What is Macerich's earnings per share (EPS)?

Macerich (MAC) reported diluted earnings per share of $-0.78 for fiscal year 2025. This represents a 11.4% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Macerich Financials

MAC

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Macerich (MAC) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 18 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Piotroski F-Score Weak

3/9

Macerich passes 3 of 9 financial strength tests. 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.

Earnings Quality Mixed

-1.63x

For every $1 of reported earnings, Macerich generates $-1.63 in operating cash flow ($321.6M OCF vs -$197.1M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

Key Financial Metrics

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Earnings & Revenue

Revenue

$1.0B

YoY+10.4%

5Y CAGR+5.2%

10Y CAGR-2.4%

Macerich generated $1.0B in revenue in fiscal year 2025. This represents an increase of 10.4% from the prior year.

EBITDA

N/A

Net Income

-$197.1M

YoY-1.6%

Macerich reported -$197.1M in net income in fiscal year 2025. This represents a decrease of 1.6% from the prior year.

EPS (Diluted)

$-0.78

YoY+11.4%

Macerich earned $-0.78 per diluted share (EPS) in fiscal year 2025. This represents an increase of 11.4% from the prior year.

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$280.2M

YoY+211.9%

5Y CAGR-9.6%

10Y CAGR+12.5%

Macerich held $280.2M in cash against $5.1B in long-term debt as of fiscal year 2025.

Dividends Per Share

$0.68

YoY+0.0%

5Y CAGR-15.2%

10Y CAGR-20.4%

Macerich paid $0.68 per share in dividends in fiscal year 2025. This represents an increase of 0.0% from the prior year.

Shares Outstanding

257M

YoY+1.6%

5Y CAGR+11.4%

10Y CAGR+5.2%

Macerich had 257M shares outstanding in fiscal year 2025. This represents an increase of 1.6% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

-19.4%

YoY+1.7pp

5Y CAGR+9.8pp

10Y CAGR-60.0pp

Macerich's net profit margin was -19.4% in fiscal year 2025, showing the share of revenue converted to profit. This is up 1.7 percentage points from the prior year.

Return on Equity

-8.1%

YoY-1.0pp

5Y CAGR+2.1pp

10Y CAGR-19.1pp

Macerich's ROE was -8.1% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 1.0 percentage points from the prior year.

Capital Allocation

R&D Spending

N/A

Share Buybacks

N/A

Capital Expenditures

N/A

MAC Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$1.0B+10.4%	$918.2M+3.9%	$884.1M+2.9%	$859.2M+1.4%	$847.4M+7.8%	$786.0M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$31.5M+12.1%	$28.1M-3.7%	$29.2M+7.6%	$27.2M-9.6%	$30.1M-0.9%	$30.3M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	-$283.5M-28.9%	-$220.0M-27.2%	-$172.9M-179.7%	$216.9M+12.5%	$192.7M+155.0%	$75.5M
Income Tax	-$2.2M-68.7%	-$1.3M-163.2%	-$494K-170.1%	$705K-89.9%	$6.9M+1654.4%	-$447K
Net Income	-$197.1M-1.6%	-$194.1M+29.2%	-$274.1M-314.8%	-$66.1M-563.2%	$14.3M+106.2%	-$230.2M
EPS (Diluted)	$-0.78+11.4%	$-0.88+31.3%	$-1.28-312.9%	$-0.31-542.9%	$0.07+104.4%	$-1.58

