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Macerich Company (MAC) Financial History

20 years of revenue, earnings, cash-flow and balance-sheet history from public filings.

REAL ESTATE · REIT - RETAIL · DATA UPDATED 2026-08-12

Macerich Company (MAC) operates in the REIT - RETAIL industry and is headquartered in Santa Monica, United States with about 596 employees. Its market capitalization is roughly $7 billion. In the fiscal year ended 2025-12-31, MAC reported $1.0B in revenue and ($197M) in net income.

The Macerich Company is a fully integrated, self-managed, self-administered real estate investment trust (REIT). As a leading owner, operator, and developer of high-quality retail real estate in densely populated and attractive U.S.

Interactive charts & full statements → Open the MAC valuation workbench →

MAC Revenue & Earnings History — Annual Income Statement

Income statement	TTM → 2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Total Revenue	$1.0B	$1.0B	$918M	$884M	$859M	$847M	$786M	$927M	$960M	$994M	$1.0B	$1.3B	$1.1B	$1.0B	$881M	$791M	$759M	$806M	$881M	$896M	$830M
Gross Profit	$247M	$387M	$488M	$489M	$469M	$467M	$438M	$560M	$579M	$598M	$635M	$816M	$663M	$606M	$515M	$449M	$422M	$468M	$522M	$566M	$816M
Gross Margin %	24.5%	38.2%	53.1%	55.3%	54.6%	55.0%	55.7%	60.3%	60.3%	60.2%	61.0%	63.3%	60.0%	58.9%	58.5%	56.7%	55.7%	58.1%	59.3%	63.1%	98.3%
Operating Income (EBIT)	$98M	$168M	$165M	$178M	$150M	$125M	$88M	$206M	$309M	$235M	$259M	$322M	$255M	$221M	$192M	$162M	$155M	$180M	$236M	$255M	$273M
Operating Margin %	9.7%	16.5%	18.0%	20.1%	17.5%	14.8%	11.2%	22.2%	32.1%	23.6%	24.8%	25.0%	23.1%	21.5%	21.8%	20.5%	20.4%	22.4%	26.8%	28.4%	32.9%
Net Income	($170M)	($197M)	($194M)	($274M)	($66M)	$14M	($230M)	$97M	$60M	$145M	$517M	$486M	$1.5B	$420M	$337M	$157M	$25M	$121M	$166M	$86M	$252M
Net Margin %	-16.8%	-19.4%	-21.1%	-31.0%	-7.7%	1.7%	-29.3%	10.4%	6.2%	14.6%	49.6%	37.7%	135.6%	40.8%	38.3%	19.8%	3.3%	15.0%	18.9%	9.6%	30.4%
EBITDA	$400M	$405M	$327M	$191M	$455M	$540M	$156M	$580M	$583M	$570M	$1.1B	$987M	$2.0B	$756M	$515M	$445M	$415M	$724M	$229M	$597M	$484M
Earnings Per Share (EPS)	$-0.66	$-0.77	$-0.78	$-1.27	$-0.31	$0.07	$-1.57	$0.69	$0.43	$1.03	$3.59	$3.15	$9.48	$3.01	$2.52	$1.19	$0.21	$1.49	$1.91	$0.98	$2.76
Shares Outstanding (M)	274M	257M	250M	216M	215M	198M	146M	141M	141M	141M	144M	154M	158M	140M	134M	132M	120M	81M	87M	88M	91M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

MAC Quarterly Revenue & Earnings — Last 8 Quarters

Quarterly income statement	2026-06-30	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30
Total Revenue	$250M	$243M	$263M	$253M	$250M	$249M	$274M	$220M
Gross Profit	$172M	($43M)	($25M)	$143M	$137M	$132M	$151M	$116M
Gross Margin %	68.8%	-17.6%	-9.4%	56.4%	55.0%	53.0%	55.0%	52.8%
Operating Income (EBIT)	($28M)	$31M	$50M	$45M	$41M	$32M	$62M	$37M
Operating Margin %	-11.1%	12.8%	18.9%	17.7%	16.5%	12.8%	22.5%	16.8%
Net Income	($27M)	($36M)	($19M)	($87M)	($41M)	($50M)	($211M)	($108M)
Net Margin %	-10.8%	-15.0%	-7.1%	-34.5%	-16.4%	-20.1%	-77.2%	-49.1%
EBITDA	$125M	$104M	$168M	$3M	$121M	$112M	($139M)	$19M
Earnings Per Share (EPS)	$-0.10	$-0.14	$-0.07	$-0.34	$-0.16	$-0.20	$-0.89	$-0.50
Shares Outstanding (M)	274M	258M	257M	254M	253M	253M	237M	218M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

