Cash Flow Statement

Operating Cash Flow

-9%

+120%

10Y

Currency: USD

	Dec-2001	Mar-2002	Jun-2002	Sep-2002	Dec-2002	Mar-2003	Jun-2003	Sep-2003	Dec-2003	Mar-2004	Jun-2004	Sep-2004	Dec-2004	Mar-2005	Jun-2005	Sep-2005	Dec-2005	Mar-2006	Jun-2006	Sep-2006	Dec-2006	Mar-2007	Jun-2007	Sep-2007	Dec-2007	Mar-2008	Jun-2008	Sep-2008	Dec-2008	Mar-2009	Jun-2009	Sep-2009	Dec-2009	Mar-2010	Jun-2010	Sep-2010	Dec-2010	Mar-2011	Jun-2011	Sep-2011	Dec-2011	Mar-2012	Jun-2012	Sep-2012	Dec-2012	Mar-2013	Jun-2013	Sep-2013	Dec-2013	Mar-2014	Jun-2014	Sep-2014	Dec-2014	Mar-2015	Jun-2015	Sep-2015	Dec-2015	Mar-2016	Jun-2016	Sep-2016	Dec-2016	Mar-2017	Jun-2017	Sep-2017	Dec-2017	Mar-2018	Jun-2018	Sep-2018	Dec-2018	Mar-2019	Jun-2019	Sep-2019	Dec-2019	Mar-2020	Jun-2020	Sep-2020	Dec-2020	Mar-2021	Jun-2021	Sep-2021	Dec-2021	Mar-2022	Jun-2022	Sep-2022	Dec-2022	Mar-2023	Jun-2023	Sep-2023	Dec-2023	Mar-2024	Jun-2024	Sep-2024	Dec-2024	Mar-2025	Jun-2025	Sep-2025
Operating Cash Flow
Net Income	78	89	81	83	81	83	113	141	128	127	115	93	92	92	81	68	(94)	(104)	(85)	(43)	217	213	199	171	106	214	223	208	195	100	55	215	139	116	140	(14)	28	35	14	19	169	157	323	356	366	401	491	485	449	446	229	227	1 607	1 614	1 612	1 609	523	948	981	958	555	178	158	164	162	53	32	94	69	112	117	86	103	103	62	(11)	(246)	(322)	(299)	(164)	16	47	33	(94)	(65)	(86)	(83)	(341)	(278)	(351)	(71)	88	(198)	(117)	(424)	(402)
Depreciation & Amortization	66	67	67	72	79	86	94	98	109	119	130	140	146	150	169	191	206	232	237	235	232	225	225	227	239	246	246	251	288	292	300	301	278	272	268	270	260	266	272	277	283	296	302	308	323	337	357	374	383	378	372	371	388	420	451	477	471	437	403	372	355	352	350	346	341	338	335	334	335	336	340	341	338	338	336	332	326	323	323	321	324	319	313	309	303	302	301	300	296	293	293	294	306	330	347	365
Stock-Based Compensation	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	22	0	0	0	18	0	0	0	15	18	20	20	12	12	13	16	12	13	16	17	24	37	36	36	29	27	28	28	28	30	31	32	33	31	31	31	31	28	30	28	27	22	16	14	12	11	12	13	14	14	14	14	14	15	16	17	18	18	18	15	13	11	9	11	12	13	15	17
Other Non-Cash Items	(3)	(14)	(13)	(2)	(43)	(30)	(67)	(108)	(54)	(69)	(39)	(10)	(23)	(20)	(28)	(47)	(81)	(91)	(117)	(155)	(228)	(219)	(192)	(145)	(72)	(179)	(177)	(177)	(206)	(124)	(106)	(277)	(196)	(172)	(188)	(21)	(44)	(59)	(31)	(31)	(191)	(150)	(313)	(332)	(325)	(354)	(440)	(440)	(406)	(393)	(165)	(161)	(1 539)	(1 570)	(1 574)	(1 559)	(459)	(853)	(865)	(848)	(438)	(68)	(60)	(70)	(76)	8	8	(57)	(39)	(86)	(92)	(77)	(106)	(108)	(76)	(28)	152	192	154	40	(99)	(88)	(61)	59	40	55	55	316	259	330	46	(118)	157	64	368	343
Cash Interest Paid	110	108	105	110	126	137	145	146	138	133	134	138	141	153	175	209	245	282	301	305	283	285	266	263	281	282	286	291	263	254	257	250	258	243	227	204	212	202	191	186	176	168	152	196	182	196	234	199	206	200	190	178	187	199	209	229	231	203	184	166	154	162	165	165	169	174	179	187	192	197	205	206	210	212	205	191	199	207	212	223	204	190	181	178	180	182	184	185	192	192	188	187	186	187	196	207
