The Macerich Company (MAC) Income Statement
MAC 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsMAC revenue and net income
Where MAC's revenue goes
2025Each bar shows an amount and its share of revenue. MAC kept −19.4% of revenue as net income.
MAC profit margins
MAC growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +10.6% | +5.7% | +5.3% | −2.4% |
| Gross profit | −20.6% | −6.2% | −2.4% | −7.2% |
| Operating income | +1.7% | +3.8% | +13.8% | −6.3% |
| Net income | — | — | — | — |
| EPS (diluted) | — | — | — | −23.1% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
MAC quarterly EPS vs estimates
Macerich beat the analyst EPS estimate in 3 of the last 8 quarters. Next report: November 4, 2026 (estimate $0.36).
MAC income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.02B | $918.2M | $884.1M | $859.2M | $847.4M | $786.0M | $927.5M | $960.4M | $993.7M | $1.04B |
| Cost of revenue | $627.8M | $430.3M | $394.9M | $390.4M | $380.9M | $348.0M | $368.0M | $381.0M | $395.3M | $405.9M |
| Gross profit | $387.5M | $487.9M | $489.2M | $468.8M | $466.6M | $438.0M | $559.5M | $579.3M | $598.4M | $635.3M |
| Research & development | — | — | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Sales, general & admin | $31.5M | $28.1M | $29.2M | $27.2M | $30.1M | $30.3M | $22.6M | $24.2M | $28.2M | $28.2M |
| Total operating expenses | $219.7M | $322.9M | $311.6M | $318.8M | $341.2M | $350.0M | $353.4M | $371.0M | $363.7M | $376.7M |
| Operating income | $167.8M | $165.0M | $177.6M | $150.0M | $125.4M | $88.1M | $206.1M | $308.6M | $234.7M | $258.6M |
| Interest income | $35.9M | $197.4M | $156.9M | $5.3M | $15.7M | $27.0M | $48.5M | $71.8M | $85.5M | $56.9M |
| Interest expense | $216.3M | $220.0M | $172.9M | $216.9M | $192.7M | $75.5M | $138.3M | $183.0M | $171.8M | $163.7M |
| Income before taxes | −$176.9M | −$199.0M | −$278.6M | −$64.4M | $23.1M | −$245.9M | $104.1M | $65.4M | $177.3M | $555.6M |
| Income taxes | −$2.2M | −$1.3M | −$494,000 | $705,000 | $6.9M | −$447,000 | $1.6M | −$3.6M | $15.6M | $722,000 |
| Net income | −$197.1M | −$194.1M | −$274.1M | −$66.1M | $14.3M | −$230.2M | $96.8M | $60.0M | $145.4M | $517.0M |
| EBITDA | $407.5M | $326.9M | $190.7M | $455.0M | $540.2M | $155.7M | $580.1M | $583.0M | $570.1M | $601.2M |
| EPS (diluted) | $0.06 | −$1.13 | −$0.67 | −$0.34 | −$0.92 | −$0.46 | $0.73 | $0.71 | $0.76 | $0.87 |
| Gross margin | 38.2% | 53.1% | 55.3% | 54.6% | 55.1% | 55.7% | 60.3% | 60.3% | 60.2% | 61.0% |
| Operating margin | 16.5% | 18.0% | 20.1% | 17.5% | 14.8% | 11.2% | 22.2% | 32.1% | 23.6% | 24.8% |
| Net margin | −19.4% | −21.1% | −31.0% | −7.7% | 1.7% | −29.3% | 10.4% | 6.2% | 14.6% | 49.7% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $249.7M | $242.7M | $263.0M | $253.3M | $249.8M | $249.2M | $273.7M | $220.2M | $215.5M | $208.8M | $238.7M | $218.2M |
| Cost of revenue | $77.9M | $285.6M | $287.8M | $110.6M | $112.3M | $117.2M | $123.0M | $103.8M | $99.5M | $103.9M | $98.4M | $101.6M |
| Gross profit | $171.8M | −$42.8M | −$24.7M | $142.7M | $137.4M | $132.1M | $150.6M | $116.4M | $116.0M | $104.9M | $140.3M | $116.5M |
| Sales, general & admin | $17.5M | $8.0M | $9.2M | $6.9M | $7.8M | $7.6M | $7.5M | $6.0M | $7.0M | $7.6M | $7.5M | $5.9M |
