1.Sales and profit
See section β- Macerich Co had $1.0B of revenue in fiscal 2025, up 10.4% on the year before. Over five years, revenue changed +5.2% a year on average.
- Macerich Co lost $197M in fiscal 2025.
Macerich Co
MAC NYSE Real Estate Investment Trusts Financials FY2016βFY2025
Macerich Co had $1.0B of revenue in fiscal 2025, up 10.4% on the year before. Over five years, revenue changed +5.2% a year on average.
Download report
3-page PDF: the company, its results and charts with peers.
Last close Β· Oct 23, 2026
$24.10
0.6%KIRAβs summary AI analyst
Hi! I read Macerich Coβs latest annual report (fiscal 2025). Here is what stands out:
1 strength 2 to watch
2.Cash and shareholders
See section β- Macerich Co returned $188M to shareholders in fiscal 2025. The diluted share count rose 14.6%.
- No open-market insider trades in the last 12 months.
3.Financial health
See section β- Macerich Co owes $4.8B more than it holds in cash.
- Macerich Co passes 3 of 7 financial health tests (Piotroski F-score).
Macerich Co in 30 seconds
Good So-so Weak
Good
Are sales growing?
+10.4%
Yes. Sales grew 10.4% last year.
Weak
Does it make a profit?
β19.4%
No. It lost money last year.
Weak
How healthy are the accounts?
3 / 7
Weak. It passes 3 of 7 health tests.
For information
How is the share priced?
β
No P/E: it made no profit over the last four quarters.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Key numbers, fiscal 2025
Market cap
Last close times the latest diluted share count, so it is approximate.
$6.6B
Oct 23 close
P/E
Last close divided by diluted earnings per share over the last four quarters.
β
On β$0.66 EPS (TTM)
Charts by
Sales and profit
Is it selling more, and how much does it keep?
Results dates
In plain words: Every quarter, companies publish how much they sold and earned. These are the days Macerich Co did it, and the next one. Share prices often move a lot on those days.
Next results
November 4, 2026
Wednesday Β· in 9 days
- Time
- After the market closes
- Covers
- Period ended Sep 30, 2026
- Expected EPS
- $0.36
- Source
- Earnings calendar
| Date | Results for | Time | Source |
|---|---|---|---|
| Aug 4, 2026 | Q2 '26 | After the market closes | 8-K β |
| May 6, 2026 | Q1 '26 | After the market closes | 8-K β |
| Feb 18, 2026 | Q4 '25 | After the market closes | 8-K β |
| Nov 4, 2025 | Q3 '25 | After the market closes | 8-K β |
| Aug 11, 2025 | Q2 '25 | After the market closes | 8-K β |
| May 12, 2025 | Q1 '25 | Before the market opens | 8-K β |
| Feb 27, 2025 | Q4 '24 | Before the market opens | 8-K β |
| Nov 6, 2024 | Q3 '24 | Before the market opens | 8-K β |
From SEC filings: the results press release (8-K) or, without one, the quarterly or annual report.
