Equity Profile

MAC

The Macerich Company

Real EstateRetail REITs$6.7B

May6Wed

Post-Earnings Recap

ReportedQ1-2026After Close4:15 PM EDT

The Macerich Company Beats on EPS, Stock Up 3.4%

Metric	Actual	Expected	Surprise
EPS	$0.34	$-0.10	+11.11%
Revenue	N/A	$229M	N/A

management commentary, guidance changes, and full analysis available with Pro.

The Macerich Company Beats on EPS, Stock Up 3.4%

Key Numbers

Metric	Actual	Expected	Surprise
EPS	$0.34	$-0.10	+11.11%
Revenue	N/A	$229M	N/A

Management Commentary

Tone: Unknown

No transcript is on record, and the analysis is based on numerical results only.

What It Means

The Macerich Company reported better-than-expected earnings per share, which likely contributed to a positive stock reaction, with shares rising 3.4%. However, the company did not provide revenue figures or any guidance updates, leaving some uncertainty about future performance. Investors may view the EPS beat as a sign of resilience in the current market environment.

Company Snapshot

The Macerich Company (MAC) is a real estate investment trust (REIT) that focuses on owning, operating, and developing retail properties, primarily shopping centers. As consumer spending patterns shift, the performance of retail REITs like Macerich is closely watched, especially in the context of e-commerce growth and changing shopping habits.

Key Metrics to Watch

EPS

Earnings per share (EPS) is a key indicator of profitability and will show how well the company is managing its costs and generating income.

$-0.10

Revenue

Revenue figures will provide insight into the overall health of the business and its ability to attract tenants and shoppers.

$229M

Wall Street expectations, options signals, track record, and call prep available with Pro.

Original Pre-Earnings Preview

Context

Company Snapshot

Earnings Scorecard·Last 8Q

EPS Beat Streak

EPS Beat Rate

38%

Avg EPS Surprise

+1.75%

Avg Stock Reaction

+0.33%

Last Quarter Recap

In Q4-2025, Macerich reported an EPS of $0.47, exceeding expectations by 8.55%. The stock saw a positive reaction, gaining 1.92% the following day.

Management Promises & Guidance

Management indicated a focus on enhancing tenant mix to drive foot traffic.
They committed to exploring new leasing strategies to adapt to market changes.
Plans to invest in property upgrades to improve customer experience were highlighted.

Expectations

Wall Street Expectations

Analysts expect a challenging quarter for Macerich, with consensus EPS at a loss of $-0.10. Revenue is anticipated to be around $229 million, reflecting ongoing pressures in the retail sector.

Bull Case

If Macerich can report better-than-expected earnings and demonstrate strong leasing activity, it could signal a rebound in consumer interest and foot traffic, boosting investor confidence.

Bear Case

Conversely, if the company fails to meet earnings expectations or provides weak guidance, it could raise concerns about its ability to navigate the competitive retail landscape.

Key Metrics to Watch

EPS

$-0.10

Earnings per share (EPS) is a key indicator of profitability and will show how well the company is managing its costs and generating income.

Revenue

$229M

Revenue figures will provide insight into the overall health of the business and its ability to attract tenants and shoppers.

Expectations

Two Questions That Matter

The print will turn on these two things.

Will the EPS be better than the consensus estimate of $-0.10?

A better EPS could indicate stronger operational performance and help restore investor confidence after recent losses.

What specific strategies will management outline to drive revenue growth amid changing retail dynamics?

Investors will be keen to understand how Macerich plans to adapt to the evolving retail landscape and whether these strategies can lead to improved financial results.

Edge

What the Street Is Missing

Why consensus could be wrong

The Street may underestimate Macerich's ability to adapt its tenant mix and enhance customer experiences, which could lead to better-than-expected results.

Supporting Evidence

The company has shown resilience in past quarters, often surprising analysts with its operational strategies.

Options pricing suggests a significant move, indicating that investors are anticipating a more volatile outcome than consensus suggests.

Key Risk

If management reveals strong leasing activity and improved tenant engagement, it could challenge the current bearish outlook.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

This quarter's performance is crucial as it reflects the company's ability to adapt to ongoing challenges in the retail sector.

Bull Confirmed If

An EPS of $-0.08 or better, along with revenue exceeding $239M, would confirm a bullish outlook.

Bear Confirmed If

An EPS worse than $-0.12, combined with revenue below $221M, would reinforce bearish sentiment.

Pre-Earnings Positioning

Options Market

Implied Move

±6.18%

Historical Avg

±4.1%

Pricing rich

The options market is pricing in a significant move, suggesting that investors are anticipating volatility around the earnings announcement.

Options are pricing ±5.8% while MAC has averaged ±4.1% over the last 8 prints — setup is pricing rich.

Detail

ATM IV

0.5%

30d HV

25.1%

Calls (36K)P/C Ratio: 1.35Puts (4K)

Preparation

Post-Print Playbook

Likely market behavior by outcome — not investment advice.

