The Macerich Company (MAC) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 6, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 5, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the MAC SEC filings page.
The Macerich Company (MAC) reported $1.0B in revenue over the twelve months to Jun 30, 2026, up 1.3% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 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).
Positive operating cash generation coexists with recurring losses and rising debt reliance, revealing an asset-intensive business financed increasingly through leverage.
Cash conversion differs sharply from reported earnings: FY2025 included a net loss of$197M but operating cash flow of$322M , with depreciation and amortization of$368M helping explain the gap. Operating cash flow stayed positive across every reported year despite losses in four of them, suggesting noncash property charges materially shape profitability rather than indicating that accounting earnings and cash generation move together.
Leverage has increased structurally: debt-to-equity rose from 1.5x in FY2021 to 2.1x in FY2025, making the balance sheet more dependent on borrowed capital. FY2025 liabilities of
Top-line expansion has not been fully owner-friendly: revenue reached
Financial Health Signals
Scored against REITs for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of The Macerich Company's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
FFO Margin measures funds from operations against revenue, and funds from operations is net income with property depreciation added back, since a building written down a little further every year on paper is often worth more rather than less. The Macerich Company scores 67/100 on it among other REITs.
FFO Growth follows the three-year path of funds from operations, which is net income with property depreciation added back. The Macerich Company scores 78/100 on it among other REITs.
Not available for The Macerich Company, and counted as zero in the overall score.
Not available for The Macerich Company, and counted as zero in the overall score.
AFFO Margin takes funds from operations, subtracts the spending a REIT needs just to keep its properties in working order, and measures what is left against revenue. The Macerich Company scores 70/100 on it among other REITs.
Dividend coverage measures funds from operations against the dividends actually paid, and a figure above 1 means the payout came out of operations. The Macerich Company scores 84/100 on it among other REITs.
The Macerich Company passes 3 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.
The Macerich Company reported a net loss of $197.1M while generating $321.6M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal.
Key Financial Metrics
Earnings & Revenue
The Macerich Company generated $249.7M in revenue in Q2 2026. That is unchanged from the same quarter a year earlier. Against the prior quarter it is up 3.4%.
The Macerich Company reported -$27.1M in net income in Q2 2026. This represents an increase of 33.8% from the same quarter a year earlier. Against the prior quarter it is up 25.5%.
The Macerich Company earned -$0.10 per diluted share (EPS) in Q2 2026. This represents an increase of 37.5% from the same quarter a year earlier. Against the prior quarter it is up 28.6%.
Not reported for Q2 2026.
Cash & Balance Sheet
The Macerich Company held $227.0M in cash against $4.8B in long-term debt as of Q2 2026.
The Macerich Company paid $0.17 per share in dividends in Q2 2026. That is unchanged from the same quarter a year earlier. It is unchanged from the prior quarter.
Not reported for Q2 2026.
Margins & Returns
The Macerich Company's net profit margin was -10.8% in Q2 2026, showing the share of revenue converted to profit. This is up 5.5 percentage points from the same quarter a year earlier. Against the prior quarter it is up 4.2 percentage points.
The Macerich Company's ROE was -1.0% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is up 0.6 percentage points from the same quarter a year earlier. Against the prior quarter it is up 0.5 percentage points.
Not reported for Q2 2026.
Not reported for Q2 2026.
Capital Allocation
None of these metrics is reported for Q2 2026.
