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Macerich (MAC) Financials

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$21.98 -0.27 (-1.19%)
Closing price 05/13/2026 03:59 PM Eastern
Extended Trading
$22.05 +0.07 (+0.34%)
As of 04:38 AM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Massive. Learn more.
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Annual Income Statements for Macerich

Annual Income Statements for Macerich

This table shows Macerich's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 488 517 146 60 97 -230 14 -66 -274 -194 -197
Consolidated Net Income / (Loss)		 523 555 162 69 103 -245 16 -65 -278 -198 -201
Net Income / (Loss) Continuing Operations		 523 555 162 69 103 -245 58 -21 -233 -154 -164
Total Pre-Tax Income 		108 97 63 25 68 13 -27 -22 58 3.48 -79
Total Revenue		 1,076 878 822 777 789 710 889 687 757 742 767
Net Interest Income / (Expense)		 -212 -164 -172 -183 -138 -76 0.00 -217 -173 -220 -284
Total Interest Income		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Interest Expense		 212 164 172 183 138 76 0.00 217 173 220 284
Total Non-Interest Income		 1,288 1,041 994 960 927 786 889 904 930 962 1,051
Other Non-Interest Income		 1,200 637 922 884 927 740 889 904 930 962 1,051
Total Non-Interest Expense		 990 781 759 752 722 698 916 709 698 739 846
Net Occupancy & Equipment Expense		 92 - - - - - - - 358 389 411
Other Operating Expenses		 435 434 424 425 391 378 604 418 66 69 78
Depreciation Expense		 464 348 335 327 331 320 311 292 282 295 357
Other Special Charges		 -1.49 -1.71 0.00 0.00 0.35 0.00 1.01 0.00 -8.21 -14 0.00
Income Tax Expense		 -3.22 0.72 16 -3.60 1.59 -0.45 6.95 0.71 -0.49 -1.30 -2.19
Other Gains / (Losses), net		 412 459 114 40 37 -258 91 2.44 -291 -158 -87
Net Income / (Loss) Attributable to Noncontrolling Interest		 35 38 16 8.95 5.73 -15 1.90 0.99 -4.03 -3.55 -3.91
Basic Earnings per Share		 $3.08 $3.52 $1.02 $0.42 $0.68 ($1.58) $0.07 ($0.31) ($1.28) ($0.88) ($0.78)
Weighted Average Basic Shares Outstanding		 157.92M 146.60M 141.88M 141.14M 141.34M 146.23M 198.07M 215.03M 215.55M 221.85M 254.22M
Diluted Earnings per Share		 $3.08 $3.52 $1.02 $0.42 $0.68 ($1.58) $0.07 ($0.31) ($1.28) ($0.88) ($0.78)
Weighted Average Diluted Shares Outstanding		 158.06M 146.71M 141.91M 141.14M 141.34M 146.23M 198.07M 215.03M 215.55M 221.85M 254.22M
Weighted Average Basic & Diluted Shares Outstanding		 158.30M 146.90M 143.30M 141.16M 141.30M 154.77M 214.52M 215.03M 215.72M 252.50M 256.67M
Cash Dividends to Common per Share		 $4.63 $2.75 $2.87 $2.97 $3.00 $1.55 $0.60 $0.62 $0.68 $0.68 $0.68

