Macerich (MAC) financial statements
Macerich reported revenue of $1.0B in fiscal 2025, down 0.3% a year over 9 years.
Net income was -$197M and the operating margin -11.4%, against 9.3% in 2016.
The diluted share count rose 73% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Macerich's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.0B | $994M | $960M | $927M | $786M | $847M | $859M | $884M | $918M | $1.0B |
| Selling, general and admin | $28M | $28M | $24M | $23M | $30M | $30M | $27M | $29M | $28M | $32M |
| Operating income | $97M | $63M | $25M | $68M | $13M | -$68M | -$67M | $13M | -$41M | -$116M |
| Interest expense | $164M | $172M | $183M | $138M | $76M | $193M | $217M | — | — | — |
| Income tax | $722,000 | $16M | -$4M | $2M | -$447,000 | $7M | $705,000 | -$494,000 | -$1M | -$2M |
| Net income | $517M | $146M | $60M | $97M | -$230M | $14M | -$66M | -$274M | -$194M | -$197M |
| EPS (diluted) | $3.52 | $1.02 | $0.42 | $0.68 | -$1.58 | $0.07 | -$0.31 | -$1.28 | -$0.88 | -$0.78 |
| Diluted shares | 147M | 142M | 141M | 141M | 146M | 198M | 215M | 216M | 222M | 254M |
| Operating margin | 9.3% | 6.3% | 2.6% | 7.3% | 1.6% | -8.1% | -7.8% | 1.5% | -4.4% | -11.4% |
| Net margin | 49.7% | 14.7% | 6.2% | 10.4% | -29.3% | 1.7% | -7.7% | -31.0% | -21.1% | -19.4% |
Balance sheet
Fiscal years, from Macerich's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $94M | $91M | $103M | $100M | $465M | $112M | $100M | $95M | $90M | $280M |
| Property, plant and equipment | — | — | — | — | $6.7B | $6.3B | $6.1B | $5.9B | $7.1B | $6.7B |
| 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 |
| Net debt | -$94M | -$91M | -$103M | -$100M | -$465M | -$112M | -$100M | -$95M | -$90M | -$280M |
Cash flow
Fiscal years, from Macerich's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $430M | $386M | $344M | $355M | $125M | $286M | $338M | $296M | $283M | $322M |
| Stock-based compensation | $33M | $31M | $27M | $12M | $14M | $14M | $18M | $13M | $12M | $18M |
| Dividends paid | $779M | $444M | $454M | $475M | $180M | $143M | $186M | $159M | $161M | $188M |
| Share buybacks (net) | -$800M | -$221M | $0 | $0 | — | — | — | — | — | — |
| Net borrowing | — | -$1.2B | -$470M | -$1.6B | -$34M | -$2.0B | -$406M | -$863M | -$2.0B | -$257M |
| Dividends per share | $5.31 | $3.13 | $3.21 | $3.36 | $1.23 | $0.72 | $0.87 | $0.74 | $0.73 | $0.74 |
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What was Macerich's revenue in 2025?
$1.0B in fiscal 2025, from its 10-K filing.
From Macerich's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.