Macerich (MAC) Posts Higher 2025 Revenue Yet Ongoing Losses Is Its Turnaround Story Intact?

Simply Wall St

Tue, February 24, 2026 at 10:11 AM GMT+9 3 min read

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MAC

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The Macerich Company has reported past fourth-quarter 2025 results showing sales of US$245.16 million and revenue of US$261.7 million, with a net loss of US$18.76 million and basic loss per share from continuing operations of US$0.07.

For 2025 as a whole, Macerich grew revenue to US$1.01 billion while still posting a similar-sized annual net loss, highlighting ongoing profitability challenges despite higher top-line performance.

Next, we’ll examine how Macerich’s higher full-year 2025 revenue but continued losses affect its existing investment narrative and future assumptions.

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Macerich Investment Narrative Recap

To own Macerich, you need to believe its higher quality malls can keep attracting tenants and shoppers despite secular pressure on traditional retail and a leveraged balance sheet. The latest results show 2025 revenue rising to about US$1.01 billion, but with a net loss of roughly US$197 million, so the core near term catalyst remains execution on leasing and asset repositioning, while the biggest current risk is still refinancing and funding needs rather than this specific quarter’s performance.

Against that backdrop, the Board’s decision on 12 February 2026 to affirm another US$0.17 quarterly dividend is particularly relevant. It highlights that management continues its long running payout even while the business remains loss making, which ties directly into the debate around balance sheet risk, future cash flow coverage and how much room Macerich really has to keep reinvesting in experiential and higher rent tenants as its key earnings driver.

Yet behind the improving loss per share, investors should still be aware of how Macerich’s high leverage could affect refinancing if credit conditions tighten…

Read the full narrative on Macerich (it’s free!)

Macerich’s narrative projects $1.0 billion revenue and $9.5 million earnings by 2028. This requires a 0.7% yearly revenue decline and about a $420.8 million earnings increase from -$411.3 million today.

Uncover how Macerich’s forecasts yield a $20.13 fair value, in line with its current price.

Exploring Other Perspectives

MAC 1-Year Stock Price Chart

Some of the most bearish analysts were assuming Macerich’s revenue would shrink about 3.7 percent a year and still not reach profitability by 2028. Compared with the recent 2025 loss of roughly US$197 million, that is a much harsher view than the consensus narrative that focuses on leasing gains and revenue growth. It is a useful reminder that your own conclusions may differ widely, and fresh results like these could shift both optimistic and pessimistic cases.

Story Continues  

Explore 2 other fair value estimates on Macerich - why the stock might be worth just $20.13!

Reach Your Own Conclusion

Don’t just follow the ticker - dig into the data and build a conviction that’s truly your own.

A great starting point for your Macerich research is our analysis highlighting 2 key rewards and 2 important warning signs that could impact your investment decision.

Our free Macerich research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Macerich's overall financial health at a glance.

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_ This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned._

Companies discussed in this article include MAC.

Have feedback on this article? Concerned about the content? Get in touch with us directly._ Alternatively, email editorial-team@simplywallst.com_

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