Filing Flows › Macerich (MAC) › Q4 2025
Macerich (MAC) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 20, 2026
Macerich (MAC) reported revenue of $262M for the fourth quarter 2025 (Q4 2025), -4% from a year earlier and +3% from the quarter before. Operating margin was -7.6%, net loss $18.4M (7.0% of revenue).
Macerich, Q4 2025: revenue $262M (-4% year over year), operating margin -7.6%, net loss $18.4M, operating cash flow $50.2M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $262M | +3% | -4% |
| Operating profit | −$20.0M | — | — |
| Net earnings | −$18.4M | — | — |
| Operating cash flow | $50.2M | -55% | -9% |
| Free cash flow | $19.1M | -80% | -51% |
What changed
Revenue was $261.7M in Q4 2025, down 4% year over year and up 3% from the previous quarter.
Operating costs exceeded revenue by $20.0M, an operating margin of -7.6%. Total costs grew 5% against a revenue fall of 4%. The fastest-growing cost line was General & admin (+23%). The quarter ended with a net loss of $18.4M, narrower than the previous quarter's $90.0M loss.
Operating cash flow was $50.2M (down 9% year over year). Non-cash charges added back $87.7M of depreciation and amortization and $4.8M of share-based compensation. Working capital and other items used $24.0M. Capital expenditures of $31.1M left free cash flow of $19.1M.
Questions
What was Macerich's revenue in the fourth quarter 2025?
Macerich (MAC) reported revenue of $262M for the fourth quarter 2025 (Q4 2025), -4% from a year earlier and +3% from the quarter before.
Was Macerich profitable in the fourth quarter 2025?
Operating loss was $20.0M (-7.6% of revenue) and net loss $18.4M.
Source: Macerich 10-K on SEC EDGAR.