Revenue and margins
KIRA Β· Macerich Co had $1.0B of revenue in fiscal 2025, up 10.4% on the year before. Over five years, revenue changed +5.2% a year on average.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
FY16
Revenue $1.0B
FY17
Revenue $994M
FY18
Revenue $960M
FY19
Revenue $927M
FY20
Revenue $786M
FY21
Revenue $847M
FY22
Revenue $859M
FY23
Revenue $884M
FY24
Revenue $918M
FY25
Revenue $1.0B
Revenue
Q3 '23
Revenue $218M
Q4 '23
Revenue $239M
Q1 '24
Revenue $209M
Q2 '24
Revenue $216M
Q3 '24
Revenue $220M
Q4 '24
Revenue $274M
Q1 '25
Revenue $249M
Q2 '25
Revenue $250M
Q3 '25
Revenue $253M
Q4 '25
Revenue $262M
Q1 '26
Revenue $242M
Q2 '26
Revenue $250M
Margins, % of revenue
FY16
Gross β
Operating β
Net 53.3%
FCF β
FY17
Gross β
Operating β
Net 16.3%
FCF β
FY18
Gross β
Operating β
Net 7.2%
FCF β
FY19
Gross β
Operating β
Net 10.4%
FCF β
FY20
Gross β
Operating β
Net β29.3%
FCF β
FY21
Gross β
Operating β
Net 1.7%
FCF β
FY22
Gross β
Operating β
Net β7.7%
FCF β
FY23
Gross β
Operating β
Net β31.0%
FCF β
FY24
Gross β
Operating β
Net β21.1%
FCF β
FY25
Gross β
Operating β
Net β19.4%
FCF β
Gross
Operating
Net
FCF
Margins, % of revenue
Q3 '23
Gross β
Operating β
Net β120.4%
FCF β
Q4 '23
Gross β
Operating β
Net 26.1%
FCF β
Q1 '24
Gross β
Operating β
Net β60.7%
FCF β
Q2 '24
Gross β
Operating β
Net 116.9%
FCF β
Q3 '24
Gross β
Operating β
Net β49.1%
FCF β
Q4 '24
Gross β
Operating β
Net β77.2%
FCF β
Q1 '25
Gross β
Operating β
Net β20.1%
FCF β
Q2 '25
Gross β
Operating β
Net β16.4%
FCF β
Q3 '25
Gross β
Operating β
Net β34.5%
FCF β
Q4 '25
Gross β
Operating β
Net β7.2%
FCF β
Q1 '26
Gross β
Operating β
Net β15.0%
FCF β
Q2 '26
Gross β
Operating β
Net β10.8%
FCF β
Gross
Operating
Net
FCF
Net income and earnings per share
KIRA Β· Macerich Co lost $197M in fiscal 2025.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
FY16
Net income $555M
FY17
Net income $162M
FY18
Net income $69.0M
FY19
Net income $96.8M
FY20
Net income β$230M
FY21
Net income $14.3M
FY22
Net income β$66.1M
FY23
Net income β$274M
FY24
Net income β$194M
FY25
Net income β$197M
Net income
Q3 '23
Net income β$263M
Q4 '23
Net income $62.2M
Q1 '24
Net income β$127M
Q2 '24
Net income $252M
Q3 '24
Net income β$108M
Q4 '24
Net income β$211M
Q1 '25
Net income β$50.1M
Q2 '25
Net income β$40.9M
Q3 '25
Net income β$87.4M
Q4 '25
Net income β$18.8M
Q1 '26
Net income β$36.4M
Q2 '26
Net income β$27.1M
Diluted EPS
FY16
Diluted EPS $3.52
FY17
Diluted EPS $1.02
FY18
Diluted EPS $0.42
FY19
Diluted EPS $0.68
FY20
Diluted EPS β$1.58
FY21
Diluted EPS $0.07
FY22
Diluted EPS β$0.31
FY23
Diluted EPS β$1.28
FY24
Diluted EPS β$0.88
FY25
Diluted EPS β$0.78
Diluted EPS
Q3 '23
Diluted EPS β$1.22
Q4 '23
Diluted EPS $0.28
Q1 '24
Diluted EPS β$0.59
Q2 '24
Diluted EPS $1.16
Q3 '24
Diluted EPS β$0.50
Q4 '24
Diluted EPS β$0.95
Q1 '25
Diluted EPS β$0.20
Q2 '25
Diluted EPS β$0.16
Q3 '25
Diluted EPS β$0.34
Q4 '25
Diluted EPS β$0.08
Q1 '26
Diluted EPS β$0.14
Q2 '26
Diluted EPS β$0.10
Cash and shareholders
How much cash comes in, and where does it go?
