The Macerich Company (MAC) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	-$0.06	-$0.12	-100.0%	—	$249.7M	—
Q1 26	-$0.1	-$0.16	-60.0%	—	$241.5M	—
Q4 25	$0.01	$0.03	+200.0%	—	$261.7M	—
Q3 25	-$0.1	-$0.16	-60.0%	—	$253.3M	—
Q2 25	-$0.09	-$0.12	-33.3%	—	$249.8M	—
Q1 25	-$0.11	-$0.14	-27.3%	—	$249.2M	—
Q4 24	$0.01	$0.03	+200.0%	—	$273.7M	—
Q3 24	-$0.12	-$0.42	-250.0%	—	$220.2M	—
Q2 24	-$0.09	-$0.34	-277.8%	—	$215.5M	—
Q1 24	-$0.13	-$0.4	-207.7%	—	$208.8M	—
Q4 23	$0.01	$0.27	+2600.0%	—	$238.7M	—
Q3 23	-$0.08	-$0.53	-562.5%	—	$218.2M	—
Q2 23	-$0.08	-$0.12	-50.0%	—	$212.4M	—
Q1 23	-$0.04	-$0.29	-625.0%	—	$214.9M	—
Q4 22	$0.03	$0.01	-66.7%	—	$228.2M	—
Q3 22	-$0.04	-$0.08	-100.0%	—	$210.7M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	-$0.78	—	—	—	—
FY24	—	-$0.88	—	—	$918.2M	—
FY23	—	-$1.28	—	—	$884.1M	—
FY22	—	-$0.31	—	—	$859.2M

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$1B	$993.7M	$960.4M	$927.5M	$786M	$847.4M	$859.2M	$884.1M	$918.2M	—
YoY change	-19.2%	-4.57%	-3.35%	-3.42%	-15.2%	+7.81%	+1.38%	+2.9%	+3.86%	—

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	1B	993.7M	960.4M	927.5M	786M	847.4M	859.2M	884.1M	918.2M	—
Cost of revenue	405.9M	395.3M	381M	368M	348M	380.9M	390.4M	394.9M	430.3M	457.6M
Gross profit	635.3M	598.4M	579.3M	559.5M	438M	466.6M	468.8M	489.2M	487.9M	556.4M
Gross margin	61%	60.2%	60.3%	60.3%	55.7%	55.1%	54.6%	55.3%	53.1%	—
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	28.2M	28.2M	24.2M	22.6M	30.3M	30.1M	27.2M	29.2M	28.1M	31.5M
Operating expenses	28.2M	28.2M	43.5M	22.6M	30.3M	30.1M	27.2M	29.2M	28.1M	31.5M
Operating income	258.6M	234.7M	208.4M	206.1M	88.1M	125.4M	150M	177.6M	165M	167.8M
Operating margin	24.8%	23.6%	21.7%	22.2%	11.2%	14.8%	17.5%	20.1%	18%	—
Non-operating income, net	460.6M	114.4M	39.9M	36.2M	-258.4M	90.4M	2.4M	-283.3M	-144M	-87.5M
Pretax income	555.6M	177.3M	65.4M	104.1M	-245.9M	23.1M	-64.4M	-278.6M	-199M	-203.3M
Income tax	722K	15.6M	-3.6M	1.6M	-447K	6.9M	705K	-494K	-1.3M	-2.2M
Net income	554.8M	161.7M	69M	102.6M	-245.5M	16.2M	-65.1M	-278.1M	-197.7M	-201.1M
Net margin	53.3%	16.3%	7.18%	11.1%	-31.2%	1.91%	-7.57%	-31.5%	-21.5%	—
EBITDA	650.7M	647.9M	614.8M	592.3M	223.8M	465.5M	447.3M	317M	273.5M	571.8M
EPS	3.59	1.04	0.43	0.68	-1.54	0.07	-0.31	-1.28	-0.88	-0.78
Diluted EPS	3.59	1.04	0.43	0.68	-1.54	0.07	-0.31	-1.28	-0.88	-0.78

