoMeridian Compensation Partners LLC
Dick's Sporting Goods, Inc.not disclosedPSU 50 · RSU 50NoWillis Towers Watson
Dillard's Inc.not disclosednot disclosednot disclosedAON
Dollar Tree, Inc.not disclosedPSU 50 · RSU 50NoMeridian Compensation Partners
Foot Locker, Inc.not disclosedPSU 60 · RSU 40Yes — rTSRCompensation Advisory Partners
Gap Inc.158%PRSU 60 · RSU 40NoFrederic W. Cook & Co., Inc.
Kohl's Corporationnot disclosednot disclosednot disclosedNot explicitly named in provided text (referred to only as 'independent compensation consultant')
Lowes Companies, Inc.104.67%PSU 39 · RSA 30 · Stock Options 20NoSemler Brossy Consulting Group, LLC
Nordstrom, Inc.70%PSU 60NoSemler Brossy
Ross Stores, Inc.145.97%not disclosedNoExequity, LLP
Target Corporationnot disclosedPSU 60 · PBRSU 40NoSemler Brossy
TJX Companies, Inc.180.7%PSU 54 · RSU 35 · LRPIP 11NoPearl Meyer LLC
Ulta Beauty, Inc.not disclosednot disclosednot disclosedPay Governance
Williams-Sonoma, Inc.157.9%PSU 63 · RSU 37NoPay Governance LLC

Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.

10d

Frequently asked questions

Who was the highest-paid executive at Macy's in fiscal 2025?
As disclosed, Tony Spring (Chairman and Chief Executive Officer) was the highest-paid executive at Macy's in fiscal 2025, with total compensation of $14,104,067.
How does Macy's's chief executive pay compare to its disclosed peer group?
As disclosed, Tony Spring's total compensation ranked at the 33rd percentile of Macy's's disclosed peer group.
What is Macy's's CEO-to-median employee pay ratio?
As disclosed, Macy's's CEO-to-median employee pay ratio was 368:1.
How did shareholders vote on Macy's's executive compensation?
As disclosed, 78.56% of shareholders supported Macy's's executive compensation in the latest say-on-pay vote.
How much does Macy's spend in total on board compensation for fiscal 2025?
As disclosed, Macy's reported total board compensation of $3,378,243 for fiscal 2025.

Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Tony SpringDEF 14A2026-03-310001104659-26-037752Section “2025 Summary Compensation Table” · page 75. As printed: 14,104,067. Filing ↗
2Section 01, Thomas EdwardsDEF 14A2026-03-310001104659-26-037752Section “2025 Summary Compensation Table” · page 75. As printed: 7,016,056. Filing ↗
3Section 01, Adrian MitchellDEF 14A2026-03-310001104659-26-037752Section “2025 Summary Compensation Table” · page 75. As printed: 5,686,912. Filing ↗
4Section 01, Olivier BronDEF 14A2026-03-310001104659-26-037752Section “2025 Summary Compensation Table” · page 75. As printed: 4,756,362. Filing ↗
5Section 01, Danielle KirganDEF 14A2026-03-310001104659-26-037752Section “2025 Summary Compensation Table” · page 75. As printed: 3,958,847. Filing ↗
6Section 01, Tracy PrestonDEF 14A2026-03-310001104659-26-037752Section “2025 Summary Compensation Table” · page 75. As printed: 2,943,272. Filing ↗
7Section 03, Danielle Kirgan RSUDEF 14A1900-01-010001104659-26-037752Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 2240615–2240622
8Section 03, Tracy Preston RSUDEF 14A1900-01-010001104659-26-037752Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 2274174–2274181
9Section 03, Thomas Edwards RSUDEF 14A1900-01-010001104659-26-037752Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 2213736–2213745
10Section 03, Tracy Preston RSUDEF 14A1900-01-010001104659-26-037752Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 2267451–2267458
11Section 03, Olivier Bron RSUDEF 14A1900-01-010001104659-26-037752Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 2300979–2300986
12Section 03, Tony Spring RSUDEF 14A1900-01-010001104659-26-037752Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 2193458–2193467
13Section 03, Thomas Edwards PSUDEF 14A1900-01-010001104659-26-037752Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 2207009–2207018
14Section 03, Tracy Preston PSUDEF 14A1900-01-010001104659-26-037752Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 2260747–2260754