Cash flow
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
FY16
Free cash flow β
FY17
Free cash flow β
FY18
Free cash flow β
FY19
Free cash flow β
FY20
Free cash flow β
FY21
Free cash flow β
FY22
Free cash flow β
FY23
Free cash flow β
FY24
Free cash flow β
FY25
Free cash flow β
Cash from operations vs capital spending
FY16
Cash from operations $430M
Capital spending β
FY17
Cash from operations $386M
Capital spending β
FY18
Cash from operations $344M
Capital spending β
FY19
Cash from operations $355M
Capital spending β
FY20
Cash from operations $125M
Capital spending β
FY21
Cash from operations $286M
Capital spending β
FY22
Cash from operations $338M
Capital spending β
FY23
Cash from operations $296M
Capital spending β
FY24
Cash from operations $283M
Capital spending β
FY25
Cash from operations $322M
Capital spending β
Cash from operations
Capital spending
Cash from operations vs capital spending
Q3 '23
Cash from operations $107M
Capital spending β
Q4 '23
Cash from operations $49.4M
Capital spending β
Q1 '24
Cash from operations $61.1M
Capital spending β
Q2 '24
Cash from operations $67.4M
Capital spending β
Q3 '24
Cash from operations $100M
Capital spending β
Q4 '24
Cash from operations $54.9M
Capital spending β
Q1 '25
Cash from operations $88.5M
Capital spending β
Q2 '25
Cash from operations $70.5M
Capital spending β
Q3 '25
Cash from operations $112M
Capital spending β
Q4 '25
Cash from operations $50.2M
Capital spending β
Q1 '26
Cash from operations $77.4M
Capital spending β
Q2 '26
Cash from operations $66.9M
Capital spending β
Cash from operations
Capital spending
Dividends, buybacks and share count
KIRA Β· Macerich Co returned $188M to shareholders in fiscal 2025. The diluted share count rose 14.6%.
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
FY16
Dividends $779M
Buybacks $800M
FY17
Dividends $444M
Buybacks $221M
FY18
Dividends $454M
Buybacks $0.0M
FY19
Dividends $475M
Buybacks $0.0M
FY20
Dividends $180M
Buybacks β
FY21
Dividends $143M
Buybacks β
FY22
Dividends $186M
Buybacks β
FY23
Dividends $159M
Buybacks β
FY24
Dividends $161M
Buybacks β
FY25
Dividends $188M
Buybacks β
Dividends
Buybacks
Dividends and buybacks
Q3 '23
Dividends $39.0M
Buybacks β
Q4 '23
Dividends $39.2M
Buybacks β
Q1 '24
Dividends $39.2M
Buybacks β
Q2 '24
Dividends $41.0M
Buybacks β
Q3 '24
Dividends $39.8M
Buybacks β
Q4 '24
Dividends $41.2M
Buybacks β
Q1 '25
Dividends $50.4M
Buybacks β
Q2 '25
Dividends $45.7M
Buybacks β
Q3 '25
Dividends $45.9M
Buybacks β
Q4 '25
Dividends $46.2M
Buybacks β
Q1 '26
Dividends $49.0M
Buybacks β
Q2 '26
Dividends $51.8M
Buybacks β
Dividends
Buybacks
Diluted shares outstanding (annual)
FY16
Diluted shares 0.15B
FY17
Diluted shares 0.14B
FY18
Diluted shares 0.14B
FY19
Diluted shares 0.14B
FY20
Diluted shares 0.15B
FY21
Diluted shares 0.20B
FY22
Diluted shares 0.22B
FY23
Diluted shares 0.22B
FY24
Diluted shares 0.22B
FY25
Diluted shares 0.25B
Insider trades
KIRA Β· No open-market insider trades in the last 12 months.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
β
$0.0M
No open-market insider trades in the last 12 months.
Financial health
Can it carry its debts, and how well does it use its money?
Balance sheet
KIRA Β· Macerich Co owes $4.8B more than it holds in cash.