MAC Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $249.7M0.0% | $241.5M-3.1% | $261.7M-4.4% | $253.3M+15.0% | $249.8M+15.9% | $249.2M+19.4% | $273.7M+14.7% | $220.2M+0.9% |
| SG&A Expenses | $9.5M+21.7% | $8.0M+5.4% | $9.2M+22.7% | $6.9M+15.3% | $7.8M+11.5% | $7.6M-0.4% | $7.5M-0.7% | $6.0M+1.7% |
| Interest Expense | -$66.0M+8.2% | -$67.5M+2.3% | -$69.8M+1.5% | -$72.7M-27.3% | -$71.9M-80.9% | -$69.1M-32.4% | -$70.9M+32.0% | -$57.1M-7.0% |
| Income Tax | $495K+363.3% | -$2.6M-221.3% | -$473K+46.2% | -$710K-230.3% | -$188K-172.9% | -$822K+32.8% | -$879K-34.2% | $545K-67.4% |
| Net Income | -$27.1M+33.8% | -$36.4M+27.5% | -$18.7M+91.2% | -$87.4M+19.3% | -$40.9M-116.2% | -$50.1M+60.4% | -$212.1M-441.3% | -$108.2M+58.8% |
| EPS (Basic) | -$0.10+37.5% | -$0.14+30.0% | -$0.07+92.7% | -$0.34+32.0% | -$0.16-113.8% | -$0.20+66.1% | -$0.96-442.9% | -$0.50+59.0% |
| EPS (Diluted) | -$0.10+37.5% | -$0.14+30.0% | -$0.07+92.7% | -$0.34+32.0% | -$0.16-113.8% | -$0.20+66.1% | -$0.96-442.9% | -$0.50+59.0% |
| Diluted Shares (Avg) | 274M+8.2% | 258M+2.0% | N/A | 254M+16.3% | 253M+17.1% | 253M+17.1% | N/A | 218M+1.3% |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses, Operating Income, EBITDA.
MAC Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $8.5B-2.4% | $8.2B-5.6% | $8.4B-2.3% | $8.4B+11.0% | $8.7B+12.2% | $8.7B+17.9% | $8.6B+14.0% | $7.6B0.0% |
| Cash & Equivalents | $227.0M+73.2% | $182.0M-28.1% | $280.2M+211.9% | $290.2M+149.1% | $131.1M+85.4% | $253.2M+110.9% | $89.9M-5.3% | $116.5M+4.2% |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $5.6B-7.4% | $5.7B-4.3% | $5.8B+2.0% | $5.8B+16.8% | $6.1B+16.9% | $5.9B+18.7% | $5.7B+14.8% | $5.0B-1.7% |
| Long-Term Debt | $4.8B-7.3% | $4.9B-7.3% | $5.1B+3.6% | $5.1B+16.9% | $5.2B+19.6% | $5.2B+27.7% | $4.9B+18.3% | $4.3B+4.2% |
| Total Equity | $2.8B+9.4% | $2.4B-8.5% | $2.4B-11.2% | $2.5B0.0% | $2.6B+3.2% | $2.7B+16.5% | $2.8B+12.6% | $2.5B+3.3% |
| Retained Earnings | -$3.9B-9.7% | -$3.9B-10.2% | -$3.8B-10.9% | -$3.7B-17.7% | -$3.6B-19.0% | -$3.5B-8.5% | -$3.4B-11.2% | -$3.2B-2.2% |
Not reported in any period shown, so not listed: Current Assets, Inventory, Accounts Receivable, Goodwill, Current Liabilities, Non-Current Liabilities.
MAC Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $66.9M-5.2% | $77.4M-12.6% | $50.2M-8.5% | $112.4M+12.3% | $70.5M+4.6% | $88.5M+44.8% | $54.9M+11.1% | $100.0M-6.8% |
| Depreciation & Amortization | $86.2M-2.6% | $86.0M-9.7% | $87.7M+4.2% | $90.9M+24.0% | $88.5M+23.5% | $95.2M+33.4% | $84.2M+15.8% | $73.3M+3.6% |
| Stock-Based Compensation | $6.8M+32.1% | $5.9M+84.1% | N/A | $4.9M+26.6% | $5.1M+114.4% | $3.2M+17.4% | N/A | $3.8M+218.3% |
| Investing Cash Flow | -$338.1M-46.0% | -$54.7M+34.1% | -$7.2M-119.3% | -$3.5M-105.3% | -$231.6M-310.9% | -$83.0M-207.8% | $37.2M+83.7% | $66.0M+348.0% |
| Financing Cash Flow | $311.4M+640.2% | -$124.9M-177.3% | -$50.7M+64.9% | $46.2M+139.3% | $42.1M+177.2% | $161.6M+24124.6% | -$144.5M-65.3% | -$117.7M-104.8% |
| Dividends Paid | $51.8M+13.3% | $49.0M-2.8% | $46.2M+12.0% | $45.9M+15.1% | $45.7M+11.5% | $50.4M+28.7% | $41.2M+5.3% | $39.8M+2.2% |
Not reported in any period shown, so not listed: Capital Expenditures, Free Cash Flow, Share Buybacks.