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	218.2M	238.7M	208.8M	215.5M	220.2M	273.7M	249.2M	249.8M	253.3M	261.7M	241.5M	249.7M
Cost of revenue	101.6M	98.4M	103.9M	99.5M	103.8M	123M	117.2M	112.3M	110.6M	117.5M	119.4M	115.7M
Gross profit	116.5M	140.3M	104.9M	116M	116.4M	150.6M	132.1M	137.4M	142.7M	144.2M	122.1M	134M
Gross margin	53.4%	58.8%	50.2%	53.8%	52.9%	55%	53%	55%	56.3%	55.1%	50.5%	53.7%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	5.9M	7.5M	7.6M	7M	6M	7.5M	7.6M	7.8M	6.9M	9.2M	8M	9.5M
Operating expenses	5.9M	7.5M	7.6M	7M	6M	7.5M	7.6M	7.8M	6.9M	9.2M	8M	9.5M
Operating income	39.8M	63M	28.9M	37.4M	37.1M	61.7M	31.9M	41.2M	44.9M	49.9M	31M	38.3M
Operating margin	18.3%	26.4%	13.8%	17.3%	16.8%	22.5%	12.8%	16.5%	17.7%	19.1%	12.8%	15.3%
Non-operating income, net	-256.8M	28.2M	-109.4M	268.2M	-91.5M	-211.3M	-14.8M	-11M	-62.9M	1.1M	-3M	1.4M
Pretax income	-270.3M	65.8M	-132.7M	265.8M	-111.6M	-220.5M	-52M	-41.7M	-90.7M	-18.8M	-39.5M	-26.4M
Income tax	1.7M	-655K	-1.2M	258K	545K	-879K	-822K	-188K	-710K	-473K	-2.6M	495K
Net income	-272M	66.5M	-131.4M	265.5M	-112.1M	-219.6M	-51.2M	-41.5M	-90M	-18.4M	-36.9M	-26.9M
Net margin	-124.7%	27.8%	-63%	123.2%	-50.9%	-80.2%	-20.5%	-16.6%	-35.5%	-7.02%	-15.3%	-10.8%
EBITDA	263.5M	-156.5M	27M	70.6M	129.6M	220.8M	126.3M	131.9M	211.5M	76.4M	107.1M	122.3M
EPS	-1.22	0.29	-0.59	1.16	-0.5	-0.89	-0.2	-0.16	-0.34	-0.07	-0.14	-0.1
Diluted EPS	-1.22	0.29	-0.59	1.16	-0.5	-0.89	-0.2	-0.16	-0.34	-0.07	-0.14	-0.1

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	10.2B	9.3B	6.1B	3.8B	1.6B	—	2.4B	3.3B	4.4B	—	6.7B
Enterprise value	15.1B	14.3B	11B	9B	7.3B	—	6.8B	7.5B	9.4B	—	11.2B
Shares outstanding	144M	141M	141.2M	141.4M	149.8M	198.1M	215M	215.5M	221.8M	254.2M	254.2M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	18.4	57.3	88.6	37.1	—	—	—	—	—	—	50.9
P/S	9.8	9.32	6.36	4.1	2.03	—	2.82	3.76	4.81	—	6.48
P/B	2.3	2.33	1.92	1.34	0.65	—	0.82	1.32	1.55	—	2.27
EV/EBITDA	23.2	22.1	17.9	15.2	32.4	—	15.2	23.8	34.3	—	20.9
EV/Sales	14.5	14.4	11.4	9.74	9.24	—	7.94	8.53	10.2	—	10.9
Earnings yield	5.44%	1.75%	1.13%	2.69%	—	—	—	—	—	—	1.97%
FCF yield	4.21%	4.17%	5.63%	9.33%	7.81%	—	13.9%	8.88%	6.41%	—	5.84%
PEG	—	—	—	—	—	—	—	—	—	—	-1.36

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	61%	60.2%	60.3%	60.3%	55.7%	55.1%	54.6%	55.3%	53.1%	—	53.7%
Operating margin	24.8%	23.6%	21.7%	22.2%	11.2%	14.8%	17.5%	20.1%	18%	—	16.3%
Net margin	53.3%	16.3%	7.18%	11.1%	-31.2%	1.91%	-7.57%	-31.5%	-21.5%	—	-16.5%
ROE	12.5%	4.07%	2.16%	3.62%	-10%	0.51%	-2.21%	-11%	-6.95%	-7.96%	-6.18%
ROA	5.57%	1.68%	0.76%	1.16%	-2.67%	0.19%	-0.8%	-3.7%	-2.31%	-2.4%	1.34%
ROIC	2.78%	2.37%	2.58%	2.52%	1.09%	1.14%	2.04%	2.63%	2.11%	2.27%	2.16%
Return on tangible assets	6%	1.79%	0.81%	1.2%	-2.78%	0.2%	-0.82%	-3.77%	-2.43%	-2.51%	-2.11%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	0.69	0.72	0.75	0.62	1.52	0.86	0.73	0.66	0.51	0.74	0.33
Quick ratio	0.69	0.72	0.75	0.62	1.52	0.86	0.73	0.66	0.51	0.74	0.63
Debt / equity	1.12	1.3	1.56	1.88	2.51	1.45	1.53	1.71	1.78	2.03	1.69
Debt / assets	0.5	0.54	0.55	0.6	0.67	0.55	0.56	0.57	0.59	0.61	0.58
Net debt / EBITDA	7.49	7.84	7.94	8.82	25.3	9.66	9.83	13.3	18.2	8.49	9.06
Interest coverage	4.39	2.03	1.36	1.75	-2.25	1.12	0.7	-0.61	0.1	0.28	0.28
Effective tax rate	0.13%	8.8%	0%	1.53%	0%	30.1%	0%	0%	0%	0%	0%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	7.23	7.05	6.8	6.56	5.25	4.28	4	4.1	4.14	—	3.94
EPS (basic)	3.59	1.04	0.43	0.68	-1.54	0.07	-0.31	-1.28	-0.88	-0.78	-0.78
EPS (diluted)	3.59	1.04	0.43	0.68	-1.54	0.07	-0.31	-1.28	-0.88	-0.78	-0.66
Book value per share	30.7	28.1	22.6	20	16.3	16	13.7	11.7	12.8	9.94	9.95
FCF per share	2.98	2.74	2.44	2.51	0.83	1.45	1.57	1.37	1.28	1.27	1.12
Cash per share	0.65	0.65	0.73	0.71	3.11	0.57	0.47	0.44	0.41	1.1	0.8

