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Macerich cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$77.6M in Q3 2026 · $187M over twelve months

Operating cash flow$109M
Capital spending−$31.8M
Free cash flow+$77.6M

Analysis

In Q3 2026, Macerich generated $109M of operating cash flow and spent $31.8M on capital projects, leaving free cash flow of $77.6M. That is $17.0M less than in Q3 2025 ($94.6M).

Over the twelve months to Sep 30, 2026, operating cash flow was $304M; the largest uses were real estate bought ($270M), dividends ($198M), capital spending ($117M); besides operations, cash came from other financing ($458M), net borrowing (+) / repaid (−) ($149M); the cash balance rose by $243M.

Operating cash flow was $109M against net income of −$16.1M. The largest differences: depreciation & amortization +$91.4M, accrued liabilities +$14.2M, prepaid and other assets +$8.5M.

Free cash flow

Macerich: free cash flow by quarterMacerich: free cash flow by quarter$39.0MQ4 2024$81.7MQ1 2025$59.8MQ2 2025$94.6MQ3 2025$19.1MQ4 2025$48.7MQ1 2026$41.8MQ2 2026$77.6MQ3 2026
Operating cash flow less capital spending.
Macerich: operating cash flow against capital spendingMacerich: operating cash flow against capital spendingOperating cash flowCapital spending$54.9M$15.9MQ4 2024$88.5M$6.8MQ1 2025$70.5M$10.7MQ2 2025$112M$17.8MQ3 2025$50.2M$31.1MQ4 2025$77.4M$28.7MQ1 2026$66.9M$25.1MQ2 2026$109M$31.8MQ3 2026
Latest (Q3 2026): Operating cash flow $109M, Capital spending $31.8M.

Capital allocation, year by year

Macerich: where the cash came from (up) and went (down), by fiscal yearMacerich: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingDividendsFY2021: Operating cash flow $286MFY2021: Net borrowing −$1.5BFY2021: Shares issued $832MFY2021: Capital spending −$30.5MFY2021: Dividends −$143M$1.1BFY2021FY2022: Operating cash flow $338MFY2022: Net borrowing −$131MFY2022: Shares issued $1.6MFY2022: Capital spending −$52.6MFY2022: Dividends −$186M$339MFY2022FY2023: Operating cash flow $296MFY2023: Net borrowing −$146MFY2023: Shares issued $1.8MFY2023: Capital spending −$74.6MFY2023: Dividends −$159M$297MFY2023FY2024: Operating cash flow $283MFY2024: Net borrowing −$805MFY2024: Shares issued $659MFY2024: Capital spending −$58.3MFY2024: Dividends −$161M$942MFY2024FY2025: Operating cash flow $322MFY2025: Net borrowing $337MFY2025: Shares issued $2.3MFY2025: Capital spending −$66.4MFY2025: Dividends −$188M$661MFY2025
Over these 5 years operating cash flow totalled $1.5B; the largest uses were net borrowing ($2.6B) and dividends ($839M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$561M
Debt$4.4B
Net debt$3.8B

Macerich funds itself: free cash flow was $187M over the last twelve months, and $561M of cash and investments stands against $4.4B of debt.

Where the cash came from and went

Macerich: sources (+) and uses (−) of cash, Q3 2026Macerich: sources (+) and uses (−) of cash, Q3 2026Net borrowing (+) / repaid (−)$390MCash drawn (+) / kept (−)−$312MOperating cash flow$109MOther financing−$64.1MDividends−$51.1MOther investing−$39.7MCapital spending−$31.8M
Macerich: sources (+) and uses (−) of cash, TTM to Q3 2026Macerich: sources (+) and uses (−) of cash, TTM to Q3 2026Other financing$458MOperating cash flow$304MReal estate bought−$270MCash drawn (+) / kept (−)−$243MDividends−$198MNet borrowing (+) / repaid (−)$149MCapital spending−$117MOther investing−$84.7MShares issued$2.1MPartners−$830K

From profit to cash

Macerich: net income to operating cash flow, Q3 2026Macerich: net income to operating cash flow, Q3 2026Net income−$16.1MDepreciation & amortization$91.4MStock-based pay$6.5MDeferred taxes$80KReceivables−$1.4MAccrued liabilities$14.2MPrepaid and other assets$8.5MOperating cash flow$109M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$109M−$31.8M−$51.1M$390M—−$312M$77.6M
Q2 2026$66.9M−$25.1M−$51.8M−$109M—−$40.2M$41.8M
Q1 2026$77.4M−$28.7M−$49.0M−$121M—$102M$48.7M
Q4 2025$50.2M−$31.1M−$46.2M−$10.3M$1.0M$7.6M$19.1M
Q3 2025$112M−$17.8M−$45.9M$46.7M—−$155M$94.6M
Q2 2025$70.5M−$10.7M−$45.7M$87.3M—$119M$59.8M
Q1 2025$88.5M−$6.8M−$50.4M$214M—−$167M$81.7M
Q4 2024$54.9M−$15.9M−$41.2M−$610M$826K$52.5M$39.0M

Macerich: income statement and cash flow

Macerich, Q3 2026: revenue $260M (+3% year over year), operating margin -14.5%. The chart follows the revenue to costs, profit and cash.

Macerich: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.