Cash, debt and the ratios that show how comfortably Macerich Co can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
FY16
Cash $94.0M
Debt β
FY17
Cash $91.0M
Debt β
FY18
Cash $103M
Debt β
FY19
Cash $100M
Debt β
FY20
Cash $465M
Debt $4.6B
FY21
Cash $112M
Debt $4.4B
FY22
Cash $100M
Debt $4.3B
FY23
Cash $94.9M
Debt $4.1B
FY24
Cash $89.9M
Debt $4.9B
FY25
Cash $280M
Debt $5.1B
Cash
Debt
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $112M | $100M | $94.9M | $89.9M | $280M |
| Debt incl. finance leases | $4.4B | $4.3B | $4.1B | $4.9B | $5.1B |
| Debt / equity | 1.5x | 1.5x | 1.7x | 1.8x | 2.1x |
| Total assets | $8.3B | $8.1B | $7.5B | $8.6B | $8.4B |
| Total liabilities | $5.2B | $5.1B | $5.0B | $5.7B | $5.8B |
| Shareholders' equity | $3.0B | $2.9B | $2.4B | $2.8B | $2.4B |
| Net debt (β = net cash) | $4.3B | $4.2B | $4.1B | $4.8B | $4.8B |
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
FY16
Return on capital β
Return on equity 13.5%
Return on assets 5.6%
FY17
Return on capital β
Return on equity 4.2%
Return on assets 1.7%
FY18
Return on capital β
Return on equity 2.1%
Return on assets 0.7%
FY19
Return on capital β
Return on equity 3.5%
Return on assets 1.1%
FY20
Return on capital β
Return on equity β9.4%
Return on assets β2.6%
FY21
Return on capital β
Return on equity 0.5%
Return on assets 0.2%
FY22
Return on capital β
Return on equity β2.2%
Return on assets β0.8%
FY23
Return on capital β
Return on equity β10.3%
Return on assets β3.5%
FY24
Return on capital β
Return on equity β7.5%
Return on assets β2.4%
FY25
Return on capital β
Return on equity β7.6%
Return on assets β2.3%
Return on capital
Return on equity
Return on assets
Piotroski F-score
KIRA Β· Macerich Co passes 3 of 7 financial health tests (Piotroski F-score).
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | β | β | β | β | β | β | β | β | β | β |
| Cash from operations is positive | β | β | β | β | β | β | β | β | β | β |
| Return on assets rose | β | β | β | β | β | β | β | β | β | β |
| Cash from operations exceeds net income | β | β | β | β | β | β | β | β | β | β |
| Debt fell relative to assets | β | β | β | β | β | β | β | β | β | β |
| Current ratio rose | β | β | β | β | β | β | β | β | β | β |
| Share count didn't rise | β | β | β | β | β | β | β | β | β | β |
| Gross margin rose | β | β | β | β | β | β | β | β | β | β |
| Revenue rose relative to assets | β | β | β | β | β | β | β | β | β | β |
| F-score | β / 3 | β / 6 | β / 6 | β / 6 | β / 6 | 5 / 7 | 4 / 7 | 3 / 7 | 3 / 7 | 3 / 7 |
| Accruals ratio | 1.3% | β2.3% | β3.0% | β2.9% | β3.9% | β3.1% | β4.9% | β7.3% | β5.9% | β6.1% |
| Altman Z'' | β | β | β | β | β | β | β | β | β | β |
All figures
Every number, year by year.
10 years of figures
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $1.0B | $994M | $960M | $927M | $786M | $847M | $859M | $884M | $918M | $1.0B |
| Net interest income | β | β | β | β | β | β$193M | β$217M | β$173M | β$220M | β$284M |
| Interest expense | $164M | $172M | $183M | $138M | $75.6M | $193M | $217M | β | β | β |
| Income tax | $0.7M | $15.6M | β$3.6M | $1.6M | β$0.4M | $6.9M | $0.7M | β$0.5M | β$1.3M | β$2.2M |
| Net income | $555M | $162M | $69.0M | $96.8M | β$230M | $14.3M | β$66.1M | β$274M | β$194M | β$197M |
