Q3 2026 Revenue up 3% year over year to $260M · 6¢ of every $1 of revenue lost · operating margin -14.5%
Macerich made $260M in Q3 2026 (+3% Y/Y). Operating margin -14.5%, net loss $16.1M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 5, 2026.
Revenue$260M
Year over year+3%
Operating margin-14.5%
Net earnings−$16.1M
Operating cash flow$109M
Drawing the Sankey…
Open the interactive Sankey →click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $260.1M in Q3 2026, up 3% year over year and up 4% from the previous quarter.
Operating costs exceeded revenue by $37.8M, an operating margin of -14.5%. Total costs grew 6% against revenue growth of 3%. The fastest-growing cost line was General & admin (+23%). The quarter ended with a net loss of $16.1M, narrower than the previous quarter's $26.9M loss. Non-operating items added $21.7M, -135% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $109.4M (down 3% year over year). Non-cash charges added back $91.4M of depreciation and amortization and $6.5M of share-based compensation. Working capital and other items added $27.7M. Capital expenditures of $31.8M left free cash flow of $77.6M.
Quarterly history
Quarter
Form
Filed
Revenue
Y/Y
Op. margin
Net earnings
Op. cash flow
Q3 2026
10-Q
Nov 5, 2026
$260M
+3%
-14.5%
−$16.1M
$109M
Q2 2026
10-Q
Aug 5, 2026
$250M
0%
-11.1%
−$26.9M
$66.9M
Q1 2026
10-Q
May 7, 2026
$242M
-3%
-15.1%
−$36.9M
$77.4M
Q4 2025
10-K
Feb 20, 2026
$262M
-4%
-7.6%
−$18.4M
$50.2M
Q3 2025
10-Q
Nov 5, 2025
$253M
+15%
-11.0%
−$90.0M
$112M
Q2 2025
10-Q
Aug 11, 2025
$250M
+16%
-12.3%
−$41.5M
$70.5M
Q1 2025
10-Q
May 12, 2025
$249M
+19%
-14.9%
−$51.2M
$88.5M
Charts
Latest (Q3 2026): Y/Y +3%, Q/Q +4%.From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.Latest (Q3 2026): Net income −$16.1M, Operating cash flow $109M.+73.8% since FY2020: more shares outstanding (issuance, stock pay).Real Estate Investment Trusts; dot size is quarterly revenue; dashed lines are the industry's medians.
Interactive views
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💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
The Company is involved in the acquisition, ownership, development, redevelopment, management and leasing of regional and community/power shopping centers located throughout the United States. The Company is the sole general partner of, and owns a majority of the ownership interests in, The Macerich Partnership, L.P., a Delaware limited partnership (the "Operating Partnership"). As of December 31, 2025, the Operating Partnership owned or had an ownership interest in 37 regional retail centers (including office, hotel and residential space adjacent to these shopping centers) and one community/power shopping center. These 38 regional retail centers and the community/power shopping center consist of approximately 39 million square feet of gross leasable area (“GLA”) and are referred to herein as the “Centers”.
In its own words, from its 10-K, filed Feb 20, 2026.
Macerich against its Real Estate Investment Trusts peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +3% against the peers' median +11%. Operating margin: -14.5% against the peers' median 15.9%.