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 $6 billion, MAC plays a significant role in the retail sector, which is influenced by consumer spending trends and the ongoing evolution of shopping habits.

Key Metrics to Watch

EPS (Earnings Per Share)

EPS is a key indicator of the company's profitability and is closely watched by investors.

N/A

Occupancy Rates

High occupancy rates indicate strong demand for retail space, which can drive revenue growth.

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, MAC reported an EPS of $0.34, surpassing analyst estimates by 11.11%. The stock reacted positively, increasing by 3.40% the following day.

Management Promises & Guidance

Management indicated a focus on enhancing tenant relationships.
Commitment to maintaining occupancy rates above 90%.
Plans for strategic redevelopment of underperforming properties.

Expectations

Wall Street Expectations

Overall, expectations for MAC's upcoming earnings are mixed, with investors keenly watching for occupancy rates and any updates on property redevelopment plans.

Bull Case

If MAC reports strong occupancy rates and positive same-store sales growth, it could signal robust demand for retail space, leading to a bullish outlook.

Bear Case

Conversely, if occupancy rates decline or management provides cautious guidance on future growth, it could raise concerns about the company's ability to adapt to changing retail dynamics.

Expectations

Two Questions That Matter

The print will turn on these two things.

What are the current occupancy rates across MAC's properties?

Occupancy rates are critical for revenue generation and can significantly impact investor sentiment.

What updates can management provide on redevelopment plans for underperforming properties?

Investors will want to understand how these plans could enhance future revenue and property value.

Edge

What the Street Is Missing

Why consensus could be wrong

The Street may underestimate MAC's ability to adapt to changing retail trends, particularly in maintaining occupancy rates.

Supporting Evidence

Recent trends in consumer spending suggest a rebound in retail traffic, which could benefit MAC.

The company's strategic focus on redevelopment may not be fully appreciated by the market.

Key Risk

If occupancy rates exceed 92%, it could challenge the consensus view of slowing demand.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

The core debate this quarter centers on the company's ability to maintain high occupancy rates in a changing retail landscape.

Bull Confirmed If

Occupancy rates above 92% would confirm the bull case, indicating strong demand for retail space.

Bear Confirmed If

Occupancy rates below 88% would confirm the bear case, suggesting potential challenges in attracting tenants.

Pre-Earnings Positioning

Options Market

Implied Move

±13.57%

Historical Avg

±4.1%

Pricing rich

The options market is pricing in a significant potential move, indicating heightened uncertainty or anticipation around the earnings report.

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 MAC beats expectations, history suggests a potential average move of +2.64% in the stock price, confirming a positive outlook.

In-Line / Cautious

An in-line report with cautious management commentary may lead to muted stock movement, reflecting uncertainty.

Miss

If MAC misses expectations, the stock could decline by an average of +2.64%, indicating investor disappointment.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Any specific updates on tenant retention efforts and their impact on occupancy.
2Details on the performance of newly redeveloped properties.
3Management's outlook on consumer spending trends in the retail sector.
4Insights into any challenges faced in leasing or property management.
5Comments on competitive pressures in the retail real estate market.

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Company Snapshot

Key Metrics to Watch

EPS (Earnings Per Share)

EPS is a key indicator of the company's profitability and is closely watched by investors.

N/A

Occupancy Rates

High occupancy rates indicate strong demand for retail space, which can drive revenue growth.

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, MAC reported an EPS of $0.34, surpassing analyst estimates by 11.11%. The stock reacted positively, increasing by 3.40% the following day.

Management Promises & Guidance

Management indicated a focus on enhancing tenant relationships.
Commitment to maintaining occupancy rates above 90%.
Plans for strategic redevelopment of underperforming properties.

Expectations

Wall Street Expectations

Overall, expectations for MAC's upcoming earnings are mixed, with investors keenly watching for occupancy rates and any updates on property redevelopment plans.

Bull Case

If MAC reports strong occupancy rates and positive same-store sales growth, it could signal robust demand for retail space, leading to a bullish outlook.

Bear Case

Conversely, if occupancy rates decline or management provides cautious guidance on future growth, it could raise concerns about the company's ability to adapt to changing retail dynamics.

Expectations

Two Questions That Matter

The print will turn on these two things.

What are the current occupancy rates across MAC's properties?

Occupancy rates are critical for revenue generation and can significantly impact investor sentiment.

What updates can management provide on redevelopment plans for underperforming properties?

Investors will want to understand how these plans could enhance future revenue and property value.

Edge

What the Street Is Missing

Why consensus could be wrong

The Street may underestimate MAC's ability to adapt to changing retail trends, particularly in maintaining occupancy rates.

Supporting Evidence

Recent trends in consumer spending suggest a rebound in retail traffic, which could benefit MAC.

The company's strategic focus on redevelopment may not be fully appreciated by the market.

Key Risk

If occupancy rates exceed 92%, it could challenge the consensus view of slowing demand.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

The core debate this quarter centers on the company's ability to maintain high occupancy rates in a changing retail landscape.

Bull Confirmed If

Occupancy rates above 92% would confirm the bull case, indicating strong demand for retail space.

Bear Confirmed If

Occupancy rates below 88% would confirm the bear case, suggesting potential challenges in attracting tenants.

Pre-Earnings Positioning

Options Market

Implied Move

±13.57%

Historical Avg

±4.1%

Pricing rich

The options market is pricing in a significant potential move, indicating heightened uncertainty or anticipation around the earnings report.

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 MAC beats expectations, history suggests a potential average move of +2.64% in the stock price, confirming a positive outlook.

In-Line / Cautious

An in-line report with cautious management commentary may lead to muted stock movement, reflecting uncertainty.

Miss

If MAC misses expectations, the stock could decline by an average of +2.64%, indicating investor disappointment.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Any specific updates on tenant retention efforts and their impact on occupancy.
2Details on the performance of newly redeveloped properties.
3Management's outlook on consumer spending trends in the retail sector.
4Insights into any challenges faced in leasing or property management.
5Comments on competitive pressures in the retail real estate market.