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Revenue	$261.7M+3.3%	$253.3M+1.4%	$249.8M+0.2%	$249.2M-8.9%	$273.7M+24.3%	$220.2M+2.2%	$215.5M+3.2%	$208.8M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$9.2M+32.8%	$6.9M-11.2%	$7.8M+2.4%	$7.6M+1.5%	$7.5M+24.7%	$6.0M-14.1%	$7.0M-8.5%	$7.6M
Operating Income	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Interest Expense	-$69.8M+3.9%	-$72.7M-1.1%	-$71.9M-4.1%	-$69.1M+2.6%	-$70.9M-24.2%	-$57.1M-43.6%	-$39.8M+23.8%	-$52.2M
Income Tax	-$473K+33.4%	-$710K-277.7%	-$188K+77.1%	-$822K+6.5%	-$879K-261.3%	$545K+111.2%	$258K+121.1%	-$1.2M
Net Income	-$18.8M+78.5%	-$87.4M-113.6%	-$40.9M+18.4%	-$50.1M+76.3%	-$211.2M-95.2%	-$108.2M-142.9%	$252.0M+298.9%	-$126.7M
EPS (Diluted)	N/A	$-0.34-112.5%	$-0.16+20.0%	$-0.20	N/A	$-0.50-143.1%	$1.16+296.6%	$-0.59

MAC Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$8.4B-2.3%	$8.6B+14.0%	$7.5B-7.2%	$8.1B-3.0%	$8.3B-9.1%	$9.2B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$280.2M+211.9%	$89.9M-5.3%	$94.9M-5.4%	$100.3M-10.8%	$112.5M-75.8%	$465.3M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$5.8B+2.0%	$5.7B+14.8%	$5.0B-3.1%	$5.1B-0.5%	$5.2B-23.3%	$6.7B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	$5.1B+3.6%	$4.9B+18.3%	$4.1B-2.5%	$4.2B-4.1%	$4.4B-3.0%	$4.6B
Total Equity	$2.4B-11.2%	$2.8B+12.6%	$2.4B-14.6%	$2.9B-5.9%	$3.0B+35.0%	$2.3B
Retained Earnings	-$3.8B-10.9%	-$3.4B-11.2%	-$3.1B-15.9%	-$2.6B-8.2%	-$2.4B-4.4%	-$2.3B

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Total Assets	$8.4B-0.7%	$8.4B-3.5%	$8.7B+0.6%	$8.7B+1.3%	$8.6B+12.9%	$7.6B-2.4%	$7.8B+5.6%	$7.4B
Current Assets	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cash & Equivalents	$280.2M-3.4%	$290.2M+121.3%	$131.1M-48.2%	$253.2M+181.8%	$89.9M-22.9%	$116.5M+64.8%	$70.7M-41.1%	$120.1M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$5.8B0.0%	$5.8B-3.7%	$6.1B+2.2%	$5.9B+3.7%	$5.7B+14.5%	$5.0B-3.6%	$5.2B+3.7%	$5.0B
Current Liabilities	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Long-Term Debt	$5.1B-0.2%	$5.1B-2.9%	$5.2B0.0%	$5.2B+6.9%	$4.9B+12.7%	$4.3B-0.7%	$4.4B+6.7%	$4.1B
Total Equity	$2.4B-2.5%	$2.5B-2.9%	$2.6B-2.9%	$2.7B-3.4%	$2.8B+9.7%	$2.5B+0.2%	$2.5B+9.5%	$2.3B
Retained Earnings	-$3.8B-1.7%	-$3.7B-3.6%	-$3.6B-2.4%	-$3.5B-2.8%	-$3.4B-7.9%	-$3.2B-4.8%	-$3.0B+6.7%	-$3.2B

MAC Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$321.6M+13.5%	$283.4M-4.1%	$295.5M-12.4%	$337.5M+17.9%	$286.4M+129.4%	$124.8M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	-$325.3M-1744.0%	$19.8M-62.3%	$52.5M+3847.6%	-$1.4M-100.6%	$235.0M+215.8%	-$202.8M
Financing Cash Flow	$199.2M+163.0%	-$316.1M+6.7%	-$338.9M-5.3%	-$321.9M+61.5%	-$837.0M-287.5%	$446.5M
Dividends Paid	$188.2M+16.7%	$161.3M+1.3%	$159.3M-14.5%	$186.3M+29.9%	$143.4M-20.2%	$179.9M
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Operating Cash Flow	$50.2M-55.3%	$112.4M+59.4%	$70.5M-20.3%	$88.5M+61.3%	$54.9M-45.2%	$100.0M+48.4%	$67.4M+10.4%	$61.1M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	-$7.2M-104.6%	-$3.5M+98.5%	-$231.6M-178.9%	-$83.0M-323.5%	$37.2M-43.7%	$66.0M+217.0%	-$56.4M-109.0%	-$27.0M
Financing Cash Flow	-$50.7M-209.6%	$46.2M+9.9%	$42.1M-74.0%	$161.6M+211.8%	-$144.5M-22.8%	-$117.7M-116.0%	-$54.5M-8268.4%	$667K
Dividends Paid	$46.2M+0.7%	$45.9M+0.3%	$45.7M-9.3%	$50.4M+22.4%	$41.2M+3.5%	$39.8M-2.9%	$41.0M+4.7%	$39.2M
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

