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REITs · Real Estate · Fiscal year ends Dec 31
Macerich reported revenue of $1B in the fiscal year ended Dec 2025, up 10.4% from the year before. Net income was −$197M. Operating cash flow of $322M less capital expenditure of $66M left free cash flow of $255M. Net debt was $4.8B.
Ranks among the 75 reits companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 847 | 859 | 884 | 918 | 1,014 |
| Net interest incomeBanks | −193 | −217 | −173 | −220 | −284 |
| Interest expense | 193 | 217 | – | – | – |
| Income tax | 6.9 | 0.7 | −0.5 | −1.3 | −2.2 |
| Net income | 14.3 | −66.1 | −274 | −194 | −197 |
| Diluted EPS | 0.07 | −0.31 | −1.28 | −0.88 | −0.78 |
| Diluted shares | 198 | 215 | 216 | 222 | 254 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 112 | 100 | 94.9 | 89.9 | 280 |
| Net PP&E | 6,284 | 6,128 | 5,900 | 7,097 | 6,688 |
| Total assets | 8,346 | 8,094 | 7,514 | 8,567 | 8,369 |
| Long-term debt | 4,424 | 4,241 | 4,136 | 4,895 | 5,069 |
| Total liabilities | 5,170 | 5,145 | 4,986 | 5,725 | 5,842 |
| Shareholders' equity | 3,047 | 2,866 | 2,447 | 2,756 | 2,449 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 286 | 338 | 296 | 283 | 322 |
| Capital expenditure | 30.5 | 52.6 | 74.6 | 58.3 | 66.4 |
| Free cash flow | 256 | 285 | 221 | 225 | 255 |
| Depreciation & amortisation | 324 | 302 | 296 | 306 | 368 |
| Stock-based compensation | 14.3 | 17.6 | 13.2 | 12.1 | 18.2 |
| Dividends paid | 143 | 186 | 159 | 161 | 188 |
| Dividend per share | 0.60 | 0.62 | 0.68 | 0.68 | 0.68 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 1.4% | 2.9% | 3.9% | 10.4% |
| EPS growth (YoY) | – | −542.9% | – | – | – |
| Net margin | 1.7% | −7.7% | −31.0% | −21.1% | −19.4% |
| Return on equityBlank when equity is negative | 0.5% | −2.3% | −11.2% | −7.0% | −8.1% |
| Free cash flow margin | 30.2% | 33.2% | 25.0% | 24.5% | 25.2% |
| Cash conversion (CFO ÷ net income) | 20.1x | −5.11x | −1.08x | −1.46x | −1.63x |
| Debt ÷ equity | 1.45x | 1.48x | 1.69x | 1.78x | 2.07x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 4,311 | 4,140 | 4,041 | 4,805 | 4,789 |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.