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Payout ratio	143.7%	338.7%	657.7%	462.7%	-73.3%	887.5%	-286.3%	-57.3%	-81.6%	-93.6%	188.9%
Dividend yield	7.82%	5.91%	7.42%	12.5%	11.3%	—	7.7%	4.79%	3.65%	—	3.01%

Yield

3.01%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.17

ex-dividend Sep 14, 2026

Payout ratio

189%

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Sep 14, 2026	$0.17
Jun 15, 2026	$0.17
Mar 16, 2026	$0.17

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$218.2M	$238.7M	$208.8M	$215.5M	$220.2M	$273.7M	$249.2M	$249.8M	$253.3M	$261.7M	$241.5M	$249.7M
YoY change	+3.53%	+4.58%	-2.83%	+1.48%	+0.95%	+14.7%	+19.4%	+15.9%	+15%	-4.37%	-3.08%	-0.03%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	94M	91M	102.7M	100M	465.3M	112.5M	100.3M	94.9M	89.9M	280.2M
Receivables	137M	112.7M	123.5M	144M	239.2M	211.4M	183.6M	183.5M	155.3M	145.7M
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	349.2M	337.9M	358M	264.4M	723.5M	378.3M	368M	378.5M	334.7M	521.1M
Property, plant & equipment	—	—	—	148.1M	118.4M	110.6M	126.6M	118.7M	111M	108.9M
Goodwill & intangibles	709.3M	596.9M	518.7M	317.2M	351M	303.6M	146.1M	130.8M	423M	352.8M
Total assets	10B	9.6B	9B	8.9B	9.2B	8.3B	8.1B	7.5B	8.6B	8.4B
Accounts payable	61.3M	58.4M	59.4M	51M	68.8M	59.2M	63.1M	64.2M	87.5M	125.2M
Short-term debt	—	—	—	—	—	—	—	—	—	—
Total current liabilities	506.1M	467.6M	477.4M	424.5M	475.8M	441.4M	502.9M	573.7M	660.1M	705.7M
Long-term debt	5B	5.2B	5B	5.3B	6.1B	4.6B	4.5B	4.3B	5.1B	5.1B
Total liabilities	5.5B	5.6B	5.8B	6B	6.7B	5.2B	5.1B	5B	5.7B	5.8B
Shareholders' equity	4.4B	4B	3.2B	2.8B	2.4B	3.2B	2.9B	2.5B	2.8B	2.5B
Total debt	5B	5.2B	5B	5.3B	6.1B	4.6B	4.5B	4.3B	5.1B	5.1B
Net debt	4.9B	5.1B	4.9B	5.2B	5.7B	4.5B	4.4B	4.2B	5B	4.9B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	111.8M	94.9M	120.1M	70.7M	116.5M	89.9M	253.2M	131.1M	290.2M	280.2M	182M	227M
Receivables	152.2M	183.5M	142.1M	139.4M	130.1M	155.3M	127.1M	129.2M	41.9M	145.7M	125.8M	128.6M
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	367M	378.5M	372.5M	324.3M	363.3M	334.7M	474.8M	358.2M	512.2M	521.1M	400.1M	442.7M
Property, plant & equipment	-55.2M	118.7M	39.9M	190.8M	403.9M	111M	527.8M	114.2M	111.8M	108.9M	106.5M	104M
Goodwill & intangibles	—	130.8M	193M	259.8M	245.8M	423M	371.3M	421.8M	385M	352.8M	318.5M	383.6M
Total assets	7.6B	7.5B	7.4B	7.8B	7.6B	8.6B	8.7B	8.7B	8.4B	8.4B	8.2B	8.5B
Accounts payable	73.9M	64.2M	60.6M	67.7M	79.2M	87.5M	94.6M	98.8M	128.4M	125.2M	129.5M	131.6M
Short-term debt	—	—	—	—	—	—	—	—	—	—	—	—
Total current liabilities	581.3M	573.7M	546.1M	564.6M	586.1M	660.1M	638.4M	674.8M	695.7M	705.7M	682.1M	704.9M