Change in Working Capital	0	17	17	20	46	64	53	45	33	20	3	14	(2)	(9)	(6)	20	204	191	193	152	(10)	(2)	(2)	27	54	24	39	12	(25)	(30)	(39)	(90)	(100)	(52)	(93)	(61)	(44)	(66)	(38)	(11)	(24)	(21)	(20)	(19)	(13)	(12)	(19)	5	(4)	(19)	(7)	(47)	(55)	2	(6)	(10)	6	(34)	(32)	(24)	(43)	(49)	(48)	(42)	(41)	(20)	(14)	(37)	(20)	(14)	(20)	19	21	(27)	(147)	(145)	(108)	(66)	76	74	45	22	4	85	60	82	88	24	18	4	18	13	18	34	24	21
Cash from Operating Activities	141 N/A	159 +13%	152 -4%	172 +14%	163 -5%	203 +25%	193 -5%	177 -8%	216 +22%	197 -9%	209 +6%	237 +13%	213 -10%	212 0%	217 +2%	232 +7%	235 +1%	227 -4%	228 +0%	189 -17%	212 +12%	217 +2%	230 +6%	281 +22%	326 +16%	305 -7%	331 +9%	294 -11%	252 -14%	239 -5%	211 -12%	150 -29%	121 -19%	164 +36%	128 -22%	174 +36%	200 +15%	177 -12%	218 +23%	254 +17%	237 -7%	282 +19%	292 +4%	313 +7%	351 +12%	373 +6%	390 +5%	424 +9%	422 0%	412 -2%	430 +4%	390 -9%	401 +3%	465 +16%	483 +4%	518 +7%	540 +4%	498 -8%	487 -2%	458 -6%	430 -6%	412 -4%	400 -3%	398 0%	386 -3%	379 -2%	361 -5%	334 -8%	344 +3%	348 +1%	345 -1%	369 +7%	355 -4%	306 -14%	175 -43%	148 -15%	125 -16%	127 +2%	253 +99%	271 +7%	286 +6%	300 +5%	289 -4%	360 +25%	338 -6%	353 +5%	361 +2%	299 -17%	296 -1%	276 -7%	285 +3%	278 -3%	283 +2%	311 +10%	314 +1%	326 +4%
Investing Cash Flow
Capital Expenditures	(68)	(63)	(220)	(522)	(549)	(576)	(447)	(339)	(363)	(392)	(418)	(346)	(539)	(506)	(466)	(386)	(172)	(404)	(458)	(554)	(823)	(666)	(705)	(764)	(1 044)	(1 065)	(1 147)	(1 063)	(535)	(464)	(306)	(216)	(198)	(209)	(167)	(193)	(48)	(17)	(73)	(126)	(188)	(224)	(231)	(77)	(1 108)	(1 516)	(1 477)	(1 526)	(568)	(92)	(94)	(101)	(82)	(107)	(95)	(95)	(80)	(55)	(51)	(43)	(48)	(47)	(50)	(58)	(42)	(42)	(42)	(40)	(56)	(60)	(57)	(44)	(21)	(14)	(19)	(18)	(23)	(30)	(23)	(33)	(31)	(29)	(32)	(60)	(77)	(85)	(142)	(115)	(121)	(114)	(104)	(110)	(229)	(229)	(449)	(447)
Other Items	11	37	49	(317)	(326)	(411)	(346)	67	22	91	(6)	(50)	49	(5)	83	88	40	88	237	333	696	723	524	608	179	32	10	(106)	(24)	148	164	448	500	462	481	110	(94)	(147)	(243)	(89)	(24)	14	224	141	144	168	386	706	840	798	312	(204)	(174)	(276)	(444)	(370)	(21)	462	893	988	502	350	210	182	221	326	297	311	233	(76)	(56)	(19)	(91)	(138)	(179)	(233)	(180)	(58)	35	209	266	237	213	85	76	155	148	100	174	21	14	113	249	192	237	166
