MAC earnings analysis
What we found in MAC's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Beat Expectations
- Q1 2026 revenue of $241.54 million exceeded estimates by 4.54%.
- EPS Exceeds Estimates
- Reported EPS was $0.34, beating the expected $0.31 by 9.68%.
- Strong NOI Growth
- New leases expected to generate $116 million in revenue annually.
- Improved Leased Occupancy Rate
- Leased occupancy increased to 93.4% from 92.6% in Q1 2025.
- Cash Position Strong
- Cash and cash equivalents as of March 31, 2026, were $182 million.
- Increased Revenue from Management Companies
- Management company revenue grew 33% to $6.5 million.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Continued Debt Upheaval
- The company's total outstanding loan debt was cited as $6.45 billion as of March 31, 2026.
- External Economic Factors
- Management highlighted sustained inflation and elevated interest rates as ongoing challenges.
- Bankruptcies of Key Tenants
- Recent bankruptcies of tenants like Express and Forever 21 may affect revenue.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.34
What they said about what is next.
Management confirmed expectations for strong growth in NOI despite market pressures.
The filing reads better than the one before it.
What came before.
- 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…
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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