Long-term debt	4.4B	4.3B	4.4B	4.6B	4.4B	5.1B	5.3B	5.4B	5.1B	5.1B	5B	4.9B
Total liabilities	5.1B	5B	5B	5.2B	5B	5.7B	5.9B	6.1B	5.8B	5.8B	5.7B	5.6B
Shareholders' equity	2.5B	2.5B	2.4B	2.6B	2.6B	2.8B	2.7B	2.7B	2.6B	2.5B	2.5B	2.9B
Total debt	4.4B	4.3B	4.4B	4.6B	4.4B	5.1B	5.3B	5.4B	5.1B	5.1B	5B	4.9B
Net debt	4.3B	4.2B	4.2B	4.6B	4.3B	5B	5B	5.3B	4.9B	4.9B	4.8B	4.7B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	554.8M	161.7M	69M	102.6M	-245.5M	16.2M	-65.1M	-278.1M	-197.7M	-201.1M
Depreciation & amortization	342.5M	341.3M	334.7M	337.7M	326.1M	324.4M	302.5M	296.4M	305.9M	368.1M
Stock-based compensation	33.3M	30.8M	27.4M	12M	13.8M	14.3M	17.6M	13.2M	12.1M	18.2M
Change in working capital	-40.6M	-35.1M	-2.2M	-15.4M	-86.3M	72.5M	-10.6M	6.9M	11.5M	35.9M
Operating cash flow	894.9M	515M	395.4M	346.9M	7M	411.2M	268.1M	3.2M	126.7M	321.6M
Capital expenditure	—	—	—	—	—	—	—	—	—	—
Investing cash flow	269.4M	113.2M	-123.1M	-190.5M	-213M	249.2M	-13.4M	-49.1M	264.3M	-3.6M
Dividends paid	-797.5M	-547.6M	-453.6M	-474.5M	-179.9M	-143.4M	-186.3M	-159.3M	-161.3M	-188.2M
Share repurchases	-800M	-221.4M	0	0	—	—	-183K	-583K	—	—
Financing cash flow	-867.5M	-566.3M	-514.4M	-278.2M	446.5M	-837M	-321.9M	-338.9M	-316.1M	199.2M
Net change in cash	296.8M	61.9M	-242.2M	-121.8M	240.5M	-176.6M	-67.2M	-384.8M	74.9M	517.2M
Free cash flow	429.5M	386.4M	344.3M	355.2M	124.8M	286.4M	337.5M	295.5M	283.4M	321.6M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	-272M	66.5M	-131.4M	265.5M	-112.1M	-219.6M	-51.2M	-41.5M	-90M	-18.4M	-36.9M	-26.9M
Depreciation & amortization	74.4M	72.7M	71.4M	74.4M	75.9M	84.2M	95.2M	91.2M	94M	87.7M	86M	89.2M
Stock-based compensation	1M	2.3M	2.7M	2.5M	3.4M	3.5M	3.2M	5.3M	4.8M	4.8M	5.9M	6.7M
Change in working capital	37.7M	-49.1M	32.2M	-3.1M	31.2M	-48.8M	46.1M	-822K	36M	-45.3M	49M	-7.1M
Operating cash flow	-154.8M	62.6M	-19.8M	323.6M	1.4M	-178.5M	101.4M	70.5M	112.4M	50.2M	77.4M	66.9M
Capital expenditure	—	—	—	—	—	—	—	—	—	—	—	—
Investing cash flow	-20.3M	-16.5M	-14.2M	-11.6M	101.7M	188.3M	-72.6M	50.5M	8.2M	10.3M	-2.9M	-29.4M
Dividends paid	-39M	-39.2M	-39.2M	-41M	-39.8M	-41.2M	-50.4M	-45.7M	-45.9M	-46.2M	-49M	-51.8M
Share repurchases	—	-184K	—	—	—	—	—	—	—	—	—	—
Financing cash flow	-57.1M	-87.4M	667K	-55.5M	-117.7M	-144.5M	161.6M	40.8M	-2.2M	-49.4M	-124.9M	310.3M
Net change in cash	-232.1M	-41.4M	-33.3M	256.5M	-14.6M	-134.7M	190.4M	161.8M	118.4M	11M	-50.3M	347.7M
Free cash flow	107.4M	49.4M	61.1M	67.4M	100M	54.9M	88.5M	70.5M	112.4M	50.2M	77.4M	66.9M

Date	Ratio
Feb 11, 2010	1014:1000
Nov 9, 2009	10179:10000
Aug 10, 2009	10189:10000
May 7, 2009	1027:1000

The Macerich Company Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history