Quarterly Income Statements for Macerich

This table shows Macerich's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 -263 62 -127 252 -108 -211 -50 -41 -87 -19 -36
Consolidated Net Income / (Loss)		 -272 66 -131 265 -112 -220 -51 -42 -90 -18 -37
Net Income / (Loss) Continuing Operations		 -261 79 -120 276 -101 -209 -51 -32 -81 -7.81 -37
Total Pre-Tax Income 		-2.36 58 -12 8.07 -8.84 16 -37 -21 -19 -9.44 -37
Total Revenue		 176 226 168 186 174 214 180 187 190 202 174
Net Interest Income / (Expense)		 -53 -25 -52 -40 -57 -71 -69 -72 -73 -70 -68
Total Interest Income		 0.00 - 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Total Interest Expense		 53 25 52 40 57 71 69 72 73 70 68
Other Interest Expense		 53 - 52 40 57 - 69 72 73 - 68
Total Non-Interest Income		 229 251 220 226 231 285 249 259 262 272 242
Other Service Charges		 32 - - - - - 14 - 25 - 16
Other Non-Interest Income		 197 314 220 226 231 341 236 259 237 297 226
Total Non-Interest Expense		 178 167 180 178 183 198 217 209 208 212 211
Other Operating Expenses		 108 106 18 17 16 131 125 18 117 -77 127
Depreciation Expense		 71 70 68 72 73 81 93 89 91 85 83
Income Tax Expense		 1.67 -0.66 -1.22 0.26 0.55 -0.88 -0.82 -0.19 -0.71 -0.47 -2.64
Other Gains / (Losses), net		 -257 20 -109 268 -92 -226 -15 -11 -63 1.15 -3.03
Net Income / (Loss) Attributable to Noncontrolling Interest		 -9.42 4.29 -4.72 13 -3.91 -8.41 -1.03 -0.64 -2.64 0.39 -0.54
Basic Earnings per Share		 ($1.22) $0.28 ($0.59) $1.16 ($0.50) ($0.95) ($0.20) ($0.16) ($0.34) ($0.08) ($0.14)
Weighted Average Basic Shares Outstanding		 215.63M 215.55M 216.04M 216.18M 218.42M 221.85M 252.99M 253.09M 254.13M 254.22M 258.03M
Diluted Earnings per Share		 ($1.22) $0.28 ($0.59) $1.16 ($0.50) ($0.95) ($0.20) ($0.16) ($0.34) ($0.08) ($0.14)
Weighted Average Diluted Shares Outstanding		 215.63M 215.55M 216.04M 216.18M 218.42M 221.85M 252.99M 253.09M 254.13M 254.22M 258.03M
Weighted Average Basic & Diluted Shares Outstanding		 215.45M 215.72M 215.75M 215.99M 225.53M 252.50M 252.65M 252.75M 256.12M 256.67M 261.38M
Cash Dividends to Common per Share		 $0.17 - $0.17 $0.17 $0.17 - $0.17 $0.17 $0.17 - $0.17

Annual Cash Flow Statements for Macerich

This table details how cash moves in and out of Macerich's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 1.60 16 -0.89 6.20 -35 368 -316 14 9.16 -13 195
Net Cash From Operating Activities		 555 430 386 344 355 125 286 338 296 283 322
Net Cash From Continuing Operating Activities		 555 430 386 344 355 125 286 338 296 283 322
Net Income / (Loss) Continuing Operations		 523 555 162 69 103 -245 16 -65 -278 -198 -201
Consolidated Net Income / (Loss)		 523 555 162 69 103 -245 16 -65 -278 -198 -201
Provision For Loan Losses		 4.70 3.59 4.31 4.66 7.68 44 -6.39 -0.66 -2.70 6.15 4.63
Depreciation Expense		 471 355 341 335 338 326 324 302 296 306 368
Amortization Expense		 -37 -17 -13 -15 -15 -24 -7.69 -1.27 0.52 10 24
Non-Cash Adjustments to Reconcile Net Income		 -413 -425 -68 -29 -98 132 -85 42 261 141 103
Changes in Operating Assets and Liabilities, net		 5.46 -43 -41 -20 21 -108 44 60 18 18 22
Net Cash From Investing Activities		 -101 454 179 176 -112 -203 235 -1.40 53 20 -325
Net Cash From Continuing Investing Activities		 -101 454 179 176 -112 -203 235 -1.40 53 20 -325
Purchase of Property, Leasehold Improvements and Equipment		 - - -160 -181 -167 -45 -78 -42 -78 -109 -101
Purchase of Investment Securities		 -778 -690 -159 -237 -274 -156 -117 -159 -202 -291 -491
Divestitures		 - - - 0.00 0.00 5.81 - 0.00 0.00 49 0.00
Sale and/or Maturity of Investments		 649 728 262 87 74 17 339 71 39 282 160
Other Investing Activities, net		 41 416 236 508 254 -25 91 128 294 89 107
Net Cash From Financing Activities		 -452 -868 -566 -514 -278 446 -837 -322 -339 -316 199
Net Cash From Continuing Financing Activities		 -452 -868 -566 -514 -278 446 -837 -322 -339 -316 199
Issuance of Debt		 4,081 3,201 1,430 415 1,796 664 520 277 719 1,225 599
Repayment of Debt		 -3,299 -2,452 -1,220 -470 -1,569 -36 -2,022 -408 -865 -2,030 -262
Repurchase of Common Equity		 -400 -800 -221 - - - - - -0.58 - 53
Payment of Dividends		 -811 -797 -548 -454 -502 -180 -143 -186 -165 -161 -188
Other Financing Activities, Net		 -12 -19 -7.52 0.55 -3.18 -2.29 -22 -4.61 -27 -6.94 -3.19
Cash Interest Paid		 231 154 168 192 210 199 204 180 192 186 208

