Macerich (MAC) Earnings Dates, Call Summary & Reports

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Earnings Data

Report Date

May 19, 2026

After Close (Confirmed)

Period Ending

2026 (Q1)

Consensus EPS Forecast

-0.11

Last Year’s EPS

-0.2

Same Quarter Last Year

Analyst Consensus

Moderate Buy

Based on 8 Analysts Ratings

Earnings Call Summary

Q4 2025

Earnings Call Date:Feb 18, 2026|

% Change Since:

Earnings Call Sentiment|Positive

The call conveyed strong operational execution on leasing and portfolio re-positioning with multiple record and above‑plan metrics (record leasing volume, SNO growth, occupancy gains, anchor commitments and meaningful dispositions). Management has materially improved liquidity and reduced leverage a full turn while advancing a clear pipeline that should drive larger NOI/FFO contributions in 2027–2028. Key risks remain: NOI growth in 2025 was modest, leverage is still elevated (7.78x), a loan (29th Street) is in default, physical occupancy lags leased occupancy, and realization of remaining dispositions and the 350 uncommitted deals are execution risks. Overall, the positive operational momentum and tangible pipeline progress outweigh the near-term balance sheet and timing challenges.

Company Guidance

The company reiterated its Path-Forward targets and timing: an updated Path‑Forward 3.0 at REIT Week in June and a return to formal earnings guidance in 2027, with a mid‑2026 leasing inflection driven by SNO contribution estimated at ~$30M in 2026 (back‑end weighted), $40–45M in 2027 and $45–50M in 2028. Key operational and leasing metrics include 7.1M sq ft of new/renewal leases in 2025 (85% above 2024), a leasing speedometer at 76% (above the 2025 target of 70%, on track to 85% mid‑2026), ~1,000 new deals tracked with 650 open/executed/in documentation and 350 uncommitted (1.6M sq ft, 150 in LOI), a signed‑not‑open (SNO) pipeline of ~$107M (vs $100M target) and 30 anchors fully committed (2.9M sq ft, 5 open/5 under construction/11 executed/9 leases out; ~ $750M annual tenant sales). Portfolio and finance guidance highlights: go‑forward portfolio NOI +1.7% Q4 y/y (+1.8% full‑year 2025), trailing 12‑month leasing spreads 6.7% (+80 bps q/q), occupancy 94% (Q4) and go‑forward occupancy 94.9% (+60 bps q/q), go‑forward sales $921/sq ft (total portfolio $881/sq ft), 416k sq ft opened in Q4 (1.3M in 2025), 80% of 2026 expirations committed with 16% in LOI, Q4 adjusted FFO ~$129M or $0.48/sh, liquidity ~ $990M (including $650M revolver), net debt/EBITDA 7.78x (down ~1.0x since plan start; target low‑to‑mid‑6x), $1.3B of $2.0B disposition goal completed with $200–300M more identified (to $1.5–1.6B) and $400–450M of outparcel/land remaining ( ~$15M under contract, >$50M in negotiation), a $200M South Plains loan extended to Nov‑2029 at ~4.2%, and a $76M pro‑rata loan on 29th Street currently in default.

Record Leasing Volume

Signed 7.1 million square feet of new and renewal leases for full year 2025, an 85% increase vs. 2024 and a new company record; 30% of the 7.1M sq ft were new lease signings.

Leasing Progress vs. Plan

Leasing speedometer at 76% revenue completion (exceeding 2025 year-end target of 70%) and tracking to a mid-2026 target of 85%; of ~1,000 targeted new deals, 650 are open/executed/in documentation, leaving 350 uncommitted (1.6M sq ft, 150 in LOI).

Signed-Not-Open (SNO) Pipeline

Signed-not-open pipeline ~ $107 million (exceeding $100M year-end target); total cumulative SNO opportunity ~ $140M relative to 2024, with estimated incremental annual contribution of ~$30M in 2026, $40–45M in 2027 and $45–50M in 2028.

