10-K · February 20, 2026
Macerich continues executing its multi-year 'Path Forward Plan' to deleverage and refocus its portfolio while selectively investing in redevelopment projects and opportunistic acquisitions. During 2025 the company…
Earnings analysis · 10-Q
MAC earnings analysis
Filed May 7, 2026 · Our reading of the company's report
The latest report
The Macerich Company reported Q1 2026 earnings with revenues of $241.54 million and an EPS of $0.34, surpassing expectations of $231 million and $0.31. However, management raised concerns about continuing external…
Read full summary
The Macerich Company reported Q1 2026 earnings with revenues of $241.54 million and an EPS of $0.34, surpassing expectations of $231 million and $0.31. However, management raised concerns about continuing external pressures such as inflation and interest rates impacting future performance, despite affirmed growth in leasing and NOI from strategic acquisitions.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.34
What stood out
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Revenue Beat Expectations
Q1 2026 revenue of $241.54 million exceeded estimates by 4.54%.
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EPS Exceeds Estimates
Reported EPS was $0.34, beating the expected $0.31 by 9.68%.
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Strong NOI Growth
New leases expected to generate $116 million in revenue annually.
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Improved Leased Occupancy Rate
Leased occupancy increased to 93.4% from 92.6% in Q1 2025.
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Cash Position Strong
Cash and cash equivalents as of March 31, 2026, were $182 million.
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Increased Revenue from Management Companies
Management company revenue grew 33% to $6.5 million.
What to watch
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Continued Debt Upheaval
The company's total outstanding loan debt was cited as $6.45 billion as of March 31, 2026.
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External Economic Factors
Management highlighted sustained inflation and elevated interest rates as ongoing challenges.
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Bankruptcies of Key Tenants
Recent bankruptcies of tenants like Express and Forever 21 may affect revenue.
Management's outlook
Management confirmed expectations for strong growth in NOI despite market pressures.
Earlier filings 4
10-K · February 28, 2025
Macerich (MAC) is executing a multi-year 'Path Forward Plan' focused on deleveraging, selective asset consolidation and targeted redevelopment while using equity offerings and asset sales to improve liquidity. In 2024…
10-Q · August 8, 2024
Macerich reported Q2 2024 total revenues of $215,521,000 (up from $212,374,000 in Q2 2023) and a GAAP net income attributable to the Company of $252,007,000. The quarter was driven by a large gain on sale/write down of…
10-Q · November 6, 2023
Macerich reported total revenues of $218,152 (in thousands) for Q3 2023, up from $210,704 in Q3 2022, but posted a large net loss of $(271,965) (in thousands) for the quarter driven by impairment/write-downs and equity…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.