Quarterly Cash Flow Statements for Macerich

This table details how cash moves in and out of Macerich's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 23 -18 35 -43 48 -52 167 -119 155 -7.64 -102
Net Cash From Operating Activities		 107 49 61 67 100 55 88 71 112 50 77
Net Cash From Continuing Operating Activities		 107 49 61 67 100 55 88 71 112 50 77
Net Income / (Loss) Continuing Operations		 -272 66 -131 265 -112 -220 -51 -42 -90 -18 -37
Consolidated Net Income / (Loss)		 -272 66 -131 265 -112 -220 -51 -42 -90 -18 -37
Provision For Loan Losses		 -0.23 -0.83 2.92 1.51 0.14 1.58 1.56 0.80 0.96 1.32 1.21
Depreciation Expense		 74 73 71 74 76 84 95 91 94 88 86
Amortization Expense		 0.42 0.47 3.58 0.88 2.38 3.17 8.87 6.99 5.11 3.15 2.01
Non-Cash Adjustments to Reconcile Net Income		 261 -56 114 -282 96 214 17 16 67 3.22 6.29
Changes in Operating Assets and Liabilities, net		 43 -33 0.85 7.31 38 -28 17 -3.00 35 -27 19
Net Cash From Investing Activities		 -27 20 -27 -56 66 37 -83 -232 -3.51 -7.17 -55
Net Cash From Continuing Investing Activities		 -27 20 -27 -56 66 37 -83 -232 -3.51 -7.17 -55
Purchase of Property, Leasehold Improvements and Equipment		 -19 -26 -26 -24 -28 -31 -34 -26 -15 -26 -30
Purchase of Investment Securities		 -32 -51 -20 -75 -26 -157 -104 -291 -43 -53 -53
Sale and/or Maturity of Investments		 6.46 4.32 0.01 13 109 160 26 65 34 35 14
Other Investing Activities, net		 18 94 19 22 11 24 29 20 20 37 14
Net Cash From Financing Activities		 -57 -87 0.67 -54 -118 -145 162 42 46 -51 -125
Net Cash From Continuing Financing Activities		 -57 -87 0.67 -54 -118 -145 162 42 46 -51 -125
Issuance of Debt		 184 35 270 20 110 825 340 100 159 - 100
Repayment of Debt		 -191 -84 -226 -33 -336 -1,435 -126 -13 -112 -10 -221
Repurchase of Common Equity		 - - - - - - - - - - 61
Payment of Dividends		 -39 -39 -39 -41 -40 -41 -50 -46 -46 -46 -49
Other Financing Activities, Net		 -11 0.49 -4.27 -0.14 -0.76 -1.77 -1.16 0.46 -3.03 0.96 -15
Cash Interest Paid		 45 51 49 43 44 51 50 52 55 52 56

Annual Balance Sheets for Macerich

This table presents Macerich's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 11,236 9,958 9,606 9,027 8,854 9,184 8,346 8,094 7,514 8,567 8,369
Cash and Due from Banks		 87 94 91 103 100 465 112 100 95 90 280
Restricted Cash		 41 50 52 47 14 17 55 81 95 88 93
Trading Account Securities		 1,533 1,774 1,710 1,493 1,520 1,341 1,318 1,224 853 655 707
Loans and Leases, Net of Allowance		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Customer and Other Receivables		 84 68 82 85 6.16 1.61 0.00 3.30 4.76 1.84 2.45
Premises and Equipment, Net		 8,797 7,357 7,109 6,786 6,644 6,695 6,284 6,128 5,900 7,097 6,688
Deferred Acquisition Cost		 564 478 449 390 278 307 255 247 263 370 343
Other Assets		 130 137 113 123 292 358 322 310 302 266 255
Total Liabilities & Shareholders' Equity		 11,236 9,958 9,606 9,027 8,854 9,184 8,346 8,094 7,514 8,567 8,369
Total Liabilities		 6,164 5,531 5,638 5,838 6,023 6,739 5,170 5,145 4,986 5,725 5,842
Long-Term Debt		 5,261 4,966 5,170 5,361 5,484 6,173 4,647 4,547 4,328 4,993 5,069
Other Long-Term Liabilities		 491 504 409 418 488 497 463 598 594 732 773
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 5,071 4,427 3,968 3,188 2,831 2,445 3,176 2,949 2,528 2,842 2,527
Total Preferred & Common Equity		 4,715 4,106 3,682 2,950 2,632 2,257 3,047 2,866 2,447 2,756 2,449
Total Common Equity		 4,715 4,106 3,682 2,950 2,632 2,257 3,047 2,866 2,447 2,756 2,449
Common Stock		 4,928 4,595 4,512 4,569 4,585 4,605 5,491 5,508 5,512 6,163 6,227
Retained Earnings		 -213 -489 -830 -1,614 -1,944 -2,340 -2,444 -2,643 -3,064 -3,407 -3,778
Accumulated Other Comprehensive Income / (Loss)		 - 0.00 -0.04 -4.47 -9.05 -8.21 -0.02 0.63 -0.95 -0.03 -0.01
Noncontrolling Interest		 356 321 286 238 199 188 129 84 81 86 78

