Equity Profile

MAC

The Macerich Company

Real EstateRetail REITs$6.7B

Aug10Mon

Pre-Earnings Brief

UpcomingQ2-2026After Close5:00 PM EDT

Company Snapshot

The Macerich Company (MAC) is a real estate investment trust (REIT) that focuses on owning, operating, and developing retail properties. With a market cap of $7 billion, it plays a significant role in the retail sector, which is currently navigating challenges like changing consumer behavior and e-commerce growth.

Key Metrics to Watch

Same-Store Sales Growth

This metric indicates how well existing properties are performing and can reflect consumer spending trends.

N/A

Occupancy Rate

A higher occupancy rate suggests strong demand for retail space, which is crucial for revenue generation.

N/A

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

MAC Q2-2026 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 Q1-2026, Macerich reported an earnings per share (EPS) of $0.34, beating expectations by 11.11%. The stock reacted positively, gaining 3.40% the following day.

Management Promises & Guidance

Expectations

Wall Street Expectations

Investors are cautiously optimistic ahead of the earnings report, given the recent positive surprise in Q1-2026. However, there are concerns about ongoing challenges in the retail sector.

Bull Case

If Macerich can demonstrate strong same-store sales growth and maintain high occupancy rates, it could signal a robust recovery in retail demand, leading to positive investor sentiment.

Bear Case

Conversely, if the company reports lower occupancy or weak sales growth, it may raise concerns about its ability to adapt to changing consumer habits, potentially leading to a sell-off.

Expectations

Two Questions That Matter

The print will turn on these two things.

What is the current occupancy rate and how does it compare to last quarter?

Occupancy rates are critical for revenue generation, and any decline could signal challenges in attracting tenants.

What are the same-store sales growth figures for the quarter?

This metric will provide insight into consumer spending trends and the overall health of the retail properties.

Edge

What the Street Is Missing

Why consensus could be wrong

The Street may be underestimating the impact of recent consumer trends favoring in-person shopping, which could lead to stronger-than-expected occupancy rates.

Supporting Evidence

Recent trends show a resurgence in foot traffic in retail spaces, suggesting a recovery in consumer behavior.

Options pricing indicates a significant move, reflecting uncertainty that may not align with the company's potential performance.

Macerich's strategic focus on enhancing the shopping experience could attract more tenants and shoppers.

Key Risk

If occupancy rates exceed 92%, it could challenge the current bearish sentiment and shift investor expectations.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

The core thesis revolves around how well Macerich is navigating the evolving retail landscape and maintaining its property performance.

Bull Confirmed If

Same-store sales growth of over 5% would confirm a strong recovery in retail demand.

Bear Confirmed If

Occupancy rates dropping below 90% would indicate significant challenges in retaining tenants.

Pre-Earnings Positioning

Options Market

Implied Move

±13.57%

Historical Avg

±4.1%

Pricing rich

The options market is pricing in a significant move, suggesting that traders expect volatility around the earnings announcement.

Options are pricing ±13.6% while MAC has averaged ±4.1% over the last 8 prints — setup is pricing rich.

Detail

ATM IV

0.3%

30d HV

27.5%

Calls (4K)P/C Ratio: 0.23Puts (600)

Preparation

Post-Print Playbook

Likely market behavior by outcome — not investment advice.

Beat & Raise

If Macerich beats expectations, history suggests the stock could rise by around 2.64% on average, confirming a positive outlook.

In-Line / Cautious

An in-line report may lead to muted reactions as investors await further commentary on future guidance.

Miss

If the company misses expectations, history indicates a potential decline of about 2.64%, reflecting investor concerns.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Updates on occupancy rates and any changes compared to last quarter.
2Details on same-store sales growth and how it reflects consumer spending.
3Any commentary on new tenant acquisitions or lease renewals.
4Insights into the company's strategy for adapting to e-commerce competition.
5Management's outlook on the retail market for the remainder of the year.

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Company Snapshot

Key Metrics to Watch

Same-Store Sales Growth

This metric indicates how well existing properties are performing and can reflect consumer spending trends.

N/A

Occupancy Rate

A higher occupancy rate suggests strong demand for retail space, which is crucial for revenue generation.

N/A

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

MAC Q2-2026 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 Q1-2026, Macerich reported an earnings per share (EPS) of $0.34, beating expectations by 11.11%. The stock reacted positively, gaining 3.40% the following day.

Management Promises & Guidance

Expectations

Wall Street Expectations

Investors are cautiously optimistic ahead of the earnings report, given the recent positive surprise in Q1-2026. However, there are concerns about ongoing challenges in the retail sector.

Bull Case

If Macerich can demonstrate strong same-store sales growth and maintain high occupancy rates, it could signal a robust recovery in retail demand, leading to positive investor sentiment.

Bear Case

Conversely, if the company reports lower occupancy or weak sales growth, it may raise concerns about its ability to adapt to changing consumer habits, potentially leading to a sell-off.

Expectations

Two Questions That Matter

The print will turn on these two things.

What is the current occupancy rate and how does it compare to last quarter?

Occupancy rates are critical for revenue generation, and any decline could signal challenges in attracting tenants.

What are the same-store sales growth figures for the quarter?

This metric will provide insight into consumer spending trends and the overall health of the retail properties.

Edge

What the Street Is Missing

Why consensus could be wrong

The Street may be underestimating the impact of recent consumer trends favoring in-person shopping, which could lead to stronger-than-expected occupancy rates.

Supporting Evidence

Recent trends show a resurgence in foot traffic in retail spaces, suggesting a recovery in consumer behavior.

Options pricing indicates a significant move, reflecting uncertainty that may not align with the company's potential performance.

Macerich's strategic focus on enhancing the shopping experience could attract more tenants and shoppers.

Key Risk

If occupancy rates exceed 92%, it could challenge the current bearish sentiment and shift investor expectations.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

The core thesis revolves around how well Macerich is navigating the evolving retail landscape and maintaining its property performance.

Bull Confirmed If

Same-store sales growth of over 5% would confirm a strong recovery in retail demand.

Bear Confirmed If

Occupancy rates dropping below 90% would indicate significant challenges in retaining tenants.

Pre-Earnings Positioning

Options Market

Implied Move

±13.57%

Historical Avg

±4.1%

Pricing rich

The options market is pricing in a significant move, suggesting that traders expect volatility around the earnings announcement.

Options are pricing ±13.6% while MAC has averaged ±4.1% over the last 8 prints — setup is pricing rich.

Detail

ATM IV

0.3%

30d HV

27.5%

Calls (4K)P/C Ratio: 0.23Puts (600)

Preparation

Post-Print Playbook

Likely market behavior by outcome — not investment advice.

Beat & Raise

If Macerich beats expectations, history suggests the stock could rise by around 2.64% on average, confirming a positive outlook.

In-Line / Cautious

An in-line report may lead to muted reactions as investors await further commentary on future guidance.

Miss

If the company misses expectations, history indicates a potential decline of about 2.64%, reflecting investor concerns.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Updates on occupancy rates and any changes compared to last quarter.
2Details on same-store sales growth and how it reflects consumer spending.
3Any commentary on new tenant acquisitions or lease renewals.
4Insights into the company's strategy for adapting to e-commerce competition.
5Management's outlook on the retail market for the remainder of the year.