15Section 03, Olivier Bron PSUDEF 14A1900-01-010001104659-26-037752Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 2294291–2294298
16Section 03, Tony Spring PSUDEF 14A1900-01-010001104659-26-037752Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 2186751–2186760
17Section 03, Olivier Bron PSUDEF 14A1900-01-010001104659-26-037752Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 2287583–2287590
18Section 03, Danielle Kirgan PSUDEF 14A1900-01-010001104659-26-037752Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 2233892–2233899
19Section 03, Thomas Edwards RSUDEF 14A1900-01-010001104659-26-037752Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 2220463–2220472
20Section 03, Danielle Kirgan RSUDEF 14A1900-01-010001104659-26-037752Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 2247319–2247326
21Section 07, pay ratioDEF 14A2026-03-310001104659-26-037752Section “CEO Pay Ratio”. As printed: 368 : 1. Filing ↗machine: span 3571195–3571203
22Section 08, Paul C. VargaDEF 14A2026-03-310001104659-26-037752Section “Director Compensation”. As printed: 319,480. Filing ↗machine: span 919115–919284
23Section 08, Marie ChandohaDEF 14A2026-03-310001104659-26-037752Section “Director Compensation”. As printed: 296,887. Filing ↗machine: span 892948–893117
24Section 08, Deirdre P. ConnellyDEF 14A2026-03-310001104659-26-037752Section “Director Compensation”. As printed: 288,497. Filing ↗machine: span 904618–904787
25Section 08, Jill GranoffDEF 14A2026-03-310001104659-26-037752Section “Director Compensation”. As printed: 288,141. Filing ↗machine: span 907528–907697
26Section 08, Richard L. MarkeeDEF 14A2026-03-310001104659-26-037752Section “Director Compensation”. As printed: 271,353. Filing ↗machine: span 913367–913536
27Section 08, Douglas W. SeslerDEF 14A2026-03-310001104659-26-037752Section “Director Compensation”. As printed: 270,835. Filing ↗machine: span 916280–916449
28Section 08, Richard ClarkDEF 14A2026-03-310001104659-26-037752Section “Director Compensation”. As printed: 270,781. Filing ↗machine: span 901777–901946
29Section 08, Tracey ZhenDEF 14A2026-03-310001104659-26-037752Section “Director Compensation”. As printed: 270,725. Filing ↗machine: span 921946–922115
30Section 08, Emilie ArelDEF 14A2026-03-310001104659-26-037752Section “Director Compensation”. As printed: 270,484. Filing ↗machine: span 887200–887369
31Section 08, Torrence N. BooneDEF 14A2026-03-310001104659-26-037752Section “Director Compensation”. As printed: 270,015. Filing ↗machine: span 890036–890205
32Section 08, Naveen K. ChopraDEF 14A2026-03-310001104659-26-037752Section “Director Compensation”. As printed: 269,992. Filing ↗machine: span 898868–899037
33Section 08, Robert B. ChavezDEF 14A2026-03-310001104659-26-037752Section “Director Compensation”. As printed: 253,536. Filing ↗machine: span 895958–896127
34Section 08, Sara LevinsonDEF 14A2026-03-310001104659-26-037752Section “Director Compensation”. As printed: 37,517. Filing ↗machine: span 910453–910621
35Section 08, Tony SpringDEF 14A2026-03-310001104659-26-037752Section “Director Compensation”. As printed: 0. Filing ↗
36Section 02, Richard Clark 2026-03-31Form 42026-04-010002019968-26-000006Insider equity transaction reported since the proxy statement. Filing ↗
37Section 02, Tony Spring 2026-03-31Form 42026-04-020001702551-26-000005Insider equity transaction reported since the proxy statement. Filing ↗
38Section 02, Tony Spring 2026-03-31Form 42026-04-020001702551-26-000005Insider equity transaction reported since the proxy statement. Filing ↗
39Section 02, Danielle Kirgan 2026-03-31Form 42026-04-020001629771-26-000008Insider equity transaction reported since the proxy statement. Filing ↗
40Section 02, Paul Griscom 2026-03-31Form 42026-04-020001813891-26-000006Insider equity transaction reported since the proxy statement. Filing ↗
41Section 02, Paul Griscom 2026-03-31Form 42026-04-020001813891-26-000006Insider equity transaction reported since the proxy statement. Filing ↗
42Section 02, Richard L. Markee 2026-03-31Form 42026-04-010001043029-26-000004Insider equity transaction reported since the proxy statement. Filing ↗