MAC Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	-19.4%+1.7pp	-21.1%+9.9pp	-31.0%-23.3pp	-7.7%-9.4pp	1.7%+31.0pp	-29.3%
Return on Equity	-8.1%-1.0pp	-7.0%+4.2pp	-11.2%-8.9pp	-2.3%-2.8pp	0.5%+10.7pp	-10.2%
Return on Assets	-2.4%-0.1pp	-2.3%+1.4pp	-3.6%-2.8pp	-0.8%-1.0pp	0.2%+2.7pp	-2.5%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	2.07+0.3	1.78+0.1	1.69+0.2	1.48+0.0	1.45-0.6	2.02
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	-7.2%+27.3pp	-34.5%-18.1pp	-16.4%+3.7pp	-20.1%+57.1pp	-77.2%-28.1pp	-49.1%-166.1pp	116.9%+177.6pp	-60.7%
Return on Equity	-0.8%+2.7pp	-3.5%-1.9pp	-1.6%+0.3pp	-1.9%+5.8pp	-7.7%-3.4pp	-4.3%-14.4pp	10.1%+15.6pp	-5.5%
Return on Assets	-0.2%+0.8pp	-1.0%-0.6pp	-0.5%+0.1pp	-0.6%+1.9pp	-2.5%-1.0pp	-1.4%-4.7pp	3.2%+5.0pp	-1.7%
Current Ratio	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Debt-to-Equity	2.07+0.0	2.020.0	2.02+0.1	1.96+0.2	1.78+0.0	1.73-0.0	1.75-0.0	1.79
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

What is Macerich's annual revenue?

Macerich (MAC) reported $1.0B in total revenue for fiscal year 2025. This represents a 10.4% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Macerich's revenue growing?

Macerich (MAC) revenue grew by 10.4% year-over-year, from $918.2M to $1.0B in fiscal year 2025.

Is Macerich profitable?

No, Macerich (MAC) reported a net income of -$197.1M in fiscal year 2025, with a net profit margin of -19.4%.

How much debt does Macerich have?

As of fiscal year 2025, Macerich (MAC) had $280.2M in cash and equivalents against $5.1B in long-term debt.

What is Macerich's net profit margin?

Macerich (MAC) had a net profit margin of -19.4% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Does Macerich pay dividends?

Yes, Macerich (MAC) paid $0.68 per share in dividends during fiscal year 2025.

What is Macerich's return on equity (ROE)?

Macerich (MAC) has a return on equity of -8.1% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Macerich's operating cash flow?

Macerich (MAC) generated $321.6M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Macerich's total assets?

Macerich (MAC) had $8.4B in total assets as of fiscal year 2025, including both current and long-term assets.

How many shares does Macerich have outstanding?

Macerich (MAC) had 257M shares outstanding as of fiscal year 2025.

What is Macerich's debt-to-equity ratio?

Macerich (MAC) had a debt-to-equity ratio of 2.07 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Macerich's return on assets (ROA)?

Macerich (MAC) had a return on assets of -2.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Macerich's Piotroski F-Score?

Macerich (MAC) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Macerich's earnings high quality?

Macerich (MAC) has an earnings quality ratio of -1.63x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.