MAC Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Net Margin | -10.8%+5.5pp | -15.0%+5.1pp | -7.1%+70.3pp | -34.5%+14.6pp | -16.4% | -20.1%+40.6pp | -77.5%-103.5pp | -49.1% |
| Return on Equity | -1.0%+0.6pp | -1.5%+0.4pp | -0.8%+6.9pp | -3.5%+0.8pp | -1.6%-11.6pp | -1.9%+3.7pp | -7.7%-10.2pp | -4.3%+6.5pp |
| Return on Assets | -0.3%+0.1pp | -0.4%+0.1pp | -0.2%+2.3pp | -1.0%+0.4pp | -0.5%-3.7pp | -0.6%+1.1pp | -2.5%-3.3pp | -1.4%+2.0pp |
| Debt-to-Equity | 1.71-0.3x | 1.990.0x | 2.07+0.3x | 2.02+0.3x | 2.02+0.3x | 1.96+0.2x | 1.78+0.1x | 1.730.0x |
| Asset Turnover | 0.030.0x | 0.030.0x | 0.030.0x | 0.030.0x | 0.030.0x | 0.030.0x | 0.030.0x | 0.030.0x |
Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Current Ratio, FCF Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| The Macerich Company MAC | FY2025 | $1.0B | -$197.1M | -19.4% | $6.8B | 50/100 |
| Phillips Edison & Company, Inc. PECO | FY2025 | $726.6M | $111.3M | 15.3% | $4.8B | 48/100 |
| Kite Realty Group Trust KRG | FY2025 | $844.4M | $298.7M | 35.4% | $4.8B | 41/100 |
| Essential Properties Realty Trust, Inc. EPRT | FY2025 | $561.2M | $253.0M | 45.1% | $5.5B | 79/100 |
| UBRAN EDGE PROPERTIES UE | FY2025 | $471.9M | $93.5M | 19.8% | $2.5B | 47/100 |
Where The Macerich Company Ranks
Frequently Asked Questions
What is The Macerich Company's annual revenue?
The Macerich Company (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 The Macerich Company's revenue growing?
The Macerich Company (MAC) revenue grew by 10.4% year-over-year, from $918.2M to $1.0B in fiscal year 2025.
Is The Macerich Company profitable?
No, The Macerich Company (MAC) reported a net income of -$197.1M in fiscal year 2025, with a net profit margin of -19.4%.
How much debt does The Macerich Company have?
As of fiscal year 2025, The Macerich Company (MAC) had $280.2M in cash and equivalents against $5.1B in long-term debt.
What is The Macerich Company's net profit margin?
The Macerich Company (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 The Macerich Company pay dividends?
Yes, The Macerich Company (MAC) paid $0.68 per share in dividends during fiscal year 2025.
What is The Macerich Company's return on equity (ROE)?
The Macerich Company (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 The Macerich Company's operating cash flow?
The Macerich Company (MAC) generated $321.6M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are The Macerich Company's total assets?
The Macerich Company (MAC) had $8.4B in total assets as of fiscal year 2025, including both current and long-term assets.
What is The Macerich Company's debt-to-equity ratio?
The Macerich Company (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 The Macerich Company's return on assets (ROA)?
The Macerich Company (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 The Macerich Company's P/E ratio?
The Macerich Company (MAC) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (trailing 12 months to June 30, 2026). The market capitalization is $6.8B as of Oct 6, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is The Macerich Company's price-to-sales ratio?
The Macerich Company (MAC) trades at 6.7x sales, its market capitalization divided by revenue of $1.0B revenue, trailing 12 months to June 30, 2026. The market capitalization is $6.8B as of Oct 6, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is The Macerich Company's Piotroski F-Score?
The Macerich Company (MAC) has a Piotroski F-Score of 3 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are The Macerich Company's earnings high quality?
The Macerich Company (MAC) reported a net loss of $197.1M while generating $321.6M in operating cash flow. Operations generated cash despite the loss, but with no positive earnings behind it, the ratio between the two carries no quality signal. 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.
How financially healthy is The Macerich Company?
The Macerich Company (MAC) scores 50 out of 100 on our Financial Health Score, indicating moderate standing within its REITs peer group. The score is a 0-100 composite of six dimensions (FFO Margin, FFO Growth, Leverage, Interest Cov., AFFO Margin, Dividend Cov.), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.