Quarterly Balance Sheets for Macerich

This table presents Macerich's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 9/30/2022 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026
Total Assets		 8,069 7,918 7,895 7,588 7,363 7,778 7,590 8,680 8,729 8,424 8,192
Cash and Due from Banks		 110 112 92 112 120 71 116 253 131 290 182
Restricted Cash		 55 94 92 96 105 111 114 91 94 90 89
Trading Account Securities		 1,204 1,089 1,034 919 786 916 775 729 719 727 700
Loans and Leases, Net of Allowance		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Premises and Equipment, Net		 6,165 6,092 6,140 5,950 5,839 6,139 6,060 7,021 7,165 6,731 6,666
Deferred Acquisition Cost		 226 238 245 232 250 284 279 346 373 342 319
Other Assets		 299 285 284 273 259 254 242 236 243 242 232
Total Liabilities & Shareholders' Equity		 8,069 7,918 7,895 7,588 7,363 7,778 7,590 8,680 8,729 8,424 8,192
Total Liabilities		 5,091 5,062 5,086 5,090 5,002 5,189 5,001 5,936 6,066 5,842 5,680
Other Short-Term Payables		 66 60 57 74 61 68 79 95 99 - 130
Long-Term Debt		 4,485 4,407 4,434 4,423 4,375 4,545 4,342 5,232 5,320 5,077 4,933
Other Long-Term Liabilities		 540 596 594 593 567 577 580 609 648 765 618
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 2,978 2,855 2,809 2,498 2,361 2,589 2,589 2,744 2,663 2,582 2,512
Total Preferred & Common Equity		 2,899 2,776 2,731 2,432 2,287 2,505 2,512 2,664 2,585 2,511 2,438
Total Common Equity		 2,899 2,776 2,731 2,432 2,287 2,505 2,512 2,664 2,585 2,511 2,438
Common Stock		 5,507 5,514 5,520 5,521 5,515 5,517 5,669 6,164 6,170 6,226 6,296
Retained Earnings		 -2,608 -2,739 -2,790 -3,089 -3,227 -3,012 -3,157 -3,501 -3,585 -3,715 -3,858
Accumulated Other Comprehensive Income / (Loss)		 0.01 0.75 1.10 0.56 -0.34 -0.03 -0.18 -0.01 -0.01 -0.01 -0.01
Noncontrolling Interest		 79 80 78 66 73 83 77 80 77 71 74

Annual Metrics And Ratios for Macerich

This table displays calculated financial ratios and metrics derived from Macerich's official financial filings.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Growth Metrics		 - - - - - - - - - - -
Profitability Metrics		 - - - - - - - - - - -
Valuation Ratios		 - - - - - - - - - - -
Leverage & Solvency		 - - - - - - - - - - -
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Efficiency Ratios		 - - - - - - - - - - -
Capital & Investment Metrics		 - - - - - - - - - - -
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $3.08 $3.52 $1.02 $0.42 $0.68 ($1.58) $0.07 ($0.31) ($1.28) ($0.88) ($0.78)
Adjusted Weighted Average Basic Shares Outstanding		 157.92M 146.60M 141.88M 141.14M 141.34M 146.23M 198.07M 215.03M 215.55M 221.85M 254.22M
Adjusted Diluted Earnings per Share		 $3.08 $3.52 $1.02 $0.42 $0.68 ($1.58) $0.07 ($0.31) ($1.28) ($0.88) ($0.78)
Adjusted Weighted Average Diluted Shares Outstanding		 158.06M 146.71M 141.91M 141.14M 141.34M 146.23M 198.07M 215.03M 215.55M 221.85M 254.22M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 149.15M 143.90M 140.85M 141.16M 141.30M 154.77M 214.52M 215.03M 215.72M 252.50M 256.67M
Debt Service Ratios		 - - - - - - - - - - -
Payout Ratios		 - - - - - - - - - - -