MAC Free Cash Flow History

Cash flow	TTM → 2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Cash from Operations (CFO)	$401M	$322M	$283M	$296M	$338M	$286M	$125M	$355M	$344M	$386M	$418M	$540M	$401M	$422M	$351M	$237M	$200M	$121M	$252M	$326M	$212M
Capital Expenditures (CapEx)	$570M	$333M	$168M	$153M	$95M	$108M	$68M	$200M	$237M	$202M	$259M	$364M	$267M	$727M	$1.3B	$247M	$186M	$197M	$554M	$1.0B	$823M
Free Cash Flow (FCF)	($169M)	($12M)	$116M	$143M	$243M	$178M	$57M	$155M	$107M	$184M	$158M	$176M	$133M	($305M)	($928M)	($10M)	$15M	($77M)	($302M)	($718M)	($611M)
FCF Margin %	-16.8%	-1.2%	12.6%	16.2%	28.2%	21.0%	7.2%	16.8%	11.2%	18.5%	15.2%	13.7%	12.1%	-29.6%	-105.3%	-1.2%	1.9%	-9.5%	-34.3%	-80.1%	-73.7%
Dividends Paid	$287M	$188M	$161M	$159M	$186M	$143M	$180M	$475M	$454M	$444M	$779M	$811M	$386M	$356M	$366M	$297M	$240M	$96M	$285M	$271M	$294M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

MAC Quarterly Free Cash Flow — Last 8 Quarters

Quarterly cash flow	2026-06-30	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30
Cash from Operations (CFO)	$144M	$94M	$50M	$112M	$92M	$88M	$55M	$100M
Capital Expenditures (CapEx)	$137M	$59M	$333M	$41M	$36M	$41M	$47M	$47M
Free Cash Flow (FCF)	$7M	$36M	($283M)	$71M	$55M	$47M	$8M	$53M
FCF Margin %	3.0%	14.6%	-107.7%	28.1%	22.1%	19.0%	2.9%	23.9%
Dividends Paid	$101M	$44M	$46M	$96M	$43M	$50M	$41M	$40M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

MAC Balance Sheet History

Balance sheet	2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Total Assets	$8.5B	$8.4B	$8.6B	$7.5B	$8.1B	$8.3B	$9.2B	$8.9B	$9.0B	$9.6B	$10.0B	$11.3B	$13.1B	$9.1B	$9.3B	$7.9B	$7.6B	$7.3B	$8.1B	$8.1B	$7.6B
Cash & Cash Equivalents	$227M	$43M	$90M	$95M	$100M	$112M	$465M	$100M	$103M	$91M	$94M	$87M	$85M	$70M	$66M	$67M	$446M	$93M	$67M	$85M	$269M
Total Liabilities	$5.6B	$5.8B	$5.7B	$5.0B	$5.1B	$5.2B	$6.7B	$6.0B	$5.8B	$5.6B	$5.5B	$6.2B	$7.1B	$5.4B	$5.9B	$4.8B	$4.4B	$5.1B	$6.4B	$6.5B	$5.6B
Total Debt (Short + Long-Term)	$4.8B	$6.2B	$5.3B	$4.8B	$5.2B	$5.3B	$8.1B	$5.5B	$5.7B	$5.2B	$5.2B	$10.5B	$12.6B	$4.6B	$5.3B	$4.2B	$3.9B	$3.5B	$5.4B	$5.8B	$4.7B
Total Shareholders' Equity	$2.8B	$2.4B	$2.8B	$2.4B	$2.9B	$3.2B	$2.4B	$2.8B	$3.2B	$4.0B	$4.4B	$5.1B	$6.0B	$3.4B	$3.1B	$2.8B	$2.9B	$1.9B	$1.4B	$1.1B	$1.5B

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

Quarterly statements, profitability ratios, price history, insider activity and institutional holders are in the interactive MAC viewer.

Other Companies in REIT - RETAIL

BRX · Brixmor Property — $9 billion
ADC · Agree Realty Corporation — $8 billion
NNN · NNN REIT, Inc. — $8 billion
EPRT · Essential Properties Realty Trust Inc — $6 billion
KRG · Kite Realty Group Trust — $5 billion
SKT · Tanger Factory Outlet Centers Inc — $4 billion
CURB · Curbline Properties Corp. — $3 billion
AKR · Acadia Realty Trust — $3 billion

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