| Total operating expenses | $199.5M | −$73.8M | −$74.6M | $97.8M | $96.3M | $100.2M | $89.0M | $79.3M | $78.7M | $76.0M | $77.3M | $76.7M |
| Operating income | −$27.7M | $31.0M | $49.9M | $44.9M | $41.2M | $31.9M | $61.7M | $37.1M | $37.4M | $28.9M | $63.0M | $39.8M |
| Interest income | — | — | $27.5M | $9.8M | $475,000 | $799,000 | $7.7M | $74.9M | $15.7M | — | — | $107.5M |
| Interest expense | $66.0M | $67.5M | $75.3M | $72.7M | $71.9M | $69.1M | $70.9M | $57.1M | $55.5M | $52.2M | $25.4M | $53.4M |
| Income before taxes | −$27.3M | −$46.4M | $7.5M | −$90.7M | −$41.7M | −$52.0M | −$220.5M | −$111.6M | $265.8M | −$132.7M | $65.8M | −$270.3M |
| Income taxes | −$495,000 | −$2.6M | −$473,000 | −$710,000 | −$188,000 | −$822,000 | −$879,000 | $545,000 | $258,000 | −$1.2M | −$655,000 | $1.7M |
| Net income | −$27.1M | −$36.4M | −$18.8M | −$87.4M | −$40.9M | −$50.1M | −$211.2M | −$108.2M | $252.0M | −$126.7M | $62.2M | −$262.5M |
| EBITDA | $130.9M | $104.2M | $170.5M | $3.3M | $121.4M | $112.3M | −$139.0M | $21.5M | $395.6M | −$9.1M | −$147.6M | −$142.5M |
| EPS (diluted) | $0.35 | −$0.16 | $0.48 | −$0.16 | −$0.12 | −$0.14 | $0.03 | −$0.42 | −$0.34 | −$0.40 | $0.27 | −$0.53 |
| Gross margin | 68.8% | −17.7% | −9.4% | 56.3% | 55.0% | 53.0% | 55.0% | 52.9% | 53.8% | 50.2% | 58.8% | 53.4% |
| Operating margin | −11.1% | 12.8% | 19.0% | 17.7% | 16.5% | 12.8% | 22.5% | 16.8% | 17.3% | 13.8% | 26.4% | 18.3% |
| Net margin | −10.8% | −15.0% | −7.1% | −34.5% | −16.4% | −20.1% | −77.2% | −49.1% | 116.9% | −60.7% | 26.1% | −120.4% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in MAC's financial statements (latest annual report filed February 20, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
MAC financial results
In fiscal year 2025 (ended December 31, 2025), Macerich reported revenue of $1.0 billion, up 10.6% from the year before. It had a net loss of $197.1 million, a net profit margin of −19.4%. Diluted earnings per share came to $0.06. Over five years revenue grew at an average rate of 5.3% a year.
See the MAC stock overview for the latest quote and news, or the MAC chart for price history and technical indicators.
MAC income statement FAQ
What is Macerich's annual revenue?
Macerich reported total revenue of $1.0 billion for fiscal year 2025, which ended on December 31, 2025. That was up 10.6% from $918.2 million the previous year.
Is Macerich profitable?
No. Macerich reported a net loss of $197.1 million in fiscal 2025, a net profit margin of −19.4%; its operating margin was 16.5%.
What is Macerich's gross margin?
Macerich's gross margin was 38.2% in fiscal 2025: for every $100 of revenue, Macerich kept $38 after the direct cost of its products and services.
How fast is Macerich growing?
Revenue grew 5.3% a year on average over the last five fiscal years, from $786.0 million to $1.0 billion.
What are Macerich's earnings per share?
Macerich earned $0.06 per diluted share in fiscal 2025, compared with $-1.13 a year earlier.
When will Macerich report its next earnings?
Macerich is expected to report results for the quarter ending September 30, 2026 on November 4, 2026 after the market closes.
When does Macerich's fiscal year end?
Macerich's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 20, 2026.