43Section 02, Douglas W. Sesler 2026-03-31Form 42026-04-010001808051-26-000004Insider equity transaction reported since the proxy statement. Filing ↗
44Section 02, Danielle Kirgan 2026-03-31Form 42026-04-020001629771-26-000008Insider equity transaction reported since the proxy statement. Filing ↗
45Section 02, Tony Spring 2026-04-01Form 42026-04-020001702551-26-000005Insider equity transaction reported since the proxy statement. Filing ↗
46Section 02, Danielle Kirgan 2026-04-01Form 42026-04-020001629771-26-000008Insider equity transaction reported since the proxy statement. Filing ↗
47Section 02, Paul Griscom 2026-04-01Form 42026-04-020001813891-26-000006Insider equity transaction reported since the proxy statement. Filing ↗
48Section 02, Tony Spring 2026-04-03Form 42026-04-070001702551-26-000007Insider equity transaction reported since the proxy statement. Filing ↗
49Section 02, Tracy Preston 2026-04-03Form 42026-04-070001851840-26-000006Insider equity transaction reported since the proxy statement. Filing ↗
50Section 02, Paul Griscom 2026-04-03Form 42026-04-070001813891-26-000008Insider equity transaction reported since the proxy statement. Filing ↗
51Section 02, Paul Griscom 2026-04-03Form 42026-04-070001813891-26-000008Insider equity transaction reported since the proxy statement. Filing ↗
52Section 02, Tony Spring 2026-04-03Form 42026-04-070001702551-26-000007Insider equity transaction reported since the proxy statement. Filing ↗
53Section 02, Olivier Bron 2026-04-03Form 42026-04-070002016845-26-000006Insider equity transaction reported since the proxy statement. Filing ↗
54Section 02, Tracy Preston 2026-04-03Form 42026-04-070001851840-26-000006Insider equity transaction reported since the proxy statement. Filing ↗
55Section 02, Danielle Kirgan 2026-04-03Form 42026-04-070001629771-26-000010Insider equity transaction reported since the proxy statement. Filing ↗
56Section 02, Danielle Kirgan 2026-04-03Form 42026-04-070001629771-26-000010Insider equity transaction reported since the proxy statement. Filing ↗
57Section 02, Olivier Bron 2026-04-03Form 42026-04-070002016845-26-000006Insider equity transaction reported since the proxy statement. Filing ↗
58Section 02, Tony Spring 2026-04-06Form 42026-04-070001702551-26-000007Insider equity transaction reported since the proxy statement. Filing ↗
59Section 02, Tracy Preston 2026-04-06Form 42026-04-070001851840-26-000006Insider equity transaction reported since the proxy statement. Filing ↗
60Section 02, Olivier Bron 2026-04-06Form 42026-04-070002016845-26-000006Insider equity transaction reported since the proxy statement. Filing ↗
61Section 02, Danielle Kirgan 2026-04-06Form 42026-04-070001629771-26-000010Insider equity transaction reported since the proxy statement. Filing ↗
62Section 02, Paul Griscom 2026-04-06Form 42026-04-070001813891-26-000008Insider equity transaction reported since the proxy statement. Filing ↗
63Section 02, Torrence N. Boone 2026-06-05Form 42026-06-080001702252-26-000002Insider equity transaction reported since the proxy statement. Filing ↗
64Section 02, Jill Granoff 2026-06-05Form 42026-06-080001404923-26-000002Insider equity transaction reported since the proxy statement. Filing ↗
65Section 02, Richard L. Markee 2026-06-05Form 42026-06-080001043029-26-000006Insider equity transaction reported since the proxy statement. Filing ↗
66Section 02, Paul C. Varga 2026-06-05Form 42026-06-080001257384-26-000005Insider equity transaction reported since the proxy statement. Filing ↗
67Section 02, Marie Chandoha 2026-06-05Form 42026-06-080001656828-26-000003Insider equity transaction reported since the proxy statement. Filing ↗
68Section 02, Deirdre P. Connelly 2026-06-05Form 42026-06-080001303417-26-000002Insider equity transaction reported since the proxy statement. Filing ↗
69Section 02, Emilie Arel 2026-06-05Form 42026-06-080001791887-26-000002Insider equity transaction reported since the proxy statement. Filing ↗