Quarterly Metrics And Ratios for Macerich

This table displays calculated financial ratios and metrics derived from Macerich's official financial filings.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 - - - - - - - - - - 256,670,747.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - - 256,670,747.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - - -0.14
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 3.84% 18.52% -9.60% 10.32% -0.94% -5.44% 11.88% 0.50% 8.76% - -3.39%
EBITDA Growth		 12.33% 51.37% -25.12% 24.62% -4.14% -21.43% 18.47% -7.98% 15.55% - -23.00%
EBIT Growth		 76.50% 360.37% -240.40% 229.72% -275.16% -72.49% -147.57% -366.44% -113.07% - 1.83%
NOPAT Growth		 76.50% 356.26% -180.35% 279.39% -275.16% -71.31% -147.57% -292.67% -113.07% - 1.83%
Net Income Growth		 -1,914.26% 1,818.76% -125.88% 1,942.98% 58.78% -430.42% 61.08% -115.65% 19.72% - 27.88%
EPS Growth		 -1,642.86% 0.00% -118.52% 1,757.14% 59.02% -439.29% 66.10% -113.79% 32.00% - 30.00%
Operating Cash Flow Growth		 -36.66% -5.98% -24.32% 16.28% -6.84% 11.12% 44.84% 4.58% 12.34% - -12.56%
Free Cash Flow Firm Growth		 24.68% 105.66% 14.94% -68.47% -103.05% -237.57% -343.24% -834.07% -4,393.35% - 139.95%
Invested Capital Growth		 -7.26% -8.54% -7.25% -1.52% 0.15% 14.29% 18.42% 11.91% 10.49% - -6.67%
Revenue Q/Q Growth		 4.24% 28.42% -57.87% 10.81% -6.40% 22.59% -12.01% -0.46% 1.29% - -14.02%
EBITDA Q/Q Growth		 8.34% 81.63% -52.05% 32.06% -16.66% 48.87% -27.70% 2.58% 4.66% - -36.72%
EBIT Q/Q Growth		 62.12% 2,583.82% -120.24% 168.11% -209.55% 282.15% -282.16% 26.70% 12.39% - -286.95%
NOPAT Q/Q Growth		 62.12% 3,688.05% -114.01% 194.19% -179.22% 374.43% -220.91% 26.70% 12.39% - -286.95%
Net Income Q/Q Growth		 -1,787.86% 124.44% -297.76% 301.98% -142.22% -95.92% 76.71% 18.78% -116.63% - -100.87%
EPS Q/Q Growth		 -1,642.86% 122.95% -310.71% 296.61% -143.10% -90.00% 78.95% 20.00% -112.50% - -75.00%
Operating Cash Flow Q/Q Growth		 85.20% -54.02% 23.72% 10.37% 48.37% -45.15% 61.27% -20.31% 59.38% - 54.13%
Free Cash Flow Firm Q/Q Growth		 44.65% 29.48% -25.88% -77.29% -113.99% -5,742.01% -31.05% 31.46% 14.37% - 117.53%
Invested Capital Q/Q Growth		 -4.45% -0.94% -1.76% 5.91% -2.83% 13.04% 1.80% 0.08% -4.06% - -1.99%
Profitability Metrics		 - - - - - - - - - - -
EBITDA Margin		 41.18% 58.25% 37.56% 44.76% 39.85% 48.40% 39.77% 40.98% 42.35% - 29.60%
EBIT Margin		 -1.34% 25.89% -7.05% 4.33% -5.07% 7.53% -15.59% -11.48% -9.93% - -20.98%
Profit (Net Income) Margin		 -154.56% 29.41% -78.21% 142.57% -64.31% -102.78% -27.21% -22.20% -47.47% - -21.20%
Tax Burden Percent		 11,548.41% 113.63% 1,110.09% 3,291.99% 1,268.79% -1,364.69% 174.49% 193.34% 478.06% - 101.05%
Interest Burden Percent		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% - 100.00%
Effective Tax Rate		 0.00% -1.12% 0.00% 3.20% 0.00% -5.46% 0.00% 0.00% 0.00% - 0.00%
Return on Invested Capital (ROIC)		 -0.12% 2.76% -0.64% 0.54% -0.48% 0.80% -1.13% -0.81% -0.74% - -1.45%
ROIC Less NNEP Spread (ROIC-NNEP)		 -6.19% 2.92% -3.45% 6.28% -2.89% -4.27% -1.77% -1.35% -2.37% - -1.67%
Return on Net Nonoperating Assets (RNNOA)		 -10.07% 4.74% -5.80% 10.45% -4.98% -7.42% -3.33% -2.53% -4.32% - -3.23%
Return on Equity (ROE)		 -10.19% 7.50% -6.45% 10.99% -5.46% -6.62% -4.46% -3.35% -5.06% - -4.68%
Cash Return on Invested Capital (CROIC)		 7.71% 9.75% 8.07% 2.26% 0.53% -13.27% -17.00% -11.64% -10.48% - 6.18%
Operating Return on Assets (OROA)		 -0.16% 2.51% -0.84% 0.51% -0.62% 0.70% -1.48% -1.06% -0.97% - -1.89%
Return on Assets (ROA)		 -18.52% 2.85% -9.33% 16.90% -7.86% -9.49% -2.59% -2.05% -4.62% - -1.91%
