Filing Flows › Macerich (MAC) › Q3 2025
Macerich (MAC) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 5, 2025
Macerich (MAC) reported revenue of $253M for the third quarter 2025 (Q3 2025), +15% from a year earlier and +1% from the quarter before. Operating margin was -11.0%, net loss $90.0M (35.5% of revenue).
Macerich, Q3 2025: revenue $253M (+15% year over year), operating margin -11.0%, net loss $90.0M, operating cash flow $112M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $253M | +1% | +15% |
| Operating profit | −$27.8M | — | — |
| Net earnings | −$90.0M | — | — |
| Operating cash flow | $112M | +59% | +12% |
| Free cash flow | $94.6M | +58% | +17% |
What changed
Revenue was $253.3M in Q3 2025, up 15% year over year and up 1% from the previous quarter.
Operating costs exceeded revenue by $27.8M, an operating margin of -11.0%. Total costs grew 17% against revenue growth of 15%. The fastest-growing cost line was Other operating costs (+17%). The quarter ended with a net loss of $90.0M, wider than the previous quarter's $41.5M loss. Minority interests bore $2.6M of it: to shareholders the quarter was a loss of $87.4M. Net interest and other expense of $62.9M was the main reason.
Operating cash flow was $112.4M (up 12% year over year). Non-cash charges added back $94.0M of depreciation and amortization and $4.8M of share-based compensation. Working capital and other items added $103.6M. Capital expenditures of $17.8M left free cash flow of $94.6M.
Questions
What was Macerich's revenue in the third quarter 2025?
Macerich (MAC) reported revenue of $253M for the third quarter 2025 (Q3 2025), +15% from a year earlier and +1% from the quarter before.
Was Macerich profitable in the third quarter 2025?
Operating loss was $27.8M (-11.0% of revenue) and net loss $90.0M.
Source: Macerich 10-Q on SEC EDGAR.