Equity Profile

MAC

The Macerich Company

Real EstateRetail REITs$7.0B

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, managing, and leasing retail properties. With a market cap of $7 billion, it plays a significant role in the retail sector, which is currently navigating challenges such as changing consumer behaviors and the growth of e-commerce.

Key Metrics to Watch

EPS (Earnings Per Share)

EPS is a key indicator of profitability and will help gauge how well the company is managing its operations amid retail challenges.

N/A

Occupancy Rate

A high occupancy rate indicates 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, MAC reported an EPS of $0.34, beating estimates by 11.11%. The stock reacted positively, gaining 3.40% the following day.

Management Promises & Guidance

Management has committed to maintaining high occupancy rates.
They plan to focus on enhancing the tenant mix to attract more visitors.
Management aims to improve operational efficiencies to boost margins.

Expectations

Wall Street Expectations

Overall, expectations are mixed as the market awaits clarity on MAC's ability to navigate the evolving retail landscape. Investors are particularly focused on occupancy rates and same-store sales growth.

Bull Case

If MAC can demonstrate strong occupancy and sales growth, it may signal resilience in its portfolio, leading to increased investor confidence.

Bear Case

Conversely, if occupancy rates decline or sales growth stagnates, it could raise concerns about the company's ability to adapt to changing consumer preferences.

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 underlying issues in the retail environment.

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

This metric will provide insight into the performance of existing properties and the overall health of MAC's retail portfolio.

Edge

What the Street Is Missing

Why consensus could be wrong

The Street may underestimate MAC's ability to adapt to changing retail dynamics, particularly in enhancing tenant quality and occupancy rates.

Supporting Evidence

Recent occupancy rates have shown resilience despite broader retail challenges.

Management's commitment to improving tenant mix could lead to better foot traffic and sales.

Options pricing suggests a larger move than historical averages, indicating potential for a significant surprise.

Key Risk

If occupancy rates come in below 90%, it could undermine the positive narrative surrounding MAC's adaptability.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

This quarter's performance hinges on MAC's ability to maintain high occupancy and show growth in same-store sales amid a challenging retail environment.

Bull Confirmed If

Demonstrating an occupancy rate above 95% would confirm the bull case.

Bear Confirmed If

An occupancy rate below 90% would raise significant concerns and confirm the bear case.

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 investors 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 MAC beats expectations, history suggests a potential stock move of around +2.64%, confirming a positive outlook for the company.

In-Line / Cautious

If results are in line but management's commentary is cautious, the stock may experience muted movement as investors digest the information.

Miss

Should MAC miss expectations, history suggests a potential decline of around +2.64%, raising concerns about its operational health.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Updates on occupancy rates and any changes from the previous quarter.
2Insights into same-store sales growth and how it compares to industry trends.
3Management's commentary on tenant mix and strategies to attract more visitors.
4Any guidance on future operational efficiencies and cost management.
5Responses to market challenges and how MAC plans to navigate them.

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Company Snapshot

Key Metrics to Watch

EPS (Earnings Per Share)

EPS is a key indicator of profitability and will help gauge how well the company is managing its operations amid retail challenges.

N/A

Occupancy Rate

A high occupancy rate indicates 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, MAC reported an EPS of $0.34, beating estimates by 11.11%. The stock reacted positively, gaining 3.40% the following day.

Management Promises & Guidance

Management has committed to maintaining high occupancy rates.
They plan to focus on enhancing the tenant mix to attract more visitors.
Management aims to improve operational efficiencies to boost margins.

Expectations

Wall Street Expectations

Bull Case

If MAC can demonstrate strong occupancy and sales growth, it may signal resilience in its portfolio, leading to increased investor confidence.

Bear Case

Conversely, if occupancy rates decline or sales growth stagnates, it could raise concerns about the company's ability to adapt to changing consumer preferences.

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 underlying issues in the retail environment.

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

This metric will provide insight into the performance of existing properties and the overall health of MAC's retail portfolio.

Edge

What the Street Is Missing

Why consensus could be wrong

The Street may underestimate MAC's ability to adapt to changing retail dynamics, particularly in enhancing tenant quality and occupancy rates.

Supporting Evidence

Recent occupancy rates have shown resilience despite broader retail challenges.

Management's commitment to improving tenant mix could lead to better foot traffic and sales.

Options pricing suggests a larger move than historical averages, indicating potential for a significant surprise.

Key Risk

If occupancy rates come in below 90%, it could undermine the positive narrative surrounding MAC's adaptability.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

This quarter's performance hinges on MAC's ability to maintain high occupancy and show growth in same-store sales amid a challenging retail environment.

Bull Confirmed If

Demonstrating an occupancy rate above 95% would confirm the bull case.

Bear Confirmed If

An occupancy rate below 90% would raise significant concerns and confirm the bear case.

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 investors 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 MAC beats expectations, history suggests a potential stock move of around +2.64%, confirming a positive outlook for the company.

In-Line / Cautious

If results are in line but management's commentary is cautious, the stock may experience muted movement as investors digest the information.

Miss

Should MAC miss expectations, history suggests a potential decline of around +2.64%, raising concerns about its operational health.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Updates on occupancy rates and any changes from the previous quarter.
2Insights into same-store sales growth and how it compares to industry trends.
3Management's commentary on tenant mix and strategies to attract more visitors.
4Any guidance on future operational efficiencies and cost management.
5Responses to market challenges and how MAC plans to navigate them.