Anchor Initiative Fully Committed

All 30 targeted anchor/big-box replacements are committed (2.9M sq ft), expected to generate ~ $750M in annual tenant sales and drive traffic and in-line leasing.

Disposition Progress

Completed ~$1.3 billion of mall and outparcel sales toward $2.0 billion target; identified an additional $200–300M of assets for sale/giveback and $15M+ under contract with $50M+ in negotiations.

Portfolio Sales & Performance

Portfolio sales per square foot were $881 at Q4 (up $14 QoQ); go-forward portfolio sales $921/sq ft; traffic was flat year-over-year for 2025, while select assets saw meaningful uplifts (e.g., Tysons traffic +16% in Q4).

Occupancy and Leasing Spreads

Occupancy 94% at Q4 (up 60 bps QoQ); go-forward occupancy 94.9% (up 60 bps QoQ); trailing 12-month leasing spreads 6.7% (up 80 bps QoQ) — 17 consecutive quarters of positive spreads.

New Store Openings & Concept Wins

Opened 416k sq ft in Q4 and 1.3M sq ft for 2025; opened first DICK'S House of Sport (Freehold) which outperformed expectations and drove mall traffic (~18% of mall traffic at Freehold since opening); 9 DICK'S commitments in pipeline with additional openings planned.

Liquidity and Balance Sheet Actions

Liquity approximately $990M including $650M revolver capacity; closed a $200M loan extension on South Plains through Nov 2029 at ~4.2%; paid down/ addressed 2025 maturities and a substantial portion of 2026 maturities.

Reported FFO and One-Time Items

Adjusted FFO for Q4 ~ $129M or $0.48 per share; one-time legal settlement income ~$16.1M partially offset by $8.4M incremental corporate bonus expense (net $0.03/share impact).

Macerich (MAC) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

Daily Earnings Calendar >

MAC Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
May 19, 2026	2026 (Q1)	-0.11 / -	-0.2	―	―	―
Feb 18, 2026	2025 (Q4)	>-0.01 / -0.07	-0.89	92.13% (+0.82)	―
Nov 04, 2025	2025 (Q3)	-0.08 / -0.34	-0.5	32.00% (+0.16)	―
Aug 11, 2025	2025 (Q2)	-0.09 / -0.16	1.16	-113.79% (-1.32)	―
May 12, 2025	2025 (Q1)	-0.08 / -0.20	-0.59	66.10% (+0.39)	―
Feb 27, 2025	2024 (Q4)	0.04 / -0.89	0.29	-406.90% (-1.18)	―
Nov 06, 2024	2024 (Q3)	-0.06 / -0.50	-1.22	59.02% (+0.72)	―
Jul 31, 2024	2024 (Q2)	-0.07 / 1.16	-0.07	1757.14% (+1.23)	―
Apr 30, 2024	2024 (Q1)	-0.09 / -0.59	-0.27	-118.52% (-0.32)	―
Feb 07, 2024	2023 (Q4)	0.08 / 0.29	0.01	2800.00% (+0.28)	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

MAC Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Feb 18, 2026	$19.15	$19.77	+3.24%
Nov 04, 2025	$17.54	$17.51	-0.17%
Aug 11, 2025	$16.36	$17.11	+4.58%
May 12, 2025	$14.55	$16.07	+10.45%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

FAQ

When does Macerich Company (MAC) report earnings?

Macerich Company (MAC) is schdueled to report earning on May 19, 2026, After Close (Confirmed).

What is Macerich Company (MAC) earnings time?

Macerich Company (MAC) earnings time is at May 19, 2026, After Close (Confirmed).

Where can I see when companies are reporting earnings?

You can see which companies are reporting today on our designated earnings calendar.

What companies are reporting earnings today?

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What is MAC EPS forecast?

MAC EPS forecast for the fiscal quarter 2026 (Q1) is -0.11.