| Net income to common | $517M | $146M | $60.0M | $95.6M | β$231M | $13.4M | β$66.9M | β$275M | β$195M | β$198M |
| Diluted EPS | $3.52 | $1.02 | $0.42 | $0.68 | β$1.58 | $0.07 | β$0.31 | β$1.28 | β$0.88 | β$0.78 |
| Diluted shares | 0.15B | 0.14B | 0.14B | 0.14B | 0.15B | 0.20B | 0.22B | 0.22B | 0.22B | 0.25B |
| Cash flow | ||||||||||
| Cash from operations | $430M | $386M | $344M | $355M | $125M | $286M | $338M | $296M | $283M | $322M |
| Depreciation and amortization | $355M | $341M | $335M | $338M | $326M | $324M | $302M | $296M | $306M | $368M |
| Stock-based compensation | $33.3M | $30.8M | $27.4M | $12.0M | $13.8M | $14.3M | $17.6M | $13.2M | $12.1M | $18.2M |
| Share buybacks | $800M | $221M | $0.0M | $0.0M | β | β | β | β | β | β |
| Dividends paid | $779M | $444M | $454M | $475M | $180M | $143M | $186M | $159M | $161M | $188M |
| Dividends and buybacks | $1.6B | $665M | $454M | $475M | $180M | $143M | $186M | $159M | $161M | $188M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $94.0M | $91.0M | $103M | $100M | $465M | $112M | $100M | $94.9M | $89.9M | $280M |
| Total debt | β | β | β | β | $4.6B | $4.4B | $4.2B | $4.1B | $4.9B | $5.1B |
| Finance lease liabilities | β | β | $15.3M | $13.8M | $16.4M | $14.5M | $12.6M | $10.6M | $4.4M | β |
| Intangible assets | $84.0M | $59.9M | $46.2M | $32.4M | $48.1M | $35.6M | β | β | β | β |
| Total assets | $10.0B | $9.6B | $9.0B | $8.9B | $9.2B | $8.3B | $8.1B | $7.5B | $8.6B | $8.4B |
| Total liabilities | $5.5B | $5.6B | $5.8B | $6.0B | $6.7B | $5.2B | $5.1B | $5.0B | $5.7B | $5.8B |
| Shareholders' equity | $4.1B | $3.7B | $3.0B | $2.6B | $2.3B | $3.0B | $2.9B | $2.4B | $2.8B | $2.4B |
| Margins | ||||||||||
| Net margin | 53.3% | 16.3% | 7.2% | 10.4% | β29.3% | 1.7% | β7.7% | β31.0% | β21.1% | β19.4% |
| Net interest share of revenue | β | β | β | β | β | β22.7% | β25.2% | β19.6% | β24.0% | β28.0% |
| Returns | ||||||||||
| Return on equity | 13.5% | 4.2% | 2.1% | 3.5% | β9.4% | 0.5% | β2.2% | β10.3% | β7.5% | β7.6% |
| Return on assets | 5.6% | 1.7% | 0.7% | 1.1% | β2.6% | 0.2% | β0.8% | β3.5% | β2.4% | β2.3% |
| Return on tangible equity | 12.9% | 4.0% | 2.1% | 3.7% | β10.5% | 0.4% | β2.3% | β11.2% | β7.1% | β8.1% |
| Growth | ||||||||||
| Revenue growth | β | β4.6% | β3.4% | β3.4% | β15.2% | 7.8% | 1.4% | 2.9% | 3.9% | 10.4% |
| Net income growth | β | β70.9% | β57.3% | 40.4% | β337.8% | β | β563.2% | β | β | β |
| EPS growth | β | β71.0% | β58.8% | 61.9% | β332.4% | β | β542.9% | β | β | β |
| Share count change | β | β3.3% | β0.5% | 0.1% | 3.5% | 35.4% | 8.6% | 0.2% | 2.9% | 14.6% |
| Financial health | ||||||||||
| Debt / equity | β | β | β | β | 2.0x | 1.5x | 1.5x | 1.7x | 1.8x | 2.1x |
| Capital allocation | ||||||||||
| Stock comp / revenue | 3.2% | 3.1% | 2.8% | 1.3% | 1.8% | 1.7% | 2.1% | 1.5% | 1.3% | 1.8% |
| Quality scores | ||||||||||
| Piotroski F-score | β | β | β | β | β | 5.0 | 4.0 | 3.0 | 3.0 | 3.0 |
| Accruals ratio | 1.3% | β2.3% | β3.0% | β2.9% | β3.9% | β3.1% | β4.9% | β7.3% | β5.9% | β6.1% |
Source: SEC EDGAR XBRL filings (CIK 0000912242). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only β not investment advice. Check the original filings before relying on any figure.