Cash from Investing Activities	(57) N/A	(27) +53%	(171) -541%	(838) -390%	(875) -4%	(987) -13%	(793) +20%	(272) +66%	(341) -26%	(301) +12%	(424) -41%	(396) +7%	(490) -24%	(512) -4%	(383) +25%	(297) +22%	(132) +56%	(316) -140%	(222) +30%	(221) +0%	(127) +43%	58 N/A	(181) N/A	(157) +14%	(865) -451%	(1 033) -19%	(1 137) -10%	(1 169) -3%	(559) +52%	(316) +43%	(142) +55%	232 N/A	302 +30%	253 -16%	315 +24%	(83) N/A	(142) -71%	(164) -15%	(316) -93%	(214) +32%	(212) +1%	(210) +1%	(7) +97%	64 N/A	(963) N/A	(1 349) -40%	(1 092) +19%	(820) +25%	272 N/A	706 +160%	218 -69%	(305) N/A	(256) +16%	(384) -50%	(539) -41%	(465) +14%	(101) +78%	407 N/A	842 +107%	945 +12%	454 -52%	303 -33%	160 -47%	125 -22%	179 +44%	283 +58%	254 -10%	271 +6%	176 -35%	(136) N/A	(113) +17%	(63) +44%	(112) -77%	(152) -36%	(198) -30%	(251) -27%	(203) +19%	(88) +57%	11 N/A	176 +1 472%	235 +33%	208 -11%	181 -13%	26 -86%	(1) N/A	70 N/A	6 -91%	(16) N/A	53 N/A	(93) N/A	(90) +3%	3 N/A	20 +590%	(36) N/A	(212) -483%	(281) -33%
Financing Cash Flow
Net Issuance of Common Stock	0	52	52	52	472	423	425	427	11	15	13	13	10	3	3	5	5	751	751	747	747	(74)	(74)	(74)	(73)	2	2	10	9	8	8	15	399	0	1 602	1 587	1 204	0	1	1	(0)	0	(4)	173	170	0	344	168	172	0	1	1	1	0	1	1	(399)	(799)	(1 199)	(1 199)	(798)	(531)	(180)	(220)	(220)	(87)	(38)	2	2	0	2	2	2	0	2	2	2	599	792	831	830	233	39	0	(0)	(0)	(0)	(0)	(1)	(1)	(1)	148	657	657	656	557
Net Issuance of Debt	31	(15)	117	783	406	555	361	(155)	273	228	384	301	494	476	360	298	197	(410)	(506)	(426)	(418)	139	362	265	762	1 026	1 093	1 158	576	381	165	(362)	(858)	(921)	(1 558)	(1 080)	(659)	(785)	(74)	(34)	(51)	305	63	(264)	822	1 036	714	599	(478)	(897)	(235)	329	352	463	617	500	785	1 045	994	958	749	284	115	154	210	7	(16)	(29)	(61)	229	275	160	227	860	744	811	629	(51)	(1 158)	(1 494)	(1 502)	(1 532)	(460)	(206)	(131)	(197)	(131)	(50)	(152)	12	(24)	(244)	(805)	(635)	(535)	(262)
Cash Paid for Dividends	(121)	(120)	(114)	(119)	(125)	(143)	(151)	(160)	(164)	(165)	(171)	(181)	(187)	(191)	(200)	(206)	(218)	(234)	(275)	(286)	(294)	(292)	(266)	(272)	(271)	(281)	(278)	(276)	(285)	(283)	(228)	(162)	(96)	(33)	(97)	(163)	(226)	(290)	(290)	(290)	(297)	(305)	(313)	(320)	(326)	(331)	(339)	(347)	(356)	(365)	(373)	(381)	(386)	(402)	(416)	(432)	(787)	(1 128)	(1 127)	(1 123)	(779)	(438)	(438)	(440)	(444)	(447)	(451)	(455)	(454)	(454)	(472)	(432)	(424)	(416)	(300)	(249)	(165)	(83)	(99)	(109)	(118)	(136)	(141)	(179)	(133)	(134)	(138)	(107)	(147)	(144)	(146)	(147)	(149)	(160)	(165)	(171)
Other	(3)	(2)	(3)	(15)	(14)	(14)	(15)	(3)	(3)	(3)	(1)	(8)	(9)	(9)	(10)	(3)	(4)	(5)	(4)	(9)	(7)	(66)	(67)	(62)	(62)	(2)	(7)	(10)	(12)	(14)	(9)	158	159	155	149	(29)	(25)	(51)	(63)	(64)	(56)	(30)	(15)	(28)	(54)	(59)	(60)	(38)	(29)	(33)	(31)	(38)	(97)	(91)	(92)	(87)	(37)	(36)	(35)	(48)	(39)	(36)	(35)	(21)	(113)	(109)	(106)	(100)	(1)	(2)	(31)	(72)	(83)	(90)	(63)	(26)	(18)	(17)	(44)	(44)	(47)	(40)	(12)	(9)	(57)	(71)	(72)	(83)	(40)	(31)	(29)	(17)	(19)	(16)	(15)	(18)