70Section 02, Robert B. Chavez 2026-06-05Form 42026-06-080001289390-26-000002Insider equity transaction reported since the proxy statement. Filing ↗
71Section 02, Naveen K. Chopra 2026-06-05Form 42026-06-080001565390-26-000008Insider equity transaction reported since the proxy statement. Filing ↗
72Section 02, Thomas Edwards 2026-06-23Form 42026-06-240001637335-26-000004Insider equity transaction reported since the proxy statement. Filing ↗
73Section 02, Thomas Edwards 2026-06-23Form 42026-06-240001637335-26-000004Insider equity transaction reported since the proxy statement. Filing ↗
74Section 02, Thomas Edwards 2026-06-24Form 42026-06-240001637335-26-000004Insider equity transaction reported since the proxy statement. Filing ↗
75Section 02, Paul Griscom 2026-06-25Form 42026-06-260000794367-26-000043Insider equity transaction reported since the proxy statement. Filing ↗
76Section 02, Richard L. Markee 2026-06-30Form 42026-07-010000794367-26-000045Insider equity transaction reported since the proxy statement. Filing ↗
77Section 02, Richard L. Markee 2026-09-30Form 42026-10-010001043029-26-000008Insider equity transaction reported since the proxy statement. Filing ↗
78Section 06, 2026 voteForm 8-K2026-05-180000794367-26-000038Item 5.07 · say-on-pay result. As reported: 78.56% (votes for as printed: 157,691,659). Filing ↗
79Section 06, 2025 voteForm 8-K2025-05-200000794367-25-000092Item 5.07 · say-on-pay result. As reported: 88.84% (votes for as printed: 165,972,672). Filing ↗
80Section 06, 2024 voteForm 8-K2024-05-200000794367-24-000146Item 5.07 · say-on-pay result. As reported: 91.88% (votes for as printed: 181,709,598). Filing ↗
81Section 01 trend, Δ column (computed)Computed——Δ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
82Section 03b vehicle mix (computed)Computed——RSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
83Section 09b board cost (computed)Computed——Cash 1,435,000 + equity 1,919,904 + all other 23,339 = 3,378,243, summed across the director compensation table rows.machine: formula: Σ = 3,378,243
84Williams-Sonoma, Inc., Section 10b CEO totalDEF 14A2026-05-060000719955-26-000109CEO total compensation as printed in Williams-Sonoma, Inc.'s own proxy. As printed: 33,297,422. Filing ↗machine: r2 · c24 · span 847172–847183
85TJX Companies, Inc., Section 10b CEO totalDEF 14A2026-04-300000109198-26-000015CEO total compensation as printed in TJX Companies, Inc.'s own proxy. As printed: 26,603,537. Filing ↗machine: r2 · c21 · span 787052–787062
86Lowes Companies, Inc., Section 10b CEO totalDEF 14A2026-04-160000060667-26-000056CEO total compensation as printed in Lowes Companies, Inc.'s own proxy. As printed: 21,581,889. Filing ↗machine: r2 · c8 · span 2406556–2406566
87Ross Stores, Inc., Section 10b CEO totalDEF 14A2026-04-070000745732-26-000013CEO total compensation as printed in Ross Stores, Inc.'s own proxy. As printed: 17,406,705. Filing ↗machine: span 525142–525152
88Best Buy Co., Inc., Section 10b CEO totalDEF 14A2026-04-300001140361-26-018265CEO total compensation as printed in Best Buy Co., Inc.'s own proxy. As printed: 17,346,126. Filing ↗machine: r2 · c19 · span 1511831–1511842
89Gap Inc., Section 10b CEO totalDEF 14A2026-03-270001628280-26-021740CEO total compensation as printed in Gap Inc.'s own proxy. As printed: 17,185,636. Filing ↗machine: r3 · c27 · span 1131780–1131790
90Burlington Stores, Inc., Section 10b CEO totalDEF 14A2026-04-020001193125-26-140144CEO total compensation as printed in Burlington Stores, Inc.'s own proxy. As printed: 17,149,564. Filing ↗machine: t163 · r3 · c27 · span 1994972–1994982
91Ulta Beauty, Inc., Section 10b CEO totalDEF 14A2026-04-220001104659-26-046308CEO total compensation as printed in Ulta Beauty, Inc.'s own proxy. As printed: 15,403,663. Filing ↗machine: t216 · r7 · c24 · span 1201446–1201456
92Dick's Sporting Goods, Inc., Section 10b CEO totalDEF 14A2026-05-010001089063-26-000015CEO total compensation as printed in Dick's Sporting Goods, Inc.'s own proxy. As printed: 15,103,545. Filing ↗machine: span 969849–969859