Beat & Raise

If Macerich beats expectations, history suggests the stock could see a positive reaction, potentially around a 3.1% increase based on past performance.

In-Line / Cautious

If results are in line with expectations, the stock may experience muted movement as investors assess management's commentary and future guidance.

Miss

A miss could lead to a decline, with historical data indicating an average drop of about 0.70% following such outcomes.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Details on tenant retention rates and new leases signed.
2Insights into foot traffic trends and consumer behavior changes.
3Any updates on property upgrades and their expected impact on revenue.
4Management's outlook on the retail environment for the upcoming quarters.
5Responses to questions about competitive pressures and market positioning.

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Company Snapshot

Key Metrics to Watch

EPS

Earnings per share (EPS) is a key indicator of profitability and will show how well the company is managing its costs and generating income.

$-0.10

Revenue

Revenue figures will provide insight into the overall health of the business and its ability to attract tenants and shoppers.

$229M

Wall Street expectations, options signals, track record, and call prep available with Pro.

Original Pre-Earnings Preview

Context

Company Snapshot

Earnings Scorecard·Last 8Q

EPS Beat Streak

EPS Beat Rate

38%

Avg EPS Surprise

+1.75%

Avg Stock Reaction

+0.33%

Last Quarter Recap

In Q4-2025, Macerich reported an EPS of $0.47, exceeding expectations by 8.55%. The stock saw a positive reaction, gaining 1.92% the following day.

Management Promises & Guidance

Management indicated a focus on enhancing tenant mix to drive foot traffic.
They committed to exploring new leasing strategies to adapt to market changes.
Plans to invest in property upgrades to improve customer experience were highlighted.

Expectations

Wall Street Expectations

Analysts expect a challenging quarter for Macerich, with consensus EPS at a loss of $-0.10. Revenue is anticipated to be around $229 million, reflecting ongoing pressures in the retail sector.

Bull Case

If Macerich can report better-than-expected earnings and demonstrate strong leasing activity, it could signal a rebound in consumer interest and foot traffic, boosting investor confidence.

Bear Case

Conversely, if the company fails to meet earnings expectations or provides weak guidance, it could raise concerns about its ability to navigate the competitive retail landscape.

Key Metrics to Watch

EPS

$-0.10

Earnings per share (EPS) is a key indicator of profitability and will show how well the company is managing its costs and generating income.

Revenue

$229M

Revenue figures will provide insight into the overall health of the business and its ability to attract tenants and shoppers.

Expectations

Two Questions That Matter

The print will turn on these two things.

Will the EPS be better than the consensus estimate of $-0.10?

A better EPS could indicate stronger operational performance and help restore investor confidence after recent losses.

What specific strategies will management outline to drive revenue growth amid changing retail dynamics?

Investors will be keen to understand how Macerich plans to adapt to the evolving retail landscape and whether these strategies can lead to improved financial results.

Edge

What the Street Is Missing

Why consensus could be wrong

The Street may underestimate Macerich's ability to adapt its tenant mix and enhance customer experiences, which could lead to better-than-expected results.

Supporting Evidence

The company has shown resilience in past quarters, often surprising analysts with its operational strategies.

Options pricing suggests a significant move, indicating that investors are anticipating a more volatile outcome than consensus suggests.

Key Risk

If management reveals strong leasing activity and improved tenant engagement, it could challenge the current bearish outlook.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

This quarter's performance is crucial as it reflects the company's ability to adapt to ongoing challenges in the retail sector.

Bull Confirmed If

An EPS of $-0.08 or better, along with revenue exceeding $239M, would confirm a bullish outlook.

Bear Confirmed If

An EPS worse than $-0.12, combined with revenue below $221M, would reinforce bearish sentiment.

Pre-Earnings Positioning

Options Market

Implied Move

±6.18%

Historical Avg

±4.1%

Pricing rich

The options market is pricing in a significant move, suggesting that investors are anticipating volatility around the earnings announcement.

Options are pricing ±5.8% while MAC has averaged ±4.1% over the last 8 prints — setup is pricing rich.

Detail

ATM IV

0.5%

30d HV

25.1%

Calls (36K)P/C Ratio: 1.35Puts (4K)

Preparation

Post-Print Playbook

Likely market behavior by outcome — not investment advice.

Beat & Raise

If Macerich beats expectations, history suggests the stock could see a positive reaction, potentially around a 3.1% increase based on past performance.

In-Line / Cautious

If results are in line with expectations, the stock may experience muted movement as investors assess management's commentary and future guidance.

Miss

A miss could lead to a decline, with historical data indicating an average drop of about 0.70% following such outcomes.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Details on tenant retention rates and new leases signed.
2Insights into foot traffic trends and consumer behavior changes.
3Any updates on property upgrades and their expected impact on revenue.
4Management's outlook on the retail environment for the upcoming quarters.
5Responses to questions about competitive pressures and market positioning.