Filing Flows › Macerich (MAC) › Q1 2025
Macerich (MAC) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 12, 2025
Macerich (MAC) reported revenue of $249M for the first quarter 2025 (Q1 2025), +19% from a year earlier and -9% from the quarter before. Operating margin was -14.9%, net loss $51.2M (20.5% of revenue).
Macerich, Q1 2025: revenue $249M (+19% year over year), operating margin -14.9%, net loss $51.2M, operating cash flow $88.5M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $249M | -9% | +19% |
| Operating profit | −$37.2M | — | — |
| Net earnings | −$51.2M | — | — |
| Operating cash flow | $88.5M | +61% | +45% |
| Free cash flow | $81.7M | +109% | +52% |
What changed
Revenue was $249.2M in Q1 2025, up 19% year over year and down 9% from the previous quarter.
Operating costs exceeded revenue by $37.2M, an operating margin of -14.9%. Total costs grew 23% against revenue growth of 19%. The fastest-growing cost line was Other operating costs (+24%). The quarter ended with a net loss of $51.2M, narrower than the previous quarter's $219.6M loss. Minority interests bore $1.0M of it: to shareholders the quarter was a loss of $50.1M.
Operating cash flow was $88.5M (up 45% year over year). Non-cash charges added back $95.2M of depreciation and amortization and $3.2M of share-based compensation. Working capital and other items added $41.2M. Capital expenditures of $6.8M left free cash flow of $81.7M.
Questions
What was Macerich's revenue in the first quarter 2025?
Macerich (MAC) reported revenue of $249M for the first quarter 2025 (Q1 2025), +19% from a year earlier and -9% from the quarter before.
Was Macerich profitable in the first quarter 2025?
Operating loss was $37.2M (-14.9% of revenue) and net loss $51.2M.
Source: Macerich 10-Q on SEC EDGAR.