Macerich Company
NYSE: MAC · REAL ESTATE · REIT - RETAIL
Updated 2026-06-12
Macerich Company (MAC) Financial statements
SEC filings — annual and quarterly data.
Income statement — annual
| Item | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $829.66M | $896.37M | $880.87M | $805.65M | $758.56M | $791.25M | $881.32M | $1.03B | $1.11B | $1.29B | $1.04B | $993.66M | $960.35M | $927.46M | $786.03M | $847.44M | $859.16M | $884.07M | $918.20M | $1.02B |
| Revenue growth (YoY) | — | +8.0% | -1.7% | -8.5% | -5.8% | +4.3% | +11.4% | +16.8% | +7.4% | +16.5% | -19.2% | -4.6% | -3.4% | -3.4% | -15.2% | +7.8% | +1.4% | +2.9% | +3.9% | +10.6% |
| Cost of revenue | $13.85M | $330.49M | $358.69M | $337.48M | $336.29M | $342.40M | $366.14M | $423.26M | $441.93M | $472.15M | $405.95M | $395.31M | $381.00M | $367.95M | $347.98M | $380.88M | $390.35M | $394.89M | $430.27M | $627.83M |
| Gross profit | $815.80M | $565.88M | $522.19M | $468.18M | $422.27M | $448.85M | $515.18M | $606.22M | $663.32M | $815.99M | $635.33M | $598.35M | $579.35M | $559.51M | $438.05M | $466.55M | $468.81M | $489.18M | $487.94M | $387.47M |
| Gross margin | 98.3% | 63.1% | 59.3% | 58.1% | 55.7% | 56.7% | 58.5% | 58.9% | 60.0% | 63.3% | 61.0% | 60.2% | 60.3% | 60.3% | 55.7% | 55.1% | 54.6% | 55.3% | 53.1% | 38.2% |
| R&D | — | — | — | — | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | — | — |
| SG&A | $13.53M | $16.60M | $16.52M | $25.93M | $20.70M | $21.11M | $20.41M | $27.77M | $29.41M | $29.87M | $28.22M | $28.24M | $24.16M | $22.63M | $30.34M | $30.06M | $27.16M | $29.24M | $28.14M | $31.54M |
| Operating income | $273.05M | $254.71M | $235.73M | $180.18M | $154.75M | $162.40M | $192.22M | $221.28M | $255.19M | $321.65M | $258.62M | $234.68M | $308.56M | $206.15M | $88.09M | $125.37M | $150.03M | $177.58M | $165.01M | $167.76M |
| Operating margin | 32.9% | 28.4% | 26.8% | 22.4% | 20.4% | 20.5% | 21.8% | 21.5% | 23.1% | 25.0% | 24.8% | 23.6% | 32.1% | 22.2% | 11.2% | 14.8% | 17.5% | 20.1% | 18.0% | 16.5% |
| EBITDA | $484.22M | $596.98M | $228.57M | $724.17M | $415.00M | $445.05M | $514.94M | $756.26M | $1.99B | $987.38M | $1.07B | $570.11M | $583.01M | $580.06M | $155.70M | $540.19M | $454.96M | $190.72M | $326.90M | $404.93M |
| EBITDA margin | 58.4% | 66.6% | 25.9% | 89.9% | 54.7% | 56.2% | 58.4% | 73.5% | 179.7% | 76.7% | 102.5% | 57.4% | 60.7% | 62.5% | 19.8% | 63.7% | 53.0% | 21.6% | 35.6% | 39.9% |
| EBIT | $273.05M | $353.88M | $-49.25M | $446.70M | $154.75M | $162.40M | $192.22M | $379.98M | $1.61B | $522.91M | $719.24M | $228.84M | $255.58M | $242.40M | $-170.36M | $215.79M | $152.48M | $-105.67M | $21.02M | $39.40M |
| Interest expense | $0.00 | $250.13M | $295.07M | $267.05M | $198.04M | $167.25M | $164.39M | $197.25M | $190.69M | $211.94M | $163.68M | $171.78M | $182.96M | $138.25M | $75.55M | $192.68M | $216.85M | $172.92M | $219.99M | $216.34M |
| Income tax | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Effective tax rate | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Net income | $252.36M | $85.81M | $166.05M | $120.74M | $25.19M | $156.87M | $337.43M | $420.09M | $1.50B | $486.07M | $517.00M | $145.37M | $60.02M | $96.82M | $-230.20M | $14.26M | $-66.07M | $-274.06M | $-194.12M | $-197.15M |
| Net income growth (YoY) | — | -66.0% | +93.5% | -27.3% | -79.1% | +522.7% | +115.1% | +24.5% | +256.8% | -67.6% | +6.4% | -71.9% | -58.7% | +61.3% | -337.8% | +106.2% | -563.2% | -314.8% | +29.2% | -1.6% |
| Profit margin | 30.4% | 9.6% | 18.9% | 15.0% | 3.3% | 19.8% | 38.3% | 40.8% | 135.6% | 37.7% | 49.7% | 14.6% | 6.2% | 10.4% | -29.3% | 1.7% | -7.7% | -31.0% | -21.1% | -19.4% |
Frequently asked questions
What is Macerich Company's revenue?
Macerich Company's trailing twelve-month revenue is $1.02B, and consensus projects about $1.13B by 2030. Revenue is the top line the whole model builds on, and at this scale the question shifts from how fast it grows to whether margins hold as it compounds.
How profitable is MAC?
In its most recent fiscal year, MAC ran a gross margin of 38.16%, an operating margin of 16.52%, and a net margin of -19.42%. Margins this high mean most of each extra dollar of revenue drops through to profit, which is the signature of real pricing power.
How much free cash flow does MAC generate?
MAC produced $-11.74M in free cash flow in its most recent fiscal year. Free cash flow is what is left after running and reinvesting in the business, and it is the cash that actually funds buybacks, dividends, and a stronger balance sheet.
Is MAC's balance sheet healthy?
MAC holds $43.01M in cash and equivalents against $5.07B in long-term debt, on $2.45B of shareholder equity. That debt is best read against the cash flow the business throws off each year.