93Dollar Tree, Inc., Section 10b CEO totalDEF 14A2026-05-010001104659-26-053500CEO total compensation as printed in Dollar Tree, Inc.'s own proxy. As printed: 14,775,215. Filing ↗machine: t44 · r1 · c25 · span 1003747–1003757
94Macy's (subject), Section 10b CEO totalDEF 14A2026-03-310001104659-26-037752CEO total compensation as printed in Macy's's own proxy. As printed: 14,104,067. Filing ↗
95Foot Locker, Inc., Section 10b CEO totalDEF 14A2025-04-100001104659-25-033769CEO total compensation as printed in Foot Locker, Inc.'s own proxy. As printed: 12,501,074. Filing ↗machine: r2 · c28 · span 2181785–2181795
96Target Corporation, Section 10b CEO totalDEF 14A2026-04-270001628280-26-027508CEO total compensation as printed in Target Corporation's own proxy. As printed: 9,598,071. Filing ↗machine: r7 · c8 · span 2799507–2799517
97Kohl's Corporation, Section 10b CEO totalDEF 14A2026-04-100001104659-26-041769CEO total compensation as printed in Kohl's Corporation's own proxy. As printed: 9,582,736. Filing ↗machine: t495 · r23 · c16 · span 3003658–3003667
98Dillard's Inc., Section 10b CEO totalDEF 14A2025-04-040001558370-25-004480CEO total compensation as printed in Dillard's Inc.'s own proxy. As printed: 4,856,540. Filing ↗machine: r8 · c26 · span 518230–518239
99Nordstrom, Inc., Section 10b CEO totalDEF 14A2024-04-110000072333-24-000046CEO total compensation as printed in Nordstrom, Inc.'s own proxy. As printed: 4,540,362. Filing ↗machine: r2 · c27 · span 957938–957947
100Section 10a, Burlington Stores, Inc. reciprocityDEF 14A—0001193125-26-140144Burlington Stores, Inc. names Macy's in its own disclosed peer group (read from its most recent proxy). Filing ↗
101Section 10a, Kohl's Corporation reciprocityDEF 14A—0001104659-24-043965Kohl's Corporation names Macy's in its own disclosed peer group (read from its most recent proxy). Filing ↗
102Section 10a, Dick's Sporting Goods, Inc. reciprocityDEF 14A—0001089063-26-000015Dick's Sporting Goods, Inc.'s most recent proxy was read; its disclosed peer group does not include Macy's. Filing ↗
103Section 10a, Dillard's Inc. reciprocityDEF 14A—0001558370-25-004480Dillard's Inc.'s most recent proxy was read; its disclosed peer group does not include Macy's. Filing ↗
104Section 10a, Foot Locker, Inc. reciprocityDEF 14A—0001104659-25-033769Foot Locker, Inc.'s most recent proxy was read; its disclosed peer group does not include Macy's. Filing ↗
105Section 10a, Nordstrom, Inc. reciprocityDEF 14A—0000072333-24-000046Nordstrom, Inc.'s most recent proxy was read; its disclosed peer group does not include Macy's. Filing ↗
106Section 10a, Best Buy Co., Inc. reciprocityDEF 14A—0001140361-26-018265Best Buy Co., Inc. names Macy's in its own disclosed peer group (read from its most recent proxy). Filing ↗
107Section 10a, Lowes Companies, Inc. reciprocityDEF 14A—0001193125-25-083589Lowes Companies, Inc. names Macy's in its own disclosed peer group (read from its most recent proxy). Filing ↗
108Section 10a, Ross Stores, Inc. reciprocityDEF 14A—0000745732-26-000013Ross Stores, Inc. names Macy's in its own disclosed peer group (read from its most recent proxy). Filing ↗
109Section 10a, Target Corporation reciprocityDEF 14A—0001628280-26-027508Target Corporation names Macy's in its own disclosed peer group (read from its most recent proxy). Filing ↗
110Section 10a, Dollar Tree, Inc. reciprocityDEF 14A—0001104659-26-053500Dollar Tree, Inc. names Macy's in its own disclosed peer group (read from its most recent proxy). Filing ↗
111Section 10a, Ulta Beauty, Inc. reciprocityDEF 14A—0001104659-26-046308Ulta Beauty, Inc.'s most recent proxy was read; its disclosed peer group does not include Macy's. Filing ↗
112Section 10a, Gap Inc. reciprocityDEF 14A—0001628280-26-021740Gap Inc. names Macy's in its own disclosed peer group (read from its most recent proxy). Filing ↗
113Section 10a, Williams-Sonoma, Inc. reciprocityDEF 14A—0000719955-26-000109Williams-Sonoma, Inc.'s most recent proxy was read; its disclosed peer group does not include Macy's. Filing ↗

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