Cash from Financing Activities	(93) N/A	(85) +8%	52 N/A	701 +1 253%	739 +5%	821 +11%	620 -24%	110 -82%	116 +5%	74 -36%	225 +203%	124 -45%	308 +149%	279 -9%	154 -45%	94 -39%	(20) N/A	103 N/A	(34) N/A	26 N/A	29 +14%	(293) N/A	(45) +85%	(143) -221%	355 N/A	745 +110%	810 +9%	881 +9%	288 -67%	93 -68%	(64) N/A	(351) -445%	(397) -13%	(401) -1%	96 N/A	316 +229%	294 -7%	79 -73%	(425) N/A	(387) +9%	(404) -4%	(31) +92%	(268) -780%	(440) -64%	611 N/A	815 +34%	659 -19%	382 -42%	(690) N/A	(1 123) -63%	(638) +43%	(89) +86%	(130) -46%	(28) +78%	110 N/A	(18) N/A	(438) -2 360%	(917) -110%	(1 366) -49%	(1 412) -3%	(868) +39%	(721) +17%	(537) +25%	(527) +2%	(566) -8%	(636) -12%	(610) +4%	(582) +5%	(514) +12%	(226) +56%	(226) 0%	(343) -52%	(278) +19%	355 N/A	383 +8%	538 +40%	447 -17%	448 +0%	(509) N/A	(816) -60%	(837) -3%	(1 475) -76%	(575) +61%	(393) +32%	(322) +18%	(401) -25%	(341) +15%	(240) +30%	(339) -41%	(164) +52%	(199) -21%	(259) -30%	(316) -22%	(155) +51%	(59) +62%	105 N/A
Change in Cash
Net Change in Cash	(10) N/A	47 N/A	32 -31%	35 +10%	27 -23%	37 +37%	20 -46%	15 -28%	(10) N/A	(29) -200%	11 N/A	(35) N/A	32 N/A	(20) N/A	(13) +34%	29 N/A	83 +189%	14 -83%	(28) N/A	(6) +78%	114 N/A	(19) N/A	4 N/A	(19) N/A	(184) -869%	16 N/A	5 -71%	6 +25%	(19) N/A	15 N/A	4 -73%	31 +646%	27 -12%	17 -38%	539 +3 126%	407 -24%	352 -13%	92 -74%	(524) N/A	(347) +34%	(378) -9%	41 N/A	17 -60%	(63) N/A	(2) +98%	(161) -10 600%	(43) +73%	(14) +66%	4 N/A	(4) N/A	10 N/A	(4) N/A	15 N/A	53 +250%	54 +1%	35 -36%	2 -95%	(12) N/A	(37) -222%	(9) +76%	16 N/A	(6) N/A	23 N/A	(4) N/A	(1) +76%	26 N/A	5 -80%	22 +337%	6 -72%	(14) N/A	6 N/A	(37) N/A	(35) +5%	509 N/A	359 -29%	435 +21%	369 -15%	488 +32%	(244) N/A	(369) -51%	(316) +14%	(967) -206%	(105) +89%	(8) +92%	14 N/A	22 +52%	26 +22%	43 +63%	9 -79%	19 +111%	(3) N/A	22 N/A	(13) N/A	119 N/A	44 -63%	151 +244%
Free Cash Flow
Free Cash Flow	72 N/A	95 +32%	(68) N/A	(349) -411%	(386) -10%	(372) +3%	(254) +32%	(162) +36%	(147) +9%	(195) -33%	(209) -7%	(108) +48%	(325) -200%	(294) +10%	(250) +15%	(154) +38%	64 N/A	(177) N/A	(230) -30%	(365) -58%	(611) -67%	(449) +26%	(476) -6%	(483) -2%	(718) -48%	(761) -6%	(816) -7%	(769) +6%	(283) +63%	(226) +20%	(95) +58%	(66) +31%	(77) -16%	(45) +42%	(39) +13%	(19) +50%	152 N/A	160 +5%	145 -10%	129 -11%	49 -62%	58 +17%	61 +6%	236 +285%	(756) N/A	(1 144) -51%	(1 088) +5%	(1 102) -1%	(146) +87%	321 N/A	336 +5%	289 -14%	319 +10%	358 +12%	388 +8%	422 +9%	461 +9%	443 -4%	436 -2%	414 -5%	382 -8%	365 -4%	350 -4%	341 -3%	345 +1%	336 -2%	319 -5%	293 -8%	288 -2%	288 N/A	288 0%	325 +13%	334 +3%	292 -13%	156 -47%	130 -16%	102 -22%	97 -4%	230 +136%	238 +4%	256 +7%	271 +6%	257 -5%	300 +17%	260 -13%	268 +3%	219 -18%	183 -16%	174 -5%	162 -7%	181 +12%	168 -7%	54 -68%	82 +51%	(135) N/A	(121) +10%

Income Statement Balance Sheet Cash Flow Statement

Macerich Co
NYSE:MAC

Cash Flow Statement

Cash Flow Statement
Macerich Co

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Macerich Co NYSE:MAC

Cash Flow Statement

Cash Flow Statement Macerich Co

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Macerich Co
NYSE:MAC

Cash Flow Statement
Macerich Co