Return on Common Equity (ROCE)		 -9.92% 7.27% -6.26% 10.66% -5.30% -6.41% -4.33% -3.24% -4.92% - -4.55%
Return on Equity Simple (ROE_SIMPLE)		 -14.02% 0.00% -15.36% -2.85% 3.52% 0.00% -4.41% -16.42% -16.02% - -7.66%
Net Operating Profit after Tax (NOPAT)		 -1.65 59 -8.29 7.81 -6.18 17 -21 -15 -13 - -26
NOPAT Margin		 -0.94% 26.18% -4.93% 4.19% -3.55% 7.94% -10.91% -8.04% -6.95% - -14.68%
Net Nonoperating Expense Percent (NNEP)		 6.07% -0.16% 2.81% -5.74% 2.42% 5.08% 0.64% 0.54% 1.63% - 0.22%
SG&A Expenses to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 56.35% 54.35% 0.00% - 0.00%
Operating Expenses to Revenue		 101.34% 74.11% 107.05% 95.67% 105.07% 92.47% 115.59% 111.48% 109.93% - 120.98%
Earnings before Interest and Taxes (EBIT)		 -2.36 58 -12 8.07 -8.84 16 -29 -21 -19 - -37
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 72 132 63 83 69 103 75 77 80 - 52
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.91 1.30 1.59 1.31 1.56 1.63 1.63 1.58 1.83 - 1.99
Price to Tangible Book Value (P/TBV)		 0.91 1.30 1.59 1.31 1.56 1.63 1.63 1.58 1.83 - 1.99
Price to Revenue (P/Rev)		 2.36 4.22 3.98 3.54 4.21 6.05 5.69 5.36 5.91 - 6.37
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 49.28 0.00 0.00 0.00 0.00 - 0.00
Dividend Yield		 6.60% 4.59% 4.04% 4.46% 3.76% 3.41% 3.96% 4.20% 3.74% - 3.60%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 2.03% 0.00% 0.00% 0.00% 0.00% - 0.00%
Enterprise Value to Invested Capital (EV/IC)		 0.94 1.08 1.17 1.09 1.17 1.20 1.17 1.16 1.22 - 1.29
Enterprise Value to Revenue (EV/Rev)		 6.93 9.79 8.61 8.33 8.73 12.66 12.21 12.13 12.03 - 12.60
Enterprise Value to EBITDA (EV/EBITDA)		 20.92 20.86 23.51 22.08 23.29 29.41 28.11 28.55 27.95 - 32.19
Enterprise Value to EBIT (EV/EBIT)		 517.08 126.98 206.24 147.80 176.45 2,697.82 0.00 0.00 0.00 - 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 513.12 125.91 207.13 147.95 172.41 1,964.41 0.00 0.00 0.00 - 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 21.76 25.08 28.47 27.13 29.13 33.14 29.93 29.50 28.71 - 30.88
Enterprise Value to Free Cash Flow (EV/FCFF)		 11.72 10.60 13.91 47.69 220.79 0.00 0.00 0.00 0.00 - 20.11
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 1.77 1.71 1.85 1.76 1.68 1.76 1.91 2.00 1.97 - 1.96
Long-Term Debt to Equity		 1.77 1.71 1.85 1.76 1.68 1.76 1.91 2.00 1.97 - 1.96
Financial Leverage		 1.63 1.62 1.68 1.66 1.72 1.74 1.88 1.88 1.82 - 1.93
Leverage Ratio		 2.86 2.85 2.93 2.90 2.98 2.99 3.14 3.14 3.10 - 3.21
Compound Leverage Factor		 2.86 2.85 2.93 2.90 2.98 2.99 3.14 3.14 3.10 - 3.21
Debt to Total Capital		 63.90% 63.13% 64.95% 63.71% 62.65% 63.72% 65.60% 66.64% 66.29% - 66.26%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Long-Term Debt to Total Capital		 63.90% 63.13% 64.95% 63.71% 62.65% 63.72% 65.60% 66.64% 66.29% - 66.26%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Noncontrolling Interests to Total Capital		 0.95% 1.18% 1.09% 1.17% 1.12% 1.10% 1.01% 0.97% 0.92% - 0.99%
Common Equity to Total Capital		 35.15% 35.69% 33.96% 35.12% 36.24% 35.18% 33.39% 32.39% 32.79% - 32.75%
Debt to EBITDA		 14.24 12.18 13.09 12.96 12.49 15.63 15.81 16.40 15.15 - 16.56
Net Debt to EBITDA		 13.57 11.65 12.42 12.45 11.83 15.08 14.77 15.71 14.01 - 15.66
Long-Term Debt to EBITDA		 14.24 12.18 13.09 12.96 12.49 15.63 15.81 16.40 15.15 - 16.56
Debt to NOPAT		 349.20 73.55 115.37 86.88 92.47 1,044.09 -534.20 -174.53 -135.48 - -89.90
Net Debt to NOPAT		 332.77 70.31 109.44 83.40 87.57 1,006.98 -499.03 -167.14 -125.32 - -84.96
Long-Term Debt to NOPAT		 349.20 73.55 115.37 86.88 92.47 1,044.09 -534.20 -174.53 -135.48 - -89.90
Noncontrolling Interest Sharing Ratio		 2.64% 3.00% 2.93% 2.98% 2.82% 3.10% 3.01% 3.06% 2.86% - 2.93%
