Macerich (MAC) FY2025 results: revenue $1.0 billion, up 10.4% on the year
Macerich Co. (MAC) reported revenue of $1.0 billion for fiscal 2025, the year ended 31 December 2025, up 10.4% on the year before. Net income was -$197 million, and diluted earnings per share $-0.78. The figures are the company's own, from the 10-K it filed with the SEC on 20 February 2026.
Revenue
$1.0 billion
+10.4% on the year
FY2018FY2025
Operating margin
-11.4%
-4.4% a year earlier
FY2018FY2025
Net income
-$197 million
FY2018FY2025
Diluted EPS
-$0.78
FY2018FY2025
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Guidance figures: 1 raised, 1 kept.
Net loss narrowed to $18.8 million: Net loss attributable to the Company was $18.8 million, or $0.07 per share-diluted, against $211.2 million, or $0.89, a year earlier. The prior-year loss mainly reflected write-downs on asset sales.
FFO per share rose to $0.48: FFO excluding certain items was $128.9 million, or $0.48 per share-diluted, against $116.7 million, or $0.47, a year earlier.
Go-Forward NOI up 1.7% in quarter: NOI for Go-Forward Portfolio Centers, excluding lease termination income, rose 1.7% in the quarter and 1.8% for 2025, compared with 2024.
Record leasing volume in 2025: Leases signed for 7.1 million square feet in 2025 on a comparable center basis, an 85% increase over 2024; the fourth quarter alone signed 1.4 million square feet, up 36%.
Re-leasing spreads at 6.7%: Base rent re-leasing spreads were 6.7% over expiring rent for the trailing twelve months, up from 5.9% at September 30; the seventeenth consecutive quarter of positive spreads.
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Operating cash flow
322
283
296
+13.5%
Capital expenditure
66.4
58.3
74.6
+13.9%
Free cash flow
255
225
221
+13.4%
Free cash flow margin
25.2%
24.5%
25.0%
Cash from investing
-325
19.8
52.5
Cash from financing
199
-316
-339
Depreciation and amortisation
368
306
296
+20.3%
Share-based compensation
18.2
12.1
13.2
+49.8%
Dividends paid
188
161
159
+16.7%
Dividend per share
$0.68
$0.68
$0.68
0.0%
Diluted shares, weighted
254m
222m
216m
+14.6%
Shares outstanding at period end
257m
253m
216m
+1.6%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
2,449
2,756
2,447
-11.2%
Non-controlling interest
78.2
85.9
80.6
-9.0%
Debt
5,069
4,993
4,226
+1.5%
Other liabilities
773
732
760
+5.6%
Total liabilities and equity
8,369
8,567
7,514
-2.3%
Cash and equivalents
280
89.9
94.9
+211.9%
Other assets
8,088
8,477
7,419
-4.6%
Total assets
8,369
8,567
7,514
-2.3%
10-K for the year ended 31 December 2025, filed 20 February 2026: the filing.