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 540 700 519 118 -16 -963 -1,261 -864 -740 - 506
Operating Cash Flow to CapEx		 566.62% 188.03% 231.25% 282.23% 356.93% 177.15% 257.57% 275.46% 726.27% - 255.36%
Free Cash Flow to Firm to Interest Expense		 10.12 27.53 9.94 2.96 -0.29 -13.57 -18.26 -12.02 -10.18 - 7.50
Operating Cash Flow to Interest Expense		 2.01 1.94 1.17 1.70 1.75 0.77 1.28 0.98 1.55 - 1.15
Operating Cash Flow Less CapEx to Interest Expense		 1.66 0.91 0.66 1.09 1.26 0.34 0.78 0.62 1.33 - 0.70
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.12 0.10 0.12 0.12 0.12 0.09 0.10 0.09 0.10 - 0.09
Fixed Asset Turnover		 0.15 0.13 0.15 0.15 0.15 0.11 0.12 0.11 0.12 - 0.11
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 6,921 6,856 6,735 7,133 6,931 7,835 7,976 7,983 7,658 - 7,444
Invested Capital Turnover		 0.13 0.11 0.13 0.13 0.13 0.10 0.10 0.10 0.11 - 0.10
Increase / (Decrease) in Invested Capital		 -542 -640 -527 -110 10 979 1,241 849 727 - -532
Enterprise Value (EV)		 6,499 7,410 7,854 7,739 8,096 9,394 9,303 9,260 9,367 - 9,587
Market Capitalization		 2,218 3,191 3,631 3,293 3,906 4,493 4,335 4,088 4,600 - 4,851
Book Value per Share		 $11.30 $11.36 $10.59 $11.61 $11.63 $12.22 $10.55 $10.23 $9.93 - $9.50
Tangible Book Value per Share		 $11.30 $11.36 $10.59 $11.61 $11.63 $12.22 $10.55 $10.23 $9.93 - $9.50
Total Capital		 6,921 6,856 6,735 7,133 6,931 7,835 7,976 7,983 7,658 - 7,444
Total Debt		 4,423 4,328 4,375 4,545 4,342 4,993 5,232 5,320 5,077 - 4,933
Total Long-Term Debt		 4,423 4,328 4,375 4,545 4,342 4,993 5,232 5,320 5,077 - 4,933
Net Debt		 4,215 4,138 4,150 4,363 4,112 4,815 4,888 5,095 4,696 - 4,662
Capital Expenditures (CapEx)		 19 26 26 24 28 31 34 26 15 - 30
Net Nonoperating Expense (NNE)		 270 -7.32 123 -258 106 237 31 27 77 - 11
Net Nonoperating Obligations (NNO)		 4,423 4,328 4,375 4,545 4,342 4,993 5,232 5,320 5,077 - 4,933
Total Depreciation and Amortization (D&A)		 75 73 75 75 78 87 104 98 99 - 88
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($1.22) $0.28 ($0.59) $1.16 ($0.50) ($0.95) ($0.20) ($0.16) ($0.34) ($0.08) ($0.14)
Adjusted Weighted Average Basic Shares Outstanding		 215.63M 215.55M 216.04M 216.18M 218.42M 221.85M 252.99M 253.09M 254.13M 254.22M 258.03M
Adjusted Diluted Earnings per Share		 ($1.22) $0.28 ($0.59) $1.16 ($0.50) ($0.95) ($0.20) ($0.16) ($0.34) ($0.08) ($0.14)
Adjusted Weighted Average Diluted Shares Outstanding		 215.63M 215.55M 216.04M 216.18M 218.42M 221.85M 252.99M 253.09M 254.13M 254.22M 258.03M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 215.45M 215.72M 215.75M 215.99M 225.53M 252.50M 252.65M 252.75M 256.12M 256.67M 261.38M
Normalized Net Operating Profit after Tax (NOPAT)		 -1.65 41 -8.29 7.81 -6.18 11 -21 -15 -13 - -26
Normalized NOPAT Margin		 -0.94% 18.12% -4.93% 4.19% -3.55% 5.27% -10.91% -8.04% -6.95% - -14.68%
Pre Tax Income Margin		 -1.34% 25.89% -7.05% 4.33% -5.07% 7.53% -15.59% -11.48% -9.93% - -20.98%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 -0.04 2.30 -0.23 0.20 -0.15 0.23 -0.42 -0.30 -0.26 - -0.54
NOPAT to Interest Expense		 -0.03 2.33 -0.16 0.20 -0.11 0.24 -0.30 -0.21 -0.18 - -0.38
EBIT Less CapEx to Interest Expense		 -0.40 1.27 -0.73 -0.40 -0.65 -0.21 -0.92 -0.65 -0.47 - -0.99
NOPAT Less CapEx to Interest Expense		 -0.39 1.29 -0.67 -0.40 -0.60 -0.20 -0.79 -0.57 -0.39 - -0.83
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 -46.81% -57.28% -44.59% -221.67% 180.08% -81.60% -146.99% -41.76% -45.55% - -100.00%
Augmented Payout Ratio		 -46.81% -57.28% -44.59% -221.67% 180.08% -81.60% -146.99% -41.76% -45.55% - -100.00%

Financials Breakdown Chart

Key Financial Trends

Here is a concise, investor‑focused read on MAC (MACERICH CO) using the last four years of quarterly statements, focusing on the latest 2025 quarters. The theme is ongoing profitability pressure, but with some cash and liquidity management signals.

  • Net cash from continuing operating activities was positive in every 2025 quarter, including $112,390,000 in Q3 2025, $50,204,000 in Q4 2025, $70,519,000 in Q2 2025, and $88,491,000 in Q1 2025.
  • Long‑term debt decreased from about $5,324,048,000 in Q2 2025 to about $5,076,908,000 in Q3 2025, a deleveraging signal within the period.
  • MAC issued debt totaling about $159,100,000 in both Q2 2025 and Q3 2025, expanding liquidity options despite continued debt service needs.
  • Total revenue remained relatively stable in 2025, with roughly $187.2M–$202.4M each quarter (Q2: $187.2M; Q3: $189.6M; Q4: $202.4M), indicating a steady topline despite bottom‑line losses.
  • Total assets stayed robust and within a narrow band (Q2 2025: about $8.73B, Q3 2025: about $8.42B, Q1 2025: about $8.68B), suggesting a stable balance sheet size.
  • Cash dividends per share were consistently $0.17 across 2025 quarters, reflecting ongoing shareholder return activity without a clear cash flow impact signal beyond standard outflowing cash.
  • Net income remained in the red across 2025: Q1 net income of about −$51.153M, Q2 about −$41.545M, Q3 about −$89.995M, and Q4 about −$18.366M for continuing operations, underscoring ongoing profitability pressure.
  • Net change in cash and equivalents turned negative in Q4 2025 (−$7.64M), signaling a quarterly cash outflow despite positive operating cash flow in earlier quarters.
  • Net cash from financing activities was negative around $50.7M in both Q3 2025 and Q4 2025, reflecting ongoing debt service and dividend outlays that offset operating cash gains.
  • Investing activities consumed cash in several 2025 quarters (for example, net cash from continuing investing activities: Q1 −$83.04M, Q2 −$7.17M, Q3 −$3.51M, Q4 −$7.17M), highlighting ongoing capital expenditures and investment outflows alongside a heavy asset base.
05/14/26 05:21 AM ETAI Generated. May Contain Errors.

Macerich Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Macerich's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Macerich's net income appears to be on a downward trend, with a most recent value of -$201.06 million in 2025, falling from $522.91 million in 2015. The previous period was -$197.67 million in 2024. See Macerich's forecast for analyst expectations on what's next for the company.

Over the last 10 years, Macerich's total revenue changed from $1.08 billion in 2015 to $767.16 million in 2025, a change of -28.7%.

Macerich's total liabilities were at $5.84 billion at the end of 2025, a 2.0% increase from 2024, and a 5.2% decrease since 2015.

In the past 10 years, Macerich's cash and equivalents has ranged from $86.51 million in 2015 to $465.30 million in 2020, and is currently $280.25 million as of their latest financial filing in 2025.


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Financial statements for NYSE:MAC last updated on 5/8/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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